Limestone University FY2020 filing

Tax-deductible

Gaffney, SC501(c)(3)Since 1845Colleges & UniversitiesEIN 57-0314402Revenue $50.0M in FY2020

On file with the IRSlimestone.edu1115 College Dr, 29340-3778 · Gaffney, SCTax-exempt since Jun 1946School — 170(b)(1)(A)(ii)

Tell your story. Claim this org

Established in 1845, Limestone University was a four-year liberal arts institution in gaffney, SC. Due to significant financial difficulties, the board of trustees voted on april 29, 2025 to close the college, letting go all employee as of may 31, 2025.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$707K 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

FY2020 · 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
0 of 6
filings with a surplus
Average deficit $5.8M a year · 12% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$707K
to officers and key staff · 1% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $500
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$22.2M
30% of total assets
Looks good: liabilities are 30% of assets; 50% or less.
Pt X · Ln 26
Independent board members
38
of 38 voting members
Looks good: 38 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
$50.0M
Spent
$50.5M
To programs
80%
Net assets
$52.4M
By yearFY2020–FY2025
Revenue
$50.0M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$50.0M
FY2021$48.9M
FY2022$58.5M
FY2023$45.7M
FY2024$47.0M
FY2025$46.5M
Expenses
$50.5M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$50.5M
FY2021$51.9M
FY2022$60.4M
FY2023$58.3M
FY2024$53.0M
FY2025$57.6M
Net assets
$52.4M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$52.4M
FY2021$55.8M
FY2022$47.2M
FY2023$32.4M
FY2024$24.8M
FY2025$13.8M

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

Give Claim
You’re viewing the FY2020 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 Jun 1946.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $40.5M Management & general 19% · $9.5M Fundraising 1% · $487K

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

Something off? Claim to fix it

Who runs it and what they're paid

43 people listed on the 990; $707K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$266,487Pt VII · Sec A
VP of Academic Affairs
$130,701Pt VII · Sec A
Director of Nursing Program
$109,859Pt VII · Sec A
Professor of Management
$106,527Pt VII · Sec A
VP Finance & Administration
$93,664Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Nathan Copeland’s $245K as President is at the 52nd 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
Dr Darrell Parker———$347,600$315,304$266,487
Darrell Parker——$336,667———
Nathan Copeland$245,469—————
Michael Furrey—$242,056————
Jeremy Whitaker$235,596$176,682————
Stacy Aldrich$222,773—————
Monica Baloga—$220,164$175,100$176,450$167,037—
David Scott Bellamy$146,000$180,996————

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.

See Limestone University executive salaries →

On this list? Claim this org

Something off? Claim to fix it

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

Provides associate, bachelor's, and master's degrees alongside student support services to over 2,000 students through traditional and non-traditional liberal arts programs.

Questions for Limestone University

Tap to ask. Limestone University sees how many people are interested.

Your first name shows with your question. Limestone University answers here, for everyone.

Provided by the organization

Know this org? Add your story

1 program · $40.5M · in their own filed words · FY2019
01

Limestone college provides post-secondary education for approximately 2,250 fte degree-seeking students, including ACADEMIC/STUDENT support and auxiliary services.

$40.5Mprogram 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 · FY2025
Total grants receivedfrom 1 funder$500
Grants paid · 5 grants · $5.8M · 2019–2022
Unitemized GrantFY2022$1,173,613
Unitemized GrantFY2021$2,725,784
Unitemized GrantFY2020$675,252
Unitemized GrantFY2019$675,251
Unitemized GrantFY2019$581,822

