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Nonprofiteer
← COE COLLEGE

Form 990 for tax year 2022

Filed by COE COLLEGE.

Totals

Total revenue
$80,028,857
Total expenses
$87,154,998
Contributions and grants received
$5,198,803
Grants paid
$43,250,642
Program service revenue
$71,389,666
Investment income
$3,432,758
Other revenue
$7,630
Total assets, end of year
$176,739,069
Total liabilities, end of year
$38,103,938
Net assets or fund balances, end of year
$138,635,131
Program services expenses (Part IX)
$79,447,581
Management and general expenses
$7,063,002
Fundraising expenses
$644,415
Program service expenses (Part III)
$79,447,581

Program services were 91.2% 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

    $20,490

  • 1d · Related organizations

    $389,180

  • 1e · Government grants (contributions)

    $1,438,408

  • 1f · All other contributions, gifts and grants

    $3,350,725

  • 1g · Noncash contributions included above

    $706,999

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

    total $59,308,891 · related or exempt $59,308,891

  • 2b · Program service revenue: AUXILIARY ENTERPRISES

    total $11,214,437 · related or exempt $11,214,437

  • 2c · Program service revenue: MISC. FEES & CHARGE

    total $866,338 · related or exempt $866,338

  • 3 · Investment income

    total $1,558,180 · excluded $1,558,180

  • 7a · Gross sales of assets other than inventory

    securities $20,517,345 · other assets $500

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

    securities $18,643,267 · other assets $0

  • 7c · Gain or loss

    securities $1,874,078 · other assets $500

  • 7d · Net gain or loss

    total $1,874,578 · excluded $1,874,578

  • 8a · Fundraising events: gross income

    $19,487

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

    $20,490

  • 8b · Fundraising events: direct expenses

    $11,857

  • 8c · Net income from fundraising events

    total $7,630 · excluded $7,630

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $43,250,642 · program services $43,250,642

  • 5 · Compensation of officers, directors and key employees

    total $1,350,506 · management and general $1,272,854 · fundraising $77,652

  • 7 · Other salaries and wages

    total $15,642,184 · program services $13,638,123 · management and general $1,620,190 · fundraising $383,871

  • 8 · Pension plan contributions

    total $806,218 · program services $679,707 · management and general $116,836 · fundraising $9,675

  • 9 · Other employee benefits

    total $3,297,772 · program services $2,718,787 · management and general $540,284 · fundraising $38,701

  • 10 · Payroll taxes

    total $1,250,810 · program services $1,054,433 · management and general $181,368 · fundraising $15,009

  • 11b · Fees: legal

    total $60,442 · management and general $60,442

  • 11c · Fees: accounting

    total $138,177 · management and general $138,177

  • 11f · Fees: investment management

    total $264,859 · management and general $264,859

  • 11g · Fees: other

    total $869,697 · program services $426,972 · management and general $442,725

  • 12 · Advertising and promotion

    total $103,659 · program services $1,344 · management and general $93,580 · fundraising $8,735

  • 13 · Office expenses

    total $1,923,422 · program services $1,168,288 · management and general $662,322 · fundraising $92,812

  • 16 · Occupancy

    total $2,335,186 · program services $2,335,186

  • 17 · Travel

    total $638,475 · program services $490,182 · management and general $140,947 · fundraising $7,346

  • 20 · Interest

    total $950,781 · program services $864,318 · management and general $86,463

  • 22 · Depreciation, depletion and amortization

    total $3,208,013 · program services $3,115,121 · management and general $92,892

  • 23 · Insurance

    total $200,085 · program services $186,510 · management and general $13,575

  • 24a · Other expenses: FACILITIES OPERATIONS

    total $5,996,606 · program services $5,801,176 · management and general $195,430

  • 24b · Other expenses: INSTRUCTION AND RESEARC

    total $2,434,614 · program services $2,152,655 · management and general $281,959

  • 24c · Other expenses: RECRUITING

    total $615,556 · program services $615,556

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $535,486 · program services $473,017 · management and general $62,321 · fundraising $148

  • 24e · All other expenses

    total $1,281,808 · program services $475,564 · management and general $795,778 · fundraising $10,466

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,282,361 · end of year $4,114,973

