Form990
Click to see attachment
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)

MediumBullet The organization may have to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0047
2010
Open to Public Inspection
A For the calendar year, or tax year beginning 07-01-2010 and ending 06-30-2011
BCheck if applicable:
CName of organization
HILLSDALE COLLEGE
 
Doing Business As
 
 
Number and street (or P.O. box if mail is not delivered to street address)
33 E College Street
 
Room/suite
City or town, state or country, and ZIP + 4
Hillsdale, MI49242
D Employer identification number

38-1374230
E Telephone number

G Gross receipts $ 98,863,568
F Name and address of principal officer:
Larry P Arnn
Hillsdale College
33 East College Street
Hillsdale,MI49242
I
Tax-exempt status: (   ) LeftBullet (insert no.) or
J
Website:MediumBullet
www.hillsdale.edu
H(a)
Is this a group return for
affiliates?
H(b)
Are all affiliates included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:
 
L Year of formation: 1844
M State of legal domicile: MI
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: See Schedule O
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) .... 3 34
4 Number of independent voting members of the governing body (Part VI, line 1b) .... 4 31
5 Total number of individuals employed in calendar year 2010 (Part V, line 2a) ... 5 1,724
6 Total number of volunteers (estimate if necessary) .... 6 700
7a Total unrelated business revenue from Part VIII, column (C), line 12 .. 7a 1,337,615
b Net unrelated business taxable income from Form 990-T, line 34 .. 7b -280,914
Revenues; Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 31,769,026 44,725,986
9 Program service revenue (Part VIII, line 2g) ......... 36,547,643 38,544,158
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 7,258,852 13,301,113
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 1,557,432 1,597,459
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)................... 77,132,953 98,168,716
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 14,408,576 15,792,099
14 Benefits paid to or for members (Part IX, column (A), line 4) .... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 35,245,072 33,451,609
16a Professional fundraising fees (Part IX, column (A), line 11e).... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet19,058,398    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f).... 34,255,816 41,632,441
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 83,909,464 90,876,149
19 Revenue less expenses. Subtract line 18 from line 12...... -6,776,511 7,292,567
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............ 643,449,452 682,351,189
21 Total liabilities (Part X, line 26)............ 118,562,236 118,730,602
22 Net assets or fund balances. Subtract line 21 from line 20 ..... 524,887,216 563,620,587
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title.
Paid Preparer's Use Only Preparer's
signatureBig Right Arrow 		Date
right pointing bullet image Preparer’s taxpayer identification number
(see instructions)
Firm’s name (or yours
if self-employed),
address, and ZIP + 4Big Right Arrow




 		EIN right pointing bullet image
Phone no. right pointing bullet image
May the IRS discuss this return with the preparer shown above? (see instructions) .........
For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y
Form 990 (2010)
Form 990 (2010)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response to any question in this Part III . . . . . . . . . .
1
Briefly describe the organization’s mission: See Schedule O
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ....................
If “Yes,” describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program services? ..........................
If “Yes,” describe these changes on Schedule O.
4
Describe the exempt purpose achievements for each of the organization’s three largest program services by expenses.
Section 501(c)(3) and 501(c)(4) organizations and section 4947(a)(1) trusts are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 32,419,439 including grants of $ 0 ) (Revenue $ 18,262,300 )
STUDENT INSTRUCTION - Hillsdale College boasts a curriculum as extraordinary as its history. At the center of this curriculum is the core - the set of courses that each student takes, and that all students share. The idea behind a core curriculum is that all men and women, in order to be well-rounded individuals and good citizens, should share a certain core knowledge and understanding. Hillsdale's core curriculum contains the essence of the classical liberal arts education. Through it, our students are introduced to the history, the philosophical and theological ideas, the works of literature and the scientific discoveries that set Western Civilization apart. Students of the liberal arts learn to think well, communicate effectively and observe intelligently the workings of the physical world. Behind the idea of the liberal arts is the idea that truth is the basis of knowledge. Knowledge based on truth leads to caring about virtue and caring about virtue allows us to be truly free. The opposite idea - the idea that freedom simply means the ability to follow our appetites and passions - is what the Founders of America condemned as "license." A liberal arts education teaches us to distinguish liberty from license. America's Founders, following the greatest thinkers of our Western heritage, teach us that a people who confuse liberty and license will not be capable of maintaining free government. Thus, liberal arts education is not only essential for us to fulfill our individual potential, but it is also necessary for the preservation of free society. Hillsdale's faculty is the key to its academic excellence. We seek and attract faculty who are devoted, above all, to their students. They are serious about learning. They are dedicated to the search for truth. They are, in the fullest sense of the term, a "teaching" faculty. Hillsdale College offers 26 traditional majors, seven interdisciplinary majors, nine pre-professional programs and a certificate program in journalism. Students at Hillsdale are prepared to become leaders worthy of their heritage. They come to understand what it means to deserve freedom and what it takes to preserve it. They come to appreciate their debt to their forebears for the blessings of liberty that they enjoy, and to recognize their duty to their children to pass those blessings on.
4b (Code:   ) (Expenses $ 15,792,099 including grants of $ 15,792,099 ) (Revenue $ 9,895,213 )
STUDENT SCHOLARSHIPS AND GRANTS - Hillsdale College follows its historic mission to provide "all persons who wish, irrespective of nation, color, or sex, a literary and scientific education.," as it has since it was founded in 1844, independently, without the strings and entanglements that come with government subsidies. It is famous for its refusal to accept federal taxpayer funding, even in the form of federal student aid. In 1984, the Supreme Court handed down a decision in the case of "Grove City v. Bell" that threatened Hillsdale College's independence. The Court ruled that any educational institution with even one student who received federal aid would be considered an "indirect recipient institution" and thereby subject to federal regulations. Hillsdale's Board of Trustees acted swiftly and decisively to uphold the school's longstanding mission. They notified that Department of Education that Hillsdale College would not accept federal tuition assistance for its students, but would replace it with privately funded scholarships and grants. Hillsdale College is unique in this respect among American institutions of higher learning. In the fall of 1985, Hillsdale College's Student Independence Grant and Loan Fund was established. It continues to this day, assisting hundreds of deserving students each year who desire a rigorous classical liberal arts education. The net cost of replacing federal financial aid since 1985 now exceeds $67 million. Nearly $17 million will be awarded in privately funded scholarships and grants during the 2011/2012 academic year; over $6 million of this total is direct replacement of the federal and state grants, scholarships that Hillsdale students would receive at nearly every other college or university in the nation. Approximately 90 percent of Hillsdale students qualify for and receive financial assistance.
4c (Code:   ) (Expenses $ 7,046,366 including grants of $ 0 ) (Revenue $ 584,015 )
STUDENT SERVICES - An integral part of the Hillsdale College experience is our student service area. The first encounter is with our Admissions Office which had a 14% increase in applicants from the previous year and each year the competition for admission to Hillsdale is increasing. As the result Hillsdale is able to be more selective in their aceptance of students. Our fall 2010 freshman class of approximately 411 students joined a current student body representing 36 states and 8 foreign countries. Further, an average ACT composite score of 28.63 and 1970 on the SAT is indicative of the high quality of student Hillsdale is recruiting. Hillsdale is not just about life in the classroom. Because preparation for leadership is one of Hillsdale's primary goals, some of the most important lessons can be learned outside the classroom. Whether it is athletics, student government, volunteer opportunities, Greek life or the fine and performing arts, students are involved in a variety of co-curricular activities. The GOAL (Great Opportunities for Assistance and Leadership) program is Hillsdale's primary volunteer program. Through it our students dedicated over 20,000 hours of service in the local community and surrounding region during the past year. Activities include tutoring, mentoring, basic living assistance and simple companionship. Nearly one-third of Hillsdale's student body is involved in one of our seven national fraternities and sororities. These Greek chapters encourage philanthropic activities, develop leadership skills and provide a special opportunity to form lifelong friendships. Hillsdale's placement record for graduating seniors has averaged 97 percent over the past three years with the most recent class (spring 2010) having a 97% placement rate within six months of graduation and 19% attending graduate or professional school.
(Code:   ) (Expenses $ 8,172,076 including grants of $ 0 ) (Revenue $ 9,802,428 )
These additional program service expenses include, but are not limited to auxilliary services (bookstore, residential, dining), and plant and maintenance of campus grounds and buildings.
4d Other program services. (Describe in Schedule O.)
(Expenses $ 8,172,076 including grants of $ 0 ) (Revenue $ 9,802,428 )
4e Total program service expensesMediumBullet$ 63,429,980
Form 990 (2010)
Form 990 (2010)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If “Yes,” complete Schedule AClick to see attachment.....................
1
Yes
 
