Erskine College

Summary

As one of the oldest and most prestigious church-related liberal arts colleges in the South, Erskine prizes academic rigor and Christian authenticity. Our graduates lead companies, influence professional fields, and make their mark on our culture in many other ways. An authentically Christian academic community as distinctive as the individuals who make it --- students, faculty, staff, alumni, and friends --- where who you become is as important as what you learn.


Contact information

Mailing address:
Erskine College
PO Box 338
Due West, SC 29639

Website: erskine.edu

Phone: 864-379-8838

Email: communications@erskine.edu


Organization details

EIN: 570314390

CEO/President: Dr. Robert Gustafson

Chairman: Samuel James

Board size: 36

Founder:

Year founded: 1942

Tax deductible: Yes

Fiscal year end: 06/30

Member of ECFA: No

Member of ECFA since:


Purpose

Erskine College exists to glorify God as a Christian academic community where students are equipped to flourish as whole persons for lives of service through the pursuit of undergraduate liberal arts and graduate theological education.


Mission statement

The mission of Erskine College is to equip students to flourish by providing an excellent liberal arts education in a Christ-centered environment where learning and biblical truth are integrated to develop the whole person.


Statement of faith

We are committed to honoring God in everything we do. We believe that our highest calling is to glorify and enjoy the God who made us. We believe that the only proper response to the grace of Christ is to love, trust, and obey him. And we seek, by the power of his Holy Spirit, to serve him and his Church. We are committed to the authority of the Bible, the historic Christian faith, and the gospel of Jesus Christ. As an agency of the Associate Reformed Presbyterian Church (ARP), the Seminary affirms with the ARP Church that "the Bible alone, being God-breathed, is the Word of God, written, infallible in all that it teaches, and inerrant in the original manuscripts." The Scriptures are the standard by which we evaluate faith, life, and ministry. We are committed to the essential doctrines taught in the Bible and repeated in the great creeds and confessions of the Church throughout its history. In particular, we are committed to the gospel of salvation by God's grace alone, based entirely upon the redemptive work of Jesus Christ. We seek to keep this message of God's grace at the heart of our teaching and to experience its reality in our lives and ministries. We are committed to the Reformed tradition and especially to the doctrinal standards of the Associate Reformed Presbyterian Church, as set forth in the Westminster Confession of Faith and Catechisms. We believe that this tradition best captures the teaching of the Scriptures. Yet we recognize that we did not come to this conviction by our own wisdom or insight, but by God's grace, and so we deal humbly, graciously, and respectfully with those who understand the Scriptures differently. We also recognize that we must continue to deepen our understanding of the Scriptures and to apply the insights of the Reformed tradition faithfully and thoughtfully to issues of faith, life, and ministry in a changing world.

Transparency grade

C

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Colleges/Universities

CategoryRatingOverall rankSector rank
Overall efficiency rating284 of 72536 of 87
Fund acquisition rating324 of 72636 of 87
Resource allocation rating263 of 72632 of 87
Asset utilization rating370 of 72550 of 87

Financial ratios

Funding ratiosSector median20182017201620152014
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
19%16%22%9%13%15%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
2%1%2%1%1%1%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
10%5%11%7%7%6%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
2%1%3%1%1%1%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
90%95%89%93%93%94%
 
Operating ratiosSector median20182017201620152014
Program expense ratio Program expense ratio =
Program services /
Total expenses
86%87%77%84%83%82%
Spending ratio Spending ratio =
Total expenses /
Total revenue
97%102%95%104%103%112%
Program output ratio Program output ratio =
Program services /
Total revenue
81%89%73%87%86%92%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
3%-2%5%-4%-3%-12%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
3%-1%3%-3%-2%-6%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
12%12%21%16%16%17%
 
Investing ratiosSector median20182017201620152014
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.510.450.460.460.430.42
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
3.012.242.342.272.182.04
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.641.001.071.050.940.87
 
Liquidity ratiosSector median20182017201620152014
Current ratio Current ratio =
Total current assets /
Total current liabilities
7.2620.3820.5920.3019.6821.55
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.140.050.050.050.050.05
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
6.0311.3910.6910.8912.1213.22
 
Solvency ratiosSector median20182017201620152014
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
27%28%27%29%29%29%
Debt ratio Debt ratio =
Debt /
Total assets
18%18%16%17%17%17%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
143%162%160%153%164%167%

Financials

Balance sheet
 
Assets20182017201620152014
Cash$1,918,654$812,211$770,140$970,652$510,702
Receivables, inventories, prepaids$1,518,006$1,047,611$1,012,519$828,823$1,092,603
Short-term investments$29,263,285$28,901,322$28,247,557$31,105,062$34,947,579
Other current assets$0$0$0$0$0
Total current assets$32,699,945$30,761,144$30,030,216$32,904,537$36,550,884
Long-term investments$12,874,376$13,371,411$11,685,630$11,914,779$10,287,641
Fixed assets$26,874,920$26,946,564$25,374,216$25,980,568$26,616,599
Other long-term assets$927,936$927,936$1,033,822$1,039,931$1,046,040
Total long-term assets$40,677,232$41,245,911$38,093,668$38,935,278$37,950,280
Total assets$73,377,177$72,007,055$68,123,884$71,839,815$74,501,164
 
