Form 990 for tax year 2023

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)

  $4,031,000

• 1f · All other contributions, gifts and grants

  $118,762,000

• 1g · Noncash contributions included above

  $19,496,000

• 2a · Program service revenue: Tuition and Fees

  total $154,872,000 · related or exempt $154,872,000 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Auxiliary

  total $32,817,000 · related or exempt $32,817,000 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Accommodation and food services

  total $5,936,000 · related or exempt $0 · unrelated business $5,936,000 · excluded $0

• 2d · Program service revenue: Summer Programs

  total $168,000 · related or exempt $0 · unrelated business $168,000 · excluded $0

• 2f · All other program service revenue

  total $2,009,000 · related or exempt $2,009,000 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $13,518,000 · related or exempt $0 · unrelated business $0 · excluded $13,518,000

• 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 $59,000 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $59,000 · personal property $0

• 6d · Net rental income or loss

  total $59,000 · related or exempt $0 · unrelated business $0 · excluded $59,000

• 7a · Gross sales of assets other than inventory

  securities $193,983,000 · other assets $0

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

  securities $146,539,000 · other assets $0

• 7c · Gain or loss

  securities $47,444,000 · other assets $0

• 7d · Net gain or loss

  total $47,444,000 · related or exempt $0 · unrelated business -$89,000 · excluded $47,533,000

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

  $0

• 11a · Other revenue: Other Income

  total $7,000 · related or exempt $0 · unrelated business $0 · excluded $7,000

• 11d · All other revenue

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

• 11e · Other revenue, total

  $7,000

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $413,134 · program services $413,134

• 2 · Grants to domestic individuals

  total $58,940,000 · program services $58,940,000

• 3 · Grants to foreign organizations and individuals

  total $7,843,000 · program services $7,843,000

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $7,227,782 · program services $618,054 · management and general $5,048,800 · fundraising $1,560,928

• 6 · Compensation of disqualified persons

  total $34,038 · program services $34,038 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $80,342,538 · program services $65,546,010 · management and general $11,730,000 · fundraising $3,066,528

• 8 · Pension plan contributions

  total $4,441,485 · program services $3,693,098 · management and general $632,560 · fundraising $115,827

• 9 · Other employee benefits

  total $16,410,777 · program services $13,357,243 · management and general $1,736,454 · fundraising $1,317,080

• 10 · Payroll taxes

  total $5,838,000 · program services $4,547,000 · management and general $964,000 · fundraising $327,000

• 11a · Fees: management

  total $26,992,000 · program services $22,184,000 · management and general $3,173,000 · fundraising $1,635,000

• 11b · Fees: legal

  total $2,201,000 · program services $234,000 · management and general $1,967,000 · fundraising $0

• 11c · Fees: accounting

  total $500,000 · program services $0 · management and general $500,000 · fundraising $0

• 11d · Fees: lobbying

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

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

  total $13,401,000 · program services $0 · management and general $13,401,000 · fundraising $0

• 11g · Fees: other

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

• 12 · Advertising and promotion

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

• 13 · Office expenses

  total $12,961,000 · program services $12,504,000 · management and general $425,000 · fundraising $32,000

• 14 · Information technology

  total $3,575,000 · program services $2,008,000 · management and general $1,480,000 · fundraising $87,000

• 15 · Royalties

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

• 16 · Occupancy

  total $11,223,000 · program services $9,203,000 · management and general $1,673,000 · fundraising $347,000

• 17 · Travel

  total $7,600,000 · program services $5,755,000 · management and general $1,228,000 · fundraising $617,000

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

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

• 20 · Interest

  total $11,002,000 · program services $9,917,000 · management and general $855,000 · fundraising $230,000

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $17,956,000 · program services $16,640,000 · management and general $1,316,000 · fundraising $0

• 23 · Insurance

  total $4,304,000 · program services $3,447,000 · management and general $857,000 · fundraising $0

• 24a · Other expenses: On-Campus Meals & Lodging

  total $2,647,000 · program services $868,000 · management and general $753,000 · fundraising $1,026,000

• 24b · Other expenses: Dues and Membership

  total $1,875,000 · program services $986,000 · management and general $441,000 · fundraising $448,000

• 24c · Other expenses: Staff Recruitment

  total $24,000 · program services $24,000 · management and general $0 · fundraising $0

• 24e · All other expenses

  total $1,498,246 · program services $816,246 · management and general $665,000 · fundraising $17,000

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 $32,896,000 · end of year $26,546,000

