Adrian College: FY2020 Nonprofit Profile & Form 990 (EIN 38-1357980)

Revenue by fiscal year
FY2020	$94.0M
FY2021	$97.3M
FY2022	$97.5M
FY2023	$104.8M
FY2024	$100.8M
FY2025	$96.6M

Expenses by fiscal year
FY2020	$90.1M
FY2021	$88.7M
FY2022	$99.1M
FY2023	$95.1M
FY2024	$95.9M
FY2025	$95.1M

Net assets by fiscal year
FY2020	$93.2M
FY2021	$112.6M
FY2022	$100.6M
FY2023	$114.1M
FY2024	$126.0M
FY2025	$132.6M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in 0000.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

93%

Program services 93% · $83.4M Management & general 7% · $6.5M Fundraising 0% · $235K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

39 people listed on the 990; $1.5M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII

Jeffrey Docking

President

$711,316Pt VII · Sec A

Jerry Wright

VP for Business Affairs - CFO

$206,435Pt VII · Sec A

Frank Hribar

VP for Enrollment Manageme

$150,867Pt VII · Sec A

Andrea Milner

VP for Academic Affairs

$111,277Pt VII · Sec A

James Mahoney

VP for Development

$106,491Pt VII · Sec A

Ahsan Habib

Professor of Econmics

$106,288Pt VII · Sec A

David Coy

Professor of Accountancy

$101,092Pt VII · Sec A

Gregory Adams

Trustee

$0Pt VII · Sec A

Jeffrey Docking’s $882K as President is at the 98th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Jeffrey Docking	$881,511	$809,328	$1,013,527	$737,548	$743,464	$711,316
Jerry Wright	$133,901	$177,657	$165,017	$209,076	$155,130	$206,435
Frank Hribar	$165,584	$163,680	$159,922	$156,864	$147,573	$150,867
Darin Seiler	$139,476	$127,145	—	—	—	—
Andrea Milner	$134,870	$127,380	$116,485	$113,941	$108,642	$111,277
Jim Mahony	$132,126	$124,512	$120,125	—	—	—
Phil Mishka	$124,384	—	—	—	—	—
Cheryl Nutter	$122,530	$119,659	$119,778	$115,396	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers bachelor's and master's degrees in liberal arts.

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Provided by the organization

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2 programs · $83.4M · in their own filed words · FY2019

01

Instruction

The exempt purpose of the school is the teaching of primarily undergraduate higher education courses, along with some graduate courses, to the school's students in order for them to obtain a liberal arts bachelor or master degree and enjoy a full college experience.

$66.0Mprogram expense

02

Room and Board

The exempt purpose is housing and feeding of the school's students, allowing them to sustain residency on campus in order to attend classes and achieve a liberal arts bachelor or master degree.

$17.4Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Willard M Cornelius SR Tr Uw with Willard M Cornelius JRFY2025$947K

