Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $1,160,543

• 1e · Government grants (contributions)

  $163,197,265

• 1f · All other contributions, gifts and grants

  $113,781,826

• 1g · Noncash contributions included above

  $24,736,648

• 2a · Program service revenue: Tuition and fees

  total $446,599,354 · related or exempt $446,599,354

• 2b · Program service revenue: Auxiliary operations

  total $63,146,735 · related or exempt $63,146,735

• 2c · Program service revenue: Department sales

  total $21,144,901 · related or exempt $21,207,406 · unrelated business -$62,505

• 2d · Program service revenue: Research contracts

  total $13,384,189 · related or exempt $13,384,189

• 2f · All other program service revenue

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

• 3 · Investment income

  total $44,025,735 · unrelated business $33,286,269 · excluded $10,739,466

• 5 · Royalties

  total $1,339,239 · related or exempt $1,339,239

• 6a · Gross rents

  real property $2,604,047

• 6c · Rental income or loss

  real property $2,604,047 · personal property $0

• 6d · Net rental income or loss

  total $2,604,047 · related or exempt $2,604,047

• 7a · Gross sales of assets other than inventory

  securities $859,206,031

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

  securities $620,202,456

• 7c · Gain or loss

  securities $239,003,575 · other assets $0

• 7d · Net gain or loss

  total $239,003,575 · excluded $239,003,575

• 8a · Fundraising events: gross income

  $752,833

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

  $1,160,543

• 8b · Fundraising events: direct expenses

  $855,891

• 8c · Net income from fundraising events

  total -$103,058 · excluded -$103,058

• 11a · Other revenue: Oil and gas

  total $33,105,621 · excluded $33,105,621

• 11b · Other revenue: Net rental income investment properties

  total $16,880,563 · excluded $16,880,563

• 11d · All other revenue

  total -$33,630,012 · related or exempt -$33,630,012 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $16,356,172

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $251,139,848 · program services $251,139,848

• 3 · Grants to foreign organizations and individuals

  total $6,212,610 · program services $6,212,610

• 5 · Compensation of officers, directors and key employees

  total $12,153,328 · program services $3,552,285 · management and general $7,210,350 · fundraising $1,390,693

• 7 · Other salaries and wages

  total $409,627,722 · program services $358,296,622 · management and general $40,909,159 · fundraising $10,421,941

• 8 · Pension plan contributions

  total $29,989,982 · program services $26,032,405 · management and general $3,095,283 · fundraising $862,294

• 9 · Other employee benefits

  total $41,859,524 · program services $36,335,604 · management and general $4,320,345 · fundraising $1,203,575

• 10 · Payroll taxes

  total $24,058,450 · program services $20,883,618 · management and general $2,483,086 · fundraising $691,746

• 11b · Fees: legal

  total $1,454,926 · program services $387,236 · management and general $1,034,966 · fundraising $32,724

• 11c · Fees: accounting

  total $1,141,514 · program services $92,765 · management and general $1,048,749 · fundraising $0

• 11d · Fees: lobbying

  total $366,877 · management and general $366,877

• 11f · Fees: investment management

  total $19,935,739 · management and general $19,935,739

• 11g · Fees: other

  total $48,208,259 · program services $39,287,212 · management and general $6,403,699 · fundraising $2,517,348

• 12 · Advertising and promotion

  total $8,073,183 · program services $5,960,452 · management and general $1,883,518 · fundraising $229,213

• 13 · Office expenses

  total $31,839,374 · program services $28,521,913 · management and general $2,252,368 · fundraising $1,065,093

• 14 · Information technology

  total $28,571,501 · program services $24,229,564 · management and general $2,077,305 · fundraising $2,264,632

• 15 · Royalties

  total $508,227 · program services $200 · management and general $508,027 · fundraising $0

• 16 · Occupancy

  total $37,562,252 · program services $34,843,513 · management and general $2,476,690 · fundraising $242,049

• 17 · Travel

  total $21,979,455 · program services $19,535,166 · management and general $1,914,049 · fundraising $530,240

• 19 · Conferences, conventions and meetings

  total $15,771,628 · program services $11,273,789 · management and general $1,578,443 · fundraising $2,919,396

• 20 · Interest

  total $39,337,623 · program services $39,337,623

• 22 · Depreciation, depletion and amortization

  total $79,823,514 · program services $78,203,085 · management and general $1,013,580 · fundraising $606,849

