Form 990 for tax year 2024

Filed by HANOVER COLLEGE TRUSTEES.

Totals

Total revenue: $113,863,379
Total expenses: $90,999,687
Contributions and grants received: $41,909,008
Grants paid: $31,960,401
Program service revenue: $67,376,389
Investment income: $4,226,164
Other revenue: $351,818
Total assets, end of year: $291,648,740
Total liabilities, end of year: $35,751,755
Net assets or fund balances, end of year: $255,896,985
Program services expenses (Part IX): $83,082,975
Management and general expenses: $5,841,049
Fundraising expenses: $2,075,663
Program service expenses (Part III): $83,082,975

Program services were 91.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1d · Related organizations

$11,828
1e · Government grants (contributions)

$332,605
1f · All other contributions, gifts and grants

$41,564,575
1g · Noncash contributions included above

$2,675,787
2a · Program service revenue: STUDENT FEES AND TUITON

total $54,573,455 · related or exempt $54,573,455
2b · Program service revenue: STUDENT HOUSING

total $6,389,280 · related or exempt $6,389,280
2c · Program service revenue: DINING HALL/SNACK BAR

total $6,083,289 · related or exempt $6,083,289
2d · Program service revenue: FACULTY AND STAFF RESIDENCE

total $81,203 · related or exempt $81,203
2e · Program service revenue: SUMMER CONFERENCES

total $193,603 · related or exempt $193,603
2f · All other program service revenue

total $55,559 · related or exempt $55,559 · unrelated business $0 · excluded $0
3 · Investment income

total $4,210,054 · unrelated business -$60,389 · excluded $4,270,443
6c · Rental income or loss

real property $0 · personal property $0
7a · Gross sales of assets other than inventory

securities $13,461,520
7b · Less cost or other basis and sales expenses

securities $13,445,410
7c · Gain or loss

securities $16,110 · other assets $0
7d · Net gain or loss

total $16,110 · excluded $16,110
11a · Other revenue: MISCELLANEOUS REVENUE

total $332,930 · related or exempt $332,930
11b · Other revenue: Insurance Proceeds

total $18,888 · related or exempt $18,888
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$351,818

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $31,960,401 · program services $31,960,401
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $745,301 · program services $35,738 · management and general $346,872 · fundraising $362,691
7 · Other salaries and wages

total $20,230,827 · program services $18,498,601 · management and general $859,413 · fundraising $872,813
8 · Pension plan contributions

total $1,248,459 · program services $1,085,165 · management and general $82,827 · fundraising $80,467
9 · Other employee benefits

total $2,174,366 · program services $1,908,454 · management and general $103,031 · fundraising $162,881
10 · Payroll taxes

total $1,464,185 · program services $1,301,006 · management and general $75,676 · fundraising $87,503
11b · Fees: legal

total $104,362 · program services $7,336 · management and general $97,026
11c · Fees: accounting

total $120,625 · management and general $120,625
11f · Fees: investment management

total $2,397,417 · management and general $2,397,417
11g · Fees: other

total $8,431,517 · program services $8,094,752 · management and general $284,990 · fundraising $51,775
12 · Advertising and promotion

total $356,475 · program services $311,747 · management and general $14,627 · fundraising $30,101
13 · Office expenses

total $662,175 · program services $536,353 · management and general $54,321 · fundraising $71,501
14 · Information technology

total $393,469 · program services $176,534 · management and general $185,115 · fundraising $31,820
16 · Occupancy

total $3,195,059 · program services $3,073,605 · management and general $71,821 · fundraising $49,633
17 · Travel

total $2,597,747 · program services $2,402,033 · management and general $59,114 · fundraising $136,600
19 · Conferences, conventions and meetings

total $49,496 · program services $44,641 · management and general $3,186 · fundraising $1,669
20 · Interest

total $1,173,089 · program services $884,624 · management and general $288,465
22 · Depreciation, depletion and amortization

total $4,301,096 · program services $3,952,909 · management and general $345,202 · fundraising $2,985
23 · Insurance

total $1,128,048 · program services $809,709 · management and general $306,347 · fundraising $11,992
24a · Other expenses: STUDENT MEAL PLANS

