Civic Intelligence

Faulkner University

990 • Fiscal year 2021 • EIN 63-0329409

Jun 01, 2020 to May 31, 2021 • Filed on Feb 26, 2022

5345 Atlanta HighwayMontgomery, AL 36109-3398

(334) 386-7274

Siviq Scores

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

Liabilities / Assets

67th percentile

0.45x

Higher debt load relative to assets than 67% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

63rd percentile

0.68x

Higher debt load relative to revenue than 63% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

52nd percentile

11%

Higher net margin than 52% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

28th percentile

$300,788

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Asset Growth

50th percentile

12%

Faster asset growth than 50% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

67th percentile

22%

Faster revenue growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$100,979,014

Up $10,426,860 (+12%) from 2020

Net Assets

Up

$55,541,985

Up $10,830,082 (+24%) from 2020

Liabilities

Down

$45,437,029

Down $403,222 (-0.9%) from 2020

Revenue

Up

$67,083,381

Up $11,874,038 (+22%) from 2020

Expenses

Up

$59,855,100

Up $3,410,717 (+6.0%) from 2020

Net Income

Up

$7,228,281

Up $8,463,321 (+685%) from 2020

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $90,319,634Liabilities 2011: $44,864,213Net Assets 2011: $45,455,4212011Assets 2012: $91,622,054Liabilities 2012: $44,264,645Net Assets 2012: $47,357,4092012Assets 2013: $91,027,958Liabilities 2013: $42,685,303Net Assets 2013: $48,342,6552013Assets 2014: $88,544,132Liabilities 2014: $41,927,644Net Assets 2014: $46,616,4882014Assets 2015: $88,832,578Liabilities 2015: $41,571,795Net Assets 2015: $47,260,7832015Assets 2016: $83,911,347Liabilities 2016: $38,934,821Net Assets 2016: $44,976,5262016Assets 2017: $90,853,950Liabilities 2017: $43,357,608Net Assets 2017: $47,496,3422017Assets 2018: $90,319,289Liabilities 2018: $42,737,865Net Assets 2018: $47,581,4242018Assets 2019: $88,614,653Liabilities 2019: $40,834,461Net Assets 2019: $47,780,1922019Assets 2020: $90,552,154Liabilities 2020: $45,840,251Net Assets 2020: $44,711,9032020Assets 2021: $100,979,014Liabilities 2021: $45,437,029Net Assets 2021: $55,541,9852021Assets 2022: $101,589,206Liabilities 2022: $43,187,792Net Assets 2022: $58,401,4142022Assets 2023: $100,457,914Liabilities 2023: $42,772,777Net Assets 2023: $57,685,1372023Assets 2024: $115,341,167Liabilities 2024: $43,161,551Net Assets 2024: $72,179,6162024Assets 2025: $128,342,493Liabilities 2025: $45,424,587Net Assets 2025: $82,917,9062025

Highlighted filing

2021

Assets$100,979,014
Liabilities$45,437,029
Net Assets$55,541,985

Operations Trend

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

$100M$50M$0-$50MExpenses 2011: $47,082,9292011Expenses 2012: $51,184,0782012Expenses 2013: $54,052,8892013Revenue 2014: $52,612,603Expenses 2014: $54,918,760Net Income 2014: -$2,306,1572014Revenue 2015: $55,770,586Expenses 2015: $55,222,104Net Income 2015: $548,4822015Revenue 2016: $55,904,597Expenses 2016: $56,742,133Net Income 2016: -$837,5362016Revenue 2017: $58,110,752Expenses 2017: $56,544,570Net Income 2017: $1,566,1822017Revenue 2018: $55,842,619Expenses 2018: $55,939,044Net Income 2018: -$96,4252018Revenue 2019: $55,378,806Expenses 2019: $55,744,912Net Income 2019: -$366,1062019Revenue 2020: $55,209,343Expenses 2020: $56,444,383Net Income 2020: -$1,235,0402020Revenue 2021: $67,083,381Expenses 2021: $59,855,100Net Income 2021: $7,228,2812021Revenue 2022: $70,137,760Expenses 2022: $66,259,457Net Income 2022: $3,878,3032022Revenue 2023: $65,624,113Expenses 2023: $65,600,377Net Income 2023: $23,7362023Revenue 2024: $83,641,697Expenses 2024: $71,300,188Net Income 2024: $12,341,5092024Revenue 2025: $84,294,916Expenses 2025: $74,453,088Net Income 2025: $9,841,8282025

Highlighted filing

2021

Revenue$67,083,381
Expenses$59,855,100
Net Income$7,228,281
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Feb 26, 2022
Return Version
2020v4.2
Gross Receipts
$69,327,016
Mission and Program Overview

Mission

The mission of faulkner university is to glorify god through education of the whole person emphasizing integrity of character in a caring christian environment where every individual matters every day.