  • 3 · Pledges and grants receivable

    beginning of year $1,863,582 · end of year $1,900,676

  • 4 · Accounts receivable

    beginning of year $2,662,361 · end of year $1,282,115

  • 9 · Prepaid expenses and deferred charges

    beginning of year $914,405 · end of year $968,339

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

    $130,386,446

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

    $61,169,401

  • 10c · Land, buildings and equipment, net

    beginning of year $70,675,096 · end of year $69,217,045

  • 11 · Investments: publicly traded securities

    beginning of year $59,728,633 · end of year $58,899,242

  • 12 · Investments: other securities

    beginning of year $7,126,849 · end of year $5,930,705

  • 13 · Investments: program-related

    beginning of year $4,119,032 · end of year $3,509,705

  • 15 · Other assets

    beginning of year $28,192,457 · end of year $30,916,269

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,957,140 · end of year $3,243,250

  • 19 · Deferred revenue

    beginning of year $314,925 · end of year $182,873

  • 20 · Tax-exempt bond liabilities

    beginning of year $27,702,055 · end of year $26,530,122

  • 25 · Other liabilities

    beginning of year $9,304,921 · end of year $8,147,693

  • 27 · Net assets without donor restrictions

    beginning of year $44,051,625 · end of year $43,128,149

  • 28 · Net assets with donor restrictions

    beginning of year $97,234,110 · end of year $95,506,982

Mission and programs · 2022

Mission

SEE SCHEDULE O.

Activities or mission (Part I)

COE COLLEGE IS A PRIVATE, FOUR-YEAR CO-EDUCATIONAL LIBERAL ARTS COLLEGE.

  • EDUCATIONAL - COE COLLEGE IS A SELECTIVE, PRIVATE AND NATIONALLY RECOGNIZED FOUR-YEAR COEDUCATIONAL LIBERAL ARTS INSTITUTION, PROVIDING SUPERIOR EDUCATIONAL EXPERIENCES FOR STUDENTS SINCE 1851. TO EACH OF ITS MORE THAN 1,400 STUDENTS, THE INSTITUTION OFFERS THE ADVANTAGES OF A SMALL COLLEGE THAT IS DEDICATED TO ACADEMIC EXCELLENCE. STUDENT-FACULTY RATIOS ARE LOW AT 11 TO 1, THE AVERAGE CLASS SIZE IS 16, AND 95% OF FULL-TIME FACULTY MEMBERS HAVE EARNED THE HIGHEST DEGREE IN THEIR RESPECTIVE FIELDS. STUDENTS CAN THUS RECEIVE A LEVEL OF PERSONALIZED ATTENTION THAT HAS ALMOST DISAPPEARED ELSEWHERE IN MODERN ACADEMIA. THE CAMPUS PRESENTS AN INVITING ENVIRONMENT TO STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, OFFERING A VARIETY OF OPPORTUNITIES FOR GROWTH AND PERSONAL ENRICHMENT IN THE MANY INTELLECTUAL, ATHLETIC AND SERVICE PURSUITS AVAILABLE.COE IS RECOGNIZED AS ONE OF THE FINEST LIBERAL ARTS COLLEGES IN THE COUNTRY BY A VARIETY OF WIDELY RESPECTED COLLEGE RANKING PUBLICATIONS THAT WEIGH ACADEMIC QUALITY AND STUDENT SELECTIVITY. COE COLLEGE ENJOYS BOTH AN EXCELLENT REGIONAL REPUTATION AND NATIONAL RECOGNITION FOR THE STRENGTH OF ITS PROGRAMS. THROUGH CAREFUL PLANNING, SELECTIVE USE OF RESOURCES, AND THE EFFORTS OF A DEDICATED FACULTY AND STAFF, COE HAS NOT ONLY MAINTAINED BUT STRENGTHENED ITS POSITION AMONG LIBERAL ARTS COLLEGES IN THE MIDWEST.

    Expenses $58,383,383 · Grants $43,250,642 · Revenue $59,308,891

  • AUXILIARY ENTERPRISES - THIS INCLUDES THE COLLEGE'S RESIDENCE HALLS, COLLEGE RENTAL HOUSING, FOOD SERVICES, THE STUDENT UNION AND SUMMER CONFERENCES. WITH MORE THAN 1,000 STUDENTS IN CAMPUS HOUSING, RESIDENTIAL LIFE IS CENTRAL TO THE COE EXPERIENCE FOR STUDENTS. THE COLLEGE ALSO SERVES AS A RESOURCE TO THE SURROUNDING COMMUNITY THROUGHOUT THE YEAR BY HOSTING YOUTH CLUBS AND ACTIVITIES AND DERIVES SOME REVENUE FROM HOSTING SUMMER CONFERENCES IN ITS FACILITIES.

