Mitchell College

Nonprofit profile at a glance

EIN
060662150
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New London, CT, USA
Phone
8607015016
Rating
76
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Community or Junior Colleges

Official website

Reported finances

Revenue
$27,745,172
Expenses
$29,195,271
Assets
$37,715,478
Liabilities
$20,172,070

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

Leadership & pay

28 people listed

Executive titles in this filing

  • TRACY ESPY (PRESIDENT)
  • MASON MICHELLE (EXECUTIVE DIRECTOR ADMISSI)

Highest reported compensation

  • TRACY ESPY (PRESIDENT): $371,466 total reported compensation
  • ROBERT PERUZZOTTI (VP FINANCE & OPERATIONS): $216,055 total reported compensation
  • KELLY HART (CHIEF OF STAFF): $199,934 total reported compensation

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

Overview

Mission

Mitchell college educates students through a highly individualized educational approach that brings forward each student's potential, reveals their strengths, and fosters personal growth.

What it reported doing in 2024

Mitchell college is a four-year coeducational, residential liberal arts college that serves over 500 students, granting bachelor and associates degrees in arts and sciences and professional certificates. The academic program is enhanced by a skills-based teaching and assessment program, ability based education, and integrative career development that teaches career readiness skills and provides strong professional experiences guided by faculty and staff. The college offers academic support, college transition programs, four-year advising and professional tutoring to promote student success. A division iii athletics program emphasizes scholarship with athletics, engaging one-third of stuents in varsity teams.

Operating model

Revenue model
Earned-program. 83% 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 66% for direct work, and 34% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 96
  • Accountability: 97
  • Sustainability: 30
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67%; rating input score 67
  • Program expense ratio: 62.7%; rating input score 63
  • Fundraising efficiency: $9.54 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • 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; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 95.2%; rating input score 95; 29th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.2%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 1.29; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: 0.53; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 4.8%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: -1.8% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -1.5% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 18th percentile among comparable filings

Details

  • Where the money goes: 67% of revenue deployed · 62.7% of spending went to programs
  • Governance: 20 of 21 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $18.3M in reported program spending
  • Leadership: top reported pay $371K · 28 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.3M reported
  • Consistency: 39 of 39 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

Key Signals

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

  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 16/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.
  • Review — Sustainability: Officer compensation ratio scored 53/100.