2025-03-04T15:28:16+00:00 2024-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-07-01 350868086 Franklin College of Indiana FRAN 3177388000 101 Branigin Blvd Franklin IN 46131 Kevin Honigford Vice President and CFO 2025-03-04 true Jennifer Burke P01342224 3128997000 2025-03-04 2023 2025-03-06 01:10:19Z Franklin College Kevin Honigford 101 Branigin Blvd Franklin IN 46131 72731867 false X www.franklincollege.edu X 1937 IN Franklin College empowers students through an experiential education, grounded in the liberal arts and sciences, promoting impactful careers and meaningful lives. 33 32 725 75 -7275 0 3574798 7798446 38613345 40153527 2193646 5258103 642771 275299 45024560 53485375 19514363 20352831 0 15617862 15310886 106134 190403 1241849 17130443 17054212 52368802 52908332 -7344242 577043 149014659 154479400 29356457 30030666 119658202 124448734 Franklin College empowers students through an experiential education, grounded in the liberal arts and sciences, promoting impactful careers and meaningful lives. false false 20352831 20352831 SCHOLARSHIPS - GRANTS TO STUDENTS TO REDUCE STUDENTS' COST OF ATTENDANCE. 19841789 33621661 INSTRUCTION - DESIGNING AND DELIVERING THE ACADEMIC CURRICULUM FOR UNDERGRADUATE AND GRADUATE STUDENTS. 7413193 6739183 STUDENT SERVICES - ACTIVITIES RELATED TO STUDENTS' LIVES OUTSIDE THE CLASSROOM. THIS INCLUDES: STUDENT AFFAIRS, RESIDENCE LIFE, COLLEGE CHAPLAIN, ADMISSIONS, FINANCIAL AID OFFICE, ACADEMIC RECORDS, AND ATHLETICS. 47607813 true true false true false false true true true true true false false true true true false true false true false true true true false false false true true true false false false false false false true false true false true false false false false true false false false true 1395 0 true 725 true true true false false false false true true false false false false false false X 33 32 true false true false false false false true true false false true true true true true true true false false IN X Kevin Honigford 3177388027 101 BRANIGIN BLVD Franklin IN 46131 Cathy Dunn Vice Chair 2.0 X X 0 0 0 David Dunkle Vice Chair 2.0 X X 0 0 0 Deana Haworth Vice Chair 2.0 X X 0 0 0 James Napolitan Treasurer 2.0 X X 0 0 0 John Auld Jr Vice Chair 2.0 X X 0 0 0 Peter Cangany Chair of the Board 2.0 X X 0 0 0 Robert DeVoss Vice Chair 2.0 X X 0 0 0 Sean Thomasson Vice Chair 2.0 X X 0 0 0 Susan DeVoss Secretary 2.0 X X 0 0 0 Susan Williams Vice Chair 2.0 X X 0 0 0 Theressa Wright Vice Chair 2.0 X X 0 0 0 Todd Bemis Vice Chair 2.0 X X 0 0 0 Worthe Holt Jr Vice Chair 2.0 X X 0 0 0 Amber Elwood Trustee 2.0 X 0 0 0 Bill Cox Trustee 2.0 X 0 0 0 Billie Dragoo Trustee 2.0 X 0 0 0 Brad Rateike Trustee (Beg DEC 2024) 2.0 X 0 0 0 Daniel Hann Trustee 2.0 X 0 0 0 DAVID BYERS Trustee 2.0 X 0 0 0 David Wantz Trustee 2.0 X 0 0 0 Devin Anderson Trustee 2.0 X 0 0 0 Illene Roggensack Trustee (Beg May 2024) 2.0 X 0 0 0 James Due Trustee 2.0 X 0 0 0 John Talley Trustee 2.0 X 0 0 0 Jon Almeras Trustee 2.0 X 0 0 0 JULIE GILMORE Trustee 2.0 X 0 0 0 Katharine Kruse Trustee 2.0 X 0 0 0 Kevin Crowe Trustee 2.0 X 0 0 0 KRISTIN STPIERRE TRUSTEE 2.0 X 0 0 0 Rafael Sanchez Jr Trustee 2.0 X 0 0 0 Randy Stocklin Trustee (Until February 2024) 2.0 X 0 0 0 Robert Brown Trustee 2.0 X 0 0 0 Ron Bowsher Trustee 2.0 X 0 0 0 Yolanda White Trustee 2.0 X 0 0 0 Andrew Hendricks VP of Enrollment & Marketing 40.0 X 173688 0 32685 Andrew Jones Vice President for Student Development & Dean of Students 40.0 X 137498 0 38041 Dana Cummings Vice President Development and Alumni Engagement (Until March 2024) 40.0 X 166130 0 40261 Kerry Prather President 40.0 X 344963 0 59763 Kevin Honigford Vice President and Chief Financial Officer 40.0 X 158245 0 28982 Kristin Flora Vice President for Academic Affairs & Dean of the College 40.0 X 151198 0 23785 Jasmina Cheeseman Program Director & Assistant Professor 40.0 X 137705 0 17269 1269427 0 240786 7 false true false Eat'n Park Hospitality Group Inc PO Box 644091 Pittsburgh PA 15264 Food Service 2227066 Morgan Stanley Global Banking Operations 1300 Thames St Wharf 4th Floor Baltimore MD 212319907 