• 23 · Insurance

  total $8,366,441 · program services $8,349,759 · management and general $7,189 · fundraising $9,493

• 24a · Other expenses: Research subcontracts

  total $22,919,810 · program services $22,916,140 · management and general $3,670

• 24e · All other expenses

  total $2,714,322 · program services $2,714,322 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $34,999,143 · end of year $23,398,405

• 3 · Pledges and grants receivable

  beginning of year $249,784,988 · end of year $229,220,000

• 4 · Accounts receivable

  beginning of year $17,906,759 · end of year $27,419,233

• 5 · Loans and receivables from officers and key people

  beginning of year $1,195,389 · end of year $1,017,924

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $2,939,288 · end of year $4,099,247

• 8 · Inventories for sale or use

  beginning of year $759,812 · end of year $691,618

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,424,356 · end of year $12,924,701

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

  $2,714,737,000

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

  $1,218,610,000

• 10c · Land, buildings and equipment, net

  beginning of year $1,426,147,023 · end of year $1,496,127,000

• 11 · Investments: publicly traded securities

  beginning of year $2,625,394,719 · end of year $2,376,465,691

• 12 · Investments: other securities

  beginning of year $5,139,574,194 · end of year $5,069,416,999

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $76,890,275 · end of year $120,077,283

• 19 · Deferred revenue

  beginning of year $59,127,558 · end of year $24,391,803

• 20 · Tax-exempt bond liabilities

  beginning of year $54,650,000 · end of year $73,804,000

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $1,090,020,000 · end of year $1,090,208,000

• 25 · Other liabilities

  beginning of year $132,738,619 · end of year $135,073,000

• 27 · Net assets without donor restrictions

  beginning of year $3,295,183,219 · end of year $3,024,681,732

• 28 · Net assets with donor restrictions

  beginning of year $4,800,516,000 · end of year $4,772,545,000

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

The University's written travel policy permits payment only of necessary and reasonable expenses for travel on University business. The University's policies constitute an accountable plan and are designed to comply with applicable Internal Revenue Service rules. Coach class airfare is required except in certain limited circumstances; these include medical necessity, contractual obligations, and scheduled flight segments over six hours in length, when business class fares may be used with prior approval. In rare cases, when an exception applies and no business class fare is available, a first class fare may be used, again with prior approval and documentation. Charter travel is sometimes employed for athletics teams, including coaches, when such travel is the least costly method of transportation.

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

Under the University's travel policy, the University does not pay the travel cost of companions, unless there is a valid University business purpose for the companion's travel. Written approval must be obtained in advance from the president, provost, or appropriate dean / vice president documenting the reason for incurring the expense. When the University uses chartered air or ground transportation, travel for companions may occasionally be included if the University incurs no additional cost.

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

The president of the University is required to occupy University-owned housing as a condition of employment. Housekeeping staff is provided for such property. The cost of such services not related to public areas of the house is included in compensation reported. The fair market value of the housing provided, based on the appraised value of the house, is reported in the president's compensation as a non-taxable benefit.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

Social club dues were paid for the president of the University and are included in compensation when appropriate.

Schedule J, Part I, Line 1a Personal services

See the response to Schedule J, Part I, Line 1A for Housing. The President is also provided chauffeured service when he leaves the University property.

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

The CORD (Compensation and Organizational Development) Committee of the Board of Trustees of Rice University has a procedure in place to assure the Board of Trustees that compensation arrangements for the president and other organization officers and managers are reasonable. The procedure is designed to comply with the requirements of Section 4958 of the Internal Revenue Code and Internal Revenue Service regulations. The CORD Committee maintains a roster of disqualified persons, as defined by the IRS, for whose compensation the procedure is used. The roster is reviewed periodically but at least annually. The procedure was last evaluated with the full board in December 2014. The procedure requires three elements as follows: 1) The terms of transactions are approved by the organization's governing body, or a committee thereof, whose members have no conflict of interest with respect to the arrangement. The Board of Trustees delegated authority to the CORD Committee to act on behalf of the Board in these matters at its meeting on March 25, 1999. Compensation arrangements are reviewed and approved by the CORD Committee before the effective date. Members of the CORD Committee recuse themselves from any vote in which there is a potential or actual conflict of interest. 2) The governing body or committee obtains and relies upon appropriate, comparable data before making its determination. Rice participates in the annual survey by Willis Towers Watson of select universities' executive compensation, and additional appropriate peer surveys. These reports reflect executive compensation in universities of a stature similar to that of Rice, and with which Rice competes for faculty and staff. The CORD Committee may also seek and rely on other relevant information, including compensation paid by other taxable and tax-exempt organizations for functionally comparable positions, geographic market forces, and actual written offers from similar institutions competing for services. The CORD Committee relies on this data and documents any determinations that reasonable compensation is an amount more than the range of comparable data. 3) The governing body or committee adequately documents the basis for making determinations concurrently with making decisions. Minutes documenting the deliberations of the CORD Committee are prepared contemporaneously for review and approval at its next meeting.

