Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $28,240

• 1e · Government grants (contributions)

  $73,982

• 1f · All other contributions, gifts and grants

  $2,417,506

• 1g · Noncash contributions included above

  $18,225

• 2a · Program service revenue: TUITION AND FEES

  total $2,081,470 · related or exempt $2,081,470

• 3 · Investment income

  total $5,063 · excluded $5,063

• 7a · Gross sales of assets other than inventory

  other assets $69,359

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

  other assets $112,874

• 7c · Gain or loss

  other assets -$43,515

• 7d · Net gain or loss

  total -$43,515 · excluded -$43,515

• 8a · Fundraising events: gross income

  $102,028

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

  $28,240

• 8b · Fundraising events: direct expenses

  $265,057

• 8c · Net income from fundraising events

  total -$163,029 · excluded -$163,029

• 11a · Other revenue: OTHER REVENUE

  total $18,364 · excluded $18,364

• 11e · Other revenue, total

  $18,364

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $526,394 · program services $526,394

• 5 · Compensation of officers, directors and key employees

  total $226,264 · management and general $113,132 · fundraising $113,132

• 7 · Other salaries and wages

  total $2,534,335 · program services $2,437,627 · management and general $96,708

• 9 · Other employee benefits

  total $241,249 · program services $225,363 · management and general $15,886

• 10 · Payroll taxes

  total $609,425 · program services $540,631 · management and general $53,392 · fundraising $15,402

• 11b · Fees: legal

  total $3,221 · management and general $3,221

• 11g · Fees: other

  total $738,698 · program services $639,570 · management and general $46,334 · fundraising $52,794

• 12 · Advertising and promotion

  total $96,059 · program services $75,622 · management and general $13,051 · fundraising $7,386

• 13 · Office expenses

  total $6,267 · program services $3,177 · management and general $974 · fundraising $2,116

• 14 · Information technology

  total $175,596 · program services $141,362 · management and general $25,622 · fundraising $8,612

• 16 · Occupancy

  total $219,713 · program services $136,294 · management and general $68,761 · fundraising $14,658

• 17 · Travel

  total $32,274 · program services $27,122 · management and general $4,025 · fundraising $1,127

• 19 · Conferences, conventions and meetings

  total $65,005 · program services $52,332 · management and general $9,485 · fundraising $3,188

• 20 · Interest

  total $50,524 · program services $40,674 · management and general $7,372 · fundraising $2,478

• 22 · Depreciation, depletion and amortization

  total $396,360 · program services $218,403 · management and general $153,690 · fundraising $24,267

• 23 · Insurance

  total $301,094 · program services $195,996 · management and general $93,736 · fundraising $11,362

• 24a · Other expenses: ACADEMIC EXPENSES

  total $414,215 · program services $298,004 · management and general $81,224 · fundraising $34,987

• 24b · Other expenses: BAD DEBT

  total $160,501 · program services $131,631 · management and general $24,965 · fundraising $3,905

• 24c · Other expenses: OTHER EDUCATION

  total $99,754 · program services $71,453 · management and general $22,074 · fundraising $6,227

• 24d · Other expenses: PROFESSIONAL DEVEL.

  total $4,838 · program services $3,895 · management and general $706 · fundraising $237

• 24e · All other expenses

  total $3,150 · program services $2,536 · management and general $460 · fundraising $154

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,642 · end of year $2,527

• 2 · Savings and temporary cash investments

  beginning of year $2,218,800 · end of year $44,654

• 3 · Pledges and grants receivable

  beginning of year $43,498 · end of year $1,388

• 4 · Accounts receivable

  beginning of year $83,700 · end of year $157,569

• 9 · Prepaid expenses and deferred charges

  beginning of year $148,036 · end of year $74,557

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

  $14,187,734

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

  $7,167,556

• 10c · Land, buildings and equipment, net

  beginning of year $7,461,588 · end of year $7,020,178

• 17 · Accounts payable and accrued expenses

  beginning of year $755,020 · end of year $505,241

• 19 · Deferred revenue

  beginning of year $118,481 · end of year $114,360

• 20 · Tax-exempt bond liabilities

  beginning of year $797,500 · end of year $630,961

• 22 · Loans and payables to officers and key people

  end of year $310,000

• 23 · Secured mortgages and notes payable

  beginning of year $353,217 · end of year $297,795

• 25 · Other liabilities

  beginning of year $109,042 · end of year $105,367

• 27 · Net assets without donor restrictions

  beginning of year $4,563,688 · end of year $2,434,159

• 28 · Net assets with donor restrictions

  beginning of year $3,260,316 · end of year $2,902,990

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT OF THE UNIVERSITY, DR. SEAN HUDDLESTON, IS PROVIDED A HOUSING ALLOWANCE OF $6,000 WHICH IS INCLUDED IN HIS TAXABLE COMPENSATION FOR CALENDAR YEAR 2022.

PART I, LINE 4B

IN 2022, THE ORGANIZATION CONTRIBUTED $0 TO DR. SEAN HUDDLESTONE'S 457(F). NO AMOUNTS VESTED OR WERE DISTRIBUTED IN 2022.