MILLS 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

1852

Legal Domicile

Principal Officer

JOSEPH E AOUN

Phone

6173732000

Tax Period

2021-07-01 to 2022-06-30

MILLS COLLEGE, founded in 1852, is a mid-sized nonprofit that reported $43.0M in total revenue in fiscal year 2021. Revenue fell 36% from the prior year — a significant decline worth monitoring. Expenses of $80.6M exceeded revenue, resulting in a 87% operating deficit.

Mission

MILLS COLLEGE IS AN INDEPENDENT LIBERAL ARTS COLLEGE FOR WOMEN AND GENDER NONBINARY STUDENTS, WITH GRADUATE PROGRAMS FOR ALL GENDERS. THE COLLEGE EDUCATES STUDENTS TO THINK CRITICALLY AND COMMUNICATE RESPONSIBLY AND EFFECTIVELY, TO ACCEPT THE CHALLENGES OF THEIR CREATIVE VISIONS, AND TO ACQUIRE THE KNOWLEDGE AND SKILLS NECESSARY TO EFFECT THOUGHTFUL CHANGES IN A GLOBAL, MULTICULTURAL SOCIETY.

Program Service Accomplishments

Program 1

Expenses: $37,618,276 Revenue: $20,693,586

WITH A TOTAL ENROLLMENT OF 868 STUDENTS, REPRESENTING 34 STATES AND 12 COUNTRIES, THE COLLEGE PROVIDES INSTRUCTION, RESEARCH, PUBLIC SERVICE, AND ACADEMIC SUPPORT TO 461 UNDERGRADUATE, 379 GRADUATE, AND 28 NON-DEGREE STUDENTS. ON THE UNDERGRADUATE SIDE, STUDENTS OF COLOR REPRESENT 66% OF THE CLASS, AND 44% ARE FIRST-GENERATION STUDENTS; ON THE GRADUATE SIDE, STUDENTS OF COLOR REPRESENT 59% OF THE CLASS. THE COLLEGE'S UNDERGRADUATE HISPANIC POPULATION IS 32%, MAKING US ELIGIBLE TO DECLARE AS A HISPANIC-SERVING INSTITUTION (HSI). THE COLLEGE PROVIDES FINANCIAL AID, SCHOLARSHIPS, AND FELLOWSHIPS TO BOTH OUR UNDERGRADUATE AND GRADUATE STUDENTS. A TOTAL OF 28% OF OUR STUDENTS RECEIVE CAL GRANTS, AND 44% ARE ELIGIBLE FOR PELL GRANTS. THE PERCENTAGE OF GRADUATE STUDENTS RECEIVING FINANCIAL AID WAS 84%, WITH MILLS PROVIDING $2.8 MILLION IN SCHOLARSHIPS AND GRANTS OUT OF A TOTAL OF $12.7 OF ANY FINANCIAL AID AWARDED TO GRADUATE STUDENTS. EFFECTIVE JUNE 30, 2022, THE ORGANIZATION MERGED WITH NORTHEASTERN UNIVERSITY.

Program 2

Expenses: $26,490,411 Revenue: $6,479,737

THE COLLEGE PROVIDES AUXILIARY SERVICES, INCLUDING STUDENT HOUSING, FOOD SERVICES, AND OTHER STUDENT SERVICES.

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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 (2021)

Revenue Breakdown

Contributions & Grants $11,537,101

Program Service Revenue $26,216,699

Investment Income $2,618,652

Other Revenue $2,674,132

TOTAL REVENUE $43,046,584

Expense Breakdown

Grants Paid $12,089,252

Salaries & Benefits $39,935,778

Fundraising Expenses $1,649,009

Program Expenses $64,108,687

Other Expenses $28,541,393

TOTAL EXPENSES $80,566,423

Year-over-Year Comparison

	2021	2020	Change
Revenue	$43,046,584	$66,976,273	-0.4%
Expenses	$80,566,423	$76,167,871	+0.1%
Net Income	$-37,519,839	$-9,191,598	+3.1%

