Thomas College
- Assets
- $83.8m
- Revenue
- $31.1m
- Investments
- $0.0
- Employees
- 432
- Location
- Waterville, ME
- Founding
- 10/1960
- Data as of
- 06/2022
- EIN
- 01-0263385
Organization Overview
Thomas College is located in Waterville, ME. The organization was established in 1960. 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, Thomas College employed 432 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thomas 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, Thomas College generated $31.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $31.0m during the year ending 06/2022. While expenses have increased by 1.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THOMAS COLLEGE PREPARES STUDENTS FOR SUCCESS IN THEIR PERSONAL AND PROFESSIONAL LIVES, AND FOR LEADERSHIP AND SERVICE IN THEIR COMMUNITIES. THOMAS PROVIDES A SUPPORTIVE LEARNING ENVIRONMENT THAT VALUES THE NEEDS AND GOALS OF INDIVIDUAL STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION - UNDERGRADUATE AND GRADUATE EDUCATION OFFERING ASSOCIATES, BACHELOR AND MASTERS DEGREE PROGRAMS CONCENTRATING IN BUSINESS, EDUCATION, TECHNOLOGY, CRIMINAL JUSTICE AND PSYCHOLOGY TO APPROXIMATELY 900 FULL-TIME STUDENTS AND 180 PART-TIME.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurie Lachance President | Officer | 40 | $288,056 |
Bernard Ouellette Executive Vice President | Officer | 40 | $205,790 |
Thomas Edwards VP Academic Affairs | Officer | 40 | $162,275 |
Edmund Cervone Exec. Director Center For Innovation | 40 | $135,655 | |
Joan Wescott Treasurer | Officer | 40 | $131,664 |
Christopher Rhoda VP For Information Services | 40 | $130,230 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Dining Services | 6/29/22 | $1,435,202 |
Clinical Research Sequencing Platform Ll Covid Testing | 6/29/22 | $500,959 |
Jobs For Maine Graduates Inc Program Management And Suport | 6/29/22 | $405,632 |
Cgi Technologies And Solutions Inco Training | 6/29/22 | $394,519 |
The Sheridan Corporation Construction | 6/29/22 | $1,145,282 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $16,377 |
| Related organizations | $0 |
| Government grants | $1,505,466 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,752,745 |
| Noncash contributions included in lines 1a–1f | $2,396,259 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,274,588 |
| Total Program Service Revenue | $25,034,428 |
| Investment income | $472,782 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $30,443 |
| Net Gain/Loss on Asset Sales | $1,127,418 |
| Net Income from Fundraising Events | $111,274 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,052,244 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,389,781 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $913,623 |
| Compensation of current officers, directors, key employees. | $630,102 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,183,270 |
| Pension plan accruals and contributions | $398,014 |
| Other employee benefits | $1,213,051 |
| Payroll taxes | $630,040 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $299,069 |
| Advertising and promotion | $271,338 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,810,056 |
| Travel | $2,195 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,499 |
| Interest | $340,215 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,820,957 |
| Insurance | $113,417 |
| All other expenses | $1,240,328 |
| Total functional expenses | $31,047,245 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,810,953 |
| Pledges and grants receivable | $2,767,360 |
| Accounts receivable, net | $384,487 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $157,066 |
| Inventories for sale or use | $17,697 |
| Prepaid expenses and deferred charges | $187,861 |
| Net Land, buildings, and equipment | $44,565,134 |
| Investments—publicly traded securities | $26,777,011 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $163,416 |
| Total assets | $83,830,985 |
| Accounts payable and accrued expenses | $2,632,089 |
| Grants payable | $0 |
| Deferred revenue | $2,531,262 |
| Tax-exempt bond liabilities | $7,975,350 |
| Escrow or custodial account liability | $134,153 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,792,750 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $636,327 |
| Total liabilities | $17,701,931 |
| Net assets without donor restrictions | $40,758,323 |
| Net assets with donor restrictions | $25,370,731 |
| 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 | $83,830,985 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Thomas College has recieved totaling $152,824.
| Awarding Organization | Amount |
|---|---|
Worthington Scholarship Foundation Naples, FL PURPOSE: SCHOLARSHIPS - J BARTLETT, D BAUGH, A BERRY, L BILLINGS, L BLOOD, E BREWER, L BROWN, A CHABOT, K CHAPMAN, J CLIFFORD, A COFFIN, C COMBS, A CONNORS, H COOLEN, N CORSON, C COTE, G DAKIN, A DUBE, K FAULKINGHAM, T FURTEK, M GENTRY, A GIBSON, S GOLDER, O GUITE, T HELLUM, M HOLLOWELL, E IRELAND, R IRELAND, A JELKS, S JOHNSON, L KITCHIN, C LABREEE, K LEARY, J LIBBY, H LINDELOF, M LONGSTAFF, C MANK, H MARVES, O MCCORRISON, K MCINTYRE, P, MORRISON, K. NEVILLE, D PEABODY, C POWELL, T REED, N REEVES, T ROSSING, W SAVOY, A SCHAEFFER, B SMITH, G SMITH, A ST. LAURENT, K STAPLES, S THOMPSON, S VON OESON, T WINCHESTER, A WOOD | $151,824 |
Trust Uw F Roger Miller Dallas, TX PURPOSE: SCHOLARSHIP-TAYLOR POST | $1,000 |
Endowment Analysis
| Beg. Balance | $20,020,781 |
| Earnings | -$1,950,086 |
| Net Contributions | $997,421 |
| Grants | $459,300 |
| Ending Balance | $18,608,816 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Franklin Pierce University Rindge, NH | $94,215,029 | $91,004,046 |
New England College Henniker, NH | $96,223,111 | $84,142,963 |
Colby-Sawyer College New London, NH | $126,086,266 | $73,333,222 |
Thomas College Waterville, ME | $83,830,985 | $31,052,244 |
College Of The Atlantic Bar Harbor, ME | $133,676,028 | $26,542,064 |
Maine College Of Art Portland, ME | $42,166,138 | $26,019,477 |
Unity Environmental University New Gloucester, ME | $57,062,200 | $27,891,270 |
Thomas More College Of Liberal Arts Incorporated Merrimack, NH | $7,226,691 | $5,235,090 |
Magdalen College Warner, NH | $4,581,565 | $4,198,746 |
Keene Endowment Association Keene, NH | $12,021,054 | $1,464,084 |
Maine Wesleyan Board Of Education Topsham, ME | $1,135,593 | $36,879 |
New England Baptist Bible College Bangor, ME | $0 | $0 |