LeTourneau University

The information in this column was provided to MinistryWatch by the ministry itself. It was last updated 9/13/2020. To update the information in this column, please email: info@ministrywatch.com


Summary

LeTourneau University is a place for those who learn by doing. We are makers, doers, creators. We are small enough to give every student hands-on professional experience and comprehensive enough to assemble outstanding faculty in dozens of academic programs. The world is our mission field, where our graduates carry the Good News of Jesus Christ.


Contact information

Mailing address:
LeTourneau University
2100 S. Mobberly Ave
Longview, TX 75602

Website: letu.edu

Phone: 903-233-3000

Email: admissions@letu.edu


Organization details

EIN: 751081109

CEO/President: Dr. Dale Lunsford

Chairman: Patrick A. Bertsche

Board size: 25

Founder: R.G. LeTourneau

Year founded: 1962

Tax deductible: Yes

Fiscal year end: 06/30

Member of ECFA: Yes

Member of ECFA since: 1987


Purpose

Claiming every workplace in every nation as our mission field, LeTourneau University graduates are professionals of ingenuity and Christ-like character who see life's work as a holy calling with eternal impact.


Mission statement

LeTourneau University is a comprehensive institution of Christian higher education where educators engage learners to nurture Christian virtue, to develop competency and ingenuity in their professional fields, to integrate faith and work, and to serve the local and global community.


Statement of faith

A deep faith in God is the cornerstone of LeTourneau University. We believe that no education is complete until a student understands who God is and how to relate to Him through His Son, Jesus Christ. This belief influences all that we do and teach. While we believe that everyone must have the freedom to interpret God's truth individually, LeTourneau University recognizes certain basic tenets of the Christian faith. We believe the Scriptures of the Old and New Testaments are the only inspired, authoritative Word of God and are completely truthful and without error. We believe in one God, eternally existing in three persons: Father, Son and Holy Spirit. We believe that Jesus Christ was begotten by the Holy Spirit, born of the Virgin Mary and is true God and true man. We believe that man, created in the image of God, sinned and thereby incurred not only physical death but also spiritual death, which is separation from God; that all human beings are born with a sinful nature, and that those who reach moral responsibility become sinners in thought, word and deed. LeTourneau University is committed to educational studies within the framework of a Christian theistic view of the world, of man and of man's culture in the light of biblical and natural revelation. Such a view sees no dichotomy in truth, affirms that biblical revelation and scientific inquiry are complementary rather than contradictory and requires a recognition of a personal God revealed both in nature and in the person of Jesus Christ, His Son. Thus, all truth is regarded as God-given and is considered sacred. It should be pursued with diligence and received with humility. We believe that the Lord Jesus Christ died for our sins according to the Scriptures, as a representative and substitutionary sacrifice and that all who believe in Him are justified on the basis of His shed blood. We believe in the resurrection of the crucified body of our Lord, in His ascension into Heaven and His present life there for us as High Priest Advocate. We believe in " that blessed hope"-the personal, visible and imminent return of our Lord and Savior, Jesus Christ. We believe that all who receive by faith the Lord Jesus Christ are born again of the Holy Spirit and thereby become children of God; by Grace are we saved through faith. We believe in the bodily resurrection of the just and unjust, the everlasting blessedness of the saved and the everlasting conscious punishment of the lost.

Transparency grade

A

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: Colleges/Universities

CategoryRatingOverall rankSector rank
Overall efficiency rating330 of 81734 of 100
Fund acquisition rating418 of 81750 of 100
Resource allocation rating313 of 81737 of 100
Asset utilization rating358 of 81743 of 100

Financial ratios

Funding ratiosSector median20192018201720162015
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
19%19%16%15%11%17%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
2%1%1%1%1%2%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
10%7%8%8%11%9%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
2%1%1%1%1%2%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
90%93%92%92%89%91%
 
Operating ratiosSector median20192018201720162015
Program expense ratio Program expense ratio =
Program services /
Total expenses
85%86%86%86%86%85%
Spending ratio Spending ratio =
Total expenses /
Total revenue
97%107%102%103%100%101%
Program output ratio Program output ratio =
Program services /
Total revenue
82%92%88%88%86%86%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
3%-7%-2%-3%0%-1%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
2%-4%-1%-2%0%-1%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
13%12%12%13%13%13%
 
Investing ratiosSector median20192018201720162015
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.520.570.520.490.490.49
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
2.884.592.582.562.612.74
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.692.621.351.261.271.33
 
Liquidity ratiosSector median20192018201720162015
Current ratio Current ratio =
Total current assets /
Total current liabilities
5.864.067.397.607.107.68
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.170.250.140.130.140.13
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
5.803.457.678.268.097.83
 
Solvency ratiosSector median20192018201720162015
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
27%14%15%16%18%18%
Debt ratio Debt ratio =
Debt /
Total assets
17%6%7%9%9%11%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
142%151%163%171%168%167%

