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King University FY2021 filing

Tax-deductible

Bristol, TN501(c)(3)Since 1867Colleges & Universities EIN 58-1363100Revenue $44.2M in FY2021

On file with the IRSking.edu1350 King College Rd, 37620-2632 · Bristol, TNTax-exempt since Jul 1979School — 170(b)(1)(A)(ii)

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Mission:we prepare students in our christian academic community to excel as thoughtful, resourceful, and responsible citizens with a passion for serving god, the church, and the world. We accomplish this through excellent teaching, high expectations, worthwhile example, and fidelity to our presbyterian heritage. Our mission is the same for all campuses and sites; for online learning; and for all programs, curricular and extracurricular, graduate and undergraduate.vision:we aim to be the preeminent small to medium-sized christian University in the upper south, with a reputation earned there and beyond as a school serious about its christian commitment, focused on student success, dedicated to academic excellence, and successful in producing graduates who excel wherever they live, work, and serve.

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
$933K 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

FY2021 · 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 surplus $192K 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
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$933K
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Plus $51.3M in investments, Pt X · Ln 11–13
Fine: 2.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $42K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$13.3M
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
Pt X · Ln 26
Independent board members
25
of 25 voting members
Looks good: 25 of 25 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$44.2M
-1% vs prior year
Spent
$41.4M
To programs
72%
Net assets
$65.7M
By yearFY2020–FY2025
Revenue
$44.2M
FY2021▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2020$44.8M
FY2021$44.2M
FY2022$42.9M
FY2023$38.3M
FY2024$39.8M
FY2025$40.8M
Expenses
$41.4M
FY2021▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$42.7M
FY2021$41.4M
FY2022$43.7M
FY2023$40.9M
FY2024$40.3M
FY2025$40.6M
Net assets
$65.7M
FY2021▲ +18%
Tap a bar for its year
Net assets by fiscal year
FY2020$55.8M
FY2021$65.7M
FY2022$56.7M
FY2023$54.6M
FY2024$56.9M
FY2025$59.2M

From the FY2021 Form 990 (year ending May 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Jul 1979.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $29.8M Management & general 27% · $11.0M Fundraising 2% · $661K

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

31 people listed on the 990; $933K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$350,843Pt VII · Sec A
Mr James P Donahue
Treasurer/Chief Financial
$166,511Pt VII · Sec A
Mr Brent Davison
VP for Development
$145,842Pt VII · Sec A
Dr Matt Roberts
VP for Academic Affairs
$97,898Pt VII · Sec A
Mr Jon P Harr
VP for Enrollment Management
$93,323Pt VII · Sec A
Dr Robert a Littleton
VP for Student Affairs
$78,233Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Mr Alexander W Whitaker IV’s $247K as President; Ex-Officio 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
Mr Alexander W Whitaker IV$246,688$377,890$379,319$382,201$350,843$351,502
Mr Andrew Tooley$194,377—————
Mr James P Donahue$172,500$166,227$166,599$167,749$166,511$156,232
Mr Brent Davison———$147,315$145,842$145,788
Mr David Hicks$139,544$122,485————
Ms Michelle Laux$109,427$132,795————
Dr Matt Roberts$118,844$107,972$106,427$101,304$97,898$98,117
Dr Jon P Harr$97,422$94,096$95,561$94,561——

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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Prepares Christian students for service through excellent teaching and high expectations.

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Provided by the organization

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1 program · $29.8M · in their own filed words · FY2020
01

The operation and maintenance of an institution of higher learning.

