Institution of private higher education providing undergraduate and graduate curriculums.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
$1.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $266K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.4M
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
4 mo
of spending, in cash
Plus $29.7M in investments, Pt X · Ln 11–13
Looks good: 3.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
8
named funders · $438K
Looks good: 8 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$10.0M
11% of total assets
Looks good: liabilities are 11% of assets; 50% or less.
Pt X · Ln 26
Independent board members
37
of 38 voting members
Looks good: 37 of 38 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$40.7M
-10% vs prior year
Spent
$39.0M
To programs
86%
Net assets
$82.5M
By yearFY2020–FY2025
Revenue
$40.7M
FY2022▼ -10%
Tap a bar for its year
Revenue by fiscal year
FY2020$49.8M
FY2021$45.0M
FY2022$40.7M
FY2023$36.1M
FY2024$29.6M
FY2025$27.4M
Expenses
$39.0M
FY2022▼ -7%
Tap a bar for its year
Expenses by fiscal year
FY2020$44.8M
FY2021$41.9M
FY2022$39.0M
FY2023$40.2M
FY2024$32.7M
FY2025$31.7M
Net assets
$82.5M
FY2022▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020$77.2M
FY2021$85.2M
FY2022$82.5M
FY2023$77.7M
FY2024$76.8M
FY2025$73.7M

From the FY2022 Form 990 (year ending May 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1949.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $33.6M Management & general 11% · $4.5M Fundraising 2% · $891K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

49 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$231,779Pt VII · Sec A
Recording Secretary / Provost
$215,475Pt VII · Sec A
Corp. Sec./VP Bus.
$171,948Pt VII · Sec A
V.p. Office of Advancement
$147,628Pt VII · Sec A
V.p. Student Dev.
$132,163Pt VII · Sec A
Asst. VP Acad. Affairs
$113,433Pt VII · Sec A
Associate Provost
$108,689Pt VII · Sec A
Associate Provost
$104,840Pt VII · Sec A

Rosemary M Thomas’s $214K as President is at the 42nd percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kirk E Peterson$109,375$266,136$234,461$231,779$217,356$217,956
Danny B Moore$134,504$212,600$215,000$215,475$212,600$212,600
Rosemary M Thomas$213,710—————
Danny R Davis——$171,953$171,948$171,948$171,948
Patrick Mashuda—$153,458———$100,968
M Christopher White————$153,267$143,133
Andy Wilson—$149,776$147,944$147,628——
John Dilustro$134,156$115,097$110,791$108,689$106,956$107,676

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers undergraduate and graduate degrees through private higher education.

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Provided by the organization

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1 program · $33.6M · in their own filed words · FY2021
01

Chowan university is a comprehensive, coeducational, residential university with both undergraduate and graduate programs. The university offers a variety of academic programs with a liberal arts basis in career-oriented fields such as business, teacher education, criminal justice, etc.

$33.6Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
See all 8 funders →
Grants paid · 12 grants · $78.3M · 2019–2024
Unitemized GrantFY2024$9,866,459
Unitemized GrantFY2024$265,519
Unitemized GrantFY2023$10,060,624
Unitemized GrantFY2023$268,671
Unitemized GrantFY2022$11,928,939
Unitemized GrantFY2022$309,098
Unitemized GrantFY2021$13,103,455
Unitemized GrantFY2021$350,249
Unitemized GrantFY2020$14,556,314
Unitemized GrantFY2020$327,551
Unitemized GrantFY2019$17,100,137
Unitemized GrantFY2019$204,729

