GUSTAVUS ADOLPHUS COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1862

Legal Domicile

Principal Officer

John C Volin

Phone

5079338000

Tax Period

2024-06-01 to 2025-05-31

GUSTAVUS ADOLPHUS COLLEGE, founded in 1862, is a major nonprofit in the Education sector that reported $151.3M in total revenue in fiscal year 2024. Net assets of $479.2M represent 38 months of operating reserves.

Mission

Gustavus Adolphus College is a church-related, residential liberal arts college firmly rooted in its Swedish and Lutheran heritage. The College offers students of high aspiration and promise a liberal arts education of recognized excellence provided by faculty who embody the highest standards of teaching and scholarship. The College aspires to be a community of persons from diverse backgrounds who respect and affirm the dignity of all people. It is a community where a mature understanding of the Christian faith and lives of service are nurtured and students are encouraged to work toward a just and peaceful world. The purpose of a Gustavus education is to help students attain their full potential as persons, to develop in them a capacity and passion for lifelong learning, and to prepare them for fulfilling lives of leadership and service in society.

Program Service Accomplishments

Program 1

Expenses: $107,228,328 Revenue: $104,780,744

Instruction and Academic Support: Gustavus offers 78 majors in 24 academic departments and 12 interdisciplinary programs, with a student-faculty ratio of 12:1. Total FTE enrollment for academic year...

Program 2

Expenses: $18,143,649 Revenue: $0

Student Services: Gustavus sponsors 23 varsity athletics teams and 27 intramural activities and club sports, along with more than 102 student organizations. Other student services include admission, community engaged learning, career development, peer mentoring, Office of the Chaplains, center for inclusive excellence, financial assistance, health services, registrar, campus activities and residential life programs.

Program 3

Expenses: $15,282,370 Revenue: $22,874,756

Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 93% of students live in College-owned...

Auxiliary Services: As a residential college, Gustavus is committed to residence hall living as a vital complement to its academic program. Approximately 93% of students live in College-owned residences and eat in the College's Dining Service. During Fall 2024, 1,733 students lived in College-owned residences. The College bookstore provides textbooks and other educational supplies for students. Other items for sale include: clothing embossed with the College's insignia, books and miscellaneous novelty items.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $15,933,885

Program Service Revenue $127,004,372

Investment Income $8,439,665

Other Revenue $-110,188

TOTAL REVENUE $151,267,734

Expense Breakdown

Grants Paid $63,168,652

Salaries & Benefits $53,174,478

Fundraising Expenses $3,902,814

Program Expenses $147,437,815

Other Expenses $41,028,285

TOTAL EXPENSES $157,681,375

Year-over-Year Comparison

	2024	2023	Change
Revenue	$151,267,734	$145,945,868	+0.0%
Expenses	$157,681,375	$154,076,541	+0.0%
Net Income	$-6,413,641	$-8,130,673	-0.2%

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

Governance

Voting Members

Independent Members

Employees

2548

Volunteers

697

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

$943,214

Total Directors

$442,958

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Rebecca M Bergman	President	50	Officer Director	$357,904	$80,554	$438,458
Brenda S Kelly	Provost and Dean of the College	50	Officer	$204,557	$67,712	$272,269
Curtis J Kowaleski	CFO Vice President of Finance and Treasurer	50	Officer	$195,392	$37,095	$232,487
Thomas W Young	Vice President for Institutional Advancement	50	Highest	$176,558	$48,077	$224,635
Stanley J Shetka	Faculty	50	Highest	$205,568	$13,895	$219,463
Mark J Braun	Faculty	50	Highest	$164,427	$36,792	$201,219
Kim Frisch	Vice President for Enrollment Management	50	Highest	$178,077	$16,001	$194,078
Timothy R Kennedy	Vice President for Marketing	50	Highest	$154,097	$14,616	$168,713
Nicole M LaVoi	Director	2	Director	$2,500	$0	$2,500
Tane T Danger	Director	2	Director	$2,000	$0	$2,000
Kelsey K Ackmann	Director	2	Director	$0	$0	$0
Jeffrey C Anderson	Director	2	Director	$0	$0	$0
Nathan P Annis	Director	2	Director	$0	$0	$0
Catherine L Asta	Director	2	Officer Director	$0	$0	$0
Mark W Bergman	Director	2	Director	$0	$0	$0
Suzanne F Boda	Director	2	Director	$0	$0	$0
Robert D Brown Jr	Director	2	Director	$0	$0	$0
Kara K Buckner	Director	2	Director	$0	$0	$0
Michael D Bussey	Director	2	Director	$0	$0	$0
Janette F Concepcion	Director	2	Director	$0	$0	$0
Daniel G Currell	Director	2	Director	$0	$0	$0
Sarah E Cuthill	Director	2	Director	$0	$0	$0
Edward J Drenttel	Director	2	Director	$0	$0	$0
Chris Enstad	Director	2	Director	$0	$0	$0
John M Harris	Director	2	Director	$0	$0	$0
Eric H Hedlund	Director	2	Director	$0	$0	$0
Mary Dee J Hicks	Director	2	Director	$0	$0	$0
Alicia A Hilding	Director	2	Director	$0	$0	$0
John S Himle	Director	2	Director	$0	$0	$0
Keith N Jackson	Director/Vice Chair	2	Director	$0	$0	$0
Peter C Johnson	Director	2	Director	$0	$0	$0
Charles M Kelley	Director	2	Director	$0	$0	$0
Goren Lithell	Director	2	Director	$0	$0	$0
David J Lose	Director	2	Director	$0	$0	$0
Bradley S Nuss	Director/Vice Chair	2	Director	$0	$0	$0
Marcia L Page	Director/Chair	2	Director	$0	$0	$0
Dee Pederson	Director	2	Director	$0	$0	$0
Robert C Schnell	Director	2	Director	$0	$0	$0
Amanda J Simons	Director	2	Director	$0	$0	$0
Karl D Self	Director/Vice Chair	2	Director	$0	$0	$0
Kent V Stone	Director	2	Director	$0	$0	$0
Heather T Wigdahl	Director	2	Director	$0	$0	$0

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	$151,267,734	$157,681,375	$565,537,437	$-6,413,641
2024	$145,945,868	$154,076,541	$557,494,933	$-8,130,673
2023	$150,522,013	$158,584,922	$540,762,989	$-8,062,909
2022	$183,510,862	$159,071,069	$555,228,341	$24,439,793
2021	$166,346,183	$148,756,242	$542,230,853	$17,589,941
2020	$148,388,363	$147,479,566	$467,995,139	$908,797
2019	$189,635,634	$144,560,438	$470,509,183	$45,075,196
2018	$172,054,934	$137,503,658	$440,247,418	$34,551,276