HILLSDALE COLLEGE: Form 990, tax year 2022

View the entire original 990 at ProPublica ↗

Organization: HILLSDALE COLLEGE (EIN 38-1374230)
Tax period: 2022-07-01 to 2023-06-30
Filed: 2024-05-14
IRS object ID: 202441359349310364
Schema version: 2022v5.0
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule D
Schedule E
Schedule F
Schedule G
Schedule I
Schedule J
Schedule K
Schedule L
Schedule M
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2024-05-14T15:23:51-05:00	ReturnTs
Tax Period End	2023-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	381357951	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	PLANTE & MORAN PLLC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	750 TRADE CENTRE WAY STE 300	AddressLine1Txt
City	PORTAGE	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	49002	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2022-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	381374230	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	HILLSDALE COLLEGE	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	HILL	BusinessNameControlTxt
Phone	5174377341	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	33 E COLLEGE STREET	AddressLine1Txt
City	HILLSDALE	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	49242	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	PATRICK FLANNERY	PersonNm
Person Title	TREASURER	PersonTitleTxt
Phone	5174377341	PhoneNum
Signature	2024-05-14	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	PATRICK	PersonFirstNm
Person Last	FLANNERY	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (1)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	AMY CIMINELLO	PreparerPersonNm
PTIN	P00796388	PTIN
Phone	2695674500	PhoneNum
Preparation	2024-05-13	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2022	TaxYr
Build TS	2023-04-26 12:10:37Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	LARRY P ARNN	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	33 E COLLEGE STREET	AddressLine1Txt
City	HILLSDALE	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	49242	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$344,312,701	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	WWW.HILLSDALE.EDU	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1844	FormationYr
Legal Domicile State	MI	LegalDomicileStateCd
Activity Or Mission	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."	ActivityOrMissionDesc
Voting Members Governing Body	33	VotingMembersGoverningBodyCnt
Voting Members Independent	31	VotingMembersIndependentCnt
Total Employee	2263	TotalEmployeeCnt
Total Volunteers	821	TotalVolunteersCnt
Total Gross UBI	$4,820,627	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$2,235,643	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$271,985,519	PYContributionsGrantsAmt
CY Contributions Grants	$253,577,837	CYContributionsGrantsAmt
PY Program Service Revenue	$63,352,203	PYProgramServiceRevenueAmt
CY Program Service Revenue	$68,416,955	CYProgramServiceRevenueAmt
PY Investment Income	$29,582,672	PYInvestmentIncomeAmt
CY Investment Income	-$7,386,506	CYInvestmentIncomeAmt
PY Other Revenue	$1,293,251	PYOtherRevenueAmt
CY Other Revenue	$6,176,536	CYOtherRevenueAmt
PY Total Revenue	$366,213,645	PYTotalRevenueAmt
CY Total Revenue	$320,784,822	CYTotalRevenueAmt
PY Grants And Similar Paid	$34,521,022	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$35,736,612	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$64,708,182	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$76,035,186	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$68,707,162	CYTotalFundraisingExpenseAmt
PY Other Expenses	$115,036,505	PYOtherExpensesAmt
CY Other Expenses	$136,755,393	CYOtherExpensesAmt
PY Total Expenses	$214,265,709	PYTotalExpensesAmt
CY Total Expenses	$248,527,191	CYTotalExpensesAmt
PY Revenues Less Expenses	$151,947,936	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$72,257,631	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,719,356,126	TotalAssetsBOYAmt
Total Assets EOY	$1,871,625,743	TotalAssetsEOYAmt
Total Liabilities BOY	$266,121,447	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$283,131,874	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$1,453,234,679	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$1,588,493,869	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	SEE SCHEDULE O	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$73,801,150	ExpenseAmt
Grant	$0	GrantAmt
Revenue	$52,399,420	RevenueAmt
Desc	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 SPENCE 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 9 TO 1. IT HAS 157 FULL-TIME FACULTY, 90 PERCENT OF WHOM HOLD THE HIGHEST DEGREE IN THEIR DISCIPLINES.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Expense	$35,106,984	ExpenseAmt
Grant	$35,106,984	GrantAmt
Revenue	$0	RevenueAmt
Desc	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 $143 MILLION IN PRIVATE AWARDS. THE ANNUAL COST OF REPLACING GOVERNMENT AID WAS OVER $6.5 MILLION IN THE 2022-2023 ACADEMIC YEAR; THIS TOTAL ASSISTED 488 STUDENTS. IN ADDITION, THE COLLEGE AWARDED APPROXIMATELY $30 MILLION IN PRIVATE SCHOLARSHIPS THAT YEAR ON THE BASIS OF FINANCIAL NEED, ACADEMIC MERIT, CAMPUS LEADERSHIP, ATHLETIC AND MUSIC PARTICIPATION, AND OTHER QUALIFICATIONS. APPROXIMATELY 98 PERCENT OF HILLSDALE STUDENTS QUALIFY FOR AND RECEIVE SOME FORM OF INSTITUTIONAL AID.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Expense	$17,604,799	ExpenseAmt
Grant	$0	GrantAmt
Revenue	$0	RevenueAmt
Desc	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 MOST 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 2022 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.	Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

Field	Value	IRS element (for citing)
Expense	$26,412,201	ExpenseAmt
Grant	$629,628	GrantAmt
Revenue	$21,728,070	RevenueAmt
Desc	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.	Desc

