Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $860,000

• 1f · All other contributions, gifts and grants

  $3,381,123

• 1g · Noncash contributions included above

  $37,343

• 2a · Program service revenue: Solomon S. Huebner

  total $20,717,713 · excluded $20,717,713

• 2b · Program service revenue: Other Program Revenue

  total $4,536,646 · excluded $4,536,646

• 2c · Program service revenue: Richard D. Irwin Gradu

  total $3,322,167 · excluded $3,322,167

• 2d · Program service revenue: FSCP

  total $813,744 · excluded $813,744

• 3 · Investment income

  total $1,044,621 · excluded $1,044,621

• 5 · Royalties

  total $206,844 · excluded $206,844

• 6a · Gross rents

  real property $2,043,792

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $2,043,792

• 6d · Net rental income or loss

  total $2,043,792 · excluded $2,043,792

• 7a · Gross sales of assets other than inventory

  securities $2,000,000

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

  securities $1,714,593

• 7c · Gain or loss

  securities $285,407

• 7d · Net gain or loss

  total $285,407 · excluded $285,407

• 8a · Fundraising events: gross income

  $319,174

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

  $860,000

• 8b · Fundraising events: direct expenses

  $1,222,691

• 8c · Net income from fundraising events

  total -$903,517 · excluded -$903,517

• 11a · Other revenue: Institutional Book Sal

  total $119,359 · excluded $119,359

• 11d · All other revenue

  total $4,534 · excluded $4,534

• 11e · Other revenue, total

  $123,893

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $2,069,228 · program services $2,069,228

• 5 · Compensation of officers, directors and key employees

  total $5,882,605 · program services $3,489,282 · management and general $2,033,645 · fundraising $359,678

• 7 · Other salaries and wages

  total $17,362,691 · program services $13,315,139 · management and general $3,119,234 · fundraising $928,318

• 8 · Pension plan contributions

  total $142,706 · management and general $142,706

• 9 · Other employee benefits

  total $3,908,853 · program services $2,826,126 · management and general $866,212 · fundraising $216,515

• 10 · Payroll taxes

  total $1,644,282 · program services $1,188,827 · management and general $364,377 · fundraising $91,078

• 11b · Fees: legal

  total $260,034 · program services $14,197 · management and general $242,972 · fundraising $2,865

• 11c · Fees: accounting

  total $130,079 · management and general $130,079

• 11g · Fees: other

  total $4,086,162 · program services $3,371,056 · management and general $581,849 · fundraising $133,257

• 12 · Advertising and promotion

  total $1,132,985 · program services $1,112,238 · management and general $3,957 · fundraising $16,790

• 13 · Office expenses

  total $623,933 · program services $482,181 · management and general $108,471 · fundraising $33,281

• 14 · Information technology

  total $1,916,169 · program services $1,642,751 · management and general $136,255 · fundraising $137,163

• 17 · Travel

  total $637,311 · program services $455,420 · management and general $130,657 · fundraising $51,234

• 19 · Conferences, conventions and meetings

  total $271,743 · program services $103,482 · management and general $99,355 · fundraising $68,906

• 22 · Depreciation, depletion and amortization

  total $1,782,143 · program services $1,452,498 · management and general $226,631 · fundraising $103,014

• 23 · Insurance

  total $438,205 · management and general $355,427 · fundraising $82,778

• 24a · Other expenses: Curriculum Development

  total $1,616,527 · program services $1,616,527

• 24b · Other expenses: Other General Administr

  total $1,259,489 · program services $1,231,498 · management and general $0 · fundraising $27,991

• 24c · Other expenses: Plant Operations

  total $792,489 · program services $632,524 · management and general $116,241 · fundraising $43,724

• 24d · Other expenses: Bank Service Charge

  total $634,474 · program services $1,814 · management and general $625,960 · fundraising $6,700

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,583,686 · end of year $3,341,515

• 3 · Pledges and grants receivable

  beginning of year $12,143,813 · end of year $7,476,108

• 4 · Accounts receivable

  beginning of year $2,202,921 · end of year $4,040,047

• 8 · Inventories for sale or use

  beginning of year $62,208 · end of year $38,652

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,483,743 · end of year $2,558,483

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

  $47,904,256

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

  $20,476,232

• 10c · Land, buildings and equipment, net

  beginning of year $28,204,513 · end of year $27,428,024

• 11 · Investments: publicly traded securities

  beginning of year $15,240,174 · end of year $26,889,797

• 12 · Investments: other securities

  beginning of year $9,440,295 · end of year $7,541,832

• 15 · Other assets

  beginning of year $23,062,497 · end of year $10,051,232

• 17 · Accounts payable and accrued expenses

  beginning of year $7,329,933 · end of year $7,045,461

• 19 · Deferred revenue

  beginning of year $12,602,953 · end of year $15,658,991

• 25 · Other liabilities

  beginning of year $1,461,796 · end of year $1,124,733

• 27 · Net assets without donor restrictions

  beginning of year $13,587,233 · end of year $8,163,996

• 28 · Net assets with donor restrictions

  beginning of year $60,441,935 · end of year $57,372,505

The filer's explanations (Part III)

Part I, Line 1a

The Executive Committee of the Board has authorized the President to travel first class air on trips over four hours. The President and certain members of the Executive Leadership team are also allowed a housing allowance and/or health or social Club dues or initiation fees as part of their employment agreements.

Part I, Line 3

The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO. They also review and approve the President & CEO's recommendations for other members of the College's leadership team. The award amounts are tied to the College's goals as well as individual performance and based on a qualitative evaluation of the accomplishment of goals that are determined at the beginning of the year. Part I, Line 5: In 2019 The College implemented short and long term incentive plans for top level executives. The Short Term Incentive Plan (STIP) is offered to members of the College's Leadership with annual payouts based on the achievement of enterprise-wide goals and objectives. The first payout was made in February 2020 for the 2019 calendar year. The Long Term Incentive Plan (LTIP) is offered to The College's Executive Leadership Team and is designed to retain and reward key executives based on the achievement of The College's long-term strategic objectives. The next potential payout date is February 2028, coinciding with The College's 100 year anniversary.