2025-05-09T11:08:09-05:00 2024-06-30 331498605 PLANTE & MORAN PLLC 250 S HIGH ST SUITE 100 COLUMBUS OH 43215 990 2023-07-01 381374230 HILLSDALE COLLEGE HILL 5174377341 33 E COLLEGE STREET HILLSDALE MI 49242 PATRICK FLANNERY TREASURER 5174377341 2025-05-15 1 1 AMY CIMINELLO P00796388 6148493000 2025-05-08 2023 2025-03-06 01:10:19Z LARRY P ARNN 33 E COLLEGE STREET HILLSDALE MI 49242 400048542 0 X WWW.HILLSDALE.EDU X 1844 MI HILLSDALE COLLEGE IS A PRIVATE LIBERAL ARTS COLLEGE WITH APPROXIMATELY 1,500 STUDENTS. FOUNDED IN 1844, THE COLLEGE REMAINS, IN THE WORDS OF ITS ARTICLES OF ASSOCIATION, "GRATEFUL TO GOD FOR THE INESTIMABLE BLESSINGS RESULTING FROM THE PREVALENCE OF CIVIL AND RELIGIOUS LIBERTY AND INTELLIGENT PIETY" IN OUR NATION, AND DEDICATED TO "THE DIFFUSION OF SOUND LEARNING" THAT IS "ESSENTIAL TO THE PERPETUITY OF THESE BLESSINGS." 34 32 2352 907 5557633 2751679 253577837 268471774 68416955 77413719 -7386506 40261198 6176536 8006346 320784822 394153037 35736612 38573011 0 0 76035186 85871520 0 0 80431201 136755393 146276900 248527191 270721431 72257631 123431606 1871625743 2045865706 283131874 303311368 1588493869 1742554338 X SEE SCHEDULE O 0 0 77293345 0 60585491 STUDENT INSTRUCTION HILLSDALE COLLEGE MAINTAINS ITS DEFENSE OF THE CLASSICAL LIBERAL ARTS CURRICULUM, CONVINCED THAT IT IS THE BEST PREPARATION FOR MEETING THE CHALLENGES OF MODERN LIFE AND THAT IT OFFERS TO ALL PEOPLE OF ALL BACKGROUNDS NOT ONLY AN IMPORTANT BODY OF KNOWLEDGE, BUT ALSO TIMELESS TRUTHS ABOUT THE HUMAN CONDITION. THE LIBERAL ARTS ARE DEDICATED TO STIMULATING STUDENTS' INTELLECTUAL CURIOSITY, TO ENCOURAGING THE CRITICAL, WELL-DISCIPLINED MIND, AND TO FOSTERING PERSONAL GROWTH THROUGH ACADEMIC CHALLENGE. AS SUCH, THE COLLEGE MAINTAINS A RIGOROUS CORE CURRICULUM OF 50 ACADEMIC CREDITS, INCLUDING REQUIRED COURSES IN WESTERN AND AMERICAN HISTORY, THE GREAT BOOKS, THE U.S. CONSTITUTION, LOGIC AND RHETORIC, PHILOSOPHY, THEOLOGY, MATHEMATICS, THE ARTS AND SCIENCES, AND MORE. IN ADDITION TO THE CORE CURRICULUM, STUDENTS CHOOSE FROM 30 MAJORS AND SEVEN INTERDISCIPLINARY MAJORS. SEVEN MINORS-ONLY PROGRAMS AND NINE PRE-PROFESSIONAL PROGRAMS ARE ALSO OFFERED. THE FOUR-YEAR UNDERGRADUATE COURSE OF STUDY CULMINATES IN A BACHELOR OF ARTS OR BACHELOR OF SCIENCE DEGREE. HILLSDALE COLLEGE IS CONSISTENTLY RANKED HIGH ON LISTS OF THE BEST LIBERAL ARTS COLLEGES IN THE NATION BY SUCH PUBLICATIONS AS U.S. NEWS & WORLD REPORT, THE PRINCETON REVIEW, FORBES, AND KIPLINGER'S PERSONAL FINANCE. IN ADDITION TO ITS UNDERGRADUATE PROGRAM OF INSTRUCTION, THE COLLEGE OPERATES THE VAN ANDEL GRADUATE SCHOOL OF STATESMANSHIP ON CAMPUS, OFFERING MASTER'S AND DOCTORAL DEGREES IN POLITICS; THE STEVE & AMY VAN ANDEL GRADUATE SCHOOL OF GOVERNMENT IN WASHINGTON, D.C., OFFERING A MASTER OF ARTS DEGREE IN GOVERNMENT; AND THE DIANA DAVIS SPENCER GRADUATE SCHOOL OF CLASSICAL EDUCATION OFFERING A MASTERS OF ARTS DEGREE IN CLASSICAL EDUCATION. THE COLLEGE IS COMMITTED TO THE EXCELLENCE OF ITS STUDENTS IN BOTH INTELLECT AND CHARACTER. THIS COMMITMENT IS REFLECTED IN THE STUDENT HONOR CODE, WHICH READS, "A HILLSDALE COLLEGE STUDENT IS HONORABLE IN CONDUCT, HONEST IN WORD AND DEED, DUTIFUL IN STUDY AND SERVICE, AND RESPECTFUL OF THE RIGHTS OF OTHERS. THROUGH EDUCATION THE STUDENT RISES TO SELF-GOVERNMENT." HILLSDALE BOASTS A STUDENT-FACULTY RATIO OF 8 TO 1. IT HAS 168 FULL-TIME FACULTY, 90 PERCENT OF WHOM HOLD THE HIGHEST DEGREE IN THEIR DISCIPLINES. 37263583 37263583 0 STUDENT SCHOLARSHIPS AND GRANTS HILLSDALE COLLEGE HAS BEEN COMMITTED TO INDEPENDENCE SINCE ITS FOUNDING IN 1844. WHEN A 1984 U.S. SUPREME COURT RULING THREATENED HILLSDALE WITH THE ENTIRE RANGE OF FEDERAL REGULATIONS BECAUSE SOME OF ITS STUDENTS RECEIVED FEDERAL FINANCIAL AID, THE COLLEGE RESOLVED THAT NOT A SINGLE HILLSDALE STUDENT WOULD ACCEPT EVEN ONE CENT OF FEDERAL GRANTS, LOANS, OR SCHOLARSHIPS. INSTEAD, HILLSDALE ESTABLISHED THE PRIVATELY FUNDED STUDENT INDEPENDENCE SCHOLARSHIP AND LOAN FUND IN PLACE OF TAXPAYER-FUNDED AID FOR DESERVING STUDENTS WHO SEEK THE KIND OF CLASSICAL LIBERAL ARTS EDUCATION OFFERED AT HILLSDALE. SINCE THE STUDENT INDEPENDENCE SCHOLARSHIP AND LOAN FUND WAS ESTABLISHED IN 1985, HILLSDALE HAS REPLACED FEDERAL AND STATE GRANTS AND LOANS WITH OVER $149 MILLION IN PRIVATE AWARDS. THE COST OF REPLACING GOVERNMENT AID WAS OVER $7.1 MILLION IN THE 2023-2024 ACADEMIC YEAR; THIS TOTAL ASSISTED 493 STUDENTS. IN ADDITION, THE COLLEGE AWARDED APPROXIMATELY $31.8 