2
Is the organization required to complete Schedule B, Schedule of Contributors? Click to see attachment........
2
Yes
 
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If “Yes,” complete Schedule C, Part I..........
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities? If “Yes,” complete Schedule C,
Part II.........................
4
 
No
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If “Yes,” complete Schedule C, Part III........................
5
 
No
6
Did the organization maintain any donor advised funds or any similar funds or accounts where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If “Yes,” complete
Schedule D, Part IClick to see attachment.......................
6
Yes
 
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas or historic structures? If “Yes,” complete Schedule D, Part II...
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If “Yes,” complete Schedule D, Part III Click to see attachment....................
8
Yes
 
9
Did the organization report an amount in Part X, line 21; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If “Yes,”
complete Schedule D, Part IV...................
9
 
No
10
Did the organization, directly or through a related organization, hold assets in term, permanent,or quasi-endowments? If “Yes,” complete Schedule D, Part VClick to see attachment
10
Yes
 
11
If the organization’s answer to any of the following questions is ‘Yes,’ then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable:
a
Did the organization report an amount for land, buildings, and equipment in Part X, line10? If “Yes,” complete Schedule D, Part VI.Click to see attachment
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VII.Click to see attachment
11b
Yes
 
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VIII.
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part IX.
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If “Yes,” complete Schedule D, Part X.Click to see attachment
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If “Yes,” complete Schedule D, Part X.
11f
 
No
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If “Yes,” complete Schedule D, Parts XI, XII, and XIII Click to see attachment
12a
Yes
 
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If “Yes,” and if the organization answered ‘No’ to line 12a, then completing Schedule D, Parts XI, XII, and XIII is optional Click to see attachment
12b
 
No
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If “Yes,” complete Schedule EClick to see attachment
13
Yes
 
14a
Did the organization maintain an office, employees, or agents outside of the United States?....
14a
 
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, and program service activities outside the United States? If “Yes,” complete Schedule F, Part I......... Click to see attachment
14b
Yes
 
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any organization or entity located outside the U.S.? If “Yes,” complete Schedule F, Part II..
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to individuals located outside the U.S.? If “Yes,” complete Schedule F, Part III..
16
 
No
17
Did the organization report a total of more than $15,000, of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If “Yes,” complete Schedule G, Part I
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If “Yes,” complete Schedule G, Part II..........
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If “Yes,” complete Schedule G, Part III................... Click to see attachment
19
Yes
 
Form 990 (2010)
Form 990 (2010)
Page 4
Part IV
Checklist of Required Schedules (continued)
20a
Did the organization operate one or more hospitals? If “Yes,” complete Schedule H.....
20a
 
No
b
Did the organization attach its audited financial statement to this return? Note: All Form 990 filers that operate one or more hospitals must attach audited financial statements. .....
20b
 
 
21
Did the organization report more than $5,000 of grants and other assistance to governments and organizations in the United States on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.. Click to see attachment
21
Yes
 
22
Did the organization report more than $5,000 of grants and other assistance to individuals in the United States on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III..... Click to see attachment
22
Yes
 
23
Did the organization answer “Yes” to Part VII, Section A, questions 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If “Yes,” complete Schedule J................ Click to see attachment
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer questions 24b–24d and complete Schedule K. If “No,” go to line 25................ Click to see attachment
24a
Yes
 
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
No
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................
24c
 
No
d
Did the organization act as an “on behalf of” issuer for bonds outstanding at any time during the year?...
24d
 
No
25a
Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If “Yes,” complete Schedule L, Part I......
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If “Yes,” complete Schedule L, Part I................
25b
 
No
26
Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person outstanding as of the end of the organization’s tax year? If “Yes,” complete Schedule L,
Part II...........................
26
 
No
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor, or a grant selection committee member, or to a person related to such an individual? If “Yes,” complete Schedule L, Part III...............
27
 
No
28
Was the organization a party to a business transaction with one of the following parties? (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, or key employee? If “Yes,” complete Schedule L, Part IV ......................... Click to see attachment
28a
Yes
 
b
A family member of a current or former officer, director, trustee, or key employee? If “Yes,”
complete Schedule L, Part IV................... Click to see attachment
28b
Yes
 
c
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or owner? If “Yes,” complete Schedule L, Part IV.. Click to see attachment
28c
Yes
 
29
Did the organization receive more than $25,000 in non-cash contributions? If “Yes,” complete Schedule MClick to see attachment
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If “Yes,” complete Schedule M............ Click to see attachment
30
Yes
 
31
Did the organization liquidate, terminate, or dissolve and cease operations? If “Yes,” complete Schedule N,
Part I........................... Click to see attachment
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If “Yes,” complete Schedule N, Part II.......................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” complete Schedule R, Part I........
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If “Yes,” complete Schedule R, Parts II, III, IV, and V, line 1.....................
34
 
No
35
Is any related organization a controlled entity within the meaning of section 512(b)(13)? .....
35
 
No
a
Did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If “Yes,” complete Schedule R, Part V, line 2...
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If “Yes,” complete Schedule R, Part V, line 2...........
36
 
No
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If “Yes,” complete Schedule R, Part VI
37
 
No
38
Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11 and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Form 990 (2010)
Form 990 (2010)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response to any question in this Part V . . . . . . . . . .
Yes
No
1a
Enter the number reported in Box 3 of Form 1096. Enter -0- if not applicable. .......
1a
233
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable.
1b
9
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax Statements filed for the calendar year ending with or within the year covered by this return .....................
2a
1,724
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. (see instructions)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?.............................
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No,” provide an explanation in Schedule O.....
3b
Yes
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account or securities account)?.......................
4a
Yes
 
b
If "Yes," enter the name of the foreign country: MediumBulletBD , CJ , VQ
See instructions for filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If “Yes” to line 5a or 5b, did the organization file Form 8886-T? ........
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible?..........
6a
 
No
b
If “Yes,” did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................
7a
Yes
 
b
If “Yes,” did the organization notify the donor of the value of the goods or services provided?.....
7b
Yes
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................
7c
 
No
d
If “Yes,” indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?..........................
7e
 
No
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..
7f
 
No
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?...................
7g
 
No
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?...............
7h
 
No
8
Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year?................
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the organization make any taxable distributions under section 4966?.........
9a
 
 
b
Did the organization make a distribution to a donor, donor advisor, or related person?......
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them.) ........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If “Yes,” enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
Note. All 501(c)(29) organizations must list in Schedule O each state in which they are licensed to issue qualified health plans, the amount of reserves required by each state, and the amount of reserves the organization allocated to each state.
13a
 
 
b
Enter the aggregate amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans.
13b
 
c
Enter the aggregate amount of reserves on hand.
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
 
b
If "Yes," has it filed a Form 720 to report these payments? If “No,” provide an explanation in Schedule O..
14b
 
 
Form 990 (2010)
Form 990 (2010)
Page 6
Part VI
Governance, Management, and Disclosure For each “Yes” response to lines 2 through 7b below, and for a “No” response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response to any question in this Part VI . . . . . . . . . .
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year ..............
1a
34
b
Enter the number of voting members included in line 1a, above, who are independent .................
1b
31
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
Yes
 
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? ..
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed?
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Does the organization have members or stockholders? ................
6
 
No
7a
Does the organization have members, stockholders, or other persons who may elect one or more members of the governing body? .........................
7a
 
No
b
Are any decisions of the governing body subject to approval by members, stockholders, or other persons? ..
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .........................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If “Yes,” provide the names and addresses in Schedule O .....
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal
Revenue Code.)
Yes
No
10a
Does the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If “Yes,” does the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with those of the organization? ....
10b
 
 
11a
Has the organization provided a copy of this Form 990 to all members of its governing body before filing the form?
11a
 
No
b
Describe in Schedule O the process, if any, used by the organization to review the Form 990. .....
12a
Does the organization have a written conflict of interest policy? If “No,” go to line 13.......
12a
Yes
 
b
Are officers, directors or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ...........................
12b
Yes
 
c
Does the organization regularly and consistently monitor and enforce compliance with the policy? If “Yes,” describe in Schedule O how this is done ....................
12c
Yes
 
13
Does the organization have a written whistleblower policy? ...............
13
 
No
14
Does the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line a or b, describe the process in Schedule O. (See instructions.)
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
 
No
b
If “Yes,” has the organization adopted a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and taken steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
 
