2024-03-29T09:56:42-05:00 2023-06-30 FORVIS LLP 111 E Wayne St Suite 600 Fort Wayne IN 46802 990 2022-07-01 381459365 OLIVET COLLEGE % MARK DERUITER OLIV 2697497000 320 SOUTH MAIN STREET OLIVET MI 49076 MARK DERUITER VICE PRESIDENT/CFO 2697497000 2024-05-15 true MARK DERUITER 999009999 Lauren R Denton P01571860 2604604000 2 2022 2023-04-26 12:10:37Z THE UNIVERSITY OF OLIVET MARK DERUITER 320 S MAIN STREET BUSINESS OF OLIVET MI 49076 44043552 false X WWW.UOLIVET.EDU X 1920 MI PROVIDE UNDERGRADUATE AND GRADUATE INSTRUCTION, BOTH IN PERSON AND ONLINE. 31 31 574 31 3852 0 8013881 4383404 31504193 32965128 1465647 1374894 62255 32361 41045976 38755787 15094077 16102114 0 0 12714663 14211625 0 201315 1086005 12538416 11689047 40347156 42204101 698820 -3448314 55278439 64213247 11015775 20865659 44262664 43347588 X TO PROVIDE A UNIQUE LIBERAL ARTS EDUCATION ALLOWING STUDENTS TO ENGAGE IN BOTH CURRICULAR AND CO-CURRICULAR PROGRAMS THAT COMBINE REAL WORLD EXPERIENCES WITH LECTURES AND SERVICE LEARNING false false 16102114 16102114 FINANCIAL AID IN VARIOUS FORMS TO ASSIST INDIVIDUALS IN FINANCING THEIR UNDERGRAUATE EDUCATION. 850 STUDENTS BENEFITTED. 4788408 6728194 AUXILIARY- ROOM, BOARD, ATHLETICS AND SPIRIT STORE FOR STUDENTS OBTAINING THEIR UNDERGRADUATE EDUCATION. 8016467 25397063 INSTRUCTION AND RELATED SUPPORT- PROVIDING A LIBERAL ARTS UNDERGRADUATE EDUCATION. 851 UNDERGRADUATE STUDENTS ENROLLED IN FISCAL YEAR 2022-23. 8372718 877324 NON-EDUCATIONAL EVENTS FOR STUDENTS: CO-CURRICULAR PROGRAMS OFFERED TO STUDENTS THIS INCLUDES ATHLETICS AND STUDENT LIFE EVENTS TO ENHANCE THE EDUCATIONAL EXPERIENCE. 8372718 877324 37279707 true true false false false false false false false true true false false true true true false true true false false false false true true false false false true true false false false false false false false false true false false false true false false false false true 1200 0 true 574 true true true false false false false true true false false false false false false X 31 31 false false true false false false false true true false false true true true true false false true true false MI X MARK DERUITER 2697497000 320 SOUTH MAIN STREET OLIVET MI 49076 DR STEVEN COREY PRESIDENT 40.0 0.0 X 353375 0 50358 MARK DERUITER VP/CFO 40.0 0.0 X 148466 0 13168 VICKI STOUFFER VP FOR ADVANCEMENT 40.0 0.0 X 140519 0 12543 KAREN CHANEY ASSOC. PROVOST 40.0 0.0 X 107616 0 20333 RYAN SHOCKEY VP/CHIEF OF STAFF 40.0 0.0 X 106173 0 9901 MARIA DAVIS PROVOST (LEFT 06/22) 40.0 0.0 X 104178 0 4450 PAUL BURKHARDT PROVOST (START 07/22) 40.0 0.0 X 79966 0 6222 JAMEY FITZPATRICK TRUSTEE 2.0 0.0 X 0 0 0 DR JUSTIN KLAMERUS TRUSTEE 2.0 0.0 X 0 0 0 JEFF WILDERN TREASURER 3.0 0.0 X X 0 0 0 ALBERT ROSENTHALER TRUSTEE 2.0 0.0 X 0 0 0 AUDRA CARSON TRUSTEE 2.0 0.0 X 0 0 0 BREANNA O'KEEFE TRUSTEE 2.0 0.0 X 0 0 0 CHUCK MEFFORD TRUSTEE 2.0 0.0 X 0 0 0 DAVID LABRECQUE TRUSTEE AT-LARGE 2.0 0.0 X 0 0 0 DAVID SHUFELT TRUSTEE 2.0 0.0 X 0 0 0 DENISE P HOOD TRUSTEE 2.0 0.0 X 0 0 0 DR