Mitchell College
- Assets
- $42.1m
- Revenue
- $31.4m
- Investments
- $131.3k
- Employees
- 359
- Location
- New London, CT
- Founding
- 09/1946
- Data as of
- 06/2020
- EIN
- 06-0662150
Organization Overview
Mitchell College is located in New London, CT. The organization was established in 1946. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Mitchell College employed 359 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mitchell 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, Mitchell College generated $31.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $30.0m during the year ending 06/2020. While expenses have increased by 1.1% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
MITCHELL COLLEGE IS A SMALL, PRIVATE LIBERAL ARTS COLLEGE LOCATED ALONG THE THAMES RIVER IN HISTORIC NEW LONDON, CT. BASED ON ITS HISTORY OF EDUCATING A DIVERSE GROUP OF THINKERS AND LEARNERS, MITCHELL COLLEGE PROVIDES A STRENGTH-BASED, HOLISTIC EDUCATION THAT GIVES ITS STUDENTS THE ADAPTABILITY THEY NEED TO LEAD FULL PROFESSIONAL AND PERSONAL LIVES. OUR NON-TRADITIONAL EDUCATIONAL FOCUS IS DESIGNED TO DEVELOP THE STRENGTHS OF EACH OF OUR STUDENTS AND FIND WAYS TO HIGHLIGHT THESE STRENGTH AREAS. ADDITIONALLY, THE FOCUS OF OUR EDUCATION IS BASED ON THE PREMISE THAT EACH STUDENT FINDS IDENTITY, MEANING, AND PURPOSE THROUGH THE DEVELOPMENT OF THEIR EMOTIONAL, SOCIAL, AND CREATIVE POTENTIALS, NOT LIMITED SIMPLY TO THEIR COGNITIVE DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MITCHELL COLLEGE IS A FOUR-YEAR COEDUCATIONAL, RESIDENTIAL LIBERAL ARTS COLLEGE THAT SERVES APPROXIMATELY 550 STUDENTS, GRANTING BACHELOR AND ASSOCIATES DEGREES IN ARTS AND SCIENCES AND PROFESSIONAL CERTIFICATES. THE ACADEMIC PROGRAM IS ENHANCED BY A SKILLS-BASED TEACHING AND ASSESSMENT PROGRAM, ABILITY BASED EDUCATION, AND INTEGRATIVE CAREER DEVELOPMENT THAT TEACHES CAREER READINESS SKILLS AND PROVIDES STRONG PROFESSIONAL EXPERIENCES GUIDED BY FACULTY AND STAFF. THE COLLEGE OFFERS ACADEMIC SUPPORT, COLLEGE TRASITION PROGRAMS, FOUR-YEAR ADVISING AND PROFESSIONAL TUTORING TO PROMOTE STUDENT SUCCESS. A DIVISION III ATHLETICS PROGRAM EMPHASIZES SCHOLARSHIP WITH ATHLETICS, ENGAGING ONE-THIRD OF STUENTS IN VARSITY TEAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Wright Interim Co President (until 6/20) | 60 | $181,731 | |
Tracy Espy President | OfficerTrustee | 60 | $161,203 |
Jamie Romeo VP Enrollment Management | 50 | $153,726 | |
Robert Peruzzotti VP Finance | Officer | 60 | $132,975 |
Joseph Pardee Director Facilities | 50 | $131,839 | |
Audrey Nathanson Advancement Officer | 50 | $124,294 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chartwells Dining Services Food Services | 6/29/21 | $1,436,067 |
Ellucian Company Lp It Consulting | 6/29/21 | $818,928 |
Liberty Landscapes Llc Landscaping Services | 6/29/21 | $1,988,659 |
Fairbanks Energy Services Inc Efficiency Solutions | 6/29/21 | $425,000 |
Petra Construction Corporation Construction Services | 6/29/21 | $396,100 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,419,341 |
| Investment income | $164,256 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $39,217 |
| Net Income from Fundraising Events | -$2,758 |
| Net Income from Gaming Activities | $27,255 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,379,437 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $9,650,795 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $424,413 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,411,436 |
| Pension plan accruals and contributions | $499,897 |
| Other employee benefits | $1,754,837 |
| Payroll taxes | $630,001 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $227,203 |
| Fees for services: Accounting | $78,497 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,495 |
| Fees for services: Other | $1,521,542 |
| Advertising and promotion | $9,516 |
| Office expenses | $120,441 |
| Information technology | $436,492 |
| Royalties | $0 |
| Occupancy | $876,402 |
| Travel | $19,264 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,271 |
| Interest | $596,407 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,546,323 |
| Insurance | $585,865 |
| All other expenses | $0 |
| Total functional expenses | $30,007,636 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,457,575 |
| Savings and temporary cash investments | $151,776 |
| Pledges and grants receivable | $79,660 |
| Accounts receivable, net | $1,604,564 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $306,493 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $279,191 |
| Investments—publicly traded securities | $7,606,580 |
| Investments—other securities | $131,340 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$90,952 |
| Total assets | $42,145,371 |
| Accounts payable and accrued expenses | $2,815,523 |
| Grants payable | $0 |
| Deferred revenue | $1,703,461 |
| Tax-exempt bond liabilities | $18,357,478 |
| 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 | $453,991 |
| Total liabilities | $23,330,453 |
| 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 | $18,814,918 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Mitchell College has recieved totaling $90,722.
| Awarding Organization | Amount |
|---|---|
Carlson Family Foundation Essex, CT PURPOSE: ENDOWMENT SCHOLARSHIP | $25,000 |
Southeastern New England Educational And Charitable Foundat Johnston, RI PURPOSE: UNRESTRICTED GIFT | $19,022 |
Davis Educational Foundation Yarmouth, ME PURPOSE: Strategic Planning | $10,000 |
Norman And Marcia Burnam Family Foundation Long Beach, CA PURPOSE: EDUCATION | $10,000 |
American Endowment Foundation Hudson, OH PURPOSE: EDUCATIONAL | $10,000 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $7,000 |
Endowment Analysis
| Beg. Balance | $7,171,482 |
| Earnings | $1,605,784 |
| Net Contributions | $108,089 |
| Other Expense | $399,141 |
| Grants | $43,902 |
| Ending Balance | $8,442,312 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dean College Franklin, MA | $117,492,231 | $77,417,313 |
Becker College Worcester, MA | $39,650,846 | $64,626,574 |
Mitchell College New London, CT | $42,145,371 | $31,379,437 |
Hilbert College Hamburg, NY | $32,366,281 | $25,027,344 |
Trocaire College Buffalo, NY | $48,308,094 | $27,715,968 |
Laboure College Milton, MA | $45,194,532 | $27,640,427 |
Maria College Albany, NY | $31,705,663 | $17,053,225 |
Villa Maria College Of Buffalo Buffalo, NY | $9,472,664 | $15,072,401 |
Monroe Community College Assn Inc Rochester, NY | $45,662,437 | $9,260,852 |
Faculty Student Association Of Hudson Valley-Community College Troy, NY | $21,516,761 | $4,749,556 |
Dutchess Community College Association Inc Poughkeepsie, NY | $29,032,305 | $3,364,848 |
Norwalk Community College Foundation Norwalk, CT | $32,505,867 | $5,211,834 |