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$50.0M
Ln 12
Fees for servicesLn 2g$41.9M
Gifts and grantsLn 1h$6.8M
Investment incomeLn 3$1.2M
Money outPt IX
$50.5M
Ln 25
Programscol B$40.5M
Managementcol C$9.5M
Fundraisingcol D$487K
Owns and owesPt X
$52.4M
net assets · Ln 32
Cash and savingsLn 1–2$7.7M
Total assetsLn 16$74.6M
LiabilitiesLn 26$22.2M
PeoplePt VI, VII
43
listed · VII A
PaidVII A5
Voting boardVI 1a38
IndependentVI 1b38
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6.8M
Government grantsLn 1e$4.5M
Noncash giftsLn 1g$141K
Fees for servicesLn 2g$41.9M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$77K
Gains on assetsLn 7−$98K
Total revenueLn 12$50.0M
Assets in detailPt X, end of year
CashLn 1$37K
SavingsLn 2$7.7M
Cash and savings togetherLn 1–2$7.7M
InvestmentsLn 11–13$23.0M
Land, buildings, equipmentLn 10c$39.6M
Other assetsLn 15$432K
Total assetsLn 16$74.6M
LiabilitiesLn 26$22.2M
Net assetsLn 32$52.4M
OperationsPt I, VI
EmployeesI 5782
VolunteersI 612
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$2.9M$7.7M
InvestmentsLn 11–13$26.8M$23.0M
Land, buildings, equipmentLn 10c$37.7M$39.6M
Total assetsLn 16$71.8M$74.6M
LiabilitiesLn 26$19.8M$22.2M
Net assetsLn 32$52.0M$52.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$12.7M$12.7M
Pay of current officers, directors and key staffLn 5$394K$337K$50K$7K
Other salaries and wagesLn 7$13.9M$11.9M$1.8M$243K
Pension plan contributionsLn 8$358K$306K$52K
Other employee benefitsLn 9$2.1M$1.6M$517K
Payroll taxesLn 10$1.1M$907K$153K
Legal feesLn 11b$198K$198K
Accounting feesLn 11c$94K$94K
Professional fundraising feesLn 11e$104K$104K
Investment management feesLn 11f$86K$86K
Other fees for servicesLn 11g$195K$195K
Advertising and promotionLn 12$444K$198K$246K
Office expensesLn 13$1.1M$655K$387K$12K
Information technologyLn 14$2.2M$2.2M
OccupancyLn 16$4.3M$3.2M$1.1M
TravelLn 17$723K$323K$386K$14K
InterestLn 20$277K$277K
Depreciation, depletion and amortizationLn 22$2.1M$1.7M$339K
InsuranceLn 23$540K$386K$154K
Other expenses (24a–d)Ln 24$4.3M$4.1M$157K
All other expensesLn 24e$3.4M$1.9M$1.3M$107K
Total functional expensesLn 25$50.5M$40.5M$9.5M$487K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $46.5M$57.6M−$11.1M$13.8M 990 PDF
FY2024 $47.0M$53.0M−$5.9M$24.8M 990 PDF
FY2023 $45.7M$58.3M−$12.6M$32.4M 990 PDF
FY2022 $58.5M$60.4M−$1.9M$47.2M 990 PDF
FY2021 $48.9M$51.9M−$3.0M$55.8M 990 PDF
FY2020 Viewing $50.0M$50.5M−$521K$52.4M 990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $49,959,571 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,916,434$6,750,429
I-9 Program service revenuePrior year $43,966,264$41,926,526
I-10 Investment incomePrior year $1,315,965$1,205,465
I-11 Other revenuePrior year $95,567$77,151
I-12 Total revenuePrior year $49,294,230$49,959,571
I-13 Grants and similar amounts paidPrior year $13,914,695$12,743,450
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $17,257,523$17,762,988
I-16a Professional fundraising feesPrior year $0$103,812
I-17 Other expensesPrior year $17,203,952$19,870,671
I-18 Total expensesPrior year $48,376,170$50,480,921
I-19 Revenue less expensesPrior year $918,060−$521,350
Part VI · Governance 38 of 38 board members independent, 1 to look at
VI-1a Voting members of the governing body38
VI-1b Independent voting members38
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $49,959,571 across 9 lines filed
VIII-1e Government grants$4,472,602
VIII-1f All other contributions, gifts and grants$2,277,827
VIII-1g Noncash contributions (included above)$141,074
VIII-1h Total contributions, gifts and grants$6,750,429
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $41,926,526$41,926,526