EDUCATIONAL INSTITUTION

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$51,800,672$59,754,764▲ $7,954,092
Investments in Publicly Traded Securities$20,949,869$24,785,937▲ $3,836,068
Cash and Non-Interest-Bearing Accounts$12,038,586$7,320,669▼ $4,717,917
Pledges and Grants Receivable$1,254,214$4,164,080▲ $2,909,866
Accounts Receivable$4,045,866$4,066,055▲ $20,189
Total Assets$90,552,154$100,979,014▲ $10,426,860
Other Assets Total$462,947$887,509▲ $424,562
Liabilities
Tax Exempt Bond Liabilities$32,736,819$31,988,360▼ $748,459
Accounts Payable and Accrued Expenses$4,465,798$5,556,010▲ $1,090,212
Deferred Revenue$3,739,029$5,021,506▲ $1,282,477
Other Liabilities$4,874,517$2,846,065▼ $2,028,452
Mortgage Notes Payable Secured by Investment Property$24,088$25,088▲ $1,000
Total Liabilities$45,840,251$45,437,029▼ $403,222
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$26,685,468$35,510,925▲ $8,825,457
Net Assets With Donor Restrictions$18,026,435$20,031,060▲ $2,004,625
Total Net Assets Fund Balance$44,711,903$55,541,985▲ $10,830,082
Total Liabilities and Net Assets / Fund Balance$90,552,154$100,979,014▲ $10,426,860

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$47,339,193$27,525,569$74,864,762
Equipment$4,129,429$23,686,639$27,816,068
Land$8,096,644-$8,096,644
Other Land Buildings$189,498$4,792,192$4,981,690

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$17,838,796$159,803▲ $3,771,872$437,977$21,332,494
2019$18,492,392$139,049▲ $333,357$1,126,002$17,838,796
2018$18,900,746$206,708▲ $47,904$662,966$18,492,392
2017$18,466,331$9,282▲ $858,407$433,274$18,900,746
2016$17,308,614$26,202▲ $1,445,324$313,809$18,466,331
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Michael D WilliamsUniversity PresidentFT$246,010$54,778$300,788
Dave KhadangaDean-college of BusinessFT$192,497$13,218$205,715
Charles CampbellDean-jones School of LawFT$163,298$10,291$173,589
Gerald Jones JrUniversity General CounselFT$136,856$19,759$156,615
Leah FullmanINTERIM DEAN; DIRECTOR SLP; ASSOCIATE PROFESSORFT$151,080$205$151,285
Leah FullmanINTERIM DEAN; DIRECTOR SLP; ASSOCIAT-$149,999$1,286$151,285
Jean-noel ThompsonVice President for StudentFT$130,903$19,699$150,602
Jeff ArringtonDean - College of Arts and SciencesFT$130,269$16,237$146,506
Rosie KhadangaProfessorFT$132,582$8,927$141,509
Joseph VickeryVice President-financeFT$126,027$274$126,301
Mr Jason IsbellTrustee-$5,000-$5,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Culinary Management SolutionsCafeteria & Catering Services5345 ATLANTA HWY, Montgomery, AL 36109$1,683,098
Marshall Design Build LLCContractor4437 ATLANTA HWY, Montgomery, AL 36109$1,447,573
National Management ResourcesMaintenance OutsourcingPO BOX 1224, Lagrange, GA 30241$1,417,962
Efc Systems INCComputer Outsourcing Services9015 OVERLOOK BLVD, Brentwood, TN 37027$1,176,819
Holley Marketing ConsultantsAdvertising30 PINE POINTE CIRCLE, Eclectic, AL 36024$902,314
Revenue and Support

Revenue Composition

Contributions and Grants
$16,073,524
Program Service Revenue
$49,271,330
Investment Income
$438,521
Other Revenue
$1,300,006
All Other Contributions
$5,056,499
Change in Net Assets
$7,228,281

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$467,281Fair Market Value (FMV)
Other Non Cash Contri Table1$40,000Fair Market Value (FMV)
Total Noncash Contributions5$507,281-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$23,058,462
Other Expenses$21,642,403
Grants and Similar Amounts Paid$15,074,402
Total Fundraising Expense$1,344,768
Professional Fundraising Fees$79,833

