Coe College FY2022 filing

Tax-deductible

Cedar Rapids, IA501(c)(3)Since 1881Colleges & UniversitiesEIN 42-0686467Revenue $91.2M in FY2022

On file with the IRScoe.edu1220 1st Ave Ne, 52402-5008 · Cedar Rapids, IATax-exempt since Aug 2013School — 170(b)(1)(A)(ii)

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501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
$2.0M paid to officers and key staff.
Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $2.0M a year · 2% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.0M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
1 mo
of spending, in cash
Fine: 1.0 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
10
named funders · $804K
Looks good: 10 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$41.3M
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
37
of 39 voting members
Looks good: 37 of 39 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$91.2M
+6% vs prior year
Spent
$89.7M
To programs
92%
Net assets
$141.3M
By yearFY2020–FY2025
Revenue
$91.2M
FY2022▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2020$82.9M
FY2021$86.1M
FY2022$91.2M
FY2023$80.0M
FY2024$81.1M
FY2025$87.6M
Expenses
$89.7M
FY2022▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$83.8M
FY2021$85.3M
FY2022$89.7M
FY2023$87.2M
FY2024$88.8M
FY2025$85.9M
Net assets
$141.3M
FY2022▼ -9%
Tap a bar for its year
Net assets by fiscal year
FY2020$135.1M
FY2021$154.4M
FY2022$141.3M
FY2023$138.6M
FY2024$137.4M
FY2025$142.0M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2013.

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $82.6M Management & general 7% · $6.5M Fundraising 1% · $528K

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

52 people listed on the 990; $2.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
President
$296,633Pt VII · Sec A
Chancellor (until 6/22)
$283,572Pt VII · Sec A
Former Executive Vice President
$181,444Pt VII · Sec A
Provost & Faculty Dean (until 6/22)
$173,310Pt VII · Sec A
VP for Enrollment, Mktg & Inst.
$167,895Pt VII · Sec A
VP for Finance & Admin (until 6/22)
$155,586Pt VII · Sec A
Professor of Physics, Asst
$133,599Pt VII · Sec A
Professor of Physics
$130,181Pt VII · Sec A

David Hayes’s $293K as President is at the 63rd 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
David McInally——$683,767$283,572$353,545$347,685
David Hayes$292,725$349,275$354,663$296,633$164,287$163,069
Michael White———$181,444$144,986$269,868
Julie Staker$197,471$185,418$170,279$167,895$166,712$155,468
Paula O'Loughlin———$173,310$162,741$157,389
Angela Ziskowski$171,134$158,500$119,426———
Chantel Olufson Lepa—$168,374————
Larry Lee———$155,586$145,306$126,178

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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides a private, four-year co-educational liberal arts education while maintaining a modern, 60-acre campus designed to support student learning and academic success.

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Provided by the organization

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3 programs · $82.6M · in their own filed words · FY2021
01

Educational

Coe college is a selective, private and nationally recognized four-year coeducational liberal arts institution, providing superior educational experiences for students since 1851. To each of its more than 1,400 students, the institution offers the advantages of a small college that is dedicated to academic excellence.

$71.9Mprogram expense
02

Program Services

This includes expenditures for the operation and maintenance of college facilities. With 38 buildings on more than 60 acres, maintenance of college facilities is an important consideration for the college.

$6.0Mprogram expense
03

Auxiliary Enterprises

This includes the college's residence halls, college rental housing, food services, the student union and summer conferences. With more than 1,200 students in campus housing, residential life is central to the coe experience for students.

$4.7Mprogram 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 · FY2024
See all 10 funders →
Grants paid · 36 grants · $265.2M · 2019–2024
Unitemized GrantFY2024$42,265,823
Unitemized GrantFY2024$1,730,384
Unitemized GrantFY2024$1,517,191
Unitemized GrantFY2024$89,741
Unitemized GrantFY2024$32,932
Unitemized GrantFY2024$2,293
Unitemized GrantFY2023$42,967,635
Unitemized GrantFY2023$1,704,552
Unitemized GrantFY2023$1,628,064
Unitemized GrantFY2023$93,307
Unitemized GrantFY2023$32,239
Unitemized GrantFY2023$3,584
Unitemized GrantFY2022$39,777,624
Unitemized GrantFY2022$1,668,522
Unitemized GrantFY2022$1,618,479
Unitemized GrantFY2022$147,500
Unitemized GrantFY2022$34,982
Unitemized GrantFY2022$3,535
See all 36 grants →

