Civic Intelligence

Bridgewater College

990 • Fiscal year 2021 • EIN 54-0506306

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 21, 2022

402 East College StreetBridgewater, VA 22812

(540) 828-5487

Siviq Scores

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

Liabilities / Assets

49th percentile

0.28x

Higher debt load relative to assets than 49% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.72x

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

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

52nd percentile

9.4%

Higher net margin than 52% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

16th percentile

$329,815

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

54th percentile

14%

Faster asset growth than 54% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

58th percentile

13%

Faster revenue growth than 58% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Up

$251,135,673

Up $30,976,825 (+14%) from 2020

Net Assets

Up

$180,148,329

Up $30,604,500 (+20%) from 2020

Liabilities

Up

$70,987,344

Up $372,325 (+0.5%) from 2020

Revenue

Up

$98,240,480

Up $11,622,209 (+13%) from 2020

Expenses

Down

$89,021,703

Down $3,899,030 (-4.2%) from 2020

Net Income

Up

$9,218,777

Up $15,521,239 (+246%) from 2020

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $158,317,654Liabilities 2011: $48,412,235Net Assets 2011: $109,905,4192011Assets 2012: $160,627,872Liabilities 2012: $51,646,797Net Assets 2012: $108,981,0752012Assets 2013: $169,236,820Liabilities 2013: $49,846,625Net Assets 2013: $119,390,1952013Assets 2014: $189,663,691Liabilities 2014: $53,162,657Net Assets 2014: $136,501,0342014Assets 2015: $193,822,966Liabilities 2015: $53,057,528Net Assets 2015: $140,765,4382015Assets 2016: $190,809,165Liabilities 2016: $53,885,357Net Assets 2016: $136,923,8082016Assets 2017: $205,325,294Liabilities 2017: $54,094,954Net Assets 2017: $151,230,3402017Assets 2018: $220,682,089Liabilities 2018: $61,914,551Net Assets 2018: $158,767,5382018Assets 2019: $223,147,924Liabilities 2019: $65,530,719Net Assets 2019: $157,617,2052019Assets 2020: $220,158,848Liabilities 2020: $70,615,019Net Assets 2020: $149,543,8292020Assets 2021: $251,135,673Liabilities 2021: $70,987,344Net Assets 2021: $180,148,3292021Assets 2022: $217,951,653Liabilities 2022: $62,856,629Net Assets 2022: $155,095,0242022Assets 2023: $215,060,961Liabilities 2023: $61,505,323Net Assets 2023: $153,555,6382023Assets 2024: $211,735,125Liabilities 2024: $62,631,711Net Assets 2024: $149,103,4142024

Highlighted filing

2021

Assets$251,135,673
Liabilities$70,987,344
Net Assets$180,148,329

Operations Trend

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

$100M$50M$0-$50MExpenses 2011: $60,565,5732011Expenses 2012: $64,246,2342012Expenses 2013: $66,927,0132013Revenue 2014: $78,854,625Expenses 2014: $71,867,720Net Income 2014: $6,986,9052014Revenue 2015: $80,977,516Expenses 2015: $75,038,078Net Income 2015: $5,939,4382015Revenue 2016: $82,912,786Expenses 2016: $80,738,852Net Income 2016: $2,173,9342016Revenue 2017: $94,240,749Expenses 2017: $87,429,979Net Income 2017: $6,810,7702017Revenue 2018: $97,637,164Expenses 2018: $91,456,403Net Income 2018: $6,180,7612018Revenue 2019: $95,158,284Expenses 2019: $94,826,990Net Income 2019: $331,2942019Revenue 2020: $86,618,271Expenses 2020: $92,920,733Net Income 2020: -$6,302,4622020Revenue 2021: $98,240,480Expenses 2021: $89,021,703Net Income 2021: $9,218,7772021Revenue 2022: $86,620,583Expenses 2022: $90,872,536Net Income 2022: -$4,251,9532022Revenue 2023: $81,951,230Expenses 2023: $91,706,803Net Income 2023: -$9,755,5732023Revenue 2024: $89,629,247Expenses 2024: $97,598,637Net Income 2024: -$7,969,3902024

Highlighted filing

2021

Revenue$98,240,480
Expenses$89,021,703
Net Income$9,218,777
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 21, 2022
Return Version
2020v4.2
Gross Receipts
$99,150,557
Mission and Program Overview

Mission

Bridgewater College educates the whole person by providing a challenging and supportive learning community that fosters the growth of its students and empowers and motivates them to live educated, intelligent, healthy, purposeful and ethical lives in a global society. The College embraces the core values of integrity, equality, service and community, which have been inspired by its history with the Church of the Brethren. The College is a welcoming, diverse and vibrant community, committed to understanding and respecting individual differences and actively engaging all of its members.

