Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $113,863

• 1e · Government grants (contributions)

  $7,141,554

• 1f · All other contributions, gifts and grants

  $8,517,217

• 1g · Noncash contributions included above

  $1,235,080

• 2a · Program service revenue: TUITION AND FEES

  total $58,921,702 · related or exempt $58,921,702

• 2b · Program service revenue: HOUSING, DINING & OTHER

  total $8,015,395 · related or exempt $8,015,395

• 2c · Program service revenue: WORKSHOPS & OTHER FEES

  total $1,455,296 · related or exempt $1,455,296

• 3 · Investment income

  total $1,315,874 · unrelated business -$6,109 · excluded $1,321,983

• 7a · Gross sales of assets other than inventory

  securities $23,384,679

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

  securities $22,872,705 · other assets $77,300

• 7c · Gain or loss

  securities $511,974 · other assets -$77,300

• 7d · Net gain or loss

  total $434,674 · excluded $434,674

• 8a · Fundraising events: gross income

  $22,416

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

  $113,863

• 8b · Fundraising events: direct expenses

  $26,836

• 8c · Net income from fundraising events

  total -$4,420 · excluded -$4,420

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $30,878,150 · program services $30,878,150

• 5 · Compensation of officers, directors and key employees

  total $1,391,542 · program services $428,968 · management and general $751,947 · fundraising $210,627

• 7 · Other salaries and wages

  total $25,447,627 · program services $19,561,585 · management and general $4,671,618 · fundraising $1,214,424

• 8 · Pension plan contributions

  total $1,207,983 · program services $891,415 · management and general $258,920 · fundraising $57,648

• 9 · Other employee benefits

  total $3,495,282 · program services $2,560,982 · management and general $768,500 · fundraising $165,800

• 10 · Payroll taxes

  total $1,960,738 · program services $1,446,901 · management and general $420,266 · fundraising $93,571

• 11c · Fees: accounting

  total $116,867 · management and general $116,867

• 11f · Fees: investment management

  total $405,186 · management and general $405,186

• 11g · Fees: other

  total $1,107,063 · program services $845,229 · management and general $261,834

• 13 · Office expenses

  total $511,027 · program services $185,578 · management and general $204,919 · fundraising $120,530

• 14 · Information technology

  total $433 · program services $433

• 16 · Occupancy

  total $2,785,017 · program services $2,617,916 · management and general $167,101

• 17 · Travel

  total $316,474 · program services $246,843 · management and general $9,017 · fundraising $60,614

• 20 · Interest

  total $1,912,788 · program services $1,798,021 · management and general $114,767

• 22 · Depreciation, depletion and amortization

  total $2,736,498 · program services $2,572,308 · management and general $164,190

• 23 · Insurance

  total $498,463 · program services $9,377 · management and general $489,086

• 24a · Other expenses: EXPENDITURES OF RESTRIC

  total $5,529,315 · program services $5,529,315

• 24b · Other expenses: FOOD AND FOOD SERVICE

  total $2,048,636 · program services $2,048,636

• 24c · Other expenses: SUPPLIES

  total $1,424,918 · program services $1,171,893 · management and general $253,025

• 24d · Other expenses: EQUIPMENT

  total $775,150 · program services $367,778 · management and general $407,218 · fundraising $154

• 24e · All other expenses

  total $2,252,558 · program services $305,217 · management and general $1,751,379 · fundraising $195,962

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,306 · end of year $1,300

• 2 · Savings and temporary cash investments

  beginning of year $15,430,463 · end of year $17,734,424

• 3 · Pledges and grants receivable

  beginning of year $4,971,754 · end of year $4,426,758

• 4 · Accounts receivable

  beginning of year $2,549,586 · end of year $1,210,908

• 8 · Inventories for sale or use

  beginning of year $122,389 · end of year $161,189

• 9 · Prepaid expenses and deferred charges

  beginning of year $47,337 · end of year $386,497

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

  $159,734,438

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

  $100,344,422

• 10c · Land, buildings and equipment, net

  beginning of year $59,736,180 · end of year $59,390,016

• 11 · Investments: publicly traded securities

  beginning of year $80,050,842 · end of year $86,854,196

• 12 · Investments: other securities

  beginning of year $44,430,338 · end of year $42,438,067

• 15 · Other assets

  beginning of year $934,200 · end of year $412,957

• 17 · Accounts payable and accrued expenses

  beginning of year $4,426,725 · end of year $3,646,203

• 19 · Deferred revenue

  beginning of year $1,645,506 · end of year $943,667

• 20 · Tax-exempt bond liabilities

  beginning of year $42,321,307 · end of year $40,559,674

• 21 · Escrow or custodial account liability

  beginning of year $255,922 · end of year $163,845

• 24 · Unsecured notes and loans payable

  beginning of year $2,725,000 · end of year $2,625,000

• 25 · Other liabilities

  beginning of year $10,691,963 · end of year $10,339,376

• 27 · Net assets without donor restrictions

  beginning of year $21,233,386 · end of year $24,580,148

• 28 · Net assets with donor restrictions

  beginning of year $124,977,586 · end of year $130,158,399

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT IS PROVIDED WITH A RESIDENCE FOR PERSONAL USE AS WELL AS HOUSEKEEPING SERVICES FOR THE CONVENIENCE OF THE COLLEGE SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL SCHOOL BUSINESS AND ACTIVITIES AT THE HOME. THIS RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE IN HAVING THE FUNCTIONS OF THE OFFICE OF THE PRESIDENT EFFICIENTLY DISCHARGED AND AS A CONDITION OF EMPLOYMENT AS PRESIDENT OF THE COLLEGE. FOR THE BENEFIT AND CONVENIENCE OF THE COLLEGE, THE PRESIDENT'S RESIDENCE SHALL BE AVAILABLE, AND SHALL BE USED, FOR COLLEGE-RELATED BUSINESS AND ENTERTAINMENT ON A REGULAR AND CONTINUING BASIS. THE APPROXIMATE RENTAL VALUE OF THE HOME IS $3,500 PER MONTH. THESE ARE TREATED AS NONTAXABLE BENEFITS.

PART I, LINE 7

BONUSES FOR THE EXECUTIVE TEAM WERE DETERMINED BY THE PRESIDENT AND SHARED WITH THE BOT BASED ON HOW MUCH EXTRA TIME THEY WORKED ON PANDEMIC EFFORTS AND RELATED ISSUES. ALL EMPLOYEES WHO WERE EMPLOYED THROUGH THE PANDEMIC RECEIVED A BONUS WITH THE AMOUNT DEPENDING ON WHETHER THEY WERE EMPLOYED ON A FULL OR PART TIME BASIS.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (4)

  T · INVESTMENT · NC