Liabilities20182017201620152014
Payables and accrued expenses$955,752$952,159$895,059$1,050,957$1,195,999
Other current liabilities$648,586$541,982$584,522$620,623$500,405
Total current liabilities$1,604,338$1,494,141$1,479,581$1,671,580$1,696,404
Debt$13,080,749$11,754,708$11,775,849$12,461,379$12,887,006
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$5,762,611$6,082,398$6,827,941$6,841,557$7,046,097
Total long-term liabilities$18,843,360$17,837,106$18,603,790$19,302,936$19,933,103
Total liabilities$20,447,698$19,331,247$20,083,371$20,974,516$21,629,507
 
Net assets20182017201620152014
Unrestricted$15,166,656$16,178,940($793,287)$1,535,681($7,026,836)
Temporarily restricted$0$0$5,367,631$6,268,782$6,599,563
Permanently restricted$37,762,823$36,496,868$43,466,169$43,060,836$53,298,930
Net assets$52,929,479$52,675,808$48,040,513$50,865,299$52,871,657
 
Revenues and expenses
 
Revenue20182017201620152014
Total contributions$1,554,141$3,892,137$2,129,239$2,169,163$1,827,257
Program service revenue$27,282,189$28,742,489$27,522,198$25,944,046$24,325,190
Membership dues$0$0$0$0$0
Investment income$3,274,358$1,765,953$548,315$1,815,228$1,987,189
Other revenue$89,580$40,394$44,300$48,261$60,685
Total other revenue$30,646,127$30,548,836$28,114,813$27,807,535$26,373,064
Total revenue$32,200,268$34,440,973$30,244,052$29,976,698$28,200,321
 
Expenses20182017201620152014
Program services$28,623,412$25,165,153$26,393,665$25,790,279$26,041,017
Management and general$3,906,992$6,861,142$4,883,420$4,856,278$5,312,683
Fundraising$242,904$841,277$190,630$280,208$279,786
Total expenses$32,773,308$32,867,572$31,467,715$30,926,765$31,633,486
 
Change in net assets20182017201620152014
Surplus (deficit)($573,040)$1,573,401($1,223,663)($950,067)($3,433,165)
Other changes in net assets$0$0$0$0$0
Total change in net assets($573,040)$1,573,401($1,223,663)($950,067)($3,433,165)

Compensation

NameTitleCompensation
Dr Robert GustafsonPresident$141,746
Mr GW Haselden part yearSr VP Fin/Ops, Treasurer$129,624
Dr JD Basie part yearProvost of the Seminary$101,061
Dr RL HolmesProvost of the College$71,300
Mrs Dena S HodgeAssistant Secretary$57,846

Compensation data as of: 6/30/2018


Response from ministry

No response has been provided by this ministry.


History

In 2014, Erskine celebrated 175 years as a Christian academic community. Erskine College was founded by the Associate Reformed Presbyterian (ARP) Church in 1839. Prior to this time the church had established an academy for men in 1835 and a seminary in 1837. This academy became Erskine College, the first four-year denominational college in South Carolina. By the mid-19th century, Erskine had become a thriving regional college. Following the Civil War, loyal supporters rebuilt the endowment wiped out by the conflict. They also financed construction of the Erskine Building and established chairs in chemistry and English literature under widely respected professors. These professors helped Erskine establish a reputation for academic excellence as the college moved from the classical to the liberal arts curriculum. Also enhancing this reputation were the Erskine literary societies, as old as the college, which trained championship debaters and supplemented speech and literary training. The large auditorium constructed in 1892 offered an improved venue for hosting renowned speakers and enhanced Erskine's continuing role as a cultural and educational center of the South Carolina Piedmont. Erskine also played a leadership role in women's education in the state. The Due West Female College (later Due West Woman's College) was founded independently by ARP ministers and laymen in 1859, and came officially under the control of the ARP Church in 1904. Erskine College first began admitting transfer students from the women's college in 1894 and became officially coeducational in 1899. A planned merger of the college, the seminary, and the Due West Woman's College paved the way for accreditation by the Southern Association of Colleges in 1925. By 1927 the three schools had merged into one institution called Erskine College, with the seminary serving as its graduate theological school. During World War II Erskine served as a cadet training school for the United States Army Air Corps. A substantial enrollment effort in the late 1950s brought Erskine's undergraduate enrollment to over 700 students throughout the 1960s and into the 1970s. Enrollment has remained between 500 and 600 for the past several decades, but increased to nearly 800 at the opening of the 2019-20 school year. In an effort to share its heritage and resources with the wider church, Erskine Theological Seminary began offering courses outside of Due West in the 1980s as well as arranging class schedules to accommodate commuting students. Since that time, students from many other denominations - Presbyterian, Baptist, AME, Methodist, Pentecostal, and non-denominational - have joined students from the ARP Church to receive training for ministry. The Seminary launched its distance education program (now Erskine Virtual Campus) in the 1990s. In 2010 the Columbia campus was approved to offer complete degree programs. Additionally, Erskine partners with local churches to serve students in Augusta, Charleston, Greenville, and Florence. In recent years, Erskine has been consistently ranked nationally among the best liberal arts colleges by various listings, including U.S. News & World Report and Forbes. Additionally, these rankings reflect Erskine's placement among the top colleges in the Council for Christian Colleges and Universities (CCCU), NCAA Division II, and the State of South Carolina. Erskine College has become known for providing excellent preparation for graduate and medical schools, boasting exceptional acceptance rates for students pursuing graduate studies - nearly 100 percent for some programs.


Program accomplishments


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