CRAIG BAILEY TRUSTEE 2.0 0.0 X 0 0 0 DR JOHN SCHWARZ TRUSTEE 2.0 0.0 X 0 0 0 DR ALYSSA KENISTON TRUSTEE 2.0 0.0 X 0 0 0 DR MARGARET DIMOND TRUSTEE AT-LARGE 2.0 0.0 X 0 0 0 DR MELANIE ENGELS TRUSTEE 0.5 0.0 X 0 0 0 DR SHARON HOBBS SECRETARY 2.0 0.0 X X 0 0 0 DR TIMOTHY HODGE CHAIR 2.0 0.0 X X 0 0 0 G ASENATH ANDREWS TRUSTEE 0.5 0.0 X 0 0 0 JAMES ROSE JR TRUSTEE 2.0 0.0 X 0 0 0 JASON CONKIN TRUSTEE 2.0 0.0 X 0 0 0 JESSE LOTHAMER VICE TREASURER 2.0 0.0 X X 0 0 0 JOHN JONES TRUSTEE AT-LARGE 2.0 0.0 X 0 0 0 KAREN PRESTON TRUSTEE 2.0 0.0 X 0 0 0 LINDA HARLESTON-EATON TRUSTEE 2.0 0.0 X 0 0 0 MIKE DIETERLE TRUSTEE 2.0 0.0 X 0 0 0 PAMELA HEOS TRUSTEE 2.0 0.0 X 0 0 0 ROD HATHAWAY TRUSTEE 2.0 0.0 X 0 0 0 SARAH JENNINGS TRUSTEE 2.0 0.0 X 0 0 0 SUE TOPPING TRUSTEE 2.0 0.0 X 0 0 0 THOMAS BURKE TRUSTEE 2.0 0.0 X 0 0 0 VERONICA MURFF TRUSTEE 2.0 0.0 X 0 0 0 1040293 0 116975 6 true true false CHARTWELLS DINING SERVICES 450 S MAIN ST OLIVET MI 49076 FOOD SERVICE 2510966 TRANE US INC 5005 CORPORATE EXCHANGE BLVD SE GRAND RAPIDS MI 49512 REPAIR CONTRACTOR 304471 THE COLLABORATIVE INC ONE SEAGATE PARK LEVEL 118 TOLEDO OH 43604 ARCHITECTURE 884505 TL CONTRACTING 16803 INDUSTRIAL PARKWAY LANSING MI 48906 CONSTRUCTION 325156 CHRISTMAN CONSTRUCTORS 324 E SOUTH ST LANSING MI 48910 CONSTRUCTION 299790 12 12410 4370994 245314 4383404 TUITION AND FEES 611600 25397063 25397063 AUXILLARY REVENUE 611600 6728194 6728194 ACTIVITIES REVENUE 611600 613275 613275 MISCELLENOUS PROGRAM REVENUE 611600 226596 226596 32965128 533162 533162 0 0 0 0 0 6009062 5167330 841732 841732 841732 2835 12410 11779 -8944 -8944 0 0 0 146109 108656 37453 37453 HOSPITALITY 900099 3852 3852 3852 38755787 33002581 3852 1365950 0 16102114 16102114 0 0 1517362 409688 925591 182083 0 10074747 9067273 705232 302242 301027 240822 48164 12041 1499454 1199563 239913 59978 819035 655228 131046 32761 0 143241 143241 85200 85200 0 201315 201315 115172 115172 3643288 3096794 473627 72867 42810 33583 9227 1263873 961639 240018 62216 1257738 931769 271140 54829 0 976536 925413 47259 3864 688414 565463 63859 59092 0 120898 102265 12097 6536 210111 202757 6093 1261 0 1984960 1915486 57564 11910 303292 85217 218075 MAINTENANCE EXPENSE 463909 450067 12790 1052 FOOD SERVICE 258193 211244 30661 16288 ACTIVITIES EXPENSE 86055 86055 SPECIAL EVENTS 45357 37267 2420 5670 42204101 37279707 3838389 1086005 1950 1950 3452506 4505724 629939 576492 915742 879529 0 0 0 0 355140 284116 194875 186028 37320 37320 74482983 38848867 28716667 35634116 17525482 18299188 0 0 0 0 0 0 3448818 3808784 55278439 64213247 1545505 1335870 0 0 0 0 0 0 0 0 0 0 6249471 16425924 0 0 3220799 3103865 11015775 20865659 X 20115632 13856967 24147032 29490621 44262664 43347588 55278439 64213247 X -3448314 1127553 1405685 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18556185 1139033 2467741 970193 100651 21092115 22438806 264167 -3010584 997010 139194 18556185 18844843 189936 5255494 835507 873724 142236 22438806 18430008 287670 1024282 779144 117973 18844843 