• 3 · Pledges and grants receivable

  beginning of year $121,297,000 · end of year $184,578,000

• 4 · Accounts receivable

  beginning of year $4,086,488 · end of year $3,924,532

• 5 · Loans and receivables from officers and key people

  beginning of year $171,512 · end of year $136,468

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $484,000 · end of year $407,000

• 8 · Inventories for sale or use

  beginning of year $875,000 · end of year $767,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,911,000 · end of year $7,176,000

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

  $1,105,291,000

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

  $245,377,000

• 10c · Land, buildings and equipment, net

  beginning of year $823,531,000 · end of year $859,914,000

• 11 · Investments: publicly traded securities

  beginning of year $162,278,000 · end of year $155,189,000

• 12 · Investments: other securities

  beginning of year $1,087,905,000 · end of year $1,120,178,000

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $5,250,000 · end of year $5,250,000

• 17 · Accounts payable and accrued expenses

  beginning of year $39,473,000 · end of year $32,761,000

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $1,559,000 · end of year $1,512,000

• 20 · Tax-exempt bond liabilities

  beginning of year $25,000,000 · end of year $25,000,000

• 23 · Secured mortgages and notes payable

  beginning of year $300,686,000 · end of year $300,762,000

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $44,618,000 · end of year $33,621,000

• 27 · Net assets without donor restrictions

  beginning of year $663,588,000 · end of year $683,500,000

• 28 · Net assets with donor restrictions

  beginning of year $1,169,761,000 · end of year $1,286,910,000

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

First-class or charter travel - First-class is not authorized for employees traveling on College business without advance approval by the President or appropriate Vice President. In recognition that the President typically works during flights and attends directly to College business upon arrival, the Board of Trustees has approved the limited use of first-class travel for the President when traveling on College business. Charter travel was used on a limited basis to provide travel for the President to attend meetings. Travel for companions - Travel for companions is permitted only when the companion's travel is directly in furtherance of the College's business purposes. Tax indemnification and gross-up payments - Payments are made on the President's behalf relating to personal insurance policies and are included in his imputed income. The College grosses up this amount to offset the impact on net pay. Housing allowance or residence - Housing is provided to the President as a required condition of employment. All benefits were provided in accordance with written College policies, and was not treated as taxable compensation in accordance with applicable law. Housing is provided to the Dean of the College and is not a required condition of employment; therefore, this benefit is treated as taxable compensation in accordance with applicable law.

Schedule J, Part I, Line 3

The Board of Trustees has enacted procedures to establish a presumption that the total compensation offered to officers and key employees is reasonable, consistent with internal Revenue Code Section 4958 and applicable regulations. These procedures include: a decision-making committee comprised solely of trustees who are independent and free of conflict of interest (the Board Affairs Committee); reliance on market comparability data; use of independent compensation consultants, as needed; and documentation of the committee's work.

Schedule J, Part I, Line 4

President David Greene participates in a deferred compensation arrangement. The amount earned in calendar year 2023 under the program totaled $200,000.

Schedule J, Part I, Line 7

Certain officers and employees received a performance bonus approved by the President and the Board Affairs Committee. These amounts were disclosed in Schedule J, Part II, (B), (ii). Key employee in the investment office has an incentive performance related bonus based in part on the investment performance of the Colby College endowment.

Disregarded entities

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

• Elm City LLC

  Real Estate Development · ME · income $0 · assets $0

  Directly controlled by The President & Trustees of Colby College

• Elm City 9 LLC

  Real Estate Development · ME · income $5,942,000 · assets $15,643,000

  Directly controlled by The President & Trustees of Colby College

• Elm City 173 LLC

  Real Estate Development · ME · income $271,000 · assets $5,002,000

  Directly controlled by The President & Trustees of Colby College

• Elm City 20 LLC

  Real Estate Development · ME · income $0 · assets $0

  Directly controlled by The President & Trustees of Colby College

• Elm City 13 LLC

  Real Estate Development · ME · income $0 · assets $687,000

  Directly controlled by The President & Trustees of Colby College

• Elm City 14 LLC

  Real Estate Development · ME · income $0 · assets $0

  Directly controlled by The President & Trustees of Colby College

• Elm City 93 LLC

  Real Estate Development · ME · income $200,000 · assets $1,061,000

  Directly controlled by The President & Trustees of Colby College

Related corporations and trusts

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

• Charitable Remainder Trust (19)

  T · Charitable Remainder Unitrust · ME · controlled entity

  Directly controlled by Colby

• Charitable Remainder Annuity Trust (1)

  T · Charitable Remainder Annuity Trust · ME · controlled entity

  Directly controlled by Colby

• Colby College Pooled Income Fund B (1)

  T · Pooled Income Fund · ME · controlled entity

  Directly controlled by Colby