Bridgewater college is a private, coeducational, residential, liberal arts college of approximately 1900 students

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$99,066,591$127,985,182▲ $28,918,591
Land, Buildings, and Equipment, Net$89,009,681$85,114,370▼ $3,895,311
Cash and Non-Interest-Bearing Accounts$10,203,769$13,379,415▲ $3,175,646
Savings and Temporary Cash Investments$13,184,705$11,207,561▼ $1,977,144
Pledges and Grants Receivable$4,621,399$5,266,928▲ $645,529
Other Notes and Loans Receivable, Net$2,967,152$2,241,616▼ $725,536
Accounts Receivable$482,868$413,675▼ $69,193
Total Assets$220,158,848$251,135,673▲ $30,976,825
Other Assets Total$622,683$5,526,926▲ $4,904,243
Liabilities
Unsecured Notes Loans Payable$51,484,805$51,667,517▲ $182,712
Deferred Revenue$6,832,431$7,362,838▲ $530,407
Other Liabilities$5,835,165$5,578,979▼ $256,186
Accounts Payable and Accrued Expenses$3,144,367$3,217,681▲ $73,314
Tax Exempt Bond Liabilities$3,318,251$3,160,329▼ $157,922
Total Liabilities$70,615,019$70,987,344▲ $372,325
Net Assets / Fund Balance
Net Assets With Donor Restrictions$98,818,700$133,813,635▲ $34,994,935
Net Assets Without Donor Restrictions$50,725,129$46,334,694▼ $4,390,435
Total Net Assets Fund Balance$149,543,829$180,148,329▲ $30,604,500
Total Liabilities and Net Assets / Fund Balance$220,158,848$251,135,673▲ $30,976,825

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$70,593,344$54,898,904$125,147,415
Other Land Buildings$9,217,673$11,889,702$18,867,472
Equipment$3,301,736$8,144,614$11,446,350
Land$2,001,617-$1,695,249

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$91,944,523$4,251,863▲ $31,313,874$1,506,848$122,095,181
2019$95,758,089$745,288▲ $326,187$1,260,749$91,944,523
2018$96,962,916$1,013,345▲ $2,699,456$1,661,073$95,758,089
2017$79,423,605$3,652,331▲ $8,150,781$1,190,472$96,962,916
2016$82,888,519$1,832,605▲ $12,376,242$1,155,212$89,432,440
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David W BushmanPresidentFT$310,686$19,129$329,815
Maureen SilvaVP for Institutional AdvanFT$209,846$14,950$224,796
Michael PostVice President for EnrollmFT$205,077$14,849$219,926
Anne B KeelerVP for Finance & TreasurerFT$191,934$13,579$205,513
Roy W Ferguson JrVP for Risk Management and ComplianceFT$195,412$4,706$200,118
Roy W Ferguson JrVP for Risk Management and Complianc-$195,412$4,706$200,118
Leona SevickProvost & VP for AcademicFT$176,462$4,971$181,433
Leslie FrereVP for Student Life/dean OFT$133,539$14,201$147,740
Carol ScheppardProfessor of the CollegeFT$123,463$6,616$130,079
Robert AndersenAssoc Dean Acad Affairs &FT$118,509$10,974$129,483
Michael ClarkHead Football CoachFT$117,126$10,949$128,075
Kristy RheaDirector of Information TeFT$113,346$7,388$120,734

Highest Paid Contractors

ContractorServicesLocationCompensation
G&h ContractingBuilding Contractor1320 SOUTHSIDE DR, Salem, VA 24153$850,568
Whiteboard CommunicationsEnrollment Consultant37 WEST AVE STE 204, Wayne, PA 19087$427,100
Wam Holdings LLCBuilding Contractor8115 HARPINE HIGHWAY, Linville, VA 22834$220,084
Generate ImpactSoftware And It Consultant124 NEWMAN AVE 2ND FLOOR, Harrisonburg, VA 22801$213,998
Lantz ConstructionBuilding Contractor539 MAIN ST, Broadway, VA 22815$154,088
Revenue and Support