18238641 117231 980682 788636 117910 18430008 0.05900 0.71300 0.22800 false false 508615 508615 39239080 18798646 20440434 12684173 10591890 2092283 22051115 9458331 12592784 35634116 SPLIT INTEREST AGREEMENT 3808784 3808784 0 STUDENT DEPOSITS 518377 FEDERAL ADVANCES 32196 SPLIT-INTEREST AGREEMENTS 618067 GIFT ANNUITIES 85225 LINE OF CREDIT 1850000 3103865 25192174 1127553 1526120 2653673 22538501 115172 16102114 16217286 38755787 26107250 120435 120435 25986815 115172 16102114 16217286 42204101 ASC 740 FOOTNOTE MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. SCHEDULE D, PART V, LINE 4 THE INTENT OF THE COLLEGE IS TO USE THE INCOME AND A PORTION OF THE APPRECIATION OF THE ENDOWMENT FUNDS TO SUPPORT THE PROGRAMS OF THE COLLEGE. DONORS HAVE RESTRICTED MUCH OF THE ENDOWMENT TO SUPPORT SPECIFIC PROGRAMS, AND THE COLLEGE HONORS SUCH RESTRICTIONS. THE LARGEST RESTRICTED FUNDS ARE FOR SCHOLARSHIPS. SCHEDULE D, PART XI, LINE 2D NET ASSETS RELEASED FROM RESTRICTIONS $ 1,059,033 COST OF GOODS SOLD $ 108,656 FUNDRAISING EXPENSE RECLASS $ 11,779 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $ 346,652 TOTAL $ 1,526,120 SCHEDULE D, PART XI LINE 4B STUDENT AID RECLASS $16,102,114 SCHEDULE D, PART XII, LINE 2D COST OF GOODS SOLD $ 108,656 FUNDRASING EXPENSE RECLASS $ 11,779 TOTAL $ 120,435 SCHEDULE D, PART XII, LINE 4B STUDENT AID RECLASS $16,102,114 true true true true true true true false false false false false false false false false false true SCHEDULE E, PART I, LINE 3 THE UNIVERSITY OF OLIVET MISSION STATEMENT INCLUDES A NON-DISCRIMINATORY POLICY. THIS MIISSION STATEMENT IS SENT TO ALL PROSPECTIVE/CURRENT STUDENTS AND IS READILY AVAILABLE THROUGH THE ADMISSIONS PROCESS. IT IS AVAILABLE ON PAGES 119-124 OF THE STUDENT HANDBOOK LOCATED AT UOLIVET.EDU X X X X X X X true MARKET SMART LLC DIRECT MAIL MANAGEMENT false 45500 EAB GLOBAL MAIL SOLICITING false 108565 DWYER PHILANTROPY CONSULTING DIRECT MAIL false 47250 201315 MI ATHLETIC GOLF F 15245 12410 2835 3667 4921 2647 130 414 0 15245 12410 2835 3667 4921 2647 130 414 11779 -8944 true FINANCIAL AID AND SCHOLARSHIPS 850 16102114 PART I, LINE 2 FINANCIAL AID AND SCHOLARSHIPS ARE FOR OLIVET COLLEGE STUDENTS ENROLLED AND ATTENDING CLASSES. RECIPIENTS ARE SELECTED BASED ON ESTABLISTED MERIT AND NEED BASED CRITERIA. FINANCIAL AID AND SCHOLARSHIPS ARE MONITORED FOR APPROPRIATE USE BY VALIDATING REGISTRATION AND SATISFACTORY PROGRESS TOWARDS COMPLETION OF EDUCATIONAL REQUIREMENTS. INDEPENDENT AUDITORS REVIEW ACCURACY OF FINANCIAL AID AWARDS AND RECIPIENTS' RECORDS. ALL RECORDS ARE RETAINED BY THE COLLEGE. X X true true X X X true false false false false false false false false MARK DERUITER VP/CFO 147278 1188 6145 7023 161634 DR STEVEN COREY PRESIDENT 351071 2304 13755 36603 403733 MARIA DAVIS PROVOST (LEFT 06/22) 103162 1016 4078 372 108628 VICKI STOUFFER VP FOR ADVANCEMENT 139331 1188 5520 7023 153062 SCHEDULE J, PART I, LINE 1A Dr. Steven M. Corey resides in a home owned by Olivet College. The home is