Form 990 for tax year 2024

Filed by GUSTAVUS ADOLPHUS COLLEGE.

Totals

Total revenue: $151,267,734
Total expenses: $157,681,375
Contributions and grants received: $15,933,885
Grants paid: $63,168,652
Program service revenue: $127,004,372
Investment income: $8,439,665
Other revenue: -$110,188
Total assets, end of year: $565,537,437
Total liabilities, end of year: $86,356,689
Net assets or fund balances, end of year: $479,180,748
Program services expenses (Part IX): $147,437,815
Management and general expenses: $6,340,746
Fundraising expenses: $3,902,814
Program service expenses (Part III): $147,437,815

Program services were 93.5% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$904,013
1d · Related organizations

$0
1e · Government grants (contributions)

$1,534,958
1f · All other contributions, gifts and grants

$13,494,914
1g · Noncash contributions included above

$561,149
2a · Program service revenue: Tuition and Fees

total $99,793,385 · related or exempt $99,793,385 · unrelated business $0 · excluded $0
2b · Program service revenue: Residence Halls

total $13,034,324 · related or exempt $12,829,999 · unrelated business $204,325 · excluded $0
2c · Program service revenue: Dining Service

total $8,223,209 · related or exempt $7,915,298 · unrelated business $307,911 · excluded $0
2d · Program service revenue: Book Mark

total $1,617,223 · related or exempt $1,617,223 · unrelated business $0 · excluded $0
2e · Program service revenue: Athletic Facilities

total $763,583 · related or exempt $737,369 · unrelated business $26,214 · excluded $0
2f · All other program service revenue

total $3,572,648 · related or exempt $3,382,575 · unrelated business $190,073 · excluded $0
3 · Investment income

total $3,175,429 · related or exempt $0 · unrelated business $651,128 · excluded $2,524,301
4 · Income from investment of tax-exempt bond proceeds

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

total $5,913 · related or exempt $0 · unrelated business $0 · excluded $5,913
6c · Rental income or loss

real property $0 · personal property $0
7a · Gross sales of assets other than inventory

securities $113,066,729 · other assets $0
7b · Less cost or other basis and sales expenses

securities $107,802,493 · other assets $0
7c · Gain or loss

securities $5,264,236 · other assets $0
7d · Net gain or loss

total $5,264,236 · related or exempt $0 · unrelated business $0 · excluded $5,264,236
8a · Fundraising events: gross income

$155,725
8a · Fundraising events: contributions included on line 1c

$904,013
8b · Fundraising events: direct expenses

$339,274
8c · Net income from fundraising events

total -$183,549 · unrelated business $0 · excluded -$183,549
9a · Gaming: gross income

$76,460
9b · Gaming: direct expenses

$9,012
9c · Net income from gaming

total $67,448 · related or exempt $0 · unrelated business $0 · excluded $67,448
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $40,000 · program services $40,000
2 · Grants to domestic individuals

total $63,128,652 · program services $63,128,652
5 · Compensation of officers, directors and key employees

total $899,972 · program services $261,754 · management and general $638,218
7 · Other salaries and wages

total $38,467,488 · program services $35,038,733 · management and general $1,772,096 · fundraising $1,656,659
8 · Pension plan contributions

total $1,530,782 · program services $1,325,930 · management and general $124,684 · fundraising $80,168
9 · Other employee benefits

total $9,708,970 · program services $8,755,066 · management and general $498,522 · fundraising $455,382
10 · Payroll taxes

total $2,567,266 · program services $2,314,199 · management and general $128,958 · fundraising $124,109
11b · Fees: legal

total $423,085 · management and general $417,712 · fundraising $5,373
11c · Fees: accounting

total $119,354 · management and general $119,354
11d · Fees: lobbying

total $123,823 · management and general $123,823
11e · Fees: professional fundraising services

total $309,960 · fundraising $309,960
11f · Fees: investment management

total $607,135 · management and general $607,135
11g · Fees: other

total $1,849,075 · program services $1,615,613 · management and general $67,554 · fundraising $165,908
12 · Advertising and promotion

