Wesley College INC FY2021 filing

Dover, DEHigher education institution EIN 51-0064335Revenue $24.1M in FY2021Latest return filed May 8, 2023

On file with the IRSwesley.edu120 North State Street · Dover, DE

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To be among the finest student-centered learning communities in the liberal arts tradition

77¢ of each $1 spent went to programs.
$488K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 2
filings with a surplus
Average deficit $6.6M a year · 19% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$488K
to officers and key staff · 1% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
<1 mo
of spending, in cash
Plus $2.3M in investments, Pt X · Ln 11–13
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $311
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$18.2M
76% of total assets
Worth a look: liabilities are 76% of assets; over 65%.
Pt X · Ln 26
Independent board members
21
of 21 voting members
Looks good: 21 of 21 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$24.1M
-47% vs prior year
Spent
$39.0M
To programs
77%
Net assets
$5.7M
By yearFY2020–FY2022
Revenue
$24.1M
FY2021▼ -47%
Tap a bar for its year
Revenue by fiscal year
FY2020$45.5M
FY2021$24.1M
FY2022Not on file
FY2022Not on file
Expenses
$39.0M
FY2021▼ -11%
Tap a bar for its year
Expenses by fiscal year
FY2020$43.9M
FY2021$39.0M
FY2022Not on file
FY2022Not on file
Net assets
$5.7M
FY2021▼ -72%
Tap a bar for its year
Net assets by fiscal year
FY2020$20.8M
FY2021$5.7M
FY2022$158K
FY2022Not on file

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2022) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022.

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

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $29.9M Management & general 23% · $8.8M Fundraising 1% · $269K

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

24 people listed on the 990; $488K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
President Emeritus
$231,160Pt VII · Sec A
Dean of Sponsored Research
$140,650Pt VII · Sec A
Acting President
$115,913Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2022FY2021FY2020
Robert Clark II—$231,160$231,162
Jeffrey K Gibson——$142,479
Malcolm D'Souza—$140,650$142,064
Alban W Urbanas$113,073$115,913—

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.

See Wesley College INC executive salaries →

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 15aNo

Programs and updates

Empowering students through liberal arts education to foster critical thinking and lifelong learning.

Questions for Wesley College INC

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1 program · $29.9M · in their own filed words · FY2020
01

Wesley college is a united methodist institution of higher education that seeks to be among the finest student-centered learning communities in the liberal arts tradition. Consistent with our methodist heritage, the college affirms meaning and purpose in life through justice, compassion, inclusion and social responsibilities that enhance…

$29.9Mprogram 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 · FY2023
Total grants receivedfrom 2 funders$311
Grants paid · 4 grants · $25.0M · 2019–2020
Unitemized GrantFY2020$6,424,014
Unitemized GrantFY2020$4,572,844
Unitemized GrantFY2019$13,509,714
Unitemized GrantFY2019$517,334

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jun 2020 · $18.3M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$13.1M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$2.6M
Education Stabilization FundDepartment of Education · ALN 84.425 · Direct$1.3M
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Through National Institute of Health$671K
Office of Experimental Program to Stimulate Competitive ResearchNational Science Foundation · ALN 47.081 · Through University of Delaware$276K

Plus 4 smaller programs.

The auditor reported 27 findings: doubt the group can keep going, a weakness in money controls, questioned costs.

Year ending Jun 2019 · $20.6M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$16.0M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$3.1M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$344K
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Through National Institute of Health$325K
Teacher Quality Partnership GrantsDepartment of Education · ALN 84.336 · Direct$269K

Plus 5 smaller programs.

The auditor reported 7 findings: doubt the group can keep going, a weakness in money controls, questioned costs.

Year ending Jun 2018 · $22.3M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$17.1M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$3.6M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$344K
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Through National Institute of Health$317K
Teacher Quality Partnership GrantsDepartment of Education · ALN 84.336 · Direct$219K

Plus 5 smaller programs.

The auditor reported 1 finding: a weakness in money controls.

Year ending Jun 2017 · $21.2M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$16.7M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$3.4M
Teacher Quality Partnership GrantsDepartment of Education · ALN 84.336 · Direct$392K
Biomedical Research and Research TrainingDepartment of Health and Human Services · ALN 93.859 · Through National Instiute of Health$226K
Office of Experimental Program to Stimulate Competitive ResearchNational Science Foundation · ALN 47.081 · Through University of Delaware (epscor)$201K

Plus 3 smaller programs.

