Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $18,954,636

• 1g · Noncash contributions included above

  $761,730

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

  total $68,472,710 · related or exempt $68,472,710

• 2b · Program service revenue: AUX.& SUMMER PROGRAMS

  total $7,808,886 · related or exempt $7,808,886

• 3 · Investment income

  total $9,784,425 · related or exempt $916,461 · unrelated business -$1,058,898 · excluded $9,926,862

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6a · Gross rents

  real property $511,596

• 6c · Rental income or loss

  real property $511,596 · personal property $0

• 6d · Net rental income or loss

  total $511,596 · related or exempt $314,109 · unrelated business $197,487

• 7a · Gross sales of assets other than inventory

  securities $497,870,570

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

  securities $416,719,189

• 7c · Gain or loss

  securities $81,151,381

• 7d · Net gain or loss

  total $81,151,381 · unrelated business $763,955 · excluded $80,387,426

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $888,773

• 10b · Cost of goods sold

  $679,510

• 10c · Net income from sales of inventory

  total $209,263 · excluded $209,263

• 11a · Other revenue: TUITION REFUND INSURANCE

  total $37,794 · related or exempt $37,794

• 11b · Other revenue: APPLICATION FEES

  total $150,250 · related or exempt $150,250

• 11c · Other revenue: BOOKSTORE COMMISSIONS

  total $59,615 · excluded $59,615

• 11d · All other revenue

  total $138,592 · related or exempt $138,592

• 11e · Other revenue, total

  $386,251

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $26,783,813 · program services $26,783,813

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $1,080,890 · program services $390,513 · management and general $560,206 · fundraising $130,171

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $53,477,180 · program services $44,026,064 · management and general $4,417,544 · fundraising $5,033,572

• 8 · Pension plan contributions

  total $5,753,494 · program services $4,789,886 · management and general $474,605 · fundraising $489,003

• 9 · Other employee benefits

  total $10,808,574 · program services $8,941,440 · management and general $885,807 · fundraising $981,327

• 10 · Payroll taxes

  total $3,963,249 · program services $3,209,198 · management and general $387,138 · fundraising $366,913

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $272,801 · management and general $272,801

• 11c · Fees: accounting

  total $433,152 · management and general $433,152

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $525,174 · management and general $525,174

• 11g · Fees: other

  total $3,785,257 · program services $2,917,004 · management and general $563,193 · fundraising $305,060

• 12 · Advertising and promotion

  total $231,385 · program services $167,055 · fundraising $64,330

• 13 · Office expenses

  total $2,670,439 · program services $2,510,481 · management and general $55,854 · fundraising $104,104

• 14 · Information technology

  total $3,261,938 · program services $2,813,805 · management and general $299,425 · fundraising $148,708

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $8,818,985 · program services $6,529,265 · management and general $2,217,613 · fundraising $72,107

• 17 · Travel

  total $2,743,252 · program services $2,232,440 · management and general $82,318 · fundraising $428,494

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,168,912 · program services $1,542,226 · management and general $209,254 · fundraising $417,432

• 20 · Interest

  total $2,911,601 · program services $2,811,737 · management and general $69,210 · fundraising $30,654

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $18,065,969 · program services $17,438,257 · management and general $435,032 · fundraising $192,680

• 23 · Insurance

  total $1,743,514 · program services $922,477 · management and general $782,571 · fundraising $38,466

• 24a · Other expenses: STUDENT RELATED EXPENSES

  total $2,201,162 · program services $2,145,788 · management and general $36,698 · fundraising $18,676

• 24b · Other expenses: FOOD/PROVISIONS

  total $2,609,500 · program services $2,609,500

• 24c · Other expenses: PLANT RELATED ACTIVITIES

  total $1,670,503 · program services $1,612,460 · management and general $40,226 · fundraising $17,817

• 24d · Other expenses: MEMBERSHIP DUES

  total $446,226 · program services $366,847 · management and general $28,160 · fundraising $51,219

• 24e · All other expenses

  total $1,761,248 · program services $1,153,792 · management and general $543,261 · fundraising $64,195

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $25,022,123 · end of year $10,999,901

• 2 · Savings and temporary cash investments

  beginning of year $65,319,817 · end of year $73,730,597

• 3 · Pledges and grants receivable

  beginning of year $33,007,896 · end of year $27,098,728

• 4 · Accounts receivable

  beginning of year $1,587 · end of year $103,480

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $437,761 · end of year $397,338

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,736,757 · end of year $4,419,403

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

  $617,433,601

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

  $242,355,444

• 10c · Land, buildings and equipment, net

  beginning of year $352,831,940 · end of year $375,078,157

• 11 · Investments: publicly traded securities

  beginning of year $99,777,003 · end of year $113,583,622

• 12 · Investments: other securities

  beginning of year $1,353,674,581 · end of year $1,398,732,064

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $69,015,684 · end of year $74,351,305

• 17 · Accounts payable and accrued expenses

  beginning of year $8,663,063 · end of year $16,615,382

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $23,857,626 · end of year $16,681,171

• 20 · Tax-exempt bond liabilities

  beginning of year $80,000,000 · end of year $80,000,000

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $79,352,496 · end of year $79,964,492

• 27 · Net assets without donor restrictions

  beginning of year $513,703,171 · end of year $527,502,839

• 28 · Net assets with donor restrictions

  beginning of year $1,297,248,793 · end of year $1,357,730,711

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1

THE PRINCIPAL AND DEAN OF ENROLLMENT LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, TO PARTICIPATE IN ACTIVITIES WITH THE STUDENTS AND TO CONDUCT BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE VALUE OF ON-CAMPUS HOUSING IS A NONTAXABLE BENEFIT REPORTED ON SCHEDULE J, PART II, COLUMN D. THE RESIDENCE OF THE PRINCIPAL IS USED THROUGHOUT THE YEAR FOR ACADEMY RELATED EVENTS. A HOUSEKEEPING SERVICE CLEANS THE RESIDENCE. THE SERVICE IS ALLOCATED BETWEEN THE PUBLIC AND PRIVATE SPACES. CLEANING OF THE PRIVATE RESIDENCE IS INCLUDED IN PRINCIPAL RAWSON'S TAXABLE COMPENSATION. FOR CALENDAR YEAR 2023, MORGAN DUDLEY AND WILLIAM RAWSON HAD SOCIAL CLUB MEMBERSHIPS IN CONNECTION WITH THE ORGANIZATION'S BUSINESS PURPOSES AND INSTITUTIONAL ADVANCEMENT.

SCHEDULE J, PART I, LINE 4B

THE PRINCIPAL PARTICIPATES IN A DEFERRED COMPENSATION PROGRAM. VESTING IN THIS PROGRAM IS CALCULATED AT A RATE OF 20% PER YEAR FOR EACH FULL YEAR OF SERVICE BEGINNING JULY 1, 2023, AND ENDING JUNE 30, 2028 AND WILL BE PAID OUT IN THE YEAR FOLLOWING RETIREMENT, REFERRED TO AS THE POST PRINCIPAL PERIOD. AN ACCRUAL OF $56,430 HAS BEEN INCLUDED IN SCHEDULE J, PART II, COLUMN C.

Related corporations and trusts

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

• POOLED INCOME FUND (2)

  T · FUNDRAISING · NH

  Directly controlled by NA

• CHARITABLE REMAINDER TRUST (79)

  T · FUNDRAISING

  Directly controlled by NA