Civic Intelligence

Hartwick College

990 • Fiscal year 2018 • EIN 15-0533561

Jul 01, 2017 to Jun 30, 2018 • Filed on May 06, 2019

1 Hartwick DriveOneonta, NY 13820

(607) 431-4303

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

64th percentile

0.33x

Higher debt load relative to assets than 64% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

57th percentile

0.70x

Higher debt load relative to revenue than 57% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Net Margin

12th percentile

-6.8%

Higher net margin than 12% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

90th percentile

$859,928

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Asset Growth

19th percentile

-1.4%

Faster asset growth than 19% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

19th percentile

-7.2%

Faster revenue growth than 19% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Down

$156,639,158

Down $2,243,355 (-1.4%) from 2017

Net Assets

Down

$105,513,018

Down $1,189,895 (-1.1%) from 2017

Liabilities

Down

$51,126,140

Down $1,053,460 (-2.0%) from 2017

Revenue

Down

$72,988,713

Down $5,701,606 (-7.2%) from 2017

Expenses

Down

$77,935,490

Down $2,495,087 (-3.1%) from 2017

Net Income

Down

-$4,946,777

Down $3,206,519 (-184%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2010: $114,621,818Liabilities 2010: $36,191,267Net Assets 2010: $78,430,5512010Assets 2011: $127,255,047Liabilities 2011: $31,994,796Net Assets 2011: $95,260,2512011Assets 2012: $124,102,845Liabilities 2012: $29,788,657Net Assets 2012: $94,314,1882012Assets 2013: $128,882,094Liabilities 2013: $29,120,564Net Assets 2013: $99,761,5302013Assets 2014: $137,494,428Liabilities 2014: $27,567,788Net Assets 2014: $109,926,6402014Assets 2015: $160,041,840Liabilities 2015: $52,377,410Net Assets 2015: $107,664,4302015Assets 2016: $154,252,772Liabilities 2016: $53,063,821Net Assets 2016: $101,188,9512016Assets 2017: $158,882,513Liabilities 2017: $52,179,600Net Assets 2017: $106,702,9132017Assets 2018: $156,639,158Liabilities 2018: $51,126,140Net Assets 2018: $105,513,0182018Assets 2019: $151,762,389Liabilities 2019: $51,308,986Net Assets 2019: $100,453,4032019Assets 2020: $142,667,541Liabilities 2020: $55,194,854Net Assets 2020: $87,472,6872020Assets 2021: $153,448,262Liabilities 2021: $51,096,176Net Assets 2021: $102,352,0862021Assets 2022: $132,159,507Liabilities 2022: $50,177,243Net Assets 2022: $81,982,2642022Assets 2023: $114,215,151Liabilities 2023: $47,486,204Net Assets 2023: $66,728,9472023Assets 2024: $105,291,019Liabilities 2024: $46,493,676Net Assets 2024: $58,797,3432024

Highlighted filing

2018

Assets$156,639,158
Liabilities$51,126,140
Net Assets$105,513,018

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0-$50MExpenses 2010: $63,597,3582010Expenses 2011: $68,890,1452011Expenses 2012: $73,824,2432012Expenses 2013: $75,938,4592013Revenue 2014: $81,798,064Expenses 2014: $81,664,655Net Income 2014: $133,4092014Revenue 2015: $79,254,062Expenses 2015: $81,129,176Net Income 2015: -$1,875,1142015Revenue 2016: $76,172,202Expenses 2016: $79,171,719Net Income 2016: -$2,999,5172016Revenue 2017: $78,690,319Expenses 2017: $80,430,577Net Income 2017: -$1,740,2582017Revenue 2018: $72,988,713Expenses 2018: $77,935,490Net Income 2018: -$4,946,7772018Revenue 2019: $72,311,264Expenses 2019: $80,159,760Net Income 2019: -$7,848,4962019Revenue 2020: $76,206,626Expenses 2020: $84,235,787Net Income 2020: -$8,029,1612020Revenue 2021: $87,443,533Expenses 2021: $88,853,537Net Income 2021: -$1,410,0042021Revenue 2022: $87,589,013Expenses 2022: $94,964,653Net Income 2022: -$7,375,6402022Revenue 2023: $82,877,184Expenses 2023: $95,291,688Net Income 2023: -$12,414,5042023Revenue 2024: $87,033,017Expenses 2024: $94,270,806Net Income 2024: -$7,237,7892024

Highlighted filing

2018

Revenue$72,988,713
Expenses$77,935,490
Net Income-$4,946,777
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 6, 2019
Return Version
2017v2.2
Gross Receipts
$90,077,682
Mission and Program Overview