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$40.7M
Ln 12
Fees for servicesLn 2g$30.3M
Gifts and grantsLn 1h$8.0M
Investment incomeLn 3$2.2M
Money outPt IX
$39.0M
Ln 25
Programscol B$33.6M
Managementcol C$4.5M
Fundraisingcol D$891K
Owns and owesPt X
$82.5M
net assets · Ln 32
Cash and savingsLn 1–2$11.8M
Total assetsLn 16$92.5M
LiabilitiesLn 26$10.0M
PeoplePt VI, VII
49
listed · VII A
PaidVII A10
Voting boardVI 1a38
IndependentVI 1b37
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$8.0M
Government grantsLn 1e$6.1M
Noncash giftsLn 1g$89K
Fees for servicesLn 2g$30.3M
Investment incomeLn 3$2.2M
Other incomeLn 4–11$216K
Gains on assetsLn 7$1.7M
Total revenueLn 12$40.7M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$10.4M
Cash and savings togetherLn 1–2$11.8M
InvestmentsLn 11–13$29.7M
Land, buildings, equipmentLn 10c$44.5M
Other assetsLn 15$3.3M
Total assetsLn 16$92.5M
LiabilitiesLn 26$10.0M
Net assetsLn 32$82.5M
OperationsPt I, VI
EmployeesI 5878
VolunteersI 641
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$15.6M$11.8M
InvestmentsLn 11–13$33.2M$29.7M
Land, buildings, equipmentLn 10c$45.6M$44.5M
Total assetsLn 16$98.0M$92.5M
LiabilitiesLn 26$12.8M$10.0M
Net assetsLn 32$85.2M$82.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$13.5M$13.5M
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$761K$761K
Pay of disqualified personsLn 6$0$0
Other salaries and wagesLn 7$9.6M$8.2M$876K$488K
Pension plan contributionsLn 8$401K$305K$77K$19K
Other employee benefitsLn 9$1.2M$888K$253K$52K
Payroll taxesLn 10$748K$583K$128K$36K
Management feesLn 11a$0
Legal feesLn 11b$6K$6K
Accounting feesLn 11c$147K$147K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$92K$92K
Other fees for servicesLn 11g$3.7M$3.3M$195K$196K
Advertising and promotionLn 12$40K$40K
Office expensesLn 13$329K$233K$75K$21K
Information technologyLn 14$624K$624K
RoyaltiesLn 15$0
OccupancyLn 16$1.0M$960K$88K
TravelLn 17$942K$866K$55K$21K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$19K$16K$2K$144
InterestLn 20$283K$269K$14K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$2.7M$2.6M$123K
InsuranceLn 23$713K$146K$566K
Other expenses (24a–d)Ln 24$1.4M$1.3M$137K$18K
All other expensesLn 24e$747K$494K$251K$2K
Total functional expensesLn 25$39.0M$33.6M$4.5M$891K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $27.4M$31.7M−$4.2M$73.7M 990 PDF
FY2024 $29.6M$32.7M−$3.2M$76.8M 990 PDF
FY2023 $36.1M$40.2M−$4.1M$77.7M 990 PDF
FY2022 Viewing $40.7M$39.0M$1.7M$82.5M 990 PDF
FY2021 $45.0M$41.9M$3.2M$85.2M 990 PDF
FY2020 $49.8M$44.8M$5.1M$77.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $40,741,279 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $8,277,108$8,008,040
I-9 Program service revenuePrior year $34,710,205$30,346,222
I-10 Investment incomePrior year $1,902,024$2,171,463
I-11 Other revenuePrior year $130,949$215,554
I-12 Total revenuePrior year $45,020,286$40,741,279
I-13 Grants and similar amounts paidPrior year $14,883,865$13,453,704
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $13,066,323$12,680,766
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $13,900,082$12,859,809
I-18 Total expensesPrior year $41,850,270$38,994,279
I-19 Revenue less expensesPrior year $3,170,016$1,747,000
Part VI · Governance 37 of 38 board members independent, 2 to look at
VI-1a Voting members of the governing body38
VI-1b Independent voting members37
VI-2 Family or business relationship among officers or directorsYes
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $40,741,279 across 12 lines filed
VIII-1e Government grants$6,077,119
VIII-1f All other contributions, gifts and grants$1,930,921
VIII-1g Noncash contributions (included above)$88,703
VIII-1h Total contributions, gifts and grants$8,008,040
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $30,346,222$30,346,222
VIII-3 Investment incomeExcluded from tax $503,563$503,563
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,667,900$1,667,900