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

1017

Volunteers

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

$999,362

Total Directors

$580,067

Key Employees

$634,583

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ELIZABETH HILLMAN	PRESIDENT	60.00	Officer Director	$419,349	$160,718	$580,067
KATIE SANBORN	BOARD CHAIR	5.00	Officer Director	$0	$0	$0
LIZ PARKER	BOARD VICE CHAIR	2.00	Officer Director	$0	$0	$0
OPHELIA BASGAL	BOARD TRUSTEE	1.00	Director	$0	$0	$0
JOHN BRABSON	BOARD TRUSTEE	1.00	Director	$0	$0	$0
JACKI BROWN	BOARD TRUSTEE	1.00	Director	$0	$0	$0
LARRY COLTON	BOARD TRUSTEE	1.00	Director	$0	$0	$0
LESLIE DECKER	BOARD TRUSTEE	1.00	Director	$0	$0	$0
LYN FLANIGAN	BOARD TRUSTEE	1.00	Director	$0	$0	$0
ADRIENNE FOSTER	BOARD TRUSTEE	1.00	Director	$0	$0	$0
SABRINA KWIST	BOARD TRUSTEE	1.00	Director	$0	$0	$0
KONDA MASON	BOARD TRUSTEE	1.00	Director	$0	$0	$0
KAREN MAY	BOARD TRUSTEE	1.00	Director	$0	$0	$0
ALEX MOSES	BOARD TRUSTEE	1.00	Director	$0	$0	$0
VIJI NAKKA-CAMMAUF	BOARD TRUSTEE	1.00	Director	$0	$0	$0
ANNE O'BRIEN	BOARD TRUSTEE	1.00	Director	$0	$0	$0
ERIC ROBERTS	BOARD TRUSTEE	2.00	Director	$0	$0	$0
MARILYN SCHUSTER	BOARD TRUSTEE	2.00	Director	$0	$0	$0
BOB THOMPSON	BOARD TRUSTEE	1.00	Director	$0	$0	$0
GLENN VOYLES	BOARD TRUSTEE	1.00	Director	$0	$0	$0
CARMEN WILEY	BOARD TRUSTEE	1.00	Director	$0	$0	$0
KRISTEN WOLFE	BOARD TRUSTEE	2.00	Director	$0	$0	$0
DEBI WOOD	BOARD TRUSTEE	1.00	Director	$0	$0	$0
MARIA CAMMARATA	VP FOR FINANCE & ADMIN / TREASURER	50.00	Officer	$250,564	$15,141	$265,705
CARRIE HALL	BOARD SECRETARY / SENIOR EA TO PRES	40.00	Officer	$139,862	$13,728	$153,590
PATRICIA HARDAWAY JD	INT. PROVOST & DEAN OF THE FACULTY	50.00	Officer	$0	$0	$0
RENEE JADUSHLEVER	VP FOR STRATEGIC COMMS & OPERATIONS	50.00	Key Emp	$225,360	$20,745	$246,105
NIKOLE ADAMS	ASSOCIATE VP FOR INST ADVANCEMENT	40.00	Key Emp	$172,138	$2,682	$174,820
CHICORA MARTIN	VP STUDENT LIFE / DEAN OF STUDENTS	40.00	Key Emp	$152,847	$60,811	$213,658
KAMALA GREEN	ASSOCIATE VP OF HUMAN RESOURCES	40.00	Highest	$205,318	$14,238	$219,556
WENDI WILLIAMS	PROFESSOR OF EDUCATION	40.00	Highest	$174,441	$10,027	$184,468
ROBYNNE LOFTON	AVP ENROLL MGMT & STUD FIN SRVCS	40.00	Highest	$172,250	$2,581	$174,831
EKATERINA KARNIOUCHINA	DEAN, LOKEY SCHOOL / PROFESSOR	40.00	Highest	$172,090	$3,686	$175,776
JUDITH SILVA	ASSOCIATE VP OF MARKETING	40.00	Highest	$169,928	$11,914	$181,842
JULIA OPARAH	FORMER PROVOST & DEAN OF THE FACULTY	0.00		$151,435	$7,620	$159,055

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
2022	$43,046,584	$80,566,423	No data	$-37,519,839
2021	$66,976,273	$76,167,871	$350,121,466	$-9,191,598
2020	$70,883,846	$73,577,771	$315,223,538	$-2,693,925
2019	$68,752,301	$75,449,488	$320,513,363	$-6,697,187
2018	$77,635,381	$86,516,040	$320,323,141	$-8,880,659