Thomas College

Nonprofit profile at a glance

EIN
010263385
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Waterville, ME, USA
Phone
2078591111
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Undergraduate College (4-year)

Official website

Reported finances

Revenue
$41,372,529
Expenses
$40,499,639
Assets
$87,310,386
Liabilities
$15,333,760

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

Leadership & pay

26 people listed

Executive titles in this filing

  • JEANNINE DIDDLE UZZI (PRESIDENT (EFF 11/1/24))
  • LAURIE LACHANCE (PRESIDENT (THROUGH 10/31/24))

Highest reported compensation

  • LAURIE LACHANCE (PRESIDENT (THROUGH 10/31/24)): $384,099 total reported compensation
  • THOMAS EDWARDS (PROVOST): $223,456 total reported compensation
  • THOMAS WARREN (COO): $222,595 total reported compensation

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

Overview

Mission

Thomas college prepares students for success in their personal and professional lives, and for leadership and service in their communities. Thomas provides a supportive learning environment that values the needs and goals of individual students. At thomas, students discover and fulfill their unique potential. Each program at the college promotes professional excellence, informed by ethics and integrity.

What it reported doing in 2024

Instruction - undergraduate and graduate education offering associates, bachelor and masters degree programs concentrating in business, education, technology, criminal justice, cyber security and psychology to approximately 760 full-time students and 130 part-time.

Operating model

Revenue model
Earned-program. 76% 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 60% for direct work, and 40% 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: 85
  • Transparency & Controls: 83
  • Accountability: 100
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.8%; rating input score 92
  • Program expense ratio: 88.9%; rating input score 89
  • Fundraising efficiency: $8.95 raised per $1 spent on fundraising; rating input score 35; 35th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • 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; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: 2.1%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 2.16; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 62; 62nd percentile among comparable filings
  • Officer compensation ratio: 3.7%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: 3.8% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: 4% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 4.6% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 91.8% of revenue deployed · 88.9% of spending went to programs
  • Governance: 18 of 18 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $36M in reported program spending
  • Leadership: top reported pay $384K · 26 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.3M reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 11 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: 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 35/100.
  • Moderate — Sustainability: Operating margin scored 43/100.