Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $11,455,977

• 1f · All other contributions, gifts and grants

  $56,303,763

• 1g · Noncash contributions included above

  $2,119,025

• 2a · Program service revenue: TUITION AND FEES

  total $520,386,684 · related or exempt $520,386,684

• 2b · Program service revenue: AUXILIARY

  total $59,913,643 · related or exempt $57,348,755 · unrelated business $2,564,888

• 2c · Program service revenue: CONSULTING

  total $2,418,241 · related or exempt $2,418,241

• 2d · Program service revenue: TICKET SALES

  total $910,948 · related or exempt $910,948

• 2e · Program service revenue: STUDY ABROAD FEES

  total $1,477,546 · related or exempt $1,477,546

• 2f · All other program service revenue

  total $5,507,469 · related or exempt $5,507,469

• 3 · Investment income

  total $11,243,841 · unrelated business $734,300 · excluded $10,509,541

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $90,661 · excluded $90,661

• 6a · Gross rents

  real property $1,589,134

• 6b · Less rental expenses

  real property $1,663,901

• 6c · Rental income or loss

  real property -$74,767 · personal property $0

• 6d · Net rental income or loss

  total -$74,767 · excluded -$74,767

• 7a · Gross sales of assets other than inventory

  securities $95,586,115

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

  securities $85,449,822

• 7c · Gain or loss

  securities $10,136,293

• 7d · Net gain or loss

  total $10,136,293 · unrelated business $882,877 · excluded $9,253,416

• 8a · Fundraising events: gross income

  $115,514

• 8b · Fundraising events: direct expenses

  $39,877

• 8c · Net income from fundraising events

  total $75,637 · excluded $75,637

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $359,703 · program services $359,703

• 2 · Grants to domestic individuals

  total $153,999,471 · program services $153,999,471

• 3 · Grants to foreign organizations and individuals

  total $316,236 · program services $316,236

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $5,458,281 · program services $194,126 · management and general $4,436,623 · fundraising $827,532

• 6 · Compensation of disqualified persons

  total $477,345 · program services $0 · management and general $477,345

• 7 · Other salaries and wages

  total $205,258,297 · program services $174,859,891 · management and general $23,123,385 · fundraising $7,275,021

• 8 · Pension plan contributions

  total $15,218,260 · program services $12,459,227 · management and general $2,187,962 · fundraising $571,071

• 9 · Other employee benefits

  total $34,187,174 · program services $28,337,000 · management and general $4,538,567 · fundraising $1,311,607

• 10 · Payroll taxes

  total $14,603,946 · program services $12,104,891 · management and general $1,938,768 · fundraising $560,287

• 11a · Fees: management

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

• 11b · Fees: legal

  total $1,595,371 · management and general $1,578,476 · fundraising $16,895

• 11c · Fees: accounting

  total $689,393 · management and general $689,393

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $1,003,486 · management and general $1,003,486

• 11g · Fees: other

  total $21,604,773 · program services $16,423,699 · management and general $4,591,426 · fundraising $589,648

• 12 · Advertising and promotion

  total $3,360,282 · program services $2,199,251 · management and general $1,121,249 · fundraising $39,782

• 13 · Office expenses

  total $4,225,102 · program services $2,877,939 · management and general $1,076,525 · fundraising $270,638

• 14 · Information technology

  total $14,932,876 · program services $7,062,414 · management and general $7,764,409 · fundraising $106,053

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $25,555,669 · program services $20,779,989 · management and general $4,674,723 · fundraising $100,957

• 17 · Travel

  total $8,576,348 · program services $7,880,167 · management and general $428,537 · fundraising $267,644

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $14,723,358 · program services $11,356,506 · management and general $2,250,050 · fundraising $1,116,802

• 20 · Interest

  total $12,122,043 · program services $9,389,254 · management and general $2,732,789

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $29,822,002 · program services $27,253,171 · management and general $2,568,831

• 23 · Insurance

  total $4,171,436 · program services $2,423,012 · management and general $1,746,568 · fundraising $1,856

• 24a · Other expenses: STUDENT WORK

  total $10,205,621 · program services $8,584,188 · management and general $1,552,658 · fundraising $68,775

• 24b · Other expenses: INSTRUCTIONAL SUPPLIES

  total $546,754 · program services $535,333 · management and general $11,077 · fundraising $344

