Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,733,421

• 1f · All other contributions, gifts and grants

  $8,333,345

• 1g · Noncash contributions included above

  $430,495

• 2a · Program service revenue: TUITION (INCLUDING FINANCIAL AID)

  total $105,507,587 · related or exempt $105,507,587

• 2b · Program service revenue: STUDENT HOUSING/AUXILIARY ENTERPRISES

  total $16,074,460 · related or exempt $16,074,460

• 2c · Program service revenue: STUDENT FEES

  total $327,539 · related or exempt $327,539

• 2d · Program service revenue: OTHER INSTRUCTION

  total $198,139 · related or exempt $198,139

• 2e · Program service revenue: OTHER ATHLETIC,ACADEMIC, AND ADMIN

  total $180,775 · related or exempt $180,775

• 2f · All other program service revenue

  total $226,534 · related or exempt $226,534 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $2,670,953 · unrelated business -$11,184 · excluded $2,682,137

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

  total $0 · related or exempt $0

• 5 · Royalties

  total $0 · related or exempt $0

• 6a · Gross rents

  real property $1,382,110

• 6b · Less rental expenses

  real property $115,441

• 6c · Rental income or loss

  real property $1,266,669 · personal property $0

• 6d · Net rental income or loss

  total $1,266,669 · unrelated business $291,417 · excluded $975,252

• 7a · Gross sales of assets other than inventory

  securities $27,273,879

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

  securities $25,688,176

• 7c · Gain or loss

  securities $1,585,703 · other assets $0

• 7d · Net gain or loss

  total $1,585,703 · excluded $1,585,703

• 8a · Fundraising events: gross income

  $0

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

  $0

• 8b · Fundraising events: direct expenses

  $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 11a · Other revenue: THEATRE GATE RECEIPTS

  total $320,549 · excluded $320,549

• 11b · Other revenue: PARKING FINES/FEES

  total $284,134 · excluded $284,134

• 11c · Other revenue: ATHLETIC GATE RECEIPTS

  total $47,451 · excluded $47,451

• 11d · All other revenue

  total $303,604 · related or exempt $0 · unrelated business $0 · excluded $303,604

• 11e · Other revenue, total

  $955,738

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $58,026,367 · program services $58,026,367

• 5 · Compensation of officers, directors and key employees

  total $2,468,736 · program services $1,061,275 · management and general $1,018,112 · fundraising $389,349

• 6 · Compensation of disqualified persons

  total $284,871 · program services $284,871

• 7 · Other salaries and wages

  total $35,113,551 · program services $32,579,705 · management and general $1,938,354 · fundraising $595,492

• 8 · Pension plan contributions

  total $2,588,554 · program services $2,403,897 · management and general $113,176 · fundraising $71,481

• 9 · Other employee benefits

  total $3,803,481 · program services $2,443,037 · management and general $1,309,659 · fundraising $50,785

• 10 · Payroll taxes

  total $2,683,073 · program services $2,430,119 · management and general $182,444 · fundraising $70,510

• 11b · Fees: legal

  total $213,802 · program services $106,584 · management and general $94,379 · fundraising $12,839

• 11c · Fees: accounting

  total $121,585 · program services $24,317 · management and general $97,268

• 11d · Fees: lobbying

  total $60,360 · fundraising $60,360

• 11f · Fees: investment management

  total $271,592 · program services $54,318 · management and general $217,274

• 11g · Fees: other

  total $3,226,613 · program services $2,144,896 · management and general $991,440 · fundraising $90,277

• 12 · Advertising and promotion

  total $1,846,624 · program services $1,152,112 · management and general $606,327 · fundraising $88,185

• 13 · Office expenses

  total $1,151,129 · program services $1,128,492 · management and general -$14,066 · fundraising $36,703

• 14 · Information technology

  total $1,892,495 · program services $1,169,984 · management and general $720,160 · fundraising $2,351

• 15 · Royalties

  total $5,914 · program services $5,914

• 16 · Occupancy

  total $9,779,476 · program services $9,003,930 · management and general $730,210 · fundraising $45,336

• 17 · Travel

  total $1,633,659 · program services $1,571,004 · management and general $18,522 · fundraising $44,133

• 19 · Conferences, conventions and meetings

  total $314,258 · program services $290,096 · management and general $21,453 · fundraising $2,709