MILLION IN PRIVATE SCHOLARSHIPS THAT YEAR ON THE BASIS OF FINANCIAL NEED, ACADEMIC MERIT, CAMPUS LEADERSHIP, ATHLETIC AND MUSIC PARTICIPATION, AND OTHER QUALIFICATIONS. APPROXIMATELY 99 PERCENT OF HILLSDALE STUDENTS QUALIFY FOR AND RECEIVE SOME FORM OF INSTITUTIONAL AID. 17522946 0 0 STUDENT SERVICES HILLSDALE'S STUDENT SERVICES INCLUDE THE ADMISSIONS OFFICE, CAREER SERVICES, ACADEMIC SERVICES, STUDENT AFFAIRS, AND HEALTH AND WELLNESS SERVICES. THE ADMISSIONS OFFICE RECEIVES AN INCREASING NUMBER AND HIGHER CALIBER OF APPLICATIONS EACH YEAR, LEADING TO A SELECTIVE ACCEPTANCE RATE OF 20 PERCENT FOR THE MOST RECENT ACADEMIC YEAR. THE OFFICE EMPHASIZES A HOLISTIC APPROACH TO APPLICATION REVIEWS AND CONDUCTS PERSONAL INTERVIEWS WITH ALMOST ALL APPLICANTS. THE CAREER SERVICES OFFICE HELPS STUDENTS DEVELOP THEIR STRENGTHS AND INTRODUCES THEM TO OPPORTUNITIES THROUGH MENTORING, NETWORK-BUILDING, JOB FAIRS, AND OTHER PROGRAMS. THE COLLEGE HAS A 98 PERCENT FIVE-YEAR GRADUATE PLACEMENT AVERAGE. A SURVEY OF THE 2023 GRADUATING CLASS SHOWED THAT 73 PERCENT WERE EMPLOYED, 25 PERCENT IN CONTINUING EDUCATION AND GRADUATE PROGRAMS, AND 2 PERCENT IN MILITARY AND VOLUNTEER SERVICE. HILLSDALE'S STUDENT AFFAIRS DEPARTMENT OVERSEES A NUMBER OF STUDENT INTEREST GROUPS, ACADEMIC HONORARIES, VOLUNTEER ORGANIZATIONS, AND THE COLLEGE'S FOUR FRATERNITIES AND THREE SORORITIES. HEALTH AND WELLNESS SERVICES PROVIDES MEDICAL AND MENTAL HEALTH SERVICES TO STUDENTS, FACULTY, AND STAFF. 28834894 1309428 20628997 THESE ADDITIONAL PROGRAM SERVICE EXPENSES INCLUDE, BUT ARE NOT LIMITED TO, AUXILIARY SERVICES (BOOKSTORE, RESIDENTIAL, DINING) AND PLAN AND MAINTENANCE OF CAMPUS GROUNDS AND BUILDINGS. 28834894 1309428 20628997 160914768 1 1 0 0 0 1 0 1 0 1 1 1 0 0 1 0 0 1 1 0 1 0 1 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 1 3975 1 1 2352 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 X 34 32 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 1 1 AK CO DC MA MN NV NH SC WA X PATRICK FLANNERY 5174377341 33 E COLLEGE STREET HILLSDALE MI 49242 LARRY P ARNN PRESIDENT 40.00 10.00 X X 1157118 0 133939 PATRICK L SAJAK CHAIRMAN OF THE BOARD 4.50 0.00 X X 0 0 0 STEPHEN A VAN ANDEL VICE CHAIRMAN OF THE BOARD 4.50 0.00 X X 0 0 0 WILLIAM J BRODBECK TRUSTEE, CHAIRMAN EMERITUS 1.00 0.00 X X 0 0 0 ALICE H HANLEY TRUSTEE 1.00 0.00 X 0 0 0 BRUCE C SANBORN TRUSTEE 1.00 0.00 X 0 0 0 BRIAN S WESBURY TRUSTEE 1.00 0.00 X 0 0 0 CHARLES S MCINTYRE III TRUSTEE 1.00 0.00 X 0 0 0 CHRIS CHOCOLA TRUSTEE 1.00 0.00 X 0 0 0 CHRISTOPHER F BACHELDER TRUSTEE 1.00 0.00 X 0 0 0 CLEVES R DELP TRUSTEE 1.00 0.00 X 0 0 0 DANIEL S PETERS TRUSTEE 1.00 0.00 X 0 0 0 DAVID A DURELL TRUSTEE 1.00 0.00 X 0 0 0 DAVID R HOUGH TRUSTEE 1.00 0.00 X 0 0 0 DONNA R ECTON TRUSTEE 1.00 0.00 X 0 0 0 GREGORY C SCHULER TRUSTEE 1.00 0.00 X 0 0 0 JAMES J MEEKS TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY H COORS TRUSTEE 1.00 0.00 X 0 0 0 JESSICA A FAUBERT TRUSTEE 1.00 0.00 X 0 0 0 KURT D GRINDSTAFF TRUSTEE 1.00 0.00 X 0 0 0 MARK L JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 NENA C MOSS TRUSTEE 1.00 0.00 X 0 0 0 NERSI H NAZARI TRUSTEE 1.00 0.00 X 0 0 0 R MARK HAMLIN JR TRUSTEE 1.00 0.00 X 0 0 0 RICHARD E HUNTER TRUSTEE 1.00 0.00 X 0 0 0 RONALD C NOLAN TRUSTEE 1.00 0.00 X 0 0 0 RONALD D ROBSON TRUSTEE 1.00 0.00 X 0 0 0 S GUNNAR KLARR TRUSTEE 1.00 0.00 X 0 0 0 THOMAS N JORDAN JR TRUSTEE 1.00 0.00 X 0 0 0 THOMAS C SHAFER TRUSTEE 1.00 0.00 X 0 0 0 TOBIAS W BUCK TRUSTEE 1.00 0.00 X 0 0 0 WAYNE R NELSON TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM A NOLAN III TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM L FRAIM TRUSTEE 1.00 0.00 X 0 0 0 RICHARD P PEWE VP OF ADMIN. AFFAIRS & SECRETARY 40.00 1.00 X 290110 0 89463 PATRICK H FLANNERY VP FOR FINANCE & TREASURER 40.00 1.00 X 239283 0 77170 JOHN CERVINI VP FOR INST. ADVANCEMENT 40.00 10.00 X 492021 0 120629 CHRISTOPHER VAN ORMAN PROVOST 40.00 0.00 X 319797 0 78526 ROBERT NORTON VP & GENERAL COUNSEL 40.00 1.00 X 345081 0 92428 BILL GRAY VP OF MARKETING 40.00 0.00 X 280965 0 72900 MATTHEW SPALDING VP FOR DC OPS & DEAN OF VASOG 40.00 0.00 X 336644 0 93371 DOUG BANBURY VP FOR ADMISSIONS & BUS DEVELOPMENT 40.00 0.00 X 266952 0 89983 MATT SCHLIENTZ ASSOCIATE VP OF PROGRAMS 40.00 0.00 X 281284 0 78104 DAVID WHALEN ASSOCIATE VP FOR CURRICULUM 40.00 0.00 X 261505 0 71279 JUDY DUKE CONSULTANT FOR MAJOR GIFTS 40.00 0.00 X 277077 0 67783 4547837 0 1065575 157 0 1 0 NEXT AFTER LLC 5810 TENNYSON