Westminster College
- Assets
- $113.9m
- Revenue
- $61.5m
- Investments
- $2.8m
- Employees
- 529
- Location
- Fulton, MO
- Founding
- 01/1943
- Data as of
- 06/2022
- EIN
- 43-0652617
Organization Overview
Westminster College is located in Fulton, MO. The organization was established in 1943. 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, Westminster College employed 529 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster 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, Westminster College generated $61.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $40.0m 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
FOUR-YEAR, UNDERGRADUATE LIBERAL ARTS COLLEGE.
Describe the Organization's Program Activity:
INSTRUCTIONAL - ACADEMIC DEPARTMENTS FOR CLASSROOM INSTRUCTION. NUMBER BENEFITED - SERVED 654 STUDENTS FALL 2021 AND 576 STUDENTS SPRING 2022
AUXILIARY OPERATIONS- RESIDENCE HALLS, BOOK STORE, DINING HALL.
SCHOLARSHIPS AND OTHER FINANCIAL AID - FINANCIAL AID PROVIDED TO STUDENTS ON BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER SIMILAR STANDARDS. NUMBER BENEFITED - 662
STUDENT SERVICES - EXPENSES RELATING TO DEAN OF STUDENT LIFE, ADMISSIONS, GUIDANCE, PLACEMENT, CHAPLIN, FINANCIAL AID, AND INTERCOLLEGIATE ATHLETICS. NUMBER BENEFITED - SERVED 654 STUDENTS FALL 2021 AND 576 STUDENTS SPRING 2022
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Morton Chair Of The Board | OfficerTrustee | 5 | $0 |
Bill Daniels Vice Chair Of The Board | OfficerTrustee | 5 | $0 |
Frank Turner Trustee | Trustee | 0.5 | $0 |
Barbara Absher Trustee | Trustee | 0.5 | $0 |
Sarah Ayers Trustee | Trustee | 0.5 | $0 |
Jack Baumstark Trustee | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fresh Ideas Food Service | 6/29/22 | $1,009,796 |
Wff Facility Services Cleaning Services | 6/29/22 | $469,863 |
Truescape Landscaping Llc Landscaping | 6/29/22 | $284,188 |
Kaufman Hall & Associates Financial Services | 6/29/22 | $565,393 |
Eab Marketing And Consulting Services | 6/29/22 | $256,725 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,173,876 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,205,992 |
| Noncash contributions included in lines 1a–1f | $21,219,488 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,379,868 |
| Total Program Service Revenue | $23,031,100 |
| Investment income | $775,625 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $113,586 |
| Net Rental Income | $5,675 |
| Net Gain/Loss on Asset Sales | $3,238,357 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$17,218 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,494,493 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,075,222 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $884,385 |
| Compensation of current officers, directors, key employees. | $884,385 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,078,563 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,910,494 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $139,929 |
| Fees for services: Accounting | $110,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $117,507 |
| Fees for services: Other | $3,548,905 |
| Advertising and promotion | $179,921 |
| Office expenses | $767,723 |
| Information technology | $1,168,471 |
| Royalties | $0 |
| Occupancy | $2,570,458 |
| Travel | $516,596 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $158,627 |
| Interest | $795,988 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,132,592 |
| Insurance | $657,201 |
| All other expenses | $0 |
| Total functional expenses | $40,036,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $513,337 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $273,647 |
| Accounts receivable, net | $2,757,453 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $15,128 |
| Prepaid expenses and deferred charges | $269,667 |
| Net Land, buildings, and equipment | $35,110,402 |
| Investments—publicly traded securities | $45,287,874 |
| Investments—other securities | $2,806,748 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,850,433 |
| Total assets | $113,884,689 |
| Accounts payable and accrued expenses | $4,560,012 |
| Grants payable | $0 |
| Deferred revenue | $272,920 |
| Tax-exempt bond liabilities | $12,644,180 |
| 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 | $3,451,455 |
| Other liabilities | $898,402 |
| Total liabilities | $21,826,969 |
| Net assets without donor restrictions | $35,060,501 |
| Net assets with donor restrictions | $56,997,219 |
| 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 | $113,884,689 |