total $3,451,649 · program services $3,451,649 · management and general $0 · fundraising $0
24b · Other expenses: CAPITAL IMPROVEMENTS & EQUIPMENT

total $2,615,165 · program services $2,530,711 · management and general $68,548 · fundraising $15,906
24c · Other expenses: SUBSCRIPTIONS/MEMBERSHIPS

total $628,578 · program services $531,984 · management and general $70,736 · fundraising $25,858
24d · Other expenses: MISCELLANEOUS

total $1,570,181 · program services $1,485,023 · management and general $5,690 · fundraising $79,468
24e · All other expenses

total $0 · program services $0 · management and general $0 · fundraising $0
26 · Joint costs (an allocation of the lines above)

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,820 · end of year $3,112
2 · Savings and temporary cash investments

beginning of year $9,804,192 · end of year $37,013,922
3 · Pledges and grants receivable

beginning of year $10,472,220 · end of year $10,795,397
4 · Accounts receivable

beginning of year $162,320 · end of year $275,755
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $2,022,792 · end of year $2,590,623
10a · Land, buildings and equipment: cost or other basis

$168,340,064
10b · Land, buildings and equipment: accumulated depreciation

$99,507,456
10c · Land, buildings and equipment, net

beginning of year $60,465,008 · end of year $68,832,608
11 · Investments: publicly traded securities

beginning of year $1,622,385 · end of year $636,846
12 · Investments: other securities

beginning of year $150,636,734 · end of year $152,558,953
13 · Investments: program-related

beginning of year $0
15 · Other assets

beginning of year $18,078,926 · end of year $18,941,524
17 · Accounts payable and accrued expenses

beginning of year $2,916,483 · end of year $3,276,366
19 · Deferred revenue

beginning of year $2,731,487 · end of year $2,913,229
20 · Tax-exempt bond liabilities

beginning of year $17,428,254 · end of year $16,635,876
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $3,941,468 · end of year $8,671,077
25 · Other liabilities

beginning of year $5,775,353 · end of year $4,255,207
27 · Net assets without donor restrictions

beginning of year $82,038,023 · end of year $76,536,787
28 · Net assets with donor restrictions

beginning of year $138,436,329 · end of year $179,360,198

Mission and programs · 2024

Mission

SINCE ITS FOUNDING IN 1827, HANOVER COLLEGE HAS BEEN COMMITTED TO PROVIDING A TRUE LIBERAL ARTS EDUCATION. HANOVER COLLEGE OFFERS 35 MAJORS OF STUDY AS WELL AS THE OPPORTUNITY FOR STUDENTS TO SELF-DESIGN THEIR OWN MAJOR. HANOVER ALSO OFFERS 8 PRE-PROFESSIONAL PATHWAYS AND A GRADUATE PROGRAM, THE GRADUATE PROGRAM DOCTOR OF PHYSICAL THERAPY WHICH CURRENTLY HAS AN ENROLLMENT OF 107 FOR FALL 2025. THE GRADUATE PROGRAM DOCTOR OF OCCUPATIONAL THERAPY HAS AN ENROLLMENT OF 101 FOR FALL 2025.

Activities or mission (Part I)

HANOVER COLLEGE IS AN INSTITUTION OF HIGHER EDUCATION THAT PROVIDES LIFELONG LEARNING OPPORTUNITIES IN MORE THAN 35 ACADEMIC DISCIPLINES.

COLLEGE: INSTRUCTIONAL SALARIES, STUDENT FINANCIAL AID AND OTHER COSTS WHICH ARE INCURRED TO PROVIDE EDUCATIONAL OPPORTUNITIES FOR THE STUDENTS. APPROXIMATELY 1,028 STUDENTS ATTENDED HANOVER DURING THE YEAR. FOR FY25, THE DOCTOR OF PHYSICAL THERAPY (DPT) PROGRAM HAD 107 STUDENTS. FOR FY25, THE DOCTOR OF OCCUPATIONAL THERAPY (OTD) PROGRAM HAD 101 STUDENTS.