• 20 · Interest

  total $2,444,987 · program services $2,359,121 · management and general $85,866

• 22 · Depreciation, depletion and amortization

  total $8,422,049 · program services $8,126,272 · management and general $295,777

• 23 · Insurance

  total $243,538 · program services $243,538

• 24a · Other expenses: Food Service

  total $4,859,972 · program services $4,859,972

• 24b · Other expenses: Hospitality

  total $1,535,308 · program services $1,140,109 · management and general $286,097 · fundraising $109,102

• 24c · Other expenses: Dues & Subscriptions

  total $1,186,130 · program services $1,011,604 · management and general $71,408 · fundraising $103,118

• 24d · Other expenses: Loss on Disposal of Asset

  total $1,064,168 · program services $1,064,168

• 24e · All other expenses

  total $2,196,490 · program services $1,548,828 · management and general $635,187 · fundraising $12,475

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $33,633,547 · end of year $29,793,557

• 3 · Pledges and grants receivable

  beginning of year $1,779,338 · end of year $1,148,037

• 4 · Accounts receivable

  beginning of year $1,887,357 · end of year $1,778,081

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $5,300,420 · end of year $4,757,500

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,041,122 · end of year $2,153,611

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

  $310,337,591

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

  $117,902,604

• 10c · Land, buildings and equipment, net

  beginning of year $196,289,102 · end of year $192,434,987

• 11 · Investments: publicly traded securities

  beginning of year $95,057,140 · end of year $103,474,474

• 12 · Investments: other securities

  beginning of year $23,912,638 · end of year $25,312,878

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $0 · end of year $1,402,832

• 17 · Accounts payable and accrued expenses

  beginning of year $6,480,654 · end of year $6,092,203

• 19 · Deferred revenue

  beginning of year $2,053,870 · end of year $4,038,320

• 20 · Tax-exempt bond liabilities

  beginning of year $83,519,905 · end of year $81,921,599

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $2,604,451 · end of year $1,287,771

• 27 · Net assets without donor restrictions

  beginning of year $180,244,265 · end of year $176,788,071

• 28 · Net assets with donor restrictions

  beginning of year $85,997,519 · end of year $92,127,993

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

TAX GROSS-UPS WERE PAID TO VARIOUS INDIVIDUALS DURING THE YEAR. THE FAIR VALUE WAS INCLUDED IN THEIR ANNUAL TAXABLE INCOME.

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

THE PRESIDENT OF THE COLLEGE IS THE ONLY EMPLOYEE WHO RECEIVES A HOUSING BENEFIT. HOUSING IS REQUIRED AS A CONDITION OF EMPLOYMENT AND IS THEREFORE NOT TAXABLE COMPENSATION. THE PRESIDENT'S CONTRACT STIPULATED THE COLLEGE SHALL PAY ALL UTILITIES, REAL ESTATE TAXES, INSURANCE AND EXPENSE FOR MAINTENANCE AND UPKEEP FOR THE PRESIDENTIAL RESIDENCE, AS THE RESIDENCE IS REGULARLY USED FOR COLLEGE BUSINESS. THE COLLEGE HAS DETERMINED THE VALUE OF THE USE IS NOT CONSIDERED TAXABLE INCOME.

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

THE COLLEGE PRESIDENT INCURS COUNTRY CLUB DUES FOR ENTERTAINMENT/FUNDRAISING PURPOSES FOR THE DIRECT BENEFIT OF THE COLLEGE. PAYMENTS ARE TAXABLE.

Schedule J, Part I, Line 1a Personal services

CLEANING SERVICES: AN OUTSIDE SERVICE IS USED AS NEEDED TO PROVIDE CLEANING SERVICES NECESSARY FOR THE FUNCTION OF THE PRESIDENT'S HOUSE. THE PAYMENT FOR SUCH ITEMS ARE TAXABLE TO THE PRESIDENT FOR THE PERSONAL SPACES OF THE HOUSE.

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

ALL BONUSES ARE DISCRETIONARY AND NOT A FIXED AMOUNT OR PERCENTAGE OF COMPENSATION. THE PRESIDENT'S BONUS IS APPROVED BY THE NCC COMPENSATION COMMITTEE.

Related corporations and trusts

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

• Charitable Remainder Trusts (7)

  Trust · Investment · IL

  Directly controlled by na