Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $15,035

• 1e · Government grants (contributions)

  $2,917,644

• 1f · All other contributions, gifts and grants

  $23,619,347

• 1g · Noncash contributions included above

  $1,149,958

• 2a · Program service revenue: Tuition and Fees

  total $51,660,960 · related or exempt $51,660,960

• 2b · Program service revenue: Auxiliary Fees

  total $11,330,086 · related or exempt $11,330,086

• 2c · Program service revenue: Other Program Revenue

  total $291,656 · related or exempt $291,656

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $7,322,546 · unrelated business $30,583 · excluded $7,291,963

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $35,320,404 · other assets $11,500

• 7b · Less cost or other basis and sales expenses

  securities $35,339,258 · other assets $3,812,217

• 7c · Gain or loss

  securities -$18,854 · other assets -$3,800,717

• 7d · Net gain or loss

  total -$3,819,571 · excluded -$3,819,571

• 8a · Fundraising events: gross income

  $22,713

• 8a · Fundraising events: contributions included on line 1c

  $15,035

• 8b · Fundraising events: direct expenses

  $28,448

• 8c · Net income from fundraising events

  total -$5,735 · excluded -$5,735

• 11a · Other revenue: Insurance Proceeds

  total $3,750,000 · excluded $3,750,000

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $3,750,000

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $35,328,159 · program services $35,328,159

• 5 · Compensation of officers, directors and key employees

  total $932,167 · program services $181,851 · management and general $635,287 · fundraising $115,029

• 6 · Compensation of disqualified persons

  total $13,400 · program services $13,400

• 7 · Other salaries and wages

  total $18,269,331 · program services $14,243,708 · management and general $3,152,466 · fundraising $873,157

• 8 · Pension plan contributions

  total $1,111,835 · program services $824,754 · management and general $216,226 · fundraising $70,855

• 9 · Other employee benefits

  total $3,218,274 · program services $1,995,375 · management and general $1,035,174 · fundraising $187,725

• 10 · Payroll taxes

  total $1,281,241 · program services $971,854 · management and general $238,506 · fundraising $70,881

• 11b · Fees: legal

  total $1,440 · management and general $1,440

• 11c · Fees: accounting

  total $155,537 · management and general $155,537

• 11e · Fees: professional fundraising services

  total $144,685 · fundraising $144,685

• 11f · Fees: investment management

  total $428,707 · management and general $428,707

• 11g · Fees: other

  total $5,616,337 · program services $5,054,356 · management and general $431,376 · fundraising $130,605

• 12 · Advertising and promotion

  total $591,159 · program services $47,723 · management and general $539,859 · fundraising $3,577

• 13 · Office expenses

  total $1,491,227 · program services $1,298,786 · management and general $120,195 · fundraising $72,246

• 14 · Information technology

  total $834,248 · program services $273,757 · management and general $560,035 · fundraising $456

• 16 · Occupancy

  total $4,143,962 · program services $3,573,727 · management and general $563,531 · fundraising $6,704

• 17 · Travel

  total $2,450,637 · program services $2,150,638 · management and general $230,277 · fundraising $69,722

• 18 · Travel or entertainment for public officials

  total $43,094 · program services $42,562 · management and general $432 · fundraising $100

• 19 · Conferences, conventions and meetings

  total $160,830 · program services $127,825 · management and general $28,275 · fundraising $4,730

• 20 · Interest

  total $3,270,827 · program services $361,935 · management and general $2,890,466 · fundraising $18,426

• 22 · Depreciation, depletion and amortization

  total $2,899,402 · program services $2,694,444 · management and general $203,889 · fundraising $1,069

• 23 · Insurance

  total $61,902 · program services $61,902

• 24a · Other expenses: Unrelated Business Income Taxes

  total $16,285 · management and general $16,285

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $977,988 · end of year $846,240

• 2 · Savings and temporary cash investments

  beginning of year $23,944,926 · end of year $7,048,241

• 3 · Pledges and grants receivable

  beginning of year $6,142,361 · end of year $20,040,402

• 4 · Accounts receivable

  beginning of year $896,132 · end of year $5,595,449

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $3,058,574

• 8 · Inventories for sale or use

  beginning of year $64,790 · end of year $143,462

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,140,783 · end of year $1,028,815

• 10a · Land, buildings and equipment: cost or other basis

  $171,614,780

• 10b · Land, buildings and equipment: accumulated depreciation

  $70,449,808

• 10c · Land, buildings and equipment, net

  beginning of year $104,569,468 · end of year $101,164,972

• 11 · Investments: publicly traded securities

  beginning of year $144,448,596 · end of year $95,714,030

• 12 · Investments: other securities

  beginning of year $30,270 · end of year $84,764,650

• 13 · Investments: program-related

  beginning of year $5,700,908 · end of year $2,435,220

• 15 · Other assets

  beginning of year $3,177,056 · end of year $3,217,932

• 17 · Accounts payable and accrued expenses

  beginning of year $8,661,349 · end of year $7,368,037

• 19 · Deferred revenue

  beginning of year $565,490 · end of year $1,215,468

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $36,763,276 · end of year $35,319,428

• 25 · Other liabilities

  beginning of year $1,700,489 · end of year $1,805,136

• 27 · Net assets without donor restrictions

  beginning of year $74,398,021 · end of year $74,405,426

• 28 · Net assets with donor restrictions

  beginning of year $172,063,227 · end of year $201,885,918

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

The President's spouse occasionally travels with him for College related business. Her travel is for a bona fide business purpose and is therefore treated as nontaxable.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

The President resides in college-owned housing as a condition of his employment with the College, to enable him to fulfill his responsibilities as President. The housing benefit is provided as nontaxable benefit to the President.

Schedule J, Part I, Line 1a Personal services

The President receives intermittent housekeeping, lawn maintenance and college event culinary services. The provider for housekeeping and food service is Aramark (food and cleaning contractor) and the landscape services are performed by college staff (grounds crew). Personal services are provided in preparation or response to college activities conducted on the premises. The personal services are provided as a nontaxable benefit to the President.

Schedule J, Part I, Line 7 Non-fixed payments

Steven O'Day has a one-time discretionary recognition bonus as established by his employment contract.