Investment Consultant 310657 Stratus Building Solutions of Indiana 3105 E 98th St Suite 120 Carmel IN 46280 Commercial Cleaning 279943 Miller Transportation 111 Outer Loop Louisville KY 40214 Transportation Services 228092 Koch Mechanical Inc 1100 E O and M Ave North Vernon IN 47265 CONSTRUCTION 191493 13 156984 221099 7420363 1809967 7798446 Tuition and Fees 611600 33396598 33396598 Auxiliary Enterprises 611600 6703151 6703151 Conferences-Catering 722320 43139 25393 17746 Bookstore 451211 10639 10639 0 0 0 0 40153527 1962740 -25021 1987761 71424 11158 60266 0 60266 60266 22520667 19225304 3295363 0 3295363 3295363 0 156984 10030 -10030 -10030 Miscellaneous Income 900099 225063 225063 0 0 0 0 225063 53485375 40360844 -7275 5333360 20039979 20039979 312852 312852 1251335 348304 759272 143759 134580 134580 11419115 10485607 616778 316730 666704 547895 85154 33655 929491 818987 83879 26625 909661 786936 90541 32184 111232 2382 108850 118840 118840 190403 190403 319953 319953 3576222 3362907 123923 89392 105707 72355 10000 23352 534205 349392 80909 103904 414024 351920 62104 247287 231202 6573 9512 247287 231202 6573 9512 240314 240314 3559044 3420521 111165 27358 494623 384 494239 Plant Operations 4706568 4524516 146278 35774 Food 199173 167501 26079 5593 Equipment & Equipment Rental 434493 387756 46737 PROFESSIONAL EDUCATION AND DUES 323264 173636 145653 3975 1421976 856999 374856 190121 52908332 47607813 4058670 1241849 158971 169391 2676299 4435144 986941 3171578 652581 449597 0 0 0 0 168278 165109 447623 387911 145223912 95822806 51132378 49401106 80131212 82816266 12062833 12998898 385503 267203 212040 217197 149014659 154479400 1317559 1085955 1657412 1436493 19530050 18838287 161284 173002 0 0 5200000 6900000 1490152 1596929 29356457 30030666 X 52968848 50198054 66689354 74250680 119658202 124448734 149014659 154479400 577043 4213489 0 X false true X true true true X 2720623 10331238 6271234 3574798 7798446 30696339 0 0 2720623 10331238 6271234 3574798 7798446 30696339 1839440 28856899 2369337 1819294 2492033 2488968 2034164 11203796 0 0 0 0 0 0 3410 0 0 0 225063 228473 42128608 191537761 0.6850 0.6410 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - OTHER INCOME, COLUMN A - 3410.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 225063.0, COLUMN F - 228473.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 2070 2070 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY The College pays membership dues to Independent Colleges of Indiana, of which $2,070 of the funds are used for lobbying. 0 52935 X X false false true X 94106819 1670909 9012270 1380001 3657466 99752531 87037997 591117 11430132 1344417 3608010 94106819 103629221 219757 -11152874 1607327 4050780 87037997 83786190 639066 23955026 1359815 3391246 103629221 87386625 392878 908781 1427888 3474206 83786190 0.343 0.504 0.153 false false 8998859 8998859 112316278 80049897 32266381 23855840 15772909 8082931 52935 52935 49401106 Funds of hedge funds Real estate and personal property Private Equity 12924394 F Private Partnerships 74504 F 12998898 Advances from federal agency for student loans 83770 Liabilities under charitable annuity and unitrust agreements 1116147 Capital lease obligation 397012 1596929 X 37047268 4213489 21188 4234677 32812591 319953 20352831 20672784 53485375 32256736 21188 21188 32235548 319953 20352831 20672784 52908332 Schedule D, Part III, Line 4 Collections of art - description of collections Collections from various scholars, dignitaries, and artists enhance the intellectual atmosphere on campus. Schedule D, Part IV, Line 2b Explanation of escrow agreement The College holds cash for student campus organizations, which are funded by an Activity Fee on student's tuition statements. Schedule D, Part V, Line 4 Intended uses of endowment funds The endowment provides support for the operation of the college and helps the college fulfill its mission by providing scholarships and faculty support. