Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $35,422

• 1e · Government grants (contributions)

  $907,263

• 1f · All other contributions, gifts and grants

  $4,134,975

• 1g · Noncash contributions included above

  $168,087

• 2a · Program service revenue: STUDENT TUITION & FEES

  total $123,097,530 · related or exempt $123,097,530 · unrelated business $0 · excluded $0

• 2b · Program service revenue: RESIDENCE HALLS

  total $6,150,607 · related or exempt $6,150,607 · unrelated business $0 · excluded $0

• 2c · Program service revenue: ATHLETIC/ARTS/CULTURE

  total $72,300 · related or exempt $72,300 · unrelated business $0 · excluded $0

• 2d · Program service revenue: GRANTS/LOAN ADMIN FEE

  total $3,634 · related or exempt $3,634 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $713,231 · unrelated business $56,017 · excluded $657,214

• 6a · Gross rents

  real property $126,433

• 6b · Less rental expenses

  real property $44,048

• 6c · Rental income or loss

  real property $82,385

• 6d · Net rental income or loss

  total $82,385 · unrelated business $62,725 · excluded $19,660

• 7a · Gross sales of assets other than inventory

  securities $65,103,314

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

  securities $62,722,725

• 7c · Gain or loss

  securities $2,380,589

• 7d · Net gain or loss

  total $2,380,589 · excluded $2,380,589

• 8a · Fundraising events: gross income

  $21,115

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

  $35,422

• 8b · Fundraising events: direct expenses

  $56,537

• 8c · Net income from fundraising events

  total -$35,422 · excluded -$35,422

• 11a · Other revenue: FOOD SERVICE

  total $457,313 · excluded $457,313

• 11b · Other revenue: STUDENT ACTIVITIES

  total $420,000 · related or exempt $420,000

• 11c · Other revenue: STUDENT PROGRAM FEES

  total $397,835 · related or exempt $397,835

• 11d · All other revenue

  total $740,077 · related or exempt $209,966 · excluded $530,111

• 11e · Other revenue, total

  $2,015,225

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $59,755,942 · program services $59,755,942

• 3 · Grants to foreign organizations and individuals

  total $182,095 · program services $182,095

• 5 · Compensation of officers, directors and key employees

  total $1,677,960 · program services $1,158,970 · management and general $413,991 · fundraising $104,999

• 7 · Other salaries and wages

  total $34,396,670 · program services $29,143,719 · management and general $3,914,965 · fundraising $1,337,986

• 8 · Pension plan contributions

  total $1,885,199 · program services $1,583,567 · management and general $226,224 · fundraising $75,408

• 9 · Other employee benefits

  total $5,866,072 · program services $4,927,500 · management and general $703,929 · fundraising $234,643

• 10 · Payroll taxes

  total $2,601,978 · program services $2,185,662 · management and general $312,237 · fundraising $104,079

• 11a · Fees: management

  total $60,365 · management and general $60,365

• 11b · Fees: legal

  total $56,131 · management and general $56,131

• 11c · Fees: accounting

  total $225,891 · management and general $225,891

• 11f · Fees: investment management

  total $66,469 · management and general $66,469

• 11g · Fees: other

  total $5,467,978 · management and general $5,467,978

• 12 · Advertising and promotion

  total $1,688,531 · program services $1,418,366 · management and general $202,624 · fundraising $67,541

• 13 · Office expenses

  total $2,762,491 · program services $2,320,492 · management and general $331,499 · fundraising $110,500

• 14 · Information technology

  total $2,035,830 · program services $1,710,097 · management and general $244,300 · fundraising $81,433

• 15 · Royalties

  total $10,059 · program services $8,450 · management and general $1,207 · fundraising $402

• 16 · Occupancy

  total $2,444,415 · program services $2,053,308 · management and general $293,330 · fundraising $97,777

• 17 · Travel

  total $2,457,716 · program services $2,064,481 · management and general $294,926 · fundraising $98,309

• 20 · Interest

  total $3,054,147 · program services $2,565,483 · management and general $366,498 · fundraising $122,166

• 22 · Depreciation, depletion and amortization

  total $3,440,193 · program services $2,889,762 · management and general $412,823 · fundraising $137,608

• 23 · Insurance

  total $973,641 · program services $817,858 · management and general $116,837 · fundraising $38,946

• 24a · Other expenses: BAD DEBT EXPENSE

  total $922,334 · program services $774,761 · management and general $110,680 · fundraising $36,893

• 24b · Other expenses: BOOKS & PERIODICALS

  total $553,006 · program services $464,525 · management and general $66,361 · fundraising $22,120

• 24c · Other expenses: MEMBERSHIP/SUBSCRIPTION

  total $417,399 · program services $350,615 · management and general $50,088 · fundraising $16,696

• 24e · All other expenses

  total $1,970,713 · program services $1,626,266 · management and general $258,335 · fundraising $86,112

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,082,682 · end of year $3,762,135

• 2 · Savings and temporary cash investments

  beginning of year $28,411,315 · end of year $38,510,194

• 3 · Pledges and grants receivable

  beginning of year $4,728,505 · end of year $6,743,906

• 4 · Accounts receivable

  beginning of year $2,686,251 · end of year $2,683,830

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,544,782 · end of year $2,597,404

