Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $5,510,691

• 1f · All other contributions, gifts and grants

  $48,786,715

• 1g · Noncash contributions included above

  $7,446,122

• 2a · Program service revenue: UNDERGRADUATE PROGRAMS

  total $207,999,407 · related or exempt $207,999,407

• 2b · Program service revenue: SCHOOL FOR SOCIAL WORK

  total $9,748,024 · related or exempt $9,748,024

• 2c · Program service revenue: CAMPUS SCHOOL & CENTER FOR EARLY CHILDHOOD

  total $3,885,047 · related or exempt $3,885,047

• 2d · Program service revenue: GRADUATE PROGRAMS

  total $3,327,396 · related or exempt $3,327,396

• 2e · Program service revenue: EXECUTIVE EDUCATION & SUMMER PROGRAMS

  total $2,462,663 · related or exempt $2,153,533 · unrelated business $309,130

• 3 · Investment income

  total $31,280,613 · unrelated business $9,442,536 · excluded $21,838,077

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

  total $0

• 5 · Royalties

  total $61,918 · excluded $61,918

• 6a · Gross rents

  real property $2,880,004

• 6b · Less rental expenses

  real property $1,777,203

• 6c · Rental income or loss

  real property $1,102,801 · personal property $0

• 6d · Net rental income or loss

  total $1,102,801 · excluded $1,102,801

• 7a · Gross sales of assets other than inventory

  securities $589,720,201

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

  securities $522,348,307

• 7c · Gain or loss

  securities $67,371,894

• 7d · Net gain or loss

  total $67,371,894 · excluded $67,371,894

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $537,027

• 10b · Cost of goods sold

  $517,111

• 10c · Net income from sales of inventory

  total $19,916 · related or exempt $8,707 · unrelated business $11,209

• 11a · Other revenue: GENERAL SERVICES

  total $2,841,729 · related or exempt $1,341,860 · unrelated business $1,499,869

• 11b · Other revenue: REBATES AND REIMBURSEMENTS

  total $2,117,411 · related or exempt $2,117,411

• 11c · Other revenue: DEPARTMENTAL

  total $365,780 · related or exempt $365,780

• 11d · All other revenue

  total $3,212,955 · related or exempt $3,212,955

• 11e · Other revenue, total

  $8,537,875

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $395,679 · program services $395,679

• 2 · Grants to domestic individuals

  total $104,688,523 · program services $104,688,523

• 3 · Grants to foreign organizations and individuals

  total $6,450,413 · program services $6,450,413

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $6,492,566 · management and general $5,954,336 · fundraising $538,230

• 6 · Compensation of disqualified persons

  total $2,053,985 · program services $192,945 · management and general $1,861,040

• 7 · Other salaries and wages

  total $122,988,674 · program services $98,390,940 · management and general $20,908,074 · fundraising $3,689,660

• 8 · Pension plan contributions

  total $11,158,254 · program services $8,926,603 · management and general $1,896,903 · fundraising $334,748

• 9 · Other employee benefits

  total $18,112,274 · program services $14,489,820 · management and general $3,079,086 · fundraising $543,368

• 10 · Payroll taxes

  total $9,098,965 · program services $7,279,172 · management and general $1,546,824 · fundraising $272,969

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $1,104,256 · program services $55,213 · management and general $1,049,043

• 11c · Fees: accounting

  total $312,865 · program services $15,643 · management and general $297,222

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $8,420,566 · management and general $8,420,566

• 11g · Fees: other

  total $14,632,135 · program services $1,792,816 · management and general $12,839,319

• 12 · Advertising and promotion

  total $174,652 · program services $8,733 · management and general $165,919

• 13 · Office expenses

  total $1,477,222 · program services $1,255,638 · management and general $177,267 · fundraising $44,317

• 14 · Information technology

  total $5,800,209 · program services $4,930,178 · management and general $696,025 · fundraising $174,006

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $14,390,184 · program services $12,231,657 · management and general $1,726,822 · fundraising $431,705

• 17 · Travel

  total $3,601,290 · program services $3,061,096 · management and general $432,155 · fundraising $108,039

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,689,632 · program services $2,286,187 · management and general $322,756 · fundraising $80,689

• 20 · Interest

  total $18,000,900 · program services $17,100,855 · management and general $900,045

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $25,178,810 · program services $23,919,870 · management and general $1,258,940

• 23 · Insurance

  total $3,051,819 · program services $152,590 · management and general $2,899,229

• 24a · Other expenses: PROVISIONS

  total $10,357,694 · program services $8,286,155 · management and general $2,071,539

• 24b · Other expenses: HOME SCHOOL FEES

  total $6,839,741 · program services $6,839,741

• 24c · Other expenses: BOOKS,PERIODICALS,PUBLICATIONS

  total $5,346,229 · program services $4,276,983 · management and general $1,069,246

• 24d · Other expenses: DEPARTMENTAL

  total $4,678,659 · program services $3,976,860 · management and general $561,439 · fundraising $140,360

• 24e · All other expenses

  total $4,058,165 · program services $3,449,440 · management and general $486,980 · fundraising $121,745

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,270,270 · end of year $1,043,465