Schedule J, Part I, Line 4a Severance or change-of-control payment

Certain former officers received a severance payment from the change in Presidential leadership and a change in the President's cabinet. Kevin Kirby ($546,180) and Kathy Collins ($228,124) both paid in calendar year 2022 and Kathi Dantley Warren ($513,453) paid in calendar year 2023.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

The following officer(s), director(s), trustee(s), key employee(s) and/or highest compensated employees participated in or received payment from a supplemental non-qualified retirement plan in calendar year 2022, subject to satisfying vesting conditions related to continuing service to the university. Award amounts that may or may not have vested are shown below. Amounts that became taxable during the year due to vesting or distribution are included in Part II, column B (iii). Accruals for awards that have not vested are included in the amounts shown in Part II, column C. David Leebron: $375,000 award; $500,000 accrual for awards not yet vested. Reginald DesRoches: $140,000 current year award; $260,464 distribution of current and prior year award less applicable market losses. All taxable in the current year. $20,000 accrual for awards not yet vested. Kevin Kirby: $100,000 award; $441,937 distribution of current and prior year awards including applicable market gains and losses. $251,270 was taxable in the current year and $190,667 was taxable in a prior year. Katherine Collins: $40,000 current year award; $75,956 distribution of current and prior year award less applicable market losses. All taxable in the current year. Peter Rodriguez: $50,000 current year award. $12,500 accrual for awards not yet vested. Caroline Levander: $40,000 current year award; $140,431 distribution of current and prior year awards plus market gains and losses. All taxable in the current year. $8,333 accrual for awards not yet vested. Amy Dittmar: $16,667 accrual for awards not yet vested. Ramesh Ramamoorthy: $16,667 accrual for awards not yet vested. Kelly Fox: $11,667 accrual for awards not yet vested. Paul Cherukuri: $8,333 accrual for awards not yet vested. Omar Syed: $5,000 accrual for awards not yet vested.

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

Contracts of certain individuals include provisions that allow them to receive additional compensation if specific criteria or circumstances are met or performance thresholds are achieved. Payments were made under such contracts in calendar year 2022 to David Leebron, Allison Thacker, Michael Bloomgren, Carmen Thompson, John Lawrence, and Craig Beech. Additionally, as noted in part II of Schedule J, discretionary bonuses were provided to others based on management's assessment of their performance.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• WMR BNA Holdings LLC

  Holding Company · DE · income $166,528 · assets $12,059,893

  Directly controlled by William Marsh Rice University

• WMR WS Holdings LLC

  Holding Company · DE · income -$533,764 · assets $28,698,794

  Directly controlled by William Marsh Rice University

• WMR BNA IV Holdings LLC

  Holding Company · DE · income $269,593 · assets $30,758,516

  Directly controlled by William Marsh Rice University

• Rice HSA Funding LLC

  Holding Company · TX · income $0 · assets $14,800,000

  Directly controlled by William Marsh Rice University

• Rice HSA Holdings LLC

  Holding Company · TX · income -$100,846 · assets $600,000

  Directly controlled by William Marsh Rice University

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• WMR ACME I LLC

  Excluded · Real estate · DE · 95% owned · share of income -$220,775 · share of assets $52,780,827

  Directly controlled by William Marsh Rice University

• WMR ACME II LLC

  Excluded · Real estate · DE · 97.5% owned · share of income -$312,701 · share of assets $13,056,139

  Directly controlled by William Marsh Rice University

• WMR ACME III LLC

  Excluded · Real estate · DE · 97.5% owned · share of income $13,665 · share of assets $18,480,235