Field	Value	IRS element (for citing)
Total Other Prog Srvc Expense	$26,412,201	TotalOtherProgSrvcExpenseAmt
Total Other Prog Srvc Grant	$629,628	TotalOtherProgSrvcGrantAmt
Total Other Prog Srvc Revenue	$21,728,070	TotalOtherProgSrvcRevenueAmt
Total Program Service Expenses	$152,925,134	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	0	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	Yes (1)	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	Yes (1)	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	Yes (1)	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (1)	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	0	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	0	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (1)	ConsolidatedAuditFinclStmtInd
School Operating	Yes (1)	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	Yes (1)	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	Yes (1)	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	Yes (1)	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	Yes (1)	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (1)	TaxExemptBondsInd
Invest Tax Exempt Bonds	0	InvestTaxExemptBondsInd
Escrow Account	0	EscrowAccountInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	Yes (1)	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	Yes (1)	DeductibleNonCashContriInd
Deductible Art Contribution	Yes (1)	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	Yes (1)	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (1)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	0	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	3058	IRPDocumentCnt
IRP Document W2 G	1	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	2263	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (1)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (1)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Form8899 Filedind	0	Form8899Filedind
Form1098 C Filed	0	Form1098CFiledInd
DAF Excess Business Holdings	0	DAFExcessBusinessHoldingsInd
Taxable Distributions	0	TaxableDistributionsInd
Distribution To Donor	0	DistributionToDonorInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	Yes (1)	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	33	GoverningBodyVotingMembersCnt
Independent Voting Member	31	IndependentVotingMemberCnt
Family Or Business Rln	Yes (1)	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	0	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	0	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	Yes (1)	InvestmentInJointVentureInd
Written Policy Or Procedure	Yes (1)	WrittenPolicyOrProcedureInd
States Where Copy Of Return Is Fld	AK	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	CO	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	DC	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	MA	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	MN	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	NV	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	NH	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	SC	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	WA	StatesWhereCopyOfReturnIsFldCd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	PATRICK FLANNERY	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	5174377341	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	33 E COLLEGE STREET	AddressLine1Txt
City	HILLSDALE	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	49242	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (47 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Key EmployeeKeyEmployeeInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd
LARRY P ARNN
PRESIDENT	40.00	10.00	Yes (X)	Yes (X)	$1,067,751	$0	$68,130
PATRICK L SAJAK
CHAIRMAN OF THE BOARD	4.50	0.00	Yes (X)	Yes (X)	$0	$0	$0
STEPHEN A VAN ANDEL
VICE CHAIRMAN OF THE BOARD	4.50	0.00	Yes (X)	Yes (X)	$0	$0	$0
WILLIAM J BRODBECK
TRUSTEE, CHAIRMAN EMERITUS	1.00	0.00	Yes (X)	Yes (X)	$0	$0	$0
BRUCE C SANBORN
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
CHARLES S MCINTYRE III
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
CHRIS CHOCOLA
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
CHRISTOPHER F BACHELDER
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
CLEVES R DELP
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
DANIEL S PETERS
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
DAVID A DURELL
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
DAVID R HOUGH
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
DONNA R ECTON
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
GREGORY C SCHULER
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
JAMES J MEEKS
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
JEFFREY H COORS
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
JESSICA A FAUBERT
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
KURT D GRINDSTAFF
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
MARK L JOHNSON
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
NENA C MOSS
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
NERSI H NAZARI
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
R MARK HAMLIN JR
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
RICHARD E HUNTER
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
RONALD C NOLAN
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
RONALD D ROBSON
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
S GUNNAR KLARR
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
THOMAS N JORDAN JR
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
THOMAS C SHAFER
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
TOBIAS W BUCK
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
WAYNE R NELSON
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
WILLIAM A NOLAN III
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
ALICE H HANLEY
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
WILLIAM L FRAIM
TRUSTEE	1.00	0.00	Yes (X)		$0	$0	$0
FRED M BUTLER
TRUSTEE - PART YEAR	1.00	0.00	Yes (X)		$0	$0	$0
KAY A ORR
TRUSTEE - PART YEAR	1.00	0.00	Yes (X)		$0	$0	$0
RONALD E TRZCINSKI
TRUSTEE - PART YEAR	1.00	0.00	Yes (X)		$0	$0	$0
RICHARD P PEWE
VP OF ADMIN. AFFAIRS & SECRETARY	40.00	0.00		Yes (X)	$270,090	$0	$56,482
PATRICK H FLANNERY
VP FOR FINANCE & TREASURER	40.00	0.00		Yes (X)	$217,122	$0	$46,662
JOHN CERVINI
VP FOR INST. ADVANCEMENT	40.00	10.00			$519,675	$0	$60,994	Yes (X)
CHRISTOPHER VAN ORMAN
PROVOST	40.00	0.00			$300,702	$0	$43,535	Yes (X)
ROBERT NORTON
VP & GENERAL COUNSEL	40.00	0.00			$350,087	$0	$61,616	Yes (X)
BILL GRAY
VP OF MARKETING	40.00	0.00			$275,869	$0	$50,754	Yes (X)
MATTHEW SPALDING
VP FOR DC OPS & DEAN	40.00	0.00			$303,516	$0	$26,170		Yes (X)
DOUG BANBURY
VP FOR ADMISSIONS/BUS DEVELOPMENT	40.00	0.00			$250,333	$0	$54,184		Yes (X)
MATT SCHLIENTZ
AVP OF PROGRAMS	40.00	0.00			$252,245	$0	$51,658		Yes (X)
JUDY DUKE
AVP OVER MAJOR GIFTS	40.00	0.00			$264,885	$0	$42,812		Yes (X)
MARY EWERS
SR DEVELOPMENT OFFICER	40.00	0.00			$249,686	$0	$35,656		Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$4,321,961	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$598,653	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	134	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
NEXT AFTER LLC
5810 TENNYSON PKWY	PLANO	TX	75024	CONSULTING/MARKETING	$24,539,861
METZ CULINARY MANAGEMENT
2 WOODLAND DR	DALLAS	PA	18612	FOOD SERVICES	$7,415,373
WEIGAND CONSTRUCTION
7808 HONEYWELL DR	FORT WAYNE	IN	46825	CONSTRUCTION	$6,460,671
RR DONNELLEY
30 HAZELWOOD DR STE 100	WEST AMHERST	NY	14228	PRINTING/MAILING	$6,156,057
DARWILL INC
11900 W ROOSEVELT RD	HILLSIDE	IL	60162	PRINTING/MAILING	$4,596,625

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	129	CntrctRcvdGreaterThan100KCnt
Related Organizations	$1,200,000	RelatedOrganizationsAmt
All Other Contributions	$252,377,837	AllOtherContributionsAmt
Noncash Contributions	$38,160,845	NoncashContributionsAmt
Total Contributions	$253,577,837	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt
TUITION AND FEES	611310	$52,399,420	$52,399,420
AUXILIARY	611310	$14,551,691	$14,495,867	$55,824
CONFERENCE CENTER	721110	$1,465,844	$45,894	$1,419,950