• 24c · Other expenses: BOOKS & PERIODICALS

  total $2,565,495 · program services $2,559,767 · management and general $5,280 · fundraising $448

• 24d · Other expenses: AWARDS & PRIZES

  total $3,213,963 · program services $3,188,434 · management and general $25,230 · fundraising $299

• 24e · All other expenses

  total $11,213,919 · program services $9,157,140 · management and general $1,873,138 · fundraising $183,641

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $136,767,039 · end of year $161,855,409

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $0

• 3 · Pledges and grants receivable

  beginning of year $27,467,649 · end of year $30,846,296

• 4 · Accounts receivable

  beginning of year $14,031,332 · end of year $12,530,851

• 5 · Loans and receivables from officers and key people

  beginning of year $165,000 · end of year $125,000

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $7,431,365 · end of year $6,842,355

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $16,168,042 · end of year $15,286,893

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

  $1,246,417,933

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

  $509,572,625

• 10c · Land, buildings and equipment, net

  beginning of year $721,166,699 · end of year $736,845,308

• 11 · Investments: publicly traded securities

  beginning of year $173,715,459 · end of year $165,411,773

• 12 · Investments: other securities

  beginning of year $536,927,402 · end of year $552,924,336

• 13 · Investments: program-related

  beginning of year $17,985,641 · end of year $15,628,282

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $24,406,812 · end of year $20,428,977

• 17 · Accounts payable and accrued expenses

  beginning of year $130,440,601 · end of year $119,160,867

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $28,740,599 · end of year $31,761,653

• 20 · Tax-exempt bond liabilities

  beginning of year $137,034,077 · end of year $128,433,247

• 21 · Escrow or custodial account liability

  beginning of year $1,188,345 · end of year $1,140,861

• 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 $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $84,456,121 · end of year $81,416,406