 
Section C. Disclosure
17
List the States with which a copy of this Form 990 is required to be filedMediumBullet
18
Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you make these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how), the organization makes its governing documents, conflict of interest policy, and financial statements available to the public.
20
State the name, physical address, and telephone number of the person who possesses the books and records of the organization: MediumBullet
Patrick H Flannery
33 E College Street
Hillsdale,MI49242
(517) 437-7341
Form 990 (2010)
Form 990 (2010)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response to any question in this Part VII . . . . . . . . . .
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation, and current key employees. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
Check this box if neither the organization nor any related organizations compensated any current or former officer, director, or trustee.
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(1) C Donald Miller Jr
Trustee
 0 X           0 0 0
(2) Charles S McIntyre III
Trustee
 0 X           0 0 0
(3) David L Belew
Trustee
 0 X           0 0 0
(4) Duane Stranahan Jr
Trustee
 0 X           0 0 0
(5) Frank Shakespeare
Trustee
 0 X           0 0 0
(6) Gregory C Schuler
Trustee
 0 X           0 0 0
(7) Harvey C Fruehauf Jr
Trustee
 0 X           0 0 0
(8) Hazel Hare
Trustee
 0 X           0 0 0
(9) J Eric Plym
Trustee
 0 X           0 0 0
(10) Jeffrey H Coors
Trustee
 0 X           0 0 0
(11) Joseph H Moss
Trustee
 0 X           0 0 0
(12) Lawrence O Selhorst
Trustee
 0 X           0 0 0
(13) Mark L Johnson
Trustee
 0 X           0 0 0
(14) Michael Bozic
Trustee
 0 X           0 0 0
(15) Patrick L Sajak
Trustee
 0 X           0 0 0
(16) Philip M Crane
Trustee
 0 X           0 0 0
(17) Robert F Kizer
Trustee
 0 X           0 0 0
Form 990 (2010)
Form 990 (2010)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(18) Stephen A Van Andel
Trustee
 0 X           0 0 0
(19) Thomas N Jordan Jr
Trustee
 0 X           0 0 0
(20) Thomas T Rogers
Trustee
 0 X           0 0 0
(21) William E LaMothe
Trustee
 0 X           0 0 0
(22) William J Brodbeck
Chairman of the Board
 0 X           0 0 0
(23) William S Atherton
Trustee
 0 X           0 0 0
(24) Donald W Layden
Trustee
 0 X           0 0 0
(25) Charles J Luellen
Trustee
 0 X           0 0 0
(26) Jack E Stalsby
Trustee
 0 X           0 0 0
(27) Stephen S Higley
Trustee
 0 X           0 0 0
(28) S Gunnar Klarr
Trustee
 0 X           0 0 0
(29) Kay A Orr
Trustee
 0 X           0 0 0
(30) Thomas A Duke Jr
Trustee
 0 X           0 0 0
(31) Cleves R Delp
Trustee
 0 X           0 0 0
(32) Daniel S Peters
Trustee
 0 X           0 0 0
(33) Bruce C Sanborn
Trustee
 0 X           0 0 0
(34) Larry P Arnn
President
 40     X       1,916,143 0 0
(35) H Kenneth Cole
Chief Adminstrative Officer
 40     X       149,551 0 0
(36) Richard P Pewe
Secretary
 40     X       123,188 0 0
(37) Patrick H Flannery
Treasurer
 40     X       97,002 0 0
(38) John Cervini
Vice President for Institutional Advancement
 40       X     243,419 0 0
(39) David M Whalen
Provost
 40       X     126,791 0 0
(40) Robert Blackstock
Staff
 40         X   194,116 0 0
(41) Kenneth R Calvert
Staff
 40         X   136,440 0 0
(42) Grigor D Hasted
Staff
 40         X   132,046 0 0
(43) Paul Moreno
Staff
 40         X   130,356 0 0
(44) Ronald Pestritto
Staff
 40         X   129,796 0 0
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)............MediumBullet 3,378,848 0 0
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 in reportable compensation from the organizationMediumBullet39
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If “Yes,” complete Schedule J for such individual .............
3
 
