Civic Intelligence

Asbury College

990 • Fiscal year 2022 • EIN 61-0458355

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Refreshing map…

1 Macklem DriveWilmore, KY 40390

(859) 858-3511

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

25th percentile

0.08x

Higher debt load relative to assets than 25% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

28th percentile

0.20x

Higher debt load relative to revenue than 28% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

74th percentile

19%

Higher net margin than 74% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

12th percentile

$199,060

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Asset Growth

57th percentile

-0.2%

Faster asset growth than 57% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

29th percentile

-5.0%

Faster revenue growth than 29% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Assets

Down

$169,761,805

Down $285,553 (-0.2%) from 2021

Net Assets

Up

$155,894,201

Up $891,519 (+0.6%) from 2021

Liabilities

Down

$13,867,604

Down $1,177,072 (-7.8%) from 2021

Revenue

Down

$69,387,747

Down $3,622,886 (-5.0%) from 2021

Expenses

Up

$56,347,315

Up $1,687,965 (+3.1%) from 2021

Net Income

Down

$13,040,432

Down $5,310,851 (-29%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2010: $98,843,695Liabilities 2010: $18,795,781Net Assets 2010: $80,047,9142010Assets 2011: $103,094,918Liabilities 2011: $17,122,223Net Assets 2011: $85,972,6952011Assets 2012: $104,088,312Liabilities 2012: $15,721,273Net Assets 2012: $88,367,0392012Assets 2013: $109,171,749Liabilities 2013: $14,764,152Net Assets 2013: $94,407,5972013Assets 2014: $114,982,941Liabilities 2014: $13,816,131Net Assets 2014: $101,166,8102014Assets 2015: $127,157,972Liabilities 2015: $16,381,001Net Assets 2015: $110,776,9712015Assets 2016: $131,296,216Liabilities 2016: $16,109,950Net Assets 2016: $115,186,2662016Assets 2017: $136,786,769Liabilities 2017: $15,745,081Net Assets 2017: $121,041,6882017Assets 2018: $138,217,179Liabilities 2018: $15,056,566Net Assets 2018: $123,160,6132018Assets 2019: $142,043,154Liabilities 2019: $14,201,042Net Assets 2019: $127,842,1122019Assets 2020: $144,144,761Liabilities 2020: $18,513,229Net Assets 2020: $125,631,5322020Assets 2021: $170,047,358Liabilities 2021: $15,044,676Net Assets 2021: $155,002,6822021Assets 2022: $169,761,805Liabilities 2022: $13,867,604Net Assets 2022: $155,894,2012022Assets 2023: $176,637,593Liabilities 2023: $14,748,548Net Assets 2023: $161,889,0452023Assets 2024: $184,366,354Liabilities 2024: $13,796,728Net Assets 2024: $170,569,6262024

Highlighted filing

2022

Assets$169,761,805
Liabilities$13,867,604
Net Assets$155,894,201

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0-$20MExpenses 2010: $38,344,7422010Expenses 2011: $40,484,0482011Expenses 2012: $41,180,6562012Expenses 2013: $44,295,3672013Revenue 2014: $49,295,505Expenses 2014: $46,905,400Net Income 2014: $2,390,1052014Revenue 2015: $63,528,875Expenses 2015: $51,056,036Net Income 2015: $12,472,8392015Revenue 2016: $57,764,487Expenses 2016: $50,347,163Net Income 2016: $7,417,3242016Revenue 2017: $54,746,280Expenses 2017: $51,655,119Net Income 2017: $3,091,1612017Revenue 2018: $53,505,813Expenses 2018: $53,837,967Net Income 2018: -$332,1542018Revenue 2019: $57,848,599Expenses 2019: $54,180,208Net Income 2019: $3,668,3912019Revenue 2020: $52,608,542Expenses 2020: $53,533,398Net Income 2020: -$924,8562020Revenue 2021: $73,010,633Expenses 2021: $54,659,350Net Income 2021: $18,351,2832021Revenue 2022: $69,387,747Expenses 2022: $56,347,315Net Income 2022: $13,040,4322022Revenue 2023: $61,685,781Expenses 2023: $58,632,031Net Income 2023: $3,053,7502023Revenue 2024: $66,549,803Expenses 2024: $62,951,695Net Income 2024: $3,598,1082024

Highlighted filing

2022

Revenue$69,387,747
Expenses$56,347,315
Net Income$13,040,432
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$91,742,726
Mission and Program Overview

Mission

Asbury university equips students, through academic excellence and spiritual vitality, for lifelong learning, leadership, and service to the professions, society, the family and the church, preparing them to engage their cultures and advance the cause of christ worldwide.