• 27 · Net assets without donor restrictions

  beginning of year $786,557,946 · end of year $829,128,029

• 28 · Net assets with donor restrictions

  beginning of year $507,814,751 · end of year $527,684,417

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 1A AND 1B

SOCIAL CLUB DUES TWO OFFICERS RECEIVE SOCIAL CLUB DUES AND REIMBURSE THE UNIVERSITY FOR ANY PERSONAL USE. PAYMENT OF SOCIAL CLUB DUES FOR BUSINESS USE IS IN ACCORDANCE WITH UNIVERSITY POLICY. BUSINESS USE IS NON-TAXABLE TO THE INDIVIDUALS LISTED ABOVE IN ACCORDANCE WITH THE IRS ACCOUNTABLE PLAN RULES. CHARTER TRAVEL THE UNIVERSITY UTILIZES CHARTER TRAVEL ON OCCASION FOR ATHLETIC TEAMS AND FOR ASSOCIATED ATHLETIC STAFF AS PART OF THEIR OFFICIAL RESPONSIBILITIES. TWO HIGHEST COMPENSATED EMPLOYEES, ONE OFFICER AND TWO TRUSTEES UTILIZED SUCH CHARTER TRAVEL DURING CALENDAR 2022. THE VALUE OF SUCH TRAVEL WASNOT TREATED AS TAXABLE INCOME. TRAVEL FOR COMPANIONS THE UNIVERSITY PROVIDED TRAVEL REIMBURSEMENT FOR ONE OFFICER'S SPOUSE RELATED TO UNIVERSITY BUSINESS. THE BOARD OF TRUSTEES HAS APPROVED SPOUSAL TRAVEL FOR CERTAIN FUNDRAISING EVENTS IN WHICH THE SPOUSE IS ACTING AS AN AGENT FOR THE UNIVERSITY DURING THESE EVENTS. THESE REIMBURSEMENTS WERE NON-TAXABLE IN ACCORDANCE WITH THE IRS ACCOUNTABLE PLAN RULES. THE UNIVERSITY ALSO PROVIDED COMPANION TRAVEL IN CONNECTION WITH CHARTER TRAVEL FOR ATHLETIC TEAMS. TWO HIGHEST COMPENSATED EMPLOYEES AND TWO TRUSTEES UTILIZED COMPANION TRAVEL DURING CALENDAR 2022. THE VALUE OF SUCH TRAVEL WAS NOT TREATED AS TAXABLE INCOME. RESIDENCE FOR PERSONAL USE HOUSING IS PROVIDED TO THE CURRENT PRESIDENT IN PROXIMITY TO THE UNIVERSITY CAMPUS. THE VALUE OF HOUSING IS NOT REPORTED ON FORM W-2 AS TAXABLE INCOME AS THE PRESIDENT IS REQUIRED TO ACCEPT SUCH LODGING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THE RENTAL VALUE OF THE PORTION OF THE PRESIDENT'S HOME THAT IS USED FOR PERSONAL PURPOSES IS INCLUDED AS A NONTAXABLE BENEFIT TO THE PRESIDENT AND IS REPORTED ON SCHEDULE J, PART II, COLUMN (D). HOUSING ALLOWANCE & RELOCATION EXPENSE TEMPORARY AND PERMANENT HOUSING ALLOWANCE AND RELOCATION EXPENSES MAY BE PROVIDED WHEN EXECUTIVES ARE HIRED AND ARE RELOCATING FROM OUTSIDE THE AREA. TEMPORARY AND PERMANENT HOUSING ALLOWANCES WERE PROVIDED DURING THE REPORTING PERIOD. TWO OFFICERS RECEIVED A TEMPORARY HOUSING ALLOWANCE AND RELOCATION EXPENSES. EACH ALLOWANCE IS TAXABLE IN ACCORDANCE WITH THE IRS ACCOUNTABLE PLAN RULES. ONE HIGHEST COMPENSATED EMPLOYEE RECEIVED A HOUSING ALLOWANCE. EACH ALLOWANCE IS TAXABLE IN ACCORDANCE WITH THE IRS ACCOUNTABLE PLAN RULES. EXPENSES AND REIMBURSEMENTS FOR THE ABOVE NOTED ITEMS ARE REVIEWED AND APPROVED AS APPROPRIATE BY THE RELEVANT AUTHORITIES. WHILE THE UNIVERSITY DOES NOT HAVE A SEPARATE WRITTEN POLICY REGARDING PAYMENT AND REIMBURSEMENT FOR THOSE EXPENSES, THE UNIVERSITY POLICY FOR ALL REIMBURSEMENTS IS COMPREHENSIVE AND UNUSUAL EXPENSES, IF ANY, OR REIMBURSEMENT REQUESTS, IF ANY, WOULD BE EVALUATED.

FORM 990, SCHEDULE J, PART I, LINE 4B

STARTING IN 2019 THE PRESIDENT PARTICIPATED IN A DEFERRED COMPENSATION ARRANGEMENT UNDER WHICH AMOUNTS WILL BE DEFERRED ANNUALLY STARTING IN 2020 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. STARTING IN 2021, AMOUNTS CREDITED UNDER THE ARRANGEMENT VEST INCREMENTALLY AT THE END OF EACH FISCAL YEAR AND BECOME PAYABLE INCREMENTALLY NO LATER THAN 2.5 MONTHS AFTER THE END OF EACH CALENDAR YEAR, WITH THE BALANCE VESTING IN 2025. IN 2022, A PAYMENT OF $62,500 WAS MADE. STARTING IN 2021, THE SENIOR VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT PARTICIPATED IN A DEFERRED COMPENSATION ARRANGEMENT UNDER WHICH AMOUNTS WILL BE DEFERRED ANNUALLY STARTING IN 2022 SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. STARTING IN 2023, AMOUNTS CREDITED UNDER THE ARRANGEMENT VEST INCREMENTALLY AT THE END OF EACH FISCAL YEAR AND BECOME PAYABLE INCREMENTALLY NO LATER THAN 2.5 MONTHS AFTER THE END OF EACH CALENDAR YEAR, WITH THE BALANCE VESTING IN 2027.

FORM 990, SCHEDULE J, PART I, LINE 7

IN 2022, CERTAIN INDIVIDUALS WERE GRANTED DISCRETIONARY BONUSES FOR OUTSTANDING PERFORMANCE.

FORM 990, SCHEDULE J, PART I, LINE 8

THE SENIOR VICE PRESIDENT FOR STUDENT AFFAIRS RECEIVED COMPENSATION SUBJECT TO THE INITIAL CONTRACT EXCEPTION IN 2022.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (8)

  TRUST · FUNDRAISING · CA · controlled entity

  Directly controlled by NA