Form 990 for tax year 2022

Filed by CULVER EDUCATIONAL FOUNDATION.

Totals

Total revenue: $96,364,611
Total expenses: $95,943,658
Contributions and grants received: $29,754,724
Grants paid: $16,687,350
Program service revenue: $58,676,355
Investment income: $4,379,542
Other revenue: $3,553,990
Total assets, end of year: $971,130,967
Total liabilities, end of year: $79,843,555
Net assets or fund balances, end of year: $891,287,412
Program services expenses (Part IX): $79,782,893
Management and general expenses: $11,139,614
Fundraising expenses: $5,021,151
Program service expenses (Part III): $79,782,893

Program services were 83.2% 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.

1c · Fundraising events

$1,083,930
1f · All other contributions, gifts and grants

$28,670,794
1g · Noncash contributions included above

$1,552,017
2a · Program service revenue: Tuition & Fees for Students

total $58,505,264 · related or exempt $58,505,264 · unrelated business $0 · excluded $0
2b · Program service revenue: Student events/transportation

total $171,091 · related or exempt $171,091 · unrelated business $0 · excluded $0
2c · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2d · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2e · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $9,623,571 · related or exempt $0 · unrelated business $0 · excluded $9,623,571
4 · Income from investment of tax-exempt bond proceeds

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

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $411,140 · personal property $0
6b · Less rental expenses

real property $165,408 · personal property $0
6c · Rental income or loss

real property $245,732 · personal property $0
6d · Net rental income or loss

total $245,732 · related or exempt $52,790 · unrelated business $0 · excluded $192,942
7a · Gross sales of assets other than inventory

securities $213,573,283 · other assets $0
7b · Less cost or other basis and sales expenses

securities $218,560,544 · other assets $256,768
7c · Gain or loss

securities -$4,987,261 · other assets -$256,768
7d · Net gain or loss

total -$5,244,029 · related or exempt $0 · unrelated business $0 · excluded -$5,244,029
8a · Fundraising events: gross income

$768,845
8a · Fundraising events: contributions included on line 1c

$1,083,930
8b · Fundraising events: direct expenses

$130,650
8c · Net income from fundraising events

total $638,195 · unrelated business $0 · excluded $638,195
9a · Gaming: gross income

$4,900
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $4,900 · related or exempt $0 · unrelated business $0 · excluded $4,900
10a · Gross sales of inventory

$3,776,125
10b · Cost of goods sold

$2,368,595
10c · Net income from sales of inventory

total $1,407,530 · related or exempt $764,584 · unrelated business $3,547 · excluded $639,399
11a · Other revenue: International Medical Insurance

total $708,674 · related or exempt $708,674 · unrelated business $0 · excluded $0
11b · Other revenue: Special Events

total $138,507 · related or exempt $138,507 · unrelated business $0 · excluded $0
11c · Other revenue: Air Conditioner Fees

total $50,500 · related or exempt $50,500 · unrelated business $0 · excluded $0
11d · All other revenue

total $359,952 · related or exempt $358,630 · unrelated business $0 · excluded $1,322
11e · Other revenue, total

$1,257,633

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $1,600,000 · program services $1,600,000
2 · Grants to domestic individuals

total $15,087,350 · program services $15,087,350
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $538,000 · program services $161,400 · management and general $161,400 · fundraising $215,200
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $27,066,355 · program services $22,266,589 · management and general $2,549,825 · fundraising $2,249,941
8 · Pension plan contributions

total $800,000 · program services $628,715 · management and general $121,112 · fundraising $50,173
9 · Other employee benefits

total $12,296,186 · program services $10,224,160 · management and general $1,465,087 · fundraising $606,939
10 · Payroll taxes

total $2,399,164 · program services $1,994,881 · management and general $285,860 · fundraising $118,423
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $168,338 · program services $0 · management and general $168,338 · fundraising $0
11c · Fees: accounting

total $131,103 · program services $0 · management and general $131,103 · 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 $2,710,080 · program services $0 · management and general $2,710,080 · fundraising $0
11g · Fees: other

total $9,417,013 · program services $7,635,072 · management and general $1,683,834 · fundraising $98,107
12 · Advertising and promotion

total $393,666 · program services $29,858 · management and general $27,881 · fundraising $335,927
13 · Office expenses

total $759,521 · program services $403,228 · management and general $140,259 · fundraising $216,034
14 · Information technology

total $1,709,780 · program services $684,997 · management and general $342,559 · fundraising $682,224
15 · Royalties