A christian liberal arts university committed to academic excellence and spiritual vitality, equipping students for a lifetime of learning, leadership, and service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$61,240,794$73,946,406▲ $12,705,612
Investments in Publicly Traded Securities$53,526,401$50,187,716▼ $3,338,685
Investments Other Securities$22,051,160$24,081,056▲ $2,029,896
Savings and Temporary Cash Investments$18,662,739$7,078,659▼ $11,584,080
Cash and Non-Interest-Bearing Accounts$5,256,536$6,940,207▲ $1,683,671
Pledges and Grants Receivable$3,525,807$3,713,226▲ $187,419
Other Notes and Loans Receivable, Net$1,957,426$1,765,108▼ $192,318
Accounts Receivable$583,263$1,031,389▲ $448,126
Inventories for Sale or Use$222,181$209,627▼ $12,554
Prepaid Expenses and Deferred Charges$178,748$161,140▼ $17,608
Total Assets$170,047,358$169,761,805▼ $285,553
Other Assets Total$2,842,303$647,271▼ $2,195,032
Liabilities
Tax Exempt Bond Liabilities$5,583,128$5,261,821▼ $321,307
Accounts Payable and Accrued Expenses$4,251,127$3,536,574▼ $714,553
Mortgage Notes Payable Secured by Investment Property$2,971,614$2,869,077▼ $102,537
Other Liabilities$1,466,773$1,268,042▼ $198,731
Deferred Revenue$772,034$932,090▲ $160,056
Total Liabilities$15,044,676$13,867,604▼ $1,177,072
Net Assets / Fund Balance
Net Assets With Donor Restrictions$92,101,400$97,186,502▲ $5,085,102
Net Assets Without Donor Restrictions$62,901,282$58,707,699▼ $4,193,583
Total Net Assets Fund Balance$155,002,682$155,894,201▲ $891,519
Total Liabilities and Net Assets / Fund Balance$170,047,358$169,761,805▼ $285,553

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$41,990,623$47,841,790$89,832,413
Other Land Buildings$23,407,800$6,850,053$30,257,853
Equipment$5,541,402$23,541,343$29,082,745
Land$3,006,581-$3,006,581
Other Securities$213,689--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$72,329,143$7,214,719▼ $5,761,261$2,136,531$71,102,782
2020$55,519,136$3,578,492▲ $15,464,909$1,366,066$72,329,143
2019$57,411,282$566,231▲ $51,264$1,184,561$55,519,136
2018$54,786,604$1,505,809▲ $2,804,101$737,545$57,411,282
2017$51,476,916$1,329,208▲ $3,186,527$362,522$54,786,604
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Kevin BrownPresidentFT$172,165$26,895$199,060
Timothy WoosterProvostFT$127,958$26,161$154,119
Michael YoderAssistant Dean of BusinessFT$105,821$38,348$144,169
Dr Mark J TroyerVP for Institutional AdvancementFT$109,620$29,822$139,442
Mark WhitworthVP for Intercollegiate AthleticsFT$112,407$24,861$137,268
Glenn R HamiltonVP for Business AffairsFT$99,206$26,657$125,863
Dr Sarah B BaldwinVP for Student DevelopmentFT$82,923$24,201$107,124
Jennifer McchordVP FOR ENROLLMENT MANAGEMENT & MARKETING; DIRECTORFT$73,117$8,577$81,694

