2023-02-09T09:20:20-06:00 2022-06-30 FORVIS LLP 111 E Wayne St Suite 600 Fort Wayne IN 46802 990 2021-07-01 381459365 OLIVET COLLEGE % MARK DERUITER OLIV 2697497000 320 SOUTH MAIN STREET OLIVET MI 49076 MARK DERUITER VICE PRESIDENT/CFO 2697497000 2023-05-15 true MARK DERUITER 999009999 Lauren R Denton P01571860 2604604000 2 2021 2023-03-07 01:45:13Z MARK DERUITER 320 S MAIN STREET BUSINESS OF OLIVET MI 49076 48685179 false X WWW.OLIVETCOLLEGE.EDU X 1920 MI TO PROVIDE A LIBERAL ARTS EDUCATION. 26 26 505 29 28028 0 4107011 8013881 33909330 31504193 2750607 1465647 -9894 62255 40757054 41045976 16403634 15094077 0 0 12461255 12714663 0 0 719125 10502849 12538416 39367738 40347156 1389316 698820 61240143 55278439 12870417 11015775 48369726 44262664 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 15094077 15094077 FINANCIAL AID IN VARIOUS FORMS TO ASSIST INDIVIDUALS IN FINANCING THEIR UNDERGRAUATE EDUCATION. 831 STUDENTS BENEFITTED. 4593505 6206649 AUXILIARY- ROOM, BOARD, ATHLETICS AND BOOKSTORE FOR STUDENTS OBTAINING THEIR UNDERGRADUATE EDUCATION. 6980455 24411582 INSTRUCTION AND RELATED SUPPORT- PROVIDING A LIBERAL ARTS UNDERGRADUATE EDUCATION. 843 UNDERGRADUATE STUDENTS ENROLLED IN FISCAL YEAR 2021-2022. 9590822 916269 NON-EDUCATIONAL EVENTS FOR STUDENTS: CO-CURRICULAR PROGRAMS OFFERED TO STUDENTS THIS INCLUDES ATHLETICS AND STUDENT LIFE EVENTS TO ENHANCE THE EDUCATIONAL EXPERIENCE. 9590822 916269 36258859 true true false false false false false false false true true false false true true true false true true false false false false false false false false false true true false false false false false false false false true false false false true false false false false true 1288 0 true 505 true true true false false false false true true false false false false false false X 26 26 false false false 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 431221 0 46007 MARK DERUITER VP/CFO 40.0 0.0 X 137764 0 12133 MARIA DAVIS PROVOST 40.0 0.0 X 133276 0 5538 MARK KELLAR LEFT 052022 VP OF ADMISSIONS 40.0 0.0 X 122548 0 5238 RYAN SHOCKEY VP AND CHIEF OF STAFF 40.0 0.0 X 101429 0 20746 VICKI STOUFFER START 072021 VP ADVANCEMENT 40.0 0.0 X 66311 0 2165 G ASENATH ANDREWS TRUSTEE 0.5 0.0 X 0 0 0 DR CRAIG BAILEY TRUSTEE 2.0 0.0 X 0 0 0 THOMAS BURKE TRUSTEE 2.0 0.0 X 0 0 0 JASON CONKIN TRUSTEE 2.0 0.0 X 0 0 0 MIKE DIETERLE TRUSTEE 2.0 0.0 X 0 0 0 DR MARGARET DIMOND VICE-CHAIR 2.0 0.0 X X 0 0 0 DR MELANIE ENGELS TRUSTEE 0.5 0.0 X 0 0 0 JAMEY FITZPATRICK TRUSTEE 2.0 0.0 X 0 0 0 DAVID HATHAWAY TRUSTEE 2.0 0.0 X 0 0 0 ROD HATHAWAY TRUSTEE 2.0 0.0 X 0 0 0 PAMELA HEOS TRUSTEE 2.0 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 DENISE P HOOD TRUSTEE 2.0 0.0 X 0 0 0 JOHN JONES TRUSTEE AT-LARGE 2.0 0.0 X 0 0 0 PAUL KENNEDY TRUSTEE 2.0 0.0 X 0 0 0 DR JUSTIN KLAMERUS TRUSTEE 2.0 0.0 X 