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$16,085,671$1,338,886$677,011$18,101,568
Grants to Domestic Individuals$15,074,402--$15,074,402
Depreciation Depletion$2,730,498$390,265$40,057$3,160,820
Other Employee Benefits$2,470,770$277,804$118,748$2,867,322
Occupancy$2,436,277$337,826$23,903$2,798,006
Advertising$1,089,419$439,716$291$1,529,426
Office Expenses$850,060$482,397$35,200$1,367,657
Payroll Taxes$1,089,259$121,002$51,723$1,261,984
All Other Expenses$563,190$542,407$56,559$1,162,156
Information Technology$966,080$127,310$13,296$1,106,686
Other Expenses$850,602$9,132$6,937$850,602
Current Officers, Directors, Trustees, and Key Employees$25,641$630,399$171,548$827,588
Travel$297,133$24,427-$321,560
Conferences and Meetings$132,060$137,504$4,508$274,072
Fees for Services Other$199,569$900$494$200,963
Insurance$188,086--$188,086
Fees for Services Professional Fundraising--$79,833$79,833
Fees for Services Accounting-$52,220-$52,220
Fees for Services Management-$20,186-$20,186
Total Functional Expenses$50,911,985$7,598,347$1,344,768$59,855,100
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$270,308
Professional Fundraising Fees$79,833
Fundraising Gross Income$60,806

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Dinner$453,979$60,806$80,806$-20,000
Total Events$453,979$60,806$270,308$-209,502
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
-ENTITY MORE THAN 35% OWNED BY JOHN HILL, BOARD OF TRUSTEESCms Provides the Food Service for the Cafeteria.No$1,819,467
-See Part VCaptrust Is the Registered Investment Adviser to Faulkner University and the Associated Endowments and Related AccountsNo$47,219
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$1,915,439
Operating Lease Liability$508,161
Liabilities Under Agency Agreement$422,465

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEducational Bldg Authority of City of Montgomery2016-08-31$32,036,7282016 facilities revenue bond

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$32,036,728$25,355,893$200,000$640,535

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
No
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 2

Will freeman and carlton freeman have a family relationship. Grover and wendy plunkett have a family relationship with eddie welch.

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

The board receives a copy of form 990 during the fall board meeting. The board copy includes a redacted schedule b per board approval to not disclose donor names and information.

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

Board members are required to complete the conflict of interest disclosure form annually. All forms are reviewed by the board chair or vice chair and maintained in the office of the university president.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Faulkner University
EIN
63-0329409
Phone
3343867274
Address
5345 ATLANTA HIGHWAY, MONTGOMERY, AL 36109-3398

Signing Officer

Name
Joseph Vickery
Title
Vice President - Finance
Phone
3343867274
Signed
2022-02-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael D Williams
Formed
1942
Legal Domicile
Al
Voting Board Members
33
Independent Board Members
30
Employees
928
Volunteers
200

Preparer

Firm
Jackson Thornton & Co Pc
Address
PO BOX 96, MONTGOMERY, AL 36101-0096
Preparer
Christine K Cook
Phone
3348347660
Supplemental Narrative

Additional Explanations

Part XII, Line 2C Explanation

The organization did not change its oversight or selection process during the year.

Financial Statement Notes

PART V, LINE 4:

The endowment funds support the mission of the university.

Part V, Line 2

Without donor restrictions - 88.89% with donor restrictions - 11.11%

Raw XML AppendixShowing 400 of 1,090 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/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$128$45.4$82.9$84.3$74.5$9.84
2024Detailed filing. Detailed filing data is available for this year.$115$43.2$72.2$83.6$71.3$12.3
2023Detailed filing. Detailed filing data is available for this year.$100$42.8$57.7$65.6$65.6$0.02
2022Detailed filing. Detailed filing data is available for this year.$102$43.2$58.4$70.1$66.3$3.88
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$45.4$55.5$67.1$59.9$7.23
2020Detailed filing. Detailed filing data is available for this year.$90.6$45.8$44.7$55.2$56.4$1.24
2019Detailed filing. Detailed filing data is available for this year.$88.6$40.8$47.8$55.4$55.7$0.37
2018Detailed filing. Detailed filing data is available for this year.$90.3$42.7$47.6$55.8$55.9$0.10
2017Detailed filing. Detailed filing data is available for this year.$90.9$43.4$47.5$58.1$56.5$1.57
2016Detailed filing. Detailed filing data is available for this year.$83.9$38.9$45.0$55.9$56.7$0.84
2015Detailed filing. Detailed filing data is available for this year.$88.8$41.6$47.3$55.8$55.2$0.55
2014Detailed filing. Detailed filing data is available for this year.$88.5$41.9$46.6$52.6$54.9$2.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$91.0$42.7$48.3$54.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$91.6$44.3$47.4$51.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.3$44.9$45.5$47.1
Peer Organizations

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