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← FIVE COLLEGES INCORPORATED

Form 990 for tax year 2023

Filed by FIVE COLLEGES INCORPORATED.

Totals

Total revenue
$9,924,964
Total expenses
$11,422,557
Contributions and grants received
$1,137,250
Grants paid
$0
Program service revenue
$8,138,994
Investment income
$648,720
Other revenue
$0
Total assets, end of year
$35,194,039
Total liabilities, end of year
$8,098,376
Net assets or fund balances, end of year
$27,095,663
Program services expenses (Part IX)
$9,469,274
Management and general expenses
$1,830,652
Fundraising expenses
$122,631
Program service expenses (Part III)
$9,469,274

Program services were 82.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $167,401

  • 1f · All other contributions, gifts and grants

    $969,849

  • 2a · Program service revenue: ASSESSMENTS TO ASSOCIA

    total $7,744,874 · related or exempt $7,744,874

  • 2b · Program service revenue: OTHER REVENUE

    total $394,120 · related or exempt $290,902 · unrelated business $103,218

  • 3 · Investment income

    total $648,720 · excluded $648,720

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $656,972 · management and general $656,972

  • 7 · Other salaries and wages

    total $2,221,040 · program services $1,533,730 · management and general $592,481 · fundraising $94,829

  • 8 · Pension plan contributions

    total $185,176 · program services $116,407 · management and general $59,186 · fundraising $9,583

  • 9 · Other employee benefits

    total $294,477 · program services $199,646 · management and general $90,986 · fundraising $3,845

  • 10 · Payroll taxes

    total $219,987 · program services $116,967 · management and general $88,646 · fundraising $14,374

  • 11b · Fees: legal

    total $6,421 · program services $2,405 · management and general $4,016

  • 11c · Fees: accounting

    total $40,620 · program services $515 · management and general $40,105

  • 11f · Fees: investment management

    total $43,967 · management and general $43,967

  • 11g · Fees: other

    total $380,257 · program services $372,327 · management and general $7,930

  • 12 · Advertising and promotion

    total $16,044 · program services $16,044

  • 13 · Office expenses

    total $498,416 · program services $460,386 · management and general $38,030

  • 14 · Information technology

    total $346,054 · program services $282,649 · management and general $63,405

  • 16 · Occupancy

    total $350,863 · program services $324,898 · management and general $25,965

  • 17 · Travel

    total $330,509 · program services $316,173 · management and general $14,336

  • 19 · Conferences, conventions and meetings

    total $108,917 · program services $96,315 · management and general $12,602

  • 20 · Interest

    total $176,545 · program services $176,545

  • 22 · Depreciation, depletion and amortization

    total $612,204 · program services $605,665 · management and general $6,539

  • 23 · Insurance

    total $83,626 · program services $26,514 · management and general $57,112

  • 24a · Other expenses: JOINT APPTS & STIPENDS

    total $3,259,994 · program services $3,259,994

  • 24b · Other expenses: PVTA

    total $711,722 · program services $711,722

  • 24c · Other expenses: PROGRAM EXPENSES

    total $502,488 · program services $502,488

  • 24d · Other expenses: MEMBERSHIPS & SUBSCRIPT

    total $359,984 · program services $337,506 · management and general $22,478

  • 24e · All other expenses

    total $16,274 · program services $10,378 · management and general $5,896

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,979,385 · end of year $2,566,929

  • 2 · Savings and temporary cash investments

    beginning of year $5,051,493 · end of year $3,388,638

  • 3 · Pledges and grants receivable

    beginning of year $41,769 · end of year $42,605

  • 4 · Accounts receivable

    beginning of year $343,272 · end of year $406,629

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

    $16,687,194

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

    $7,967,029

  • 10c · Land, buildings and equipment, net

    beginning of year $9,321,345 · end of year $8,720,165

  • 11 · Investments: publicly traded securities

    beginning of year $17,458,454 · end of year $20,068,776

  • 12 · Investments: other securities

    beginning of year $318 · end of year $297

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,000,572 · end of year $2,156,075

  • 19 · Deferred revenue

    beginning of year $1,037,969 · end of year $926,469

  • 20 · Tax-exempt bond liabilities

    beginning of year $5,496,043 · end of year $5,015,832

  • 27 · Net assets without donor restrictions

    beginning of year $6,635,230 · end of year $6,608,668

  • 28 · Net assets with donor restrictions

    beginning of year $20,026,222 · end of year $20,486,995

Mission and programs · 2023

Mission

TO PROMOTE THE BROAD EDUCATIONAL AND CULTURAL OBJECTIVES OF THE AFFILIATED INSTITUTIONS OF AMHERST, SMITH, HAMPSHIRE AND MOUNT HOLYOKE COLLEGES AND UNIVERSITY OF MASSACHUSETTS AMHERST BY ENCOURAGING COOPERATION, PROMOTING OPPORTUNITIES FOR JOINT EDUCATION AND ADMINISTRATION.