Estes Palmer FoundationFY2025$165K

Lenawee Community FoundationFY2025$6K

S Gary Spicer SR FoundationFY2025$2K

Maude Ripley Schemm Scholarship TrustFY2025$1K

Bell TrustFY2025$1K

Total grants receivedfrom 6 funders$1.1M

See all 6 funders →

Grants paid · 6 grants · $237.2M · 2019–2024

Unitemized GrantFY2024$37,753,284

Unitemized GrantFY2023$38,623,940

Unitemized GrantFY2022$40,076,975

Unitemized GrantFY2021$40,870,316

Unitemized GrantFY2020$40,776,218

Unitemized GrantFY2019$39,138,585

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$94.0M

Ln 12

Fees for servicesLn 2g$81.0M

Gifts and grantsLn 1h$8.5M

Investment incomeLn 3$4.3M

Money outPt IX

$90.1M

Ln 25

Programscol B$83.4M

Managementcol C$6.5M

Fundraisingcol D$235K

Owns and owesPt X

$93.2M

net assets · Ln 32

Cash and savingsLn 1–2$1.3M

Total assetsLn 16$149.0M

LiabilitiesLn 26$55.8M

PeoplePt VI, VII

39

listed · VII A

PaidVII A7

Voting boardVI 1a32

IndependentVI 1b32

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$8.5M

Government grantsLn 1e$1.4M

Noncash giftsLn 1g$311K

Fees for servicesLn 2g$81.0M

Investment incomeLn 3$4.3M

Other incomeLn 4–11$265K

Gains on assetsLn 7$1.1M

Total revenueLn 12$94.0M

Assets in detailPt X, end of year

CashLn 1$1.3M

Cash and savings togetherLn 1–2$1.3M

InvestmentsLn 11–13$33.6M

Land, buildings, equipmentLn 10c$79.7M

Other assetsLn 15$24.4M

Total assetsLn 16$149.0M

LiabilitiesLn 26$55.8M

Net assetsLn 32$93.2M

OperationsPt I, VI

EmployeesI 51,097

VolunteersI 633

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$7.1M	$1.3M
InvestmentsLn 11–13	$29.9M	$33.6M
Land, buildings, equipmentLn 10c	$81.7M	$79.7M
Total assetsLn 16	$151.8M	$149.0M
LiabilitiesLn 26	$58.9M	$55.8M
Net assetsLn 32	$92.9M	$93.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$42.3M	$42.3M
Pay of current officers, directors and key staffLn 5	$1.2M	$629K	$515K	$105K
Other salaries and wagesLn 7	$18.2M	$17.4M	$791K	$23K
Pension plan contributionsLn 8	$1.5M	$896K	$563K	$11K
Other employee benefitsLn 9	$3.1M	$1.8M	$1.3M	$43K
Payroll taxesLn 10	$1.3M	$1.2M	$100K	$10K
Legal feesLn 11b	$27K		$27K
Accounting feesLn 11c	$143K		$143K
Investment management feesLn 11f	$94K	$94K
Other fees for servicesLn 11g	$5.8M	$5.6M	$134K
Advertising and promotionLn 12	$42K	$8K	$18K	$17K
Office expensesLn 13	$1.5M	$1.3M	$190K	$10K
Information technologyLn 14	$1.2M	$1.1M	$136K	$5K
OccupancyLn 16	$3.7M	$2.8M	$851K
TravelLn 17	$1.5M	$1.5M	$64K	$11K
InterestLn 20	$2.6M	$2.6M
Depreciation, depletion and amortizationLn 22	$4.3M	$2.7M	$1.7M
InsuranceLn 23	$606K	$606K
Other expenses (24a–d)Ln 24	$856K	$856K
Total functional expensesLn 25	$90.1M	$83.4M	$6.5M	$235K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$96.6M	$95.1M	$1.5M	$132.6M	990 PDF
FY2024	$100.8M	$95.9M	$4.8M	$126.0M	990 PDF
FY2023	$104.8M	$95.1M	$9.6M	$114.1M	990 PDF
FY2022	$97.5M	$99.1M	−$1.6M	$100.6M	990 PDF
FY2021	$97.3M	$88.7M	$8.6M	$112.6M	990 PDF
FY2020 Viewing	$94.0M	$90.1M	$3.9M	$93.2M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2020 990 (6 parts)

Part I · Summary $94,047,786 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,688,972$8,453,034

I-9 Program service revenuePrior year $80,313,513$81,023,150

I-10 Investment incomePrior year $3,783,306$4,306,679

I-11 Other revenuePrior year $519,007$264,923

I-12 Total revenuePrior year $91,304,798$94,047,786

I-13 Grants and similar amounts paidPrior year $39,617,857$42,290,893

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $26,201,461$25,385,880

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $23,071,842$22,448,826

I-18 Total expensesPrior year $88,891,160$90,125,599

I-19 Revenue less expensesPrior year $2,413,638$3,922,187

Part VI · Governance 32 of 32 board members independent, 1 to look at

VI-1a Voting members of the governing body32

VI-1b Independent voting members32

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $94,047,786 across 9 lines filed

Lines not itemized here account for $178,790 of total revenue; see the IRS return.

