Fiscal Year
06/01/2023
05/31/2024
$31,472,979.00
$31,068,199.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| cumberland university irs ltr |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $81,080,501.00 | $69,170,999.00 | $52,511,771.00 |
| Total Expenses | $69,638,989.00 | $64,510,494.00 | $50,160,868.00 |
| Revenue Less Expenses | $11,441,512.00 | $4,660,505.00 | $2,350,903.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $824,617.00 | $1,145,108.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $268,538.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $11,133,127.00 | $8,207,454.00 | $6,313,142.00 |
| Contributions, Gifts, and Grants | $9,430,127.00 | $4,099,084.00 | $2,602,091.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $59,404,745.00 | $54,688,356.00 | $41,570,611.00 |
| Investment Income, Net of Losses | $952,972.00 | $1,271,102.00 | $561,945.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $159,530.00 | $80,386.00 | $50,336.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $59,495,383.00 | $55,158,824.00 | $41,658,706.00 |
| Administration Expense | $9,582,189.00 | $8,853,810.00 | $8,039,825.00 |
| Fundraising Expense | $561,417.00 | $497,860.00 | $462,337.00 |
| Total Revenue/Total Expenses | 116% | 107% | 105% |
| Program Expense/Total Expenses | 85% | 86% | 83% |
| Fundraising Expense/Contributed Revenue | 1% | 1% | 1% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Program Revenue $59,404,745.00 | Program Revenue $54,688,356.00 | Program Revenue $41,570,611.00 |
| Second Highest Funding Source & Dollar Amount | Government Grants $11,133,127.00 | Government Grants $8,207,454.00 | Government Grants $6,313,142.00 |
| Third Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $9,430,127.00 | Contributions, Gifts, and Grants $4,099,084.00 | Contributions, Gifts, Grants $2,602,091.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $72,580,969.00 | $59,645,506.00 | $59,024,127.00 |
| Current Assets | $15,164,719.00 | $8,398,916.00 | $12,552,946.00 |
| Long-Term Liabilities | $12,067,762.00 | $12,484,724.00 | $15,491,588.00 |
| Current Liabilities | $5,592,171.00 | $5,193,592.00 | $47,332,722.00 |
| Total Net Assets | $54,921,036.00 | $41,967,190.00 | $38,799,267.00 |
Endowment Info
Yes
$2,000,000.00
Percentage
Capital Campaign Info
Yes
Yes
$1,100,000.00
Cumberland University is conducting a capital campaign to purchase new turf for Nokes-Lasater Field. The full cost of the turf is $1.1 million. Nokes-Lasater Field serves as the home of the Cumberland football program and includes a 5,000-seat stadium with lights along with two 70-yard practice fields. The facility also houses a team locker room, athletic training facilities, two concession stands, restrooms on the home and visitor sides of the stadium, a six-lane asphalt track, along with a large building for storage.
We believe that this project will provide much needed improvements and renovations to the field that can be enjoyed by our stellar athletic program and the local community for many years to come. We know the community has loved this field for decades and we think these improvements can benefit every group that uses this field.
May 2022
December 2024
June
2023
$30,000.00
Solicitation Permit Info
Exempt
Form 990s
Audit Documents
Foundation Staff Comments
| Financial figures taken from the 990. Schedule B removed to protect donor privacy. Financials completed by Dempsey, Vantrease & Follis PLLC. Comment provided by Hayley Sulfridge 4/15/24. |