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$91.2M
Ln 12
Fees for servicesLn 2g$75.8M
Gifts and grantsLn 1h$10.8M
Investment incomeLn 3$4.5M
Money outPt IX
$89.7M
Ln 25
Programscol B$82.6M
Managementcol C$6.5M
Fundraisingcol D$528K
Owns and owesPt X
$141.3M
net assets · Ln 32
Cash and savingsLn 1–2$7.3M
Total assetsLn 16$182.6M
LiabilitiesLn 26$41.3M
PeoplePt VI, VII
52
listed · VII A
PaidVII A13
Voting boardVI 1a39
IndependentVI 1b37
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$10.8M
Government grantsLn 1e$5.2M
Noncash giftsLn 1g$580K
Fundraising eventsLn 1c$19K
Fees for servicesLn 2g$75.8M
Investment incomeLn 3$4.5M
Other incomeLn 4–11$9K
Gains on assetsLn 7$2.7M
Total revenueLn 12$91.2M
Assets in detailPt X, end of year
SavingsLn 2$7.3M
Cash and savings togetherLn 1–2$7.3M
InvestmentsLn 11–13$71.0M
Land, buildings, equipmentLn 10c$70.7M
Other assetsLn 15$28.2M
Total assetsLn 16$182.6M
LiabilitiesLn 26$41.3M
Net assetsLn 32$141.3M
OperationsPt I, VI
EmployeesI 51,199
VolunteersI 6533
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
LineStart FY22End FY22
Cash and savingsLn 1–2$6.9M$7.3M
InvestmentsLn 11–13$87.7M$71.0M
Land, buildings, equipmentLn 10c$70.6M$70.7M
Total assetsLn 16$200.7M$182.6M
LiabilitiesLn 26$46.3M$41.3M
Net assetsLn 32$154.4M$141.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$44.5M$44.5M
Pay of current officers, directors and key staffLn 5$1.8M$1.8M$77K
Pay of disqualified personsLn 6$114K$114K
Other salaries and wagesLn 7$14.1M$13.3M$541K$261K
Pension plan contributionsLn 8$902K$761K$131K$11K
Other employee benefitsLn 9$3.6M$3.0M$523K$43K
Payroll taxesLn 10$1.4M$1.2M$203K$17K
Legal feesLn 11b$100K$100K
Accounting feesLn 11c$127K$127K
Investment management feesLn 11f$225K$225K
Other fees for servicesLn 11g$916K$491K$424K
Advertising and promotionLn 12$80K$7K$73K
Office expensesLn 13$2.2M$1.4M$742K$105K
OccupancyLn 16$2.4M$2.4M
TravelLn 17$586K$483K$88K$14K
InterestLn 20$905K$866K$39K
Depreciation, depletion and amortizationLn 22$3.1M$3.0M$98K
InsuranceLn 23$216K$202K$15K
Other expenses (24a–d)Ln 24$11.7M$10.8M$900K$346
All other expensesLn 24e$608K$193K$415K
Total functional expensesLn 25$89.7M$82.6M$6.5M$528K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $87.6M$85.9M$1.7M$142.0M 990 PDF
FY2024 $81.1M$88.8M−$7.7M$137.4M 990 PDF
FY2023 $80.0M$87.2M−$7.1M$138.6M 990 PDF
FY2022 Viewing $91.2M$89.7M$1.5M$141.3M 990 PDF
FY2021 $86.1M$85.3M$849K$154.4M 990 PDF
FY2020 $82.9M$83.8M−$927K$135.1M 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 FY2022 990 (6 parts)
Part I · Summary $91,175,984 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $8,843,800$10,837,694
I-9 Program service revenuePrior year $74,152,276$75,849,436
I-10 Investment incomePrior year $3,084,707$4,479,541
I-11 Other revenuePrior year $54,079$9,313
I-12 Total revenuePrior year $86,134,862$91,175,984
I-13 Grants and similar amounts paidPrior year $43,339,455$44,527,152
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $21,799,979$21,953,946
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $20,146,366$23,201,720
I-18 Total expensesPrior year $85,285,800$89,682,818
I-19 Revenue less expensesPrior year $849,062$1,493,166
Part VI · Governance 37 of 39 board members independent, no flags
VI-1a Voting members of the governing body39
VI-1b Independent voting members37
VI-2 Family or business relationship among officers or directorsNo
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 $91,175,984 across 11 lines filed
VIII-1c Fundraising events$18,640
VIII-1d Related organizations$290,560
VIII-1e Government grants$5,194,713
VIII-1f All other contributions, gifts and grants$5,333,781
VIII-1g Noncash contributions (included above)$579,564
VIII-1h Total contributions, gifts and grants$10,837,694
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $75,849,436$75,849,436