VIII-1e Government grants$1,359,189

VIII-1f All other contributions, gifts and grants$7,093,845

VIII-1g Noncash contributions (included above)$311,030

VIII-1h Total contributions, gifts and grants$8,453,034

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $80,770,948 · Unrelated business $252,202$81,023,150

VIII-3 Investment incomeExcluded from tax $3,221,600$3,221,600

VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,085,079$1,085,079

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $86,133$86,133

VIII-12 Total revenueRelated to mission $80,953,209 · Unrelated business $334,864 · Excluded from tax $4,306,679$94,047,786

Part IX · Statement of functional expenses $90,125,599 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $42,290,893$42,290,893

IX-5 Pay of current officers, directors and key staffPrograms $629,122 · Management $514,736 · Fundraising $105,311$1,249,169

IX-7 Other salaries and wagesPrograms $17,432,428 · Management $790,713 · Fundraising $22,631$18,245,772

IX-8 Pension plan contributionsPrograms $895,876 · Management $563,270 · Fundraising $10,777$1,469,923

IX-9 Other employee benefitsPrograms $1,775,624 · Management $1,310,415 · Fundraising $43,359$3,129,398

IX-10 Payroll taxesPrograms $1,181,963 · Management $99,867 · Fundraising $9,788$1,291,618

IX-11b Legal feesManagement $26,698$26,698

IX-11c Accounting feesManagement $143,231$143,231

IX-11f Investment management feesPrograms $93,956$93,956

IX-11g Other fees for servicesPrograms $5,649,421 · Management $134,097$5,783,518

IX-12 Advertising and promotionPrograms $8,177 · Management $17,639 · Fundraising $16,670$42,486

IX-13 Office expensesPrograms $1,313,340 · Management $190,282 · Fundraising $10,413$1,514,035

IX-14 Information technologyPrograms $1,104,775 · Management $135,975 · Fundraising $5,391$1,246,141

IX-16 OccupancyPrograms $2,826,473 · Management $851,127$3,677,600

IX-17 TravelPrograms $1,463,219 · Management $63,780 · Fundraising $11,049$1,538,048

IX-20 InterestPrograms $2,601,537$2,601,537

IX-22 Depreciation, depletion and amortizationPrograms $2,662,467 · Management $1,657,525$4,319,992

IX-23 InsurancePrograms $605,735$605,735

IX-24 Other expenses (24a–d)Programs $855,849$855,849

IX-25 Total functional expensesPrograms $83,390,855 · Management $6,499,355 · Fundraising $235,389$90,125,599

Part X · Balance sheet $148,979,647 assets, 17 lines filed

Asset lines not itemized here account for $1,171,037; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $7,131,767$1,333,980

X-3 Pledges and grants receivableStart of year $1,957,303$2,621,190

X-4 Accounts receivableStart of year $4,093,760$4,465,829

X-8 Inventories for sale or useStart of year $777,695$733,151

X-9 Prepaid expenses and deferred chargesStart of year $474,617$925,928

X-10c Land, buildings and equipment, netStart of year $81,681,549$79,726,124

X-11 Publicly traded securitiesStart of year $29,866,888$33,635,547

X-15 Other assetsStart of year $24,362,203$24,366,861

X-16 Total assetsStart of year $151,796,049$148,979,647

X-17 Accounts payable and accrued expensesStart of year $5,085,232$5,617,782

X-19 Deferred revenueStart of year $225,623$388,250

X-25 Other liabilitiesStart of year $2,655,479$2,423,118

X-26 Total liabilitiesStart of year $58,944,008$55,820,484

X-27 Net assets without donor restrictionsStart of year $21,942,789$20,824,284

X-28 Net assets with donor restrictionsStart of year $70,909,252$72,334,879

X-32 Total net assets or fund balancesStart of year $92,852,041$93,159,163

X-33 Total liabilities and net assetsStart of year $151,796,049$148,979,647

Part XI · Reconciliation of net assets $93,159,163 net assets at year end

XI-1 Total revenue$94,047,786

XI-2 Total expenses$90,125,599

XI-3 Revenue less expenses$3,922,187

XI-4 Net assets at start of year$92,852,041

XI-5 Net unrealized gains (losses) on investments−$2,133,540

XI-9 Other changes in net assets−$1,481,525

XI-10 Net assets at end of year$93,159,163

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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Adrian College FY2020 filing

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