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

total $2,689,648 · program services $2,548,710 · management and general $140,938 · fundraising $0
17 · Travel

total $506,539 · program services $340,139 · management and general $33,802 · fundraising $132,598
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $182,143 · program services $135,562 · management and general $46,581 · fundraising $0
20 · Interest

total $1,743,802 · program services $1,652,438 · management and general $91,364 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $6,674,213 · program services $6,324,484 · management and general $349,729 · fundraising $0
23 · Insurance

total $943,734 · program services $894,282 · management and general $49,452 · fundraising $0
24a · Other expenses: Program-instructional support

total $4,292,139 · program services $3,862,756 · management and general $224,401 · fundraising $204,982
24b · Other expenses: Maintenance-equipment rentals

total $2,139,675 · program services $1,972,844 · management and general $164,809 · fundraising $2,022
24c · Other expenses: Property taxes

total $150,251 · program services $142,378 · management and general $7,873 · fundraising $0
24d · Other expenses: Fuel

total $166,538 · program services $160,491 · management and general $6,047 · fundraising $0
24e · All other expenses

total $1,378,420 · program services $1,032,559 · management and general $237,280 · fundraising $108,581
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 $101,832 · end of year $93,012
2 · Savings and temporary cash investments

beginning of year $52,873,495 · end of year $54,547,743
3 · Pledges and grants receivable

beginning of year $50,323,467 · end of year $35,935,705
4 · Accounts receivable

beginning of year $343,269 · end of year $228,070
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
8 · Inventories for sale or use

beginning of year $2,200,275 · end of year $2,747,510
9 · Prepaid expenses and deferred charges

beginning of year $2,676,636 · end of year $3,100,442
10a · Land, buildings and equipment: cost or other basis

$282,884,882
10b · Land, buildings and equipment: accumulated depreciation

$152,125,885
10c · Land, buildings and equipment, net

beginning of year $115,476,882 · end of year $130,758,997
11 · Investments: publicly traded securities

beginning of year $152,595,506 · end of year $228,583,685
12 · Investments: other securities

beginning of year $534,030,428 · end of year $501,914,543
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 $7,632,031 · end of year $13,221,260
17 · Accounts payable and accrued expenses

beginning of year $5,911,564 · end of year $6,849,229
18 · Grants payable

end of year $0
19 · Deferred revenue

beginning of year $22,726,634 · end of year $24,473,224
20 · Tax-exempt bond liabilities

beginning of year $38,300,000 · end of year $38,300,000
21 · Escrow or custodial account liability

end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

end of year $1,064,596
25 · Other liabilities

beginning of year $15,018,130 · end of year $9,156,506
27 · Net assets without donor restrictions

beginning of year $263,858,046 · end of year $309,960,614
28 · Net assets with donor restrictions

beginning of year $572,439,447 · end of year $581,326,798
29 · Capital stock, trust principal or current funds

end of year $0
30 · Paid-in or capital surplus, or land, building or equipment fund

end of year $0
31 · Retained earnings, endowment or other funds

end of year $0

Mission and programs · 2022

Mission

Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, spirit and body - through integrated programs that emphasize the cultivation of character.

Activities or mission (Part I)

To educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, spirit and body - through integrated programs that emphasize the cultivation of character.

Culver promises top academics, competitive athletics and education you need to be a leader and a responsible global citizen in high school, in college and beyond. Culver encourages you to develop your individual interests and talents, all while helping you move beyond self-imposed limitations. Our mission to develop and nurture the whole person - mind, spirit and body - with our unique focus on leadership training means you receive the total educational experience that has set Culver above other schools for more than a century. Instruction is for grades 9-12, ranging from the arts and music to science, math and humanities as well as unique programs in leadership, wellness and a servant leadership project requirement for graduation.

Expenses $37,615,741 · Grants $1,600,000 · Revenue $49,508,823
Culver Academies understands the financial commitment of an independent school education and focuses on maximizing our resources to provide opportunities to those families who qualify or warrant assistance. Culver offers need based financial aid assistance as well as non-need-based awards. Need based aid depends solely on a family's financial profile and is independent from the admissions process. Scholarships / Merit awards are based on the strength of the candidate and can range from small amounts to full awards.

