Hartwick College

Nonprofit profile at a glance

EIN
150533561
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024, Form 990-N 2015
Location
Oneonta, NY, USA
Phone
6074314303
Rating
88
Verdict
STRONG
Rating confidence
Standard
Sector
Undergraduate College (4-year)

Official website

Reported finances

Revenue
$84,670,570
Expenses
$92,184,510
Assets
$98,211,658
Liabilities
$45,979,022

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

32 people listed

Executive titles in this filing

  • James Mullen (Interim President)

Highest reported compensation

  • James Mullen (Interim President): $444,496 total reported compensation
  • James Kellerhouse (Past VP for Inst. Adv. & Ext. Aff.): $237,495 total reported compensation
  • Bryan Gross (VP for Enrollment Mgmt & Athletics): $230,970 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our purpose as a college of the liberal arts and sciences is to educate people who will thrive in and contribute to the world of the future; people who are prepared to meet the personal, intellectual, and social challenges of a rapidly changing and increasingly interdependent world.

What it reported doing in 2024

Institutional Support Institutional support expenses encompass expenditures incurred in the general administration of the college.Academic Support Academic support expenses entail costs incurred in the operation of campus-based services which enhance the academic environment.Public Service Public services expenses encompass those costs related to programs sponsored by the College, primarily for the benefit of residents of the local community and surrounding area.

Operating model

Revenue model
Earned-program. 82% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 93
  • Accountability: 92
  • Sustainability: 27
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.8%; rating input score 93
  • Fundraising efficiency: $6.56 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 31st percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.5%; rating input score 95; 48th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.9%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 1.07; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 2.4%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 14th percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 9th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.8% of spending went to programs
  • Governance: 21 of 22 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $85.6M in reported program spending
  • Leadership: top reported pay $444K · 32 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $11.2M reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 12 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 29/100.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.