Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $212,023

• 1d · Related organizations

  $20,500

• 1e · Government grants (contributions)

  $2,679,321

• 1f · All other contributions, gifts and grants

  $71,526

• 1g · Noncash contributions included above

  $67,359

• 2a · Program service revenue: Tuition and Fees

  total $78,044,799 · related or exempt $78,044,799

• 2b · Program service revenue: Educational Clinic

  total $1,155,636 · related or exempt $1,155,636

• 2c · Program service revenue: Dining and Other Auxiliary

  total $1,169,653 · related or exempt $1,169,653

• 2d · Program service revenue: Synapse Management Services

  total $1,983,720 · related or exempt $1,983,720

• 2f · All other program service revenue

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

• 3 · Investment income

  total $1,672,684 · excluded $1,672,684

• 6a · Gross rents

  real property $37,028

• 6c · Rental income or loss

  real property $37,028 · personal property $0

• 6d · Net rental income or loss

  total $37,028 · excluded $37,028

• 7a · Gross sales of assets other than inventory

  securities $7,770,040

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

  securities $7,386,258

• 7c · Gain or loss

  securities $383,782 · other assets $0

• 7d · Net gain or loss

  total $383,782 · excluded $383,782

• 8a · Fundraising events: gross income

  $60,787

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

  $212,023

• 8b · Fundraising events: direct expenses

  $258,591

• 8c · Net income from fundraising events

  total -$197,804 · excluded -$197,804

• 10a · Gross sales of inventory

  $827,045

• 10b · Cost of goods sold

  $673,942

• 10c · Net income from sales of inventory

  total $153,103 · related or exempt $79,703 · unrelated business $73,400

• 11a · Other revenue: Miscellaneous Revenue

  total $58,279 · related or exempt $40,185 · excluded $18,094

• 11d · All other revenue

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

• 11e · Other revenue, total

  $58,279

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $24,516 · program services $24,516

• 2 · Grants to domestic individuals

  total $9,098,965 · program services $9,098,965

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $1,405,165 · program services $405,106 · management and general $871,690 · fundraising $128,369

• 6 · Compensation of disqualified persons

  total $100,226 · program services $100,226

• 7 · Other salaries and wages

  total $30,931,466 · program services $23,292,366 · management and general $7,350,338 · fundraising $288,762

• 8 · Pension plan contributions

  total $1,244,396 · program services $1,016,728 · management and general $211,846 · fundraising $15,822

• 9 · Other employee benefits

  total $4,796,845 · program services $161,374 · management and general $4,635,471

• 10 · Payroll taxes

  total $2,661,390 · program services $2,093,852 · management and general $542,208 · fundraising $25,330

• 11b · Fees: legal

  total $159,171 · program services $102,422 · management and general $56,749

• 11c · Fees: accounting

  total $166,475 · management and general $166,475

• 11d · Fees: lobbying

  total $90,000 · management and general $90,000

• 11g · Fees: other

  total $3,072,856 · program services $2,442,685 · management and general $604,640 · fundraising $25,531

• 12 · Advertising and promotion

  total $3,416,564 · program services $1,737,311 · management and general $1,676,437 · fundraising $2,816

• 13 · Office expenses

  total $965,938 · program services $534,373 · management and general $419,897 · fundraising $11,668

• 14 · Information technology

  total $4,231,379 · program services $2,228,897 · management and general $2,002,482

• 16 · Occupancy

  total $8,416,839 · program services $3,040,771 · management and general $5,374,631 · fundraising $1,437

• 17 · Travel

  total $1,129,139 · program services $776,290 · management and general $340,366 · fundraising $12,483

• 19 · Conferences, conventions and meetings

  total $1,155,448 · program services $373,127 · management and general $686,728 · fundraising $95,593

• 20 · Interest

  total $2,442 · management and general $1,756 · fundraising $686

• 22 · Depreciation, depletion and amortization

  total $4,377,828 · program services $3,667,181 · management and general $568,518 · fundraising $142,129

• 23 · Insurance

  total $1,118,320 · program services $89,440 · management and general $1,028,880

• 24a · Other expenses: Seminar Expenses

  total $2,385,941 · program services $2,385,941

• 24b · Other expenses: Student Life

  total $1,615,604 · program services $1,580,385 · management and general $35,219

• 24c · Other expenses: Bad Debt Expense

  total $950,220 · program services $950,220

• 24d · Other expenses: Dues & Subscription

  total $733,417 · program services $208,129 · management and general $525,288

• 24e · All other expenses

  total $2,671,073 · program services $2,521,876 · management and general $149,197 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $28,474,610 · end of year $27,743,057

• 3 · Pledges and grants receivable

  beginning of year $205,000 · end of year $132,500

• 4 · Accounts receivable

  beginning of year $8,012,660 · end of year $9,856,221

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $726,226 · end of year $530,991

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,634,189 · end of year $2,498,849

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

  $85,887,912

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

  $31,772,775

• 10c · Land, buildings and equipment, net

  beginning of year $55,261,233 · end of year $54,115,137

• 11 · Investments: publicly traded securities

  beginning of year $40,237,060 · end of year $46,702,650

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $4,179,749 · end of year $2,884,880

• 17 · Accounts payable and accrued expenses

  beginning of year $19,205,945 · end of year $19,872,976

• 19 · Deferred revenue

  beginning of year $168,965 · end of year $148,521

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $2,639,116 · end of year $2,182,669

• 27 · Net assets without donor restrictions

  beginning of year $114,816,701 · end of year $120,140,119

• 28 · Net assets with donor restrictions

  beginning of year $1,900,000 · end of year $2,120,000

The filer's explanations (Part III)

Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses

THE UNIVERSITY'S BYLAWS ESTABLISH THE SOLE AUTHORITY OF THE BOARD TO DESIGN AND ESTABLISH THE COMPENSATION PACKAGE OF THE PRESIDENT, INCLUDING THE PAYMENT OF BONUSES. DURING THE FISCAL YEAR, THE UNIVERSITY PUBLISHED A WRITTEN POLICY FOR THE GROSS UP OF BONUSES PAID TO EMPLOYEES.

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

THE EXECUTIVE COMMITTEE RECOMMENDS AND BOARD OF TRUSTEES MUST APPROVE BONUSES PAID TO THE PRESIDENT. PERFORMANCE-BASED BONUSES ARE PAID TO KEY EMPLOYEES AT THE DISCRETION OF THE PRESIDENT.

Schedule J, Part I, Line 1a Benefits Provided to Individuals

THE UNIVERSITY DURING THE TAX YEAR GROSSED UP BONUSES PAID TO ITS EMPLOYEES, INCLUDING BUT NOT LIMITED TO LISTED PERSONS. THE ORGANIZATION PROVIDES BENEFITS AS INDICATED IN LINE 1A TO THE ORGANIZATION'S PRESIDENT WILLIAM MORGAN AS PART OF HIS TAXABLE COMPENSATION: HOUSING ALLOWANCE AND SPOUSAL TRAVEL.