WOFFORD COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1854

Legal Domicile

Principal Officer

NAYEF H SAMHAT

Phone

8645974226

Tax Period

2022-07-01 to 2023-06-30

WOFFORD COLLEGE, founded in 1854, is a major nonprofit that reported $138.5M in total revenue in fiscal year 2022. Net assets of $583.7M represent 51 months of operating reserves.

Mission

THE PURPOSE OF WOFFORD COLLEGE IS TO FUNCTION AS A LIBERAL ARTS INSTITUTION OF SUPERIOR QUALITY. ITS CHIEF CONCERN IS THE DEVELOPMENT OF AN INTELLECTUAL, SPIRITUAL, AND AESTHETIC ATMOSPHERE IN WHICH SERIOUS AND INQUIRING MINDS OF STUDENTS AND FACULTY ALIKE WILL BE CHALLENGED TO A COMMON SEARCH FOR TRUTH AND FREEDOM, WHEREVER THAT SEARCH MAY LEAD, AND IN WHICH EACH PERSON MAY BECOME AWARE OF HIS OR HER OWN INDIVIDUAL WORTH, WHILE ASPIRING TO HIGH STANDARDS OF LEARNING AND MORALITY. IN SUCH AN ENVIRONMENT ALL MEMBERS OF THE WOFFORD COMMUNITY SHOULD DEVELOP INTELLECTUAL CURIOSITY, INDEPENDENCE OF THOUGHT, MATURITY OF JUDGMENT, SELF-DISCIPLINE, RELIGIOUS FAITH, AND MORAL CHARACTER SO THAT THEY WILL BE EVER SENSITIVE TO THE DUTIES AND RESPONSIBILITIES OF GOOD CITIZENSHIP AND RENDER EFFECTIVE LEADERSHIP AND GENEROUS SERVICE TO THE COMMUNITIES IN WHICH THEY LIVE. THIS CONCEPT OF LIBERAL EDUCATION IS IN HARMONY WITH THE IDEALS OF THE UNITED METHODIST CHURCH, TO WHICH THE COLLEGE IS RELATED.

Program Service Accomplishments

Program 1

Expenses: $82,009,834 Revenue: $90,829,892

THE COLLEGE PROVIDED A LIBERAL ARTS EDUCATION TO APPROXIMATELY 1,822 STUDENTS FOR 2022-23, GRADUATING APPROXIMATELY 369 STUDENTS WITH BA OR BS DEGREES.THE COLLEGE IS COMMITTED TO AFFORDABILITY AND...

THE COLLEGE PROVIDED A LIBERAL ARTS EDUCATION TO APPROXIMATELY 1,822 STUDENTS FOR 2022-23, GRADUATING APPROXIMATELY 369 STUDENTS WITH BA OR BS DEGREES.THE COLLEGE IS COMMITTED TO AFFORDABILITY AND ACCESS TO STUDENTS OF ALL BACKGROUNDS. THE COLLEGE DISTRIBUTED IN EXCESS OF $55 MILLION IN FINANCIAL AID TO ASSIST STUDENTS IN MEETING THE FINANCIAL OBLIGATIONS OF ATTENDING THE INSTITUTION.

Program 2

Expenses: $50,904,670 Revenue: $28,788,618

THE COLLEGE PROVIDED AUXILIARY SERVICES FOR THE CONVENIENCE OF STUDENTS, FACULTY, STAFF AND THE COMMUNITY. SUCH AUXILIARY ENTERPRISES INCLUDE STUDENT HOUSING, ATHLETICS, INTRAMURAL SPORTS, AND THE...

THE COLLEGE PROVIDED AUXILIARY SERVICES FOR THE CONVENIENCE OF STUDENTS, FACULTY, STAFF AND THE COMMUNITY. SUCH AUXILIARY ENTERPRISES INCLUDE STUDENT HOUSING, ATHLETICS, INTRAMURAL SPORTS, AND THE WELLNESS CENTER.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $13,878,273

Program Service Revenue $119,618,510

Investment Income $4,901,346

Other Revenue $53,014

TOTAL REVENUE $138,451,143

Expense Breakdown

Grants Paid $55,501,958

Salaries & Benefits $46,120,678

Fundraising Expenses $2,848,075

Program Expenses $132,914,504

Other Expenses $45,418,836

TOTAL EXPENSES $147,041,472

Year-over-Year Comparison

	2022	2021	Change
Revenue	$138,451,143	$131,734,869	+0.1%
Expenses	$147,041,472	$132,652,020	+0.1%
Net Income	$-8,590,329	$-917,151	+8.4%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1202