PKWY PLANO TX 75024 CONSULTING/MARKETING 29644457 WEIGAND CONSTRUCTION 7808 HONEYWELL DR FORT WAYNE IN 46825 CONSTRUCTION 24259048 METZ CULINARY MANAGEMENT 2 WOODLAND DR DALLAS PA 18612 FOOD SERVICES 8033333 RR DONNELLEY 30 HAZELWOOD DR STE 100 WEST AMHERST NY 14228 PRINTING/MAILING 7057292 DARWILL INC 11900 W ROOSEVELT RD HILLSIDE IL 60162 PRINTING/MAILING 3731507 146 1200000 267271774 70397997 268471774 TUITION AND FEES 611310 60585491 60585491 AUXILIARY 611310 15317729 15226348 91381 CONFERENCE CENTER 721110 1510499 47806 1462693 77413719 11712879 2941244 8771635 28548319 0 28548319 28548319 28548319 195561 84672 110889 110889 1921969 5810833 -3888864 218311 -4107175 SCP REBATE 611430 5585474 5585474 HILLSDALE HOSTEL 611430 474067 474067 FOOD SERVICE CATERING 611430 357922 357922 5366858 4880776 486082 11784321 394153037 81214488 5557633 38909142 X 1309428 1309428 36369058 36369058 894525 894525 3124375 551221 1593516 979638 64771291 45130316 9381094 10259881 5130458 3456245 927690 746523 8427688 6477722 1043545 906421 4417708 2968777 852798 596133 2557750 437256 1985916 134578 57147 57147 41012768 5205591 1441857 34365320 18038006 6286894 187071 11564041 33697594 22220590 1301584 10175420 8050166 1182239 6203461 664466 2925 2925 5596746 4759018 837728 10952060 6730252 868052 3353756 10536658 4391518 201691 5943449 512387 512387 9161238 7935274 1062711 163253 EQUIPMENT 844938 844938 GRAD SCHOOL STIPENDS 633100 633100 UBI TAX PAYMENTS 370000 370000 MEMBERSHIPS 271493 187710 22747 61036 3981924 2430709 1033929 517286 270721431 160914768 29375462 80431201 5001271 2505940 121146440 95017741 148279926 138353793 4389134 7399881 31052035 36142650 1092290 1441951 3158901 4682242 405282890 135361993 234233151 269920897 390791089 402196646 915798986 1068110864 16682520 20093101 1871625743 2045865706 33028077 37971919 1993848 2247889 5654120 4957466 185886261 193895004 56569568 64239090 283131874 303311368 X 241977900 314948294 1346515969 1427606044 1588493869 1742554338 1871625743 2045865706 X 123431606 59246615 -28617752 X X 0 1 X 1 0 X 184464315 256292905 271985519 253577837 268471774 1234792350 184464315 256292905 271985519 253577837 268471774 1234792350 18446382 1216345968 6416299 -652511 2801032 7630827 8757317 24952964 41557 5744467 4123151 2235643 2751679 14896497 1257784 1365053 1799044 2063721 7703004 14188606 1288830417 81214487 0.94380 0.93300 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GAMING REVENUE - 2019 AMOUNT: $ 56,795. 2020 AMOUNT: $ 156,556. 2021 AMOUNT: $ 165,835. 2022 AMOUNT: $ 118,791. 2023 AMOUNT: $ 195,561. SALE OF INVENTORY - 2019 AMOUNT: $ 979,699. 2020 AMOUNT: $ 966,423. 2021 AMOUNT: $ 1,373,881. 2022 AMOUNT: $ 1,944,930. 2023 AMOUNT: $ 1,921,969. TRUSTEE FEES - 2019 AMOUNT: $ 221,290. 2020 AMOUNT: $ 242,074. 2021 AMOUNT: $ 259,328. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. SCP REBATE - 2023 AMOUNT: $ 5,585,474. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29 5603122 142092 5603122 1 1 482434 16059945 X X X 1 1002503208 97406129 65525596 28921985 -824805 4189501 1133148252 924423912 59731537 51177600 26413263 2723387 3693191 1002503208 948699164 56858533 -63821859 24972502 -11239616 3579040 924423912 749066295 70667158 140602089 17281516 -20379887 14734749 948699164 710282819 80512072 -39535766 15497424 -20265598 6961004 749066295 0.07801 0.92199 0.00000 0 1 1 16144718 16144718 258421008 94849031 163571977 31378113 21220099 10158014 99339051 19292863 80046188 269920897 EQUITY HEDGED 211362067 F PRIVATE REAL ESTATE 42684261 F OTHER 10711119 F CASH ALTERNATIVE 67835801 F FIXED INCOME 184891625 F EQUITY LONG-ONLY 346521901 F PRIVATE EQUITY 23059553 F ABSOLUTE RETURN 134983916 F LIQUID REAL ASSETS 46060621 F 1068110864 LIABILITY ON ANNUITY CONTRACTS & TRUSTS 64239090 64239090 394144863 59246615 -28519719 30726896 363417967 -5528327 36263397 30735070 394153037 239651568 1588388 1588388 238063180 -5528327 38186578 32658251 270721431 PART III, LINE 4: ALWIN C. CARUS COIN COLLECTION - THE CARUS COIN COLLECTION CONSISTS OF A VAST ARRAY OF FOREIGN AND DOMESTIC CURRENCY DIVIDED INTO THREE SMALLER DISPLAYS: AN ANCIENT COIN COLLECTION, AN AMERICAN COINAGE COLLECTION, AND A HISTORY OF MONEY COLLECTION THAT INCLUDES EARLY NON-METAL FORMS OF CURRENCY, PRECIOUS METALS, AND MODERN FIAT CURRENCY. THE COLLECTION WAS LEFT TO HILLSDALE COLLEGE TO BE USED FOR EDUCATIONAL PURPOSES; IT IS A TOOL FOR TEACHING ECONOMICS, HISTORY, FINANCE, AND CLASSICS. PORTIONS