Field	Value	IRS element (for citing)
Total Program Service Revenue	$68,416,955	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$9,833,581	TotalRevenueColumnAmt
Unrelated Business Revenue	$2,202,754	UnrelatedBusinessRevenueAmt
Exclusion	$7,630,827	ExclusionAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$17,220,087	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	-$17,220,087	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	-$17,220,087	TotalRevenueColumnAmt
Exclusion	-$17,220,087	ExclusionAmt

Field	Value	IRS element (for citing)
Gaming Gross Income	$118,791	GamingGrossIncomeAmt
Gaming Direct Expenses	$42,707	GamingDirectExpensesAmt

Net Income From Gaming NetIncomeFromGamingGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$76,084	TotalRevenueColumnAmt
Exclusion	$76,084	ExclusionAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$1,944,930	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$6,265,085	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	-$4,320,155	TotalRevenueColumnAmt
Unrelated Business Revenue	$414,293	UnrelatedBusinessRevenueAmt
Exclusion	-$4,734,448	ExclusionAmt

Other Revenue Misc OtherRevenueMiscGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	ExclusionExclusionAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
SCP REBATE	611430	$2,506,492	$2,506,492
HILLSDALE COLLEGE DAF	611430	$2,210,843		$2,210,843
FOOD SERVICE BONUS/REB	611430	$766,703		$766,703

Miscellaneous Revenue MiscellaneousRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$4,936,569	TotalRevenueColumnAmt
Related Or Exempt Func Income	$4,208,763	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$727,806	UnrelatedBusinessRevenueAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$10,420,607	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$320,784,822	TotalRevenueColumnAmt
Related Or Exempt Func Income	$74,127,490	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$4,820,627	UnrelatedBusinessRevenueAmt
Exclusion	-$11,741,132	ExclusionAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part IX	Yes (X)	InfoInScheduleOPartIXInd

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$629,628	TotalAmt
Program Services	$629,628	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$34,377,709	TotalAmt
Program Services	$34,377,709	ProgramServicesAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$729,275	TotalAmt
Program Services	$729,275	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$3,121,307	TotalAmt
Program Services	$523,974	ProgramServicesAmt
Management And General	$1,577,656	ManagementAndGeneralAmt
Fundraising	$1,019,677	FundraisingAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$56,549,979	TotalAmt
Program Services	$40,360,032	ProgramServicesAmt
Management And General	$7,794,342	ManagementAndGeneralAmt
Fundraising	$8,395,605	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$4,520,690	TotalAmt
Program Services	$3,124,954	ProgramServicesAmt
Management And General	$785,588	ManagementAndGeneralAmt
Fundraising	$610,148	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$7,971,242	TotalAmt
Program Services	$6,196,718	ProgramServicesAmt
Management And General	$1,018,510	ManagementAndGeneralAmt
Fundraising	$756,014	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$3,871,968	TotalAmt
Program Services	$2,675,532	ProgramServicesAmt
Management And General	$708,454	ManagementAndGeneralAmt
Fundraising	$487,982	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$1,467,938	TotalAmt
Program Services	$588,565	ProgramServicesAmt
Management And General	$805,570	ManagementAndGeneralAmt
Fundraising	$73,803	FundraisingAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$101,606	TotalAmt
Management And General	$101,606	ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$42,368,356	TotalAmt
Program Services	$9,263,675	ProgramServicesAmt
Management And General	$1,787,750	ManagementAndGeneralAmt
Fundraising	$31,316,931	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$8,640,514	TotalAmt
Program Services	$707,344	ProgramServicesAmt
Management And General	$121,299	ManagementAndGeneralAmt
Fundraising	$7,811,871	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$30,481,277	TotalAmt
Program Services	$21,201,827	ProgramServicesAmt
Management And General	$896,382	ManagementAndGeneralAmt
Fundraising	$8,383,068	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$7,313,523	TotalAmt
Program Services	$953,184	ProgramServicesAmt
Management And General	$5,837,319	ManagementAndGeneralAmt
Fundraising	$523,020	FundraisingAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$3,710	TotalAmt
Management And General	$3,710	ManagementAndGeneralAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$5,551,059	TotalAmt
Program Services	$4,659,825	ProgramServicesAmt
Management And General	$844,860	ManagementAndGeneralAmt
Fundraising	$46,374	FundraisingAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$9,959,526	TotalAmt
Program Services	$6,758,341	ProgramServicesAmt
Management And General	$749,583	ManagementAndGeneralAmt
Fundraising	$2,451,602	FundraisingAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$9,831,201	TotalAmt
Program Services	$3,290,663	ProgramServicesAmt
Management And General	$234,784	ManagementAndGeneralAmt
Fundraising	$6,305,754	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$436,730	TotalAmt
Program Services	$436,730	ProgramServicesAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$8,551,792	TotalAmt
Program Services	$7,642,061	ProgramServicesAmt
Management And General	$909,731	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
EQUIPMENT	$3,460,219	$3,460,219
UBI TAX PAYMENTS	$2,095,978		$2,095,978
MEMBERSHIPS	$288,374	$185,096	$38,210	$65,068
GIFTS/AWARDS	$145,686	$105,787	$16,434	$23,465

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$6,057,904	TotalAmt
Program Services	$5,053,995	ProgramServicesAmt
Management And General	$567,129	ManagementAndGeneralAmt
Fundraising	$436,780	FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$248,527,191	TotalAmt
Program Services	$152,925,134	ProgramServicesAmt
Management And General	$26,894,895	ManagementAndGeneralAmt
Fundraising	$68,707,162	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$2,438,799	BOYAmt
EOY	$5,001,271	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$87,368,013	BOYAmt
EOY	$121,146,440	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$130,975,562	BOYAmt
EOY	$148,279,926	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$3,623,553	BOYAmt
EOY	$4,389,134	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$30,554,232	BOYAmt
EOY	$31,052,035	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$616,689	BOYAmt
EOY	$1,092,290	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$5,236,966	BOYAmt
EOY	$3,158,901	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$360,445,815	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$126,212,664	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$213,076,247	BOYAmt
EOY	$234,233,151	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$430,058,714	BOYAmt
EOY	$390,791,089	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$797,952,766	BOYAmt
EOY	$915,798,986	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$17,454,585	BOYAmt
EOY	$16,682,520	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,719,356,126	BOYAmt
EOY	$1,871,625,743	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$29,369,618	BOYAmt
EOY	$33,028,077	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$1,354,150	BOYAmt
EOY	$1,993,848	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$6,332,540	BOYAmt
EOY	$5,654,120	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$175,352,957	BOYAmt
EOY	$185,886,261	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$53,712,182	BOYAmt
EOY	$56,569,568	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$266,121,447	BOYAmt
EOY	$283,131,874	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$208,181,902	BOYAmt
EOY	$241,977,900	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,245,052,777	BOYAmt
EOY	$1,346,515,969	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,453,234,679	BOYAmt
EOY	$1,588,493,869	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,719,356,126	BOYAmt
EOY	$1,871,625,743	EOYAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	Yes (X)	InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss	$72,257,631	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$67,675,296	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	-$4,673,737	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Consolidated Basis Fincl Stmt	Yes (X)	ConsolidatedBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
School	Yes (X)	SchoolInd

