Cornish College Of The Arts
- Assets
- $84.1m
- Revenue
- $22.6m
- Investments
- $0.0
- Employees
- 493
- Location
- Seattle, WA
- Founding
- 08/1974
- Data as of
- 05/2023
- EIN
- 91-0916534
Organization Overview
Cornish College Of The Arts is located in Seattle, WA. The organization was established in 1974. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2023, Cornish College Of The Arts employed 493 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornish College Of The Arts 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, Cornish College Of The Arts generated $22.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.6%) each year. All expenses for the organization totaled $24.6m during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
AN ACCREDITED FOUR YEAR COLLEGE OFFERING BACCALAUREATE DEGREES IN THE PERFORMING AND VISUAL ARTS INCLUDING ART, DESIGN, FILM, INTERIOR ARCHITECTURE, DANCE, MUSIC, PERFORMANCE PRODUCTION, AND THEATER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AN ACCREDITED FOUR-YEAR COLLEGE OFFERING BACCALAUREATE DEGREES IN THE PERFORMING AND VISUAL ARTS. 445 STUDENTS ATTENDED CORNISH COLLEGE IN THE 2022 FALL SEMESTER AND 404 STUDENTS ATTENDED IN THE SPRING SEMESTER. IN FY 2022/2023, 73 STUDENTS GRADUATED. IN ADDITION, THE EXTENSIONS PROGRAMS KNOWN AS CORNISH+, OFFERED NEW STUDIO-BASED CLASSES, YOUTH PROGRAMS AND STUDENT PERFORMANCES TO 69 PARTICIPANTS.
AN ACCREDITED FOUR-YEAR COLLEGE OFFERING BACCALAUREATE DEGREES IN THE PERFORMING AND VISUAL ARTS. 445 STUDENTS ATTENDED CORNISH COLLEGE IN THE 2022 FALL SEMESTER AND 404 STUDENTS ATTENDED IN THE SPRING SEMESTER. IN FY 2022/2023, 73 STUDENTS GRADUATED. IN ADDITION, THE EXTENSIONS PROGRAMS KNOWN AS CORNISH+, OFFERED NEW STUDIO-BASED CLASSES, YOUTH PROGRAMS AND STUDENT PERFORMANCES TO 69 PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond Tymas-Jones President | Officer | 40 | $321,709 |
Deborah Treen VP Finance & CFO | Officer | 40 | $184,482 |
David Lofthouse Dean Of Enrollment Mgmt | Officer | 40 | $191,575 |
Jessica Thurlow VP Academic Affairs, Provost | Officer | 40 | $175,640 |
Anne Derieux VP Of Institutional Advancement | 40 | $133,547 | |
James Falzone Academic Dean | 40 | $104,717 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Henderson Enterprises Construction | 5/30/23 | $202,308 |
Gateway Construction Construction | 5/30/23 | $947,081 |
Cocm Student Housing Professionals Student Housing Management | 5/30/23 | $300,462 |
Cocm Student Housing Professionals Student Housing Management | 5/30/23 | $300,462 |
Gateway Construction Construction | 5/30/23 | $947,081 |
Allied Universal Security Security | 5/30/23 | $533,764 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $182,670 |
| Government grants | $1,657,674 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,928,435 |
| Noncash contributions included in lines 1a–1f | $505,906 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,768,779 |
| Total Program Service Revenue | $15,433,566 |
| Investment income | $335,154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$27,225 |
| Net Gain/Loss on Asset Sales | $82,688 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,592,962 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,421,970 |
| Grants and other assistance to Foreign Orgs/Individuals | $93,220 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,008,103 |
| Compensation of current officers, directors, key employees. | $602,545 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,858,961 |
| Pension plan accruals and contributions | $276,174 |
| Other employee benefits | $971,661 |
| Payroll taxes | $615,310 |
| Fees for services: Management | $303,794 |
| Fees for services: Legal | $139,495 |
| Fees for services: Accounting | $58,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,822 |
| Fees for services: Other | $1,735,953 |
| Advertising and promotion | $175,252 |
| Office expenses | $618,858 |
| Information technology | $792,734 |
| Royalties | $8,727 |
| Occupancy | $1,336,027 |
| Travel | $350,128 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,109 |
| Interest | $963,089 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,606,604 |
| Insurance | $240,151 |
| All other expenses | $98,122 |
| Total functional expenses | $24,625,228 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $763,248 |
| Savings and temporary cash investments | $1,663,896 |
| Pledges and grants receivable | $1,713,450 |
| Accounts receivable, net | $6,822,025 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $314,950 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $155,786 |
| Net Land, buildings, and equipment | $54,068,582 |
| Investments—publicly traded securities | $6,848,863 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,783,072 |
| Total assets | $84,133,872 |
| Accounts payable and accrued expenses | $1,326,232 |
| Grants payable | $0 |
| Deferred revenue | $304,307 |
| Tax-exempt bond liabilities | $12,323,000 |
| 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 | $1,227,356 |
| Other liabilities | $14,023,949 |
| Total liabilities | $29,204,844 |
| Net assets without donor restrictions | $45,185,372 |
| Net assets with donor restrictions | $9,743,656 |
| 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 | $84,133,872 |