total $1,201,001 · program services $1,201,001
13 · Office expenses

total $836,152 · program services $468,759 · management and general $159,890 · fundraising $207,503
14 · Information technology

total $1,832,115 · program services $1,419,726 · management and general $408,899 · fundraising $3,490
16 · Occupancy

total $5,613,037 · program services $5,447,529 · management and general $136,774 · fundraising $28,734
17 · Travel

total $1,582,720 · program services $1,421,735 · management and general $81,571 · fundraising $79,414
19 · Conferences, conventions and meetings

total $114,637 · program services $103,446 · management and general $4,449 · fundraising $6,742
20 · Interest

total $2,303,891 · program services $2,303,037 · management and general $854
22 · Depreciation, depletion and amortization

total $9,942,528 · program services $9,655,225 · management and general $237,424 · fundraising $49,879
23 · Insurance

total $1,163,545 · program services $1,129,923 · management and general $27,785 · fundraising $5,837
24a · Other expenses: Dining Service Expenses

total $3,783,457 · program services $3,783,457 · management and general $0 · fundraising $0
24b · Other expenses: Academic Expenses

total $1,713,045 · program services $1,713,045 · management and general $0 · fundraising $0
24c · Other expenses: Book Mark Expenses

total $1,300,163 · program services $1,300,163 · management and general $0 · fundraising $0
24d · Other expenses: Study Abroad

total $765,440 · program services $765,440 · management and general $0 · fundraising $0
24e · All other expenses

total $5,754,082 · program services $4,245,382 · management and general $785,044 · fundraising $723,656

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $53,721 · end of year $58,413
2 · Savings and temporary cash investments

beginning of year $28,647,795 · end of year $39,036,533
3 · Pledges and grants receivable

beginning of year $11,165,622 · end of year $7,475,445
4 · Accounts receivable

beginning of year $808,865 · end of year $1,248,608
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 $11,216 · end of year $9,138
8 · Inventories for sale or use

beginning of year $530,424 · end of year $568,353
9 · Prepaid expenses and deferred charges

beginning of year $1,457,335 · end of year $1,538,301
10a · Land, buildings and equipment: cost or other basis

$331,808,286
10b · Land, buildings and equipment: accumulated depreciation

$156,511,883
10c · Land, buildings and equipment, net

beginning of year $180,953,807 · end of year $175,296,403
11 · Investments: publicly traded securities

beginning of year $117,067,605 · end of year $122,895,279
12 · Investments: other securities

beginning of year $216,098,739 · end of year $215,981,768
13 · Investments: program-related

beginning of year $256,112 · end of year $152,298
15 · Other assets

beginning of year $443,692 · end of year $1,276,898
17 · Accounts payable and accrued expenses

beginning of year $14,222,208 · end of year $13,856,626
19 · Deferred revenue

beginning of year $3,535,185 · end of year $3,766,794
20 · Tax-exempt bond liabilities

beginning of year $60,338,446 · end of year $58,819,856
21 · Escrow or custodial account liability

beginning of year $2,678,052 · end of year $3,056,663
25 · Other liabilities

beginning of year $7,469,250 · end of year $6,856,750
27 · Net assets without donor restrictions

beginning of year $177,336,561 · end of year $174,861,665
28 · Net assets with donor restrictions

beginning of year $291,915,231 · end of year $304,319,083

Mission and programs · 2024

Mission

Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society.

Activities or mission (Part I)

Gustavus Adolphus College prepares its students for fulfilling lives of leadership and service and is committed to the core values of excellence, community, justice, service, and faith. It is especially known for strong science, writing, music, athletics, and study abroad programs. The College hosts a chapter of Phi Beta Kappa and is internationally recognized for its annual Nobel Conference sanctioned by The Nobel Foundation in Stockholm, Sweden. The students, faculty, administration, staff and Board of Directors believe in a strong, open community where all citizens play a vital role. Gustavus has consistently produced graduates who lead lives of uncommon purpose and passion, and demonstrate that they make their lives count.