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,323,241

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER A P CARPENTER	CHAIR	1.00	Officer Director	$0	$0	$0
ASHLEY RICHARDSON ALLEN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
WILLIAM F MALAMBRI III	SECRETARY	1.00	Officer Director	$0	$0	$0
RONALD A ANDREWS JR	TRUSTEE	1.00	Director	$0	$0	$0
JOHN E BAUKNIGHT IV	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS L BOWER III	TRUSTEE	1.00	Director	$0	$0	$0
KATHERINE A CLOSE	TRUSTEE	1.00	Director	$0	$0	$0
HOWARD COKER	TRUSTEE	1.00	Director	$0	$0	$0
JUSTIN A CONVERSE	TRUSTEE	1.00	Director	$0	$0	$0
ENGLISH C FLACK	TRUSTEE	1.00	Director	$0	$0	$0
JIMMY I GIBBS	TRUSTEE	1.00	Director	$0	$0	$0
B SHAWAN GILLIANS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID G JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
BLANDING U JONES	TRUSTEE	1.00	Director	$0	$0	$0
WADE P KEISLER	TRUSTEE	1.00	Director	$0	$0	$0
TIMOTHY E MADDEN	TRUSTEE	1.00	Director	$0	$0	$0
JODIE W MCLEAN	TRUSTEE	1.00	Director	$0	$0	$0
JAMES C MEADORS	TRUSTEE	1.00	Director	$0	$0	$0
CRAIG D MELVIN	TRUSTEE	1.00	Director	$0	$0	$0
DANIEL B MORRISON	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN W MUNGO	TRUSTEE	1.00	Director	$0	$0	$0
GREGORY A O'DELL	TRUSTEE	1.00	Director	$0	$0	$0
COSTA M PLEICONES	TRUSTEE	1.00	Director	$0	$0	$0
DOROTHE ACEE THOMAS	TRUSTEE	1.00	Director	$0	$0	$0
ERIN M WATSON	TRUSTEE	1.00	Director	$0	$0	$0
JOSHUA S WHITLEY	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM H WILLIMON	TRUSTEE	1.00	Director	$0	$0	$0
REV LISA N YEBUAH	TRUSTEE	1.00	Director	$0	$0	$0
JOYCE PAYNE YETE	TRUSTEE	1.00	Director	$0	$0	$0
MARGARET G YOUNG	TRUSTEE	1.00	Director	$0	$0	$0
NAYEF SAMHAT	PRESIDENT	40.00	Officer	$493,469	$311,479	$804,948
CHRISTOPHER GARDNER	CFO	40.00	Officer	$180,658	$33,532	$214,190
TIM SCHMITZ	PROVOST	40.00	Officer	$164,491	$24,298	$188,789
DAVID BEACHAM	SR VP FOR ADMIN - RETIRED 7/1/22	40.00	Officer	$87,164	$28,150	$115,314
JOSH CONKLIN	HEAD FOOTBALL COACH (TERM 10/22)	40.00	Highest	$406,970	$39,694	$446,664
JONATHAN MCAULEY	HEAD BASKETBALL COACH	40.00	Highest	$218,422	$40,211	$258,633
CALHOUN KENNEDY	VP OF PHILANTHROPHY & ENGAGEMENT	40.00	Highest	$199,357	$38,157	$237,514
BOYCE LAWTON	DEAN OF STUDENT SUCCESS	40.00	Highest	$168,144	$23,250	$191,394
RICHARD JOHNSON	DIRECTOR OF ATHLETICS	40.00	Highest	$156,379	$23,942	$180,321

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$138,451,143	$147,041,472	$680,972,147	$-8,590,329
2022	$131,734,869	$132,652,020	$647,728,470	$-917,151
2021	$301,668,319	$124,563,610	$711,477,061	$177,104,709
2020	$116,076,279	$119,960,192	$486,613,567	$-3,883,913
2019	$134,458,513	$116,388,113	$498,394,896	$18,070,400
2018	$111,598,888	$110,280,757	$460,340,168	$1,318,131