Wells College
- Assets
- $79.1m
- Revenue
- $23.6m
- Investments
- $7.2m
- Employees
- 521
- Location
- Aurora, NY
- Founding
- 06/1950
- Data as of
- 06/2021
- EIN
- 15-0532276
Organization Overview
Wells College is located in Aurora, NY. The organization was established in 1950. 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, Wells College employed 521 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wells 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 06/2021, Wells College generated $23.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (8.7%) each year. All expenses for the organization totaled $26.5m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATE STUDENTS TO THINK CRITICALLY, REASON WISELY, AND ACT HUMANELY AS THEY CULTIVATE MEANINGFUL LIVES. THROUGH WELLS' ACADEMIC PROGRAM, RESIDENTIAL ATMOSPHERE, AND COMMUNITY ACTIVITIES, STUDENTS LEARN AND PRACTICE THE IDEALS OF THE LIBERAL ARTS. THE WELLS EXPERIENCE PREPARES STUDENTS TO APPRECIATE COMPLEXITY AND DIFFERENCE, TO EMBRACE NEW WAYS OF KNOWING, TO BE CREATIVE, AND TO RESPOND ETHICALLY TO THE INTERDEPENDENT WORLDS TO WHICH THEY BELONG. COMMITTED TO EXCELLENCE IN ALL AREAS OF ITS REACH, WELLS COLLEGE EQUIPS STUDENTS FOR LIFELONG LEARNING AND FOR SHARING THE PRIVILEGES OF EDUCATION WITH OTHERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIGHER EDUCATION - INSTRUCTIONAL COSTS INCLUDING SALARY AND BENEFITS FOR FACULTY AND EXPENSES ASSOCIATED WITH MAINTAINING EDUCATIONAL DEPARTMENTS. ALL PROGRAM EXPENSES ARE INCURRED TO FURTHER THE EDUCATION OF THE STUDENTS. THE COLLEGE SERVED 322 FULL TIME EQUIVALENT STUDENTS DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Gibralter President | OfficerTrustee | 35 | $337,504 |
Gerard Turbide VP For Enrollment Services | Officer | 35 | $154,000 |
Lawrence Jerome VP For Advancement | Officer | 35 | $150,000 |
Cindy Speaker Provost And Dean Of The College | Officer | 35 | $136,829 |
Carl Sgrecci VP And CFO | Officer | 35 | $118,654 |
Charles Kenyon Dean Of Students | Officer | 35 | $62,632 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cayuga Medical Center At Ithaca Covid-19 Testing | 6/29/21 | $155,415 |
Bond Schoeneck & King Pllc Legal Services | 6/29/21 | $246,816 |
3enrollment Marketing Inc Student Search Services | 6/29/21 | $651,282 |
Hallmark Management Service Inc Food Service | 6/29/21 | $1,350,833 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,729,914 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,748,039 |
| Noncash contributions included in lines 1a–1f | $1,312,488 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,477,953 |
| Total Program Service Revenue | $14,307,718 |
| Investment income | $636,761 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $94,324 |
| Net Gain/Loss on Asset Sales | $1,956,052 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $32,915 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,598,312 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,908,363 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,127,662 |
| Compensation of current officers, directors, key employees. | $510,379 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,965,184 |
| Pension plan accruals and contributions | $107,364 |
| Other employee benefits | $479,017 |
| Payroll taxes | $710,870 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $204,361 |
| Fees for services: Accounting | $94,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $63,284 |
| Fees for services: Other | $1,533,354 |
| Advertising and promotion | $1,113,160 |
| Office expenses | $688,736 |
| Information technology | $823,517 |
| Royalties | $0 |
| Occupancy | $865,522 |
| Travel | $62,977 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,094 |
| Interest | $182,941 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,748,434 |
| Insurance | -$1,044 |
| All other expenses | $446,731 |
| Total functional expenses | $26,542,932 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,465,797 |
| Savings and temporary cash investments | $5,864,510 |
| Pledges and grants receivable | $2,217,822 |
| Accounts receivable, net | $474,905 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $129,652 |
| Prepaid expenses and deferred charges | $38,084 |
| Net Land, buildings, and equipment | $27,630,341 |
| Investments—publicly traded securities | $29,040,749 |
| Investments—other securities | $7,219,352 |
| Investments—program-related | $219,998 |
| Intangible assets | $0 |
| Other assets | $836,678 |
| Total assets | $79,137,888 |
| Accounts payable and accrued expenses | $984,524 |
| Grants payable | $0 |
| Deferred revenue | $156,217 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,835,991 |
| Unsecured mortgages and notes payable | $1,000,000 |
| Other liabilities | $962,446 |
| Total liabilities | $8,939,178 |
| Net assets without donor restrictions | $24,518,776 |
| Net assets with donor restrictions | $45,679,934 |
| 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 | $79,137,888 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Wells College has recieved totaling $4,000.
| Awarding Organization | Amount |
|---|---|
Mgn Foundation Tr Wilmington, DE PURPOSE: WELLS COLLEGE: SCHOLARSHIP SUPPORT TO HELP STUDENTS AND COLLEGE BRIDGE THE COVID MOMENT | $2,500 |
Kilkea Foundation Inc New York, NY PURPOSE: TUITION | $1,500 |
Endowment Analysis
| Beg. Balance | $27,521,760 |
| Earnings | $6,827,791 |
| Net Contributions | $583,414 |
| Other Expense | $1,747,000 |
| Ending Balance | $33,185,965 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Champlain College Inc Burlington, VT | $240,784,775 | $119,718,125 |
Nazareth College Of Rochester Rochester, NY | $299,176,817 | $122,635,159 |
Curry College Milton, MA | $220,105,546 | $116,112,495 |
Cooper Union For The Advancement Of Science And Art New York, NY | $1,192,737,106 | $135,635,048 |
Regis College Weston, MA | $109,512,086 | $107,679,867 |
St Francis College Brooklyn, NY | $411,618,421 | $89,705,791 |
Utica University Utica, NY | $156,931,603 | $105,142,781 |
College Of Mount Saint Vincent Riverdale, NY | $139,449,317 | $110,010,056 |
Lebanon Valley College Annville, PA | $214,348,628 | $104,612,783 |
Seton Hill University Greensburg, PA | $189,465,294 | $99,847,300 |
Juniata College Huntingdon, PA | $246,892,473 | $100,031,718 |
Washington And Jefferson College Washington, PA | $317,857,588 | $82,152,318 |