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$128,396,316	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$184,464,315	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$256,292,905	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$271,985,519	CurrentTaxYearMinus1YearAmt
Current Tax Year	$253,577,837	CurrentTaxYearAmt
Total	$1,094,716,892	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$128,396,316	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$184,464,315	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$256,292,905	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$271,985,519	CurrentTaxYearMinus1YearAmt
Current Tax Year	$253,577,837	CurrentTaxYearAmt
Total	$1,094,716,892	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$35,819,183	SubstantialContributorsTotAmt
Public Support Total170	$1,058,897,709	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$3,136,895	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$6,416,299	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	-$652,511	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$2,801,032	CurrentTaxYearMinus1YearAmt
Current Tax Year	$7,630,827	CurrentTaxYearAmt
Total	$19,332,542	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$818,294	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$41,557	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$5,744,467	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$4,123,151	CurrentTaxYearMinus1YearAmt
Current Tax Year	$2,235,643	CurrentTaxYearAmt
Total	$12,963,112	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$1,398,511	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$1,257,784	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$1,365,053	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$1,799,044	CurrentTaxYearMinus1YearAmt
Current Tax Year	$2,063,721	CurrentTaxYearAmt
Total	$7,884,113	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$1,134,896,659	TotalSupportAmt
Gross Receipts Rltd Activities	$74,127,490	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.93300	PublicSupportCY170Pct
Public Support PY170	0.92520	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME:	FormAndLineReferenceDesc
Explanation	GAMING REVENUE - 2018 AMOUNT: $ 126,490. 2019 AMOUNT: $ 56,795. 2020 AMOUNT: $ 156,556. 2021 AMOUNT: $ 165,835. 2022 AMOUNT: $ 118,791. SALE OF INVENTORY - 2018 AMOUNT: $ 978,811. 2019 AMOUNT: $ 979,699. 2020 AMOUNT: $ 966,423. 2021 AMOUNT: $ 1,373,881. 2022 AMOUNT: $ 1,944,930. TRUSTEE FEES - 2018 AMOUNT: $ 293,210. 2019 AMOUNT: $ 221,290. 2020 AMOUNT: $ 242,074. 2021 AMOUNT: $ 259,328. 2022 AMOUNT: $ 0.	ExplanationTxt

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Donor Advised Funds Held	22	DonorAdvisedFundsHeldCnt
Donor Advised Funds Contri	$2,210,843	DonorAdvisedFundsContriAmt
Donor Advised Funds Grants	$127,276	DonorAdvisedFundsGrantsAmt
Donor Advised Funds Vl EOY	$5,607,698	DonorAdvisedFundsVlEOYAmt
Disclosed Org Leg Ctrl	Yes (1)	DisclosedOrgLegCtrlInd
Disclosed For Charitable Prps	Yes (1)	DisclosedForCharitablePrpsInd

Art Public Exhibition Amounts ArtPublicExhibitionAmountsGrp

Field	Value	IRS element (for citing)
Revenues Included	$155,015	RevenuesIncludedAmt
Assets Included	$15,498,612	AssetsIncludedAmt

Field	Value	IRS element (for citing)
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Coll Used Scholarly Rsrch	Yes (X)	CollUsedScholarlyRsrchInd
Collection Used Preservation	Yes (X)	CollectionUsedPreservationInd
Solicited Assets Sale	Yes (1)	SolicitedAssetsSaleInd

CY Endwmt Fund CYEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$924,423,912	BeginningYearBalanceAmt
Contributions	$59,731,537	ContributionsAmt
Investment Earnings Or Losses	$51,177,600	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$26,413,263	GrantsOrScholarshipsAmt
Other Expenditures	$2,723,387	OtherExpendituresAmt
Administrative Expenses	$3,693,191	AdministrativeExpensesAmt
End Year Balance	$1,002,503,208	EndYearBalanceAmt

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$948,699,164	BeginningYearBalanceAmt
Contributions	$56,858,533	ContributionsAmt
Investment Earnings Or Losses	-$63,821,859	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$24,972,502	GrantsOrScholarshipsAmt
Other Expenditures	-$11,239,616	OtherExpendituresAmt
Administrative Expenses	$3,579,040	AdministrativeExpensesAmt
End Year Balance	$924,423,912	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$749,066,295	BeginningYearBalanceAmt
Contributions	$70,667,158	ContributionsAmt
Investment Earnings Or Losses	$140,602,089	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$17,281,516	GrantsOrScholarshipsAmt
Other Expenditures	-$20,379,887	OtherExpendituresAmt
Administrative Expenses	$14,734,749	AdministrativeExpensesAmt
End Year Balance	$948,699,164	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$710,282,819	BeginningYearBalanceAmt
Contributions	$80,512,072	ContributionsAmt
Investment Earnings Or Losses	-$39,535,766	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$15,497,424	GrantsOrScholarshipsAmt
Other Expenditures	-$20,265,598	OtherExpendituresAmt
Administrative Expenses	$6,961,004	AdministrativeExpensesAmt
End Year Balance	$749,066,295	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$668,451,311	BeginningYearBalanceAmt
Contributions	$53,131,785	ContributionsAmt
Investment Earnings Or Losses	-$3,989,628	InvestmentEarningsOrLossesAmt
Grants Or Scholarships	$13,934,324	GrantsOrScholarshipsAmt
Other Expenditures	-$12,517,931	OtherExpendituresAmt
Administrative Expenses	$5,894,256	AdministrativeExpensesAmt
End Year Balance	$710,282,819	EndYearBalanceAmt

