Connecticut College
- Assets
- $512.9m
- Revenue
- $152.7m
- Investments
- $137.7m
- Employees
- 1,932
- Location
- New London, CT
- Founding
- 02/1935
- Data as of
- 06/2020
- 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 06/2021, Connecticut College employed 1,932 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 06/2020, Connecticut College generated $152.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $163.9m during the year ending 06/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDERGRADUATE INSTRUCTIONTHE 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, FORTY-EIGHT MAJORS, 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.
AUXILIARY SERVICESAUXILIARY SERVICES INVOLVES RUNNING THE COLLEGE'S NUMEROUS 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 AWAYIS AN OPPORTUNITY FOR QUALIFIED STUDENTS 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 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 2021, THE STUDY AWAY PROGRAM WAS TEMPORARILY HALTED*
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katherine Bergeron President | OfficerTrustee | 38 | $322,037 |
Richard A Madonna Jr VP For Finance And Admin | Officer | 38 | $294,067 |
Kimberly M Verstandig VP Advancement | 38 | $284,042 | |
Jeffrey E Cole Dean Of Faculty | Officer | 38 | $221,402 |
Pamela Dumas Serfas VP Communications | 38 | $191,458 | |
Wendell L Hisle VP Information Services | 38 | $188,347 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ennead Architects Llp Architect Firm | 6/29/21 | $700,000 |
Cambridge Associates Llc Investment Advisors | 6/29/21 | $628,000 |
Colliers Project Leaders Usa Ne Llc Consultants | 6/29/21 | $311,000 |
Wiggin And Dana Attorney | 6/29/21 | $256,000 |
Kpmg Llp Audit Firm | 6/29/21 | $167,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,560,000 |
| Investment income | $1,155,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,000 |
| Net Gain/Loss on Asset Sales | $3,770,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $152,696,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $51,527,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $97,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,702,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $49,443,000 |
| Pension plan accruals and contributions | $3,841,000 |
| Other employee benefits | $10,593,000 |
| Payroll taxes | $3,611,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $191,000 |
| Fees for services: Accounting | $233,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,075,000 |
| Fees for services: Other | $2,674,000 |
| Advertising and promotion | $55,000 |
| Office expenses | $1,055,000 |
| Information technology | $786,000 |
| Royalties | $12,000 |
| Occupancy | $11,994,000 |
| Travel | $1,268,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $496,000 |
| Interest | $3,496,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,239,000 |
| Insurance | $1,634,000 |
| All other expenses | $0 |
| Total functional expenses | $163,918,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,000 |
| Savings and temporary cash investments | $41,003,000 |
| Pledges and grants receivable | $22,239,000 |
| Accounts receivable, net | $1,341,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $578,000 |
| Inventories for sale or use | $349,000 |
| Prepaid expenses and deferred charges | $627,000 |
| Investments—publicly traded securities | $187,780,000 |
| Investments—other securities | $137,679,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,220,000 |
| Total assets | $512,927,000 |
| Accounts payable and accrued expenses | $19,222,000 |
| Grants payable | $0 |
| Deferred revenue | $2,961,000 |
| Tax-exempt bond liabilities | $85,110,000 |
| 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 | $0 |
| Other liabilities | $5,053,000 |
| Total liabilities | $112,346,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $400,581,000 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Connecticut College has recieved totaling $94,726.
| Awarding Organization | Amount |
|---|---|
Francis W Starkweather Tr Ua Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $34,639 |
Putnam Family Foundation Inc Cobleskill, NY PURPOSE: EQUITY & INCLUSION ACTION PLAN | $20,000 |
James F Bell Foundation Minneapolis, MN PURPOSE: GENERAL OPERATIONS | $8,000 |
Hamilton M Smyser Tr Uw 30-1062405 Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $7,587 |
New England Society In The City Of Brooklyn Brooklyn, NY PURPOSE: SCHOLARSHIP FOR KAYLA TAVAREZ | $6,000 |
Kcs Pacific Foundation Inc Wilmington, DE PURPOSE: FOREIGN STUDENT SCHOLARSHIP FUND | $5,000 |
Endowment Analysis
| Beg. Balance | $316,270,000 |
| Earnings | $118,159,000 |
| Net Contributions | $15,353,000 |
| Other Expense | $7,892,000 |
| Grants | $7,337,000 |
| Ending Balance | $434,553,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Berklee College Of Music Inc Boston, MA | $854,558,047 | $384,612,408 |
Ithaca College Ithaca, NY | $834,703,732 | $365,679,639 |
Trustees Of Amherst College Amherst, MA | $4,260,760,426 | $407,702,412 |
Wellesley College Wellsley, MA | $4,125,529,097 | $515,515,442 |
Touro University New York, NY | $558,489,117 | $321,976,604 |
Williams College Williamstown, MA | $5,589,417,372 | $397,351,793 |
Providence College Providence, RI | $748,292,244 | $299,300,711 |
Wesleyan University Middletown, CT | $1,706,429,000 | $326,592,000 |
Emerson College Boston, MA | $1,139,244,716 | $275,696,398 |
Colgate University Treasurers Office Hamilton, NY | $1,984,946,016 | $378,114,548 |
Trustees Of The College Of The Holy Cross Worcester, MA | $1,320,181,892 | $265,241,305 |
Babson College Babson Park, MA | $1,084,295,364 | $304,101,925 |