located on campus and is used for College functions and events. Dr. Corey is required to live in the home per his employment contract. This housing benefit meets the Section 119 exclusion requirements and therefore is a non-taxable benefit. The College also provides a country club membership to Dr. Corey for business purposes. Any personal use is reimbursed to the College and the business use is excluded from taxable income. Value of these benefits are considered nontaxable compensation to him. X 3 245314 FMV false true false SCHEDULE M, PART I THE AMOUNTS LISTED IN PART I, COLUMN B ARE BASED ON THE NUMBER OF CONTRIBUTORS FOR EACH TYPE OF PROPERTY CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 4 IN JUNE OF 2023, OLIVET COLLEGE HAD A NAME CHANGE FROM OLIVET COLLEGE TO OLIVET COLLEGE DBA THE UNIVERSITY OF OLIVET. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS RECEIVED BY THE CFO FROM THE THIRD-PARTY PREPARER AND IT IS REVIEWED AND DISCUSSED WITH THE PRESIDENT. A COPY OF THE 990 IS MADE AVAILABLE BY E-MAIL TO THE RESOURCES COMMITTEE WITH AN OPPORTUNITY FOR COMMENTS OR QUESTIONS. THE BOARD OF TRUSTEES HAS DELEGATED AUTHORITY AND RESPONSIBILITY FOR APPROVING THE 990 TO THE RESOURCES COMMITTEE OF THE BOARD. THE 990 IS REVIEWED BY THE RESOURCES COMMITTEE AND IS DISCUSSED AT A RESOURCES COMMITTEE MEETING. AFTER REVIEW AND APPROVAL BY THE RESOURCES COMMITTEE, THE 990 IS PROVIDED TO THE FULL BOARD AND FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, IN OCTOBER, EACH TRUSTEE IS REQUIRED TO COMPLETE FORMS DISCLOSING ANY CONFLICT OR POTENTIAL CONFLICT. THE FORMS ARE REVIEWED BY THE ASSISTANT TO THE PRESIDENT. ANY DISCLOSED CONFLICT OR POTENTIAL CONFLICT IS THEN REPORTED TO THE PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEES. THE POLICY ALSO REQUIRES TRUSTEES TO DISCLOSE CONFLICTS OR POTENTIAL CONFLICTS AT THE EARLIEST PRACTICAL TIME. FORM 990, PART VI, SECTION B, LINE 15A THE PROCESS FOR DETERMINING COMPENSATION OF THE PRESIDENT OF THE UNIVERSITY IS COMPLETED PERIODICALLY. THE CHAIR OF THE BOARD GATHERS COMPARABLE DATA FROM LIKE INSTITUTIONS. THE DATA IS REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. THEY THEN APPROVE PERFORMANCE AND COMPENSATION FOR THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15B THE HUMAN RESOURCE DEPARTMENT PERFORMS BENCHMARKING STUDIES OF ALL POSITIONS USING INDUSTRY DATA OF SIMILAR SIZED INSTITUTIONS. THESE BENCHMARKS ARE USED ALONG WITH EMPLOYEE EVALUATIONS TO DETERMINE COMPENSATION OF ALL STAFF INCLUDING OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 ALL INFORMATION IS AVAILABLE UPON REQUEST. FORM 990 IS ALSO POSTED ANNUALLY ON GUIDESTAR'S WEBSITE. THE 990 IS PUBLIC INFORMATION THROUGH THE MICHIGAN ATTORNEY GENERAL'S OFFICE. FORM 990, PART XI, LINE 9 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $ 346,652 NET ASSETS RELEASED FROM RESTRICTIONS $1,059,033 TOTAL $1,405,685 RED & WHITE HOSPITALITY LLC 320 SOUTH MAIN STREET OLIVET MI 49076 831827104 HOSPITALITY MI 3852 2275 OLIVET COL