The auditor reported no findings.

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$24.1M
Ln 12
Fees for servicesLn 2g$24.5M
Gifts and grantsLn 1h$1.6M
Investment incomeLn 3$37K
Money outPt IX
$39.0M
Ln 25
Programscol B$29.9M
Managementcol C$8.8M
Fundraisingcol D$269K
Owns and owesPt X
$5.7M
net assets · Ln 32
Cash and savingsLn 1–2$525K
Total assetsLn 16$24.0M
LiabilitiesLn 26$18.2M
PeoplePt VI, VII
24
listed · VII A
PaidVII A3
Voting boardVI 1a21
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.6M
Government grantsLn 1e$838K
Fees for servicesLn 2g$24.5M
Investment incomeLn 3$37K
Gains on assetsLn 7−$2.0M
Total revenueLn 12$24.1M
Assets in detailPt X, end of year
CashLn 1$525K
Cash and savings togetherLn 1–2$525K
InvestmentsLn 11–13$2.3M
Land, buildings, equipmentLn 10c$18.7M
Total assetsLn 16$24.0M
LiabilitiesLn 26$18.2M
Net assetsLn 32$5.7M
OperationsPt I, VI
EmployeesI 5556
VolunteersI 621
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
EndowmentSch D · Pt V
LineFY21FY20FY19FY18FY17
End of yearLn 1g$2.3M$3.2M$3.5M$3.3M$4.8M
Given inLn 1b$1K$37K$19K
SpentLn 1d–1f$1.4M$412K$29K$1.9M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.3M$525K
InvestmentsLn 11–13$3.1M$2.3M
Land, buildings, equipmentLn 10c$26.4M$18.7M
Total assetsLn 16$34.9M$24.0M
LiabilitiesLn 26$14.2M$18.2M
Net assetsLn 32$20.8M$5.7M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$11.0M$11.0M
Pay of current officers, directors and key staffLn 5$378K$306K$60K$11K
Other salaries and wagesLn 7$10.7M$8.5M$2.1M$169K
Pension plan contributionsLn 8$100K$88K$12K$100
Other employee benefitsLn 9$982K$729K$238K$16K
Payroll taxesLn 10$700K$587K$100K$13K
Legal feesLn 11b$233K$233K
Accounting feesLn 11c$59K$59K
Investment management feesLn 11f$15K$15K
Other fees for servicesLn 11g$207K$65K$139K$3K
Advertising and promotionLn 12$20K$498$20K
Office expensesLn 13$438K$205K$231K$1K
Information technologyLn 14$1.8M$7K$1.8M
OccupancyLn 16$5.6M$3.2M$2.3M$36K
TravelLn 17$79K$74K$5K
Conferences, conventions and meetingsLn 19$6K$2K$4K
InterestLn 20$379K$224K$154K
Depreciation, depletion and amortizationLn 22$2.1M$1.2M$836K
InsuranceLn 23$406K$181K$225K
Other expenses (24a–d)Ln 24$3.0M$2.8M$173K$320
All other expensesLn 24e$875K$684K$191K$1K
Total functional expensesLn 25$39.0M$29.9M$8.8M$269K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022Filed with the IRS May 8, 2023 $158K 990 PDF
FY2021 ViewingFiled with the IRS May 16, 2022 $24.1M$39.0M−$14.9M$5.7M 990 PDF
FY2020Filed with the IRS May 5, 2021 $45.5M$43.9M$1.6M$20.8M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $24,133,723 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $12,533,787$1,578,891
I-9 Program service revenuePrior year $31,680,317$24,468,526
I-10 Investment incomePrior year $839,322−$1,929,091
I-11 Other revenuePrior year $458,088$15,397
I-12 Total revenuePrior year $45,511,514$24,133,723
I-13 Grants and similar amounts paidPrior year $14,027,048$10,996,858
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $13,639,636$12,839,084
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $16,238,795$15,157,047
I-18 Total expensesPrior year $43,905,479$38,992,989
I-19 Revenue less expensesPrior year $1,606,035−$14,859,266
Part VI · Governance 21 of 21 board members independent, 2 to look at
VI-1a Voting members of the governing body21
VI-1b Independent voting members21
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $24,133,723 across 8 lines filed
VIII-1e Government grants$838,286
VIII-1f All other contributions, gifts and grants$740,605
VIII-1h Total contributions, gifts and grants$1,578,891
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $24,468,526$24,468,526