Expenses $15,087,350 · Grants $15,087,350
Founded in 1902, Culver Summer Schools and Camps is a fun- filled, naturally beautiful 1,800-acre setting where nearly 1,300 young people from around the world, ages 7-17, develop positive self-esteem through accomplishment and self-discipline. It is a high challenge-high support-high reward environment for learning leadership skills that improve personal confidence.

Expenses $9,010,095 · Revenue $10,476,633
Student Services Programs: A variety of student services and activities were provided, including Barber Shop, Laundry-Dry Cleaning, Dining Hall, and Student Health Services.

Expenses $18,069,707 · Revenue $764,584
Student Services Programs, General/Other: Auxiliary services such as required uniform and a campus bookstore provided for the convenience of students.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Craig J Duchossois

Vice President

Total calculated

$0

Hours/week

3
David M Culver

Vice President

Total calculated

$0

Hours/week

3
Dr Margaret E Thompson

Secretary/Vice President Thru Sept 2022

Total calculated

$0

Hours/week

6
Harry L Crisp II

Vice President

Total calculated

$0

Hours/week

3
James A Henderson

Chairman Emeritus/Vice President

Total calculated

$0

Hours/week

10
Jeffrey P Adams

Treasurer/Vice President Thru June 2023

Total calculated

$0

Hours/week

8 + 1 related
John D Zeglis

Vice President

Total calculated

$0

Hours/week

3 + 1 related
Miles D White

Chairman

Total calculated

$0

Hours/week

8 + 1 related
Paul C Gignilliat

Vice President

Total calculated

$0

Hours/week

5
Bernardo Quintana

Trustee

Total calculated

$0

Hours/week

3
Christine Lauridsen Sand

Trustee

Total calculated

$0

Hours/week

3
COL Dartanian Warr USAF

Trustee

Total calculated

$0

Hours/week

3
Dave Chenn

Trustee

Total calculated

$0

Hours/week

3
Emily Barnes Cole

Trustee Thru June 2023

Total calculated

$0

Hours/week

3
Eric H Burns

Trustee

Total calculated

$0

Hours/week

3
George T DeVries III

Trustee

Total calculated

$0

Hours/week

3
James E Fellowes

Trustee

Total calculated

$0

Hours/week

3 + 1 related
James S Gault

Trustee

Total calculated

$0

Hours/week

3
Jeffrey A Desich

Trustee

Total calculated

$0

Hours/week

3
Jennifer Thorington Springer

Trustee Thru June 2023

Total calculated

$0

Hours/week

3
Joann L Callahan

Trustee

Total calculated

$0

Hours/week

5
John J Bollman

Trustee

Total calculated

$0

Hours/week

3
Kathryn R Booth

Trustee

Total calculated

$0

Hours/week

5 + 1 related
Lara K Nicholson

Trustee

Total calculated

$0

Hours/week

3
Larry A Swank

Trustee Thru June 2023

Total calculated

$0

Hours/week

3
Laura Schacht Bilicic

Trustee

Total calculated

$0

Hours/week

3
Margrethe Raub Vagell

Trustee

Total calculated

$0

Hours/week

3
MG John W Peabody US Army

Trustee

Total calculated

$0

Hours/week

3
Michael E Schrage

Trustee

Total calculated

$0

Hours/week

3
Michael R Wilcox

Trustee

Total calculated

$0

Hours/week

3
Rachel Redington Werner

Trustee

Total calculated

$0

Hours/week

3
Richard A Jennings

Trustee

Total calculated

$0

Hours/week

3
Robert C Vaughn

Trustee

Total calculated

$0

Hours/week

5
Robert H Ledbetter Jr

Trustee

Total calculated

$0

Hours/week

3
Sodiqa Williams

Trustee

Total calculated

$0

Hours/week

3
Thomas H Story

Trustee

Total calculated

$0

Hours/week

3
Tiffany S Kyser

Trustee

Total calculated

$0

Hours/week

3
Timika Shafeek-Horton

Trustee

Total calculated

$0

Hours/week

3
Whitney K Alvis

Trustee

Total calculated

$0

Hours/week

3
Brian R Baker

Chief Financial Officer

Total calculated

$205,104

From this org

$163,315

From related orgs

$0

Other

$41,789

Hours/week

50 + 3 related

Schedule J breakdown matched by us

Base

$162,872

Bonus

$0

Other

$443

Deferred

$16,960

Nontaxable benefits

$24,829

Filer's total

$205,104
Douglas O Bird

Head of Schools

Total calculated

$552,092