Activities or mission (Part I)

EDUCATIONAL CONSORTIUM TO SUSTAIN AND ENRICH THE EXCELLENCE OF ITS MEMBERS-AMHERST, HAMPSHIRE, MOUNT HOLYOKE, AND SMITH COLLEGES AND THE UNIVERSITY OF MASSACHUSETTS AMHERST-THROUGH ACADEMIC AND ADMINISTRATIVE COLLABORATION. THE CONSORTIUM FACILITATES INTELLECTUAL COMMUNITIES AND BROAD CURRICULAR AND CO-CURRICULAR OFFERINGS, AFFORDING LEARNING, RESEARCH, PERFORMANCE, AND SOCIAL OPPORTUNITIES THAT COMPLEMENT THE DISTINCTIVE QUALITIES OF EACH INSTITUTION.

  • PROVIDES COOPERATIVE PROGRAMS SUCH AS STUDENT INTERCHANGE, LIBRARY DEPOSITORY AND OPEN BORROWING AGREEMENTS, JOINT CURRICULAR PROGRAMS, AND JOINT ADMINISTRATIVE PROGRAMS FOR THE FIVE MEMBER INSTITUTIONS (30,000 STUDENTS & FACULTY).

    Expenses $5,936,621 · Revenue $5,739,911

  • OPERATION OF FIBER OPTIC NETWORK TO CONNECT THE FIVE CAMPUSES WITH HIGH-SPEED BROADBAND INTERNET ACCESS (30,000 STUDENTS & FACULTY SERVED).

    Expenses $370,776 · Revenue $110,159

  • JOINT FACULTY APPOINTMENTS AND DEVELOPMENT (30,000 STUDENTS & FACULTY SERVED).

    Expenses $2,450,155 · Revenue $1,487,984

  • STUDENT SERVICES PROGRAMS: THE OPERATION OF A FARE-FREE BUS & VAN SYSTEM RUN BY PVTA (990 PART IX LINE 24B) THAT CARRIES OVER 1,000,000 PASSENGERS ANNUALLY. THIS PRIMARILY BENEFITS STUDENTS AND FACULTY OF MEMBER INSTITUTIONS (1,000,000 RIDERS)

    Expenses $711,722 · Revenue $697,722

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sarah Pfatteicher

    EXECUTIVE DIRECTOR/CLERK

    Total calculated
    $345,958
    From this org
    $298,083
    From related orgs
    $0
    Other
    $47,875
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,083
    Bonus
    $0
    Other
    $0
    Deferred
    $31,039
    Nontaxable benefits
    $16,836
    Filer's total
    $345,958

  • Yvette Morneau

    TREASURER

    Total calculated
    $159,081
    From this org
    $143,739
    From related orgs
    $0
    Other
    $15,342
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,739
    Bonus
    $0
    Other
    $0
    Deferred
    $14,749
    Nontaxable benefits
    $593
    Filer's total
    $159,081

  • Ruth Rauluk

    DIRECTOR OF RISK MANAGMENT

    Total calculated
    $154,302
    From this org
    $123,823
    From related orgs
    $0
    Other
    $30,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,823
    Bonus
    $0
    Other
    $0
    Deferred
    $13,645
    Nontaxable benefits
    $16,834
    Filer's total
    $154,302

  • Raymond Rennard

    DIRECTOR OF ACADEMIC PROGRAMS

    Total calculated
    $131,778
    From this org
    $115,308
    From related orgs
    $0
    Other
    $16,470
    Hours/week
    40

  • Lashonda Pettiford

    ASSISTANT TREASURER

    Total calculated
    $130,354
    From this org
    $110,457
    From related orgs
    $0
    Other
    $19,897
    Hours/week
    40

  • Michael Elliot

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Edward Wingebach

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Javier Reyes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Danielle Ren Holley

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sarah Willie-Lebreton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE BOARD OF DIRECTORS ANNUALLY EVALUATES THE EXECUTIVE DIRECTOR'S PERFORMANCE AND DETERMINES AN APPROPRIATE COMPENSATION. THE PRIMARY SOURCE TO COMPARE DATA IS THE CHRONICLE OF HIGHER EDUCATION COMPENSATION INFORMATION FOR SENIOR ADMINISTRATORS AND THE SALARY SURVEY OF LEADING CONSORTIA.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • FIVE COLLEGES NET LLC

    FIBER OPTIC NETWORK · MA · income $110,159 · assets $1,011,490

    Directly controlled by FIVE COLLEGES INCORPORATED

  • COLLEGIATE CATALYST FUND LLC

    SPONSORED CAPTIVE INSURANCE COMPANY · VT · income $35,369 · assets $170,909

    Directly controlled by FIVE COLLEGES INCORPORATED

Provenance

Return type
form_990
Tax year
2023
Filed
29 April 2025
IRS schema version
2023v6.0
Source object
202531219349301523

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