Instruction and Academic Support: Gustavus offers 78 majors in 24 academic departments and 12 interdisciplinary programs, with a student-faculty ratio of 12:1. Total FTE enrollment for academic year 2024-2025 was 1,852, with 523 students graduating in fiscal year 2025.

Expenses $107,228,328 · Grants $63,128,652 · Revenue $104,780,744
Student Services: Gustavus sponsors 23 varsity athletics teams and 27 intramural activities and club sports, along with more than 102 student organizations. Other student services include admission, community engaged learning, career development, peer mentoring, Office of the Chaplains, center for inclusive excellence, financial assistance, health services, registrar, campus activities and residential life programs.

Expenses $18,143,649
Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 93% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2024, 1,733 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items.

Expenses $15,282,370 · Revenue $22,874,756
Gustavus offers a number of activities that enhance the curricular program, including various public service events and miscellaneous services provided to students.

Expenses $6,783,468 · Grants $40,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Rebecca M Bergman

President

Total calculated

$438,458

From this org

$357,904

From related orgs

$0

Other

$80,554

Hours/week

50 + 0.5 related

Schedule J breakdown matched by us

Base

$339,783

Bonus

$0

Other

$18,121

Deferred

$55,841

Nontaxable benefits

$24,713

Filer's total

$438,458
Brenda S Kelly

Provost and Dean of the College

Total calculated

$272,269

From this org

$204,557

From related orgs

$0

Other

$67,712

Hours/week

50

Schedule J breakdown matched by us

Base

$203,455

Bonus

$0

Other

$1,102

Deferred

$9,242

Nontaxable benefits

$58,470

Filer's total

$272,269
Curtis J Kowaleski

CFO Vice President of Finance and Treasurer

Total calculated

$232,487

From this org

$195,392

From related orgs

$0

Other

$37,095

Hours/week

50 + 0.5 related

Schedule J breakdown matched by us

Base

$194,061

Bonus

$0

Other

$1,331

Deferred

$8,785

Nontaxable benefits

$28,310

Filer's total

$232,487
Thomas W Young

Vice President for Institutional Advancement

Total calculated

$224,635

From this org

$176,558

From related orgs

$0

Other

$48,077

Hours/week

50

Schedule J breakdown matched by us

Base

$174,986

Bonus

$0

Other

$1,572

Deferred

$8,143

Nontaxable benefits

$39,934

Filer's total

$224,635
Stanley J Shetka

Faculty

Total calculated

$219,463

From this org

$205,568

From related orgs

$0

Other

$13,895

Hours/week

50

Schedule J breakdown matched by us

Base

$74,144

Bonus

$0

Other

$131,424

Deferred

$2,756

Nontaxable benefits

$11,139

Filer's total

$219,463
Mark J Braun

Faculty

Total calculated

$201,219

From this org

$164,427

From related orgs

$0

Other

$36,792

Hours/week

50

Schedule J breakdown matched by us

Base

$135,788

Bonus

$0

Other

$28,639

Deferred

$6,405

Nontaxable benefits

$30,387

Filer's total

$201,219
Kim Frisch

Vice President for Enrollment Management

Total calculated

$194,078

From this org

$178,077

From related orgs

$0

Other

$16,001

Hours/week

50

Schedule J breakdown matched by us

Base

$176,582

Bonus

$0

Other

$1,495

Deferred

$4,568

Nontaxable benefits

$11,433

Filer's total

$194,078
Timothy R Kennedy

Vice President for Marketing

Total calculated

$168,713

From this org

$154,097

From related orgs

$0

Other

$14,616

Hours/week

50

Schedule J breakdown matched by us

Base

$117,043

Bonus

$0

Other

$37,054

Deferred

$5,281

Nontaxable benefits

$9,335

Filer's total

$168,713
Nicole M LaVoi

Director

Total calculated

$2,500

From this org

$2,500

From related orgs

$0

Other

$0

Hours/week

2
Tane T Danger

Director

Total calculated

$2,000

From this org

$2,000

From related orgs

$0

Other

$0

Hours/week

2
Kelsey K Ackmann

Director

Total calculated

$0

Hours/week

2
Jeffrey C Anderson

Director

Total calculated

$0

Hours/week

2
Nathan P Annis

Director

Total calculated

$0

