Limestone University
1115 College Dr, Gaffney, SC · IRS data through FY2025
Revenue, expenses and net assets
Revenue Expenses Net assets
| Tax year | Revenue | Expenses | Net assets |
|---|---|---|---|
| FY2025 | $46,519,696 | $57,582,365 | $13,767,247 |
| FY2024 | $47,034,818 | $52,980,898 | $24,829,916 |
| FY2023 | $45,679,715 | $58,317,120 | $32,446,487 |
| FY2022 | $58,516,588 | $60,433,607 | $47,218,763 |
| FY2021 | $48,905,633 | $51,898,336 | $55,759,889 |
| FY2020 | $49,959,571 | $50,480,921 | $52,433,816 |
| FY2019 | $49,294,230 | $48,376,170 | $52,024,381 |
| FY2018 | $53,790,811 | $49,791,727 | $49,679,171 |
| FY2017 | $53,055,823 | $52,291,088 | $45,098,808 |
| FY2016 | $52,822,118 | $51,601,422 | $42,915,356 |
| FY2015 | $54,936,828 | $52,724,599 | $41,842,580 |
| FY2014 | $50,308,456 | $47,024,189 | $39,286,662 |
| FY2013 | $43,877,921 | $42,950,078 | $34,592,428 |
| FY2012 | $41,397,542 | $40,733,024 | $32,907,533 |
Form 990 filings
The returns filed by Limestone University (EIN 57-0314402), including Form 990 PDFs and e-file data by year, are available in ProPublica's Nonprofit Explorer. The figures on this page come from IRS data files built from those returns.
Where the revenue came from
| Source | Amount | % of revenue |
|---|---|---|
| Contributions & grants | $1,487,417 | 3% |
| Program service revenue | $40,087,420 | 86% |
| Other revenue | $4,944,859 | 11% |
Where the money was spent
| Category | Amount | % of expenses |
|---|---|---|
| Program services | $43,556,295 | 76% |
| Management & general | $13,549,643 | 24% |
| Fundraising | $476,427 | 1% |
What the numbers show
- Program service revenue made up 86% of total revenue in FY2025.
- Program services accounted for 76% of functional expenses, management & general 24%, and fundraising 1%.
- 76% of functional expenses went to program services in FY2025. That is higher than 18.1% of 72 Education organizations in SC.
- Net assets covered about 2.9 months of expenses at the end of the reporting year. That puts it in the 21st percentile among 874 Education organizations in SC.
- Total revenue was higher than 98.4% of 899 Education organizations in SC.
- Total revenue rose from $41,397,542 in FY2012 to $46,519,696 in FY2025. Revenue increased in 8 and decreased in 5 of 13 year-over-year comparisons.
- Expenses exceeded revenue in 6 of 14 reported years (FY2020, FY2021, FY2022, FY2023, FY2024, FY2025).
- The highest revenue on record here is $58,516,588 in FY2022.
- Net assets declined from $32,907,533 to $13,767,247 between FY2012 and FY2025.
- Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity).
Figures compared against other organizations of the same NTEE program area in the same state. See the methodology page for how these are calculated and the guide to reading nonprofit financials for their limits.
About this organization
ESTABLISHED IN 1845, LIMESTONE UNIVERSITY WAS A FOUR-YEAR LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. DUE TO SIGNIFICANT FINANCIAL DIFFICULTIES, THE BOARD OF TRUSTEES VOTED ON APRIL 29, 2025 TO CLOSE THE COLLEGE, LETTING GO ALL EMPLOYEE AS OF MAY 31, 2025.
IRS status
| Ruling year | 1946 |
| Subsection | 501(c)(3) |
| Classification | Public charity |
| Program area (NTEE) | B42Z — Education (in SC) |
| Donations | Listed in the IRS Publication 78 data as eligible to receive tax-deductible contributions (public charity). |
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Source: Internal Revenue Service — Exempt Organizations Business Master File (downloaded November 4, 2026), Statistics of Income extracts, Form 990 e-file data, Publication 78 and the Automatic Revocation list. Figures are as reported by the organization; IRS processing may adjust them. This is not a charity rating and not tax advice. Confirm deductibility in IRS Tax Exempt Organization Search.
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