Civic Intelligence

Westminster College

990 • Fiscal year 2016 • EIN 43-0652617

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

7th And Westminster AvenueFulton, MO 65251

(573) 592-5225

Siviq Scores

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

Liabilities / Assets

38th percentile

0.20x

Higher debt load relative to assets than 38% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

54th percentile

0.51x

Higher debt load relative to revenue than 54% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Net Margin

20th percentile

-6.6%

Higher net margin than 20% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

13th percentile

$159,229

Higher top officer pay than 13% of similar nonprofits.

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

2016 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2016

Asset Growth

23rd percentile

-3.0%

Faster asset growth than 23% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

42nd percentile

0.6%

Faster revenue growth than 42% of similar nonprofits.

2016 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Assets

Down

$89,671,041

Down $2,755,068 (-3.0%) from 2015

Net Assets

Down

$71,871,565

Down $3,913,191 (-5.2%) from 2015

Liabilities

Up

$17,799,476

Up $1,158,123 (+7.0%) from 2015

Revenue

Up

$34,973,822

Up $207,096 (+0.6%) from 2015

Expenses

Up

$37,296,855

Up $1,237,672 (+3.4%) from 2015

Net Income

Down

-$2,323,033

Down $1,030,576 (-80%) from 2015

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $97,723,099Liabilities 2010: $18,281,128Net Assets 2010: $79,441,9712010Assets 2011: $98,319,455Liabilities 2011: $18,712,016Net Assets 2011: $79,607,4392011Assets 2012: $92,118,762Liabilities 2012: $19,491,774Net Assets 2012: $72,626,9882012Assets 2013: $92,296,369Liabilities 2013: $18,020,302Net Assets 2013: $74,276,0672013Assets 2014: $97,268,870Liabilities 2014: $18,026,135Net Assets 2014: $79,242,7352014Assets 2015: $92,426,109Liabilities 2015: $16,641,353Net Assets 2015: $75,784,7562015Assets 2016: $89,671,041Liabilities 2016: $17,799,476Net Assets 2016: $71,871,5652016Assets 2017: $89,843,407Liabilities 2017: $16,077,858Net Assets 2017: $73,765,5492017Assets 2018: $92,164,284Liabilities 2018: $14,718,900Net Assets 2018: $77,445,3842018Assets 2019: $90,830,181Liabilities 2019: $13,499,366Net Assets 2019: $77,330,8152019Assets 2020: $90,674,045Liabilities 2020: $15,313,648Net Assets 2020: $75,360,3972020Assets 2021: $99,363,216Liabilities 2021: $16,845,029Net Assets 2021: $82,518,1872021Assets 2022: $113,884,689Liabilities 2022: $21,826,969Net Assets 2022: $92,057,7202022Assets 2023: $134,852,533Liabilities 2023: $21,703,119Net Assets 2023: $113,149,4142023Assets 2024: $127,752,960Liabilities 2024: $20,540,882Net Assets 2024: $107,212,0782024

Highlighted filing

2016

Assets$89,671,041
Liabilities$17,799,476
Net Assets$71,871,565

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $34,216,4962010Expenses 2011: $36,684,4352011Expenses 2012: $37,411,9872012Expenses 2013: $37,574,0712013Revenue 2014: $40,616,054Expenses 2014: $37,969,929Net Income 2014: $2,646,1252014Revenue 2015: $34,766,726Expenses 2015: $36,059,183Net Income 2015: -$1,292,4572015Revenue 2016: $34,973,822Expenses 2016: $37,296,855Net Income 2016: -$2,323,0332016Revenue 2017: $37,338,969Expenses 2017: $38,865,474Net Income 2017: -$1,526,5052017Revenue 2018: $36,981,101Expenses 2018: $35,062,076Net Income 2018: $1,919,0252018Revenue 2019: $33,115,271Expenses 2019: $32,886,268Net Income 2019: $229,0032019Revenue 2020: $30,260,128Expenses 2020: $32,310,875Net Income 2020: -$2,050,7472020Revenue 2021: $40,644,989Expenses 2021: $35,832,724Net Income 2021: $4,812,2652021Revenue 2022: $61,494,493Expenses 2022: $40,036,803Net Income 2022: $21,457,6902022Revenue 2023: $53,881,566Expenses 2023: $39,429,746Net Income 2023: $14,451,8202023Revenue 2024: $30,196,923Expenses 2024: $42,581,882Net Income 2024: -$12,384,9592024

Highlighted filing

2016

Revenue$34,973,822
Expenses$37,296,855
Net Income-$2,323,033
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$65,065,118
Mission and Program Overview

Mission

It shall be the mission of westminster college to educate and inspire all its students through a distinctive liberal arts curriculum and a dynamic developmental experience; to challenge them to be critically aware, life-long learners and leaders of character, committed to the values of integrity, fairness, respect, and responsibility; and to prepare them for lives of success, significance and service.

