Norwich University
- Assets
- $487.8m
- Revenue
- $192.7m
- Investments
- $174.9m
- Employees
- 1,830
- Location
- Northfield, VT
- Founding
- 08/1935
- Data as of
- 05/2023
- EIN
- 03-0179424
Organization Overview
Norwich University is located in Northfield, VT. The organization was established in 1935. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2023, Norwich University employed 1,830 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwich University 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 05/2023, Norwich University generated $192.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $196.5m during the year ending 05/2023. While expenses have increased by 3.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
NORWICH'S MISSION IS TO GIVE OUR YOUTH AN EDUCATION THAT SHALL BE AMERICAN IN ITS CHARACTER.
Describe the Organization's Program Activity:
INSTRUCTIONAL - STUDENT BODY OF OVER 3,000 GRADUATE AND UNDERGRADUATE STUDENTS. LIBRARY AND COMPUTER CENTER SERVICING STUDENT BODY, FACULTY AND STAFF. WEB-BASED INSTRUCTIONAL PLATFORM SUPPORTING OVER 1,000 GRADUATE AND UNDERGRADUATE STUDENTS. STUDENTS RECEIVE CAMPUS-BASED GRANTS, SCHOLARSHIPS AND AWARDS COUPLED WITH AID FROM FEDERALLY FUNDED PROGRAMS.
AUXILIARY ENTERPRISES AND OTHER STUDENT SERVICES INCLUDE CAFETERIA, DORMITORIES, BOOKSTORE AND UNIFORM SHOP SERVICING THE UNDERGRADUATE POPULATION OF OVER 2,000 UNDERGRADUATE STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Anarumo President | OfficerTrustee | 40 | $384,036 |
Alan F Deforest Chairman | OfficerTrustee | 2.5 | $0 |
Roberta Haney Vice Chair | OfficerTrustee | 2.5 | $0 |
Philip Soucy Vice Chairman | OfficerTrustee | 2.5 | $0 |
Trevor Albertson Trustee | Trustee | 2.5 | $0 |
Mark Bowman Trustee | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pearson Education Inc Outsourced Admissions | 5/30/23 | $1,920,083 |
Texas A&m University Grant Subaward | 5/30/23 | $1,426,359 |
Virginia Polytechnical Institute And Sta Grant Subaward | 5/30/23 | $1,724,920 |
Nuari-nu Applied Research Institutes Grant Subaward | 5/30/23 | $1,457,727 |
Wiley Edu Llc Outsourced Admissions | 5/30/23 | $1,382,848 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $23,449 |
| Fundraising events | $485,018 |
| Related organizations | $0 |
| Government grants | $16,393,170 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,661,337 |
| Noncash contributions included in lines 1a–1f | $510,872 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,562,974 |
| Total Program Service Revenue | $147,234,898 |
| Investment income | $3,436,407 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $272 |
| Net Rental Income | $135,023 |
| Net Gain/Loss on Asset Sales | $14,203,483 |
| Net Income from Fundraising Events | -$77,855 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $192,660,298 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $233,970 |
| Grants and other assistance to domestic individuals. | $70,997,283 |
| Grants and other assistance to Foreign Orgs/Individuals | $157,577 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,853,261 |
| Compensation of current officers, directors, key employees. | $774,603 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,251,331 |
| Pension plan accruals and contributions | $2,715,311 |
| Other employee benefits | $2,330,476 |
| Payroll taxes | $3,516,227 |
| Fees for services: Management | $917,569 |
| Fees for services: Legal | $78,804 |
| Fees for services: Accounting | $154,118 |
| Fees for services: Lobbying | $18,676 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,023,683 |
| Fees for services: Other | $14,424,821 |
| Advertising and promotion | $389,216 |
| Office expenses | $552,820 |
| Information technology | $3,945,644 |
| Royalties | $0 |
| Occupancy | $3,442,575 |
| Travel | $3,778,055 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,413 |
| Interest | $3,114,931 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,224,188 |
| Insurance | $1,310,323 |
| All other expenses | $5,229,377 |
| Total functional expenses | $196,525,026 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $20,543,794 |
| Pledges and grants receivable | $5,644,918 |
| Accounts receivable, net | $9,927,872 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,487,623 |
| Inventories for sale or use | $1,850,134 |
| Prepaid expenses and deferred charges | $2,576,270 |
| Net Land, buildings, and equipment | $167,945,940 |
| Investments—publicly traded securities | $88,062,524 |
| Investments—other securities | $174,867,263 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,903,701 |
| Total assets | $487,810,039 |
| Accounts payable and accrued expenses | $3,539,670 |
| Grants payable | $0 |
| Deferred revenue | $5,940,848 |
| Tax-exempt bond liabilities | $68,432,121 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,376,651 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,233,585 |
| Total liabilities | $95,522,875 |
| Net assets without donor restrictions | $176,286,970 |
| Net assets with donor restrictions | $216,000,194 |
| 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 | $487,810,039 |