Revenue Composition

Contributions and Grants
$17,711,995
Program Service Revenue
$68,756,486
Investment Income
$10,872,513
Other Revenue
$899,486
All Other Contributions
$10,442,702
Change in Net Assets
$9,218,777

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded31$882,308Ave High/low at Transfer
Drugs and Medical Supplies1$177,450Donor Value
Other Non Cash Contri Table1$20,000Donor Value
Total Noncash Contributions33$1,079,758-

Audited Revenue Reconciliation

Revenue per Audited Statements
$57,171,185
Revenue Not Reported on Financial Statements
$41,069,295
Revenue Not Reported on Form 990
$21,385,723
Other Revenue Adjustments
$40,287,157
Total Revenue per Audited Statements
$78,556,908
Total Revenue per Form 990
$98,240,480
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$40,287,157
Other Expenses$30,150,809
Salaries, Compensation, and Employee Benefits$18,583,737
Total Fundraising Expense$1,308,033
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$40,287,157--$40,287,157
Other Salaries and Wages$11,591,447$2,120,545$571,003$14,282,995
Depreciation Depletion$5,093,398$191,649-$5,285,047
Occupancy$1,510,921$1,906,971-$3,417,892
Other Expenses$1,259,003$648,811$121,477$1,907,814
Other Employee Benefits$934,524$707,999$66,104$1,708,627
Interest$1,687,199$4,358-$1,691,557
Payroll Taxes$1,073,799$260,404$58,000$1,392,203
All Other Expenses$5,072,204$-3,723,094-$1,349,110
Office Expenses$677,117$478,827$102,320$1,258,264
Information Technology$1,146,287-$36,107$1,182,394
Current Officers, Directors, Trustees, and Key Employees$167,212$513,718$345,525$1,026,455
Fees for Service Investment Mgmnt Fees-$782,138-$782,138
Insurance$120,677$340,109-$460,786
Advertising$110,865$194,647-$305,512
Travel$241,450$33,825$2,820$278,095
Pension Plan Contributions$119,897$48,883$4,677$173,457
Fees for Services Legal$15,449$81,079-$96,528
Fees for Services Accounting-$57,110-$57,110
Total Functional Expenses$81,692,388$6,021,282$1,308,033$89,021,703

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$89,021,703
Expenses per Audited Statements$47,952,408
Total Expenses per Audited Statements$47,952,408
Expenses Not Reported on Financial Statements$41,069,295
Other Expense Adjustments$40,287,157
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$42,821,247

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeInvestments---$18,096,862
AsiaInvestments---$15,309,050
OtherInvestments---$8,071,941
Central American and the CarribeanInvestments---$1,136,554
AfricaInvestments---$206,840
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Trust and Annuity Obligations$4,520,182
U.s. Government Grants Refundable$1,058,797

Bond Issues

BondIssuerIssuedIssue PricePurpose
AIndustrial Development Authority of the Town of Bridgewater Virginia2015-11-03$3,783,629Provide funds to refund 2002 & 2006 bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$3,783,629$3,783,629$558,644-

Bond Financing Compliance

No rebate due
Yes
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 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
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, Section A, Line 2

Judge steven agee and andrew agee are brothers who both had voting power as of june 30, 2020.

Form 990, Part VI, Section B, Line 11B

Section b line 11b, the 990 was made available online to the entire board of trustees. The audit committee reviewed the form and approved it for filing subject to the review by the full board.

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

Members of the board of trustees complete the annual disclosure statement and any disclosures are reviewed according to policy. The director of human resources collects the annual disclosure forms for employees and any exceptions are reviewed by the vice president for finance.

Form 990, Part VI, Section B, Line 15

The executive committee of the board of trustees approved the president's compensation. The committee used peer salary data from published surveys for comparison. The committee also reviewed the compensation for members of the president's cabinet.

Form 990, Part VI, Section C, Line 19

Bridgewater college does not make its governing documents and financial statements available to the public. The college's conflict of interest policy for employees is available on the college's website in the employee handbook

Filing and Contact Details

Filer

Filer Name
Bridgewater College
EIN
54-0506306
Phone
5408285487
Address
402 EAST COLLEGE STREET, BRIDGEWATER, VA 22812

Signing Officer

Name
Steve Bright
Title
VP for Finance & Treasurer
Phone
5408288113
Signed
2022-03-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David W Bushman
Formed
1880
Legal Domicile
Va
Voting Board Members
29
Independent Board Members
28
Employees
884
Volunteers
180

Preparer

Firm
Brown Edwards & Company Llp
Address
105 ARBOR DRIVE 3RD FLOOR, CHRISTIANSBURG, VA 24073
Preparer
Mark Woolwine
Phone
5404433606
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in split interest agreement -1,613,992.

