Palmer College Foundation
- Assets
- $257.4m
- Revenue
- $91.5m
- Investments
- $0.0
- Employees
- 1,041
- Location
- Davenport, IA
- Founding
- 01/1965
- Data as of
- 06/2022
- EIN
- 42-6081293
Organization Overview
Palmer College Foundation, operating under the name Palmer College Of Chiropractic, is located in Davenport, IA. The organization was established in 1965. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2022, Palmer College Of Chiropractic employed 1,041 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palmer College Of Chiropractic 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, Palmer College Of Chiropractic generated $91.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $65.5m during the year ending 06/2022. While expenses have increased by 1.0% per year over the past 7 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.
Since 2015, Palmer College Of Chiropractic has awarded 19 individual grants totaling $514,165. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE LEARNING, DELIVER HEALTH CARE, ENGAGE OUR COMMUNITIES AND ADVANCE KNOWLEDGE THROUGH RESEARCH.
Describe the Organization's Program Activity:
PALMER COLLEGE EDUCATES STUDENTS WITH A DOCTOR OF CHIROPRACTIC DEGREE. STUDENTS ARE PROVIDED CLASSROOM AND LAB INSTRUCTION TO LEARN THE SCIENCE, ART AND PHILOSOPHY OF CHIROPRACTIC. ENROLLMENT FOR THE SPRING 2022 TERM WAS 1,703 STUDENTS.
PALMER COLLEGE OPERATES CHIROPRACTIC CLINICS TO EXTEND THE STUDENT EDUCATION FROM THE CLASSROOM TO DIRECT PATIENT CARE. THE DOCTOR OF CHIROPRACTIC DEGREE IS A 10 TRIMESTER PROGRAM OF WHICH THE FINAL 1/3 IS SPENT IN THE CLINIC SETTING WORKING WITH PATIENTS. STUDENT TUITION REPORTED ABOVE IS USED TO OFFSET THE COST OF CLINIC OPERATIONS.
PALMER CENTER FOR CHIROPRACTIC RESEARCH IS DEDICATED TO IMPACTING PATIENT CARE AND POLICY THROUGH RESEARCH, ANALYSIS AND INTELLIGENCE. PCCR TAKES A COMPREHENSIVE APPROACH TO RESEARCH FOCUSING ON BASIC AND CLINICAL SCIENCES IN ADDITION TO HEALTH SERVICES WORK. GRANT INCOME RECEIVED DURING THE YEAR WAS JUST UNDER $2,400,000.
AUXILIARY ENTERPRISES AND ACTIVITIES RELATED TO OPERATION OF BOOKSTORE, CAFETERIA, PRINT SHOP, STUDENT HOUSING, AND CONTINUING EDUCATION PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Marchiori Dc President/ceo | Officer | 30 | $512,857 |
Peter Martin Dc Campus President | Officer | 40 | $259,613 |
Dan Weinert Dc Provost/executive Vice President | Officer | 40 | $256,398 |
Robert Percuoco Dc Vice Chancellor | 40 | $237,953 | |
Barbara Melbourne JD Vice Chancellor | 40 | $209,552 | |
Ian Mclean Director Clinical Radiology | 40 | $208,829 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Estes Company Campus Construction Projects | 6/29/22 | $30,137,688 |
Aramark Campus Food Services | 6/29/22 | $845,061 |
Ryan And Associates Campus Construction Projects | 6/29/22 | $1,286,030 |
Fbg Service Corporation Campus Janitorial Services | 6/29/22 | $838,812 |
Per Mar Security Campus Security Services | 6/29/22 | $613,298 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,502,491 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,901,902 |
| Noncash contributions included in lines 1a–1f | $198,359 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,404,393 |
| Total Program Service Revenue | $66,558,717 |
| Investment income | $2,574,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,607,989 |
| Net Gain/Loss on Asset Sales | $7,315,942 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$114,829 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $91,492,236 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,000 |
| Grants and other assistance to domestic individuals. | $2,899,391 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,600,192 |
| Compensation of current officers, directors, key employees. | $1,593,447 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,765,068 |
