Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $2,500

• 1e · Government grants (contributions)

  $5,884,392

• 1f · All other contributions, gifts and grants

  $1,756,684

• 1g · Noncash contributions included above

  $17,382

• 2a · Program service revenue: TUITION AND FEES

  total $27,273,355 · related or exempt $27,273,355

• 2b · Program service revenue: AUXILIARY SERVICES

  total $2,814,769 · related or exempt $2,814,769

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $753,009 · excluded $753,009

• 5 · Royalties

  total $43,690 · excluded $43,690

• 6a · Gross rents

  real property $36,698

• 6c · Rental income or loss

  real property $36,698 · personal property $0

• 6d · Net rental income or loss

  total $36,698 · excluded $36,698

• 7a · Gross sales of assets other than inventory

  securities $10,380,853 · other assets $325,438

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

  securities $10,380,853 · other assets $171,206

• 7c · Gain or loss

  securities $0 · other assets $154,232

• 7d · Net gain or loss

  total $154,232 · excluded $154,232

• 8a · Fundraising events: gross income

  $900

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

  $2,500

• 8b · Fundraising events: direct expenses

  $49,470

• 8c · Net income from fundraising events

  total -$48,570 · excluded -$48,570

• 10a · Gross sales of inventory

  $928

• 10b · Cost of goods sold

  $18,455

• 10c · Net income from sales of inventory

  total -$17,527 · related or exempt -$17,527

• 11a · Other revenue: GAIN ON INSURANCE PROCEEDS

  total $141,068 · excluded $141,068

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $141,068

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $12,506,206 · program services $12,506,206

• 5 · Compensation of officers, directors and key employees

  total $437,767 · program services $309,938 · management and general $120,385 · fundraising $7,444

• 6 · Compensation of disqualified persons

  total $94,035 · program services $66,577 · management and general $25,860 · fundraising $1,598

• 7 · Other salaries and wages

  total $11,079,905 · program services $7,844,574 · management and general $3,046,974 · fundraising $188,357

• 8 · Pension plan contributions

  total $364,721 · program services $258,223 · management and general $100,298 · fundraising $6,200

• 9 · Other employee benefits

  total $670,326 · program services $474,590 · management and general $184,340 · fundraising $11,396

• 10 · Payroll taxes

  total $804,007 · program services $569,237 · management and general $221,102 · fundraising $13,668

• 11b · Fees: legal

  total $16,548 · program services $11,716 · management and general $4,551 · fundraising $281

• 11c · Fees: accounting

  total $80,651 · program services $57,101 · management and general $22,179 · fundraising $1,371

• 11d · Fees: lobbying

  total $73,864 · management and general $73,864

• 11g · Fees: other

  total $2,099,947 · program services $1,570,428 · management and general $491,811 · fundraising $37,708

• 12 · Advertising and promotion

  total $2,269,739 · program services $1,606,975 · management and general $624,178 · fundraising $38,586

• 13 · Office expenses

  total $233,597 · program services $165,387 · management and general $64,239 · fundraising $3,971

• 14 · Information technology

  total $882,406 · program services $624,743 · management and general $242,662 · fundraising $15,001

• 16 · Occupancy

  total $987,208 · program services $698,943 · management and general $271,482 · fundraising $16,783

• 17 · Travel

  total $427,854 · program services $302,920 · management and general $117,660 · fundraising $7,274

• 19 · Conferences, conventions and meetings

  total $6,978 · program services $4,940 · management and general $1,919 · fundraising $119

• 20 · Interest

  total $111,096 · program services $78,656 · management and general $30,551 · fundraising $1,889

• 22 · Depreciation, depletion and amortization

  total $1,568,847 · program services $1,110,744 · management and general $431,433 · fundraising $26,670

• 23 · Insurance

  total $309,153 · program services $218,880 · management and general $85,017 · fundraising $5,256

