Olivet College
- Assets
- $55.3m
- Revenue
- $41.0m
- Investments
- $0.0
- Employees
- 505
- Location
- Olivet, MI
- Founding
- 10/1952
- Data as of
- 06/2022
- EIN
- 38-1459365
Organization Overview
Olivet College is located in Olivet, MI. The organization was established in 1952. 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, Olivet College employed 505 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olivet 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, Olivet College generated $41.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $40.3m during the year ending 06/2022. While expenses have increased by 5.1% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A LIBERAL ARTS EDUCATION.
Describe the Organization's Program Activity:
FINANCIAL AID IN VARIOUS FORMS TO ASSIST INDIVIDUALS IN FINANCING THEIR UNDERGRAUATE EDUCATION. 831 STUDENTS BENEFITTED.
AUXILIARY- ROOM, BOARD, ATHLETICS AND BOOKSTORE FOR STUDENTS OBTAINING THEIR UNDERGRADUATE EDUCATION.
INSTRUCTION AND RELATED SUPPORT- PROVIDING A LIBERAL ARTS UNDERGRADUATE EDUCATION. 843 UNDERGRADUATE STUDENTS ENROLLED IN FISCAL YEAR 2021-2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Steven Corey President | Officer | 40 | $431,221 |
Mark Deruiter Vp/cfo | Officer | 40 | $137,764 |
Maria Davis Provost | Officer | 40 | $133,276 |
Mark Kellar Left 052022 VP Of Admissions | Officer | 40 | $122,548 |
Ryan Shockey VP And Chief Of Staff | Officer | 40 | $101,429 |
Vicki Stouffer Start 072021 VP Advancement | Officer | 40 | $66,311 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chartwells Dining Services Food Service | 6/29/22 | $2,148,789 |
Dean Charters Tours Inc Transportation Svs | 6/29/22 | $160,559 |
Trane Us Inc Repair Contractor | 6/29/22 | $339,233 |
Motor Shop Electrical Construction Construction | 6/29/22 | $142,027 |
Bc Sound Llc Contractor | 6/29/22 | $127,618 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $8,049 |
| Related organizations | $0 |
| Government grants | $6,884,233 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,121,599 |
| Noncash contributions included in lines 1a–1f | $30,271 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,013,881 |
| Total Program Service Revenue | $31,504,193 |
| Investment income | $526,814 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $938,833 |
| Net Income from Fundraising Events | -$1,792 |
| Net Income from Gaming Activities | $5,712 |
| Net Income from Sales of Inventory | $30,307 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,045,976 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,094,077 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,553,335 |
| Compensation of current officers, directors, key employees. | $955,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,847,500 |
| Pension plan accruals and contributions | $284,847 |
| Other employee benefits | $1,296,087 |
| Payroll taxes | $732,894 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $54,990 |
| Fees for services: Accounting | $82,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $139,194 |
| Fees for services: Other | $3,345,183 |
| Advertising and promotion | $70,956 |
| Office expenses | $1,287,056 |
| Information technology | $721,254 |
| Royalties | $0 |
| Occupancy | $1,005,579 |
| Travel | $561,931 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $111,860 |
| Interest | $233,313 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,106,411 |
| Insurance | $259,659 |
| All other expenses | $1,749,157 |
| Total functional expenses | $40,347,156 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,950 |
| Savings and temporary cash investments | $3,452,506 |
| Pledges and grants receivable | $629,939 |
| Accounts receivable, net | $915,742 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $355,140 |
| Inventories for sale or use | $194,875 |
| Prepaid expenses and deferred charges | $37,320 |
| Net Land, buildings, and equipment | $28,716,667 |
| Investments—publicly traded securities | $17,525,482 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,448,818 |
| Total assets | $55,278,439 |
| Accounts payable and accrued expenses | $1,545,505 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $6,249,471 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,220,799 |
| Total liabilities | $11,015,775 |
| Net assets without donor restrictions | $20,115,632 |
| Net assets with donor restrictions | $24,147,032 |
| 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 | $55,278,439 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Olivet College has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Myer & Lois Franklin Charitable Tr Jackson, MI PURPOSE: SCHOLARSHIP | $1,000 |
Endowment Analysis
| Beg. Balance | $22,438,806 |
| Earnings | -$3,010,584 |
| Admin Expense | $139,194 |
| Net Contributions | $264,167 |
| Grants | $997,010 |
| Ending Balance | $18,556,185 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Albion College Albion, MI | $280,606,342 | $106,439,083 |
Lawrence University Of Wisconsin Appleton, WI | $632,228,886 | $124,103,689 |
Ohio Wesleyan University Delaware, OH | $522,945,081 | $119,149,215 |
Trine University Inc Angola, IN | $221,741,150 | $121,889,140 |
Kalamazoo College Kalamazoo, MI | $383,146,506 | $96,754,584 |
Saint Marys College Notre Dame, IN | $523,384,557 | $143,002,673 |
St Norbert College Inc De Pere, WI | $336,117,917 | $103,405,590 |
Taylor University Upland, IN | $297,240,119 | $122,251,609 |
Wittenberg College Board Of Directors Springfield, OH | $198,135,859 | $89,178,248 |
University Of Mount Union Alliance, OH | $316,310,745 | $109,042,625 |
Adrian College Adrian, MI | $148,979,647 | $94,047,786 |
Alma College Alma, MI | $267,015,717 | $86,854,101 |