Four-year, undergraduate liberal arts college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$42,355,117$42,059,162▼ $295,955
Investments in Publicly Traded Securities$35,666,663$34,968,496▼ $698,167
Investments Other Securities$7,834,278$4,849,959▼ $2,984,319
Cash and Non-Interest-Bearing Accounts$17,607$1,748,949▲ $1,731,342
Pledges and Grants Receivable$1,499,488$1,292,597▼ $206,891
Accounts Receivable$765,282$570,232▼ $195,050
Investments Program Related$595,807$534,520▼ $61,287
Prepaid Expenses and Deferred Charges$302,462$354,690▲ $52,228
Savings and Temporary Cash Investments$113,804$187,289▲ $73,485
Intangible Assets$79,608$74,948▼ $4,660
Inventories for Sale or Use$42,503$47,102▲ $4,599
Other Notes and Loans Receivable, Net$17,199$0▼ $17,199
Total Assets$92,426,109$89,671,041▼ $2,755,068
Other Assets Total$3,136,291$2,983,097▼ $153,194
Liabilities
Tax Exempt Bond Liabilities$13,015,000$12,590,000▼ $425,000
Accounts Payable and Accrued Expenses$1,960,273$2,240,028▲ $279,755
Mortgage Notes Payable Secured by Investment Property$279,133$1,582,719▲ $1,303,586
Other Liabilities$1,386,947$1,386,729▼ $218
Total Liabilities$16,641,353$17,799,476▲ $1,158,123
Net Assets / Fund Balance
Permanently Rstr Net Assets$49,612,068$38,350,580▼ $11,261,488
Unrestricted Net Assets$18,299,211$26,677,588▲ $8,378,377
Temporarily Rstr Net Assets$7,873,477$6,843,397▼ $1,030,080
Total Net Assets Fund Balance$75,784,756$71,871,565▼ $3,913,191
Total Liabilities and Net Assets / Fund Balance$92,426,109$89,671,041▼ $2,755,068

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$35,668,511$35,375,448$71,043,959
Equipment$912,855$11,420,134$12,332,989
Land$5,273,181-$1,955,181
Other Land Buildings$204,615-$204,615
Other Securities$12,365--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$56,598,223$2,872,561▼ $645,807$983,625$49,954,617
2014$56,329,312$1,822,987▲ $830,842$663,975$56,598,223
2013$48,939,218$3,793,250▲ $6,365,228$835,150$56,329,312
2012$46,217,515$1,885,885▲ $4,126,932$870,486$48,903,016
2011$50,611,328$414,711▼ $293,243$804,605$46,217,515
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Benjamin Ola AkandePresident of the CollegeFT$130,038$29,191$159,229
William F Sheehan JrSecretary/VP Institutional AdvancementFT$142,533$10,005$152,538
William F Sheehan JrSecretary/VP Institutional Advanceme-$142,533$10,005$152,538
Joey StonerInterim Treasurer/VP Business & CFOFT$135,000-$135,000
Carolyn PerrySenior VP and Dean of FacultyFT$120,800$7,084$127,884

Highest Paid Contractors

ContractorServicesLocationCompensation
Fresh IdeasFood Service100 W NIFRONG BLVD BLDG 3 SUITE 2, Columbia, MO 65203$1,102,905
Truescape LandscapingLandscaping510 GAYLORD DRIVE, Fulton, MO 65251$224,928
Glovecon INCConstuction210 E SIXTH STREET, Fulton, MO 65251$190,498
Reinhardt Construction CompanyConstruction627 N ROLLINS ST, Centralia, MO 65240$186,568
JenzabarErp ProviderPO BOX 55018, Boston, MA 02205$179,460
Revenue and Support

Revenue Composition

Contributions and Grants
$7,976,909
Program Service Revenue
$21,346,937
Investment Income
$424,639
Other Revenue
$5,225,337
All Other Contributions
$7,869,424
Change in Net Assets
$-2,323,033

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded7$307,274Value on Donation Date
Real Estate Other1$25,543Appraisal
Cars and Other Vehicles1$11,186Blue Book Value
Total Noncash Contributions9$344,003-