VIII-3 Investment incomeExcluded from tax $36,701$36,701
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$1,965,792−$1,965,792
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $15,397$15,397
VIII-12 Total revenueRelated to mission $24,468,526 · Unrelated business $0 · Excluded from tax −$1,913,694$24,133,723
Part IX · Statement of functional expenses $38,992,989 across 21 lines filed
IX-2 Grants to domestic individualsPrograms $10,996,858$10,996,858
IX-5 Pay of current officers, directors and key staffPrograms $306,263 · Management $60,497 · Fundraising $11,343$378,103
IX-7 Other salaries and wagesPrograms $8,454,343 · Management $2,055,166 · Fundraising $168,532$10,678,041
IX-8 Pension plan contributionsPrograms $88,370 · Management $11,731 · Fundraising $100$100,201
IX-9 Other employee benefitsPrograms $728,656 · Management $238,177 · Fundraising $15,616$982,449
IX-10 Payroll taxesPrograms $586,861 · Management $100,202 · Fundraising $13,227$700,290
IX-11b Legal feesManagement $232,894$232,894
IX-11c Accounting feesManagement $58,933$58,933
IX-11f Investment management feesManagement $15,377$15,377
IX-11g Other fees for servicesPrograms $65,291 · Management $139,201 · Fundraising $2,686$207,178
IX-12 Advertising and promotionPrograms $498 · Fundraising $19,680$20,178
IX-13 Office expensesPrograms $205,252 · Management $231,348 · Fundraising $1,002$437,602
IX-14 Information technologyPrograms $7,207 · Management $1,766,814$1,774,021
IX-16 OccupancyPrograms $3,242,750 · Management $2,314,958 · Fundraising $35,863$5,593,571
IX-17 TravelPrograms $74,376 · Management $4,843$79,219
IX-19 Conferences, conventions and meetingsPrograms $2,107 · Management $4,202$6,309
IX-20 InterestPrograms $224,404 · Management $154,211$378,615
IX-22 Depreciation, depletion and amortizationPrograms $1,216,563 · Management $836,022$2,052,585
IX-23 InsurancePrograms $181,298 · Management $224,647$405,945
IX-24 Other expenses (24a–d)Programs $2,846,155 · Management $172,761 · Fundraising $320$3,019,236
IX-24e All other expensesPrograms $683,709 · Management $190,655 · Fundraising $1,020$875,384
IX-25 Total functional expensesPrograms $29,910,961 · Management $8,812,639 · Fundraising $269,389$38,992,989
Part X · Balance sheet $23,971,685 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $1,316,351$525,238
X-4 Accounts receivableStart of year $3,093,473$2,450,180
X-10c Land, buildings and equipment, netStart of year $26,350,765$18,715,855
X-11 Publicly traded securitiesStart of year $3,127,074$2,275,451
X-14 Intangible assetsStart of year $4,961$4,961
X-16 Total assetsStart of year $34,931,905$23,971,685
X-17 Accounts payable and accrued expensesStart of year $3,143,906$9,132,143
X-19 Deferred revenueStart of year $2,346,998$1,984,595
X-25 Other liabilitiesStart of year $981,738$26,037
X-26 Total liabilitiesStart of year $14,157,987$18,224,566
X-27 Net assets without donor restrictionsStart of year $13,752,332−$1,095,960
X-28 Net assets with donor restrictionsStart of year $7,021,586$6,843,079
X-32 Total net assets or fund balancesStart of year $20,773,918$5,747,119
X-33 Total liabilities and net assetsStart of year $34,931,905$23,971,685
Part XI · Reconciliation of net assets $5,747,119 net assets at year end
XI-1 Total revenue$24,133,723
XI-2 Total expenses$38,992,989
XI-3 Revenue less expenses−$14,859,266
XI-4 Net assets at start of year$20,773,918
XI-5 Net unrealized gains (losses) on investments$482,077
XI-8 Prior period adjustments−$770,041
XI-9 Other changes in net assets$120,431
XI-10 Net assets at end of year$5,747,119

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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