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.08220	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.91780	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.00000	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	0	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	Yes (1)	EndowmentsHeldRelatedOrgInd
Related Org List Sch R	Yes (1)	RelatedOrgListSchRInd

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$15,863,992	OtherCostOrOtherBasisAmt
Book Value	$15,863,992	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$249,503,926	OtherCostOrOtherBasisAmt
Depreciation	$88,717,826	DepreciationAmt
Book Value	$160,786,100	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$28,720,388	OtherCostOrOtherBasisAmt
Depreciation	$21,096,637	DepreciationAmt
Book Value	$7,623,751	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$66,357,509	OtherCostOrOtherBasisAmt
Depreciation	$16,398,201	DepreciationAmt
Book Value	$49,959,308	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$234,233,151	TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (9 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
EQUITY HEDGED	$193,264,591	F
PRIVATE REAL ESTATE	$44,590,239	F
OTHER	$7,644,318	F
CASH ALTERNATIVE	$33,214,395	F
FIXED INCOME	$147,974,548	F
EQUITY LONG-ONLY	$323,957,968	F
PRIVATE EQUITY	$27,473,654	F
ABSOLUTE RETURN	$103,067,907	F
LIQUID REAL ASSETS	$34,611,366	F

Field	Value	IRS element (for citing)
Total Book Value Securities	$915,798,986	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

Field	Value	IRS element (for citing)
Desc	LIABILITY ON ANNUITY CONTRACTS & TRUSTS	Desc
Amt	$56,569,568	Amt

Field	Value	IRS element (for citing)
Total Liability	$56,569,568	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$352,125,380	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$69,534,751	NetUnrealizedGainsInvstAmt
Other Revenue	-$4,627,432	OtherRevenueAmt
Revenue Not Reported	$64,907,319	RevenueNotReportedAmt
Revenue Subtotal	$287,218,061	RevenueSubtotalAmt
Investment Expenses Not Incld	-$2,404,886	InvestmentExpensesNotIncldAmt
Other Revenues Not Included	$35,971,647	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	$33,566,761	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$320,784,822	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$216,369,000	TotExpnsEtcAuditedFinclStmtAmt
Other Expenses Included	$5,209,870	OtherExpensesIncludedAmt
Expenses Not Reported	$5,209,870	ExpensesNotReportedAmt
Expenses Subtotal	$211,159,130	ExpensesSubtotalAmt
Investment Expenses Not Incld2	-$2,404,886	InvestmentExpensesNotIncld2Amt
Other Expenses Not Included	$39,772,947	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	$37,368,061	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$248,527,191	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (6 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 46,305. CHANGE IN SPLIT INTEREST AGREEMENT -4,673,737.
PART XI, LINE 4B - OTHER ADJUSTMENTS:	CGS BOOKSTORE -6,265,085. GAMING EXPENSE -42,707. TUITION AND FEES 39,849,844. CHANGE IN PENSION -76,897. SCP REBATE 2,506,492.
PART XII, LINE 2D - OTHER ADJUSTMENTS:	GAMING EXPENSE 42,707. CGS BOOKSTORE 6,265,085. WITTE FOUNDATION CONSOLIDATED EXPENSES 1,408,570. SCP REBATE -2,506,492.
PART XII, LINE 4B - OTHER ADJUSTMENTS:	TUITION AND FEES 39,849,844. CHANGE IN PENSION -76,897.

Schedule E IRS990ScheduleE

Field	Value	IRS element (for citing)
Nondiscriminatory Policy Stmt	Yes (1)	NondiscriminatoryPolicyStmtInd
Policy Stmt In Brochures Etc	Yes (1)	PolicyStmtInBrochuresEtcInd
Plcy Pblczd Via Broadcast Media	Yes (1)	PlcyPblczdViaBroadcastMediaInd
Maintain Racial Comp Recs	0	MaintainRacialCompRecsInd
Maintain Scholarships Recs	Yes (1)	MaintainScholarshipsRecsInd
Maintain Cpy Of Brochures Etc	Yes (1)	MaintainCpyOfBrochuresEtcInd
Maintain Cpy Of All Sol	Yes (1)	MaintainCpyOfAllSolInd
Discriminate Race Stdnts Rghts	0	DiscriminateRaceStdntsRghtsInd
Discriminate Race Admiss Plcy	0	DiscriminateRaceAdmissPlcyInd
Discriminate Race Emplm Fculty	0	DiscriminateRaceEmplmFcultyInd
Discriminate Race Schs	0	DiscriminateRaceSchsInd
Discriminate Race Educ Plcy	0	DiscriminateRaceEducPlcyInd
Discriminate Race Use Of Fclts	0	DiscriminateRaceUseOfFcltsInd
Discriminate Race Athlt Prog	0	DiscriminateRaceAthltProgInd
Discriminate Race Other Acty	0	DiscriminateRaceOtherActyInd
Government Financial Aid Rcvd	0	GovernmentFinancialAidRcvdInd
Government Financial Aid Rvkd	0	GovernmentFinancialAidRvkdInd
Compliance With Rev Proc7550	Yes (1)	ComplianceWithRevProc7550Ind

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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.

Schedule F IRS990ScheduleF

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Account Activities Outside US AccountActivitiesOutsideUSGrp (18 entries)