OF THE COLLECTION ARE EXHIBITED PUBLICLY AT HILLSDALE COLLEGE EVENTS ACROSS THE COUNTRY, EXTENDING THE EDUCATIONAL BENEFITS OF THE COLLECTION TO A MUCH WIDER AUDIENCE THAT INCLUDES BUSINESS OWNERS, EDUCATORS, COMMUNITY LEADERS, AND OTHER INTERESTED CITIZENS. SPECIAL LIBRARY COLLECTIONS - IN ADDITION TO THE MAIN STUDY AND RESEARCH COLLECTIONS, HILLSDALE COLLEGE'S MOSSEY LIBRARY CONTAINS A NUMBER OF RARE AND SPECIAL HOLDINGS, INCLUDING THE LUDWIG VON MISES LIBRARY AND THE RICHARDSON HERITAGE ROOM EARLY AND RARE EDITIONS. LUDWIG VON MISES, THE FATHER OF AUSTRIAN ECONOMICS, CHOSE HILLSDALE COLLEGE TO BE THE RECIPIENT OF HIS PERSONAL LIBRARY BECAUSE OF THE SCHOOL'S COMMITMENT TO TEACH THE PRINCIPLES OF FREEDOM. THIS IMPORTANT COLLECTION OF BOOKS, PAMPHLETS, AND PAPERS RELATED TO FREE-MARKET ECONOMICS IS HOUSED IN THE LUDWIG VON MISES ROOM IN MOSSEY LIBRARY AND IS AVAILABLE TO THE HILLSDALE FACULTY AND STUDENTS FOR RESEARCH. THE RICHARDSON HERITAGE ROOM CONTAINS A COLLECTION OF RARE- AND FIRST-EDITION BOOKS THAT RELATE TO OUR COUNTRY'S FOUNDING AND EARLY AMERICAN HISTORY. LIBERTY WALK - AS A SYMBOL OF ITS DEDICATION TO LIBERTY, THE COLLEGE BEGAN IN 2003 TO ESTABLISH THE LIBERTY WALK, A SERIES OF STATUES THROUGHOUT THE CAMPUS THAT DAILY REMIND STUDENTS, FACULTY, AND VISITORS OF THOSE WHO LABORED TO DEFEND FREEDOM. TO DATE, THE COLLECTION INCLUDES NINE STATUES: THE ALPHA KAPPA PHI CIVIL WAR SOLDIERS MONUMENT, 1895; GEORGE WASHINGTON, 2003; WINSTON CHURCHILL, 2004; MARGARET THATCHER, 2008; THOMAS JEFFERSON, 2009; ABRAHAM LINCOLN, 2009; RONALD REAGAN, 2011; FREDERICK DOUGLASS, 2017; AND JAMES MADISON, 2020. ALL STATUES HAVE BEEN FUNDED THROUGH PRIVATE DONATIONS. PRE-COLUMBIAN ART COLLECTION - A COLLECTION OF STATUES, POTTERY, JEWELRY, AND CARVED OR WOVEN VESSELS, THESE ARTIFACTS DATE FROM AS EARLY AS 500 B.C. TO AS LATE AS 1532 A.D., AND ORIGINATE FROM VARIOUS REGIONS OF CENTRAL AND SOUTH AMERICA. INCLUDING WORK FROM CULTURES SUCH AS THE MAYANS AND INCAS, THEY REPRESENT ART IN THE AMERICAS BEFORE THE INTRODUCTION OF EUROPEAN CULTURAL INFLUENCE. THE ARTIFACTS ARE AVAILABLE FOR FACULTY AND STUDENT USE, ESPECIALLY BY THOSE STUDYING PREHISTORIC AND NON-WESTERN ART. DANIEL M. FISK MUSEUM OF NATURAL HISTORY - ESTABLISHED IN 1874 BY PROFESSOR DANIEL MOSES FISK, THE FISK MUSEUM OF NATURAL HISTORY CONTAINS THOUSANDS OF BIOLOGICAL, GEOLOGICAL, AND ARCHAEOLOGICAL SPECIMENS. THE FISK MUSEUM SERVES AS A POINT OF DISCOVERY FOR VISITORS TO THE COLLEGE, INSTRUCTIONAL MATERIAL FOR HILLSDALE COLLEGE COURSES, AND RESEARCH SPECIMENS FOR HILLSDALE COLLEGE AND THE GREATER SCIENTIFIC COMMUNITY. TWO RECENT ADDITIONS TO THE COLLECTION INCLUDE REAL-BONE DINOSAUR SKELETONS OF AN EDMONTOSAURUS ANNECTENS AND A TRICERATOPS. PART V, LINE 4: AS STATED PREVIOUSLY, HILLSDALE COLLEGE IS AN INDEPENDENT FOUR-YEAR LIBERAL ARTS INSTITUTION. HILLSDALE DOES NOT ACCEPT ANY FEDERAL OR STATE MONIES FOR THE OPERATION OF THE COLLEGE. ENDOWMENT FUNDS ARE INVESTED IN SUCH A MANNER AS TO PRESERVE AND PROTECT THE COLLEGE'S INDEPENDENCE FROM GOVERNMENT FUNDS. EARNINGS FROM THE ENDOWMENT ARE PRIMARILY USED TO PROVIDE SCHOLARSHIPS TO STUDENTS AND TO FUND THE OPERATIONS OF THE COLLEGE. PART XI, LINE 2D - OTHER ADJUSTMENTS: WITTE FOUNDATION CONSOLIDATED REVENUE 98,033. CHANGE IN SPLIT INTEREST AGREEMENT -28,617,752. PART XI, LINE 4B - OTHER ADJUSTMENTS: CGS BOOKSTORE -5,670,770. GAMING EXPENSE -84,672. TUITION AND FEES 38,144,788. CHANGE IN PENSION 41,790. SCP REBATE 5,585,474. WITTE NET GAIN/LOSS ON INVESTMENT ADJUSTMENT -1,753,213. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSE 84,672. CGS BOOKSTORE 5,670,770. WITTE FOUNDATION CONSOLIDATED EXPENSES 1,418,420. SCP REBATE -5,585,474. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION AND FEES 38,144,788. CHANGE IN PENSION 41,790. 