Civic Intelligence

Carroll College

990 • Fiscal year 2023 • EIN 81-0231774

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 03, 2023

1601 N Benton AveHelena, MT 59625-0002

(406) 447-5432

Siviq Scores

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

Liabilities / Assets

31st percentile

0.12x

Higher debt load relative to assets than 31% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

34th percentile

0.26x

Higher debt load relative to revenue than 34% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

50th percentile

2.4%

Higher net margin than 50% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

20th percentile

$264,585

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2023

Asset Growth

39th percentile

3.2%

Faster asset growth than 39% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

45th percentile

2.3%

Faster revenue growth than 45% of similar nonprofits.

2023 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Up

$140,839,354

Up $4,333,348 (+3.2%) from 2022

Net Assets

Up

$123,506,617

Up $5,454,044 (+4.6%) from 2022

Liabilities

Down

$17,332,737

Down $1,120,696 (-6.1%) from 2022

Revenue

Up

$66,514,020

Up $1,489,972 (+2.3%) from 2022

Expenses

Up

$64,931,468

Up $2,870,840 (+4.6%) from 2022

Net Income

Down

$1,582,552

Down $1,380,868 (-47%) from 2022

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2011: $66,690,398Liabilities 2011: $21,761,796Net Assets 2011: $44,928,6022011Assets 2012: $71,190,109Liabilities 2012: $22,673,906Net Assets 2012: $48,516,2032012Assets 2013: $80,955,381Liabilities 2013: $23,245,923Net Assets 2013: $57,709,4582013Assets 2014: $95,088,529Liabilities 2014: $26,201,872Net Assets 2014: $68,886,6572014Assets 2015: $104,730,603Liabilities 2015: $25,312,079Net Assets 2015: $79,418,5242015Assets 2016: $105,736,589Liabilities 2016: $27,443,888Net Assets 2016: $78,292,7012016Assets 2017: $120,754,869Liabilities 2017: $26,298,323Net Assets 2017: $94,456,5462017Assets 2018: $123,200,814Liabilities 2018: $22,923,799Net Assets 2018: $100,277,0152018Assets 2019: $124,355,686Liabilities 2019: $22,506,506Net Assets 2019: $101,849,1802019Assets 2020: $125,734,988Liabilities 2020: $22,367,834Net Assets 2020: $103,367,1542020Assets 2021: $143,834,789Liabilities 2021: $21,293,491Net Assets 2021: $122,541,2982021Assets 2022: $136,506,006Liabilities 2022: $18,453,433Net Assets 2022: $118,052,5732022Assets 2023: $140,839,354Liabilities 2023: $17,332,737Net Assets 2023: $123,506,6172023Assets 2024: $153,021,793Liabilities 2024: $16,697,759Net Assets 2024: $136,324,0342024Assets 2025: $159,898,866Liabilities 2025: $15,983,856Net Assets 2025: $143,915,0102025

Highlighted filing

2023

Assets$140,839,354
Liabilities$17,332,737
Net Assets$123,506,617

Operations Trend

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

$80M$60M$40M$20M$0Expenses 2011: $52,698,4412011Expenses 2012: $46,275,5402012Expenses 2013: $50,136,5232013Revenue 2014: $57,547,176Expenses 2014: $51,849,601Net Income 2014: $5,697,5752014Revenue 2015: $68,860,560Expenses 2015: $55,982,541Net Income 2015: $12,878,0192015Revenue 2016: $61,521,151Expenses 2016: $58,455,263Net Income 2016: $3,065,8882016Revenue 2017: $71,154,503Expenses 2017: $59,837,235Net Income 2017: $11,317,2682017Revenue 2018: $64,353,083Expenses 2018: $60,188,842Net Income 2018: $4,164,2412018Revenue 2019: $61,222,792Expenses 2019: $59,993,385Net Income 2019: $1,229,4072019Revenue 2020: $64,086,619Expenses 2020: $59,040,779Net Income 2020: $5,045,8402020Revenue 2021: $63,598,809Expenses 2021: $58,054,766Net Income 2021: $5,544,0432021Revenue 2022: $65,024,048Expenses 2022: $62,060,628Net Income 2022: $2,963,4202022Revenue 2023: $66,514,020Expenses 2023: $64,931,468Net Income 2023: $1,582,5522023Revenue 2024: $75,695,875Expenses 2024: $70,614,677Net Income 2024: $5,081,1982024Revenue 2025: $73,077,952Expenses 2025: $70,479,479Net Income 2025: $2,598,4732025

Highlighted filing

2023

Revenue$66,514,020
Expenses$64,931,468
Net Income$1,582,552
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 3, 2023
Return Version
2022v5.0
Gross Receipts
$77,753,469
Mission and Program Overview

Mission

Carroll college is a catholic, diocesan, liberal arts college in the ecumenical tradition of the second vatican council.as a liberal arts school, carroll college acknowledges the practical role of preparing its students for a career, but it also affirms the traditional role of providing for the expansion of the intellectual, imaginative, and social awareness of its students. It is dedicated to providing for its students the means for their full realization of a dual goal of vocation and enlightenment. Thus, while providing substantial professional and pre-professional programs, the college encourages and expects all students to participate in a broad spectrum of academic disciplines.