Hours/week

2
Catherine L Asta

Director

Total calculated

$0

Hours/week

2
Mark W Bergman

Director

Total calculated

$0

Hours/week

2
Suzanne F Boda

Director

Total calculated

$0

Hours/week

2
Robert D Brown Jr

Director

Total calculated

$0

Hours/week

2
Kara K Buckner

Director

Total calculated

$0

Hours/week

2
Michael D Bussey

Director

Total calculated

$0

Hours/week

2
Janette F Concepcion

Director

Total calculated

$0

Hours/week

2
Daniel G Currell

Director

Total calculated

$0

Hours/week

2
Sarah E Cuthill

Director

Total calculated

$0

Hours/week

2
Edward J Drenttel

Director

Total calculated

$0

Hours/week

2
Chris Enstad

Director

Total calculated

$0

Hours/week

2
John M Harris

Director

Total calculated

$0

Hours/week

2
Eric H Hedlund

Director

Total calculated

$0

Hours/week

2
Mary Dee J Hicks

Director

Total calculated

$0

Hours/week

2
Alicia A Hilding

Director

Total calculated

$0

Hours/week

2
John S Himle

Director

Total calculated

$0

Hours/week

2
Keith N Jackson

Director/Vice Chair

Total calculated

$0

Hours/week

2
Peter C Johnson

Director

Total calculated

$0

Hours/week

2
Charles M Kelley

Director

Total calculated

$0

Hours/week

2
Goren Lithell

Director

Total calculated

$0

Hours/week

2
David J Lose

Director

Total calculated

$0

Hours/week

2
Bradley S Nuss

Director/Vice Chair

Total calculated

$0

Hours/week

2
Marcia L Page

Director/Chair

Total calculated

$0

Hours/week

2
Dee Pederson

Director

Total calculated

$0

Hours/week

2
Robert C Schnell

Director

Total calculated

$0

Hours/week

2
Amanda J Simons

Director

Total calculated

$0

Hours/week

2
Karl D Self

Director/Vice Chair

Total calculated

$0

Hours/week

2
Kent V Stone

Director

Total calculated

$0

Hours/week

2
Heather T Wigdahl

Director

Total calculated

$0

Hours/week

2

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 · Travel for companions
1a · Housing allowance or residence for personal use
1a · Personal services (maid, chauffeur, chef)
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan

Answered no

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: As a condition of the President's employment contract, she is required to reside in the College-owned residence located on the College's campus at the College's expense. The College pays for all maintenance and operating expenses of the house, including, but not limited to, housekeeping, grounds keeping, general maintenance and all utilities. The President's residence is available for College-related business and entertainment on a regular and continuing basis. This benefit is excluded from taxable income pursuant to IRC Section 119(a). The College paid for spousal travel expenses which totaled approximately $1,500 and was included in taxable income.
Schedule J, Part I, Line 4: Kennedy received severance payments of $34,827. Shetka received severance payments of $131,251. The President has a supplemental nonqualified retirement plan that has been approved by the Board of Directors. The terms of this plan are set forth in the written contract of the President that has been signed by the Chair of the Board of Directors and amounted to $41,381 for 2024.

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

City of Saint Peter

$40,000

Community 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.

Greater Gustavus Fund

501(c)(3) · Fundraising · MN · controlled entity

Directly controlled by Gustavus Adolphus College

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.

Tennis and Life Camps LLC

Summer Camp · MN · income $1,207,016 · assets $813,737

Related corporations and trusts

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

Beneficial Interest in Funds Held in Trust (20)

T · Investment · MN
Charitable Remainder Unitrusts (20)

T · Investment · MN · controlled entity
Pooled Life Income Fund

T · Investment · MN · controlled entity

Provenance

Return type: form_990
Tax year: 2024
Filed: 13 April 2026
IRS schema version: 2024v5.0
Source object: 202641039349301639

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