Paine College

Nonprofit profile at a glance

EIN
237434499
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Augusta, GA, USA
Phone
7068218200
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Undergraduate College (4-year)

Official website

Reported finances

Revenue
$15,715,830
Expenses
$16,385,083
Assets
$38,824,269
Liabilities
$22,242,190

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

27 people listed

Executive titles in this filing

  • Mr Lester McCorn (President)
  • Mr Leroy Summers Jr (Vice President of Administration and Fiscal Affairs)
  • Ms Helene Carter (Vice President of Institutional Advancement)

Highest reported compensation

  • Mr Lester McCorn (President): $121,567 total reported compensation
  • Mr Leroy Summers Jr (Vice President of Administration and Fiscal Affairs): $110,014 total reported compensation
  • Ms Helene Carter (Vice President of Institutional Advancement): $71,526 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide a liberal arts education of the highest quality that emphasizes academic excellence, ethical and spiritual values, social responsibility, and personal development to prepare men and women for positions of leadership and service in the African American community, the nation, and the world.

What it reported doing in 2024

Auxiliary Enterprises support the Colleges mission of providing quality educational opportunities. These services include, but are not limited to food services, campus housing, postal services, parking, vending, campus stores and athletics.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 88% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 40
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.4%; rating input score 72
  • Program expense ratio: 68.6%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.3%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 2.37; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: -7.2% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: -3.7% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 1.7% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: 72.4% of revenue deployed · 68.6% of spending went to programs
  • Governance: 24 of 24 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $11.2M in reported program spending
  • Leadership: top reported pay $122K · 27 people listed
  • Highest-paid contractors: 5 contractors listed · $1.6M reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 18/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.