    Expenses $7,109,339 · Revenue $11,214,437

  • PROGRAM SERVICES - THIS INCLUDES EXPENDITURES FOR THE OPERATION AND MAINTENANCE OF COLLEGE FACILITIES. WITH 38 BUILDINGS ON MORE THAN 60 ACRES, MAINTENANCE OF COLLEGE FACILITIES IS AN IMPORTANT CONSIDERATION FOR THE COLLEGE. SIGNIFICANT CAMPUS IMPROVEMENTS OVER THE PAST TWO DECADES HAVE BEEN COMPLETED SO THAT STUDENTS AND FACULTY MAY ENJOY AN ENVIRONMENT CONDUCIVE TO LEARNING, WITH THE FACILITIES TO SUPPORT THE MISSION OF THE COLLEGE.

    Expenses $13,954,859 · Revenue $866,338

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

Listed in Part VII

  • DAVID HAYES

    PRESIDENT

    Total calculated
    $402,801
    From this org
    $354,663
    From related orgs
    $0
    Other
    $48,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $345,172
    Bonus
    $0
    Other
    $9,491
    Deferred
    $21,350
    Nontaxable benefits
    $26,788
    Filer's total
    $402,801

  • CARSON VEACH

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • SIGI REYNOLDS

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • CURT MENEFEE

    2ND VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KRISTIN LENZ

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • WALE ADEOSUN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PETER BIRKEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID GEHRING

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DENNIS GREENSPOON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARY JORGENSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVE LUSSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PAUL MEYER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • HANK TAYLOR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVE CARSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CHRIS GALLOWAY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KEN GOLDER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GENE HENDERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SARAH HEMMING-MEYER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SHIRLEY HUGHES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEVE KLINE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JULIE JOHNSON MCLEAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SUMIT NIJHAWAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KRISTIN STROHM

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CRAIG STRUVE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ED WALSH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KEVIN BUCKNER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SAM FREITAG

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BRETT RULE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LARRY SHRYOCK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TIM SAGERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KENT HERINK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARY JEANNE KROB

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID MCINALLY

    CHANCELLOR

    Total calculated
    $696,685
    From this org
    $683,767
    From related orgs
    $0
    Other
    $12,918
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,880
    Bonus
    $0
    Other
    $539,887
    Deferred
    $10,136
    Nontaxable benefits
    $2,782
    Filer's total
    $696,685

  • JULIE STAKER

    VP FOR ENROLLMENT, MKTG, & INST.

    Total calculated
    $235,985
    From this org
    $170,279
    From related orgs
    $0
    Other
    $65,706
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,928
    Bonus
    $0
    Other
    $4,351
    Deferred
    $10,825
    Nontaxable benefits
    $54,881
    Filer's total
    $235,985

  • ANGELA CALHOUN

    INTERIM VP OF FINANCE & ADMIN

    Total calculated
    $142,375
    From this org
    $131,701
    From related orgs
    $0
    Other
    $10,674
    Hours/week
    40

  • ANGELA ZISKOWSKI

    PROVOST & DEAN OF FACULTY

    Total calculated
    $130,661
    From this org
    $119,426
    From related orgs
    $0
    Other
    $11,235
    Hours/week
    40

  • EVANS KENIESE

    DEAN OF STUDENTS

    Total calculated
    $100,727
    From this org
    $99,556
    From related orgs
    $0
    Other
    $1,171
    Hours/week
    40

  • KIM PRIBYL - ASST TO THE

    PRESIDENT & ASST SECRETARY

    Total calculated
    $57,936
    From this org
    $51,815
    From related orgs
    $0
    Other
    $6,121
    Hours/week
    40

  • MARIO AFFATIGATO

    PROFESSOR OF PHYSICS AND ASST.