Audited Revenue Reconciliation

Revenue per Audited Statements
$34,904,034
Revenue Not Reported on Financial Statements
$69,788
Revenue Not Reported on Form 990
$-14,568,595
Other Revenue Adjustments
$-48,022
Total Revenue per Audited Statements
$20,335,439
Total Revenue per Form 990
$34,973,822
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$12,978,437
Other Expenses$12,668,601
Salaries, Compensation, and Employee Benefits$11,649,817
Total Fundraising Expense$600,336
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$12,978,437--$12,978,437
Other Salaries and Wages$7,575,818$1,591,028$79,721$9,246,567
Fees for Services Other$1,735,920$1,470,661$88,946$3,295,527
Depreciation Depletion$2,052,970$181,209-$2,234,179
Other Employee Benefits$1,374,129$396,420$34,728$1,805,277
Occupancy$522,385$784,707-$1,307,092
Office Expenses$903,700$331,641$29,704$1,265,045
Travel$627,103$101,919$11,916$740,938
Current Officers, Directors, Trustees, and Key Employees-$430,998$162,171$593,169
Interest$561,858--$561,858
Insurance$221,191$247,958-$469,149
Information Technology$35,287$353,703-$388,990
Conferences and Meetings$26,293$93,125$42,950$162,368
All Other Expenses$34,193$69,610$45,998$149,801
Other Expenses$90,129$30,965$21,155$142,249
Advertising$41,459$99,908-$141,367
Fees for Services Legal-$127,996-$127,996
Fees for Service Investment Mgmnt Fees-$117,810-$117,810
Fees for Services Accounting-$75,365-$75,365
Payroll Taxes-$4,804-$4,804
Total Functional Expenses$31,363,564$5,332,955$600,336$37,296,855

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$37,296,855
Total Expenses per Audited Statements$24,248,630
Expenses per Audited Statements$24,200,608
Expenses Not Reported on Financial Statements$13,096,247
Other Expense Adjustments$12,978,437
Expenses Not Reported on Form 990$48,022
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Reundable Government Advances for Perkins Loan$465,663
Annuities Payable$347,687
Student Deposits$255,655
Conditional Asset Retirement Obligations$219,089
Deposits Held for Others$98,635

Bond Issues

BondIssuerIssuedIssue PricePurpose
AIda of Callaway County Mo Refunding Revenue Bonds Series 2012a2012-07-19$6,245,000Refunding of a prior issue that was dated 5/11/05
BIda of Callaway County Mo Refunding Revenue Bonds Series 2012c2012-07-19$6,043,810Refund prior issues that were dated 8/28/07 and 6/29/10

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$6,245,000$6,074,651-$124,900
B$6,085,000$5,798,557-$120,876

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
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
No
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
No
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, Section B, Line 11

Form 990 is reviewed by the controller and cfo. A copy of the form 990 is made available to board members electronically. Board members are notified and asked to review with a stated deadline.

Form 990, Part VI, Section B, Line 12C

Members are required to disclose any conflicts of interest annually. Any activity of significance goes before the board and members are required to abstain after disclosing a personal relationship.

Form 990, Part VI, Section B, Line 15A

The board of trustees, through its governance and trusteeship committee, reviews and approves the president's annual compensation, and the review has included reference to comparable compensation data of regional and transitional peer colleges.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
Westminster College
EIN
43-0652617
Phone
5735925225
Address
7TH AND WESTMINSTER AVENUE, FULTON, MO 65251

Signing Officer

Name
Gary Stocker
Title
Secretary to the Board
Phone
5735925225
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Benjamin Ola Akande
Formed
1853
Legal Domicile
Mo
Voting Board Members
38
Independent Board Members
38
Employees
878
Volunteers
38

Preparer

Firm
Williams-keepers LLC
Address
2005 WEST BROADWAY SUITE 100, COLUMBIA, MO 65203
Preparer
Ryan Henry
Phone
5734426171
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split-interest agreements -57,390.

Form 990, Part XII, Line 2C

The financial affairs committee manages issues relating to selection of the independent auditor. This process has not changed from the prior year.

Financial Statement Notes

PART II, LINE 9:

The national churchill museum located at westminster college is a certified historic structure. Gifts received from donors to support the memorial are reported as contribution revenue. Expenses relating to the memorial are reported as program expenses (academic support).

