Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $260,487

• 1d · Related organizations

  $1,786,689

• 1e · Government grants (contributions)

  $4,782,140

• 1f · All other contributions, gifts and grants

  $1,332,295

• 1g · Noncash contributions included above

  $27,759

• 2a · Program service revenue: Tuition and Fees

  total $26,216,847 · related or exempt $26,216,847

• 2b · Program service revenue: Student Support

  total $5,982,184 · related or exempt $5,982,184

• 2c · Program service revenue: Academic Support

  total $1,455,183 · related or exempt $1,455,183

• 2f · All other program service revenue

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

• 3 · Investment income

  total $802,806 · excluded $802,806

• 6a · Gross rents

  real property $300

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $300 · personal property $0

• 6d · Net rental income or loss

  total $300 · excluded $300

• 7a · Gross sales of assets other than inventory

  securities $15,550,540 · other assets $0

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

  securities $15,550,540 · other assets $2,787

• 7c · Gain or loss

  securities $0 · other assets -$2,787

• 7d · Net gain or loss

  total -$2,787 · excluded -$2,787

• 8a · Fundraising events: gross income

  $0

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

  $260,487

• 8b · Fundraising events: direct expenses

  $52,240

• 8c · Net income from fundraising events

  total -$52,240 · excluded -$52,240

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $12,655,286 · program services $12,655,286

• 5 · Compensation of officers, directors and key employees

  total $342,619 · management and general $326,688 · fundraising $15,931

• 6 · Compensation of disqualified persons

  total $96,177 · management and general $96,177

• 7 · Other salaries and wages

  total $10,699,120 · program services $9,154,704 · management and general $1,353,783 · fundraising $190,633

• 9 · Other employee benefits

  total $1,178,551 · management and general $1,177,034 · fundraising $1,517

• 10 · Payroll taxes

  total $714,893 · program services $642,214 · management and general $56,895 · fundraising $15,784

• 11b · Fees: legal

  total $20,129 · management and general $20,129

• 11c · Fees: accounting

  total $131,810 · program services $11,537 · management and general $120,273

• 11g · Fees: other

  total $1,731,596 · program services $537,310 · management and general $1,191,383 · fundraising $2,903

• 13 · Office expenses

  total $29,356 · program services $11,922 · management and general $11,287 · fundraising $6,147

• 14 · Information technology

  total $894 · management and general $894

• 16 · Occupancy

  total $1,207,114 · program services $87,992 · management and general $1,119,122

• 17 · Travel

  total $723,374 · program services $715,525 · management and general $6,543 · fundraising $1,306

• 19 · Conferences, conventions and meetings

  total $1,452,487 · program services $675,697 · management and general $703,555 · fundraising $73,235

• 20 · Interest

  total $895,182 · program services $689,290 · management and general $205,892

• 22 · Depreciation, depletion and amortization

  total $1,535,150 · program services $1,182,065 · management and general $353,085

• 23 · Insurance

  total $968,701 · program services $553,852 · management and general $414,849

• 24a · Other expenses: Bad Debt Expense

  total $650,312 · management and general $650,312

• 24b · Other expenses: Repairs and Maintenance

  total $59,117 · program services $39,325 · management and general $19,792

• 24c · Other expenses: Student Reengagement

  total $7,629 · fundraising $7,629

• 24e · All other expenses

  total $3,335,359 · program services $1,877,889 · management and general $1,423,351 · fundraising $34,119

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,712,087 · end of year $1,216,282

• 2 · Savings and temporary cash investments

  beginning of year $19 · end of year $5,557,854

• 3 · Pledges and grants receivable

  beginning of year $1,256 · end of year $1,015

• 4 · Accounts receivable

  beginning of year $287,868 · end of year $661,663

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $49,387 · end of year $20,515

• 9 · Prepaid expenses and deferred charges

  beginning of year $406,318 · end of year $430,317

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

  $69,560,677

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

  $33,694,129

• 10c · Land, buildings and equipment, net

  beginning of year $33,994,488 · end of year $35,866,548

• 11 · Investments: publicly traded securities

  beginning of year $15,838,238 · end of year $16,514,102

• 12 · Investments: other securities

  beginning of year $1,594,272 · end of year $1,713,363

• 13 · Investments: program-related

  beginning of year $895,239 · end of year $584,540

• 15 · Other assets

  beginning of year $357,515 · end of year $329,924

• 17 · Accounts payable and accrued expenses

  beginning of year $1,232,087 · end of year $1,234,739

• 19 · Deferred revenue

  beginning of year $396,289 · end of year $371,498

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $13,763,171 · end of year $13,623,171

• 25 · Other liabilities

  beginning of year $1,505,634 · end of year $937,645

• 27 · Net assets without donor restrictions

  beginning of year $27,819,452 · end of year $32,194,229

• 28 · Net assets with donor restrictions

  beginning of year $14,420,054 · end of year $14,534,841

The filer's explanations (Part III)

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

As a condition of employment, and as a convenience to the University, the President is provided a home on University grounds. The home is provided as a nontaxable benefit to the President.

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

The board of directors approved discretionary bonuses for employees during the year.