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

  $167,676,342

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

  $100,773,974

• 10c · Land, buildings and equipment, net

  beginning of year $67,791,908 · end of year $66,902,368

• 12 · Investments: other securities

  beginning of year $154,066,157 · end of year $161,816,287

• 15 · Other assets

  beginning of year $424,280 · end of year $420,524

• 17 · Accounts payable and accrued expenses

  beginning of year $7,564,361 · end of year $6,128,126

• 19 · Deferred revenue

  beginning of year $2,173,604 · end of year $2,484,659

• 20 · Tax-exempt bond liabilities

  beginning of year $51,998,791 · end of year $51,793,153

• 25 · Other liabilities

  beginning of year $11,646,875 · end of year $21,715,884

• 27 · Net assets without donor restrictions

  beginning of year $105,730,831 · end of year $117,442,897

• 28 · Net assets with donor restrictions

  beginning of year $82,621,418 · end of year $83,871,929

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE THE PRESIDENT IS BEING PROVIDED A HOUSE AS A CONVENIENCE TO THE UNIVERSITY AT 360 COTTAGE HILL AVENUE IN ELMHURST. THIS ALLOWS THE INDIVIDUAL TO CONDUCT BUSINESS AFFAIRS AND BE AVAILABLE TO RESPOND TO EMERGENT SITUATIONS THAT MAY ARISE. AS A CONDITION OF EMPLOYMENT, THE PRESIDENT OF ELMHURST UNIVERSITY IS REQUIRED TO RESIDE AT THE RESIDENCE THAT ALSO SERVES AS A VENUE TO CARRY OUT REGULAR UNIVERSITY BUSINESS INCLUDING ENTERTAINMENT OF TRUSTEES, EMPLOYEES, STUDENTS, DONORS, AND GUESTS OF THE UNIVERSITY. IRS FORM 990 INSTRUCTIONS REQUIRE THAT THE FAIR MARKET VALUE OF HOUSING PROVIDED TO EMPLOYEES BE REPORTED ON FORM 990, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PART II, COLUMN (D) AS A NONTAXABLE BENEFIT. FOR TAX YEAR 2022 THE VALUE OF THE RESIDENCE IS CONSERVATIVELY ESTIMATED TO BE $76,922. THE UNIVERSITY HAS DETERMINED THAT THE VALUE OF THE HOUSING IS NOT CONSIDERED TAXABLE INCOME TO THE PRESIDENT DR. TROY D. VANAKEN AS PROVIDED FOR IN INTERNAL REVENUE CODE SECTION 119. DURING TAX YEAR 2022, THE PRESIDENT MADE THE RESIDENCE THEIR HOME FOR THE ENTIRE FISCAL YEAR. SCHEDULE J, PART II, COLUMN (D) INCLUDES $76,922 OF VALUE ASSOCIATED WITH THE USE OF THE RESIDENCE PROVIDED BY THE UNIVERSITY. TRAVEL FOR COMPANIONS TRAVEL EXPENSE REIMBURSEMENT FOR COMPANIONS IS ONLY ALLOWED FOR THE PRESIDENT AS PER HIS CONTRACT. ACCORDING TO HIS CONTRACT, WHEN DR. TROY D. VANAKEN'S SPOUSE IS REQUIRED TO ATTEND AN EVENT IN WHICH DR. VANAKEN IS REPRESENTING THE UNIVERSITY ON OFFICIAL UNIVERSITY BUSINESS, THE BUSINESS-RELATED TRAVEL EXPENSES FOR DR. VANAKEN'S SPOUSE WILL ALSO BE REIMBURSED BY THE UNIVERSITY. THE SPOUSE'S TRAVEL IS NOT CONSIDERED TAXABLE ONLY WHEN THE PURPOSE IS TO CONDUCT BUSINESS ON BEHALF OF THE UNIVERSITY. THIS CONTRACT IS REVIEWED BY THE HUMAN RESOURCES COMMITTEE AND APPROVED BY THE FULL BOARD OF TRUSTEES. PERSONAL SERVICES (E.G., MAIL, CHAUFFEUR, CHEF) AN OUTSIDE SERVICE IS USED AS NEEDED TO MAINTAIN OR TO PROVIDE ANY OTHER CLEANING SERVICES NECESSARY FOR THE BUSINESS FUNCTION OF THE PRESIDENT'S HOUSE. HEALTH OR SOCIAL CLUB DUES GOLF CLUB DUES REIMBURSEMENT IS ALLOWED FOR THE PRESIDENT AS PER HIS CONTRACT.

PART I, LINE 4B

THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, LINE 1A PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AND HAD THE FOLLOWING AMOUNTS ACCRUED IN CALENDAR YEAR 2022 PURSUANT TO THE PLAN. - KURT ASHLEY: $25,500 - BRUCE KING: $30,000 - ANDREW KNAP: $18,000 - DEAN PRIBBENOW: $18,000 - JULIE SUDERMAN: $22,917

PART I, LINE 7

UPON DISCRETION AND APPROVAL, PERFORMANCE-BASED BONUSES MAY BE AWARDED. FOR THE PRESIDENT, THIS IS DETERMINED BY THE BOARD. FOR ALL OTHERS, THIS IS DETERMINED BY THE PRESIDENT WITHIN BOARD APPROVED BUDGET LIMITATIONS. THESE BONUSES WERE NOT INCLUDED IN THE INDIVIDUALS COMPENSATION PACKAGE.

Disregarded entities

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

• EWC PROPERTIES LLC

  REAL ESTATE HOLDINGS · IL · income $0 · assets $30,000

  Directly controlled by ELMHURST UNIVERSITY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE REMAINDER TRUSTS (3)

  T · N/A · IL

  Directly controlled by ELMHURST UNIVERSITY