RegionRegionTxt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt
CENTRAL AMERICA AND THE CARIBBEAN	SCHOLARSHIPS	N/A	$43,402
E ASIA & PACIFIC	SCHOLARSHIPS	N/A	$105,438
EAST ASIA AND THE PACIFIC	PROGRAM SERVICES	REIMBURSEMENT	$520
EUROPE (INCLUDING ICELAND AND GREENLAND)	PROGRAM SERVICES	STUDENT REFUND	$1,510
EUROPE (INCLUDING ICELAND AND GREENLAND)	PROGRAM SERVICES	SUBSCRIPTIONS	$4,641
EUROPE (INCLUDING ICELAND AND GREENLAND)	PROGRAM SERVICES	HONORARIUMS	$3,773
NORTH AMERICA	PROGRAM SERVICES	SOFTWARE	$3,000
NORTH AMERICA	FUNDRAISING	REIMBURSEMENT	$298
NORTH AMERICA	MANAGEMENT	PROFESSIONAL SERVICES	$12,000
NORTH AMERICA	SCHOLARSHIPS	N/A	$33,000
NORTH AMERICA	PROGRAM SERVICES	HONORARIUMS	$12,613
NORTH AMERICA	PROGRAM SERVICES	REIMBURSEMENT	$497
SOUTH AMERICA	SCHOLARSHIPS	N/A	$67,620
SUB-SAHARAN AFRICA	SCHOLARSHIPS	N/A	$179,986
SUB-SAHARAN AFRICA	PROGRAM SERVICES	STUDENT STIPENDS	$2,300
SUB-SAHARAN AFRICA	PROGRAM SERVICES	STUDENT REFUND	$325
EUROPE (INCLUDING ICELAND AND GREENLAND)	SCHOLARSHIPS	N/A	$299,829
CENTRAL AMERICA AND THE CARIBBEAN	INVESTMENTS	INVESTMENTS	$5,053,784

Field	Value	IRS element (for citing)
Subtotal Offices	0	SubtotalOfficesCnt
Subtotal Employees	0	SubtotalEmployeesCnt
Continuation Total Office	0	ContinuationTotalOfficeCnt
Continuation Total Employee	0	ContinuationTotalEmployeeCnt
Total Office	0	TotalOfficeCnt
Total Employee	0	TotalEmployeeCnt
Subtotal Spent	$162,582	SubtotalSpentAmt
Continuation Spent	$5,661,954	ContinuationSpentAmt
Total Spent	$5,824,536	TotalSpentAmt

Foreign Individuals Grants ForeignIndividualsGrantsGrp (6 entries)

Type Of AssistanceTypeOfAssistanceTxt	RegionRegionTxt	RecipientRecipientCnt	Cash GrantCashGrantAmt	Manner Of Cash DisbursementMannerOfCashDisbursementTxt
SCHOLARSHIP	CENTRAL AMERICA & THE CARIBBEAN	1	$43,402	APPLIED AGAINST ACCOUNT
SCHOLARSHIP	EAST ASIA & THE PACIFIC	4	$105,438	APPLIED AGAINST ACCOUNT
SCHOLARSHIP	EUROPE	11	$299,829	APPLIED AGAINST ACCOUNT
SCHOLARSHIP	SOUTH AMERICA	2	$67,620	APPLIED AGAINST ACCOUNT
SCHOLARSHIP	SUB-SAHARAN AFRICA	4	$179,986	APPLIED AGAINST ACCOUNT
SCHOLARSHIP	NORTH AMERICA	1	$33,000	APPLIED AGAINST ACCOUNT

Field	Value	IRS element (for citing)
Transfer To Foreign Corp	Yes (1)	TransferToForeignCorpInd
Interest In Foreign Trust	0	InterestInForeignTrustInd
Foreign Corp Ownership	Yes (1)	ForeignCorpOwnershipInd
Passive Foreign Investmest Co	Yes (1)	PassiveForeignInvestmestCoInd
Foreign Partnership	Yes (1)	ForeignPartnershipInd
Boycott Countries	0	BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDesc

ExplanationExplanationTxt

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 $5,053,784.

PART III ACCOUNTING METHOD:

Schedule G IRS990ScheduleG

Gaming Information GamingInformationGrp

Field	Value	IRS element (for citing)
Gross Revenue Other Gaming	$118,791	GrossRevenueOtherGamingAmt
Cash Prizes Other Gaming	$34,951	CashPrizesOtherGamingAmt
Non Cash Prizes Other Gaming	$5,125	NonCashPrizesOtherGamingAmt
Rent Fclty Costs Other Gaming	$0	RentFcltyCostsOtherGamingAmt
Oth Direct Expnss Other Gaming	$2,631	OthDirectExpnssOtherGamingAmt
Volunteer Labor Other Gaming	Yes (1)	VolunteerLaborOtherGamingInd
Volunteer Labor Other Gaming	1.00000	VolunteerLaborOtherGamingPct
Gross Revenue Total Gaming	$118,791	GrossRevenueTotalGamingAmt
Cash Prizes Total Gaming	$34,951	CashPrizesTotalGamingAmt
Non Cash Prizes Total Gaming	$5,125	NonCashPrizesTotalGamingAmt
Oth Direct Expnss Total Gaming	$2,631	OthDirectExpnssTotalGamingAmt
Direct Expense Summary Gaming	$42,707	DirectExpenseSummaryGamingAmt
Net Gaming Income Summary	$76,084	NetGamingIncomeSummaryAmt

Field	Value	IRS element (for citing)
States Where Gaming Conducted	MI	StatesWhereGamingConductedCd
Licensed	Yes (1)	LicensedInd
License Suspended Etc	0	LicenseSuspendedEtcInd
Gaming With Nonmembers	0	GamingWithNonmembersInd
Member Of Other Entity	0	MemberOfOtherEntityInd
Gaming Own Facility	1.00000	GamingOwnFacilityPct
Gaming Other Facility	0.00000	GamingOtherFacilityPct
Individual With Books	PATRICK H FLANNERY	IndividualWithBooksNm

Persons With Books US Address PersonsWithBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	33 EAST COLLEGE STREET	AddressLine1Txt
City	HILLSDALE	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	49242	ZIPCd

Field	Value	IRS element (for citing)
Cntrct With3rd Prty For Game Rev	0	CntrctWith3rdPrtyForGameRevInd
Gaming Manager Person	PATRICK H FLANNERY	GamingManagerPersonNm
Gaming Manager Compensation	$0	GamingManagerCompensationAmt
Gaming Manager Services Prov	SEE SCHEDULE G, PART IV, STATEMENT 1	GamingManagerServicesProvTxt
Gaming Manager Is Director Ofcr	Yes (X)	GamingManagerIsDirectorOfcrInd
Charitable Distribution Rqr	0	CharitableDistributionRqrInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE G, PART III, LINE 16 DESCRIPTION OF SERVICES PROVIDED:	FormAndLineReferenceDesc
Explanation	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.	ExplanationTxt

