Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,249,733

• 1f · All other contributions, gifts and grants

  $74,350,386

• 1g · Noncash contributions included above

  $17,086,888

• 2a · Program service revenue: TUITION AND STUDENT FEES

  total $127,200,842 · related or exempt $127,200,842

• 2b · Program service revenue: NET SALES FROM AUXILIARY ENTERPRISES

  total $2,408,574 · related or exempt $2,408,574

• 2f · All other program service revenue

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

• 3 · Investment income

  total $61,681,865 · unrelated business -$3,393,537 · excluded $65,075,402

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $189,571,609

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

  securities $168,955,846

• 7c · Gain or loss

  securities $20,615,763 · other assets $0

• 7d · Net gain or loss

  total $20,615,763 · excluded $20,615,763

• 11a · Other revenue: NCAA/CONFERENCE FUNDS

  total $1,476,975 · related or exempt $1,476,975

• 11b · Other revenue: SPONSORSHIP

  total $422,183 · excluded $422,183

• 11c · Other revenue: EVENT REVENUE

  total $3,183,228 · related or exempt $3,183,228

• 11d · All other revenue

  total $1,361,856 · related or exempt $1,298,236 · unrelated business $63,620 · excluded $0

• 11e · Other revenue, total

  $6,444,242

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $80,000 · program services $80,000

• 2 · Grants to domestic individuals

  total $76,503,631 · program services $76,503,631

• 5 · Compensation of officers, directors and key employees

  total $3,504,120 · program services $847,659 · management and general $2,656,461

• 7 · Other salaries and wages

  total $71,116,161 · program services $60,297,863 · management and general $4,419,961 · fundraising $6,398,337

• 8 · Pension plan contributions

  total $5,607,258 · program services $4,698,177 · management and general $393,220 · fundraising $515,861

• 9 · Other employee benefits

  total $8,872,278 · program services $6,034,239 · management and general $2,315,001 · fundraising $523,038

• 10 · Payroll taxes

  total $5,125,149 · program services $4,212,211 · management and general $470,401 · fundraising $442,537

• 11b · Fees: legal

  total $471,359 · program services $135,902 · management and general $335,457

• 11c · Fees: accounting

  total $332,622 · program services $11,461 · management and general $321,161

• 11e · Fees: professional fundraising services

  total $121,358 · fundraising $121,358

• 11f · Fees: investment management

  total $2,736,226 · management and general $2,736,226

• 11g · Fees: other

  total $6,655,795 · program services $4,752,877 · management and general $1,651,221 · fundraising $251,697

• 12 · Advertising and promotion

  total $441,865 · program services $185,571 · management and general $230,579 · fundraising $25,715

• 13 · Office expenses

  total $7,302,853 · program services $5,974,707 · management and general $631,371 · fundraising $696,775

• 14 · Information technology

  total $3,809,813 · program services $1,098,579 · management and general $1,386,205 · fundraising $1,325,029

• 15 · Royalties

  total $1,541 · program services $687 · management and general $854

• 16 · Occupancy

  total $4,235,299 · program services $3,891,967 · management and general $199,814 · fundraising $143,518

• 17 · Travel

  total $7,403,250 · program services $6,951,516 · management and general $185,427 · fundraising $266,307

• 19 · Conferences, conventions and meetings

  total $2,410,049 · program services $1,165,078 · management and general $196,450 · fundraising $1,048,521

• 20 · Interest

  total $2,040,005 · program services $1,874,633 · management and general $165,372

• 22 · Depreciation, depletion and amortization

  total $11,185,609 · program services $10,278,879 · management and general $906,730

• 23 · Insurance

  total $1,516,899 · program services $158,331 · management and general $1,358,568

• 24a · Other expenses: Other Expenses

  total $6,748,569 · program services $5,336,731 · management and general $1,197,824 · fundraising $214,014

• 24e · All other expenses

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

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $85,521,481 · end of year $106,292,235

• 3 · Pledges and grants receivable

  beginning of year $94,762,187 · end of year $96,568,032

• 4 · Accounts receivable

  beginning of year $6,962,595 · end of year $8,421,728

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,485,424 · end of year $1,208,501

• 8 · Inventories for sale or use

  beginning of year $1,036,569 · end of year $1,137,462

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,185,160 · end of year $2,986,983

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

  $602,030,093

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

  $232,275,817

• 10c · Land, buildings and equipment, net

  beginning of year $355,951,447 · end of year $369,754,276

• 11 · Investments: publicly traded securities

  beginning of year $40,003,734 · end of year $35,543,358

• 12 · Investments: other securities

  beginning of year $1,270,825,435 · end of year $1,349,381,352

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $35,401,590 · end of year $36,445,307

• 17 · Accounts payable and accrued expenses

  beginning of year $34,462,250 · end of year $38,733,556

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $92,250,000 · end of year $90,565,000

• 24 · Unsecured notes and loans payable

  beginning of year $12,650,000 · end of year $12,650,000

• 25 · Other liabilities

  beginning of year $15,253,696 · end of year $15,693,593

• 27 · Net assets without donor restrictions

  beginning of year $425,129,729 · end of year $432,354,052

• 28 · Net assets with donor restrictions

  beginning of year $1,315,389,947 · end of year $1,417,743,033

The filer's explanations (Part III)

