Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $540

• 1e · Government grants (contributions)

  $7,053,715

• 1f · All other contributions, gifts and grants

  $5,544,093

• 1g · Noncash contributions included above

  $93,136

• 2a · Program service revenue: TUITION/FEES

  total $204,456,328 · related or exempt $204,456,328

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $19,181,665 · related or exempt $19,181,665

• 2c · Program service revenue: FEES, PARKING, ETC

  total $882,502 · related or exempt $882,502

• 2d · Program service revenue: ATHLETICS INCOME

  total $381,560 · related or exempt $381,560

• 2e · Program service revenue: FEES/CONTRACTS GOV'T AGENCIES

  total $125 · related or exempt $125

• 3 · Investment income

  total $9,482,853 · unrelated business -$264,742 · excluded $9,747,595

• 6a · Gross rents

  real property $104,045

• 6b · Less rental expenses

  real property $80,541

• 6c · Rental income or loss

  real property $23,504

• 6d · Net rental income or loss

  total $23,504 · excluded $23,504

• 7a · Gross sales of assets other than inventory

  securities $47,387,842

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

  securities $51,208,681

• 7c · Gain or loss

  securities -$3,820,839

• 7d · Net gain or loss

  total -$3,820,839 · excluded -$3,820,839

• 8a · Fundraising events: gross income

  $16,745

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

  $540

• 8b · Fundraising events: direct expenses

  $22,821

• 8c · Net income from fundraising events

  total -$6,076 · excluded -$6,076

• 11a · Other revenue: MISCELLANEOUS

  total $224,458 · excluded $224,458

• 11b · Other revenue: INTEREST FEES ON LOANS

  total $145,750 · excluded $145,750

• 11c · Other revenue: WELLNESS CENTER

  total $180 · unrelated business $180

• 11e · Other revenue, total

  $370,388

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $92,339,059 · program services $92,339,059

• 5 · Compensation of officers, directors and key employees

  total $2,252,164 · management and general $2,252,164

• 6 · Compensation of disqualified persons

  total $244,033 · management and general $244,033

• 7 · Other salaries and wages

  total $73,814,727 · program services $65,071,554 · management and general $7,230,290 · fundraising $1,512,883

• 8 · Pension plan contributions

  total $2,578,184 · program services $2,277,340 · management and general $247,897 · fundraising $52,947

• 9 · Other employee benefits

  total $11,746,440 · program services $10,199,219 · management and general $1,310,094 · fundraising $237,127

• 10 · Payroll taxes

  total $5,585,823 · program services $4,780,834 · management and general $693,837 · fundraising $111,152

• 11a · Fees: management

  total $782,258 · management and general $782,258

• 11b · Fees: legal

  total $136,057 · management and general $136,057

• 11f · Fees: investment management

  total $224,324 · management and general $224,324

• 11g · Fees: other

  total $13,301,843 · program services $10,974,919 · management and general $2,078,777 · fundraising $248,147

• 12 · Advertising and promotion

  total $1,903,137 · program services $554,940 · management and general $1,333,874 · fundraising $14,323

• 13 · Office expenses

  total $1,875,723 · program services $1,351,022 · management and general $479,407 · fundraising $45,294

• 14 · Information technology

  total $4,813,729 · program services $1,990,484 · management and general $2,672,944 · fundraising $150,301

• 16 · Occupancy

  total $4,177,656 · program services $3,715,592 · management and general $460,440 · fundraising $1,624

• 17 · Travel

  total $1,668,763 · program services $1,542,163 · management and general $77,929 · fundraising $48,671

• 19 · Conferences, conventions and meetings

  total $374,977 · program services $327,270 · management and general $46,594 · fundraising $1,113

• 20 · Interest

  total $3,199,534 · program services $3,199,534

• 22 · Depreciation, depletion and amortization

  total $14,823,075 · program services $14,203,553 · management and general $435,256 · fundraising $184,266

• 23 · Insurance

  total $2,041,586 · program services $1,956,259 · management and general $59,948 · fundraising $25,379

• 24a · Other expenses: BOOKS/PERIODICALS

  total $2,142,383 · program services $2,142,383

• 24b · Other expenses: STUDENT/FACULTY/ALUMNI

  total $1,376,817 · program services $958,333 · management and general $302,263 · fundraising $116,221