Carroll college is a catholic, diocesan, liberal arts college in the ecumenical tradition of the second vatican council. Carroll college acknowledges the role of preparing its students for a career, and also affirms the role of providing for the expansion of the intellectual, imaginative, and social awareness of its students. Carroll college affirms its commitment to the principle of freedom of inquiry. Carroll college is committed to a policy of open participation by members of all religious faiths and all persons of good will in the total academic and spiritual experience of the college community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$57,206,587$63,061,970▲ $5,855,383
Land, Buildings, and Equipment, Net$57,292,775$56,352,401▼ $940,374
Savings and Temporary Cash Investments$15,147,169$13,357,074▼ $1,790,095
Investments Other Securities$3,184,216$3,179,152▼ $5,064
Accounts Receivable$893,048$1,346,637▲ $453,589
Pledges and Grants Receivable$395,403$1,256,914▲ $861,511
Prepaid Expenses and Deferred Charges$696,393$555,572▼ $140,821
Inventories for Sale or Use$183,630$224,652▲ $41,022
Total Assets$136,506,006$140,839,354▲ $4,333,348
Other Assets Total$1,506,785$1,504,982▼ $1,803
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,733,509$10,617,620▼ $2,115,889
Accounts Payable and Accrued Expenses$2,022,736$3,325,694▲ $1,302,958
Deferred Revenue$1,548,941$2,199,240▲ $650,299
Other Liabilities$2,148,247$1,190,183▼ $958,064
Total Liabilities$18,453,433$17,332,737▼ $1,120,696
Net Assets / Fund Balance
Net Assets With Donor Restrictions$60,247,059$65,391,157▲ $5,144,098
Net Assets Without Donor Restrictions$57,805,514$58,115,460▲ $309,946
Total Net Assets Fund Balance$118,052,573$123,506,617▲ $5,454,044
Total Liabilities and Net Assets / Fund Balance$136,506,006$140,839,354▲ $4,333,348

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$52,973,055$50,515,077$103,488,132
Equipment$1,978,872$13,786,242$15,765,114
Other Land Buildings$106,031$1,644,614$1,750,645
Land$1,294,443-$1,294,443

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$64,975,432$694,838▲ $6,174,631-$69,504,356
2021$71,365,701$1,387,947▼ $5,728,886-$64,975,432
2020$54,343,547$2,503,628▲ $16,431,125-$71,365,701
2019$56,561,840$283,127▼ $548,125-$54,343,547
2018$55,425,747$847,077▲ $2,383,936-$56,561,840
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John CechPresident/ex-officioFT$229,991$34,594$264,585
Christopher AimoneVice President - Institutional AdvancementFT$158,103$30,663$188,766
Christopher AimoneVice President - Institutional Advan-$158,103$30,663$188,766
Lori PetersonV.p. Finance & AdministrationFT$151,562$20,950$172,512
Charles GrossDirector, AthleticsFT$124,205$25,393$149,598
Jennifer GlowienkaSr Vice President for Academic AffairsFT$119,830$19,037$138,867
James PetrovichDirector Masters of SocialFT$124,825$13,383$138,208
Michael McmahonV.p. of Student EngagementFT$111,359$19,693$131,052

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo Operations LLCFood Service9801 WASHINGTONIAN BLVD, Gaithersburg, MD 20878$2,895,953
Helena Sand & GravelConstruction2930 CANYON FERRY RD, Helena, MT 59602$432,708
Ellucian Company LPSoftware2003 EDMUND HALLEY DR, Reston, VA 20191$432,026
Durable Slate Co INCRoofing3933 GROVES ROAD, Columbus, OH 43232$420,342
Collegis LLCTech Services1415 W 22ND ST 220, Oak Brook, IL 60523$385,333
Revenue and Support

Revenue Composition

Contributions and Grants
$7,739,391
Program Service Revenue
$55,143,710
Investment Income
$2,801,258
Other Revenue
$829,661
All Other Contributions
$6,017,562
Change in Net Assets
$1,582,552