Financials

Balance sheet
 
Assets20192018201720162015
Cash$10,795,495$21,201,089$19,657,446$20,286,222$23,341,119
Receivables, inventories, prepaids$1,556,975$1,927,972$2,380,321$2,773,332$3,481,625
Short-term investments$14,415,232$27,250,031$30,298,116$30,175,630$24,162,364
Other current assets$0$0$0$0$0
Total current assets$26,767,702$50,379,092$52,335,883$53,235,184$50,985,108
Long-term investments$0$0$0$0$0
Fixed assets$70,050,460$73,645,243$75,351,665$78,955,265$81,895,138
Other long-term assets$26,062,755$6,069,494$6,142,835$6,724,987$6,643,431
Total long-term assets$96,113,215$79,714,737$81,494,500$85,680,252$88,538,569
Total assets$122,880,917$130,093,829$133,830,383$138,915,436$139,523,677
 
Liabilities20192018201720162015
Payables and accrued expenses$3,870,216$3,999,698$3,550,162$4,371,336$3,738,428
Other current liabilities$2,725,743$2,818,985$3,339,776$3,131,723$2,902,036
Total current liabilities$6,595,959$6,818,683$6,889,938$7,503,059$6,640,464
Debt$7,864,104$9,662,426$11,389,856$13,180,841$14,784,274
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$2,249,360$2,443,563$2,929,238$4,065,407$4,340,817
Total long-term liabilities$10,113,464$12,105,989$14,319,094$17,246,248$19,125,091
Total liabilities$16,709,423$18,924,672$21,209,032$24,749,307$25,765,555
 
Net assets20192018201720162015
Unrestricted$81,292,260$85,538,523$87,411,544$88,681,809$90,296,600
Temporarily restricted$0$5,673,592$5,685,935$6,383,883$6,846,373
Permanently restricted$24,879,234$19,957,042$19,523,872$19,100,437$16,615,149
Net assets$106,171,494$111,169,157$112,621,351$114,166,129$113,758,122
 
Revenues and expenses
 
Revenue20192018201720162015
Total contributions$4,672,156$5,628,494$5,334,183$7,812,512$6,287,246
Program service revenue$59,522,790$59,104,608$57,309,078$59,345,286$59,950,136
Membership dues$0$0$0$0$0
Investment income$1,365,896$1,942,382$1,281,980$727,020$842,448
Other revenue$105,167$136,145$147,191$175,279$153,863
Total other revenue$60,993,853$61,183,135$58,738,249$60,247,585$60,946,447
Total revenue$65,666,009$66,811,629$64,072,432$68,060,097$67,233,693
 
Expenses20192018201720162015
Program services$60,725,312$58,885,857$56,603,053$58,499,704$57,835,210
Management and general$8,619,268$8,406,211$8,609,823$8,483,146$9,082,886
Fundraising$893,086$900,421$775,667$840,616$1,056,456
Total expenses$70,237,666$68,192,489$65,988,543$67,823,466$67,974,552
 
Change in net assets20192018201720162015
Surplus (deficit)($4,571,657)($1,380,860)($1,916,111)$236,631($740,859)
Other changes in net assets$0$0$0$0$0
Total change in net assets($4,571,657)($1,380,860)($1,916,111)$236,631($740,859)

Compensation

NameTitleCompensation
Dr Dale A LunsfordPresident$414,928
Steven Kent StarrettDean, School of Engineering An$174,303
Steven D MasonProvost and Vice President For$165,548
Michael HoodVP For Finance and Admin.$146,987
Terry A ZeitlowVice President For Development$146,838
Benjamin W CaldwellAssociate Provost For Academic$131,003
Don K EgleVice President For University$130,469

Compensation data as of: 6/30/2019


Response from ministry

No response has been provided by this ministry.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 9/13/2020. To update the information below, please email: info@ministrywatch.com


History

LeTourneau University is named for its founder, R.G. LeTourneau, one of the world's greatest inventors of earthmoving equipment. A businessman and devout Christian, LeTourneau toured Longview, Texas, with his wife, Evelyn, in 1946 to consider a manufacturing site for his next earthmoving equipment factory. While flying over a sprawling complex of a vacated Army hospital consisting of over 200 frame buildings, Mrs. LeTourneau inquired about the facility. When told it was no longer in use, she suggested establishing a school to educate returning World War II veterans. The site became LeTourneau Technical Institute, founded in 1946 with only male students. In 1961 the school became LeTourneau College, a co-educational four-year school. In 1989 LeTourneau College became LeTourneau University, a SACSCOC and ABET accredited, nondenominational Christian university, offering four-year and two-year degree programs in engineering, technology, the liberal arts, business, aeronautical science, education, and the sciences, plus master's degree programs in business and education. In that same year, the university began expanding into offering programs for working adults in evening and weekend classes. Calling it the LEAP program, which stood for LeTourneau Education for Adult Professionals, classes with the same students making a group, or cohort, met weekly for six to eight weeks per course. Cohorts were kept on track through to degree completion with students automatically enrolled in each next class, and as each class finished, the next course began in the same location the following week with a different professor. Many other universities have adopted this format to reach working adults. Today, more than 1,150 students attend LeTourneau University classes online or at our educational centers in Dallas and Houston, and might not step foot onto the university's beautiful main campus in Longview, Texas unless they come for graduation. The university has eight schools. Currently, LeTourneau University is led by its sixth president, Dr. Dale A. Lunsford, and its board of trustees. LeTourneau University is an unapologetically Christian university. While it has no direct denominational ties, it welcomes students of all denominations who love and seek after God. It is a place where students have found a deeper relationship with Him, grown in their spiritual walk and discovered God's purpose for their lives.


Program accomplishments


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