No
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If “Yes,” complete Schedule J for such person .....
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
MJ Print and Imaging
7341 Bernice
Center Line,MI48015 		Printing 661,920
CSC Holdings dba
Sanibel Harbor Resort
740 Centre View Blvd
Crestview Hills,KY41017 		Lodging/catering services 220,657
MorganStanley SmithBarney
4449 Easton Way
Suite 300
Columbus,OH43219 		Investment Services 199,975
Westlake Reed Leskosky
925 Euclid Avenue
Cleveland,OH44115 		Architectural services 150,059
Bodman LLP
6th Floor at Ford Field
1901 St Antoine Street
Detroit,MI48226 		Legal Services 104,054
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 in compensation from the organization MediumBullet5
Form 990 (2010)
Form 990 (2010)
Page 9
Part VIII
Statement of Revenue
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512, 513, or 514
Contributions, gifts, grants and other similar amounts 1a Federated campaigns..1a 0
b Membership dues....1b 0
c Fundraising events....1c 0
d Related organizations...1d 0
e Government grants (contributions)1e 0
f All other contributions, gifts, grants, and
similar amounts not included above1f 		44,725,986
g Noncash contributions included in lines 1a-1f:$ 13,596,513
h Total. Add lines 1a-1f.......MediumBullet 44,725,986
Program Service Revenue Business Code
2a Tuition & Fees 900,099 29,052,225 29,052,225 0 0
b Auxiliary Revenue 900,099 8,194,163 8,194,163 0 0
c Other Auxiliary Revenue 721,110 1,297,770 0 1,297,770 0
d
e
f All other program service revenue . 0 0 0 0
g Total. Add lines 2a–2f........MediumBullet 38,544,158
Other Revenue 3 Investment income (including dividends, interest
and other similar amounts).....MediumBullet 6,037,111 6,037,111 0 0
4 Income from investment of tax-exempt bond proceeds..MediumBullet 0 0 0 0
5 Royalties............MediumBullet 0 0 0 0
(i) Real (ii) Personal
6a Gross Rents 12,584 0
b Less: rental expenses 25,008 0
c Rental income or (loss) -12,424 0
d Net rental income or (loss).......MediumBullet -12,424 0 -12,424 0
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory 7,264,002 0
b Less: cost or other basis and sales expenses 0 0
c Gain or (loss) 7,264,002 0
d Net gain or (loss)..........MediumBullet 7,264,002 0 0 7,264,002
8a Gross income from fundraising events (not including
$ 0
of contributions reported on line 1c). See Part IV, line 18 ...
a 0
b Less: direct expenses ...b 0
c Net income or (loss) from fundraising events..MediumBullet 0 0 0
9a Gross income from gaming activities.
See Part IV, line 19 ...
a 137,282
b Less: direct expenses ...b 44,673
c Net income or (loss) from gaming activities...MediumBullet 92,609 92,609 0 0
10a Gross sales of inventory, less
returns and allowances .
a 1,028,269
b Less: cost of goods sold ..b 625,171
c Net income or (loss) from sales of inventory..MediumBullet 403,098 0 0 403,098
Miscellaneous Revenue Business Code
11a HESC Rental/guests/memberships 713,900 52,269 0 52,269 0
b            
c            
d All other revenue .... 1,061,907 0 0 1,061,907
e Total. Add lines 11a–11d ......MediumBullet 1,114,176
12 Total revenue. See Instructions....MediumBullet 98,168,716 43,376,108 1,337,615 8,729,007
Form 990 (2010)
Form 990 (2010)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A) but are not required to complete columns (B), (C), and (D).
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising expenses
1 Grants and other assistance to governments and organizations in the U.S. See Part IV, line 21 30,000 30,000
2 Grants and other assistance to individuals in the U.S. See Part IV, line 22 15,762,099 15,762,099
3 Grants and other assistance to governments, organizations, and individuals outside the U.S. See Part IV, lines 15 and 16 0 0
4 Benefits paid to or for members 0 0
5 Compensation of current officers, directors, trustees, and key employees .... 1,441,251 278,402 705,115 457,734
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .... 0 0 0 0
7 Other salaries and wages 25,961,479 20,022,346 3,059,008 2,880,125
8 Pension plan contributions (include section 401(k) and section 403(b) employer contributions) .... 2,131,484 1,564,605 334,730 232,149
9 Other employee benefits ....... 2,094,985 1,851,635 158,043 85,307
10 Payroll taxes ........... 1,822,410 1,359,078 262,528 200,804
11 Fees for services (non-employees):        
a Management ...... 0 0 0 0
b Legal ......... 208,160 233 115,408 92,519
c Accounting ........... 356,776 0 356,776 0
d Lobbying ........... 0 0 0 0
e Professional fundraising. See Part IV, line 17.. 0 0
f Investment management fees ...... 0 0 0 0
g Other .......... 9,955,345 784,976 192,958 8,977,411
12 Advertising and promotion .... 711,374 43,359 12,011 656,004
13 Office expenses ....... 9,336,803 6,046,840 512,642 2,777,321
14 Information technology ...... 1,595,093 642,963 584,523 367,607
15 Royalties .. 0 0 0 0
16 Occupancy ........... 3,781,601 3,331,905 422,349 27,347
17 Travel ............ 3,480,962 2,093,218 439,354 948,390
18 Payments of travel or entertainment expenses for any federal, state, or local public officials ......        
19 Conferences, conventions, and meetings .... 2,378,142 1,249,066 43,321 1,085,755
20 Interest ........... 508,283 0 508,283 0
21 Payments to affiliates ....... 0 0 0 0
22 Depreciation, depletion, and amortization ..... 4,522,409 3,860,732 532,405 129,272
23 Insurance .............. 0 0 0 0
24 Other expenses. Itemize expenses not covered above. (Expenses grouped together and labeled miscellaneous may not exceed 5% of total expenses shown on line 25 below.)
a Memberships 107,683 56,695 10,148 40,840
b Miscellaneous 1,512,451 1,317,822 122,520 72,109
c Gifts and Awards 373,707 330,354 15,649 27,704
d Cost of Goods Sold 2,803,652 2,803,652 0 0
e
f All other expenses        
25 Total functional expenses. Add lines 1 through 24f 90,876,149 63,429,980 8,387,771 19,058,398
26 Joint costs. Check here MediumBullet if following
SOP 98-2 (ASC 958-720). Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation 		       
Form 990 (2010)
Form 990 (2010)
Page 11
Part X Balance Sheet
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash—non-interest-bearing .......... 208,460 1 558,626
2 Savings and temporary cash investments ....... 27,375,936 2 23,243,060
3 Pledges and grants receivable, net ......... 40,632,794 3 33,916,341
4 Accounts receivable, net ......... 736,525 4 347,115
5 Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L .......... 0 5 0
6 Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
Schedule L .......... 0 6 0
7 Notes and loans receivable, net ............. 31,920,855 7 32,751,131
8 Inventories for sale or use .............. 433,581 8 488,244
9 Prepaid expenses and deferred charges ............ 1,175,598 9 1,355,728
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 173,405,578
b Less: accumulated depreciation. ..... 10b 55,933,850 117,871,358 10c 117,471,728
11 Investments—publicly traded securities .......... 124,435,849 11 144,237,984
12 Investments—other securities. See Part IV, line 11 ...... 296,893,263 12 326,523,643
13 Investments—program-related. See Part IV, line 11 .. 0 13 0
14 Intangible assets ......... 0 14 0
15 Other assets. See Part IV, line 11 ........... 1,765,233 15 1,457,589
16 Total assets. Add lines 1 through 15 (must equal line 34)... 643,449,452 16 682,351,189
Liabilities 17 Accounts payable and accrued expenses . 24,641,066 17 21,797,692
18 Grants payable .......... 0 18 0
19 Deferred revenue .......... 1,218,454 19 1,741,297
20 Tax-exempt bond liabilities .......... 12,010,000 20 11,740,000
21 Escrow or custodial account liability. Complete Part IV of Schedule D.. 0 21 0
22 Payables to current and former officers, directors, trustees, key
employees, highest compensated employees, and disqualified
persons. Complete Part II of Schedule L.......... 0 22 0
23 Secured mortgages and notes payable to unrelated third parties .. 7,025,450 23 7,530,010
24 Unsecured notes and loans payable to unrelated third parties .... 0 24 0
25 Other liabilities. Complete Part X of Schedule D..... 73,667,266 25 75,921,603
26 Total liabilities. Add lines 17 through 25..... 118,562,236 26 118,730,602
Net Assets or Fund Balance Organizations that follow SFAS 117, check here MediumBullet and complete lines 27 through 29, and lines 33 and 34.
27 Unrestricted net assets ..... 91,561,267 27 106,122,043
28 Temporarily restricted net assets ..... 136,444,057 28 136,814,364
29 Permanently restricted net assets ..... 296,881,892 29 320,684,180
Organizations that do not follow SFAS 117, check here MediumBullet and complete lines 30 through 34.
30 Capital stock or trust principal, or current funds .....   30  
31 Paid-in or capital surplus, or land, building or equipment fund .....   31  
32 Retained earnings, endowment, accumulated income, or other funds   32  
33 Total net assets or fund balances ..... 524,887,216 33 563,620,587
34 Total liabilities and net assets/fund balances ..... 643,449,452 34 682,351,189
Form 990 (2010)
Form 990 (2010)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response to any question in this Part XI . . . . . . . . . .
1
Total revenue (must equal Part VIII, column (A), line 12) . . .
1
98,168,716
2
Total expenses (must equal Part IX, column (A), line 25) . . . . .
2
90,876,149
3
Revenue less expenses. Subtract line 2 from line 1 . . . .
3
7,292,567
4
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) . .
4
524,887,216
5
Other changes in net assets or fund balances (explain in Schedule O) . . . .
5
31,440,804
6
Net assets or fund balances at end of year. Combine lines 3, 4, and 5 (must equal Part X, line 33, column (B)) . . . . . .
6
563,620,587
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response to any question in this Part XII . . . . . . . . . .
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?..
2a
 
No
b
Were the organization’s financial statements audited by an independent accountant?........
2b
Yes
 
c
If “Yes,” to 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O............................
2c
Yes
 
d
If “Yes” to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued on a separate basis, consolidated basis, or both:
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133? ................
3a
 
No
b
If “Yes,” did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits. ..
3b
 
 
Form 990 (2010)
Additional Data


Software ID: 10000077
Software Version: v1.00
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service
Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.
right arrow Attach to Form 990 or Form 990-EZ. right arrow See separate instructions.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Reason for Public Charity Status (All organizations must complete this part.) See instructions
The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)
1
2
3
4
5
section 170(b)(1)(A)(iv). (Complete Part II.)
6
7
8
9
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses
acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
10
11
e
f
g
(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)
Yes
No
and (iii) below, the governing body of the the supported organization? ................
11g(i)
 
 
(ii) a family member of a person described in (i) above? ......................
11g(ii)
 
 
(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................
11g(iii)
 
 
h
(i)
Name of supported organization 		(ii)
EIN 		(iii)
Type of organization (described on lines 1- 9 above or IRC section (see instructions)) 		(iv)
Is the organization in col. (i) listed in your governing document? 		(v)
Did you notify the organization in col. (i) of your support? 		(vi)
Is the organization in col. (i) organized in the U.S.? 		(vii)
Amount of support?
Yes No Yes No Yes No
Total                  

For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 11285F
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 2
Part II
Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....            
2 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......            
3 The value of services or facilities furnished by a governmental unit to the organization without charge..            
4 Total. Add lines 1 through 3..            
5 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..            
6 Public Support. Subtract line 5 from line 4.            
Section B. Total Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
7 Amounts from line 4..            
8 Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
9 Net income from unrelated business activities, whether or not the business is regularly carried on..            
10 Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..            
11 Total support (Add lines 7 through 10).            
12
12
 
13
Section C. Computation of Public Support Percentage
14
14
 
15
15
 
16a
b
17a
b
18
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 3
Part III
Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year(or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
1 Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .            
2 Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......            
3 Gross receipts from activities that are not an unrelated trade or business under section 513..            
4 Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...            
5 The value of services or facilities furnished by a governmental unit to the organization without charge..            
6 Total. Add lines 1 through 5.            
7a Amounts included on lines 1, 2, and 3 received from disqualified persons...            
b Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.            
c Add lines 7a and 7b..            
8 Public Support (Subtract line 7c from line 6.)            
Section B. Total Support
Calendar year (or fiscal year beginning in) (a) 2006 (b) 2007 (c) 2008 (d) 2009 (e) 2010 (f) Total
9 Amounts from line 6...            
10a Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..            
b Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.            
c Add lines 10a and 10b.            
11 Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.            
12 Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)            
13 Total support (Add lines 9, 10c, 11 and 12.).            
14
Section C. Computation of Public Support Percentage
15
15
 
16
16
 
Section D. Computation of Investment Income Percentage
17
17
 
18
18
 
19a
b
20
Schedule A (Form 990 or 990-EZ) 2010
Schedule A (Form 990 or 990-EZ) 2010
Page 4
Part IV
Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
 
Explanation
 
 
 
 
Schedule A (Form 990 or 990-EZ) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00
Schedule B
(Form 990, 990-EZ,
or 990-PF)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors
Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
OMB No. 1545-0047
2010
Name of organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ





Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule—
Special Rules
......................... Arrow Bullet   $    
Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990, or check the box in the heading of its
Form 990-EZ, or on line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part I
Name of organization
HILLSDALE COLLEGE
  		Employer identification number

38-1374230
Part I
Contributors (see Instructions)
     
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
RESTRICTED
RESTRICTED
 

     
RESTRICTED
RESTRICTED  
RESTRICTED, RESTRICTED   RESTRICTED

$RESTRICTED




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Aggregate contributions		 (d)
Type of contribution
 
 
 

     
 
   

$  




(Complete Part II if there is
a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part II
Name of organization
HILLSDALE COLLEGE
  		Employer identification number

38-1374230
Part II
Noncash Property (see Instructions)
     
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
(a) No.
from
Part I		 (b)
Description of noncash property given		 (c)
FMV (or estimate)
(see instructions) 		(d)
Date received
 
$    
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
Page 1 of 1 of Part III
Name of organization
HILLSDALE COLLEGE
  		Employer identification number

38-1374230
Part III
Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
aggregating more than $1,000 for the year. (Complete columns (a) through (e) and the following line entry.)
For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
(a) No.
from
Part I		 (b)
Purpose of gift		 (c)
Use of gift		 (d)
Description of how gift is held
 
(e)
Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
       
 
Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

Additional Data


Software ID: 10000077
Software Version: v1.00
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11, or 12.
SchDMd Bullet Attach to Form 990. SchDMd Bullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year ....... 2 0
2 Aggregate contributions to (during year) ... 0 0
3 Aggregate grants from (during year) ... 154,600 0
4 Aggregate value at end of year ....... 2,374,601 0
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds may be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit. ...................................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a–2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ....................... 2a  
b Total acreage restricted by conservation easements .................. 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06 ........ 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the taxable year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................
6
Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................
9
In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116, not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116, to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:
(i)
Revenues included in Form 990, Part VIII, line 1 ........................SchDMd Bullet $ 134,383
(ii)
Assets included in Form 990, Part X ..............................SchDMd Bullet $ 4,994,084
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 relating to these items:
a
Revenues included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $ 0
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $ 0
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 52283D
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b
If "Yes," explain the arrangement in Part XIV and complete the following table:
Amount
c Beginning balance ................................. 1c  
d Additions during the year .............................. 1d  
e Distributions during the year ............................. 1e  
f Ending balance ................................... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21? .....................
b
If “Yes,” explain the arrangement in Part XIV.
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current Year (b)Prior Year (c)Two Years Back (d)Three Years Back (e)Four Years Back
1a Beginning of year balance .... 265,474,873 267,831,601 250,374,018
b Contributions ........ 7,166,782 10,592,817 57,632,417
c Investment earnings or losses ... 8,216,153 7,460,848 -12,188,622
d Grants or scholarships ..... 7,620,862 7,029,989 6,777,362
e Other expenditures for facilities
and programs ........ 		8,059,526 13,031,694 20,747,167
f Administrative expenses .... 281,048 348,710 461,683
g End of year balance ...... 264,896,372 265,474,873 267,831,601
2
Provide the estimated percentage of the year end balance held as:
a
Board designated or quasi-endowment: SchDMd Bullet5 %
b
Permanent endowment: SchDMd Bullet89 %
c
Term endowment: SchDMd Bullet6 %
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations ........................
3a(i)
 
No
(ii) related organizations ........................
3a(ii)
 
No
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIV the intended uses of the organization's endowment funds.
Part VI
Investments—Land, Buildings, and Equipment. See Form 990, Part X, line 10.
Description of investment (a) Cost or other basis (investment) (b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land ................. 7,586,127 0 7,586,127
b Buildings ................ 133,794,180 0 38,711,781 95,082,399
c Leasehold improvements ............ 0 0 0 0
d Equipment ................ 10,378,934 0 7,502,008 2,876,926
e Other ................. 21,646,337 0 9,720,061 11,926,276
Total. Add lines 1a-1e. (Column (d) should equal Form 990, Part X, column (B), line 10(c).)........SchDMdBullet 117,471,728
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 3
Part VII
Investments—Other Securities. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c) Method of valuation:
Cost or end-of-year market value
(1)Financial derivatives 0  
(2)Closely-held equity interests 192,668,821 F
(3)Other
(A) Common Stocks 		32,680,622 F

(B) US Treas. Notes 		19,800,555 F

(C) Gov't & Agency Bonds 		1,006,681 F

(D) Corporate Bonds 		11,333,440 F

(E) Foreign Bonds 		1,466,592 F

(F) Municipal Bonds 		594,209 F

(G) Held by Third Party Trust 		65,422,799 F

(H) Real Estate 		50,056 F

(I) Commodities 		1,499,868 F
Total. (Column (b) should equal Form 990, Part X, col.(B) line 12.)Small Bullet 326,523,643
Part VIII
Investments—Program Related. See Form 990, Part X, line 13.
(a) Description of investment type (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. See Form 990, Part X, line 25.
1.(a) Description of Liability (b) Amount
Federal Income Taxes 0
Liabilities on Annuity Contracts & Trusts 75,734,729
Bond Interest Payable 186,874







Total. (Column (b) should equal Form 990, Part X, col.(B) line 25.)Small Bullet 75,921,603
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 4
Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1 Total revenue (Form 990, Part VIII, column (A), line 12) .................... 1 98,168,716
2 Total expenses (Form 990, Part IX, column (A), line 25) ..................... 2 90,876,149
3 Excess or (deficit) for the year. Subtract line 2 from line 1 ............. 3 7,292,567
4 Net unrealized gains (losses) on investments .......................... 4 39,619,965
5 Donated services and use of facilities ............................. 5 0
6 Investment expenses ................................... 6 0
7 Prior period adjustments .................................. 7 0
8 Other (Describe in Part XIV) ................................. 8 -8,179,161
9 Total adjustments (net). Add lines 4 - 8 ............................. 9 31,440,804
10 Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 ......... 10 38,733,371
Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1 Total revenue, gains, and other support per audited financial statements ....... 1 114,261,225
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains on investments .......... 2a 39,619,965
b Donated services and use of facilities ......... 2b 0
c Recoveries of prior year grants ........... 2c 0
d Other (Describe in Part XIV): ............ 2d -8,179,161
e Add lines 2a through 2d ..................... 2e 31,440,804
3 Subtract line 2e from line 1..................... 3 82,820,421
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a 281,048
b Other (Describe in Part XIV): ........... 4b 15,067,247
c Add lines 4a and 4b....................... 4c 15,348,295
5 Total Revenue. Add lines 3 and 4c. (This should equal Form 990, Part I, line 12.) ...... 5 98,168,716
Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1 Total expenses and losses per audited financial statements ............. 1 75,527,854
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities .......... 2a 0
b Prior year adjustments .............. 2b 0
c Other losses ................ 2c 0
d Other (Describe in Part XIV): ............ 2d 694,852
e Add lines 2a through 2d...................... 2e 694,852
3 Subtract line 2e from line 1..................... 3 74,833,002
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a 281,048
b Other (Describe in Part XIV): ............ 4b 15,762,099
c Add lines 4a and 4b....................... 4c 16,043,147
5 Total expenses. Add lines 3 and 4c. (This should equal Form 990, Part I, line 18.) ...... 5 90,876,149
Part XIV
Supplemental Information
Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.
Identifier Return Reference Explanation
SchD_P03_S00_L04 Schedule D, 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, previous 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 benefit of the coins to a much wider audience that includes business owners, educators, community leaders, and other interested citizens. Special Library Collections - A quality library is an essential element of every institution of learning. It exists for the benefit of both students and faculty, as well as for the community in which it resides. In addition to the main study and research collections, the Hillsdale College 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 early twentieth century Austrian economist and author of such seminal works as "The Theory of Money and Credit" and "Human Action," 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 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. A bibliography of the collection is available at www.hillsdale.edu. LIBERTY WALK - The mission of Hillsdale College, which has guided the school since its 1844 founding, is to preserve the blessings of civil and religious liberty through "the diffusion of learning." The Liberty Walk project is a marvelous example of teaching and learning through objects of art. This collection of over-life-size statues provides visible testimony to the lives of historic defenders of freedom. It calls the citizen observer to vigilance in defending and upholding the principles of freedom. It stands as a constant reminder of the precious nature of freedom and the strength and sacrifice required to preserve it. To date, the collection includes six statues: the Alpha Kappa Phi Civil War Soldiers' Monument, 1895; George Washington, 2003; Winston Churchill, 2004; Margaret Thatcher, 2008; Thomas Jefferson, 2009; and Abraham Lincoln, 2009. A statue of Ronald Reagan is scheduled to be dedicated in fall 2011. Future additions to the collection, as funding becomes available, will include Frederick Douglass, James Madison, and Ransom Dunn, who figured prominently in the early days of Hillsdale College history. All statues have been funded through private donations. PRE-COLUMBIAN ART COLLECTION - A recently donated 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. Representing cultures such as the Mayans and Incas, they represent art in the Americas before the introduction of European cultural influence. The artifacts will teach students, especially those studying Prehistoric and Non-Western art, the deep appreciation and understanding that can only be obtained through viewing such artifacts directly.
SchD_P05_S00_L04 Schedule D, Part V, Line 4 As stated previously, Hillsdale College is an independent 4-year liberal arts institution. We do not accept any federal or state monies for the operation of the College. Our endowment funds are invested in such a manner as to preserve and protect our independence from government funds. Earnings from our endowment are used to provide scholarships to our students as well as funds for the operations of the College.
SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in Value Split Interest Agreements
SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Change in Value Split Interest Agreements
SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Scholarships and Grants - $15,762,099; CGS <$625,171>; Gaming -<$44,673>; Net Rental -<$25,008>
SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d CGS $625,171; Rental Expense $25,008; Gaming $44,673
SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Scholarships and grants
Schedule D (Form 990) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00




