Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $56,969

• 1d · Related organizations

  $1,479,615

• 1e · Government grants (contributions)

  $18,682,807

• 1f · All other contributions, gifts and grants

  $5,137,827

• 1g · Noncash contributions included above

  $14,451

• 2a · Program service revenue: Tuition and fees

  total $57,050,116 · related or exempt $57,050,116

• 2b · Program service revenue: Auxiliary Services

  total $5,447,441 · related or exempt $5,447,441

• 2c · Program service revenue: Continuing Education

  total $43,470 · related or exempt $43,470

• 2f · All other program service revenue

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

• 3 · Investment income

  total $319,919 · excluded $319,919

• 6a · Gross rents

  real property $122,803

• 6b · Less rental expenses

  real property $61,439

• 6c · Rental income or loss

  real property $61,364 · personal property $0

• 6d · Net rental income or loss

  total $61,364 · excluded $61,364

• 7a · Gross sales of assets other than inventory

  securities $10,798,711

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

  securities $10,939,527

• 7c · Gain or loss

  securities -$140,816 · other assets $0

• 7d · Net gain or loss

  total -$140,816 · excluded -$140,816

• 8a · Fundraising events: gross income

  $4,450

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

  $56,969

• 8b · Fundraising events: direct expenses

  $20,485

• 8c · Net income from fundraising events

  total -$16,035 · excluded -$16,035

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $16,809,251 · program services $16,809,251

• 5 · Compensation of officers, directors and key employees

  total $666,110 · program services $188,516 · management and general $477,594

• 7 · Other salaries and wages

  total $35,512,044 · program services $29,223,185 · management and general $5,230,423 · fundraising $1,058,436

• 8 · Pension plan contributions

  total $289,020 · program services $239,412 · management and general $37,053 · fundraising $12,555

• 9 · Other employee benefits

  total $5,484,764 · program services $4,642,037 · management and general $766,801 · fundraising $75,926

• 10 · Payroll taxes

  total $2,321,577 · program services $1,863,219 · management and general $383,769 · fundraising $74,589

• 11b · Fees: legal

  total $865,628 · management and general $863,856 · fundraising $1,772

• 11c · Fees: accounting

  total $137,894 · management and general $137,894

• 11d · Fees: lobbying

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

• 11f · Fees: investment management

  total $105,517 · management and general $105,517

• 11g · Fees: other

  total $0 · program services $0 · management and general $0 · fundraising $0

• 12 · Advertising and promotion

  total $1,933,757 · program services $844,937 · management and general $847,268 · fundraising $241,552

• 13 · Office expenses

  total $1,928,058 · program services $1,028,071 · management and general $828,504 · fundraising $71,483

• 14 · Information technology

  total $215,623 · program services $9,019 · management and general $100,444 · fundraising $106,160

• 16 · Occupancy

  total $10,329,425 · program services $7,415,947 · management and general $2,794,262 · fundraising $119,216

• 17 · Travel

  total $3,192,362 · program services $2,634,828 · management and general $543,928 · fundraising $13,606

• 22 · Depreciation, depletion and amortization

  total $2,372,102 · program services $2,164,973 · management and general $195,393 · fundraising $11,736

• 23 · Insurance

  total $589,955 · program services $117,802 · management and general $472,153

• 24a · Other expenses: Bad Debt Expense

  total $1,144,458 · management and general $1,144,458

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $772,216 · end of year $1,601,052

• 2 · Savings and temporary cash investments

  beginning of year $340,333 · end of year $722,267

• 3 · Pledges and grants receivable

  beginning of year $713,208 · end of year $666,067

• 4 · Accounts receivable

  beginning of year $2,955,618 · end of year $2,937,932

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $269,823 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $53,004 · end of year $65,256

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,033,576 · end of year $1,180,464

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

  $86,681,498

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

  $47,691,554

• 10c · Land, buildings and equipment, net

  beginning of year $39,435,604 · end of year $38,989,944

• 11 · Investments: publicly traded securities

  beginning of year $15,809,102 · end of year $19,972,668

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $0 · end of year $24,464,660

• 17 · Accounts payable and accrued expenses

  beginning of year $5,905,215 · end of year $2,820,176

• 18 · Grants payable

  beginning of year $35,122 · end of year $35,122

• 19 · Deferred revenue

  beginning of year $5,402,410 · end of year $7,775,472

• 21 · Escrow or custodial account liability

  beginning of year $231,880

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $68,813

• 25 · Other liabilities

  beginning of year $0 · end of year $25,232,641

• 27 · Net assets without donor restrictions

  beginning of year $22,319,166 · end of year $35,670,652

• 28 · Net assets with donor restrictions

  beginning of year $27,419,878 · end of year $19,066,247

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Discretionary spending account

The organization provides the President with a discretionary spending account funded by donations restricted for the purpose of this fund. THESE FUNDS ARE USED SOLELY FOR UNIVERSITY INITIATIVES AND DOCUMENTATION TO SUPPORT BUSINESS USE OF THE FUNDS IS PROVIDED ACCORDING TO THE ACCOUNTABLE PLAN RULES. The fund is excluded from taxable income.

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

Housing allowance: As a condition of employment and as a convenience to the University, the President is provided a home on University grounds. The home is provided as a nontaxable benefit to the President.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

In their respective roles as President of the University, Dr. Joseph Jones, President (through June 2022) and current President Dr. Andre Stephens are members of the Rotary Club. The dues associated with this membership during their terms as President are considered bona fide business expenses and were not taxable to the President.