MITCHELL COLLEGE

EIN: 060662150 501(c)(3) Education

NEW LONDON, CT

Total Revenue
$28,131,563
Total Expenses
$29,674,145
Total Assets
$42,749,139
Net Assets
$21,669,143
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1938
Legal Domicile
CT
Principal Officer
DR TRACY Y ESPY
Phone
8607015016
Tax Period
2022-07-01 to 2023-06-30

MITCHELL COLLEGE, founded in 1938, is a mid-sized nonprofit in the Education sector that reported $28.1M in total revenue in fiscal year 2022. Revenue decreased 12% compared to the prior year.

Mission

MITCHELL COLLEGE EDUCATES A DIVERSE STUDENT POPULATION, BRINGING FORWARD THE POTENTIAL OF EACH STUDENT WITH A HIGHLY INDIVIDUALIZED EDUCATIONAL APPROACH THAT REVEALS STUDENT STRENGTHS AND INSTILLS AN APPRECIATION AND EMPATHY TOWARDS OTHERS.

Program Service Accomplishments

Program 1
Expenses: $20,994,771 Revenue: $25,582,225

MITCHELL COLLEGE IS A FOUR-YEAR COEDUCATIONAL, RESIDENTIAL LIBERAL ARTS COLLEGE THAT SERVES APPROXIMATELY 559 STUDENTS, GRANTING BACHELOR AND ASSOCIATES DEGREES IN ARTS AND SCIENCES AND PROFESSIONAL...

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MITCHELL COLLEGE IS A FOUR-YEAR COEDUCATIONAL, RESIDENTIAL LIBERAL ARTS COLLEGE THAT SERVES APPROXIMATELY 559 STUDENTS, GRANTING BACHELOR AND ASSOCIATES DEGREES IN ARTS AND SCIENCES AND PROFESSIONAL CERTIFICATES. THE ACADEMIC PROGRAM IS ENHANCED BY A SKILLS-BASED TEACHING AND ASSESSMENT PROGRAM, ABILITY BASED EDUCATION, AND INTEGRATIVE CAREER DEVELOPMENT THAT TEACHES CAREER READINESS SKILLS AND PROVIDES STRONG PROFESSIONAL EXPERIENCES GUIDED BY FACULTY AND STAFF. THE COLLEGE OFFERS ACADEMIC SUPPORT, COLLEGE TRASITION PROGRAMS, FOUR-YEAR ADVISING AND PROFESSIONAL TUTORING TO PROMOTE STUDENT SUCCESS. A DIVISION III ATHLETICS PROGRAM EMPHASIZES SCHOLARSHIP WITH ATHLETICS, ENGAGING ONE-THIRD OF STUENTS IN VARSITY TEAMS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $2,142,246
Program Service Revenue $25,110,072
Investment Income $126,070
Other Revenue $753,175
TOTAL REVENUE $28,131,563

Expense Breakdown

Grants Paid $7,758,088
Salaries & Benefits $12,027,277
Fundraising Expenses $558,931
Program Expenses $20,994,771
Other Expenses $9,888,780
TOTAL EXPENSES $29,674,145

Year-over-Year Comparison

2022 2021 Change
Revenue $28,131,563 $32,035,495 -0.1%
Expenses $29,674,145 $29,259,175 +0.0%
Net Income $-1,542,582 $2,776,320 -1.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
28
Independent Members
26
Employees
440
Volunteers
27

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$556,547
Total Directors
28
$351,099
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LUCILLA ARANGO VICE-CHAIR 1.00
Officer Director
$0 $0 $0
HELENE BANKS TRUSTEE 1.00
Director
$0 $0 $0
PATRICK CAULFIELD TRUSTEE 1.00
Director
$0 $0 $0
NANCY DOLAN SECRETARY 1.00
Officer Director
$0 $0 $0
PEGGY FLOOD TRUSTEE 1.00
Director
$7,308 $0 $7,308
WALTER KUHN TRUSTEE 1.00
Director
$0 $0 $0
JOSEPH MARIANI TRUSTEE 1.00
Director
$0 $0 $0
BARBARA PRATT TRUSTEE 1.00
Director
$0 $0 $0
CHARLES PRATT TRUSTEE 1.00
Director
$0 $0 $0
KIM RUFFING TRUSTEE 1.00
Director
$0 $0 $0
DAVID SANDBERG TRUSTEE 1.00
Director
$0 $0 $0
MARK SHOEMAKER TRUSTEE 1.00
Director
$0 $0 $0
GEORGE WHITE TRUSTEE 1.00
Director
$0 $0 $0
RICHARD D'AVINO CHAIRPERSON 1.00
Officer Director
$0 $0 $0
THOMAS RUFFING TREASURER 1.00
Officer Director
$0 $0 $0
GWEN MARIANI TRUSTEE 1.00
Director
$0 $0 $0
TRACY ESPY PRESIDENT 60.00
Officer Director
$292,521 $51,270 $343,791
KERIN DA CRUZ TRUSTEE 1.00
Director
$0 $0 $0
JASON GUYOT TRUSTEE 1.00
Director
$0 $0 $0
ANDY KOHA TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL O'CONNOR TRUSTEE 1.00
Director
$0 $0 $0
NORMAN SOLOMON TRUSTEE 1.00
Director
$0 $0 $0
CORNELL YARBOUGH TRUSTEE 1.00
Director
$0 $0 $0
MARK ALBERTI TRUSTEE 1.00
Director
$0 $0 $0
KEVIN COLEMAN TRUSTEE 1.00
Director
$0 $0 $0
MOISH TOV TRUSTEE 1.00
Director
$0 $0 $0
MARK VERBOS TRUSTEE 1.00
Director
$0 $0 $0
DR ANNE BINGHAM PIERSON TRUSTEE 1.00
Director
$0 $0 $0
ROBERT PERUZZOTTI VP FINANCE & OPERATIONS 60.00
Officer
$196,930 $15,826 $212,756
JOSEPH PARDEE DIRECTOR FACILITIES 50.00
Highest
$122,416 $39,746 $162,162
BEAULIEU ELIZABETH ANN VP ADADEMIC AFFAIRS 50.00
Highest
$147,474 $21,112 $168,586
NANCY COWSER CHIEF ADVANCEMENT AND ALUMNI AFFAIRS OFFICER 50.00
Highest
$140,149 $304 $140,453
ALICIA MARTINEZ DEAN OF STUDENT EXPERIENCE AND BELONGING 50.00
Highest
$114,395 $16,685 $131,080
ROBERT FORCIER ASSOCIATE PROFESSOR 50.00
Highest
$101,667 $35,240 $136,907
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $28,131,563 $29,674,145 $42,749,139 $-1,542,582
2022 $32,035,495 $29,259,175 $45,109,484 $2,776,320
2021 $29,505,671 $29,500,203 $44,401,950 $5,468
2020 $31,379,437 $30,007,636 $42,145,371 $1,371,801
2019 $29,782,673 $29,800,472 $31,578,182 $-17,799
2018 $29,074,899 $28,405,773 $32,269,403 $669,126
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