Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $85,548

• 1f · All other contributions, gifts and grants

  $13,581

• 2a · Program service revenue: TUITION AND FEES

  total $5,402,746 · related or exempt $5,402,746

• 2b · Program service revenue: CLINIC REVENUE

  total $360,161 · related or exempt $360,161

• 2c · Program service revenue: REGSTRTN FEES & LIBRAR

  total $8,023 · excluded $8,023

• 3 · Investment income

  total $495,139 · excluded $495,139

• 6a · Gross rents

  real property $13,185

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $13,185

• 6d · Net rental income or loss

  total $13,185 · excluded $13,185

• 7a · Gross sales of assets other than inventory

  securities $3,401,685

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

  securities $3,339,525

• 7c · Gain or loss

  securities $62,160

• 7d · Net gain or loss

  total $62,160 · excluded $62,160

• 10a · Gross sales of inventory

  $72,093

• 10b · Cost of goods sold

  $62,905

• 10c · Net income from sales of inventory

  total $9,188 · excluded $9,188

• 11a · Other revenue: INTERFUND TRANSFERS

  total $48,558 · excluded $48,558

• 11b · Other revenue: SUNDRY INCOME

  total $10,756 · excluded $10,756

• 11c · Other revenue: PRINT SHOP REVENUE

  total $196 · unrelated business $196

• 11e · Other revenue, total

  $59,510

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $467,290 · program services $467,290

• 7 · Other salaries and wages

  total $3,322,739 · program services $3,059,468 · management and general $263,271

• 8 · Pension plan contributions

  total $218,374 · program services $198,281 · management and general $20,093

• 9 · Other employee benefits

  total $452,117 · program services $411,197 · management and general $40,920

• 10 · Payroll taxes

  total $251,670 · program services $231,482 · management and general $20,188

• 11f · Fees: investment management

  total $15,159 · management and general $15,159

• 11g · Fees: other

  total $586,010 · program services $512,443 · management and general $73,567

• 12 · Advertising and promotion

  total $12,897 · program services $4,470 · management and general $8,427

• 13 · Office expenses

  total $428,151 · program services $422,323 · management and general $5,828

• 14 · Information technology

  total $73,677 · program services $51,902 · management and general $21,775

• 16 · Occupancy

  total $2,342,484 · program services $1,833,716 · management and general $508,768

• 17 · Travel

  total $5,622 · program services $5,000 · management and general $622

• 19 · Conferences, conventions and meetings

  total $15,494 · program services $13,243 · management and general $2,251

• 20 · Interest

  total $69 · program services $69

• 22 · Depreciation, depletion and amortization

  total $221,069 · program services $176,006 · management and general $45,063

• 23 · Insurance

  total $16,294 · management and general $16,294

• 24a · Other expenses: COMMENCEMENT

  total $93,405 · program services $93,405

• 24b · Other expenses: STUDENT AID

  total $85,548 · program services $85,548

• 24c · Other expenses: STUDENT SERVICES & ACTI

  total $33,154 · program services $33,154

• 24d · Other expenses: LICENSE, FEES & PERMITS

  total $26,946 · program services $4,098 · management and general $22,848

• 24e · All other expenses

  total $11,352 · program services $5,970 · management and general $5,382

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,609,563 · end of year $294,092

• 2 · Savings and temporary cash investments

  beginning of year $290,108 · end of year $9,779,268

• 3 · Pledges and grants receivable

  beginning of year $2,000 · end of year $0

• 4 · Accounts receivable

  beginning of year $335,367 · end of year $236,089

• 8 · Inventories for sale or use

  beginning of year $72,184 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $177,892 · end of year $206,464

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

  $5,722,777

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

  $4,261,787

• 10c · Land, buildings and equipment, net

  beginning of year $1,670,595 · end of year $1,460,990

• 11 · Investments: publicly traded securities

  beginning of year $11,194,722 · end of year $1,109,832

• 15 · Other assets

  beginning of year $3,169,141 · end of year $1,584,571

• 17 · Accounts payable and accrued expenses

  beginning of year $743,959 · end of year $484,138

• 23 · Secured mortgages and notes payable

  beginning of year $8,372 · end of year $0

• 25 · Other liabilities

  beginning of year $3,169,140 · end of year $1,675,254

• 27 · Net assets without donor restrictions

  beginning of year $14,204,325 · end of year $12,093,215

• 28 · Net assets with donor restrictions

  beginning of year $395,776 · end of year $418,699

The filer's explanations (Part III)

PART I, LINE 1A

FIRST CLASS OR CHARTER TRAVEL - FIRST CLASS TRAVEL IS ONLY PERMITTED BY THE CURRENT CHAIRMAN OF THE BOARD OF TRUSTEES SINCE HE IS LOCATED IN ANCHORAGE, ALASKA. CHARTER TRAVEL IS ALLOWED IF IT IS LESS EXPENSIVE THAN INDIVIDUAL AIRFARE WHEN A GROUP IS TRAVELING. THESE BENEFITS ARE NOT TREATED AS TAXABLE INCOME. TRAVELS FOR COMPANIONS - FOR ONE BOARD MEETING A YEAR, SPOUSES OF THE BOARD OF TRUSTEES ARE INVITED TO ACCOMPANY HIS/HER SPOUSE TO THE CITY WHERE THE MEETING TAKES PLACE. MOST YEARS THE COLLEGE REIMBURSES THE TRUSTEE MEMBER FOR THE SPOUSE'S TRAVEL AND EACH TRUSTEE MEMBER IS PROVIDED AN IRS FORM 1099 FOR THAT REIMBURSEMENT. ON A LESS FREQUENT BASIS, SPOUSES OF EXECUTIVES ARE INVITED TO BOARD MEETINGS. THE COST OF THAT TRAVEL IS ADDED TO AN EMPLOYEE'S IRS FORM W-2.

PART I, LINE 3

COMPENSATION FOR THE PRESIDENT/CHANCELLOR IS DETERMINED BY THE BOARD OF PALMER COLLEGE FOUNDATION, A RELATED ENTITY.

PART I, LINES 4A-B

THOMAS SOUZA RECEIVED A SEVERANCE PAYMENT OF $54,564. PALMER COLLEGE FOUNDATION, A RELATED ENTITY, MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. CONTRIBUTIONS DURING THE YEAR TOTALED $5,000 FOR JENNIFER RANDAZZO.