Magdalen College
- Assets
- $3.7m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 69
- Location
- Warner, NH
- Founding
- 03/1946
- Data as of
- 06/2023
- EIN
- 02-0309681
Organization Overview
Magdalen College, operating under the name Northeast Catholic College, is located in Warner, NH. The organization was established in 1946. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Northeast Catholic College employed 69 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northeast Catholic College is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Northeast Catholic College generated $2.7m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $3.4m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by 0.0% per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZATION IS A FOUR-YEAR LIBERAL ARTS COLLEGE, OFFERING ASSOCIATE OF ARTS AND BACHELOR OF ARTS DEGREES IN LIBERAL STUDIES. MISSION IS TO CREATE AND GOVERN A ROMAN CATHOLIC INSTITUTION OF HIGHER LEARNING, PURSUANT TO THE PRINCIPLES AS SET FORTH IN THE APOSTOLIC CONSTITUTION ON CATHOLIC UNIVERSITIES OF POPE JOHN PAUL II. ITS MISSION IS ACCOMPLISHED THROUGH AN INTEGRATED AND ORDERED COMMON LIFE, DIRECTED BY CATHOLIC PRINCIPLES AND GROUNDED IN THE SOCRATIC PEDAGOGICAL METHOD OF INQUIRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLEGE PROGRAM OF STUDIES OFFERS ASSOCIATE AND BACHELOR OF ARTS DEGREES OVER A TWO TO FOUR YEAR COURSE OF FULL-TIME STUDY. THE PROGRAM IS AN INTEGRATED PROGRAM OF LIBERAL ARTS AND ROMAN CATHOLIC THEOLOGY TAUGHT IN THE SOCRATIC SEMINAR PEDAGOGICAL METHOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victor Prieto Chairman | OfficerTrustee | 40 | $0 |
Bernard Towne Treasurer | OfficerTrustee | 2 | $0 |
David Currier Secretary | OfficerTrustee | 2 | $0 |
Nathan Bond Trustee | Trustee | 2 | $0 |
Rev Michael Sartori Trustee | Trustee | 2 | $0 |
Daniel Swegart Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,996 |
| All other contributions, gifts, grants, and similar amounts not included above | $304,114 |
| Noncash contributions included in lines 1a–1f | $70,915 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $309,110 |
| Total Program Service Revenue | $1,919,092 |
| Investment income | $31,727 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,508 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,671,615 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $988,615 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $137,222 |
| Compensation of current officers, directors, key employees. | $137,222 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $916,030 |
| Pension plan accruals and contributions | $14,257 |
| Other employee benefits | $151,128 |
| Payroll taxes | $80,356 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,609 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,456 |
| Fees for services: Other | $99,775 |
| Advertising and promotion | $40,693 |
| Office expenses | $19,894 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $106,294 |
| Travel | $6,944 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,574 |
| Interest | $50,623 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $244,942 |
| Insurance | $86,042 |
| All other expenses | $134,360 |
| Total functional expenses | $3,422,721 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,389 |
| Savings and temporary cash investments | $5,110 |
| Pledges and grants receivable | $90,614 |
| Accounts receivable, net | $12,657 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $242,195 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,386,623 |
| Investments—publicly traded securities | $870,972 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,391 |
| Total assets | $3,658,951 |
| Accounts payable and accrued expenses | $98,413 |
| Grants payable | $0 |
| Deferred revenue | $9,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $51,900 |
| Secured mortgages and notes payable | $3,552,462 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $62,893 |
| Total liabilities | $3,774,668 |
| Net assets without donor restrictions | -$219,411 |
| Net assets with donor restrictions | $103,694 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,658,951 |