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The College is exempt from federal income taxes under Section 501(c)(3) of the United States Internal Revenue Code. The College is not considered to be a private foundation. Current accounting standards require the College to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended June 30, 2024 and 2023, management has determined that the College does not have any tax positions that result in any uncertainties regarding the possible impact on the College's financial statements. The College does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The College recognizes interest and/or penalties related to income tax matters in income tax expense. The College did not have any amounts accrued for interest and penalties at June 30, 2024 or 2023. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 RENT EXPENSE - 11158 FUNDRAISING EXPENSE - 10030 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements SCHOLARSHIPS - 20352831 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 RENT EXPENSE - 11158 FUNDRAISING EXPENSE - 10030 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements SCHOLARSHIPS - 20352831 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY Franklin College is committed to the principle and practice of equal opportunity for all its students, faculty, employees and applicants for admission and employment. For that reason, the college provides equal employment opportunities to all of its employees and applicants on the basis of merit and without regard to the individual's race, color, religion, gender, disability, age, national origin, marital status, or sexual orientation in accordance with state and federal laws and any other characteristic protected by law. The college prohibits, forbids, and will not tolerate any verbal, physical or other conduct that belittles or demeans any individual on the basis of the above-listed statuses. All employees, managers, supervisors and job applicants are covered by this commitment. No person or employee, no matter what his or her title or position, has the authority expressed, actual, apparent or implied to discriminate against any employee of the college. This policy applies to all terms and conditions of employment, admission to and enrollment in Franklin College, including, but not limited to, recruitment, selection, hiring, benefits, educational policies, admission policies, financial aid, scholarship and loan programs, housing athletic and other college-administered programs and activities. Franklin College posts the nondiscrimination policy on its website. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT The organization receives Pell Grants, SEOG, and Work Study funds from the federal government. The organization also receives funds from the State of Indiana which include 21st Century, Freedom of Choice, and other Hoosier scholarships and/or grants. true Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD 189770 Central America and the Caribbean 0 0 Program Services Study Abroad 44000 Central America and the Caribbean 0 0 Investments 14017483 Europe (Including Iceland and Greenland) 0 0 Investments 780153 East Asia and the Pacific 0 0 Program Services STUDY ABROAD 53662 0 0 0 0 0 0 15085068 0 15085068 Scholarships and Grants Europe (Including Iceland and Greenland) 1 28640 STUDENT ACCOUNT CREDIT 0 N/A FMV Scholarships and Grants North America (Canada & Mexico only) 1 28662 STUDENT ACCOUNT CREDIT 0 N/A FMV Scholarships and Grants South America 6 149960 STUDENT ACCOUNT CREDIT 0 N/A FMV Scholarships and Grants Sub-Saharan Africa 3 91270 STUDENT ACCOUNT CREDIT 0 N/A FMV Scholarships and Grants Middle East and North Africa 1 14320 STUDENT ACCOUNT CREDIT 0 N/A FMV true false true true true false Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds The Financial Aid Office and Business Office operate together to ensure grants are used for educational purposes. Grants are applied to students' accounts by the Business Office after the grants are approved and disbursed by the Financial Aid Office. Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual Schedule F, Part III Method used to account for expenditures on org's financial statements EUROPE (INCLUDING ICELAND AND GREENLAND) -Accrual MIDDLE EAST AND NORTH AFRICA -Accrual NORTH AMERICA (CANADA & MEXICO ONLY) -Accrual SOUTH AMERICA -Accrual SUB-SAHARAN AFRICA -Accrual X X X X X X X true Thomas P Miller & Associates LLC 1630 N Meridian St Suite 430 Indianapolis IN 46202 Grant Consultant false 500000 74500 425500 Johnson Grossnickle & Associates 29 S Park Blvd Greenwood IN 46143 Fundraising Consultant false 0 48803 -48803 McAllister & Quinn LLC 1625 Eye St NW Suite 750 Washington DC 20006 Grant Consultant false 0 67100 -67100 500000 190403 309597 IN GRIZ TUESDAY 156984 156984 0 10030 0 0 156984 156984 0 10030 10030 -10030 true SCHOLARSHIPS 859 20039979 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. The Financial Aid Office and Business Office operate together to ensure grants are used for educational purposes. Grants are applied to students' accounts by the Business Office after the grants are approved and disbursed by the Financial Aid Office. X X false true X X X false false false false false false false true false Kerry Prather President 304460 0 27000 0 13503 0 33000 0 26763 0 404726 0 0 0 Dana Cummings Vice President Development and Alumni Engagement (Until March 2024) 165680 0 0 0 450 0 18020 0 22241 0 206391 0 0 0 Andrew Hendricks VP of Enrollment & Marketing 172575 0 0 0 1113 0 17318 0 15367 0 206373 0 0 0 Kevin Honigford Vice President and Chief Financial Officer 157795 0 0 0 450 0 16500 0 12482 0 187227 0 0 0 Andrew Jones Vice President for Student Development & Dean of Students 137498 0 0 0 0 0 15000 0 23041 0 175539 0 0 0 Kristin Flora Vice President for Academic Affairs & Dean of the College 150598 0 0 0 600 0 15500 0 8285 0 174983 0 0 0 Jasmina Cheeseman Program Director & Assistant Professor 137705 0 0 0 0 0 11971 0 5298 0 154974 0 0 0 Schedule J, Part I, Line 1a Travel for companions Travel expenses for the President's spouse are paid by the College when accompanying him during travel. The spouse is expected to be in attendance for fundraising events, meetings with trustees, and various meetings. This is not treated as taxable compensation. Schedule J, Part I, Line 1a Health or social club dues or initiation fees Club dues are paid for the President. All are treated as taxable compensation and appear on the Forms W-2 for these individuals. Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses The Board of Trustees determines eligibility for these benefits for the President. The President approves reimbursement for all other staff/faculty positions. Schedule J, Part I, Line 7 Non-fixed payments The President received incentive compensation for performance. The payment amount was designated by the Board. A Indiana Finance Authority 351602316 000000000 2017-06-08 17000000 Construction, renovation, expansion of Science Center and refunding the Series 2003 Bond (12/3/2003) false false false A 1375000 0 17040825 0 0 0 0 0 0 11140825 5900000 2019 true false true true A false false true true false 0.0 0.0 0.0 false false true A false false false true true false false false true A true Schedule K, Part II, Line 3 Total Proceeds of Issue TOTAL PROCEEDS OF ISSUE (6/8/2017) DOES NOT MATCH ISSUE PRICE BECAUSE THERE WERE $40,825 IN INVESTMENT EARNINGS. Schedule K, Part IV, Line 2c COLUMN A Issuer name: Indiana Finance Authority The calculation for computing no rebate due was performed on 01/06/2023 SEE PART V SEE PART V 15150 Tuition Remission Student Financial Assistance SEE PART V SEE PART V 11250 Merit Based Scholarship Student Financial Assistance Cynthia Prather Family member of officer 35000 Compensation false Anne E Kruse Family member of trusteee 53583 Compensation false Madisyn T Hendricks Family member of officer 45997 Compensation false Schedule L, Part III GRANTS OR ASSISTANCE BENEFITTING INTERESTED PERSONS PER IRS INSTRUCTIONS, COLLEGES, UNIVERSITIES, AND PRIMARY AND SECONDARY SCHOOLS ARE NOT REQUIRED TO IDENTIFY INTERESTED PERSONS TO WHOM THEY PROVIDED SCHOLARSHIPS, FELLOWSHIPS, AND SIMILAR FINANCIAL ASSISTANCE. INSTEAD, THESE ORGANIZATIONS MUST, IN PART III, GROUP EACH TYPE OF FINANCIAL ASSISTANCE (FOR EXAMPLE, NEED-BASED