Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $17,885

• 1e · Government grants (contributions)

  $461,690

• 1f · All other contributions, gifts and grants

  $18,928,696

• 1g · Noncash contributions included above

  $8,084,004

• 2a · Program service revenue: TUITION AND FEES

  total $111,597,778 · related or exempt $111,597,778

• 2b · Program service revenue: ROOM AND BOARD

  total $24,970,211 · related or exempt $24,970,211

• 2c · Program service revenue: EDUCATION DEPARTMENT

  total $229,435 · related or exempt $229,435

• 3 · Investment income

  total $8,169,247 · unrelated business $89,224 · excluded $8,080,023

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

  total $191,679 · excluded $191,679

• 6a · Gross rents

  real property $343,610

• 6b · Less rental expenses

  real property $91,800

• 6c · Rental income or loss

  real property $251,810

• 6d · Net rental income or loss

  total $251,810 · excluded $251,810

• 7a · Gross sales of assets other than inventory

  securities $41,548,778 · other assets $33,050

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

  securities $36,094,960 · other assets $3,471

• 7c · Gain or loss

  securities $5,453,818 · other assets $29,579

• 7d · Net gain or loss

  total $5,483,397 · excluded $5,483,397

• 8a · Fundraising events: gross income

  $40,240

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

  $17,885

• 8b · Fundraising events: direct expenses

  $32,513

• 8c · Net income from fundraising events

  total $7,727 · excluded $7,727

• 11a · Other revenue: CONFERENCE AND EVENTS

  total $541,070 · related or exempt $224,742 · unrelated business $316,328

• 11b · Other revenue: STUDENT PARKING PERMIT

  total $140,670 · excluded $140,670

• 11c · Other revenue: AUXILIARY FEES

  total $76,478 · excluded $76,478

• 11d · All other revenue

  total $318,480 · related or exempt $318,480

• 11e · Other revenue, total

  $1,076,698

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $76,030,253 · program services $76,030,253

• 3 · Grants to foreign organizations and individuals

  total $2,287,201 · program services $2,287,201

• 5 · Compensation of officers, directors and key employees

  total $2,476,424 · program services $1,023,895 · management and general $860,156 · fundraising $592,373

• 7 · Other salaries and wages

  total $37,187,130 · program services $32,791,794 · management and general $2,922,772 · fundraising $1,472,564

• 8 · Pension plan contributions

  total $1,603,622 · program services $1,412,916 · management and general $126,935 · fundraising $63,771

• 9 · Other employee benefits

  total $7,425,371 · program services $6,407,107 · management and general $645,989 · fundraising $372,275

• 10 · Payroll taxes

  total $2,805,396 · program services $2,398,820 · management and general $262,483 · fundraising $144,093

• 11b · Fees: legal

  total $88,835 · management and general $88,835

• 11c · Fees: accounting

  total $157,766 · management and general $157,766

• 11d · Fees: lobbying

  total $18,145 · management and general $18,145

• 11f · Fees: investment management

  total $2,723,898 · program services $2,266,233 · management and general $457,665

• 11g · Fees: other

  total $11,208,369 · program services $10,350,434 · management and general $358,826 · fundraising $499,109

• 12 · Advertising and promotion

  total $575,432 · program services $544,139 · management and general $29,781 · fundraising $1,512

• 13 · Office expenses

  total $759,867 · program services $509,787 · management and general $218,932 · fundraising $31,148

• 14 · Information technology

  total $2,403,733 · program services $1,134,167 · management and general $1,145,720 · fundraising $123,846

• 16 · Occupancy

  total $3,862,588 · program services $3,647,169 · management and general $215,419

• 17 · Travel

  total $1,259,686 · program services $1,179,142 · management and general $31,597 · fundraising $48,947

• 19 · Conferences, conventions and meetings

  total $249,303 · program services $190,297 · management and general $53,156 · fundraising $5,850

• 20 · Interest

  total $3,214,661 · management and general $3,214,661

• 22 · Depreciation, depletion and amortization

  total $9,737,776 · program services $9,425,146 · management and general $297,341 · fundraising $15,289

• 23 · Insurance

  total $1,132,479 · program services $1,132,479

• 24a · Other expenses: GLOBAL PROGRAMMING

  total $2,337,271 · program services $2,337,271

• 24b · Other expenses: REPAIRS AND MAINTENANCE

  total $1,164,244 · program services $1,121,828 · management and general $32,552 · fundraising $9,864

• 24c · Other expenses: ENTM'T, EVENTS, & MEALS

  total $887,944 · program services $454,816 · management and general $342,886 · fundraising $90,242