• 24c · Other expenses: FEES/DUES

  total $1,082,920 · program services $799,345 · management and general $275,359 · fundraising $8,216

• 24e · All other expenses

  total $3,786,841 · program services $3,923,838 · management and general -$181,291 · fundraising $44,294

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $66,601,016 · end of year $61,185,173

• 3 · Pledges and grants receivable

  beginning of year $3,552,650 · end of year $2,864,947

• 4 · Accounts receivable

  beginning of year $12,357,414 · end of year $5,449,492

• 9 · Prepaid expenses and deferred charges

  beginning of year $768,807 · end of year $706,826

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

  $479,292,346

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

  $269,366,354

• 10c · Land, buildings and equipment, net

  beginning of year $203,159,331 · end of year $209,925,992

• 11 · Investments: publicly traded securities

  beginning of year $106,543,278 · end of year $97,167,401

• 12 · Investments: other securities

  beginning of year $32,574,882 · end of year $31,473,627

• 13 · Investments: program-related

  beginning of year $5,413,741 · end of year $6,444,880

• 15 · Other assets

  beginning of year $1,446,898 · end of year $1,240,109

• 17 · Accounts payable and accrued expenses

  beginning of year $23,676,547 · end of year $20,457,502

• 18 · Grants payable

  beginning of year $4,070,427 · end of year $5,002,558

• 19 · Deferred revenue

  beginning of year $14,705,704 · end of year $6,929,877

• 20 · Tax-exempt bond liabilities

  beginning of year $107,481,763 · end of year $104,415,084

• 25 · Other liabilities

  beginning of year $57,932,570 · end of year $30,351,714

• 27 · Net assets without donor restrictions

  beginning of year $157,367,039 · end of year $177,608,760

• 28 · Net assets with donor restrictions

  beginning of year $67,183,967 · end of year $71,692,952

The filer's explanations (Part III)

PART I, LINE 1A

FIRST-CLASS OR CHARTER TRAVEL: THE UNIVERSITY MAINTAINS A WRITTEN ACCOUNTABLE POLICY REGARDING THE PAYMENT OR REIMBURSEMENT OF TRAVEL AND ENTERTAINMENT EXPENSES, INCLUDING AIRLINE AND RAIL TRAVEL, COMPANION TRAVEL, INTERNATIONAL TRAVEL, SOCIAL AND HEALTH CLUBS, MAID SERVICE, BUSINESS MEALS, MEETINGS AND ENTERTAINMENT. THE UNIVERSITY'S PRESIDENT REVIEWS AND APPROVES THE TRAVEL AND ENTERTAINMENT EXPENSES FOR ALL UNIVERSITY VICE PRESIDENTS. THE UNIVERSITY'S VICE PRESIDENTS REVIEW AND APPROVE THE TRAVEL AND ENTERTAINMENT EXPENSES FOR THEIR RESPECTIVE STAFF. IT IS IMPORTANT TO NOTE THE PRESIDENT'S TRAVEL AND ENTERTAINMENT EXPENSES ARE REVIEWED AND APPROVED BY THE UNIVERSITY'S BOARD CHAIR. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FOR JULIE E. WOLLMAN, PH.D., PRESIDENT OF THE UNIVERSITY TO JUNE 2022, HOUSING WAS REQUIRED BY THE UNIVERSITY AS A CONDITION OF EMPLOYMENT. THE FAIR RENTAL VALUE OF THE HOUSING IS $59,898 AND IS INCLUDED IN THE AMOUNT REPORTED AS TAXABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE (CONTINUED): FOR STACEY M. ROBERTSON, PH.D., PRESIDENT OF THE UNIVERSITY AS OF JULY 2022, HOUSING IS REQUIRED BY THE UNIVERSITY AS A CONDITION OF EMPLOYMENT. THE USE OF THE HOUSE IS EXCLUDED FROM INCOME PURSUANT TO INTERNAL REVENUE CODE SECTION 119(A)(2). THE FAIR RENTAL VALUE OF THE HOUSING IS $19,222 AND IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN D. HEALTH OR SOCIAL CLUBS: THE UNIVERSITY MAINTAINS A WRITTEN ACCOUNTABLE POLICY REGARDING THE PAYMENT OR REIMBURSEMENT OF SOCIAL AND HEALTH CLUBS. THIS AMOUNT IS NOT TREATED AS TAXABLE INCOME. PERSONAL SERVICES: OFFICERS AND KEY EMPLOYEES MAY USE A CAR SERVICE FOR EXTENDED TRAVEL IN ORDER TO CONDUCT UNIVERSITY BUSINESS. THIS AMOUNT IS NOT TREATED AS TAXABLE INCOME. THE UNIVERSITY ALSO PROVIDES CLEANING SERVICES FOR THE PRESIDENT'S RESIDENCE. FOR STACEY M. ROBERTSON, PH.D., THE FAIR VALUE OF THIS SERVICE IS $850 AND IS INCLUDED IN THE AMOUNT REPORTED AS TAXABLE INCOME ON SCHEDULE J, PART II, COLUMN B(III).