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 HILLSDALE COLLEGE'S POLICY OF NON-DISCRIMINATION IS WRITTEN INTO ITS ORIGINAL ARTICLES OF ASSOCIATION, WHICH WERE ADOPTED IN 1853. THEY STATE, "THE OBJECT OF THIS INSTITUTION IS AND SHALL BE TO FURNISH TO ALL PERSONS WHO WISH, IRRESPECTIVE OF NATIONALITY, COLOR, OR SEX, A LITERARY, SCIENTIFIC OR THEOLOGICAL EDUCATION AS COMPREHENSIVE AND THOROUGH AS IS USUALLY PURSUED IN OTHER COLLEGES OR THEOLOGICAL SCHOOLS IN THIS COUNTRY, AND TO COMBINE WITH THIS, SUCH MORAL, SOCIAL AND ARTISTIC INSTRUCTION AND CULTURE AS WELL BEST DEVELOP THE MINDS AND IMPROVE THE HEARTS OF THE STUDENTS." HILLSDALE COLLEGE CONTINUES TO BE GOVERNED BY THESE WORDS, AND THEY ARE INCORPORATED INTO THE SCHOOL'S MORE RECENT MISSION STATEMENT. THESE WORDS ARE INCLUDED IN THE COLLEGE CATALOG, AND THEY ARE FEATURED PROMINENTLY IN THE HILLSDALE COLLEGE HONOR CODE. SCHEDULE E, PART I, LINE 4 IN 1844, HILLSDALE COLLEGE WAS FOUNDED ON THE THEN TRULY EXCEPTIONAL PRECEPT OF OFFERING AN EDUCATION TO "ALL PERSONS, IRRESPECTIVE OF NATIONALITY, COLOR OR SEX." IT ENROLLED AFRICAN AMERICANS, WOMEN, & OTHER MINORITIES NEARLY TWO DECADES BEFORE THE CIVIL WAR. HILLSDALE WAS THE FIRST COLLEGE IN THE NATION TO HAVE ITS PRINCIPLES OF NONDISCRIMINATION WRITTEN INTO ITS STATE CHARTER. IT WAS THE FIRST MICHIGAN COLLEGE & THE SECOND IN THE NATION TO ADMIT WOMEN ON AN EQUAL BASIS WITH MEN, & IT WAS THE SECOND COLLEGE IN THE NATION TO CONFER THE B.A. TO WOMEN. EVEN PRIOR TO THE CIVIL WAR, IT REFUSED TO SPECIFY RACE ON RECORDS OR TO BASE DECISIONS OR POLICIES ON THE RACE OF ITS STUDENTS, FACULTY, OR STAFF. TODAY, IT BASES ADMISSIONS & HIRING PRACTICES ON QUALIFICATION, COMPETENCE, & MERIT WITHOUT REGARD TO RACE, COLOR, RELIGION, NATIONAL ORIGIN, SEX, AGE, DISABILITY, OR ANY OTHER LEGALLY PROTECTED STATUS. ACCORDINGLY, IT DOES NOT KEEP RECORD OF THE RACE OF ANY OF ITS STUDENTS, FACULTY, OR STAFF. 1 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS N/A 263873 NORTH AMERICA 0 0 SCHOLARSHIPS N/A 101280 CENTRAL AMERICA AND THE CARIBBEAN 0 0 SCHOLARSHIPS N/A 134966 E ASIA & PACIFIC 0 0 SCHOLARSHIPS N/A 155347 EUROPE 0 0 SCHOLARSHIPS N/A 242177 SOUTH AMERICA 0 0 SCHOLARSHIPS N/A 118352 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDENT REFUND 193 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES REIMBURSEMENT 39 NORTH AMERICA 0 0 PROGRAM SERVICES HONORARIUMS 10000 NORTH AMERICA 0 0 PROGRAM SERVICES REIMBURSEMENT 90 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES TRAVEL REIMBURSEMENT 75446 SOUTH ASIA 0 0 PROGRAM SERVICES SOFTWARE 30306 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES HONORARIUMS 27873 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES SUBSCRIPTIONS 1785 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES REIMBURSEMENT 71889 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 MANAGEMENT PROFESSIONAL SERVICES 10738 NORTH AMERICA 0 0 MANAGEMENT PROFESSIONAL SERVICES 12360 NORTH AMERICA 0 0 FUNDRAISING SOFTWARE 32282 0 0 0 0 0 0 1016227 272769 1288996 SCHOLARSHIP CENTRAL AMERICA & THE CARIBBEAN 3 13496 APPLIED AGAINST ACCOUNT SCHOLARSHIP EAST ASIA & THE PACIFIC 6 155347 APPLIED AGAINST ACCOUNT SCHOLARSHIP EUROPE 8 242177 APPLIED AGAINST ACCOUNT SCHOLARSHIP SOUTH AMERICA 3 118352 APPLIED AGAINST ACCOUNT SCHOLARSHIP SUB-SAHARAN AFRICA 7 263873 APPLIED AGAINST ACCOUNT SCHOLARSHIP NORTH AMERICA 3 101280 APPLIED AGAINST ACCOUNT 1 0 1 1 1 0 PART I, LINE 2: HILLSDALE COLLEGE OFFERS SCHOLARSHIPS AND GRANTS TO INTERNATIONAL STUDENTS (STUDENTS ATTENDING HILLSDALE UNDER F-1 STUDENT VISAS) BASED UPON EITHER ACADEMIC MERIT OR DEMONSTRATED FINANCIAL NEED. THE ASSESSMENT FOR AWARDING INITIAL MERIT-BASED SCHOLARSHIP CONSIDERS THE ACADEMIC CREDENTIAL OF THESE INTERNATIONAL STUDENTS. NEED-BASED GRANTS ARE AWARDED TO INTERNATIONAL STUDENTS BASED UPON DEMONSTRATED FINANCIAL NEED EVIDENCED FROM INCOME AND ASSET INFORMATION REPORTED ON HILLSDALE COLLEGE'S INTERNATIONAL FINANCIAL AID APPLICATION. RENEWAL OF MERIT-BASED INTERNATIONAL AWARDS ARE CONTINGENT UPON THE INTERNATIONAL STUDENT MAINTAINING A 3.0 OR HIGHER CUMULATIVE GRADE POINT AVERAGE. THIS GRADE POINT THRESHOLD IS MONITORED AT THE CONCLUSION OF EACH ACADEMIC SEMESTER. INTERNATIONAL STUDENTS NOT MEETING THAT GPA THRESHOLD FOR THE FIRST TIME RECEIVE A LETTER REMINDING THEM OF THIS CRITERION. A SECOND SEMESTER BELOW THE 3.0 GPA REQUIREMENT RESULTS IN SCHOLARSHIP PROBATION, AND A THIRD CONSECUTIVE SEMESTER NOT MEETING THIS 3.0 GPA RESULTS IN LOSS OF THE MERIT-BASED SCHOLARSHIP. RENEWAL OF A NEED-BASED GRANT REQUIRES THAT INTERNATIONAL STUDENTS CONTINUE TO EVIDENCE FINANCIAL NEED EACH YEAR AS DETERMINED BY SUBMISSION OF HILLSDALE'S INTERNATIONAL FINANCIAL AID APPLICATION. (2) HONORARIA AND TRAVEL REIMBURSEMENTS WERE PAID TO VARIOUS INTERNATIONAL SPEAKERS ON CAMPUS AS WELL AS HONORARIA PAID FOR EDITORIAL WORK. (3) TOUR FEES WERE PAID FOR SCHOOL-SPONSORED INTERNATIONAL TRIPS. (4) THE BOOK TOTAL AMOUNT OF INVESTMENTS IN CENTRAL AMERICA AND THE CAYMAN ISLANDS IS $5,163,805. 