Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $130,552

• 2a · Program service revenue: Tuition and Fees

  total $62,307,765 · related or exempt $62,307,765

• 2b · Program service revenue: Student Financial Aid

  total $22,291,279 · related or exempt $22,291,279

• 2c · Program service revenue: Miscellaneous

  total $821,437 · related or exempt $746,053 · unrelated business $75,384

• 3 · Investment income

  total $1,272,278 · excluded $1,272,278

• 7a · Gross sales of assets other than inventory

  securities $18,584,541

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

  securities $18,591,283 · other assets $97,409

• 7c · Gain or loss

  securities -$6,742 · other assets -$97,409

• 7d · Net gain or loss

  total -$104,151 · excluded -$104,151

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $22,408,068 · program services $22,408,068

• 5 · Compensation of officers, directors and key employees

  total $757,167 · management and general $757,167

• 7 · Other salaries and wages

  total $15,121,006 · program services $13,325,822 · management and general $1,713,806 · fundraising $81,378

• 8 · Pension plan contributions

  total $659,506 · program services $586,780 · management and general $69,143 · fundraising $3,583

• 9 · Other employee benefits

  total $1,277,890 · program services $1,036,693 · management and general $230,286 · fundraising $10,911

• 10 · Payroll taxes

  total $1,241,091 · program services $1,083,497 · management and general $151,097 · fundraising $6,497

• 11b · Fees: legal

  total $153,906 · program services $153,906

• 11c · Fees: accounting

  total $120,165 · program services $120,165

• 11f · Fees: investment management

  total $95,625 · management and general $95,625

• 11g · Fees: other

  total $5,798,104 · program services $5,631,524 · management and general $121,560 · fundraising $45,020

• 12 · Advertising and promotion

  total $23,577,850 · program services $23,566,224 · management and general $5,569 · fundraising $6,057

• 13 · Office expenses

  total $1,446,810 · program services $991,901 · management and general $453,846 · fundraising $1,063

• 14 · Information technology

  total $1,735,344 · program services $1,731,362 · management and general $3,982

• 16 · Occupancy

  total $1,104,564 · program services $784,713 · management and general $319,851

• 17 · Travel

  total $177,659 · program services $177,659

• 19 · Conferences, conventions and meetings

  total $137,117 · program services $137,072 · fundraising $45

• 20 · Interest

  total $605,180 · program services $47,840 · management and general $557,340

• 22 · Depreciation, depletion and amortization

  total $2,371,017 · program services $2,026,444 · management and general $344,573

• 23 · Insurance

  total $429,807 · program services $314,576 · management and general $115,231

• 24a · Other expenses: Bad Debt Expense

  total $3,020,804 · program services $3,020,804

• 24b · Other expenses: Miscellaneous Expenses

  total $219,364 · program services $207,940 · fundraising $11,424

• 24c · Other expenses: Books & Periodicals

  total $102,028 · program services $101,981 · fundraising $47

• 24d · Other expenses: Food Costs

  total $19,616 · program services $19,616

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $250 · end of year $250

• 2 · Savings and temporary cash investments

  beginning of year $34,058,231 · end of year $51,789,596

• 3 · Pledges and grants receivable

  beginning of year $571,508 · end of year $2,788,297

• 4 · Accounts receivable

  beginning of year $1,120,960 · end of year $1,388,769

• 8 · Inventories for sale or use

  beginning of year $138,590 · end of year $129,244

• 9 · Prepaid expenses and deferred charges

  beginning of year $884,136 · end of year $468,317

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

  $52,992,067

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

  $28,345,748

• 10c · Land, buildings and equipment, net

  beginning of year $24,388,095 · end of year $24,646,319

• 11 · Investments: publicly traded securities

  beginning of year $20,426,269 · end of year $17,453,552

• 14 · Intangible assets

  beginning of year $8,488,096 · end of year $8,190,366

• 15 · Other assets

  beginning of year $676,839 · end of year $323,168

• 17 · Accounts payable and accrued expenses

  beginning of year $4,996,798 · end of year $5,958,554

• 19 · Deferred revenue

  beginning of year $748,234 · end of year $572,500

• 20 · Tax-exempt bond liabilities

  beginning of year $10,550,621 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $19,961,087

• 25 · Other liabilities

  beginning of year $10,261,401 · end of year $10,085,248

• 27 · Net assets without donor restrictions

  beginning of year $47,337,059 · end of year $52,985,523

• 28 · Net assets with donor restrictions

  beginning of year $16,858,861 · end of year $17,614,966

The filer's explanations (Part III)

Part I, Line 1a

During calendar year 2024, Dr. Melik Khoury, President & CEO, received a housing allowance which was included in his taxable compensation of his 2024 W-2.

Part I, Line 7

Dr. Melik Khoury, President & CEO, Erika Latty, President of the Enterprise, Thomas Dressler, Director of the Business Office, Jennifer Cartier, Executive VP of Education Solutions, Heidi Wilkes, Chief Learning Officer, Gabrielle Funk, Chief of People, Perseverance, and Planet, and Denise Young, Executive VP of Distance Education, all received a bonus during calendar year 2024 based on merit.