Civic Intelligence

Earlham Foundation

990 • Fiscal year 2022 • EIN 35-6014491

Jul 01, 2021 to Jun 30, 2022 • Filed on May 10, 2023

801 National Road WestRichmond, IN 47374

(765) 983-1200

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.44x

Higher debt load relative to assets than 63% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

91st percentile

4.16x

Higher debt load relative to revenue than 91% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

7th percentile

$232,118

Higher top officer pay than 7% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

22nd percentile

-10%

Faster asset growth than 22% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

94th percentile

70%

Faster revenue growth than 94% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Assets

Down

$426,700,889

Down $48,153,469 (-10%) from 2021

Net Assets

Down

$237,671,475

Down $19,106,231 (-7.4%) from 2021

Liabilities

Down

$189,029,414

Down $29,047,238 (-13%) from 2021

Revenue

Up

$45,487,920

Up $18,699,736 (+70%) from 2021

Expenses

Down

$905,664

Down $68,778,148 (-99%) from 2021

Net Income

Up

$44,582,256

Up $87,477,884 (+204%) from 2021

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $175,917,882Liabilities 2010: $0Net Assets 2010: $175,917,8822010Assets 2011: $218,274,496Liabilities 2011: $0Net Assets 2011: $218,274,4962011Assets 2012: $205,962,790Liabilities 2012: $0Net Assets 2012: $205,962,7902012Assets 2013: $213,119,495Liabilities 2013: $0Net Assets 2013: $213,119,4952013Assets 2014: $189,965,651Liabilities 2014: $0Net Assets 2014: $189,965,6512014Assets 2015: $191,223,242Liabilities 2015: $0Net Assets 2015: $191,223,2422015Assets 2016: $182,656,807Liabilities 2016: $0Net Assets 2016: $182,656,8072016Assets 2017: $203,131,934Liabilities 2017: $0Net Assets 2017: $203,131,9342017Assets 2018: $427,375,106Liabilities 2018: $215,188,947Net Assets 2018: $212,186,1592018Assets 2019: $417,105,415Liabilities 2019: $203,230,026Net Assets 2019: $213,875,3892019Assets 2020: $378,086,314Liabilities 2020: $173,963,620Net Assets 2020: $204,122,6942020Assets 2021: $474,854,358Liabilities 2021: $218,076,652Net Assets 2021: $256,777,7062021Assets 2022: $426,700,889Liabilities 2022: $189,029,414Net Assets 2022: $237,671,4752022Assets 2023: $416,563,758Liabilities 2023: $172,447,818Net Assets 2023: $244,115,9402023Assets 2024: $414,847,008Liabilities 2024: $158,601,586Net Assets 2024: $256,245,4222024

Highlighted filing

2022

Assets$426,700,889
Liabilities$189,029,414
Net Assets$237,671,475

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $13,810,6332010Expenses 2011: $13,110,0482011Expenses 2012: $13,232,0372012Expenses 2013: $18,829,5382013Revenue 2014: $12,679,315Expenses 2014: $11,986,535Net Income 2014: $692,7802014Revenue 2015: $13,420,198Expenses 2015: $6,933,648Net Income 2015: $6,486,5502015Revenue 2016: $8,816,450Expenses 2016: $7,180,613Net Income 2016: $1,635,8372016Revenue 2017: $15,985,399Expenses 2017: $7,621,583Net Income 2017: $8,363,8162017Revenue 2018: $28,159,010Expenses 2018: $25,385,903Net Income 2018: $2,773,1072018Revenue 2019: $26,251,898Expenses 2019: $17,609,902Net Income 2019: $8,641,9962019Revenue 2020: $21,976,711Expenses 2020: $4,694,873Net Income 2020: $17,281,8382020Revenue 2021: $26,788,184Expenses 2021: $69,683,812Net Income 2021: -$42,895,6282021Revenue 2022: $45,487,920Expenses 2022: $905,664Net Income 2022: $44,582,2562022Revenue 2023: $13,932,576Expenses 2023: $23,155,744Net Income 2023: -$9,223,1682023Revenue 2024: $5,650,530Expenses 2024: $25,079,573Net Income 2024: -$19,429,0432024

Highlighted filing

2022

Revenue$45,487,920
Expenses$905,664
Net Income$44,582,256
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 10, 2023
Return Version
2021v4.2
Gross Receipts
$106,000,867
Mission and Program Overview

Mission

The Earlham Foundation receives and holds permanently restricted gifts made to Earlham College (including the Earlham School of Religion). The Foundation invests these funds and releases quarterly distributions of earnings to Earlham College and Earlham School of Religion to support their operations.