PART I, LINE 4B

THE UNIVERSITY PROVIDES A NON-QUALIFIED 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WITH A BENEFIT OF $300,000 TO STACEY M. ROBERTSON, PH.D., PRESIDENT. THIS BENEFIT FULLY VESTS ON JUNE 30, 2027, PROVIDED DR. ROBERTSON REMAINS CONTINUOUSLY EMPLOYED THROUGH THAT DATE AS PRESIDENT. CONTRIBUTIONS TO THE PLAN SHALL VEST IN FULL IMMEDIATELY UPON THE DEATH OR PERMANENT DISABILITY OF DR. ROBERTSON OR, IN THE EVENT OF THE TERMINATION OF HER EMPLOYMENT WITHOUT SERIOUS CAUSE PRIOR TO JUNE 30, 2027, CONTRIBUTIONS TO THE PLAN SHALL VEST ON A PRO-RATA BASIS DETERMINED BY THE CALCULATION RESULTING FROM THE NUMBER OF MONTHS OF SERVICE COMPLETED AS PRESIDENT AS THE NUMERATOR DIVIDED BY THE 60 MONTH SERVICE PERIOD OF THE TERM AS THE DENOMINATOR. THE UNIVERSITY DID NOT MAKE ANY SECTION 457(F) PLAN DEFERRALS OR PAYMENTS DURING THE TAX YEAR.

PART I, LINE 7

IT IS THE POLICY OF THE BOARD TO AWARD BONUS COMPENSATION TO ITS EXECUTIVES, AT THE DISCRETION OF THE BOARD, FOR SERVICE AND PERFORMANCE RENDERED TO THE UNIVERSITY. GENERALLY, BONUS COMPENSATION TO EXECUTIVES WILL NOT EXCEED 20% OF TOTAL ANNUAL COMPENSATION WITHOUT COMPELLING REASONS SIMILAR TO THOSE CONSIDERED BY THE BOARD IN THE EVENT OF COMPENSATION IN EXCESS OF THE POLICY RANGE ADOPTED BY THE BOARD. WHEN SUCH EXCEPTIONS ARISE, THE BOARD SHALL SET FORTH A STATEMENT OF REASONS SUPPORTING THE DEPARTURE FROM THE BOARD'S ESTABLISHED EXECUTIVE COMPENSATION POLICY.

PART I, LINE 8

THE UNIVERSITY ENTERED INTO AN EMPLOYMENT AGREEMENT WITH STACEY M. ROBERTSON, PH.D., PRESIDENT, ON FEBRUARY 7, 2022. THIS EMPLOYMENT AGREEMENT COVERS THE PERIOD JULY 1, 2022 TO JUNE 30, 2027.

Related corporations and trusts

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

• ACNP CORPORATION

  C · RESTAURANT · PA · 100% owned · controlled entity

  Directly controlled by WIDENER UNIVERSITY

• PROVIDENCE ENTERPRISES INC

  C · INACTIVE · PA · 100% owned · controlled entity

  Directly controlled by WIDENER UNIVERSITY

• PIONEER PUB OF WIDENER INC

  C · REAL ESTATE · PA · 100% owned · share of assets $648,685 · controlled entity

  Directly controlled by WIDENER UNIVERSITY

• CARES TWENTY ONE SRL

  C · REAL ESTATE · CS · 100% owned · share of assets $599,428 · controlled entity

  Directly controlled by PIONEER PUB OF WIDENER INC