$29.8Mprogram 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
USA Triathlon of ColoradoFY2025$28K
Folds of Honor FoundationFY2025$7K
Frank H Perry and Annie Belle Whilhelm Perry Memorial ScholarshiFY2025$4K
Trust U/W Frank E Page NectFY2025$3K
Total grants receivedfrom 4 funders$42K
See all 4 funders →
Grants paid · 6 grants · $73.5M · 2019–2024
Unitemized GrantFY2024$12,968,080
Unitemized GrantFY2023$13,064,324
Unitemized GrantFY2022$12,087,092
Unitemized GrantFY2021$12,581,430
Unitemized GrantFY2020$11,954,878
Unitemized GrantFY2019$10,883,737

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$44.2M
Ln 12
Fees for servicesLn 2g$35.1M
Gifts and grantsLn 1h$5.2M
Investment incomeLn 3$3.8M
Money outPt IX
$41.4M
Ln 25
Programscol B$29.8M
Managementcol C$11.0M
Fundraisingcol D$661K
Owns and owesPt X
$65.7M
net assets · Ln 32
Cash and savingsLn 1–2$7.4M
Total assetsLn 16$79.0M
LiabilitiesLn 26$13.3M
PeoplePt VI, VII
31
listed · VII A
PaidVII A6
Voting boardVI 1a25
IndependentVI 1b25
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.2M
Government grantsLn 1e$4.1M
Fees for servicesLn 2g$35.1M
Investment incomeLn 3$3.8M
Gains on assetsLn 7$3.6M
Total revenueLn 12$44.2M
Assets in detailPt X, end of year
CashLn 1$28K
SavingsLn 2$7.4M
Cash and savings togetherLn 1–2$7.4M
InvestmentsLn 11–13$51.3M
Land, buildings, equipmentLn 10c$17.6M
Total assetsLn 16$79.0M
LiabilitiesLn 26$13.3M
Net assetsLn 32$65.7M
OperationsPt I, VI
EmployeesI 5827
VolunteersI 650
Fiscal year endsHeaderMay
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 FY21End FY21
Cash and savingsLn 1–2$6.0M$7.4M
InvestmentsLn 11–13$43.6M$51.3M
Land, buildings, equipmentLn 10c$18.2M$17.6M
Total assetsLn 16$71.1M$79.0M
LiabilitiesLn 26$15.3M$13.3M
Net assetsLn 32$55.8M$65.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$12.0M$12.0M
Pay of current officers, directors and key staffLn 5$1.0M$320K$546K$155K
Other salaries and wagesLn 7$13.7M$11.9M$1.4M$347K
Other employee benefitsLn 9$1.9M$1.0M$901K
Legal feesLn 11b$42K$42K
Accounting feesLn 11c$111K$111K
Investment management feesLn 11f$189K$189K
Advertising and promotionLn 12$209K$68K$141K
OccupancyLn 16$834K$834K
TravelLn 17$365K$351K$13K$1K
InterestLn 20$254K$254K
Depreciation, depletion and amortizationLn 22$964K$554K$390K$21K
InsuranceLn 23$311K$311K
Other expenses (24a–d)Ln 24$6.9M$1.8M$5.1M$21K
All other expensesLn 24e$2.7M$1.8M$742K$116K
Total functional expensesLn 25$41.4M$29.8M$11.0M$661K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $40.8M$40.6M$195K$59.2M 990 PDF
FY2024 $39.8M$40.3M−$501K$56.9M 990 PDF
FY2023 $38.3M$40.9M−$2.6M$54.6M 990 PDF
FY2022 $42.9M$43.7M−$790K$56.7M 990 PDF
FY2021 Viewing $44.2M$41.4M$2.8M$65.7M 990 PDF
FY2020 $44.8M$42.7M$2.1M$55.8M 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 J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $44,164,254 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,783,645$5,231,922
I-9 Program service revenuePrior year $37,219,092$35,100,378
I-10 Investment incomePrior year $1,755,451$3,831,954
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $44,758,188$44,164,254
I-13 Grants and similar amounts paidPrior year $11,663,344$11,954,878
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $16,394,136$16,599,756
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $14,621,377$12,834,802
I-18 Total expensesPrior year $42,678,857$41,389,436
I-19 Revenue less expensesPrior year $2,079,331$2,774,818
Part VI · Governance 25 of 25 board members independent, no flags
VI-1a Voting members of the governing body25
VI-1b Independent voting members25
VI-2 Family or business relationship among officers or directorsNo