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $215,554$215,554
VIII-12 Total revenueRelated to mission $30,346,222 · Excluded from tax $2,387,017$40,741,279
Part IX · Statement of functional expenses $38,994,279 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individualsPrograms $13,453,704$13,453,704
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffManagement $760,688$760,688
IX-6 Pay of disqualified personsPrograms $0$0
IX-7 Other salaries and wagesPrograms $8,214,943 · Management $876,238 · Fundraising $487,665$9,578,846
IX-8 Pension plan contributionsPrograms $304,760 · Management $77,420 · Fundraising $18,681$400,861
IX-9 Other employee benefitsPrograms $888,497 · Management $252,837 · Fundraising $51,524$1,192,858
IX-10 Payroll taxesPrograms $583,373 · Management $128,382 · Fundraising $35,758$747,513
IX-11a Management fees$0
IX-11b Legal feesManagement $5,865$5,865
IX-11c Accounting feesManagement $146,935$146,935
IX-11d Lobbying fees$0
IX-11f Investment management feesManagement $92,179$92,179
IX-11g Other fees for servicesPrograms $3,311,182 · Management $195,133 · Fundraising $196,426$3,702,741
IX-12 Advertising and promotionFundraising $39,904$39,904
IX-13 Office expensesPrograms $232,616 · Management $75,243 · Fundraising $21,234$329,093
IX-14 Information technologyManagement $623,513$623,513
IX-15 Royalties$0
IX-16 OccupancyPrograms $960,350 · Management $87,954$1,048,304
IX-17 TravelPrograms $866,264 · Management $54,900 · Fundraising $20,535$941,699
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetingsPrograms $16,074 · Management $2,442 · Fundraising $144$18,660
IX-20 InterestPrograms $268,720 · Management $14,195$282,915
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $2,608,177 · Management $123,123$2,731,300
IX-23 InsurancePrograms $146,425 · Management $566,092$712,517
IX-24 Other expenses (24a–d)Programs $1,283,253 · Management $136,705 · Fundraising $17,508$1,437,466
IX-24e All other expensesPrograms $493,744 · Management $251,426 · Fundraising $1,548$746,718
IX-25 Total functional expensesPrograms $33,632,082 · Management $4,471,270 · Fundraising $890,927$38,994,279
Part X · Balance sheet $92,478,442 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $6,368,577$1,354,418
X-2 Savings and temporary cash investmentsStart of year $9,189,029$10,432,605
X-3 Pledges and grants receivableStart of year $986,305$697,355
X-4 Accounts receivableStart of year $615,600$1,845,742
X-8 Inventories for sale or useStart of year $119,706$129,346
X-9 Prepaid expenses and deferred chargesStart of year $445,709$424,182
X-10c Land, buildings and equipment, netStart of year $45,566,957$44,549,669
X-11 Publicly traded securitiesStart of year $30,706,799$27,621,613
X-12 Other securitiesStart of year $2,458,025$2,120,593
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $1,588,818$3,302,919
X-16 Total assetsStart of year $98,045,525$92,478,442
X-17 Accounts payable and accrued expensesStart of year $1,534,913$1,529,663
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $331,801$250,991
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $2,529,762$0
X-25 Other liabilitiesStart of year $14,605$275,077
X-26 Total liabilitiesStart of year $12,810,003$9,967,450
X-27 Net assets without donor restrictionsStart of year $49,438,069$49,822,666
X-28 Net assets with donor restrictionsStart of year $35,797,453$32,688,326
X-32 Total net assets or fund balancesStart of year $85,235,522$82,510,992
X-33 Total liabilities and net assetsStart of year $98,045,525$92,478,442
Part XI · Reconciliation of net assets $82,510,992 net assets at year end
XI-1 Total revenue$40,741,279
XI-2 Total expenses$38,994,279
XI-3 Revenue less expenses$1,747,000
XI-4 Net assets at start of year$85,235,522
XI-5 Net unrealized gains (losses) on investments−$4,134,098
XI-9 Other changes in net assets−$337,432
XI-10 Net assets at end of year$82,510,992

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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