Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $1,934,347

• 1f · All other contributions, gifts and grants

  $17,107,487

• 1g · Noncash contributions included above

  $597,499

• 2a · Program service revenue: Tuition and Fees

  total $63,948,825 · related or exempt $63,948,825 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Auxiliary Enterprises

  total $19,759,841 · related or exempt $19,759,841 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $4,270,933 · related or exempt $4,270,933 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $0 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $31,798,156 · other assets $0

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

  securities $33,851,452 · other assets $0

• 7c · Gain or loss

  securities -$2,053,296 · other assets $0

• 7d · Net gain or loss

  total -$2,053,296 · related or exempt -$2,053,296 · unrelated business $0 · excluded $0

• 8a · Fundraising events: gross income

  $0

• 8a · Fundraising events: contributions included on line 1c

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $326,088

• 10b · Cost of goods sold

  $158,889

• 10c · Net income from sales of inventory

  total $167,199 · related or exempt $167,199 · unrelated business $0 · excluded $0

• 11d · All other revenue

  total $1,353,502 · related or exempt $1,353,502 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,353,502

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 $38,466,719 · program services $38,466,719

• 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 $2,187,577 · program services $1,071,285 · management and general $802,121 · fundraising $314,171

• 6 · Compensation of disqualified persons

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

• 7 · Other salaries and wages

  total $27,606,146 · program services $21,165,124 · management and general $5,172,383 · fundraising $1,268,639

• 8 · Pension plan contributions

  total $1,498,268 · program services $1,330,394 · management and general $132,960 · fundraising $34,914

• 9 · Other employee benefits

  total $5,742,406 · program services $4,093,649 · management and general $1,273,751 · fundraising $375,006

• 10 · Payroll taxes

  total $2,061,327 · program services $1,649,922 · management and general $320,080 · fundraising $91,325

• 11b · Fees: legal

  total $182,695 · management and general $182,695

• 11c · Fees: accounting

  total $108,100 · management and general $108,100

• 11d · Fees: lobbying

  total $15,000 · management and general $15,000

• 11f · Fees: investment management

  total $127,967 · program services $0 · management and general $127,967 · fundraising $0

• 11g · Fees: other

  total $10,810,665 · program services $8,428,174 · management and general $1,913,928 · fundraising $468,563

• 12 · Advertising and promotion

  total $476,983 · program services $359,447 · management and general $93,135 · fundraising $24,401

• 13 · Office expenses

  total $1,716,084 · program services $1,511,562 · management and general $170,112 · fundraising $34,410

• 14 · Information technology

  total $619,501 · program services $478,543 · management and general $140,958 · fundraising $0

• 15 · Royalties

  total $3,933 · program services $3,933 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $324,958 · program services $324,958 · management and general $0 · fundraising $0

• 17 · Travel

  total $3,056,286 · program services $2,692,000 · management and general $235,679 · fundraising $128,607

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $1,969,663 · program services $1,523,340 · management and general $365,264 · fundraising $81,059

• 20 · Interest

  total $2,083,449 · program services $2,083,449 · management and general $0 · fundraising $0

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $6,498,876 · program services $6,498,876 · management and general $0 · fundraising $0

• 23 · Insurance

  total $2,051,253 · program services $914,603 · management and general $1,136,650 · fundraising $0

• 24a · Other expenses: Printing and Postage

  total $900,530 · program services $730,013 · management and general $100,582 · fundraising $69,935

• 24b · Other expenses: Utilities

  total $2,272,705 · program services $2,193,596 · management and general $79,109 · fundraising $0

• 24c · Other expenses: Building supplies and servicing

  total $1,994,031 · program services $1,680,880 · management and general $312,930 · fundraising $221

• 24e · All other expenses

  total $1,228,740 · program services $646,828 · management and general $536,003 · fundraising $45,909

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $9,546,610 · end of year $6,329,879

• 3 · Pledges and grants receivable

  beginning of year $14,040,494 · end of year $10,075,595

• 4 · Accounts receivable

  beginning of year $1,636,019 · end of year $2,014,122

• 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

• 7 · Other notes and loans receivable

  beginning of year $7,554,158 · end of year $7,021,353

• 8 · Inventories for sale or use

  beginning of year $672,677 · end of year $604,463

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,101,846 · end of year $775,801

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

  $290,990,927

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

  $111,798,915

• 10c · Land, buildings and equipment, net

  beginning of year $179,878,879 · end of year $179,192,012

• 11 · Investments: publicly traded securities

  beginning of year $93,069,409 · end of year $89,502,995

• 12 · Investments: other securities

  beginning of year $4,912,821 · end of year $2,239,415

• 13 · Investments: program-related

  beginning of year $8,983,301 · end of year $9,020,496

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $7,173,106 · end of year $5,784,880

• 17 · Accounts payable and accrued expenses

  beginning of year $4,565,813 · end of year $4,991,706

• 18 · Grants payable

  beginning of year $1,027,020 · end of year $79,800

• 19 · Deferred revenue

  beginning of year $1,822,673 · end of year $3,663,576

• 20 · Tax-exempt bond liabilities

  beginning of year $58,786,680 · end of year $51,631,149

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 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 $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $15,841,418 · end of year $17,457,871

• 27 · Net assets without donor restrictions

  beginning of year $144,941,443 · end of year $134,579,388

• 28 · Net assets with donor restrictions

  beginning of year $101,584,273 · end of year $100,157,521

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

Schedule J, Part I, Line 1a - Members of the Board of Trustees are invited and encouraged to bring their spouse to the Board meetings which occur three times per year. Additionally, the President's spouse travels with him occasionally. The Presidents residence located on campus is used frequently for college events and he is required to live there for the convenience of the institution. The President has a membership at a local country club that is primarily used for business purposes.

Schedule J, Part I, Line 3

The President's compensation is reviewed and approved annually by the Personnel Committee of the Board of Trustees. The Personnel Committee consists of only independent members of the board. The Committee reviews multiple national and regional private college presidential compensation studies as benchmarks for determining the compensation of Westmont's President. Similarly, national and regional private college compensation studies are consulted by the President prior to determining the salaries of senior executives of the college and recommending those amounts to the Personnel Committee of the Board of Trustees. Compensation related actions of the Personnel Committee are captured in writing.

Related corporations and trusts

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

• Charitable Remainder Trusts (10)

  C · Manage Trust · CA

  Directly controlled by Westmont College

• Pooled Income Fund (1)

  C · Manage Trust · CA

  Directly controlled by Westmont College