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Recipient Table RecipientTable (7 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	Recipient EINRecipientEIN	IRC SectionIRCSectionDesc	Cash GrantCashGrantAmt	Non Cash AssistanceNonCashAssistanceAmt	Purpose Of GrantPurposeOfGrantTxt
CORNELL UNIVERSITY
349 PINE TREE RD	ITHACA	NY	14850	150532082	501(C)(3)	$109,845	$0	TEMPLETON GRANT
CALIFORNIA STATE UNIVERSITY FULLERTON
1121 N STATE COLLEGE BLVD	FULLERTON	CA	92831	952081258	501(C)(3)	$134,202	$0	TEMPLETON GRANT
UNIVERSITY OF PITTSBURG
110J OLD ENGINEERING HALL	PITTSBURG	PA	15260	250965591	501(C)(3)	$129,375	$0	TEMPLETON GRANT
SAINT LOUIS UNIVERSITY
221 N GRAND BLVD	ST LOUIS	MO	63103	430654872	501(C)(3)	$86,463	$0	TEMPLETON GRANT
YALE UNIVERSITY
PO BOX 208327	NEW HAVEN	CT	06520	060646973	501(C)(3)	$132,772	$0	TEMPLETON GRANT
TREASURE VALLEY CLASSICAL ACADEMY
500 SW 3RD ST	FRUITLAND	ID	83619	814720145	501(C)(3)	$25,000	$0	EXCELLENCE IN TEACHING AWARD
STEVENS INSTITUTE TECH
ONE CASTLE POINT ON HUDSON	HOBOKEN	NJ	07030	221487354	501(C)(3)	$11,971	$0	TEMPLETON GRANT

Field	Value	IRS element (for citing)
Total501c3 Org	7	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp

Field	Value	IRS element (for citing)
Grant Type	SCHOLARSHIPS AND GRANTS	GrantTypeTxt
Recipient	1582	RecipientCnt
Cash Grant	$34,377,709	CashGrantAmt
Valuation Method Used	N/A	ValuationMethodUsedDesc
Non Cash Assistance	N/A	NonCashAssistanceDesc

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 2:	FormAndLineReferenceDesc
Explanation	DURING FISCAL YEAR 2023, HILLSDALE COLLEGE AWARDED MONETARY GRANTS/PRIZES TO FOUR 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. ONE OTHER GRANT SUPPORTED ONE OF THE 20 CLASSICAL K-12 CHARTER SCHOOLS AFFILIATED WITH HILLSDALE'S BARNEY CHARTER SCHOOL INITIATIVE. THE INITIATIVE GUIDES FOUNDING GROUPS IN OBTAINING A CHARTER AND PROVIDES CURRICULAR SUPPORT AND TEACHER AND PRINCIPAL TRAINING. THE RECIPIENTS ARE REQUIRED TO PROVIDE HILLSDALE COLLEGE DOCUMENTATION ON THE USE OF THE FUNDS, AND HILLSDALE COLLEGE STAFF VISIT THE SCHOOLS EACH YEAR.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
First Class Or Charter Travel	Yes (X)	FirstClassOrCharterTravelInd
Travel For Companions	Yes (X)	TravelForCompanionsInd
Discretionary Spending Acct	Yes (X)	DiscretionarySpendingAcctInd
Housing Allowance Or Residence	Yes (X)	HousingAllowanceOrResidenceInd
Payments For Use Of Residence	Yes (X)	PaymentsForUseOfResidenceInd
Club Dues Or Fees	Yes (X)	ClubDuesOrFeesInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Form990 Of Other Organizations	Yes (X)	Form990OfOtherOrganizationsInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	Yes (1)	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	0	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	0	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	0	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	Yes (1)	AnyNonFixedPaymentsInd
Initial Contract Exception	0	InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
LARRY P ARNN
PRESIDENT	$529,660	$0	$533,949	$0	$4,142	$0	$26,547	$0	$41,583	$0	$1,135,881	$0	$0	$0
JOHN CERVINI
VP FOR INST. ADVANCEMENT	$424,581	$0	$90,000	$0	$5,094	$0	$30,500	$0	$30,494	$0	$580,669	$0	$0	$0
ROBERT NORTON
VP & GENERAL COUNSEL	$277,405	$0	$67,220	$0	$5,462	$0	$30,501	$0	$31,115	$0	$411,703	$0	$0	$0
CHRISTOPHER VAN ORMAN
PROVOST	$290,331	$0	$3,000	$0	$7,371	$0	$29,033	$0	$14,502	$0	$344,237	$0	$0	$0
MATTHEW SPALDING
VP FOR DC OPS & DEAN	$299,745	$0	$3,000	$0	$771	$0	$30,500	$0	-$4,330	$0	$329,686	$0	$0	$0
BILL GRAY
VP OF MARKETING	$207,994	$0	$64,416	$0	$3,459	$0	$22,038	$0	$28,716	$0	$326,623	$0	$0	$0
RICHARD P PEWE
VP OF ADMIN. AFFAIRS & SECRETARY	$266,421	$0	$3,000	$0	$669	$0	$27,872	$0	$28,610	$0	$326,572	$0	$0	$0
JUDY DUKE
AVP OVER MAJOR GIFTS	$209,812	$0	$42,000	$0	$13,073	$0	$24,045	$0	$18,767	$0	$307,697	$0	$0	$0
DOUG BANBURY
VP FOR ADMISSIONS/BUS DEVELOPMENT	$246,562	$0	$3,000	$0	$771	$0	$25,876	$0	$28,308	$0	$304,517	$0	$0	$0
MATT SCHLIENTZ
AVP OF PROGRAMS	$225,714	$0	$23,000	$0	$3,531	$0	$23,461	$0	$28,197	$0	$303,903	$0	$0	$0
MARY EWERS
SR DEVELOPMENT OFFICER	$175,422	$0	$62,000	$0	$12,264	$0	$18,022	$0	$17,634	$0	$285,342	$0	$0	$0
PATRICK H FLANNERY
VP FOR FINANCE & TREASURER	$197,453	$0	$19,000	$0	$669	$0	$19,005	$0	$27,657	$0	$263,784	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 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.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd

Issuer Name IssuerName

Field	Value	IRS element (for citing)
Business Name Line1	MICHIGAN FINANCE AUTHORITY	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Bond Issuer EIN	800596186	BondIssuerEIN
CUSIP	NONEAVAIL	CUSIPNum
Bond Issued	2014-09-19	BondIssuedDt
Issue Price	$10,900,000	IssuePriceAmt
Purpose	REFUNDING BONDS	PurposeDesc
Defeased	0	DefeasedInd
On Behalf Of Issuer	0	OnBehalfOfIssuerInd
Pool Financing	0	PoolFinancingInd