VIII-3 Investment incomeExcluded from tax $1,823,158$1,823,158
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,656,383$2,656,383
VIII-8 Net income from fundraising eventsExcluded from tax $9,313$9,313
VIII-12 Total revenueRelated to mission $75,849,436 · Unrelated business $0 · Excluded from tax $4,488,854$91,175,984
Part IX · Statement of functional expenses $89,682,818 across 20 lines filed
IX-2 Grants to domestic individualsPrograms $44,527,152$44,527,152
IX-5 Pay of current officers, directors and key staffManagement $1,750,682 · Fundraising $76,603$1,827,285
IX-6 Pay of disqualified personsManagement $114,341$114,341
IX-7 Other salaries and wagesPrograms $13,298,635 · Management $540,547 · Fundraising $261,014$14,100,196
IX-8 Pension plan contributionsPrograms $760,770 · Management $130,770 · Fundraising $10,829$902,369
IX-9 Other employee benefitsPrograms $3,043,036 · Management $523,417 · Fundraising $43,317$3,609,770
IX-10 Payroll taxesPrograms $1,180,187 · Management $202,998 · Fundraising $16,800$1,399,985
IX-11b Legal feesManagement $99,683$99,683
IX-11c Accounting feesManagement $127,221$127,221
IX-11f Investment management feesManagement $225,193$225,193
IX-11g Other fees for servicesPrograms $491,492 · Management $424,349$915,841
IX-12 Advertising and promotionPrograms $7,431 · Management $73,012$80,443
IX-13 Office expensesPrograms $1,389,080 · Management $742,056 · Fundraising $105,010$2,236,146
IX-16 OccupancyPrograms $2,380,477$2,380,477
IX-17 TravelPrograms $483,278 · Management $88,291 · Fundraising $14,027$585,596
IX-20 InterestPrograms $865,781 · Management $38,763$904,544
IX-22 Depreciation, depletion and amortizationPrograms $3,038,968 · Management $98,474$3,137,442
IX-23 InsurancePrograms $201,763 · Management $14,522$216,285
IX-24 Other expenses (24a–d)Programs $10,785,263 · Management $899,545 · Fundraising $346$11,685,154
IX-24e All other expensesPrograms $193,018 · Management $414,677$607,695
IX-25 Total functional expensesPrograms $82,646,331 · Management $6,508,541 · Fundraising $527,946$89,682,818
Part X · Balance sheet $182,564,776 assets, 19 lines filed
X-2 Savings and temporary cash investmentsStart of year $6,920,967$7,282,361
X-3 Pledges and grants receivableStart of year $3,829,087$1,863,582
X-4 Accounts receivableStart of year $1,215,724$2,662,361
X-9 Prepaid expenses and deferred chargesStart of year $910,250$914,405
X-10c Land, buildings and equipment, netStart of year $70,582,967$70,675,096
X-11 Publicly traded securitiesStart of year $75,866,276$59,728,633
X-12 Other securitiesStart of year $7,013,351$7,126,849
X-13 Program-related investmentsStart of year $4,782,316$4,119,032
X-15 Other assetsStart of year $29,606,584$28,192,457
X-16 Total assetsStart of year $200,727,522$182,564,776
X-17 Accounts payable and accrued expensesStart of year $4,455,449$3,957,140
X-19 Deferred revenueStart of year $1,517,283$314,925
X-20 Tax-exempt bond liabilitiesStart of year $28,815,470$27,702,055
X-25 Other liabilitiesStart of year $11,504,895$9,304,921
X-26 Total liabilitiesStart of year $46,293,097$41,279,041
X-27 Net assets without donor restrictionsStart of year $41,280,212$44,051,625
X-28 Net assets with donor restrictionsStart of year $113,154,213$97,234,110
X-32 Total net assets or fund balancesStart of year $154,434,425$141,285,735
X-33 Total liabilities and net assetsStart of year $200,727,522$182,564,776
Part XI · Reconciliation of net assets $141,285,735 net assets at year end
XI-1 Total revenue$91,175,984
XI-2 Total expenses$89,682,818
XI-3 Revenue less expenses$1,493,166
XI-4 Net assets at start of year$154,434,425
XI-5 Net unrealized gains (losses) on investments−$16,805,562
XI-9 Other changes in net assets$2,163,706
XI-10 Net assets at end of year$141,285,735

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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