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

TRAVEL FOR COMPANIONS IS PAID BY THE COLLEGE WHEN THE SPOUSE IS REPRESENTING THE COLLEGE. IT IS THE POLICY OF DAVIDSON COLLEGE TO REQUIRE AS A CONDITION OF EMPLOYMENT THAT THE PRESIDENT LIVE IN THE PRESIDENT'S HOUSE LOCATED ON NORTH MAIN STREET FOR THE CONVENIENCE OF THE COLLEGE. THE COLLEGE PROVIDES CLEANING SERVICES IN ALL AREAS OF THE PRESIDENT'S HOUSE THAT ARE USED FOR ENTERTAINING AND/OR LODGING OF COLLEGE GUESTS. THE COLLEGE DOES NOT PROVIDE ANY OTHER PERSONAL SERVICES, INCLUDING BUT NOT LIMITED TO A CHEF OR DRIVER.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

test 1

Schedule J, Part I, Line 7 Non-fixed payments

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Schedule J, Part I, Line 3

DAVIDSON COLLEGE ("DAVIDSON") DOES NOT HAVE A SEPARATE COMPENSATION COMMITTEE, BUT THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE ASSUMED THE ROLE OF A COMPENSATION COMMITTEE. PRESIDENT/CEO'S COMPENSATION 1. ANNUALLY THE PRESIDENT ESTABLISHES PERFORMANCE GOALS IN CONSULTATION WITH THE EXECUTIVE COMMITTEE AND THE BOARD OF TRUSTEES. 2. ANNUALLY THE PRESIDENT REVIEWS PROGRESS ON THOSE GOALS WITH THE EXECUTIVE COMMITTEE WHO DOCUMENTS A PERFORMANCE REVIEW WITH THE PRESIDENT. 3. ANNUALLY, THE CHIEF HUMAN RESOURCES OFFICER PERFORMS A COMPARATIVE REVIEW OF THE PRESIDENT'S COMPENSATION AGAINST DAVIDSON'S PEER INSTITUTIONS AND USES AN INDEPENDENT THIRD-PARTY CONSULTANT TO PERFORM A REVIEW OF THE PRESIDENT'S COMPENSATION. 4. PERIODICALLY AND IN CERTAIN CASES (I.E. THE ARRIVAL OF A NEW PRESIDENT), AN OUTSIDE COMPENSATION CONSULTANT MAY ADVISE THE EXECUTIVE COMMITTEE ON PRESIDENTIAL COMPENSATION. 5. BASED ON THE ABOVE, THE EXECUTIVE COMMITTEE ESTABLISHES THE PRESIDENT'S COMPENSATION FOR THE FOLLOWING YEAR. 6. THE EXECUTIVE COMMITTEE DOCUMENTS THE REASONS FOR ESTABLISHING THE NEW COMPENSATION AMOUNT. 7. THE EXECUTIVE COMMITTEE THEN RENEWS THE PRESIDENT'S CONTRACT FOR AN ADDITIONAL YEAR AT THE NEW COMPENSATION LEVEL.

Schedule J, Part I, Line 4b

PRESIDENT DOUGLAS HICKS' RETIREMENT AND OTHER DEFERRED COMPENSATION REPORTED ON PART II, COLUMN C INCLUDES $75,000 WHICH IS 457(F) FORFEITABLE DEFERRED COMPENSATION PAYABLE IN ACCORDANCE WITH HIS DEFERRED COMPENSATION AGREEMENT. VICE PRESIDENT CHRIS GRUBER'S RETIREMENT AND OTHER DEFERRED COMPENSATION REPORTED ON PART II, COLUMN C INCLUDES $20,000 WHICH IS 457(F) FORFEITABLE DEFERRED COMPENSATION PAYABLE IN ACCORDANCE WITH HIS DEFERRED COMPENSATION AGREEMENT. ATHLETIC DIRECTOR CHRIS CLUNIE'S RETIREMENT AND OTHER DEFERRED COMPENSATION REPORTED ON PART II, COLUMN C INCLUDES $30,000 WHICH IS 457(F) FORFEITABLE DEFERRED COMPENSATION PAYABLE IN ACCORDANCE WITH HIS DEFERRED COMPENSATION AGREEMENT.

Schedule J, Part I, Line 7

DAVIDSON COLLEGE MADE NON-FIXED BONUS PAYMENTS TO SELECT EMPLOYEES AND SOME VICE PRESIDENTS. THE PAYMENTS WERE FOR MERIT AND WERE NOT CONTINGENT ON THE REVENUES OR NET EARNINGS OF THE COLLEGE OR ANY RELATED ORGANIZATIONS.

Related corporations and trusts

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

• CHARITABLE TRUSTS (16)

  Trust · CHARITABLE TR · IN

  Directly controlled by PRESBYTERIAN FD

• CHARITABLE TRUST (1)

  Trust · CHARITABLE TR · NC

  Directly controlled by WELLS FARGO

• CHARITABLE TRUST (1)

  Trust · CHARITABLE TR · NC

  Directly controlled by US TRUST

• CHARITABLE TRUST (1)

  Trust · CHARITABLE TR · MI

  Directly controlled by COMERICA LEGACY