SCHEDULE E(Form 990 or 990-EZ)
Department of the TreasuryInternal Revenue Service
Schools
Right pointing arrow large imageComplete if the organization answered "Yes" to Form 990, Part IV, line 13,
or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image Attach to Form 990 or Form 990-EZ.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
YES
NO
1
Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,
other governing instrument, or in a resolution of its governing body? ......................
1
Yes
 
2
Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships? ......................................
2
Yes
 
3
Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during
the period of solicitation for students, or during the registration period if it has no solicitation program, in a way
that makes the policy known to all parts of the general community it serves? If "Yes," please describe. If "No,"
please explain. If you need more space use Part II. .............................
3
Yes
 
 
4
Does the organization maintain the following?
a
Records indicating the racial composition of the student body, faculty, and administrative staff? ..........
4a
 
No
b
Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
basis? ...............................................
4b
Yes
 
c
Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? ...........................
4c
Yes
 
d
Copies of all material used by the organization or on its behalf to solicit contributions? ..............
4d
Yes
 
If you answered "No" to any of the above, please explain. If you need more space, use Part II.
 
5
Does the organization discriminate by race in any way with respect to:
a
Students' rights or privileges? .....................................
5a
 
No
b
Admissions policies? .........................................
5b
 
No
c
Employment of faculty or administrative staff? ..............................
5c
 
No
d
Scholarships or other financial assistance? ................................
5d
 
No
e
Educational policies? .........................................
5e
 
No
f
Use of facilities? ...........................................
5f
 
No
g
Athletic programs? ..........................................
5g
 
No
h
Other extracurricular activities? .....................................
5h
 
No
If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.
 
6a
Does the organization receive any financial aid or assistance from a governmental agency? ............
6a
 
No
b
Has the organization's right to such aid ever been revoked or suspended? ...................
6b
 
No
If you answered "Yes" to either line 6a or line 6b, explain on Part II.
7
Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B. 587, covering racial nondiscrimination? If "No," explain on Part II.
7
Yes
 
Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50085D
Schedule E (Form 990 or 990-EZ) 2010
Schedule E (Form 990 or 990EZ) 2010
Page 2
Part II
Supplemental Information
Complete this part to provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also complete this part to provide any other additional information (see instructions).
Identifier Return Reference Explanation
SchE_P01_S00_L03 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 will 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.
SchE_P01_S00_L04 Schedule E, Part I, Line 4 In 1844 Hillsdale opened its doors to everyone and obtained the nation's 1st collegiate charter (1850) that prohibited discrimination based on race, religion, or sex. The 1st Michigan college (the nation's 2nd) to admit women on a par with men, it was the nation's 2nd to confer the B.A. to women. A pre-Civil War leader in nondiscrimination, 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 and merit without regard to race, color, religion, national origin, sex, age, disability or any other legally protected status. The Catalog states: "The College values the merit of each unique individual, rather than succumbing to the dehumanizing, discriminatory trend of so-called 'social justice' and 'multicultural diversity,' which judges individuals not as individuals, but as members of a group and which pits one group against other competing groups..."
Schedule E (Form 990 or 990-EZ) 2010
Additional Data


Software ID: 10000077
Software Version: v1.00
SCHEDULE F
(Form 990)

Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right pointing arrow large image Complete if the organization answered "Yes" to Form 990,
Part IV, line 14b, 15, or 16.
Right pointing arrow large image Attach to Form 990. Right pointing arrow large image See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
General Information on Activities Outside the United States. Complete if the organization answered
“Yes” to Form 990, Part IV, line 14b.
1
For grantmakers. Does the organization maintain records to substantiate the amount of the grants or
assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used to award
the grants or assistance? ...................................
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of grant funds outside the
United States.
3
Activites per Region. (Use Part V if additional space is needed.)
(a) Region (b) Number of offices in the region (c) Number of employees or agents in region or independent contractors (d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region) (e) If activity listed in (d) is a program service, describe specific type of
service(s) in region		 (f) Total
expenditures for region/investments
in region
Europe (including Iceland and Greenland) 0 0 Program Services Study abroad programs for our undergraduate students 75,326
Sub-Saharan Africa 0 0 Program Services Study abroad programs for undergraduate students 4,733
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
3a Sub-total .....      
b Total from continuation sheets to Part I ...      
c Totals (add lines 3a and 3b) 0 0 80,059
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,
Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 ........ MediumBullet
Use Part V if additional space is needed.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount of
of non-cash
assistance 		(h) Description
of non-cash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
2
Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .....MediumBullet
 
3
Enter total number of other organizations or entities ........................MediumBullet
 
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.
Use Part V if additional space is needed.
(a) Type of grant or assistance (b) Region (c) Number of recipients (d) Amount of
cash grant 		(e) Manner of cash
disbursement 		(f) Amount of
non-cash
assistance 		(g) Description
of non-cash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 4
Part IV
Foreign Forms
1 Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926 (see instructions for Form 926).................
2 Did the organization have an interest in a foreign trust during the tax year? If " Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A)..........
3 Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with respect to Certain Foreign Corporations. (see instructions for Form 5471)..............................
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621)
5 Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with respect to Certain Foreign Partnerships. (see instructions for Form 8865)....................................
6 Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see instructions for Form 5713)................................................
Schedule F (Form 990) 2010
Schedule F (Form 990) 2010
Page 5
Part V
Supplemental Information
Complete this part to provide the information (see instructions) required in Part I, line 2, and any additional information.
Identifier ReturnReference Explanation
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
Schedule F (Form 990) 2010
Additional Data


Software ID: 10000077
Software Version: v1.00



SCHEDULE G
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information Regarding
Fundraising or Gaming Activities
Complete if the organization answered "Yes" to Form 990, Part IV, lines 17, 18, or 19,
or if the organization entered more than $15,000 on Form 990-EZ, line 6a.
right arrow Attach to Form 990 or Form 990-EZ. right arrow See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Fundraising Activities. Complete if the organization answered "Yes" to Form 990, Part IV, line 17.
1
Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a e
b f
c g
d
2a
Did the organization have a written or oral agreement with any individual (including officers, directors, trustees
or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?
b
If “Yes,” list the ten highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization. Form 990-EZ filers are not required to complete this table.
(i) Name and address of individual
or entity (fundraiser) 		(ii) Activity (iii) Did fundraiser have custody or control of contributions? (iv) Gross receipts
from activity 		(v) Amount paid to
(or retained by)
fundraiser listed in
col. (i) 		(vi) Amount paid to
(or retained by)
organization
Yes No
Total .................right arrow      
3
List all states in which the organization is registered or licensed to solicit funds or has been notified it is exempt from registration or licensing.
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50083H
Schedule G (Form 990 or 990-EZ) 2010
Schedule G (Form 990 or 990-EZ) 2010
Page 2
Part II
Fundraising Events. Complete if the organization answered "Yes" to Form 990, Part IV, line 18, or reported more than $15,000 on Form 990-EZ, line 6a. List events with gross receipts greater than $5,000.
(a) Event #1

 
(event type) 		(b) Event #2

 
(event type) 		(c) Other Events

  
(total number) 		(d) Total Events
(Add col. (a) through col. (c))
VerticalRevenue 1 Gross receipts . . .        
2 Less: Charitable
contributions . . . 		       
3 Gross income (line 1
minus line 2) . . . 		       
VerticalDirectExpenses 4 Cash prizes . . .        
5 Non-cash prizes . .        
6 Rent/facility costs . .        
7 Food and beverages . .        
8 Entertainment . . .        
9 Other direct expenses .        
10 Direct expense summary. Add lines 4 through 9 in column (d) ........... right arrow  
11 Net income summary. Combine lines 3 and 10 in column (d)............ right arrow  
Part III
Gaming. Complete if the organization answered "Yes" to Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.
VerticalRevenue (a) Bingo (b) Pull tabs/Instant
bingo/progressive bingo 		(c) Other gaming (d) Total gaming (Add col. (a) through col. (c))
1 Gross revenue . . . .     137,282 137,282
VerticalDirectExpenses 2 Cash prizes . . . .     17,675 17,675
3 Non-cash prizes . . .     17,350 17,350
4 Rent/facility costs . . .       0
5 Other direct expenses . .     9,648 9,648
6 Volunteer labor . . .
 