• 2 · Savings and temporary cash investments

  beginning of year $188,314,124 · end of year $131,521,172

• 3 · Pledges and grants receivable

  beginning of year $61,020,376 · end of year $47,170,995

• 4 · Accounts receivable

  beginning of year $2,499,395 · end of year $2,411,222

• 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

• 7 · Other notes and loans receivable

  beginning of year $5,070,979 · end of year $5,574,944

• 8 · Inventories for sale or use

  beginning of year $582,169 · end of year $669,246

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,747,206 · end of year $11,819,516

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

  $1,199,796,641

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

  $468,126,822

• 10c · Land, buildings and equipment, net

  beginning of year $663,438,191 · end of year $731,669,819

• 11 · Investments: publicly traded securities

  beginning of year $346,607,736 · end of year $94,356,197

• 12 · Investments: other securities

  beginning of year $2,331,374,845 · end of year $2,696,786,885

• 13 · Investments: program-related

  beginning of year $1,634,353 · end of year $1,069,516

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $4,139,846 · end of year $1,135,049

• 17 · Accounts payable and accrued expenses

  beginning of year $38,860,377 · end of year $45,174,670

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $6,685,049 · end of year $6,472,842

• 20 · Tax-exempt bond liabilities

  beginning of year $72,960,000 · end of year $72,960,000

• 21 · Escrow or custodial account liability

  beginning of year $12,435,101 · end of year $12,718,685

• 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 $1,449,225 · end of year $1,383,888

• 24 · Unsecured notes and loans payable

  beginning of year $440,698,406 · end of year $440,763,338

• 25 · Other liabilities

  beginning of year $59,355,429 · end of year $61,864,942

• 27 · Net assets without donor restrictions

  beginning of year $881,747,556 · end of year $944,054,993

• 28 · Net assets with donor restrictions

  beginning of year $2,101,508,347 · end of year $2,139,834,668

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A

COMPENSATION HOUSING: THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS IN THE PRESIDENT'S HOUSE AS A CONDITION OF EMPLOYMENT AND, THEREFORE, THE HOUSING ALLOWANCE IS NOT TAXABLE. THE AMOUNT IS INCLUDED IN COLUMN D OF SCHEDULE J, PART II. ONE HIGHEST COMPENSATED EMPLOYEE RECEIVES A TAXABLE RENT SUBSIDY. THE AMOUNT IS INCLUDED IN COLUMN B(III) OF SCHEDULE J, PART II. PERSONAL SERVICES: A COLLEGE EMPLOYEE FROM THE FACILITIES MAINTENANCE DEPARTMENT MAINTAINS THE PRESIDENT'S HOUSE SIMILARLY TO OTHER CAMPUS FACILITIES. ANY HOUSEKEEPING OF THE PRESIDENT'S PERSONAL QUARTERS IS INCIDENTAL TO THE CLEANING OF THE PUBLIC AREAS OF THE RESIDENCE. THIS HOUSEKEEPING IS CONSIDERED TO BE OF NO ADDITIONAL COST TO THE INSTITUTION. THESE ARE NOT CONSIDERED BENEFITS TO THE PRESIDENT.

SCHEDULE J, PART I, LINE 4B

EFFECTIVE JULY 1, 2018 THE COLLEGE ENTERED INTO A NON-QUALIFIED SECTION 457(F) ARRANGEMENT WITH ITS FORMER PRESIDENT. UNDER THE TERMS OF THE PLAN, THE FORMER PRESIDENT RECEIVED A CREDIT TO HER ACCOUNT FOR EACH PLAN YEAR SHE HELD THE TITLE OF THE PRESIDENT OF THE COLLEGE. THIS AMOUNT VESTED AND WAS PAID OUT TO THE FORMER PRESIDENT IN 2023. THIS AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN B(III). EFFECTIVE JULY 1, 2023 THE COLLEGE ENTERED INTO A NON-QUALIFIED SECTION 457(F) ARRANGEMENT WITH ITS CURRENT PRESIDENT. UNDER THE TERMS OF THE PLAN, THE PRESIDENT WILL RECEIVE A CREDIT TO HER ACCOUNT FOR EACH PLAN YEAR SHE HOLDS THE TITLE OF THE PRESIDENT OF THE COLLEGE. AMOUNTS ARE SCHEDULED TO VEST AND BE PAYABLE IN THE FUTURE PROVIDED CONTRACT TERMS ARE MET.

SCHEDULE J, PART I, LINE 7

CERTAIN INDIVIDUALS LISTED IN SCHEDULE J, PART II RECEIVED A BONUS AND THE AMOUNT OF SUCH BONUSES ARE SHOWN ON SCHEDULE J, PART II, COLUMN (B)(II). SEE ALSO LINE 4B DISCLOSURE FOR THE PRESIDENT.

SCHEDULE J, PART I, LINE 8

THE PRESIDENT OF THE COLLEGE WAS PAID AMOUNTS LISTED ON PART VII THAT WERE SUBJECT TO THE INITIAL CONTRACT EXCEPTION.

Disregarded entities

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

• The Ellery Hotel LLC

  HOSP. ACCOM. · MA · income $1,413,317 · assets $5,090,476

  Directly controlled by SMITH

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (38)

  TRUST · INVESTING · controlled entity

  Directly controlled by NA

• POOLED INCOME FUND (40)

  TRUST · INVESTING · controlled entity

  Directly controlled by NA

• PERPETUAL TRUSTS (6)

  TRUST · INVESTING · controlled entity

  Directly controlled by NA