Receives and holds gifts made to Earlham College.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$301,285,236$276,092,384▼ $25,192,852
Investments in Publicly Traded Securities$168,597,139$147,592,338▼ $21,004,801
Savings and Temporary Cash Investments$4,971,983$3,016,167▼ $1,955,816
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$474,854,358$426,700,889▼ $48,153,469
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$218,076,652$189,029,414▼ $29,047,238
Total Liabilities$218,076,652$189,029,414▼ $29,047,238
Net Assets / Fund Balance
Net Assets With Donor Restrictions$256,777,706$237,671,475▼ $19,106,231
Total Net Assets Fund Balance$256,777,706$237,671,475▼ $19,106,231
Total Liabilities and Net Assets / Fund Balance$474,854,358$426,700,889▼ $48,153,469

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$240,739,277--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$474,820,554$3,505,193▼ $22,232,530-$426,217,096
2020$380,029,047$2,895,420▲ $127,436,716-$474,820,554
2019$418,844,928$803,801▼ $6,294,175-$380,029,047
2018$429,201,775$730,895▲ $17,903,510-$418,844,928
2017$425,494,674$1,377,791▲ $32,381,384-$429,201,775
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
-Assistant Treasurer/Assistant SecretaryPT$144,347$144,347

Board Members and Trustees

NameTitle
-President
-Vice President
-Director
-Director (beg Jan 2022)
-Treasurer/Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Prime Buchholz LLCInvestment Services273 Corporate Drive, Suite 250, Portsmouth, NH 03801$369,222
Acadian Asset Management LLCInvestment Services260 Franklin Street, Boston, MA 02110$256,216
Revenue and Support

Revenue Composition

Contributions and Grants
$3,811,681
Program Service Revenue
$0
Investment Income
$41,676,239
Other Revenue
$0
Change in Net Assets
$44,582,256
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$905,664
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Service Investment Mgmnt Fees$905,664--$905,664
Total Functional Expenses$905,664$0$0$905,664
International Activity

International Summary

Offices
0
Employees
0
Spending
$493,312

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$493,312
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Due to Related Organization$189,029,414
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15 Process to Determine Compensation

The Earlham Foundation does not compensate any officers, directors, or key employees. Compensation reported on Form 990, Part VII and Schedule J is paid by a related organization, Earlham College. Therefore, these questions are answered no in accordance with the instructions.

Form 990, Part VI, Line 1A Delegate broad authority to A committee

The Executive Committee consists of the President, Vice President, Secretary and Treasurer of the Corporation. The Executive Committee has the authority of the Board of Directors in the management of the Corporation's affairs during intervals between the meetings of the Board of Directors.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

Western Yearly Meeting of the Religious Society of Friends, Plainfield, Indiana has the power to nominate two Directors to the organization's governing body. Additionally, the Earlham College Board of Trustees has the power to nominate six Directors to the organization's governing body.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

The Earlham College Board of Trustees must approve the organization's Investment Policy Statement.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The Form 990 is prepared by an independent CPA firm. The Assistant Treasurer/Assistant Secretary, Secretary/Treasurer, and Earlham College's Associate Controller perform a detailed review. A copy of the Form 990 is provided to each member of the full governing body prior to its filing.

Form 990, Part VI, Line 12C Conflict of interest policy

The Foundation's conflict of interest policy requires that officers and directors disclose any situations that may result in a conflict of interest or have the appearance of a conflict of interest. Questionnaires must be completed annually but updated sooner if a person's situation changes. Disclosures are summarized and reviewed by the audit committee of the Earlham College Board of Trustees. If an officer or director has a conflict, they will not participate in the decision making process.

Form 990, Part VI, Line 19 Required documents available to the public

The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Earlham Foundation
EIN
35-6014491
Phone
7659831200
Address
801 National Road West, Richmond, IN 47374

Signing Officer

Name
Stacy L Davidson
Title
Treasurer
Signed
2023-05-10
Discuss with paid preparer
Yes

Organization Details

Formed
1931
Legal Domicile
In
Voting Board Members
11
Independent Board Members
10
Employees
0
Volunteers
10

Preparer

Firm
Crowe Llp
Address
9600 Brownsboro Road Suite 400, Louisville, KY 40241-3902
Preparer
Rachel Spurlock
Phone
5023263996
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C Audit Committee

The organization's audit committee assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.

Financial Statement Notes

Schedule D, Part V, Line 4 Intended uses of endowment funds

Earlham's endowment funds are used to support the educational programs of the College.

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$415$159$256$5.65$25.1$19.4
2023Detailed filing. Detailed filing data is available for this year.$417$172$244$13.9$23.2$9.22
2022Detailed filing. Detailed filing data is available for this year.$427$189$238$45.5$0.91$44.6
2021Detailed filing. Detailed filing data is available for this year.$475$218$257$26.8$69.7$42.9
2020Detailed filing. Detailed filing data is available for this year.$378$174$204$22.0$4.69$17.3
2019Detailed filing. Detailed filing data is available for this year.$417$203$214$26.3$17.6$8.64
2018Detailed filing. Detailed filing data is available for this year.$427$215$212$28.2$25.4$2.77
2017Detailed filing. Detailed filing data is available for this year.$203$0.00$203$16.0$7.62$8.36
2016Detailed filing. Detailed filing data is available for this year.$183$0.00$183$8.82$7.18$1.64
2015Detailed filing. Detailed filing data is available for this year.$191$0.00$191$13.4$6.93$6.49
2014Detailed filing. Detailed filing data is available for this year.$190$0.00$190$12.7$12.0$0.69
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$213$0.00$213$18.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$206$0.00$206$13.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$218$0.00$218$13.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$0.00$176$13.8