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 $44,164,254 across 7 lines filed
VIII-1e Government grants$4,141,069
VIII-1f All other contributions, gifts and grants$1,090,853
VIII-1h Total contributions, gifts and grants$5,231,922
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $35,100,378$35,100,378
VIII-3 Investment incomeExcluded from tax $238,556$238,556
VIII-7 Net gain or loss on sales of assetsExcluded from tax $3,593,398$3,593,398
VIII-12 Total revenueRelated to mission $35,100,378 · Unrelated business $0 · Excluded from tax $3,831,954$44,164,254
Part IX · Statement of functional expenses $41,389,436 across 15 lines filed
IX-2 Grants to domestic individualsPrograms $11,954,878$11,954,878
IX-5 Pay of current officers, directors and key staffPrograms $320,491 · Management $545,904 · Fundraising $155,042$1,021,437
IX-7 Other salaries and wagesPrograms $11,940,749 · Management $1,378,350 · Fundraising $347,313$13,666,412
IX-9 Other employee benefitsPrograms $1,010,758 · Management $901,149$1,911,907
IX-11b Legal feesManagement $42,164$42,164
IX-11c Accounting feesManagement $110,517$110,517
IX-11f Investment management feesManagement $188,796$188,796
IX-12 Advertising and promotionPrograms $68,424 · Management $140,687$209,111
IX-16 OccupancyManagement $833,817$833,817
IX-17 TravelPrograms $351,056 · Management $13,163 · Fundraising $1,157$365,376
IX-20 InterestManagement $254,068$254,068
IX-22 Depreciation, depletion and amortizationPrograms $553,724 · Management $389,657 · Fundraising $20,508$963,889
IX-23 InsuranceManagement $311,063$311,063
IX-24 Other expenses (24a–d)Programs $1,759,328 · Management $5,118,027 · Fundraising $20,953$6,898,308
IX-24e All other expensesPrograms $1,799,567 · Management $742,259 · Fundraising $115,867$2,657,693
IX-25 Total functional expensesPrograms $29,758,975 · Management $10,969,621 · Fundraising $660,840$41,389,436
Part X · Balance sheet $78,990,947 assets, 18 lines filed
Asset lines not itemized here account for $715,756; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $43,036$27,976
X-2 Savings and temporary cash investmentsStart of year $5,973,152$7,361,086
X-3 Pledges and grants receivableStart of year $250,000$0
X-4 Accounts receivableStart of year $1,641,218$1,415,744
X-8 Inventories for sale or useStart of year $159,285$122,427
X-9 Prepaid expenses and deferred chargesStart of year $507,480$455,333
X-10c Land, buildings and equipment, netStart of year $18,167,254$17,566,779
X-11 Publicly traded securitiesStart of year $37,103,446$45,322,662
X-12 Other securitiesStart of year $6,490,116$6,003,184
X-16 Total assetsStart of year $71,130,117$78,990,947
X-17 Accounts payable and accrued expensesStart of year $1,716,152$1,889,628
X-19 Deferred revenueStart of year $3,323,671$2,865,626
X-25 Other liabilitiesStart of year $1,825,742$1,856,301
X-26 Total liabilitiesStart of year $15,317,069$13,337,061
X-27 Net assets without donor restrictionsStart of year $15,781,616$17,522,982
X-28 Net assets with donor restrictionsStart of year $40,031,432$48,130,904
X-32 Total net assets or fund balancesStart of year $55,813,048$65,653,886
X-33 Total liabilities and net assetsStart of year $71,130,117$78,990,947
Part XI · Reconciliation of net assets $65,653,886 net assets at year end
XI-1 Total revenue$44,164,254
XI-2 Total expenses$41,389,436
XI-3 Revenue less expenses$2,774,818
XI-4 Net assets at start of year$55,813,048
XI-5 Net unrealized gains (losses) on investments$6,898,202
XI-9 Other changes in net assets$167,818
XI-10 Net assets at end of year$65,653,886

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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