Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $107,535

• 1d · Related organizations

  $449,411

• 1e · Government grants (contributions)

  $137,421

• 1f · All other contributions, gifts and grants

  $15,230,387

• 1g · Noncash contributions included above

  $312,324

• 2a · Program service revenue: TUITION & RELATED INC.

  total $35,134,483 · related or exempt $35,134,483

• 2b · Program service revenue: OTHER PROGRAM REVENUE

  total $98,441 · related or exempt $98,441

• 3 · Investment income

  total $3,078,511 · excluded $3,078,511

• 6a · Gross rents

  real property $492,492

• 6b · Less rental expenses

  real property $294,028

• 6c · Rental income or loss

  real property $198,464

• 6d · Net rental income or loss

  total $198,464 · excluded $198,464

• 7a · Gross sales of assets other than inventory

  securities $5,100,141

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

  securities $4,738,536 · other assets $2,328

• 7c · Gain or loss

  securities $361,605 · other assets -$2,328

• 7d · Net gain or loss

  total $359,277 · excluded $359,277

• 8a · Fundraising events: gross income

  $28,705

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

  $107,535

• 8b · Fundraising events: direct expenses

  $46,496

• 8c · Net income from fundraising events

  total -$17,791 · excluded -$17,791

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $4,253,238 · program services $4,253,238

• 5 · Compensation of officers, directors and key employees

  total $1,717,575 · program services $393,210 · management and general $870,140 · fundraising $454,225

• 7 · Other salaries and wages

  total $16,610,007 · program services $13,842,253 · management and general $2,047,990 · fundraising $719,764

• 8 · Pension plan contributions

  total $408,791 · management and general $408,791

• 9 · Other employee benefits

  total $2,306,765 · program services $1,731,524 · management and general $476,461 · fundraising $98,780

• 10 · Payroll taxes

  total $1,312,065 · program services $1,036,188 · management and general $193,054 · fundraising $82,823

• 11b · Fees: legal

  total $90,893 · program services $60,844 · management and general $29,982 · fundraising $67

• 11c · Fees: accounting

  total $115,221 · management and general $115,221

• 11d · Fees: lobbying

  total $6,000 · management and general $6,000

• 11e · Fees: professional fundraising services

  total $94,024 · fundraising $94,024

• 11f · Fees: investment management

  total $423,519 · management and general $423,519

• 11g · Fees: other

  total $1,105,981 · program services $240,877 · management and general $844,792 · fundraising $20,312

• 12 · Advertising and promotion

  total $1,658,206 · program services $1,576,671 · fundraising $81,535

• 13 · Office expenses

  total $1,861,330 · program services $1,541,994 · management and general $179,986 · fundraising $139,350

• 14 · Information technology

  total $1,500,379 · program services $549,529 · management and general $896,111 · fundraising $54,739

• 16 · Occupancy

  total $3,240,549 · program services $2,993,077 · management and general $221,818 · fundraising $25,654

• 17 · Travel

  total $233,191 · program services $189,138 · management and general $21,891 · fundraising $22,162

• 19 · Conferences, conventions and meetings

  total $701,754 · program services $279,737 · management and general $402,276 · fundraising $19,741

• 20 · Interest

  total $162,185 · management and general $162,185

• 22 · Depreciation, depletion and amortization

  total $3,527,123 · program services $3,252,282 · management and general $240,486 · fundraising $34,355

• 24a · Other expenses: BAD DEBT EXPENSE

  total $618,006 · management and general $618,006

• 24b · Other expenses: MEALS & ENTERTAINMENT

  total $377,144 · program services $212,401 · management and general $66,203 · fundraising $98,540

• 24e · All other expenses

  total $216,469 · program services $44,235 · management and general $172,172 · fundraising $62

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,937,681 · end of year $18,216,375

• 2 · Savings and temporary cash investments

  beginning of year $10,553,516 · end of year $2,322

• 3 · Pledges and grants receivable

  beginning of year $235,038 · end of year $1,519,048

• 4 · Accounts receivable

  beginning of year $532,206 · end of year $469,023

• 9 · Prepaid expenses and deferred charges

  beginning of year $651,856 · end of year $927,219

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

  $79,637,847

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

  $44,022,416

• 10c · Land, buildings and equipment, net

  beginning of year $29,188,917 · end of year $35,615,431

• 11 · Investments: publicly traded securities

  beginning of year $46,872,085 · end of year $56,802,108

• 12 · Investments: other securities

  beginning of year $9,629,052 · end of year $10,249,085

• 17 · Accounts payable and accrued expenses

  beginning of year $4,313,911 · end of year $3,666,269

• 19 · Deferred revenue

  beginning of year $359,137 · end of year $431,330

• 23 · Secured mortgages and notes payable

  beginning of year $3,201,065 · end of year $2,981,563

• 25 · Other liabilities

  beginning of year $2,174,898 · end of year $1,330,752

• 27 · Net assets without donor restrictions

  beginning of year $38,322,189 · end of year $48,693,033

• 28 · Net assets with donor restrictions

  beginning of year $60,229,151 · end of year $66,697,664

The filer's explanations (Part III)

PART I, LINE 1A

FIRST-CLASS & COMPANION TRAVEL WERE FOR A BONA FIDE BUSINESS PURPOSE AND BENEFITTED THE COLLEGE. THE PRESIDENT'S WIFE, VALERIE, TRAVELED TO ARIZONA AND FLORIDA TO ATTEND THE ANNUAL ALUMNI EVENTS WHICH BENEFITTED THE COLLEGE. THESE BENEFITS WERE EXCLUDED FROM THE PRESIDENT'S TAXABLE COMPENSATION.

PART I, LINE 4B

$76,669 WAS CONTRIBUTED TO RICHARD WAGNER'S 457(F) PLAN AND WAS NOT DISTRIBUTED IN 2023. PER THE TERMS OF HIS PLAN, IT WILL BE FULLY VESTED IN 2025.

PART I, LINE 6

THE BOARD HAS ELECTED TO PROVIDE A SHORT TERM INCENTIVE PLAN AS PART OF THE CABINET'S COMPENSATION AND BENEFITS PACKAGE. ITS PURPOSE IS TO CREATE A CLEAR LINE OF SIGHT BETWEEN INDIVIDUAL AND ORGANIZATIONAL GOALS AND THE ATTAINMENT OF AGREED UPON FINANCIAL METRICS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• 712 ONTARIO LLC

  712 ONTARIO BUILDING PROPERTY MANAGEMENT · MN · income $105,181 · assets $3,890,659

  Directly controlled by DUNWOODY COLLEGE OF TECHNOLOGY