Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $726,564

• 1f · All other contributions, gifts and grants

  $16,479,433

• 1g · Noncash contributions included above

  $1,036,261

• 2a · Program service revenue: INSTRUCTION

  total $65,526,750 · related or exempt $65,526,750

• 2b · Program service revenue: ROOM AND BOARD

  total $18,613,880 · related or exempt $18,613,880

• 2c · Program service revenue: AUXILIARY SERVICES

  total $450,883 · related or exempt $450,883

• 3 · Investment income

  total $596,445 · excluded $596,445

• 7a · Gross sales of assets other than inventory

  securities $10,596,807

• 7b · Less cost or other basis and sales expenses

  securities $8,469,604

• 7c · Gain or loss

  securities $2,127,203

• 7d · Net gain or loss

  total $2,127,203 · excluded $2,127,203

• 10a · Gross sales of inventory

  $676,393

• 10b · Cost of goods sold

  $535,662

• 10c · Net income from sales of inventory

  total $140,731 · related or exempt $4,145 · unrelated business $136,586

• 11a · Other revenue: SPECTATOR SPORTS

  total $187,582 · related or exempt $170,495 · unrelated business $17,087

• 11b · Other revenue: ALL OTHER AUXILLIARY

  total -$86,789 · unrelated business $5,700 · excluded -$92,489

• 11e · Other revenue, total

  $100,793

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $40,093,525 · program services $40,093,525

• 3 · Grants to foreign organizations and individuals

  total $2,772,615 · program services $2,772,615

• 5 · Compensation of officers, directors and key employees

  total $1,187,718 · program services $653,245 · management and general $534,473

• 7 · Other salaries and wages

  total $19,082,775 · program services $18,105,646 · management and general $799,120 · fundraising $178,009

• 8 · Pension plan contributions

  total $1,268,818 · program services $733,343 · management and general $522,711 · fundraising $12,764

• 9 · Other employee benefits

  total $3,493,168 · program services $2,260,257 · management and general $1,181,051 · fundraising $51,860

• 10 · Payroll taxes

  total $1,333,087 · program services $1,217,449 · management and general $102,020 · fundraising $13,618

• 11b · Fees: legal

  total $120,160 · management and general $120,160

• 11c · Fees: accounting

  total $140,704 · management and general $140,704

• 11f · Fees: investment management

  total $81,645 · program services $81,645

• 11g · Fees: other

  total $7,407,621 · program services $6,811,689 · management and general $595,932

• 12 · Advertising and promotion

  total $59,738 · program services $24,699 · management and general $6,198 · fundraising $28,841

• 13 · Office expenses

  total $1,902,830 · program services $1,706,195 · management and general $186,383 · fundraising $10,252

• 14 · Information technology

  total -$199,959 · program services -$199,959

• 16 · Occupancy

  total $4,524,942 · program services $3,444,310 · management and general $1,080,632

• 17 · Travel

  total $2,637,553 · program services $2,543,688 · management and general $78,167 · fundraising $15,698

• 20 · Interest

  total $3,528,302 · program services $3,528,302

• 22 · Depreciation, depletion and amortization

  total $4,299,849 · program services $2,378,592 · management and general $1,921,257

• 23 · Insurance

  total $659,034 · program services $659,034

• 24a · Other expenses: BAD DEBT EXPENSE

  total $443,122 · program services $443,122

• 24b · Other expenses: LIBRARY

  total $243,152 · program services $243,152

• 24c · Other expenses: MISCELLANEOUS

  total $41,285 · program services $41,285

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,109,758 · end of year $9,498,942

• 3 · Pledges and grants receivable

  beginning of year $1,362,271 · end of year $5,248,024

• 4 · Accounts receivable

  beginning of year $2,241,722 · end of year $3,040,451

• 7 · Other notes and loans receivable

  beginning of year $844,041 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $668,874 · end of year $667,945

• 9 · Prepaid expenses and deferred charges

  beginning of year $744,680 · end of year $1,302,362

• 10a · Land, buildings and equipment: cost or other basis

  $155,477,434

• 10b · Land, buildings and equipment: accumulated depreciation

  $71,646,438

• 10c · Land, buildings and equipment, net

  beginning of year $79,221,817 · end of year $83,830,996

• 11 · Investments: publicly traded securities

  beginning of year $38,517,276 · end of year $48,083,250

• 15 · Other assets

  beginning of year $23,766,355 · end of year $26,047,745

• 17 · Accounts payable and accrued expenses

  beginning of year $5,973,733 · end of year $6,762,763

• 19 · Deferred revenue

  beginning of year $2,836,170 · end of year $6,910,426

• 23 · Secured mortgages and notes payable

  beginning of year $46,557,362 · end of year $49,458,308

• 25 · Other liabilities

  beginning of year $510,759 · end of year $509,298

• 27 · Net assets without donor restrictions

  beginning of year $24,632,737 · end of year $25,236,712

• 28 · Net assets with donor restrictions

  beginning of year $75,966,033 · end of year $88,842,208

The filer's explanations (Part III)

PART I, LINE 1A

THE BOARD OF TRUSTEES HAS AUTHORIZED THE PRESIDENT TO UTILIZE FIRST-CLASS TRAVEL WHEN TRAVELING ON OFFICIAL BUSINESS OF ADRIAN COLLEGE. THE BOARD OF TRUSTEES HAS AUTHORIZED THE COLLEGE TO PAY FOR TRAVEL COSTS OF THE SPOUSE OF THE PRESIDENT WHEN ACCOMPANYING THE PRESIDENT ON, AND PERFORMING, OFFICIAL BUSINESS. THE BOARD OF TRUSTEES HAS AUTHORIZED THE COLLEGE TO PROVIDE THE PRESIDENT WITH A RESIDENCE FOR PERSONAL USE. THE PRESIDENT IS REQUIRED TO PERFORM A SUBSTANTIAL AMOUNT OF OFFICIAL COLLEGE BUSINESS FROM THIS RESIDENCE. THE BOARD OF TRUSTEES HAS AUTHORIZED THE COLLEGE TO HAVE ITS CUSTODIAL, MAINTENANCE, AND GROUNDS CREW EMPLOYEES SERVICE THE PERSONAL RESIDENCE THAT THE COLLEGE HAS PROVIDED TO THE PRESIDENT AS WELL AS A PRIVATE RESIDENCE OWNED BY THE PRESIDENT. THE COLLEGE'S FOOD SERVICE PROVIDER ALSO PREPARES MEALS FOR THE PRESIDENT AND GUESTS HOSTED BY THE PRESIDENT ON OFFICIAL COLLEGE BUSINESS AT THE RESIDENCE THE COLLEGE HAS PROVIDED TO THE PRESIDENT. THE COLLEGE RECEIVES PERSONAL INCOME TAX COUNSEL REGARDING THE VARIOUS FORMS OF COMPENSATION AND BENEFITS PROVIDED TO THE PRESIDENT AND BELIEVES THAT ALL ITEMS AND AMOUNTS HAVE BEEN APPROPRIATELY TREATED FOR INCOME TAX PURPOSES

PART I, LINE 7

THE EXECUTIVE COMMITTEE OF THE BOARD-OF-TRUSTEES DETERMINES PRESIDENT DOCKING'S ANNUAL BASE SALARY AND ANY SUPPLEMENTARY BONUS ENTITLEMENTS. ONCE THE BONUS IS DETERMINED BY THE COMMITTEE THEY ARE REVIEWED AND INCLUDED IN THE PRESIDENT'S EMPLOYMENT CONTRACT, WHICH IS SIGNED BY THE PRESIDENT.