Limestone University

Analysis

Limestone University is a registered charity in United States, based in Gaffney, SC. It received its IRS tax-exemption ruling in June 1946, 80 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Limestone University reported income of $45.7m and spending of $58.3m, spending 128% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $49.3m to $45.7m (-7.3%), an average of -1.9% a year. The sharpest change came in the year to June 2023, when income dropped by 22%. Over the whole period it spent 107% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Limestone University sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within SC. Charities of a similar size with the same main cause include Loma Linda University Behavioral Medicine Center Inc ($45.7m), Rex and Margaret Fortune School of Education ($45.7m) and Hillcrest Educational Centers Inc ($45.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 8.6% and program service revenue 87% of the total. Compensation of current officers, directors and key employees was $502k (0.9% of expenses). Other salaries and wages came to $15.8m. It paid $56k in professional fundraising fees. At year end it held assets of $73.1m against liabilities of $40.7m, net assets of $32.4m. It reported 330 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.