• 24d · Other expenses: LIBRARY & SUBSCRIPTIONS

  total $671,405 · program services $655,953 · management and general $1,848 · fundraising $13,604

• 24e · All other expenses

  total $3,215,845 · program services $1,254,176 · management and general $1,934,206 · fundraising $27,463

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,178,355 · end of year $6,132,860

• 2 · Savings and temporary cash investments

  beginning of year $16,281,234 · end of year $13,731,180

• 3 · Pledges and grants receivable

  beginning of year $3,506,282 · end of year $5,373,816

• 4 · Accounts receivable

  beginning of year $1,725,938 · end of year $1,210,315

• 7 · Other notes and loans receivable

  beginning of year $477,185 · end of year $353,945

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,857,936 · end of year $2,373,917

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

  $291,501,714

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

  $164,793,925

• 10c · Land, buildings and equipment, net

  beginning of year $129,576,387 · end of year $126,707,789

• 11 · Investments: publicly traded securities

  beginning of year $150,489,451 · end of year $152,634,019

• 12 · Investments: other securities

  beginning of year $128,662,119 · end of year $141,639,060

• 15 · Other assets

  beginning of year $9,279,010 · end of year $8,192,062

• 17 · Accounts payable and accrued expenses

  beginning of year $8,423,446 · end of year $8,857,654

• 19 · Deferred revenue

  beginning of year $987,296 · end of year $643,839

• 20 · Tax-exempt bond liabilities

  beginning of year $59,425,674 · end of year $58,161,444

• 24 · Unsecured notes and loans payable

  beginning of year $24,143,360 · end of year $23,916,529

• 25 · Other liabilities

  beginning of year $3,598,521 · end of year $3,361,065

• 27 · Net assets without donor restrictions

  beginning of year $105,403,290 · end of year $96,495,244

• 28 · Net assets with donor restrictions

  beginning of year $244,052,310 · end of year $266,913,188

The filer's explanations (Part III)

PART I, LINE 1A

A DISCRETIONARY FUND WAS ESTABLISHED BY THE TRUSTEES UPON PRESIDENT WHELAN'S HIRE. SOLICITATION OF THE TRUSTEES FOR CONTRIBUTIONS TO THIS FUND OCCURRED DURING FALL OF 2021 AND THE CONTRIBUTIONS WERE MADE BY THE TRUSTEES THROUGH THE OFFICE OF ADVANCEMENT AT A TIME DETERMINED BY THE TRUSTEE. THIS DISCRETIONARY FUND HAS BEEN USED FOR STRATEGIC INITIATIVES OF THE COLLEGE AND NOT FOR PERSONAL EXPENSES. THE PRESIDENT (MICHAELE WHELAN), THE VP FOR FINANCE & ADMINISTRATION (ROGER STACKPOOLE), AND ASSOCIATE VICE PRESIDENT OF STUDENT AFFAIRS AND FORMER INTERIM DEAN OF STUDENTS (ZACHARY IRISH) ARE PROVIDED WITH HOUSING, INCLUDING MAINTENANCE OF SUCH SPACE, FOR THE CONVENIENCE OF THE EMPLOYER ON THE COLLEGE'S PREMISES. SHOULD MAINTENANCE OCCUR WITHIN THE PERSONAL SPACE, THE VALUE IS TAXED ACCORDINGLY. THE VALUE OF THE PERSONAL SPACE WITHIN THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT ON SCHEDULE J, PART II, COLUMN (D). JONATHAN MILLEN (VP OF ACADEMIC AFFAIRS AND PROVOST) IS PROVIDED WITH HOUSING WHICH DOES NOT MEET THE DEFINITION OF A NONTAXABLE BENEFIT AND IS DISCLOSED AS TAXABLE COMPENSATION ON HIS FORM W2 ACCORDINGLY.

PART I, LINE 7

DURING CALENDAR YEAR 2024, ALL EMPLOYEES INCLUDING OFFICERS WERE ELIGIBLE TO RECEIVE A ONE-TIME PAYMENT BONUS REFLECTIVE OF THEIR ANNUAL PERFORMANCE EVALUATIONS. NO BONUS WAS CALCULATED BY A FIXED FORMULA OR DETERMINED BY A CONTRACTUAL AGREEMENT.

Related corporations and trusts

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

• POOLED INCOME FUND

  POOL INCOME FUND · MA · controlled entity

  Directly controlled by WHEATON COLLEGE

• PERPETUAL TRUST

  PERPETUAL TRUST · MA · controlled entity

  Directly controlled by WHEATON COLLEGE