Highest Paid Contractors

ContractorServicesLocationCompensation
D W Wilburn INCContractor153 BLUE SKY PARKWAY, Lexington, KY 40509$6,091,479
Pioneer College CaterersCatererBOARDERS ACCOUNT CPO ASBURY UNIVER, Wilmore, KY 40390$2,007,150
Rising Sun Developing CompanyConstruction Contractor2555 PALUMBO DR STE 110, Lexington, KY 40509$1,446,978
Carnegie Dartlet LLCConsultants-marketing210 LITTLETON RD SUITE 100, Westford, MA 01886$810,154
Johnson Controls Fire Protection LPHvac ContractorDEPT CH 10320, Palatine, IL 60055$598,797
Revenue and Support

Revenue Composition

Contributions and Grants
$19,443,243
Program Service Revenue
$42,299,800
Investment Income
$6,266,684
Other Revenue
$1,378,020
All Other Contributions
$16,404,512
Change in Net Assets
$13,040,432

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded20$227,861Fair Market Value
Other Non Cash Contri Table2$150,046Fair Market Value
Other Non Cash Contri Table4$40,000Fair Market Value
Other Non Cash Contri Table2$30,000Fair Market Value
Other Non Cash Contri Table17$10,821Fair Market Value
Historical Artifacts1$8,000Fair Market Value
Works of Art4$3,260Fair Market Value
Other Non Cash Contri Table1$1,830Fair Market Value
Other Non Cash Contri Table5$1,450Fair Market Value
Other Non Cash Contri Table2$551Fair Market Value
Clothing and Household Goods-$375Fair Market Value
Collectibles2$140Fair Market Value
Total Noncash Contributions60$474,334-

Audited Revenue Reconciliation

Revenue per Audited Statements
$52,009,806
Revenue Not Reported on Financial Statements
$17,377,941
Revenue Not Reported on Form 990
$-12,064,067
Other Revenue Adjustments
$17,142,783
Total Revenue per Audited Statements
$39,945,739
Total Revenue per Form 990
$69,387,747
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$22,024,923
Grants and Similar Amounts Paid$18,753,630
Other Expenses$15,568,762
Total Fundraising Expense$984,322
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$18,753,630--$18,753,630
Other Salaries and Wages$12,900,631$2,435,387$641,179$15,977,197
Other Employee Benefits$2,476,651$785,270$136,936$3,398,857
Depreciation Depletion$3,025,500$205,699-$3,231,199
Occupancy$2,106,995$113,467$5,685$2,226,147
Payroll Taxes$880,946$300,573$47,936$1,229,455
Advertising$407,779$690,600$13,588$1,111,967
Current Officers, Directors, Trustees, and Key Employees$321,048$663,492-$984,540
Other Expenses$560,593$316,745-$877,338
Travel$612,459$100,569$59,136$772,164
Information Technology$548,153$128,684$35,079$711,916
Insurance$487,205$140,718-$627,923
Pension Plan Contributions$324,332$92,305$18,237$434,874
Interest$226,889$49,672-$276,561
Fees for Service Investment Mgmnt Fees-$235,158-$235,158
Fees for Services Other$132,670$18,988$8,050$159,708
Office Expenses$87,067$38,049$18,496$143,612
Conferences and Meetings$57,029$11,454-$68,483
Fees for Services Legal-$66,027-$66,027
Fees for Services Accounting-$55,394-$55,394
Total Functional Expenses$48,914,742$6,448,251$984,322$56,347,315

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$56,347,315
Total Expenses per Audited Statements$39,054,220
Expenses per Audited Statements$38,969,374
Expenses Not Reported on Financial Statements$17,377,941
Other Expense Adjustments$17,142,783
Expenses Not Reported on Form 990$84,846
International Activity

International Summary

Offices
0
Employees
0
Spending
$17,038,597

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments-00$15,590,918
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestments-00$1,447,679
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Jeff StrykerBoard MemberChic Fil a CateringNo$16,740
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Student Loans$693,254
Deposits Held in Custody for Others$416,023
Health Plan Reserve$143,504
Housing and Key Deposits$15,261

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Wilmore Ky2009-12-18$9,000,000Construction of campus facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,000,000-$3,783,179$335,931

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The governing board delegates the review of the core form to the audit committee. Management reviews the return with our independent accountants before the form is filed.

