Connecticut College
- Assets
- $681.9m
- Revenue
- $177.6m
- Investments
- $192.3m
- Employees
- 1,818
- Location
- New London, CT
- Founding
- 02/1935
- Data as of
- 06/2022
- EIN
- 06-0646587
Organization Overview
Connecticut College is located in New London, CT. The organization was established in 1935. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2022, Connecticut College employed 1,818 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Connecticut 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 06/2022, Connecticut College generated $177.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $178.4m during the year ending 06/2022. While expenses have increased by 2.5% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.
Describe the Organization's Program Activity:
*UNDERGRADUATE INSTRUCTION*THE TEACHING OF UNDERGRADUATE STUDENTS WORKING TOWARDS A FOUR-YEAR DEGREE IN ONE OF THE VARIOUS LIBERAL ARTS AND SCIENCES MAJORS OFFERED BY CONNECTICUT COLLEGE. THE COLLEGE'S ACADEMIC PROGRAMS IN THE ARTS, HUMANITIES, SCIENCES, AND SOCIAL SCIENCES ARE DESIGNED TO SHAPE ETHICAL, INFORMED CITIZENS WITH A GLOBAL PERSPECTIVE. HIGHLIGHTS OF THE ACADEMIC PROGRAM INCLUDE A STUDENT-FACULTY RATIO OF 9:1, FOURTY EIGHT MAJORS, APPROXIMATELY 200 FULL-TIME PROFESSORS, LANGUAGE STUDY, RESIDENTIAL EDUCATION PROGRAMS, CERTIFICATE PROGRAMS, PRE-LAW, PRE-HEALTH AND PRE-BUSINESS PROGRAMS, AND SUPPORT FOR PURSUING FELLOWSHIPS AND SCHOLARSHIPS.
OTHER PROGRAM SERVICES OTHER PROGRAM SERVICES INCLUDE ALUMNI AND REUNION, FEDERAL AND STATE GRANT EXPENSES, CHEFA AMORTIZATION INTEREST AND FEES, PHYSICAL PLANT COSTS, DEPRECIATON, AND ADMINISTRATIVE COMPUTING COSTS.
*AUXILIARY SERVICES*AUXILIARY SERVICES INVOLVES RUNNING THE COLLEGE'S NUMBEROUS DORMITORIES AND DINING FACILITIES. CONNECTICUT COLLEGE IS A RESIDENTIAL CAMPUS. NINETY-EIGHT PERCENT OF STUDENTS LIVE ON CAMPUS IN 23 RESIDENCE HALLS. FOUR DINING HALLS ON CAMPUS SERVE OUR STUDENTS IN A VARIETY OF CAPACITIES. THE COLLEGE EXTENDS THE TEACHING AND LEARNING EXPERIENCE WITHIN THE DORMITORIES.
*STUDY AWAY*IS AN OPPORTUNITY FOR QUALIFIED STUDENT TO STUDY AWAY FOR CREDIT ABROAD OR ELSEWHERE IN THE US. THE COLLEGE HAS A LONG TRADITION OF RECOGNIZING THE IMPORTANCE OF INT'L STUDIES AND STUDY AWAY AS REFLECTED IN OUR MISSION STATEMENT: "CONNECTICUT COLLEGE EDUCATES STUDENTS TO PUT THE LIBERAL ARTS INTO ACTION AS CITIZENS IN A GLOBAL SOCIETY". APPROXIMATELY 50% OF THE COLLEGE'S STUDENTS STUDY AWAY DURING THEIR JUNIOR YEAR THROUGH CAREFULLY SELECTED PROGRAMS. OUR STUDY AWAY/TEACH AWAY TYPICALLY SENDS 10-12 STUDENTS AND FACULTY TO HOST INSTITUTIONS THROUGHOUT THE WORLD TO COMPLETE A FULL SEMESTER OF SCHOLARLY ACTIVITY WHILE BEING IMMERSED IN THE LOCAL CULTURE. DUE TO THE COVID PANDEMIC IN FISCAL YEAR 2022, THE STUDY AWAY PROGRAM WAS TEMPORARILY HALTED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katherine Bergeron President | OfficerTrustee | 38 | $424,068 |
Nicole A Abraham Trustee | Trustee | 1 | $0 |
Seth W Alvord Trustee | Trustee | 1 | $0 |
Debo P Adegbile Trustee | Trustee | 1 | $0 |
Jessica Archibald Trustee | Trustee | 1 | $0 |
Betty Brown Bibbins Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Clinical Researching Sequencing Platform Covid-19 Testing | 6/29/22 | $2,100,000 |
Ennead Architects Llp Architect Firm | 6/29/22 | $437,000 |
Cambridge Associates Llc Investment Advisors | 6/29/22 | $795,000 |
North Charles Street Design Organization Consultants | 6/29/22 | $191,000 |
Colliers Project Leaders Usa Ne Llc Consultants | 6/29/22 | $343,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,919,000 |
| Noncash contributions included in lines 1a–1f | $16,889,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,919,000 |
| Total Program Service Revenue | $145,545,000 |
| Investment income | $699,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $94,000 |
| Net Gain/Loss on Asset Sales | $3,044,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $177,566,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $61,309,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,797,000 |
| Compensation of current officers, directors, key employees. | $1,027,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,953,000 |
| Pension plan accruals and contributions | $2,051,000 |
| Other employee benefits | $9,619,000 |
| Payroll taxes | $3,437,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $353,000 |
| Fees for services: Accounting | $186,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,919,000 |
| Fees for services: Other | $4,669,000 |
| Advertising and promotion | $81,000 |
| Office expenses | $4,157,000 |
| Information technology | $1,946,000 |
| Royalties | $9,000 |
| Occupancy | $11,640,000 |
| Travel | $1,250,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $305,000 |
| Interest | $3,702,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,594,000 |
| Insurance | $2,213,000 |
| All other expenses | $2,884,000 |
| Total functional expenses | $178,385,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,000 |
| Savings and temporary cash investments | $50,067,000 |
| Pledges and grants receivable | $25,400,000 |
| Accounts receivable, net | $541,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $225,000 |
| Inventories for sale or use | $369,000 |
| Prepaid expenses and deferred charges | $1,314,000 |
| Net Land, buildings, and equipment | $115,374,000 |
| Investments—publicly traded securities | $230,828,000 |
| Investments—other securities | $192,250,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,502,000 |
| Total assets | $681,892,000 |
| Accounts payable and accrued expenses | $21,205,000 |
| Grants payable | $0 |
| Deferred revenue | $2,118,000 |
| Tax-exempt bond liabilities | $109,160,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $23,217,000 |
| Other liabilities | $4,839,000 |
| Total liabilities | $160,539,000 |
| Net assets without donor restrictions | $94,085,000 |
| Net assets with donor restrictions | $427,268,000 |
| 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 | $681,892,000 |