Mission

Hartwick college, an engaged community, integrates a liberal arts education with experiential learning to inspire curiosity, critical thinking, creativity, personal courage and an enduring passion for learning.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$74,035,107$76,991,229▲ $2,956,122
Land, Buildings, and Equipment, Net$51,534,234$52,719,919▲ $1,185,685
Cash and Non-Interest-Bearing Accounts$5,333,779$3,631,217▼ $1,702,562
Other Notes and Loans Receivable, Net$2,896,162$2,894,266▼ $1,896
Pledges and Grants Receivable$693,365$1,435,739▲ $742,374
Prepaid Expenses and Deferred Charges$1,190,495$1,296,589▲ $106,094
Accounts Receivable$885,527$675,497▼ $210,030
Inventories for Sale or Use$208,981$211,622▲ $2,641
Savings and Temporary Cash Investments-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Total Assets$158,882,513$156,639,158▼ $2,243,355
Other Assets Total$22,104,863$16,783,080▼ $5,321,783
Liabilities
Tax Exempt Bond Liabilities$40,560,769$39,827,330▼ $733,439
Other Liabilities$6,129,308$6,054,853▼ $74,455
Accounts Payable and Accrued Expenses$4,131,721$3,841,870▼ $289,851
Deferred Revenue$1,218,647$1,266,014▲ $47,367
Mortgage Notes Payable Secured by Investment Property$139,155$136,073▼ $3,082
Total Liabilities$52,179,600$51,126,140▼ $1,053,460
Net Assets / Fund Balance
Permanently Rstr Net Assets$59,067,271$61,878,241▲ $2,810,970
Unrestricted Net Assets$30,742,368$22,507,793▼ $8,234,575
Temporarily Rstr Net Assets$16,893,274$21,126,984▲ $4,233,710
Total Net Assets Fund Balance$106,702,913$105,513,018▼ $1,189,895
Total Liabilities and Net Assets / Fund Balance$158,882,513$156,639,158▼ $2,243,355

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$41,044,534$61,629,277$102,673,811
Equipment$4,745,226$29,521,809$34,267,035
Leasehold Improvements$6,307,887$7,833,314$14,141,201
Land$614,573-$614,573
Other Land Buildings$7,699-$7,699
Other Assets Org$16,374,686--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$74,348,342$1,349,261▲ $7,187,207$2,618,557$77,304,468
2016$67,497,417$1,310,609▲ $9,008,782$1,609,382$74,348,342
2015$70,588,637$1,271,292▼ $1,063,885$1,585,711$67,497,416
2014$70,808,142$1,626,581▲ $1,285,303$1,530,496$70,588,637
2013$62,867,777$1,024,352▲ $9,919,881$1,472,386$70,808,142
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Margaret DrugovichPresidentFT$433,715$157,207$859,928
Michael TannenbaumProvostFT$189,886$24,428$214,314
Sydney LeoVP Finance/asst TreasurerFT$179,992$23,895$203,887
Gregg FortVP Inst AdvncmntFT$179,500$286,584$197,078
Karen McgrathVP AdmissionsFT$171,721$14,699$186,420
Meg NowakVP Student AffairsFT$134,049$11,708$145,757
Bruce CampbellExec Director ItFT$110,258$2,313$112,571
Connie AndersonProfessorFT$104,378$7,306$111,684
Kellie BeanDean Acad AffairsFT$107,907$3,730$111,637
Kimberly FierkeDirector AthleticsFT$100,810$7,318$108,128
Kerri GreenAsst SecretaryFT$65,746$4,601$70,347

Highest Paid Contractors

ContractorServicesLocationCompensation
Hickory Hill RestorationsBuilding Contractor136 HICKORY HILL ROAD, Otego, NY 13825$1,471,686
Ellucian Company LPSoftware4375 FAIR LAKES COURT, Fairfax, VA 22033$282,795
Bond Schoeneck & KingLegal110 WEST FAYETTE ST, Syracuse, NY 13218$137,566
Assessment Technologies Inst LLCTesting62277 COLLECTIONS CENTER DR, Chicago, IL 60693$121,812
Revenue and Support

Revenue Composition

Contributions and Grants
$5,988,663
Program Service Revenue
$62,436,104
Investment Income
$4,347,591
Other Revenue
$216,355
All Other Contributions
$5,411,987
Change in Net Assets
$-4,946,777

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Securities Publicly Traded4$501,150
Total Noncash Contributions4$501,150

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,783,475
Revenue Not Reported on Financial Statements
$29,205,238
Revenue Not Reported on Form 990
$3,648,331
Other Revenue Adjustments
$29,205,238
Total Revenue per Audited Statements
$47,431,806
Total Revenue per Form 990
$72,988,713
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$29,205,238
Salaries, Compensation, and Employee Benefits$25,006,660
Other Expenses$23,723,592
Total Fundraising Expense$1,544,985
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$29,205,238--$29,205,238
Other Salaries and Wages$17,296,243$489,965$821,830$18,608,038
Depreciation Depletion$4,284,100--$4,284,100
All Other Expenses$2,681,262$177,035$183,258$3,041,555
Other Employee Benefits$2,162,373$212,477$125,194$2,500,044
Interest$1,794,477--$1,794,477
Current Officers, Directors, Trustees, and Key Employees$214,314$1,116,695$197,078$1,528,087
Payroll Taxes$1,184,534$110,302$68,926$1,363,762
Occupancy$1,341,038--$1,341,038
Travel$1,293,754$14,823$14,916$1,323,493
Information Technology$1,054,936$2,828-$1,057,764
Pension Plan Contributions$864,204$92,238$50,287$1,006,729
Insurance$842,875--$842,875
Advertising$549,930$3,870$13,564$567,364
Office Expenses$425,013$25,226$49,457$499,696
Other Expenses$326,410$84,539$-1,909$409,040
Fees for Services Other$211,127$110,324$20,847$342,298
Conferences and Meetings$167,096$34,231$1,537$202,864
Fees for Services Legal-$137,842-$137,842
Fees for Service Investment Mgmnt Fees-$125,013-$125,013
Fees for Services Accounting-$67,309-$67,309
Total Functional Expenses$73,585,788$2,804,717$1,544,985$77,935,490