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Retired	$5,245,880	RetiredAmt
Total Proceeds	$10,900,000	TotalProceedsAmt
Refunding Escrow	$10,900,000	RefundingEscrowAmt
Substantial Completion	2014	SubstantialCompletionYr
Refunding Tax Exempt Bonds	Yes (1)	RefundingTaxExemptBondsInd
Refunding Taxable Bonds	Yes (1)	RefundingTaxableBondsInd
Final Allocation Made	Yes (1)	FinalAllocationMadeInd
Adequate Books And Rec Maint	Yes (1)	AdequateBooksAndRecMaintInd

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Owning Bond Financed Property	0	OwningBondFinancedPropertyInd
Any Lease Arrangements	0	AnyLeaseArrangementsInd
Mgmt Contract Bond Fincd Prop	0	MgmtContractBondFincdPropInd
Any Research Agreements	0	AnyResearchAgreementsInd
Private Bus Use By Others	0.00000	PrivateBusUseByOthersPct
Private Bus Concerning UBI	0.00000	PrivateBusConcerningUBIPct
Total Private Business Use	0.00000	TotalPrivateBusinessUsePct
Bond Iss Meet Prvt Sec Pymt Test	0	BondIssMeetPrvtSecPymtTestInd
Change In Use Bond Financed Prop	0	ChangeInUseBondFinancedPropInd
Procs Nonqualified Bond Remdtd	0	ProcsNonqualifiedBondRemdtdInd

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Form8038 T Filed	Yes (1)	Form8038TFiledInd
Variable Rate Issue	0	VariableRateIssueInd
Hedge Identified In Bks And Rec	0	HedgeIdentifiedInBksAndRecInd
Gross Proceeds Invested In GIC	0	GrossProceedsInvestedInGICInd
Gross Proceeds Invested	0	GrossProceedsInvestedInd
Written Proc To Monitor Reqs	0	WrittenProcToMonitorReqsInd

Procedures Corrective Action ProceduresCorrectiveActionGrp

Field	Value	IRS element (for citing)
Bond Reference	A	BondReferenceCd
Procedures Corrective Action	0	ProceduresCorrectiveActionInd

Schedule L IRS990ScheduleL

Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (3 entries)

Relationship DescriptionRelationshipDescriptionTxt	TransactionTransactionAmt	TransactionTransactionDesc	Sharing Of RevenuesSharingOfRevenuesInd
CLEVES DELP
TRUSTEE	$196,844	INVESTMENT ADVISORY SERVICES FOR RETIREMENT PLAN	0
CLEVES DELP
TRUSTEE	$14,921	2022-2023 TOWNHOUSE UNIT RENTAL	0
ROBERT NORTON
EMPLOYEE	$3,497,354	SALE OF RESIDENTIAL UNITS	0

Schedule M IRS990ScheduleM

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	356	ContributionCnt
Noncash Contributions Rpt F990	$26,388,684	NoncashContributionsRptF990Amt
Method Of Determining Revenues	HIGH/LOW FMV AVG	MethodOfDeterminingRevenuesTxt

Real Estate Residential RealEstateResidentialGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	17	ContributionCnt
Noncash Contributions Rpt F990	$9,063,750	NoncashContributionsRptF990Amt
Method Of Determining Revenues	APPRAISAL	MethodOfDeterminingRevenuesTxt

Real Estate Other RealEstateOtherGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	5	ContributionCnt
Noncash Contributions Rpt F990	$2,553,396	NoncashContributionsRptF990Amt
Method Of Determining Revenues	APPRAISAL	MethodOfDeterminingRevenuesTxt

Collectibles CollectiblesGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	5	ContributionCnt
Noncash Contributions Rpt F990	$75,015	NoncashContributionsRptF990Amt
Method Of Determining Revenues	APPRAISAL	MethodOfDeterminingRevenuesTxt

Archaeological Artifacts ArchaeologicalArtifactsGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	1	ContributionCnt
Noncash Contributions Rpt F990	$80,000	NoncashContributionsRptF990Amt
Method Of Determining Revenues	APPRAISAL	MethodOfDeterminingRevenuesTxt

Field	Value	IRS element (for citing)
Form8283 Received	9	Form8283ReceivedCnt
Any Property That Must Be Held	0	AnyPropertyThatMustBeHeldInd
Review Process Unusual NC Gifts	Yes (1)	ReviewProcessUnusualNCGiftsInd
Third Parties Used	Yes (1)	ThirdPartiesUsedInd

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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.

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (9 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
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 2023.
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 3,673,482. MANAGEMENT AND GENERAL EXPENSES 794,299. FUNDRAISING EXPENSES 19,637,749. TOTAL EXPENSES 24,105,530. PROFESSIONAL SERVICES, CONSULTING: PROGRAM SERVICE EXPENSES 529,200. MANAGEMENT AND GENERAL EXPENSES 993,451. FUNDRAISING EXPENSES 276,345. TOTAL EXPENSES 1,798,996. PROFESSIONAL SERVICES, MEDIA: PROGRAM SERVICE EXPENSES 5,060,993. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 11,402,837. TOTAL EXPENSES 16,463,830.
FORM 990, PART XI, LINE 9:	CHANGE IN SPLIT INTEREST AGREEMENTS -4,673,737.
FORM 990, PART XII, LINE 2C:	THERE HAVE BEEN NO CHANGES FROM PRIOR YEAR.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Total IncomeTotalIncomeAmt	End Of Year AssetsEndOfYearAssetsAmt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt
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	$42,750	$1,960,180	HILLSDALE COLLEGE

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (5 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Exempt Code SectionExemptCodeSectionTxt	Public Charity StatusPublicCharityStatusTxt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Controlled OrganizationControlledOrganizationInd
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	Yes (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	Yes (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	Yes (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	Yes (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	Yes (1)

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	0	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	Yes (1)	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	0	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	Yes (1)	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	Yes (1)	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	Yes (1)	SharingOfFacilitiesInd
Paid Employees Sharing	Yes (1)	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	0	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	0	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	0	TransferFromOtherOrgInd