From this org

$374,697

From related orgs

$0

Other

$177,395

Hours/week

60

Schedule J breakdown matched by us

Base

$373,822

Bonus

$0

Other

$875

Deferred

$100,610

Nontaxable benefits

$76,785

Filer's total

$552,092
Mary Rasch

Dean of Girls

Total calculated

$176,613

From this org

$151,790

From related orgs

$0

Other

$24,823

Hours/week

50

Schedule J breakdown matched by us

Base

$151,347

Bonus

$0

Other

$443

Deferred

$15,370

Nontaxable benefits

$9,453

Filer's total

$176,613
Andrew Seddelmeyer

Deputy Head of Schools

Total calculated

$360,363

From this org

$164,723

From related orgs

$0

Other

$195,640

Hours/week

50

Schedule J breakdown matched by us

Base

$164,280

Bonus

$0

Other

$443

Deferred

$16,960

Nontaxable benefits

$178,680

Filer's total

$360,363
Joshua Pretzer

Dean of Faculty

Total calculated

$232,788

From this org

$191,039

From related orgs

$0

Other

$41,749

Hours/week

50

Schedule J breakdown matched by us

Base

$190,554

Bonus

$0

Other

$485

Deferred

$19,302

Nontaxable benefits

$22,447

Filer's total

$232,788
Michael T Squires

Commandant of Cadets

Total calculated

$284,739

From this org

$162,370

From related orgs

$0

Other

$122,369

Hours/week

50

Schedule J breakdown matched by us

Base

$161,967

Bonus

$0

Other

$403

Deferred

$17,674

Nontaxable benefits

$104,695

Filer's total

$284,739
Michelle Hicks

Chief Human Resources Officer

Total calculated

$225,744

From this org

$187,351

From related orgs

$0

Other

$38,393

Hours/week

50

Schedule J breakdown matched by us

Base

$186,848

Bonus

$0

Other

$503

Deferred

$18,868

Nontaxable benefits

$19,525

Filer's total

$225,744
Steven Pietraszek

Director of Enrollment Management, Admissions

Total calculated

$205,028

From this org

$168,242

From related orgs

$0

Other

$36,786

Hours/week

50

Schedule J breakdown matched by us

Base

$167,799

Bonus

$0

Other

$443

Deferred

$16,960

Nontaxable benefits

$19,826

Filer's total

$205,028

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

1a · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan

Answered no

4a · Severance or change-of-control payment
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)

Schedule J, Part I, Line 1a Housing allowance or residence for personal use: The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools lives on campus and is provided housing owned by the School. Listed employees who received housing are: Douglas Bird - $12,000 The value of this housing is included in the individual's non-taxable benefits.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan: DOUGLAS O BIRD, HEAD OF SCHOOLS, PARTICIPATED IN ONE OR MORE SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS. THE CURRENT YEAR CONTRIBUTION WAS $50,000.

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

Lowenstine Fund Corporation

$1,600,000

GENERAL SUPPORT

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Lowenstine Fund Corporation

501(c)(3) · Supporting Organization · IN · controlled entity

Directly controlled by The Culver Educational Foundation

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.

CULVER CHAPEL COLUMBARIUM LLC

COLUMBARIUM · IN · income $29,000 · assets $499,000

Directly controlled by Culver Educational Foundation

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

SIGNATURE SCHOOLS LLC

N/A · EDUCATION · SC · 50% owned · share of income $1,267 · share of assets $250,000 · general or managing partner

Directly controlled by NA

Related corporations and trusts

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

Charitable Remainder Trusts (5) CO - Culver Educational Foundation

Trust · Trusts · IN

Directly controlled by Culver Educational Foundation

Provenance

Return type: form_990
Tax year: 2022
Filed: 11 April 2024
IRS schema version: 2022v5.0
Source object: 202421029349300422

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