  Directly controlled by William Marsh Rice University

• WMR Redcar I LLC

  Excluded · Real estate · DE · 95% owned · share of income $312,555 · share of assets $93,213,541

  Directly controlled by William Marsh Rice University

• WMR Redcar II LLC

  Excluded · Real estate · DE · 98% owned · share of income -$3,413,600 · share of assets $88,401,265

  Directly controlled by William Marsh Rice University

• WMR Falcon Ridge LLC (final)

  Excluded · Real estate · DE · 95% owned · share of income -$61,935 · share of assets $0

  Directly controlled by Willliam Marsh Rice University

• WMRBNA II GP

  Excluded · Real estate · TN · 95% owned · share of income $166,528 · share of assets $12,059,893

  Directly controlled by William Marsh Rice University

• WMRBNA Fund III Holdings LLC

  Excluded · Real estate · DE · 98% owned · share of income $2,602,812 · share of assets $59,570,033

  Directly controlled by William Marsh Rice University

• WMRBNA Fund IV

  Excluded · Real estate · TN · 97.5% owned · share of income $269,593 · share of assets $30,758,516

  Directly controlled by William Marsh Rice University

• WMR White Star LLC

  Excluded · Real estate · DE · 80% owned · share of income -$411,281 · share of assets $55,878,592

  Directly controlled by WMR White Star Holdings LLC

• WMR White Star II LLC

  Excluded · Real estate · DE · 80% owned · share of income -$122,460 · share of assets $4,033,985

  Directly controlled by WMR White Star Holdings LLC

• Amador R Partners LP

  Unrelated · Alternative investment · DE · 85.22% owned · share of income -$5,797 · share of assets $1,251,259

  Directly controlled by William Marsh Rice University

• LVA4 Co-Investment III LP

  Excluded · Alternative investment · DE · 99.99% owned · share of income $2,548,501 · share of assets $36,228,605

  Directly controlled by William Marsh Rice University

• LVA5 Co-Investment III LP

  Excluded · Alternative investment · DE · 99.99% owned · share of income $803 · share of assets $3,760,350

  Directly controlled by William Marsh Rice University

• Mercury Affiliates XV LLC

  Excluded · Alternative investment · DE · 74.18% owned · share of income $0 · share of assets $7,981,455

  Directly controlled by William Marsh Rice University

• BOREALIS STRATEGIC CAPITAL PARTNERS MASTER FUND I LP

  Excluded · Alternative investment · CJ · 51.11% owned · share of income -$839,263 · share of assets $83,802,794

  Directly controlled by Borealis Strategic Capital Partners Offshore Fund I LP

• BOREALIS STRATEGIC CO-INVESTMENT FUND IP LP

  Excluded · Alternative investment · CJ · 80.49% owned · share of income -$2,023,319 · share of assets $48,342,631

  Directly controlled by Borealis Strategic Co-Investment Fund IC LP

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• WMR White Star Holdings LLC

  C Corporation · Holding company · CJ · 100% owned · share of income -$533,764 · share of assets $28,698,794 · controlled entity

  Directly controlled by William Marsh Rice University

• Borealis Strategic Capital Partners Offshore Fund I LP

  C Corporation · Alternative investment · CJ · 67.46% owned · share of income -$839,263 · share of assets $83,802,794 · controlled entity

  Directly controlled by William Marsh Rice University

• Borealis Strategic Capital Partners Offshore Fund II LP

  C Corporation · Alternative investment · CJ · 50.9% owned · share of income -$2,036,152 · share of assets $6,315,671 · controlled entity

  Directly controlled by William Marsh Rice University

• Borealis Strategic Co-Investment Fund IC LP

  C Corporation · Alternative investment · CJ · 92.06% owned · share of income -$2,023,319 · share of assets $48,342,631 · controlled entity

  Directly controlled by William Marsh Rice University

• Rice Global Paris (fka Rice School of Architecture Paris)

  C Corporation · Education · FR · 100% owned · share of income $0 · share of assets $236,974 · controlled entity

  Directly controlled by William Marsh Rice University

• Charitable Remainder Trust (1)

  Trust · Support · CA

  Directly controlled by NA

• Charitable Remainder Trusts (49)

  Trust · Support · TX

  Directly controlled by NA