195561 44277 37801 0 2594 1 1.00000 195561 44277 37801 2594 84672 110889 MI 1 0 0 0 1.00000 0.00000 PATRICK H FLANNERY 33 EAST COLLEGE STREET HILLSDALE MI 49242 0 PATRICK H FLANNERY 0 SEE SCHEDULE G, PART IV, STATEMENT 1 X 0 SCHEDULE G, PART III, LINE 16 DESCRIPTION OF SERVICES PROVIDED: AS TREASURER OF THE COLLEGE, PATRICK H. FLANNERY WORKS WITH VARIOUS GROUPS ON CAMPUS IN SECURING A RAFFLE LICENSE FROM THE STATE OF MICHIGAN. THESE LICENSES ARE EFFECTIVE ONLY FOR THE DATE OF THE RAFFLE. FURTHER, THE TREASURER COMPLETES THE RAFFLE FINANCIAL STATEMENT AND SUBMITS IT TO THE STATE OF MICHIGAN FOLLOWING THE RAFFLE. 1 ATLANTA CLASSICAL ACADEMY 3260 NORTHSIDE DR ATLANTA GA 30305 454342063 501(C)(3) 25000 0 EXCELLENCE IN TEACHING AWARD UNIVERSITY OF PITTSBURGH 110J OLD ENGINEERING HALL PITTSBURG PA 15260 250965591 501(C)(3) 108158 0 TEMPLETON GRANT CALIFORNIA STATE UNIV FULLERTON 1121 N STATE COLLEGE BLVD FULLERTON CA 92831 952081258 501(C)(3) 103813 0 TEMPLETON GRANT SAINT LOUIS UNIVERSITY 221 N GRAND BLVD ST LOUIS MO 63103 430654872 501(C)(3) 84062 0 TEMPLETON GRANT YALE UNIVERSITY PO BOX 208327 NEW HAVEN CT 06520 060646973 501(C)(3) 105505 0 TEMPLETON GRANT CORNELL UNIVERSITY 349 PINE TREE RD ITHACA NY 14850 150532082 501(C)(3) 12205 0 TEMPLETON GRANT BENNETT CREEK CHURCH 11 ROAD 8WC POWELL WY 82435 830288121 501(C)(3) 10000 0 DAF GRANT BOY SCOUNTS OF AMERICA - GOLDEN EMPIRE COUNCIL PO BOX 13558 SACRAMENTO CA 958533558 237627152 501(C)(3) 29614 0 DAF GRANT CEDAR CLASSICAL ACADEMY 7520 WESTSHIRE DR LANSING MI 489178982 823657833 501(C)(3) 55000 0 DAF GRANT CITIZENS FOR TRADITIONAL VALUES FOUNDATION PO BOX 80295 LANSING MI 489080295 821828305 501(C)(3) 20000 0 DAF GRANT COMMUNITY BAPTIST CHURCH 8331 GRATIOT RD SAGINAW MI 48609 382141472 501(C)(3) 24488 0 DAF GRANT CONSERVATIVE PARTNERSHIP INSTITUTE 300 INDEPENDENCE AVE SE WASHINGTON DC 20003 821470217 501(C)(3) 7000 0 DAF GRANT DISCOVERY INSTITUTE 208 COLUMBIA ST SEATTLE WA 98104 911521697 501(C)(3) 12000 0 DAF GRANT EMPOWERED INTERNATIONAL INC 10355 DAWSONS CREEK BLVD STE F FORT WAYNE IN 468251903 823102978 501(C)(3) 15000 0 DAF GRANT FAITH BAPTIST BIBLE COLLEGE 1900 NW 4TH ST ANKENY IA 50023 470394397 501(C)(3) 117000 0 DAF GRANT FIRST BAPTIST CHURCH OF LAINGSBURG PO BOX 250 LAINGSBURG MI 48848 382050343 501(C)(3) 14830 0 DAF GRANT FRIENDS OF MITCHELL RESEARCH CENTER 22 N MANNING ST HILLSDALE MI 492421682 382642051 501(C)(3) 23000 0 DAF GRANT HEARTLAND INSTITUTE 3939 N WILKE RD ARLINGTON HEIGHTS IL 600041275 363309812 501(C)(3) 15000 0 DAF GRANT HILLSDALE COMMUNITY THEATRE INC 240 E CHICAGO ST JONESVILLE MI 49250 382006284 501(C)(3) 20000 0 DAF GRANT HILLSDALE COUNTY HISTORICAL SOCIETY 3750 DURYEA LN HILLSDALE MI 492429655 382132367 501(C)(3) 20000 0 DAF GRANT HOUSE OF PRAYER 9974 E OLD M-78 HASLETT MI 48840 043431931 501(C)(3) 5524 0 DAF GRANT IMMANUEL BAPTIST CHURCH 2680 E M 21 CORUNNA MI 488171105 383276535 501(C)(3) 13200 0 DAF GRANT LIFE IN CHRIST CHURCH PO BOX 1019 OWOSSO MI 48867 320098077 501(C)(3) 8800 0 DAF GRANT MESQUITE CHRISTIAN ACADEMY INC 315 CALAIS DR MESQUITE NV 89027 824468951 501(C)(3) 13085 0 DAF GRANT NEW MERCIES MINISTRIES INC 429 E DUPONT RD PMB 68 FORT WAYNE IN 46825 863804719 501(C)(3) 30000 0 DAF GRANT ORPHANOS FOUNDATION PO BOX 1057 CORDOVA TN 38088 621694378 501(C)(3) 10000 0 DAF GRANT PACIFIC RESEARCH INSTITUTE PO BOX 60485 PASADENA CA 91116 942528433 501(C)(3) 29614 0 DAF GRANT SAMARITANS PURSE PO BOX 3000 BOONE NC 28607 581437002 501(C)(3) 20000 0 DAF GRANT SOLA MEDIA 13230 EVENING CREEK DR S STE 220 SAN DIEGO CA 92128 270565982 501(C)(3) 15000 0 DAF GRANT SPRING VALE CHRISTIAN SCHOOL 4150 S M 52 OWOSSO MI 488679224 381541802 501(C)(3) 14315 0 DAF GRANT THE CATHOLIC FOUNDATION OF THE DIOCESE OF LANSING 2140 STEAMBURG RD HILLSDALE MI 492422100 812025056 501(C)(3) 6330 0 DAF GRANT THE SALVATION ARMY 1931 SUTRO ST RENO NV 89512 381370971 501(C)(3) 29614 0 DAF GRANT TRI-CITY BAPTIST CHURCH 2211 W GERMANN RD CHANDLER AZ 852866799 860257221 501(C)(3) 38000 0 DAF GRANT TRUE THE VOTE INC PO BOX 3109 19128 HOUSTON TX 77253 272860095 501(C)(3) 33990 0 DAF GRANT TURNING POINT USA INC 4940 E BEVERLY RD PHOENIX AZ 85044 800835023 501(C)(3) 105000 0 DAF GRANT WALLEN BAPTIST CHURCH INC 2000 N WELLS STREET FORT WAYNE IN 46808 351472038 501(C)(3) 12000 0 DAF GRANT WESTSIDE BAPTIST CHURCH 2299 W 2000 N ST ST GEORGE UT 84770 870659968 501(C)(3) 10000 0 DAF GRANT 48 0 SCHOLARSHIPS AND GRANTS 1599 36369058 N/A N/A PART I, LINE 2: DURING FISCAL YEAR 2024, HILLSDALE COLLEGE AWARDED MONETARY GRANTS/PRIZES TO SIX