Patrick Henry College

Nonprofit profile at a glance

EIN
541919810
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Purcellville, VA, USA
Phone
5404418000
Rating
86
Verdict
STRONG
Rating confidence
Standard
Sector
Undergraduate College (4-year)
Affiliation
Christianity

Official website

Reported finances

Revenue
$19,742,600
Expenses
$19,705,027
Assets
$48,325,609
Liabilities
$4,843,620

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

Leadership & pay

26 people listed

Executive titles in this filing

  • JACK HAYE (PRESIDENT)

Highest reported compensation

  • JACK HAYE (PRESIDENT): $315,725 total reported compensation
  • THOMAS ZIEMNICK (VP FOR ADVANCEMENT): $187,879 total reported compensation
  • N DARYL WOLKING (TREASURER & VP OF FINANCE): $179,097 total reported compensation

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

Overview

Mission

See schedule o

What it reported doing in 2024

Patrick henry college is accredited by the southern association of colleges and schools commission on colleges (sacscoc) and the transnational association of christian colleges and schools (tracs). The college has been granted authority by the state council of higher education of Virginia (schev) to award baccalaureate-level degrees. Total degree seeking student population: 436. Total students who have graduated: 1,366.

Operating model

Revenue model
Earned-program. 73% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 70% for direct work, and 30% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 92
  • Accountability: 96
  • Sustainability: 48
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.9%; rating input score 88
  • Program expense ratio: 87.5%; rating input score 87
  • Fundraising efficiency: $4.63 raised per $1 spent on fundraising; rating input score 19; 19th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 94.4%; rating input score 94; 28th percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.2%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 2.45; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 74; 74th percentile among comparable filings
  • Officer compensation ratio: 7.9%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 23rd percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 0.1% per year; rating input score 100; 10th percentile among comparable filings

Details

  • Where the money goes: 87.9% of revenue deployed · 87.5% of spending went to programs
  • Governance: 17 of 18 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $17.2M in reported program spending
  • Leadership: top reported pay $316K · 26 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $2.2M reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 19/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.