Financial Statement Notes

PART III, LINE 4:

The r.b. Pritchett museum collection, formerly the r. B. Pritchett museum, is housed in bridgewater college's special collections and contains approximately 7,500 historical artifacts, archives, and rare books collected over the year by the primary donor and over 350 additional donors. The collection serves as a hands on teaching tool for students entering the field of public history, academic history, archival science, library science, material culture studies and communications.

PART X, LINE 2:

Management has evaluated the effect of the guidance provided by u.s. Generally accepted accounting principles on accounting for uncertainty in income taxes and believes that the college continues to satisfy the requirements of a tax-exempt organization. Management has also evaluated all other tax positions that could have a significant effect on the financial statements and determined the college had no uncertain income tax positions.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split interest agreements -1,613,992.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Scholarships and grants 40,287,157.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarships and grants 40,287,157.

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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/Desc0LOCATED ONLY TWO HOURS SOUTHWEST OF THE WASHINGTON, D.C., METRO AREA, BRIDGEWATER COLLEGE HAS A TOTAL ENROLLMENT OF APPROXIMATELY 1,500 STUDENTS AND OFFERS BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES IN MORE THAN 60 MAJORS AND MINORS, ALONG WITH PRE-PROFESSIONAL PROGRAMS SUCH AS MEDICINE AND LAW AND TEACHER LICENSURE. THE COLLEGE ALSO OFFERS MASTERS DEGREE PROGRAMS IN ATHLETIC TRAINING, DIGITAL MEDIA STRATEGY, PSYCHOLOGY, AND HUMAN RESOURCE MANAGEMENT. GROUNDED IN LIBERAL ARTS, STUDENTS AT BRIDGEWATER COLLEGE LEARN ABOUT A VARIETY OF DISCIPLINES, ENABLING THEM TO BECOME ARTICULATE, ANALYTICAL AND ASSERTIVE. THEY ARE CHALLENGED BY RIGOROUS ACADEMICS IN A CLOSE-KNIT COMMUNITY AND COLLABORATE WITH FACULTY TO CREATE PERSONALIZED AND UNIQUE LEARNING EXPERIENCES.
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IRS990/Form990PartVIISectionAGrp/PersonNm30ROY W FERGUSON JR
IRS990/Form990PartVIISectionAGrp/PersonNm31MAUREEN SILVA
IRS990/Form990PartVIISectionAGrp/PersonNm32LEONA SEVICK
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IRS990/Form990PartVIISectionAGrp/PersonNm35MICHAEL CLARK
IRS990/Form990PartVIISectionAGrp/PersonNm36CAROL SCHEPPARD
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt19SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt28TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP FOR FINANCE & TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP FOR RISK MANAGEMENT AND COMPLIANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP FOR INSTITUTIONAL ADVAN
IRS990/Form990PartVIISectionAGrp/TitleTxt32PROVOST & VP FOR ACADEMIC
IRS990/Form990PartVIISectionAGrp/TitleTxt33VICE PRESIDENT FOR ENROLLM

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$212$62.6$149$89.6$97.6$7.97
2023Summary only. Only limited summary data is available for this year.$215$61.5$154$82.0$91.7$9.76
2022Summary only. Only limited summary data is available for this year.$218$62.9$155$86.6$90.9$4.25
2021Detailed filing. Detailed filing data is available for this year.$251$71.0$180$98.2$89.0$9.22
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$220$70.6$150$86.6$92.9$6.30
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$223$65.5$158$95.2$94.8$0.33
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$221$61.9$159$97.6$91.5$6.18
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$205$54.1$151$94.2$87.4$6.81
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$53.9$137$82.9$80.7$2.17
2015Detailed filing. Detailed filing data is available for this year.$194$53.1$141$81.0$75.0$5.94
2014Detailed filing. Detailed filing data is available for this year.$190$53.2$137$78.9$71.9$6.99
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$169$49.8$119$66.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$161$51.6$109$64.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$158$48.4$110$60.6