Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $204,244

• 1e · Government grants (contributions)

  $1,562,111

• 1f · All other contributions, gifts and grants

  $3,167,117

• 1g · Noncash contributions included above

  $27,880

• 2a · Program service revenue: Student Tuition and Fees

  total $11,898,231 · related or exempt $11,898,231

• 2b · Program service revenue: Housing

  total $537,987 · related or exempt $537,987

• 2c · Program service revenue: Charter School Sponsorship

  total $285,257 · related or exempt $285,257

• 2d · Program service revenue: Meal Plans

  total $140,330 · related or exempt $140,330

• 2f · All other program service revenue

  total $133,263 · related or exempt $133,263

• 3 · Investment income

  total $221,577 · excluded $221,577

• 6a · Gross rents

  real property $54,246

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $54,246

• 6d · Net rental income or loss

  total $54,246 · excluded $54,246

• 7a · Gross sales of assets other than inventory

  securities $37,012

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

  securities $0

• 7c · Gain or loss

  securities $37,012

• 7d · Net gain or loss

  total $37,012 · excluded $37,012

• 8a · Fundraising events: gross income

  $27,790

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

  $204,244

• 8b · Fundraising events: direct expenses

  $59,878

• 8c · Net income from fundraising events

  total -$32,088 · excluded -$32,088

• 10a · Gross sales of inventory

  $3,884

• 10b · Cost of goods sold

  $3,891

• 10c · Net income from sales of inventory

  total -$7 · related or exempt -$7

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $4,207,353 · program services $4,207,353

• 3 · Grants to foreign organizations and individuals

  total $116,100 · program services $116,100

• 5 · Compensation of officers, directors and key employees

  total $680,604 · program services $238,211 · management and general $326,690 · fundraising $115,703

• 7 · Other salaries and wages

  total $5,892,764 · program services $5,202,072 · management and general $604,099 · fundraising $86,593

• 8 · Pension plan contributions

  total $259,056 · program services $214,401 · management and general $40,848 · fundraising $3,807

• 9 · Other employee benefits

  total $1,149,962 · program services $951,737 · management and general $181,327 · fundraising $16,898

• 11b · Fees: legal

  total $24,195 · management and general $24,195

• 11c · Fees: accounting

  total $72,985 · management and general $72,985

• 11f · Fees: investment management

  total $30,292 · management and general $30,292

• 11g · Fees: other

  total $741,708 · program services $393,854 · management and general $147,590 · fundraising $200,264

• 12 · Advertising and promotion

  total $304,814 · program services $126,889 · management and general $177,925

• 13 · Office expenses

  total $532,056 · program services $479,482 · management and general $27,150 · fundraising $25,424

• 14 · Information technology

  total $325,431 · program services $20,591 · management and general $304,840

• 16 · Occupancy

  total $916,879 · program services $729,715 · management and general $156,037 · fundraising $31,127

• 17 · Travel

  total $377,739 · program services $322,413 · management and general $7,432 · fundraising $47,894

• 20 · Interest

  total $407,381 · program services $321,311 · management and general $71,756 · fundraising $14,314

• 22 · Depreciation, depletion and amortization

  total $736,093 · program services $612,323 · management and general $103,186 · fundraising $20,584

• 23 · Insurance

  total $171,580 · program services $61,775 · management and general $109,805

• 24a · Other expenses: Book Rental Academic Af

  total $496,664 · program services $496,664

• 24b · Other expenses: Catering Expense

  total $241,184 · program services $241,184

• 24c · Other expenses: Housing Lease

  total $211,549 · program services $211,549

• 24d · Other expenses: Dues & Subscriptions

  total $137,473 · program services $137,473

• 24e · All other expenses

  total $382,610 · program services $369,060 · fundraising $13,550

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,324,106 · end of year $935,401

• 3 · Pledges and grants receivable

  beginning of year $2,543,046 · end of year $2,499,043

• 4 · Accounts receivable

  beginning of year $2,801,439 · end of year $2,772,393

• 8 · Inventories for sale or use

  beginning of year $10,116 · end of year $9,687

• 9 · Prepaid expenses and deferred charges

  beginning of year $245,045 · end of year $313,523

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

  $22,424,236

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

  $13,199,609

• 10c · Land, buildings and equipment, net

  beginning of year $9,154,977 · end of year $9,224,627

• 11 · Investments: publicly traded securities

  beginning of year $8,942,423 · end of year $9,906,355

• 15 · Other assets

  beginning of year $457,172 · end of year $7,921,970

• 17 · Accounts payable and accrued expenses

  beginning of year $1,293,708 · end of year $833,700

• 19 · Deferred revenue

  beginning of year $395,777 · end of year $127,705

• 23 · Secured mortgages and notes payable

  beginning of year $3,667,394 · end of year $5,453,399

• 24 · Unsecured notes and loans payable

  beginning of year $308,500 · end of year $0

• 25 · Other liabilities

  beginning of year $597,378 · end of year $7,515,525

• 27 · Net assets without donor restrictions

  beginning of year $9,514,168 · end of year $8,351,888

• 28 · Net assets with donor restrictions

  beginning of year $9,701,399 · end of year $11,300,782

The filer's explanations (Part III)

Part I, Line 1a

A housing allowance of $1,000 per month was paid to the College President. The total amount of the allowance was treated as taxable and included on the President's 2022 Form W-2.