• 24a · Other expenses: AUXILIARY SUPPORT

  total $1,522,993 · program services $1,078,279 · management and general $418,823 · fundraising $25,891

• 24b · Other expenses: BAD DEBT EXPENSE

  total $582,653 · program services $412,518 · management and general $160,230 · fundraising $9,905

• 24c · Other expenses: HOUSING ALLOWANCE

  total $183,501 · program services $129,918 · management and general $50,463 · fundraising $3,120

• 24d · Other expenses: FURNITURE AND EQUIPMENT

  total $166,394 · program services $117,807 · management and general $45,758 · fundraising $2,829

• 24e · All other expenses

  total $884,757 · program services $626,410 · management and general $243,309 · fundraising $15,038

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,309,258 · end of year $4,442,362

• 2 · Savings and temporary cash investments

  beginning of year $7,145,140 · end of year $5,665,719

• 3 · Pledges and grants receivable

  beginning of year $1,927

• 4 · Accounts receivable

  beginning of year $3,059,987 · end of year $1,928,914

• 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 $32,230 · end of year $385

• 8 · Inventories for sale or use

  beginning of year $62,370 · end of year $37,932

• 9 · Prepaid expenses and deferred charges

  beginning of year $278,520 · end of year $457,098

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

  $39,850,159

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

  $16,350,861

• 10c · Land, buildings and equipment, net

  beginning of year $24,667,410 · end of year $23,499,298

• 11 · Investments: publicly traded securities

  beginning of year $4,642,382 · end of year $7,118,313

• 12 · Investments: other securities

  beginning of year $175,000 · end of year $168,136

• 13 · Investments: program-related

  beginning of year $389,092

• 14 · Intangible assets

  beginning of year $22,421 · end of year $22,421

• 15 · Other assets

  beginning of year $167,180 · end of year $58,682

• 17 · Accounts payable and accrued expenses

  beginning of year $1,518,442 · end of year $1,086,470

• 19 · Deferred revenue

  beginning of year $792,619

• 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 $4,545,893 · end of year $3,465,414

• 25 · Other liabilities

  beginning of year $61,584 · end of year $62,406

• 27 · Net assets without donor restrictions

  beginning of year $32,922,096 · end of year $33,344,364

• 28 · Net assets with donor restrictions

  beginning of year $5,112,283 · end of year $5,440,606

The filer's explanations (Part III)

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

Year-end bonus for the individuals listed were gross-up and the bonus was included as taxable wages to the employees. Phil Greenwald: $3,560 Dr. Bobbie Spurgeon-Harris: $2,212 Dr. Leon Desecottier: $541 Dr. Sharon Lease: $3,311 Dr. Harold Kihega: $784

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

PHIL GREENWALD: $48,000 HOUSING ALLOWANCE NON-TAXABLE UNDER INTERNAL REVENUE CODE SECTION 107 [MINISTER OF THE GOSPEL]. THIS IS INCLUDED IN SCHEDULE J, PART II, COLUMN (D).

Schedule J, Part I, Line 4a Severance or change-of-control payment

SEVERANCE IS A VOLUNTARY AGREEMENT THAT SET FORTH THE AGREED UPON SEPARATION DATE FOR EMPLOYMENT AND BENEFITS COVERAGE, THE AMOUNT OF PAYMENT, A CONFIDENTIALITY AGREEMENT CONCERNING COMPANY INFORMATION AND MATERIALS, RETURN OF COMPANY MATERIALS, AND COOPERATION CONCERNING BUSINESS MATTERS. THE FOLLOWING INDIVIDUAL RECEIVED A SEVERANCE PAYMENT IN THEIR 2023 TAXABLE COMPENSATION: Kristin Jasper $43,333

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

MERIT INCREASES OR BONUSES ARE DECIDED ANNUALLY AT THE TIME OF BUDGET PREPARATION. THE PRESIDENT DETERMINES TIMING AND AMOUNT IF THEY ARE GIVEN.