 
100 %
7 Direct expense summary. Add lines 2 through 5 in column (d) ........... right arrow 44,673
8 Net gaming income summary. Combine lines 1 and 7 in column (d) .......... right arrow 92,609
9
Enter the state(s) in which the organization operates gaming activities: MI
a
Is the organization licensed to operate gaming activities in each of these states? ............
b
If "No," Explain:
 
10a
Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? .....
b
If "Yes," Explain:
 
11
Does the organization operate gaming activities with nonmembers? .................
12
Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer charitable gaming? ...........................
Schedule G (Form 990 or 990-EZ) 2010
Schedule G (Form 990 or 990-EZ) 2010
Page 3
13
Indicate the percentage of gaming activity operated in:
a
The organization's facility ......................
13a
100 %
b
An outside facility ........................
13b
0 %
14
Provide the name and address of the person who prepares the organization's gaming/special events books and records:
Name right arrow
Patrick H Flannery
Address right arrow
Hillsdale College
33 East College Street
Hillsdale,MI49242
15a
Does the organization have a contract with a third party from whom the organization receives gaming
revenue? ......................................
b
If "Yes," enter the amount of gaming revenue received by the organization right arrow $   and the
amount of gaming revenue retained by the third party right arrow $   .
c
If "Yes," enter name and address:
Name right arrow
Address right arrow
 
 
16
Gaming manager information:
Name right arrow
Patrick H Flannery
Gaming manager compensation right arrow $ 0
Description of services provided right arrow
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 day of the raffle. Further, the Treasurer completes the Raffle Financial Statement and submits same to the State of Michigan following the raffle.
17
Mandatory distributions:
a
Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? ............................
b
Enter the amount of distributions required under state law distributed to other exempt organizations or spent
in the organization's own exempt activities during the tax year right arrow$ 0
Part IV
Complete this part to provide additional information for responses to quuestion on Schedule G (see instructions.)
Identifier ReturnReference Explanation
Schedule G (Form 990 or 990-EZ) 2010
Additional Data


Software ID: 10000077
Software Version: v1.00
Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number
38-1374230
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Use
Part IV and Schedule I-1 (Form 990) if additional space is needed ......................... lBullet
(a) Name and address of organization
or government		 (b) EIN (c) IRC Code section
if applicable		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
non-cash assistance		 (h) Purpose of grant
or assistance
(1) Mount Vernon Ladies AssociationP O Box 110
Mount Vernon,VA22121 		54-0564701   30,000 0     Use of Mount Vernon Estate & Gardens for a Hillsdale College event.






















2
Enter total number of section 501(c)(3) and government organizations ......................... Bullet Image
1
3
Enter total number of other organizations ................................ . Bullet Image
0
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2010

Schedule I (Form 990) 2010
Page 2
Part III
Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Use Schedule I-1 (Form 990) if additional space is needed.
(a)Type of grant or assistance (b)Number of
recipients		 (c)Amount of
cash grant		 (d)Amount of
non-cash assistance		 (e)Method of valuation (book,
FMV, appraisal, other)		 (f)Description of non-cash assistance
(1) Scholarships and grants awarded to undergraduate students Hillsdale College. 1279 15,762,099   non-applicable  













Part IV
Supplemental Information. Complete this part to provide the information required in Part I, line 2, and any other additional information.
Identifier Return Reference Explanation
SchI_P01_S00_L02 Schedule I, Part I, Line 2 Hillsdale College awards both scholarships and grants to its students. Students can receive a scholarship at matriculation in the form of merit or performance scholarship. Merit scholarship is awarded by committee based upon an incoming student's high school gpa, standardized test scores, and other, more subjective criteria such as community involvement, interviews, essays, letters of recommendation, and admissions rank. Performance scholarships are awarded by budget managers (typically coaches and fine arts chairs) based upon their own evaluations. Criteria for renewal of merit scholarships generally requires students to maintain a 3.0 accumulative gpa. The Financial Aid Office polices this 3.0 requirement-and any other scholarship criteria which may be attached to privately-funded, named scholarships. Correspondence is sent to students at the end of each semester pertaining to their progress toward scholarship requirements. Students may become eligible for additional scholarship after their freshman year based upon classroom performance and campus involvement. These scholarship decisions are also made by committee after a review of scholarship budgets and criteria. With respect to grants, Hillsdale College students may become eligible for grant monies only by demonstrating significant need on Hillsdale College's Confidential Family Financial Statement (CFFS) or the College Board's CSS Profile. All new applicants are required to submit a copy of the most recent signed tax information of parent(s) and student and any other necessary documents for complete verification of eligibility. These needs tests must be resubmitted each year for renewal consideration and adjustments to amounts may be made based upon changes in demonstrated need. In addition to demonstrated financial need, grant recipients are required to meet academic standards of progress, exhibit good citizenship and moral character, and be enrolled at least half time. The Financial Aid Office monitors these additional components each semester using information provided by the Dean's Office and Registrar's Office.
Schedule I (Form 990) 2010


Additional Data


Software ID: 10000077
Software Version: v1.00


Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet Attach to Form 990. SchJMediumBullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement orprovision of all the expenses described above? If "No," complete Part III to explain....
1b
Yes
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....
2
Yes
 
3
Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply.
4
During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? ...............
4a
 
No
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? ........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.
5
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ...........................
5a
Yes
 
b
Any related organization? .........................
5b
 
No
If "Yes," to line 5a or 5b, describe in Part III.
6
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ...........................
6a
 
No
b
Any related organization? .........................
6b
 
No
If "Yes," to line 6a or 6b, describe in Part III.
7
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
No
8
Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regs. section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................
8
 
No
9
If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 50053T
Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use Schedule J-1 if additional space needed.
For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) must equal the applicable column (D) or column (E) amounts on Form 990, Part VII, line 1a.
(A) Name (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation
reported in prior
Form 990 or
Form 990-EZ
(i) Base compensation (ii) Bonus & incentive compensation (iii) Other reportable compensation
(1) Larry P Arnn (i)
(ii)		 335,133
0 		1,568,928
0 		12,082
0 		0
0 		77,838
0 		1,993,981
0 		387,087
0
(2) H Kenneth Cole (i)
(ii)		 131,279
0 		0
0 		18,272
0 		0
0 		28,920
0 		178,471
0 		169,204
0
(3) Richard P Pewe (i)
(ii)		 122,040
0 		0
0 		1,148
0 		0
0 		27,269
0 		150,457
0 		115,332
0
(4) Patrick H Flannery (i)
(ii)		 96,500
0 		0
0 		502
0 		0
0 		23,718
0 		120,720
0 		0
0
(5) John Cervini (i)
(ii)		 177,100
0 		63,700
0 		2,619
0 		0
0 		35,284
0 		278,703
0 		235,880
0
(6) David M Whalen (i)
(ii)		 114,450
0 		0
0 		12,341
0 		0
0 		26,776
0 		153,567
0 		125,770
0
(7) Kenneth R Calvert (i)
(ii)		 103,940
0 		15,000
0 		17,500
0 		0
0 		25,611
0 		162,051
0 		0
0
(8) Grigor D Hasted (i)
(ii)		 125,451
0 		5,000
0 		1,595
0 		0
0 		26,580
0 		158,626
0 		129,381
0
(9) Paul Moreno (i)
(ii)		 124,930
0 		0
0 		5,426
0 		0
0 		27,792
0 		158,148
0 		0
0
(10) Ronald Pestritto (i)
(ii)		 117,520
0 		4,050
0 		8,226
0 		0
0 		26,978
0 		156,774
0 		128,281
0
(11) Robert Blackstock (i)
(ii)		 186,724
0 		0
0 		7,392
0 		0
0 		34,954
0 		229,070
0 		194,627
 





Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 3
Part III
Supplemental Information
Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.
Identifier Return Reference Explanation
SchJ_P01_S00_L01a Schedule J, Part I, Line 1a By the nature of the position, the CEO is required to fulfill several obligations/commitments which may result in travelling first-class and/or charter to accommodate required appointments. Further his spouse may accompany him as well 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.
SchJ_P01_S00_L03 Schedule J, 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, compensation consultants and written contract. This information is then provided to the Prudential Committee for their review and evaluation.
SchJ_P01_S00_L05 Schedule J, Part I, Line 5 Depending on the levels of gift revenue, bonuses were paid.
Schedule J (Form 990) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00
Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Schedule O (Form 990).
SchKMediumBullet Attach to Form 990. SchKMediumBullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number
38-1374230
Part I
Bond Issues
(a) Issuer Name (b) Issuer EIN (c) CUSIP # (d) Date Issued (e) Issue Price (f) Description of Purpose (g) Defeased (h) On
Behalf of
Issuer 		(i) Pool
financing
Yes No Yes No Yes No
A Michigan Higher Education Facilities Authority
  		52-1258515 594519F39 03-16-2005 13,066,607 cover cost of dormitory/office/classroom   X   X   X
Part II
Proceeds
A B C D
1 Amount of bonds retired. . . . . 0      
2 Amount of bonds defeased . . . . 0      
3 Total proceeds of issue . . . . 13,066,607      
4 Gross proceeds in reserve funds . . 0      
5 Capitalized interest from proceeds. 0      
6 Proceeds in refunding escrow. . . . . 0      
7 Issuance costs from proceeds . . . 261,332      
8 Credit enhancement from proceeds. 0      
9 Working capital expenditures from proceeds . . 1,029,132      
10 Capital expenditures from proceeds . . 11,776,143      
11 Other spent proceeds . . 0      
12 Other unspent proceeds. . . 0      
13 Year of substantial completion . . . 2008
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue?   X            
15 Were the bonds issued as part of an advance refunding issue?   X            
16 Has the final allocation of proceeds been made? . . X              
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . X              
Part III
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . .   X            
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . .   X            
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2010
Schedule K (Form 990) 2010
Page 2
Part III
Private Business Use (Continued)
A B C D
Yes No Yes No Yes No Yes No
3a Are there any management or service contracts that may result in private business use?   X            
b Are there any research agreements that may result in private business use of bond-financed property? . .   X            
c Does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts or research agreements relating to the financed property? .   X            
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . . . . . . . . . . . . . SchKMediumBullet 0 %      
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . SchKMediumBullet 0 %      
6 Total of lines 4 and 5 . . .. . . . . . 0 %      
7 Has the organization adopted management practices and procedures to ensure the post-issuance compliance of its tax-exempt bond liabilities? X              
Part IV
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue? . . . X              
2 Is the bond issue a variable rate issue?   X            
3a Has the organization or the governmental issuer entered into a hedge with respect to the bond issue?   X            
b Name of provider .  
  		 
  		 
  		 
 
c Term of hedge . .        
d Was the hedge superintegrated? .                
e Was a hedge terminated? .                
4a Were gross proceeds invested in a GIC? .   X            
b Name of provider .  
  		 
  		 
  		 
 
c Term of GIC . .        
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? .                
5 Were any gross proceeds invested beyond an available temporary period? .   X            
6 Did the bond issue qualify for an exception to rebate? . . .   X            
Schedule K (Form 990) 2010

Schedule K (Form 990) 2010
Page 3
Part V
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule K (see instructions).
Identifier Return Reference Explanation
Schedule K (Form 990) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00

Schedule L
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Transactions with Interested Persons
MediumBullet Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V lines 38a or 40b.
MediumBullet Attach to Form 990 or Form 990-EZ. MediumBulletSee separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.
1(a) Name of disqualified person (b) Description of transaction (c) Corrected?
Yes No





2
Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958. ......................... Bullet Image$
 
3
Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image$
 

Part II
Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a.
(a) Name of interested person and purpose (b) Loan to or from the organization? (c)Original principal amount (d)Balance due (e) In default? (f) Approved by board or committee? (g)Written agreement?
To From Yes No Yes No Yes No
Total ...............Small Bullet $  
Part III
Grants or Assistance Benefitting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.
(a) Name of interested person (b)Relationship between interested person and the organization (c)Amount of grant or type of assistance
For Privacy Act and Paperwork Reduction Act Notice, see the
Instructions for Form 990 or 990-EZ.
Cat. No. 50056A
Schedule L (Form 990 or 990-EZ) 2010
Schedule L (Form 990 or 990-EZ) 2010
Page 2
Part IV
Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.
(a) Name of interested person (b) Relationship between interested person and the organization (c) Amount of transaction (d) Description of transaction (e) Sharing of organization's revenues?
Yes No
(1) John Cervini Key employee and son-in-law of trustee 243,419 employment   No
(2) Thomas Duke Trustee 0 Stockholder of Bank of Ann Arbor where College has investments and line of credit   No
(3) H Kenneth Cole Officer 0 Director of local bank where College has investments and line of credit   No
Part V
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule L (see instructions).
Identifier Return Reference Explanation
Schedule L (Form 990 or 990-EZ) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00




SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
NonCash Contributions
Right pointing arrow large imageComplete if the organization answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of Contributions or items contributed 		(c)
Contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
contribution amounts
1 Art—Works of art .... X 2 132,425 Appraisal
2 Art—Historical treasures .        
3 Art—Fractional interests .. X 1 836,387 Appraisal
4 Books and publications .. X 7,355 FMV
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles ..        
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded . X 179 5,264,417 Lo/Hi Avg
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential . X 7 7,116,399 FMV
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles ..... X 2 804 FMV
19 Food inventory ...        
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( Insurance Policies ) X 5 237,928 FMV
26 Other Right pointing arrow large image ( Tent Repairs/Golf Balls ) X 1 798 Cost
27 Other Right pointing arrow large image( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement ...
29
1
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1-28 that it
must hold for at least three years from the date of the initial contribution, and which is not required to be used
for exempt purposes for the entire holding period? ..................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any non-standard contributions?
31
Yes
 
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell non-cash
contributions? ............................
32a
 
No
b
If "Yes," describe in Part II.
33
If the organization did not report revenues in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) 2010
Schedule M (Form 990) 2010
Page 2
Part II
Supplemental Information. Complete this part to provide the information required by Part I, lines 30b,
32b, and 33. Also complete this part for any additional information.
Identifier Return Reference Explanation
Schedule M (Form 990) 2010
Additional Data


Software ID: 10000077
Software Version: v1.00
SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
HILLSDALE COLLEGE
 
Employer identification number

38-1374230
Identifier Return Reference Explanation
F990_P01_S00_L01 Form 990, Part I, Line 1 Hillsdale College upholds its founding mission of liberal arts education, and operates without federal or state funding. Hillsdale offers a classical liberal arts curriculum, requiring each student to enroll in core courses covering literature, history, sciences, and the US Constitution. The Founders Campaign capital and endowment goals improve the physical plant and endow student scholarships, faculty chairs, annual operations, and Imprimis, a monthly publication that reaches 2.1 million readers. For students, faculty and guests, Hillsdale conducts Center for Constructive Alternatives seminars on campus; National Leadership Seminars are held at national sites for adult constituents. Hillsdale recently established the Allan P. Kirby, Jr. Center for Constitutional Studies and Citizenship to enhance the education of its students who intern in Washington, D.C. Hillsdale is also expanding its website to offer podcasts and video streams of guest lecturers and faculty participating in its seminars.
F990_P03_S00_L01 Form 990, Part III, Line 1 Hillsdale is an independent, nonsectarian 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 founders' stated object "to furnish all persons who wish, irrespective of nation, color or sex, a literary and scientific education...and to combine with this such moral and social instruction as will best develop the minds and improve the hearts of its pupils."... By training the young in the liberal arts, Hillsdale 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.
F990_P06_S0A_L02 Form 990, Part VI, Section A, Line 2 One of our trustees is the father-in-law of one of our vice presidents. Both gentlemen were affiliated with the College several years before the family connection was established.
F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a The Board of Trustees of the College voted not to review the 990. The Vice President for Financial Affairs/Treasurer as well as the Controller review the 990 for the College prior to submission.
F990_P06_S0B_L12c 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.
F990_P06_S0B_L15 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 recommendations by external consultants and 990 results listed in 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 calendar year 2006.
F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Upon request
F990_P11_S00_L05 Form 990, Part XI, Line 5 Split Interest <8,179,161> Unrealized Gain - 39,619,965
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2010

Additional Data


Software ID: 10000077
Software Version: v1.00