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 Traded28$275,995Fair Market Value
Other Non Cash Contri Table176$97,403Fair Market Value
Other Non Cash Contri Table3$18,550Fair Market Value
Other Non Cash Contri Table0$13,099Fair Market Value
Other Non Cash Contri Table3$8,479Fair Market Value
Other Non Cash Contri Table1$5,800Fair Market Value
Total Noncash Contributions211$419,326-

Audited Revenue Reconciliation

Revenue per Audited Statements
$40,201,689
Revenue Not Reported on Financial Statements
$26,312,331
Revenue Not Reported on Form 990
$4,839,242
Other Revenue Adjustments
$26,207,330
Total Revenue per Audited Statements
$45,040,931
Total Revenue per Form 990
$66,514,020
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$27,291,561
Salaries, Compensation, and Employee Benefits$19,907,589
Other Expenses$17,732,318
Total Fundraising Expense$1,481,860
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$27,291,561--$27,291,561
Other Salaries and Wages$11,553,244$2,033,505$775,474$14,362,223
Conferences and Meetings$3,381,787$508,711-$3,890,498
Depreciation Depletion$2,375,622$1,272,260$3,829$3,651,711
Fees for Services Other$1,726,050$1,537,918$39,593$3,303,561
Other Employee Benefits$1,123,142$1,625,530$65,484$2,814,156
Travel$2,023,921$174,700$58,968$2,257,589
Office Expenses$899,663$555,893$174,365$1,629,921
Payroll Taxes$934,242$209,445$73,130$1,216,817
Current Officers, Directors, Trustees, and Key Employees$280,292$510,441$202,690$993,423
Occupancy$35,552$712,249-$747,801
Pension Plan Contributions$397,732$91,011$32,227$520,970
Interest$271,631$55,431-$327,062
Fees for Service Investment Mgmnt Fees-$105,001-$105,001
Other Expenses$42,312$181,161$48,969$42,312
Total Functional Expenses$53,876,352$9,573,256$1,481,860$64,931,468

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$64,931,468
Total Expenses per Audited Statements$39,691,867
Expenses per Audited Statements$38,619,137
Expenses Not Reported on Financial Statements$26,312,331
Other Expense Adjustments$26,207,330
Expenses Not Reported on Form 990$1,072,730
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,901,593

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
Yes
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Panagora Diversified Risk Multi-asset Fund, LtdInvestment-00$1,901,593
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$149,193
Fundraising Direct Expenses$141,255
Gaming Gross Income$22,760
Gaming Direct Expenses$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Dinner and Auction$360,825$125,822$124,713$1,109
Golf Tournament$35,271$23,371$13,831$9,540
Total Events$396,096$149,193$141,255$7,938
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$964,562
Refundable Advance$151,893
Student Deposits$73,670
Other Liabilities$58

Bond Issues

BondIssuerIssuedIssue PricePurpose
BLewis and Clark County Montana2022-09-01$6,785,116Higher education refunding bond series 2022a
CLewis and Clark County Montana2022-09-01$4,686,884Higher education revenue bond series 2022b
ALewis and Clark County Montana2008-07-18$2,800,000Higher education revenue note series 2008

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$6,785,116--$8,048
C$4,686,884---
A$2,800,000--$25,400

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Food services on campus are provided through sodexo america, llc. The terms of the contract are negotiated at arm's length to determine that the college will pay no more than the fair market value of the services provided.

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

The form 990 tax return is prepared from the audited financial statements, and is reviewed by the vp of finance and administration, controller, and assistant controller before being signed and issued.

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

Board members are required to complete a conflict of interest disclosure annually, and to indicate conflicts of interest prior to participating in the discussion of a topic. Any disclosure is noted in the board meeting minutes.

Form 990, Part VI, Section B, Line 15

Compensation of the college's president is determined by the board of trustees, using a peer group salary comparison of roughly 77 similar institutions. The college president's contract is reviewed by the full board of trustees. Compensation of all other staff and faculty is determined by college policy and financial resources, including a comparison to a peer group of roughly 77 similar institutions. Salary increases are approved by the board as part of approving the annual budget.

Form 990, Part VI, Section C, Line 19

The organizations governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Carroll College
EIN
81-0231774
Phone
4064475432
Address
1601 N BENTON AVE, HELENA, MT 59625-0002

Signing Officer

Name
Lori Peterson
Title
Vice President Finance
Phone
4064475432
Signed
2023-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lori Peterson
Formed
1909
Legal Domicile
Mt
Voting Board Members
22
Independent Board Members
22
Employees
1,029
Volunteers
180

Preparer

Firm
Kcoe Isom Llp
Address
1821 SOUTH AVENUE WEST 5TH FLOOR, MISSOULA, MT 59801
Preparer
Jill Galle
Phone
4067217800
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of charitable trust 54,731. Change in fair value of swap contra 104,980.