0 0 0 THOMAS E KOLASSA TRUSTEE 2.5 0.0 X 0 0 0 DAVID LABRECQUE TRUSTEE AT-LARGE 5.0 0.0 X 0 0 0 JESSE LOTHAMER VICE TREASURER 2.0 0.0 X X 0 0 0 CHUCK MEFFORD TRUSTEE 2.0 0.0 X 0 0 0 JAMES ROSE JR TRUSTEE 2.0 0.0 X 0 0 0 ALBERT ROSENTHALER TRUSTEE 2.0 0.0 X 0 0 0 DR JOHN SCHWARZ TRUSTEE 2.0 0.0 X 0 0 0 DAVID SHUFELT TRUSTEE 2.0 0.0 X 0 0 0 JEFF WILDERN TREASURER 3.0 0.0 X X 0 0 0 992549 0 91827 5 false true false CHARTWELLS DINING SERVICES 450 S MAIN ST OLIVET MI 49076 FOOD SERVICE 2148789 MOTOR SHOP ELECTRICAL CONSTRUCTION 40 BARTLETT ST BATTLE CREEK MI 49016 CONSTRUCTION 142027 TRANE US INC 5005 CORPORATE EXCHANGE BLVD SE GRAND RAPIDS MI 49512 REPAIR CONTRACTOR 339233 DEAN CHARTERS TOURS INC 4726 AURELIUS RD LANSING MI 48910 TRANSPORTATION SVS 160559 BC SOUND LLC 2775 W DICKMAN RD STE H3 SPRINGFIELD MI 49037 CONTRACTOR 127618 5 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INTEREST AGREEMENT 3448818 3448818 0 STUDENT DEPOSITS 304019 CONDITIONAL CONTRIBUTIONS 1600000 FEDERAL ADVANCES 79957 SPLIT-INTEREST AGREEMENTS 648225 GIFT ANNUITIES 88598 LINE OF CREDIT 500000 3220799 21115912 -4579275 373216 -4206059 25321971 139194 15584811 15724005 41045976 25222974 109089 109089 25113885 139194 15094077 15233271 40347156 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 $ 264,127 COST OF GOODS SOLD $ 101,234 FUNDRAISING EXPENSE RECLASS $ 7,855 TOTAL $ 373,216 SCHEDULE D, PART XI LINE 4B STUDENT AID RECLASS $15,094,077 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $ 490,734 TOTAL $15,584,811 SCHEDULE D, PART XII, LINE 2D COST OF GOODS SOLD $ 101,234 FUNDRASING EXPENSE RECLASS $ 7,855 TOTAL $ 109,089 SCHEDULE D, PART XII, LINE 4B STUDENT AID RECLASS $15,094,077 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 THE OLIVET COLLEGE MISSION STATEMENT INCLUDES A NON-DISCRIMINATORY POLICY. THIS MISSIONS 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 OLIVETCOLLEGE.EDU SCHEDULE E, PART I, LINE 6A HIGHER EDUCATION EMERGENCY GRANTS - CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT, 2021 (CRRSAA) AND AMERICAN RESCUE PLAN ACT OF 2021 (ARP). true FINANCIAL AID AND SCHOLARSHIPS 831 15094077 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 DR STEVEN COREY PRESIDENT 294354 0 133444 0 3423 0 11397 0 34610 0 477228 0 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. SCHEDULE J, PART I, LINE 4A During the year, Mark Kellar received a severance payment of $27,692. X 1 30271 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 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 DOES 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 VALUATION OF SPLIT-INTEREST AGREEMENTS $-490,734 NET ASSETS RELEASED FROM RESTRICTIONS $ 264,127 TOTAL $-226,607 RED AND WHITE HOSPITALITY LLC 320 SOUTH MAIN STREET OLIVET MI 49076 831827104 HOSPITALITY MI 28028 5019 OLIVET COL