Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $459,924

• 1f · All other contributions, gifts and grants

  $11,624,670

• 1g · Noncash contributions included above

  $106,569

• 2a · Program service revenue: INSTRUCTION

  total $64,635,427 · related or exempt $64,635,427

• 2b · Program service revenue: ROOM AND BOARD

  total $18,262,728 · related or exempt $18,262,728

• 2c · Program service revenue: AUXILIARY SERVICES

  total $841,481 · related or exempt $841,481

• 2d · Program service revenue: OTHER PROGRAM SERVICE

  total $1,651,870 · related or exempt $1,645,986 · unrelated business $5,884

• 2f · All other program service revenue

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

• 3 · Investment income

  total $2,769,706 · excluded $2,769,706

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $2,527,125 · other assets $48,302

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

  securities $2,273,260 · other assets $1,684

• 7c · Gain or loss

  securities $253,865 · other assets $46,618

• 7d · Net gain or loss

  total $300,483 · excluded $300,483

• 10a · Gross sales of inventory

  $297,640

• 10b · Cost of goods sold

  $183,529

• 10c · Net income from sales of inventory

  total $114,111 · related or exempt $23,593 · unrelated business $90,518

• 11a · Other revenue: SPECTATOR SPORTS

  total $91,007 · related or exempt $76,240 · unrelated business $14,767

• 11d · All other revenue

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

• 11e · Other revenue, total

  $91,007

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 $38,623,940 · program services $38,623,940

• 3 · Grants to foreign organizations and individuals

  total $2,676,704 · program services $2,676,704

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $1,589,341 · program services $804,145 · management and general $657,937 · fundraising $127,259

• 6 · Compensation of disqualified persons

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

• 7 · Other salaries and wages

  total $18,998,072 · program services $18,117,679 · management and general $852,210 · fundraising $28,183

• 8 · Pension plan contributions

  total $1,265,816 · program services $726,464 · management and general $526,199 · fundraising $13,153

• 9 · Other employee benefits

  total $2,921,106 · program services $1,671,227 · management and general $1,209,122 · fundraising $40,757

• 10 · Payroll taxes

  total $1,358,397 · program services $1,230,980 · management and general $115,526 · fundraising $11,891

• 11a · Fees: management

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

• 11b · Fees: legal

  total $104,438 · program services $0 · management and general $104,438 · fundraising $0

• 11c · Fees: accounting

  total $171,759 · program services $0 · management and general $171,759 · 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 $183,529 · program services $0 · management and general $183,529 · fundraising $0

• 11g · Fees: other

  total $2,528,875 · program services $1,832,664 · management and general $696,211 · fundraising $0

• 12 · Advertising and promotion

  total $59,168 · program services $27,380 · management and general $7,299 · fundraising $24,489

• 13 · Office expenses

  total $1,673,257 · program services $1,518,483 · management and general $143,918 · fundraising $10,856

• 14 · Information technology

  total $1,347,803 · program services $1,298,743 · management and general $0 · fundraising $49,060

• 15 · Royalties

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

• 16 · Occupancy

  total $4,209,119 · program services $3,168,543 · management and general $1,040,576 · fundraising $0

• 17 · Travel

  total $2,721,046 · program services $2,635,351 · management and general $67,666 · fundraising $18,029

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $5,403,185 · program services $5,403,185 · management and general $0 · fundraising $0

• 20 · Interest

  total $2,790,329 · program services $2,790,329 · 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 $4,505,246 · program services $2,065,169 · management and general $2,440,077

• 23 · Insurance

  total $745,105 · program services $745,105 · management and general $0 · fundraising $0

• 24a · Other expenses: BAD DEBT EXPENSE

  total $1,466,743 · program services $1,466,743 · management and general $0 · fundraising $0

• 24b · Other expenses: LIBRARY

  total $241,773 · program services $241,773 · management and general $0 · fundraising $0

• 24c · Other expenses: MISCELLANEOUS

  total $361,626 · program services $361,626 · management and general $0 · fundraising $0

• 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 $9,498,942 · end of year $7,010

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $14,630,850

• 3 · Pledges and grants receivable

  beginning of year $5,248,024 · end of year $7,213,936

• 4 · Accounts receivable

  beginning of year $3,040,451 · end of year $4,285,480

• 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 $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $667,945 · end of year $623,455

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,302,362 · end of year $844,201

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

  $160,096,517

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

  $75,398,746

• 10c · Land, buildings and equipment, net

  beginning of year $83,830,996 · end of year $84,697,771

• 11 · Investments: publicly traded securities

  beginning of year $48,083,250 · end of year $50,902,806

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $26,047,745 · end of year $28,596,746

• 17 · Accounts payable and accrued expenses

  beginning of year $6,762,763 · end of year $4,819,827

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $6,910,426 · end of year $6,898,475

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 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 $49,458,308 · end of year $52,473,375

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $509,298 · end of year $1,607,687

• 27 · Net assets without donor restrictions

  beginning of year $25,236,712 · end of year $26,364,777

• 28 · Net assets with donor restrictions

  beginning of year $88,842,208 · end of year $99,638,114

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

THE BOARD OF TRUSTEES HAS AUTHORIZED THE PRESIDENT TO UTILIZE FIRST-CLASS TRAVEL WHEN TRAVELING ON OFFICIAL BUSINESS OF ADRIAN COLLEGE.

Schedule J, Part I, Line 1a Travel for companions

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.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

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 VALUE OF THESE BENEFITS HAVE BEEN INCLUDED IN THE PRESIDENT'S NONTAXABLE COMPENSATION.

Schedule J, Part I, Line 1a Personal services

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 AMOUNT PROVIDED FOR THESE SERVICES HAS BEEN INCLUDED IN THE PRESIDEN'TS NONTAXABLE INCOME.

Schedule J, Part I, Line 1a COMPENSATION AND BENEFITS 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.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (2)

  Trust · CHAR. REM. TR · MI

  Directly controlled by NA