990 Part XII, Line 2C-oversight of Audit

Carroll has an audit & risk assessment committee that maintains oversight of the audit. No change to this process from prior year reporting.

Financial Statement Notes

PART III, LINE 4:

Various art pieces are displayed on campus.

PART V, LINE 4:

The endowment will be used to fund scholarships and general operations of the college and supports education.

PART X, LINE 2:

Carroll college is a non-profit organization exempt from federal and state income taxs under internal revenue code 501(c)(3).

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 320,955. Rental expenses netted on return 594,600. Fundraising event expenses netted on return 141,255. Change in fair value of split interest agreement 54,731.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

College funded scholarships and grants 26,207,330.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 320,955. Rental expenses netted on return 594,600. Fundraising event expenses netted on return 141,255.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

College funded scholarships and grants 26,207,330.

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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/Form990PartVIISectionAGrp/PersonNm1THE REV PATRICK BERETTA
IRS990/Form990PartVIISectionAGrp/PersonNm2THOMAS WHYTE
IRS990/Form990PartVIISectionAGrp/PersonNm3DR JOYCE STEWART
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IRS990/Form990PartVIISectionAGrp/PersonNm5BOB HEBERLY
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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22PRESIDENT/EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt23V.P. FINANCE & ADMINISTRATION
IRS990/Form990PartVIISectionAGrp/TitleTxt24VICE PRESIDENT - INSTITUTIONAL ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt25V.P. OF STUDENT ENGAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR, ATHLETICS
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR MASTERS OF SOCIAL
IRS990/Form990PartVIISectionAGrp/TitleTxt28SR VICE PRESIDENT FOR ACADEMIC AFFAIRS
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IRS990/MissionDesc0CARROLL COLLEGE IS A CATHOLIC, DIOCESAN, LIBERAL ARTS COLLEGE IN THE ECUMENICAL TRADITION OF THE SECOND VATICAN COUNCIL. AS A LIBERAL ARTS SCHOOL, CARROLL COLLEGE ACKNOWLEDGES THE PRACTICAL ROLE OF PREPARING ITS STUDENTS FOR A CAREER, BUT IT ALSO AFFIRMS THE TRADITIONAL ROLE OF PROVIDING FOR THE EXPANSION OF THE INTELLECTUAL, IMAGINATIVE, AND SOCIAL AWARENESS OF ITS STUDENTS. IT IS DEDICATED TO PROVIDING FOR ITS STUDENTS THE MEANS FOR THEIR FULL REALIZATION OF A DUAL GOAL OF VOCATION AND ENLIGHTENMENT. THUS, WHILE PROVIDING SUBSTANTIAL PROFESSIONAL AND PRE-PROFESSIONAL PROGRAMS, THE COLLEGE ENCOURAGES AND EXPECTS ALL STUDENTS TO PARTICIPATE IN A BROAD SPECTRUM OF ACADEMIC DISCIPLINES.

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$160$16.0$144$73.1$70.5$2.60
2024Summary only. Only limited summary data is available for this year.$153$16.7$136$75.7$70.6$5.08
2023Detailed filing. Detailed filing data is available for this year.$141$17.3$124$66.5$64.9$1.58
2022Detailed filing. Detailed filing data is available for this year.$137$18.5$118$65.0$62.1$2.96
2021Summary only. Only limited summary data is available for this year.$144$21.3$123$63.6$58.1$5.54
2020Detailed filing. Detailed filing data is available for this year.$126$22.4$103$64.1$59.0$5.05
2019Detailed filing. Detailed filing data is available for this year.$124$22.5$102$61.2$60.0$1.23
2018Detailed filing. Detailed filing data is available for this year.$123$22.9$100$64.4$60.2$4.16
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$121$26.3$94.5$71.2$59.8$11.3
2016Summary only. Only limited summary data is available for this year.$106$27.4$78.3$61.5$58.5$3.07
2015Detailed filing. Detailed filing data is available for this year.$105$25.3$79.4$68.9$56.0$12.9
2014Detailed filing. Detailed filing data is available for this year.$95.1$26.2$68.9$57.5$51.8$5.70
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$81.0$23.2$57.7$50.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$71.2$22.7$48.5$46.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$66.7$21.8$44.9$52.7
Peer Organizations

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