Form 990, Part VI, Section B, Line 12C

Each trustee is to review the conflict of interest policy annually and identify any existing conflicts, or affirm that there is no conflict of interest. The forms are submitted to the secretary of the board of trustees. The committee on governance and trustee development has the responsibility to review and monitor compliance with the procedure. The conflict of interest policy for employees and officers requires disclosure of any potential conflicts of interest to the employee's supervisor, but does not require annual disclosure and affirmation.

Form 990, Part VI, Section B, Line 15

Ceo and top management officials: comparative data is compiled by the human resources office and supplied to the chair of the board of trustees to determine presidential compensation. Other officers or key employees: annual comparative salary surveys are compiled annually. Benchmarks for each officer and key employee have been established based on this comparative data. The president establishes compensation for the officers.

Form 990, Part VI, Section C, Line 19

The organization's conflict of interest statement is available in the administrative policy manual on the organization's website. The governing documents and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Asbury College
EIN
61-0458355
Phone
8598583511
Address
1 MACKLEM DRIVE, WILMORE, KY 40390
Doing Business As
Asbury University

Signing Officer

Name
Glenn R Hamilton
Title
VP Business Affairs/treasurer
Phone
8598583511
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Brown
Formed
1904
Legal Domicile
Ky
Voting Board Members
21
Independent Board Members
21
Employees
1,200
Volunteers
63

Preparer

Firm
Dean Dorton Allen Ford Pllc
Address
250 W MAIN STREET STE 1400, LEXINGTON, KY 40507
Preparer
Allison C Carter
Phone
8592552341
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split interest agreements -11,093.

Form 990, Part XII, Line 2C

The process for determining the review and selection of the independent accountant has not changed from the prior year.

Financial Statement Notes

PART III, LINE 4:

Artwork is displayed for enrichment of educational experience. Books, papers, etc. From the wesley and macclesfield collection are held in archives for exhibition and research.

PART V, LINE 4:

Endowment consists of approximately 400 individual funds, both donor-restricted and board designated. Income from these funds are restricted or designated for the purpose of providing financial aid for students (both scholarships and student loans), and support of instruction, facilities, and other programs.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split interest agreement -11,093. Cost of goods sold netted with revenue on form 990 84,846.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Student aid netted with revenue on financials 17,142,783.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold netted with revenue on form 990 84,846.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Student aid netted with revenue on financials 17,142,783.

Raw XML AppendixShowing 400 of 975 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0ASBURY UNIVERSITY IS A CHRISTIAN LIBERAL ARTS UNIVERSITY. THE COLLEGE WAS FOUNDED IN 1890 AND IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS, THE NATIONAL ASSOCATION OF SCHOOLS OF MUSIC, AND THE TEACHER EDUCATION PROGRAM BY THE KENTUCKY DEPARTMENT OF EDUCATION. THE COLLEGE OPERATES A MAIN CAMPUS IN WILMORE, KY AND A VIRTUAL CAMPUS FOR ON-LINE LEARNING, PROVIDING EDUCATION FOR APPROXIMATELY 1,729 STUDENTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
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IRS990/Form990PartVIISectionAGrp/TitleTxt22PROVOST
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP FOR BUSINESS AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP FOR INSTITUTIONAL ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP FOR STUDENT DEVELOPMENT
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$184$13.8$171$66.5$63.0$3.60
2023Summary only. Only limited summary data is available for this year.$177$14.7$162$61.7$58.6$3.05
2022Detailed filing. Detailed filing data is available for this year.$170$13.9$156$69.4$56.3$13.0
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$170$15.0$155$73.0$54.7$18.4
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$144$18.5$126$52.6$53.5$0.92
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$142$14.2$128$57.8$54.2$3.67
2018Summary only. Only limited summary data is available for this year.$138$15.1$123$53.5$53.8$0.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$15.7$121$54.7$51.7$3.09
2016Summary only. Only limited summary data is available for this year.$131$16.1$115$57.8$50.3$7.42
2015Detailed filing. Detailed filing data is available for this year.$127$16.4$111$63.5$51.1$12.5
2014Detailed filing. Detailed filing data is available for this year.$115$13.8$101$49.3$46.9$2.39
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$109$14.8$94.4$44.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$104$15.7$88.4$41.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$103$17.1$86.0$40.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.8$18.8$80.0$38.3