VIII-3 Investment incomeExcluded from tax $1,303,473$1,303,473
VIII-6 Net rental income or lossExcluded from tax $77,151$77,151
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$98,008−$98,008
VIII-12 Total revenueRelated to mission $41,926,526 · Unrelated business $0 · Excluded from tax $1,282,616$49,959,571
Part IX · Statement of functional expenses $50,480,921 across 21 lines filed
IX-2 Grants to domestic individualsPrograms $12,743,450$12,743,450
IX-5 Pay of current officers, directors and key staffPrograms $337,359 · Management $49,899 · Fundraising $6,894$394,152
IX-7 Other salaries and wagesPrograms $11,868,442 · Management $1,755,464 · Fundraising $242,547$13,866,453
IX-8 Pension plan contributionsPrograms $306,460 · Management $51,611$358,071
IX-9 Other employee benefitsPrograms $1,567,630 · Management $516,911$2,084,541
IX-10 Payroll taxesPrograms $907,021 · Management $152,750$1,059,771
IX-11b Legal feesManagement $198,493$198,493
IX-11c Accounting feesManagement $93,975$93,975
IX-11e Professional fundraising feesFundraising $103,812$103,812
IX-11f Investment management feesManagement $85,900$85,900
IX-11g Other fees for servicesPrograms $195,072$195,072
IX-12 Advertising and promotionPrograms $198,345 · Management $245,895$444,240
IX-13 Office expensesPrograms $655,193 · Management $387,250 · Fundraising $12,409$1,054,852
IX-14 Information technologyManagement $2,233,089$2,233,089
IX-16 OccupancyPrograms $3,205,239 · Management $1,104,365$4,309,604
IX-17 TravelPrograms $323,011 · Management $386,464 · Fundraising $13,984$723,459
IX-20 InterestManagement $277,498$277,498
IX-22 Depreciation, depletion and amortizationPrograms $1,734,224 · Management $338,795$2,073,019
IX-23 InsurancePrograms $386,413 · Management $153,756$540,169
IX-24 Other expenses (24a–d)Programs $4,105,692 · Management $156,516$4,262,208
IX-24e All other expensesPrograms $1,939,589 · Management $1,332,048 · Fundraising $107,456$3,379,093
IX-25 Total functional expensesPrograms $40,473,140 · Management $9,520,679 · Fundraising $487,102$50,480,921
Part X · Balance sheet $74,642,458 assets, 18 lines filed
X-1 Cash, non-interest-bearingStart of year $34,463$37,094
X-2 Savings and temporary cash investmentsStart of year $2,834,058$7,653,479
X-3 Pledges and grants receivableStart of year $2,977,102$3,129,072
X-4 Accounts receivableStart of year $506,336$533,785
X-8 Inventories for sale or useStart of year $272,173$48,116
X-9 Prepaid expenses and deferred chargesStart of year $155,513$200,343
X-10c Land, buildings and equipment, netStart of year $37,738,158$39,564,399
X-11 Publicly traded securitiesStart of year $26,766,410$23,043,825
X-15 Other assetsStart of year $447,079$432,345
X-16 Total assetsStart of year $71,841,088$74,642,458
X-17 Accounts payable and accrued expensesStart of year $1,745,473$1,282,497
X-19 Deferred revenueStart of year $791,481$1,171,832
X-25 Other liabilitiesStart of year $889,641$722,574
X-26 Total liabilitiesStart of year $19,816,707$22,208,642
X-27 Net assets without donor restrictionsStart of year $21,749,594$21,996,484
X-28 Net assets with donor restrictionsStart of year $30,274,787$30,437,332
X-32 Total net assets or fund balancesStart of year $52,024,381$52,433,816
X-33 Total liabilities and net assetsStart of year $71,841,088$74,642,458
Part XI · Reconciliation of net assets $52,433,816 net assets at year end
XI-1 Total revenue$49,959,571
XI-2 Total expenses$50,480,921
XI-3 Revenue less expenses−$521,350
XI-4 Net assets at start of year$52,024,381
XI-5 Net unrealized gains (losses) on investments$932,823
XI-9 Other changes in net assets−$2,038
XI-10 Net assets at end of year$52,433,816

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.