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$77,935,490
Total Expenses per Audited Statements$48,621,701
Expenses per Audited Statements$48,605,239
Expenses Not Reported on Financial Statements$29,330,251
Other Expense Adjustments$29,205,238
Expenses Not Reported on Form 990$16,462
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$36,310
Fundraising Direct Expenses$16,462
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Wine Auction$46,450$23,840$1,214$22,626
Golf$20,510$12,470$1,999$10,471
Total Events$66,960$36,310$16,462$19,848
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Elizabeth P SteeleSpouseCompensationNo$55,688

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Conditional Asset Retirement Obligation$3,090,786
Federal Student Loan Funds$2,964,067

Bond Issues

BondIssuerIssuedIssue PricePurpose
AOtsegoCtyCapitalResCorp2015-04-23$42,364,337Refund prior issue, building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$42,364,337$50,037-$987,752

Bond Financing Compliance

Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

Form 990 was prepared by the Assistant Controller and reviewed by the Controller and the VP for Finance/Assistant Treasurer. Then the complete Form 990 including required schedules with the exception of Schedule B was provided to all Board members and officers electronically. The Schedule B provided electronically was the public disclosure copy which excludes donors names. Board members discussed any questions with the finance staff and the Audit and Compliance Committee passed a resolution to accept the 990 prior to filing.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The Audit and Compliance Committee requires annual conflict of interest statements from all Board members and senior management. The chair of the Audit and Compliance Committee reviews all forms and reports back to the committee any findings of conflict. Potential conflicts are directed to the Audit and Compliance Committee. A dollar amount of $10,000 or greater is deemed a potential conflict. Any individuals with a conflict are required to recuse themselves from any discussion or voting that involves the related transaction.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The compensation of the President is recommended by a Compensation Committee to the Executive Committee who review and approve the compensation. The Compensation Committee reviews the President's performance,hires a compensation consultant and uses the CUPA-HR compensation survey as a tool for comparable salaries.The Audit and Compliance Committee independently reviews President and senior management compensation using comparative 990 data.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The College's governing documents, conflict of interest policy and financial statements are available upon request or by inspection at the College President's office.

Filing and Contact Details

Filer

Filer Name
Hartwick College
EIN
15-0533561
Phone
6074314303
Address
1 HARTWICK DRIVE, ONEONTA, NY 13820

Signing Officer

Name
Dorothy Lewis
Title
VPFin/AsstTreas
Signed
2019-05-06

Organization Details

Principal Officer
Margaret Drugovich
Formed
1797
Legal Domicile
Ny
Voting Board Members
27
Independent Board Members
26
Employees
1,363
Volunteers
142
Supplemental Narrative

Additional Explanations

Client Note 1

Client Note 1 -

Form 990, Part III, Line 4D: Other Program Services Description

Other program services 4: institutional support - institutional support expenses encompass expenditures incurred in the general administration of the college. Other program services 5: public service - public services expenses encompass those costs related to programs sponsored by the college primarily for the benefit of the residents of the local community and surrounding area. Other program services 6: academic support - academic support expenses entail costs incurred in the operation of campus based services which enhance the academic environment.

Financial Statement Notes

Part V, Line 4: Intended uses of the endowment fund.

To fulfill the purpose designated by the donor to support college operations and activities such as scholarships, research, museum, academics and plant improvements.

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Fundraising events $16462

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

Financial aid $29205238 bad debt $0

Part XII, Line 2D: Other expenses and losses per audited F/S

Fundraising events $16462

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

Financial aid $29205238 bad debt $0

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$105$46.5$58.8$87.0$94.3$7.24
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$114$47.5$66.7$82.9$95.3$12.4
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$132$50.2$82.0$87.6$95.0$7.38
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$153$51.1$102$87.4$88.9$1.41
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$143$55.2$87.5$76.2$84.2$8.03
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$152$51.3$100$72.3$80.2$7.85
2018Detailed filing. Detailed filing data is available for this year.$157$51.1$106$73.0$77.9$4.95
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$159$52.2$107$78.7$80.4$1.74
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$154$53.1$101$76.2$79.2$3.00
2015Detailed filing. Detailed filing data is available for this year.$160$52.4$108$79.3$81.1$1.88
2014Detailed filing. Detailed filing data is available for this year.$137$27.6$110$81.8$81.7$0.13
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$129$29.1$99.8$75.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$124$29.8$94.3$73.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$127$32.0$95.3$68.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$115$36.2$78.4$63.6