Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $19,680

• 1d · Related organizations

  $409,694

• 1e · Government grants (contributions)

  $1,435,134

• 1f · All other contributions, gifts and grants

  $4,067,594

• 1g · Noncash contributions included above

  $357,747

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

  total $62,397,450 · related or exempt $62,397,450

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $11,054,452 · related or exempt $11,054,452

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

  total $1,152,860 · related or exempt $1,152,860

• 3 · Investment income

  total $1,496,081 · excluded $1,496,081

• 7a · Gross sales of assets other than inventory

  securities $73,583,271

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

  securities $74,486,189

• 7c · Gain or loss

  securities -$902,918

• 7d · Net gain or loss

  total -$902,918 · excluded -$902,918

• 8a · Fundraising events: gross income

  $17,056

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

  $19,680

• 8b · Fundraising events: direct expenses

  $9,739

• 8c · Net income from fundraising events

  total $7,317 · excluded $7,317

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $46,429,381 · program services $46,429,381

• 5 · Compensation of officers, directors and key employees

  total $980,399 · management and general $980,399

• 7 · Other salaries and wages

  total $16,603,103 · program services $14,307,949 · management and general $1,850,354 · fundraising $444,800

• 8 · Pension plan contributions

  total $565,762 · program services $427,795 · management and general $131,141 · fundraising $6,826

• 9 · Other employee benefits

  total $2,124,069 · program services $1,633,359 · management and general $458,546 · fundraising $32,164

• 10 · Payroll taxes

  total $1,358,528 · program services $983,365 · management and general $342,750 · fundraising $32,413

• 11b · Fees: legal

  total $61,551 · management and general $61,551

• 11c · Fees: accounting

  total $127,110 · management and general $127,110

• 11f · Fees: investment management

  total $152,169 · management and general $152,169

• 11g · Fees: other

  total $473,292 · program services $107,407 · management and general $364,614 · fundraising $1,271

• 12 · Advertising and promotion

  total $344,858 · program services $219,878 · management and general $124,489 · fundraising $491

• 13 · Office expenses

  total $1,785,369 · program services $927,812 · management and general $802,736 · fundraising $54,821

• 16 · Occupancy

  total $2,443,430 · program services $2,443,430

• 17 · Travel

  total $671,276 · program services $560,319 · management and general $67,869 · fundraising $43,088

• 20 · Interest

  total $765,046 · program services $734,281 · management and general $30,765

• 22 · Depreciation, depletion and amortization

  total $3,149,615 · program services $3,056,008 · management and general $93,607

• 23 · Insurance

  total $241,769 · program services $219,581 · management and general $22,188

• 24a · Other expenses: FACILITIES OPERATIONS

  total $6,414,800 · program services $6,205,889 · management and general $208,911

• 24b · Other expenses: INSTRUCTION AND RESEARC

  total $2,443,613 · program services $2,198,208 · management and general $238,448 · fundraising $6,957

• 24c · Other expenses: RECRUITING

  total $680,803 · program services $680,803

• 24d · Other expenses: REPAIRS AND MAINTENANCE

  total $544,076 · program services $490,206 · management and general $53,870

• 24e · All other expenses

  total $483,070 · program services -$26,876 · management and general $509,946

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $4,114,973 · end of year $6,143,721

• 3 · Pledges and grants receivable

  beginning of year $1,900,676 · end of year $2,071,706

• 4 · Accounts receivable

  beginning of year $1,282,115 · end of year $2,193,749

• 9 · Prepaid expenses and deferred charges

  beginning of year $968,339 · end of year $950,540

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

  $133,439,837

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

  $64,163,105

• 10c · Land, buildings and equipment, net

  beginning of year $69,217,045 · end of year $69,276,732

• 11 · Investments: publicly traded securities

  beginning of year $58,899,242 · end of year $57,144,147

• 12 · Investments: other securities

  beginning of year $5,930,705 · end of year $5,627,638

• 13 · Investments: program-related

  beginning of year $3,509,705 · end of year $2,632,444

• 15 · Other assets

  beginning of year $30,916,269 · end of year $28,683,542

• 17 · Accounts payable and accrued expenses

  beginning of year $3,243,250 · end of year $2,685,201

• 19 · Deferred revenue

  beginning of year $182,873 · end of year $281,023

• 20 · Tax-exempt bond liabilities

  beginning of year $26,530,122 · end of year $25,355,077

• 25 · Other liabilities

  beginning of year $8,147,693 · end of year $9,009,742

• 27 · Net assets without donor restrictions

  beginning of year $43,128,149 · end of year $48,036,980

• 28 · Net assets with donor restrictions

  beginning of year $95,506,982 · end of year $89,356,196

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 TO BE AVAILABLE TO ATTEND TO THE RESPONSIBILITIES OF THE OFFICE AND THE BUSINESS OF THE COLLEGE AT ALL TIMES, AS IT IS NOT PRACTICAL FOR THE PRESIDENT TO DISCHARGE THE DUTIES OF THE OFFICE SOLELY FROM AN OFFICE ON THE CAMPUS, BECAUSE THE PRESIDENT'S RESPONSIBILITIES OFTEN REQUIRE WORK OUTSIDE 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 IS LOCATED AT 370 34TH STREET SE, CEDAR RAPIDS, IOWA, WHICH IS OWNED BY THE COLLEGE AND 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.