Expenses $73,175,580 · Grants $31,960,401 · Revenue $54,573,455
AUXILIARY ACTIVITIES: EXPENSES INCURRED FOR RESIDENTIAL HALLS, DINING HALL, CAMPUS CENTER AND VARIOUS ENTERPRISES WHICH PROVIDE GOODS AND SERVICES TO THE STUDENTS

Expenses $9,907,395 · Revenue $13,154,752

As filed on the 2024 return.

Listed in Part VII

CHRISTOPHER WELKER

BOARD VICE CHAIR

Total calculated

$0

Hours/week

1
ELAINE KOPS-BEDEL

BOARD CHAIR

Total calculated

$0

Hours/week

1
MICHAEL B ZEDDIES

BOARD SECRETARY

Total calculated

$0

Hours/week

1
ALICIA HOPKINS

BOARD MEMBER

Total calculated

$0

Hours/week

1
ALLI LINDENSCHMIDT

BOARD MEMBER

Total calculated

$0

Hours/week

1
AMANDA BLACK

BOARD MEMBER

Total calculated

$0

Hours/week

1
BRYAN RUDER

BOARD MEMBER

Total calculated

$0

Hours/week

1
CAMERON TRACHTMAN

BOARD MEMBER

Total calculated

$0

Hours/week

1
COURTNEY KINGERY

BOARD MEMBER

Total calculated

$0

Hours/week

1
D WADE CLAPP

BOARD MEMBER

Total calculated

$0

Hours/week

1
DANIEL ABRELL

BOARD MEMBER

Total calculated

$0

Hours/week

1
DAVE A CHROBACK

BOARD MEMBER

Total calculated

$0

Hours/week

1
DR BRIAN HAAG

BOARD MEMBER

Total calculated

$0

Hours/week

1
ERIC A HAAS

BOARD MEMBER

Total calculated

$0

Hours/week

1
GLEN L FLANINGHAM

BOARD MEMBER

Total calculated

$0

Hours/week

1
JAMES JAMIE ANDERSON

BOARD MEMBER

Total calculated

$0

Hours/week

1
JAMES P FADLEY

BOARD MEMBER

Total calculated

$0

Hours/week

1
JEFFREY A BLAIR

BOARD MEMBER

Total calculated

$0

Hours/week

1
JOHN TRIMBLE

BOARD MEMBER

Total calculated

$0

Hours/week

1
LINDA C BARON

BOARD MEMBER

Total calculated

$0

Hours/week

1
LISA L FLEMING

BOARD MEMBER

Total calculated

$0

Hours/week

1
MARK KLEIMAN

BOARD MEMBER

Total calculated

$0

Hours/week

1
MARK WHITTENBURG

BOARD MEMBER

Total calculated

$0

Hours/week

1
MARY BURCH RATLIFF

BOARD MEMBER

Total calculated

$0

Hours/week

1
NELSON E CLEMMONS

BOARD MEMBER

Total calculated

$0

Hours/week

1
PHILIPPE PHIL SALSBERY

BOARD MEMBER

Total calculated

$0

Hours/week

1
REV DR FELIPE N MARTINEZ

BOARD MEMBER

Total calculated

$0

Hours/week

1
RICK A SHEARER

BOARD MEMBER

Total calculated

$0

Hours/week

1
SARA ROSS

BOARD MEMBER

Total calculated

$0

Hours/week

1
SCOTT PEARSON

BOARD MEMBER

Total calculated

$0

Hours/week

1
TIM MCGEATH

BOARD MEMBER

Total calculated

$0

Hours/week

1
WILEY KITE

BOARD MEMBER

Total calculated

$0

Hours/week

1
DR LAKE LAMBERT

PRESIDENT

Total calculated

$357,379

From this org

$305,727

From related orgs

$0

Other

$51,652

Hours/week

50

Schedule J breakdown matched by us

Base

$303,655

Bonus

$0

Other

$2,072

Deferred

$25,292

Nontaxable benefits

$26,360

Filer's total

$357,379
VINCENT MORRIS

VP FOR BUSINESS AFFAIRS

Total calculated

$186,051

From this org

$167,409

From related orgs

$0

Other

$18,642

Hours/week

50

Schedule J breakdown matched by us

Base

$167,409

Bonus

$0

Other

$0

Deferred

$7,270

Nontaxable benefits

$11,372

Filer's total

$186,051
MELBA RODRIGUEZ

VP FOR ADVANCEMENT

Total calculated

$201,870

From this org

$173,352

From related orgs

$0

Other

$28,518

Hours/week

50