| Pension plan accruals and contributions | $1,819,529 |
| Other employee benefits | $4,274,709 |
| Payroll taxes | $1,813,156 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $115,596 |
| Fees for services: Accounting | $108,985 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $65,000 |
| Fees for services: Investment Management | $243,849 |
| Fees for services: Other | $5,896,937 |
| Advertising and promotion | $839,018 |
| Office expenses | $1,450,177 |
| Information technology | $1,947,429 |
| Royalties | $0 |
| Occupancy | $7,566,459 |
| Travel | $427,026 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $461,300 |
| Interest | $359,595 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,467,623 |
| Insurance | $1,738,414 |
| All other expenses | $743,487 |
| Total functional expenses | $65,487,243 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $503,460 |
| Savings and temporary cash investments | $2,619,679 |
| Pledges and grants receivable | $2,925,831 |
| Accounts receivable, net | $521,021 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $613,101 |
| Prepaid expenses and deferred charges | $413,818 |
| Net Land, buildings, and equipment | $155,122,106 |
| Investments—publicly traded securities | $89,024,139 |
| Investments—other securities | $0 |
| Investments—program-related | $2,640,351 |
| Intangible assets | $0 |
| Other assets | $2,999,743 |
| Total assets | $257,383,249 |
| Accounts payable and accrued expenses | $7,044,440 |
| Grants payable | $1,740,032 |
| Deferred revenue | $2,078,798 |
| Tax-exempt bond liabilities | $36,477,055 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $142,842 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $892,225 |
| Total liabilities | $48,375,392 |
| Net assets without donor restrictions | $162,712,293 |
| Net assets with donor restrictions | $46,295,564 |
| 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 | $257,383,249 |
Grants Awarded
Over the last fiscal year, Palmer College Foundation has awarded $30,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FOUNDATION FOR CHIROPRACTIC PROGRESS PURPOSE: GENERAL FUND - TO SUPPORT MISSION OF EDUCATING THE PUBLIC ON CHIROPRACTIC HEALTHCARE | $20,000 |
East Moline, IL PURPOSE: GENERAL FUND - TO SUPPORT MISSION OF EDUCATING THE PUBLIC ON CHIROPRACTIC HEALTHCARE | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Palmer College Foundation has recieved totaling $440,132.
| Awarding Organization | Amount |
|---|---|
Marie H Bechtel Charitable Trust Davenport, IA PURPOSE: PROJECT SUPPORT | $435,000 |
A Harry Bennett And Little Anne Bennett Charitable Trust Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $5,132 |
Endowment Analysis
| Beg. Balance | $75,176,266 |
| Earnings | -$9,383,576 |
| Net Contributions | $1,830,998 |
| Other Expense | $1,346,981 |
| Grants | $897,264 |
| Ending Balance | $65,379,443 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rosalind Franklin University Of Medicine & Science North Chicago, IL | $321,942,163 | $130,066,998 |
Moody Bible Institute Of Chicago Chicago, IL | $517,402,862 | $263,295,292 |
Kansas City University Kansas City, MO | $396,275,959 | $114,344,236 |
Concordia University Seward, NE | $159,765,719 | $82,672,244 |
Des Moines University Osteopathic Medical Center Des Moines, IA | $450,267,375 | $87,558,866 |
Palmer College Foundation Davenport, IA | $257,383,249 | $91,492,236 |
Accreditation Council For Graduate Medical Education Chicago, IL | $103,044,710 | $71,823,147 |
University Of Health Sciences And Pharmacy In St Louis Saint Louis, MO | $314,379,266 | $75,273,875 |
Mitchell Hamline School Of Law St Paul, MN | $82,186,251 | $56,266,158 |
Independent School District No 535 Health & Dental Care Rochester, MN | $8,853,710 | $33,608,097 |
North Central University Minneapolis, MN | $48,028,269 | $37,778,406 |
Illinois College Of Optometry Chicago, IL | $110,244,360 | $41,438,897 |