RUST 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

1866

Legal Domicile

Principal Officer

Phyliss Spragin

Phone

6622528000

Tax Period

2024-07-01 to 2025-06-30

RUST COLLEGE, founded in 1866, is a mid-sized nonprofit in the Education sector that reported $31.8M in total revenue in fiscal year 2024. Revenue surged 125% from the prior year, signaling strong growth momentum. The organization ran a surplus of $6.3M, a strong 20% operating margin.

Mission

To provide four year college degree

Program Service Accomplishments

Program 1

Expenses: $20,186,710 Revenue: $14,080,598

Private Four Year Historical Black College

Program 2

Expenses: $1,959,107 Revenue: $2,815,801

Post Secondary General Education Performance Grants and Contracts Ageements

Program 3

Expenses: $19,537 Revenue: $7,735,550

Post Secondary Education, Government and State Agencies For SEOG, FWS, FFEL, Title III and 137 Needs and Performances

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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 (2024)

Revenue Breakdown

Contributions & Grants $8,825,451

Program Service Revenue $6,338,712

Investment Income $11,763,489

Other Revenue $4,908,449

TOTAL REVENUE $31,836,101

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,131,113

Fundraising Expenses $162,756

Program Expenses $22,165,354

Other Expenses $15,399,565

TOTAL EXPENSES $25,530,678

Year-over-Year Comparison

	2024	2023	Change
Revenue	$31,836,101	$14,124,213	+1.3%
Expenses	$25,530,678	$22,650,940	+0.1%
Net Income	$6,305,423	$-8,526,727	-1.7%

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

130

Volunteers

N/A

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

$1,138,000

Total Directors

Key Employees

$355,000

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dr Robert Dixon	President	40	Officer Key Emp Highest	$225,000	$0	$225,000
Mr Mahmoud Lamadanie	V P International Affairs	40	Officer	$140,000	$0	$140,000
Mrs Phyliss Spragin	Vice President for Business Affairs/CFO	40	Officer Key Emp	$130,000	$0	$130,000
Dr Doris Ward	Vice President-Academic Affairs	40	Officer	$125,000	$0	$125,000
Dr Micheal Harpe	Vice President- Student Engagement	40	Officer	$125,000	$0	$125,000
Ms Patrice Hutcherson	V P Enrollment	40	Officer	$118,000	$0	$118,000
Ms Angela Williams	Assoc V P Human Resources	40	Officer	$100,000	$0	$100,000
Ms Tanya Kelly Kirk	Assoc V P Plant Operations/Director Special Events	40	Officer	$100,000	$0	$100,000
Torres D Bell	Chief Technology Officer	40	Officer	$75,000	$0	$75,000
Dr Kimberly Bugg	Board Member	2	Director	$0	$0	$0
Larry Anderson	Vice-Chairman	4	Director	$0	$0	$0
Willie Beamon	Board Member	2	Director	$0	$0	$0
Erma Robinson-Cook	Board Member	2	Director	$0	$0	$0
Margaret Borgen	Board Member	2	Director	$0	$0	$0
Dr Darrell Ezell	Board Member	2	Director	$0	$0	$0
Dr Ken McGee	Board Member	2	Director	$0	$0	$0
Patricia Bruce Lowe	Board Member	2	Director	$0	$0	$0
Clarence R Odom	Board Member	2	Director	$0	$0	$0
Waynell Henson	Secretary	2	Director	$0	$0	$0
Kimberly Avery Wright	Board Member	2	Director	$0	$0	$0
Cecelia Wilson Sawyer	Board Member	2	Director	$0	$0	$0
Dr Jacqueline M Gill Powell	Board Member	2	Director	$0	$0	$0
James E Swanson	Board Member	2	Director	$0	$0	$0
Jerry Young	Board Member	2	Director	$0	$0	$0
Fharon M Hicks	Board Member	2	Director	$0	$0	$0
Lauren Horton	Board Member	2	Director	$0	$0	$0
Betty Baptist Jones	Board Member	2	Director	$0	$0	$0
Andre Mathis	Board Member	2	Director	$0	$0	$0
Audrey Miller-Okhiria	Treasurer	4	Director	$0	$0	$0
Dr MeShonya Wren Coleman	Board Member	2	Director	$0	$0	$0
Robert Ward	Board Member	2	Director	$0	$0	$0
Barkese M Dalton	Chairman	4	Director	$0	$0	$0

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	$31,836,101	$25,530,678	$98,883,716	$6,305,423
2024	$14,124,213	$22,650,940	$89,867,132	$-8,526,727
2023	$20,052,761	$21,671,841	$90,433,827	$-1,619,080
2022	$22,718,599	$21,889,818	$82,920,785	$828,781
2021	$22,679,674	$19,721,286	$88,877,754	$2,958,388
2020	$17,253,710	$18,333,455	$77,370,415	$-1,079,745
2018	$17,939,337	$17,106,898	$70,380,774	$832,439