Schedule J breakdown matched by us

Base

$173,352

Bonus

$0

Other

$0

Deferred

$14,680

Nontaxable benefits

$13,838

Filer's total

$201,870
CAREY ADAMS

PROVOST AND VP FOR ACADEMIC AFFAIRS

Total calculated

$202,479

From this org

$176,880

From related orgs

$0

Other

$25,599

Hours/week

50

Schedule J breakdown matched by us

Base

$176,880

Bonus

$0

Other

$0

Deferred

$7,610

Nontaxable benefits

$17,989

Filer's total

$202,479
CHRISTINA TRAN

FOUNDING DEAN AND CLINICAL PROFESSOR SCHOOL OF VET MEDICINE

Total calculated

$237,500

From this org

$229,167

From related orgs

$0

Other

$8,333

Hours/week

50

Schedule J breakdown matched by us

Base

$229,167

Bonus

$0

Other

$0

Deferred

$8,333

Nontaxable benefits

$0

Filer's total

$237,500
Jeffrey Phillips

Professor Emeritus of Engineering

Total calculated

$164,569

From this org

$152,345

From related orgs

$0

Other

$12,224

Hours/week

50

Schedule J breakdown matched by us

Base

$152,345

Bonus

$0

Other

$0

Deferred

$12,224

Nontaxable benefits

$0

Filer's total

$164,569
KERRY VOLANSKY

ASSOCIATE PROVOST FOR GRADUATE STUDIES

Total calculated

$191,684

From this org

$166,501

From related orgs

$0

Other

$25,183

Hours/week

50

Schedule J breakdown matched by us

Base

$166,001

Bonus

$500

Other

$0

Deferred

$13,925

Nontaxable benefits

$11,258

Filer's total

$191,684
Peter Ashley

Vice President for Enrollment and Marketing

Total calculated

$184,421

From this org

$162,142

From related orgs

$0

Other

$22,279

Hours/week

50

Schedule J breakdown matched by us

Base

$162,142

Bonus

$0

Other

$0

Deferred

$7,470

Nontaxable benefits

$14,809

Filer's total

$184,421

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Travel for companions
1a · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions: THE PRESIDENT'S WIFE ATTENDS VARIOUS EVENTS REPRESENTING THE COLLEGE BUT IS NOT A PAID EMPLOYEE. THIS IS A NONTAXABLE BENEFIT.
Schedule J, Part I, Line 1a Housing allowance or residence for personal use: HANOVER COLLEGE PROVIDES A RESIDENCE FOR DR. LAKE LAMBERT, THE COLLEGE'S PRESIDENT. THE RESIDENCE IS FURNISHED FOR THE CONVENIENCE OF HANOVER COLLEGE, THEREFORE IS NONTAXABLE TO DR. LAMBERT. DR. LAMBERT IS REQUIRED TO LIVE IN THE RESIDENCE AS A CONDITION OF HIS EMPLOYMENT, AND THE RESIDENCE IS CONTIGUOUS TO HANOVER'S CAMPUS. DR. LAMBERT IS ALSO PROVIDED WITH A FLEET CAR TO USE FOR BUSINESS PURPOSES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

INDEPENDENT COLLEGES OF INDIANA

501(c)(3) · EDU SUPPORT · IN

Directly controlled by NA

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

HANOVER EDUCATIONAL PROPERTIES LLC

RESIDENTIAL HOUSING · IN · income $0 · assets $2,013,688

Directly controlled by HANOVER COLLEGE
OLD MILL LLC

CATERING · IN · income $0 · assets $1,000

Directly controlled by HANOVER COLLEGE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

CHARITABLE REMAINDER TRUSTS (2)

Trust · TRUST · IN

Directly controlled by NA

Provenance

Return type: form_990
Tax year: 2024
Filed: 7 March 2026
IRS schema version: 2024v5.1
Source object: 202640669349300309

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