INSTITUTIONS BASED ON SPECIFIED CRITERIA. ONE GRANT IS THE HENRY SALVATORI PRIZE FOR EXCELLENCE IN TEACHING, WHICH HONORS ONE K-12 SCHOOL EACH YEAR FOR ITS OUTSTANDING EDUCATIONAL PROGRAM. ALL PUBLIC AND PRIVATE SCHOOLS WHOSE TEACHING REFLECTS THE BEST TRADITIONS OF WESTERN EDUCATION ARE WELCOME TO APPLY. THE WINNING SCHOOL IS REQUIRED TO PREPARE AN ANNUAL REPORT ON THE EXPENDITURE(S) OF THE PRIZE UNTIL SUCH FUNDS ARE ENTIRELY EXPENDED. X X X X X X 1 1 X X X X X 0 1 0 1 0 0 0 1 0 LARRY P ARNN PRESIDENT 599658 0 554437 0 3023 0 26464 0 107475 0 1291057 0 0 0 JOHN CERVINI VP FOR INST. ADVANCEMENT 462815 0 28000 0 1206 0 52500 0 68129 0 612650 0 0 0 ROBERT NORTON VP & GENERAL COUNSEL 308327 0 26000 0 10754 0 30000 0 62428 0 437509 0 0 0 MATTHEW SPALDING VP FOR DC OPS & DEAN OF VASOG 332373 0 2000 0 2271 0 26295 0 67076 0 430015 0 0 0 CHRISTOPHER VAN ORMAN PROVOST 313726 0 2000 0 4071 0 30000 0 48526 0 398323 0 0 0 RICHARD P PEWE VP OF ADMIN. AFFAIRS & SECRETARY 287441 0 2000 0 669 0 26637 0 62826 0 379573 0 0 0 MATT SCHLIENTZ ASSOCIATE VP OF PROGRAMS 258448 0 22000 0 836 0 17080 0 61024 0 359388 0 0 0 DOUG BANBURY VP FOR ADMISSIONS & BUS DEVELOPMENT 264181 0 2000 0 771 0 30000 0 59983 0 356935 0 0 0 BILL GRAY VP OF MARKETING 227754 0 52836 0 375 0 16901 0 55999 0 353865 0 0 0 JUDY DUKE CONSULTANT FOR MAJOR GIFTS 222960 0 44212 0 9905 0 22277 0 45506 0 344860 0 0 0 DAVID WHALEN ASSOCIATE VP FOR CURRICULUM 249758 0 2000 0 9747 0 12951 0 58328 0 332784 0 0 0 PATRICK H FLANNERY VP FOR FINANCE & TREASURER 236614 0 2000 0 669 0 20758 0 56412 0 316453 0 0 0 PART I, LINE 1A BY THE NATURE OF THE POSITION, THE CEO IS REQUIRED TO FULFILL SEVERAL OBLIGATIONS/COMMITMENTS WHICH MAY RESULT IN TRAVELING FIRST-CLASS AND/OR CHARTER TO ACCOMMODATE REQUIRED APPOINTMENTS. FURTHER, HIS SPOUSE MAY ACCOMPANY HIM AS DICTATED BY HER REQUIRED PRESENCE FOR AN EVENT. THE CEO HAS AVAILABLE TO HIM A DISCRETIONARY FUND (BUDGETED EACH YEAR) FOR ASSISTING INDIVIDUALS AND/OR PROJECTS IN NEED OF SUPPORT. FURTHER, THE CEO IS REQUIRED TO RESIDE IN COLLEGE-OWNED HOUSING FOR THE PURPOSE OF BEING A PRESENCE ON CAMPUS AND FOR ENTERTAINMENT PURPOSES. AS THE RESULT OF LIVING IN A COLLEGE-OWNED RESIDENCE, THE COLLEGE PROVIDES, AS WITH ALL CAMPUS BUILDINGS, LIGHT HOUSEKEEPING. THE POSITION OF CEO ALSO REQUIRES MEMBERSHIP IN CERTAIN SOCIAL/ACADEMIC ORGANIZATIONS AND THEREFORE THE COLLEGE PROVIDES THE DUES/FEES ASSOCIATED WITH THAT MEMBERSHIP. FROM TIME TO TIME THE COLLEGE UTILIZES THE COLLEGE PRESIDENT'S PERSONAL RESIDENCE FOR COLLEGE EVENTS AND HOUSING OF COLLEGE GUESTS. PART I, LINE 3 THE PRUDENTIAL COMMITTEE (EXECUTIVE COMMITTEE) OF THE BOARD OF TRUSTEES APPROVES THE CEO'S ANNUAL SALARY. THE TREASURER'S OFFICE SECURES SALARY INFORMATION SUPPLIED BY THE CHRONICLE OF HIGHER EDUCATION, IRS FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION CONSULTANTS, AND WRITTEN CONTRACT. THIS INFORMATION IS THEN PROVIDED TO THE PRUDENTIAL COMMITTEE FOR THEIR REVIEW AND EVALUATION. PART I, LINE 4B JOHN CERVINI CONTRIBUTED AMOUNT OF $22,500 IN 2023. PART I, LINE 5 DEPENDING ON THE LEVELS OF GIFT REVENUE, BONUSES WERE PAID. PART I, LINE 7 THE PRESIDENT'S BONUS IS DETERMINED BASED ON THE BOARD OF DIRECTOR'S DISCRETION. A MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2014-09-19 10900000 REFUNDING BONDS 0 0 0 A 10900000 10900000 2014 1 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 1 0 0 0 0 0 A 0 CLEVES DELP TRUSTEE 224858 INVESTMENT ADVISORY SERVICES FOR RETIREMENT PLAN 0 CLEVES DELP TRUSTEE 39024 2023-2024 TOWNHOUSE UNIT RENTAL 0 X 2 83405 APPRAISAL X 350 58225543 HIGH/LOW FMV AVG X 6 7226333 APPRAISAL X 1 1140000 APPRAISAL X 4 3163000 APPRAISAL X 5 384934 APPRAISAL X 4 97500 APPRAISAL X LIFE INSURANCE POLICY 1 75835 APPRAISAL X HARVEST 1 1447 APPRAISAL 9 0 1 1 PART I, COLUMN (B): THE NUMBER LISTED IN COLUMN C REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 32B: REAL ESTATE AGENTS ASSIST IN THE SELLING OF DONATED REAL ESTATE AND INVESTMENT MANAGERS ASSIST IN THE SELLING OF STOCKS. PART I, LINE 33: DONATED ITEMS OF BOOKS, HOUSEHOLD ITEMS, COLLECTIBLES, AND VARIOUS MISCELLANY WHICH DO NOT HAVE AN APPRAISED VALUE ARE RECORDED AS ZERO GIFT REVENUE. THE DONORS GENERALLY DO NOT REQUEST A TAX-DEDUCTIBLE GIFT RECEIPT OR RECEIVE IN-KIND RECEIPT WITH NO VALUE LISTED. FORM 990, PART III, LINE 1 HILLSDALE COLLEGE IS AN INDEPENDENT INSTITUTION OF HIGHER LEARNING FOUNDED IN 1844 BY MEN AND WOMEN "GRATEFUL TO GOD FOR THE INESTIMABLE