PART III, LINE 4:

Misson: the national churchill museum, on the campus of westminster college, commemorates and celebrates the life, times, and distinguished career of sir winston churchill and inspires current and future leaders by his example of resilience, determination, and resolution. The museum fulfills its mission by: - maintaining and evolving the museum as a symbol of churchills leadership and principles, - building and preserving the collections about churchill and christopher wren, - contributing to cultural enrichment through exhibitions and educational programs, and - developing academic resources to promote scholarly study. The museum's collection is a jewel for military and british historians and comprises many one-of-a-kind artifacts. Historians interested in the life and times of sir winston churchill could not find a better place in america to conduct their studies, according to barry r. Bauman who completed a general survey of the museum in 2008 (www.baumanconservation.com). The collection includes over 10,000 library and archival materials. There are also thousands of photographs, several hundred prints and drawings, and approx. 1,000 three-dimensional objects. The greatest strength of the holdings is the interrelationships within the various sections of the collection. The collection also includes lesser numbers of paintings and textiles, primarily uniforms. Some of the collection is used in hands-on educational activities. This offers a wonderful additional experience to all students. The churchill primary documents consisting of photographs and letters are excellent source materials for research in the late personal life of churchill and his family members. Other collection materials include hundreds of original war posters, newspapers and clippings for excellent primary sources for facts and opinions. Collections on museum events give perspective on the visits of churchill, truman, gorbachev, thatcher, reagan, bush and other state leaders and their global viewpoint on the cold war. Historic preservation scholars will find letters, invoices and papers on the unique task of transporting a baroque church structure from london to fulton, its reassemble and recreating carvings and curtain ornamentation to reflect sir christopher wren. The national churchill museum and library contains 1,322 volumes pertaining to churchill and is rated as excellent holdings of secondary source materials. Carlo d'este, author of warlord: the live of winston churchill at war, began here as his starting point for research. This project will expand access to the churchill collection and specifically, its relevance to the cold war. Because of the lack of adequate descriptive materials and good finding aids, the museum's collection is under-utilized. Some volumes are located at reeves library, the college library, located across from the museum facility. The museum's archives/collections are for education purposes either through public exhibition inhouse and loaned to other exhibiting institutions, scholarly research, and public education.

PART V, LINE 4:

General support of the college, support of academic departments, award scholarships, support of facility chairs, support the national churchill museum, maintenance of the college facilities, support the library, research programs, loan funds and lectures.

PART X, LINE 2:

The audited financial statements include the following statement: "the college is a not-for-profit organization as described in section 50l(c)(3) of the internal revenue code and is exempt from federal income taxes pursuant to section 501(a) of the code, except for unrelated business income which is subject to federal and state income taxes at statutory rates. The college's form 990 and taxable status are subject to examination by the internal revenue service for open tax years, which as of the date of this report are the years ended june 30, 2013 through 2016. Interest and penalties incurred, if any, related to annual form 990 or unrelated business income tax filings are reported within institutional support expenses in the statement of activities."

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial aid/grants -12,978,437. Change in value of split-interest agreements -57,390.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Amount reported as cost of goods sold -48,022.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Amount reported as cost of goods sold 48,022.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid/grants 12,978,437.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0INSTRUCTIONAL - ACADEMIC DEPARTMENTS FOR CLASSROOM INSTRUCTION. NUMBER BENEFITED - SERVED 943 STUDENTS FALL 2015 AND 860 STUDENTS SPRING 2016
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR OF THE BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$128$20.5$107$30.2$42.6$12.4
2023Detailed filing. Detailed filing data is available for this year.$135$21.7$113$53.9$39.4$14.5
2022Detailed filing. Detailed filing data is available for this year.$114$21.8$92.1$61.5$40.0$21.5
2021Detailed filing. Detailed filing data is available for this year.$99.4$16.8$82.5$40.6$35.8$4.81
2020Detailed filing. Detailed filing data is available for this year.$90.7$15.3$75.4$30.3$32.3$2.05
2019Detailed filing. Detailed filing data is available for this year.$90.8$13.5$77.3$33.1$32.9$0.23
2018Detailed filing. Detailed filing data is available for this year.$92.2$14.7$77.4$37.0$35.1$1.92
2017Detailed filing. Detailed filing data is available for this year.$89.8$16.1$73.8$37.3$38.9$1.53
2016Detailed filing. Detailed filing data is available for this year.$89.7$17.8$71.9$35.0$37.3$2.32
2015Detailed filing. Detailed filing data is available for this year.$92.4$16.6$75.8$34.8$36.1$1.29
2014Detailed filing. Detailed filing data is available for this year.$97.3$18.0$79.2$40.6$38.0$2.65
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$92.3$18.0$74.3$37.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$92.1$19.5$72.6$37.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.3$18.7$79.6$36.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.7$18.3$79.4$34.2