SCHOLARSHIPS, MERIT SCHOLARSHIPS, DISCOUNTED TUITION) PROVIDED TO INTERESTED PERSONS IN SEPARATE LINES. FOR EACH LINE, THE SCHOOL SHOULD REPORT IN COLUMN (C) THE AGGREGATE DOLLAR AMOUNT OF EACH TYPE OF ASSISTANCE, THE TYPE OF ASSISTANCE IN COLUMN (D), AND THE PURPOSE OF THE ASSISTANCE IN COLUMN (E), UNLESS SUCH REPORTING WOULD BE AN UNAUTHORIZED DISCLOSURE OF STUDENT EDUCATION RECORDS UNDER THE FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA). COLUMNS (A) AND (B) SHOULD BE LEFT BLANK FOR THESE LINES. X 13 1783827 Market value X Supplies 9 3640 Market value X Equipment 1 22500 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - The number of contributions Received Other - Supplies The number of contributions received Other - Equipment The number of contributions received Form 990, Part VI, Line 15b PROCESS USED TO ESTABLISH COMPENSATION OF OTHER OFFICERS THE PRESIDENT IS RESPONSIBLE FOR DETERMINING THE COMPENSATION FOR ALL EMPLOYEES AND OTHER OFFICERS OF THE COLLEGE. ON OCCASION, THE PRESIDENT USES COMPARABILITY DATA FROM THE INDEPENDENT COLLEGES OF INDIANA, CUPA, AND SALARY SURVEYS TO DETERMINE COMPENSATION AS NEEDED. THIS PROCESS IS COMPLETED ANNUALLY AND WAS LAST UNDERTAKEN IN 2024. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee shall be composed of the Chairman, the immediate past chairman, the ten Vice-Chairs, the Secretary, and the Treasurer, all ex officio with vote. The President shall be a member ex officio without vote. The Chairman of the Board shall serve as Chairman of the Executive Committee. At the call of the Chairman, the committee shall meet between regular meetings of the Board for the purpose of expediting orders of the Board of Trustees and overseeing the approved program and development of the College. The Executive Committee shall have and may exercise, during the intervals between the meetings of the Board of Trustees, all powers vested in the Board of Trustees, but actions taken by the executive committee may be subject to review. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons SUSAN DEVOSS AND ROBERT DEVOSS - Family relationship Form 990, Part VI, Line 4 Significant changes to organizational documents THE BY-LAWS WERE REVISED IN SEPTEMBER 2023 TO ALLOW FOR ELECTRONIC VOTING BETWEEN REGULAR MEETINGS FOR THE ELECTION OF A BOARD MEMBER AND RESTRUCTURING OF COMMITTEES. Form 990, Part VI, Line 11b Review of form 990 by governing body The form 990 is reviewed by the audit committee. Then a copy of the form 990 is provided to every member of the governing body before it is filed with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy All employees and Trustees annually sign a conflict of interest statement. The President is responsible for reviewing the statements for College employees. The Audit Committee is responsible for reviewing the statements of the Trustees and the President. Any Board member conflicts of interest that are disclosed are reported to the Chair of the Board who ensures the individual abstains from voting on matters related to the conflict. Form 990, Part VI, Line 15a Process to establish compensation of top management official The President's Committee of the Board of Trustees establishes the President's compensation annually. This is done through a review process by which the President's performance is assessed. The Committee uses comparative salary data, including Forms 990 of other organizations, to make its final decision. The decision is then recommended to the Board of Trustees. The Board then votes on the matter. The deliberations and decisions are documented in the board minutes. This process was last undertaken in 2024. Form 990, Part VI, Line 19 Required documents available to the public AN ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. CHARITABLE REMAINDER TRUSTS (4) 101 Branigin Blvd Franklin IN 46131 CHARITABLE REMAINDER TRUST IN na Trust false false false false false false false false false false false false false false false false false false false false Schedule R, Part IV, Column (c) STATE OF LEGAL DOMICILE INDIANA - 3 WASHINGTON - 1