BLESSINGS" RESULTING FROM CIVIL AND RELIGIOUS LIBERTY AND "BELIEVING THAT THE DIFFUSION OF LEARNING IS ESSENTIAL TO THE PERPETUITY OF THESE BLESSINGS." IT PURSUES THE STATED OBJECT OF THE FOUNDERS: "TO FURNISH ALL PERSONS WHO WISH, IRRESPECTIVE OF NATION, COLOR, OR SEX, A LITERARY SCIENTIFIC, [AND] THEOLOGICAL EDUCATION" OUTSTANDING AMONG AMERICAN COLLEGES AND TO COMBINE WITH THIS SUCH MORAL AND SOCIAL INSTRUCTION AS WILL BEST DEVELOP THE MINDS AND IMPROVE THE HEARTS OF ITS PUPILS." AS A NONSECTARIAN CHRISTIAN INSTITUTION, HILLSDALE COLLEGE MAINTAINS "BY PRECEPT AND EXAMPLE" THE IMMEMORIAL TEACHINGS AND PRACTICES OF THE CHRISTIAN FAITH. THE COLLEGE ALSO CONSIDERS ITSELF A TRUSTEE OF OUR WESTERN PHILOSOPHICAL AND THEOLOGICAL INHERITANCE TRACING TO ATHENS AND JERUSALEM, A HERITAGE FINDING ITS CLEAREST EXPRESSION IN THE AMERICAN EXPERIMENT OF SELF-GOVERNMENT UNDER LAW. BY TRAINING THE YOUNG IN THE LIBERAL ARTS, HILLSDALE COLLEGE PREPARES STUDENTS TO BECOME LEADERS WORTHY OF THAT LEGACY. BY ENCOURAGING THE SCHOLARSHIP OF ITS FACULTY, IT CONTRIBUTES TO THE PRESERVATION OF THAT LEGACY FOR FUTURE GENERATIONS. BY PUBLICLY DEFENDING THAT LEGACY, IT ENLISTS THE AID OF OTHER FRIENDS OF FREE CIVILIZATION AND THUS SECURES THE CONDITIONS OF ITS OWN SURVIVAL AND INDEPENDENCE. FORM 990, PART VI, SECTION A, LINE 2 CHARLES MCINTYRE, TRUSTEE, IS FATHER-IN-LAW OF JOHN CERVINI, KEY EMPLOYEE. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES OF THE COLLEGE VOTED TO NOT REVIEW THE 990. THE VICE PRESIDENT FOR FINANCIAL AFFAIRS/TREASURER, AS WELL AS THE CONTROLLER, REVIEW THE 990 FOR THE COLLEGE PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ALL VOTING MEMBERS OF THE BOARD COMPLETE A CONFLICT OF INTEREST POLICY FORM. EACH YEAR, THEY UPDATE THE FORM IF THERE ARE CHANGES. THOSE FORMS ARE KEPT BY THE SECRETARY OF THE BOARD. IF A CONFLICT IS DETERMINED, IT WILL BE BROUGHT TO THE ATTENTION OF THE PRUDENTIAL COMMITTEE OF THE BOARD OF TRUSTEES. BOARD MEMBERS WHO HAVE A CONFLICT OF INTEREST WILL LEAVE THE ROOM DURING DISCUSSION OF THE MATTER AND ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE COLLEGE'S PRESIDENT IS DETERMINED BY THE PRUDENTIAL COMMITTEE OF THE BOARD OF TRUSTEES ALONG WITH RECOMMENDATION BY EXTERNAL CONSULTANTS AND 990 RESULTS LISTED IN THE CHRONICLE OF HIGHER EDUCATION. THE COMPENSATION OF THE OTHER OFFICERS OF THE COLLEGE AS WELL AS KEY EMPLOYEES ARE RECOMMENDED BY THIRD PARTY CONSULTANTS. THIS PROCESS WAS LAST COMPLETED IN FISCAL YEAR 2024. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES, GENERAL: PROGRAM SERVICE EXPENSES 2,743,413. MANAGEMENT AND GENERAL EXPENSES 723,942. FUNDRAISING EXPENSES 4,136,318. TOTAL EXPENSES 7,603,673. PROFESSIONAL SERVICES, CONSULTING: PROGRAM SERVICE EXPENSES 2,462,178. MANAGEMENT AND GENERAL EXPENSES 717,915. FUNDRAISING EXPENSES 109,844. TOTAL EXPENSES 3,289,937. PROFESSIONAL SERVICES, MEDIA: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 30,119,158. TOTAL EXPENSES 30,119,158. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS -28,617,752. FORM 990, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES FROM PRIOR YEAR. SAGINAW RIVER HOLDINGS 201 W BIG BEAVER STE 500 TROY MI 48084 801677917 REAL ESTATE HOLDING MI 0 13 HILLSDALE COLLEGE 842 2ND AVENUE LLC 33 EAST COLLEGE STREET HILLSDALE MI 49242 113537380 REAL ESTATE INVESTMENT NY 0 1962485 HILLSDALE COLLEGE HILLSDALE COLLEGE INDEPENDENCE FOUNDATION 33 EAST COLLEGE STREET HILLSDALE MI 49242 383491675 SUPPORTING ORGANIZATION TO HILLSDALE COLLEGE MI 501(C)(3) LINE 12A, I HILLSDALE COLLEGE 1 LEE STILLMAN-ROLAND R WITTE SCHOLARSHIP FOUNDATION 33 EAST COLLEGE STREET HILLSDALE MI 49242 320538150 SUPPORTING ORGANIZATION TO HILLSDALE COLLEGE MI 501(C)(3) LINE 12A, I HILLSDALE COLLEGE 1 THE JACK E & GRETA W STALSBY CHARITABLE FOUNDATION TRUST 33 EAST COLLEGE STREET HILLSDALE MI 49242 943458983 PROVIDE SCHOLARSHIPS TO SUPPORT HILLSDALE COLLEGE MI 501(C)(3) PF HILLSDALE COLLEGE INDEPENDENCE FOUNDATION 1 DOROTHY D AND JOSEPH A MOLLER FOUNDATION 33 EAST COLLEGE STREET HILLSDALE MI 49242 746355685 PROVIDE SCHOLARSHIPS TO SUPPORT HILLSDALE COLLEGE MI 501(C)(3) PF HILLSDALE COLLEGE INDEPENDENCE FOUNDATION 1 HC REAL ESTATE HOLDING INC 33 EAST COLLEGE STREET HILLSDALE MI 49242 832541397 SUPPORTING ORGANIZATION TO HILLSDALE COLLEGE MI 501(C)(3) LINE 12A, I HILLSDALE COLLEGE 1 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 LEE STILLMAN-ROLAND R WITTE SCHOLARSHIP FOUNDATION C 1200000 FMV