    Total calculated
    $191,157
    From this org
    $151,352
    From related orgs
    $0
    Other
    $39,805
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,352
    Bonus
    $0
    Other
    $0
    Deferred
    $7,129
    Nontaxable benefits
    $32,676
    Filer's total
    $191,157

  • STEVEN FELLER

    PROFESSOR OF PHYSICS

    Total calculated
    $147,885
    From this org
    $140,745
    From related orgs
    $0
    Other
    $7,140
    Hours/week
    40

  • JOSHUA KITE

    ASSISTANT VP FOR ENROLLMENT

    Total calculated
    $146,627
    From this org
    $132,084
    From related orgs
    $0
    Other
    $14,543
    Hours/week
    40

  • BARBARA TUPPER

    ASSOCIATE VP FOR ADVANCEMENT

    Total calculated
    $114,380
    From this org
    $107,400
    From related orgs
    $0
    Other
    $6,980
    Hours/week
    40

  • CARSTENS PAM

    PROFESSOR OF BUSINESS ADMINISTRATION

    Total calculated
    $113,649
    From this org
    $105,917
    From related orgs
    $0
    Other
    $7,732
    Hours/week
    40

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
  • 1a · Health or social club dues or initiation fees
  • 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

Answered no

  • 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 1A
EMPLOYMENT AGREEMENT STATES COE COLLEGE REQUIRES THAT ITS PRESIDENT LIVE IN A PRESIDENT'S HOUSE OR MANSE OWNED BY THE COLLEGE BECAUSE OF ITS REQUIREMENT THAT THE PRESIDENT CONDUCT SIGNIFICANT BUSINESS ACTIVITIES AND REGULARLY HOST COLLEGE RELATED EVENTS AND ENTERTAINMENT ON COLLEGE PROPERTY. THE PRESIDENT IS REQUIRED TO MAINTAIN AN OFFICE AT THE MANSE IN ORDER FOR THEM TO BE AVAILABLE TO ATTEND TO THE RESPONSIBILITIES OF THEIR OFFICE AND THE BUSINESS OF THE COLLEGE AT ALL TIMES, AS IT IS NOT PRACTICAL FOR THEM TO DISCHARGE THEIR DUTIES AS PRESIDENT SOLELY FROM THEIR OFFICE ON THE CAMPUS, BECAUSE THEIR RESPONSIBILITIES OFTEN REQUIRE THAT THEY WORK OUTSIDE NORMAL BUSINESS HOURS AND THAT THEY NEED TO BE ABLE TO ADDRESS ANY COLLEGE RELATED EMERGENCIES THAT MAY ARISE OUTSIDE OF NORMAL BUSINESS HOURS. IN ADDITION, THE SPACE AND OTHER REQUIREMENTS ASSOCIATED WITH THE CONDUCT OF LARGE STUDENT AND ALUMNI EVENTS AND OTHER FUNCTIONS FOR FRIENDS OF THE COLLEGE REQUIRE A RESIDENCE OF THE SIZE AND LOCATION OF THE MANSE. THE RESIDENCE LOCATED AT 370 34TH STREET SE, CEDAR RAPIDS, IOWA, WHICH IS OWNED BY THE COLLEGE, IS DESIGNATED THE OFFICIAL COLLEGE MANOR. THE PRESIDENT'S EMPLOYMENT AGREEMENT REQUIRES COE COLLEGE TO PAY ALL INSURANCE COSTS, UTILITIES, AND MAINTENANCE EXPENSES RESULTING FROM THE PRESIDENT'S RESIDING IN THE MANSE, AND OBLIGATES THE PRESIDENT TO PAY THE COSTS OF ORDINARY DAY-TO-DAY LIVING EXPENSES OF LIVING IN THE MANSE, INCLUDING, WITHOUT LIMITATION, LAWN CARE AND SNOW REMOVAL (EXCEPT WHEN ASSOCIATED WITH A COLLEGE RELATED EVENT), LAUNDRY AND CLEANING SUPPLIES, AND TELEVISION, INTERNET, AND TELEPHONE SERVICES. COUNTRY CLUB DUES ARE INCLUDED IN TAXABLE INCOME ON W-2S.
PART I, LINE 4A
DAVID MCINALLY RECEIVED SEVERANCE COMPENSATION OF $539,887 DURING CALENDAR YEAR 2022.

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.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202441369349303149

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