Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $456,693

• 1f · All other contributions, gifts and grants

  $1,048,668

• 2a · Program service revenue: TUITION AND FEES

  total $55,397,861 · related or exempt $55,397,861

• 3 · Investment income

  total $4,680,681 · excluded $4,680,681

• 6a · Gross rents

  real property $660,935

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $660,935

• 6d · Net rental income or loss

  total $660,935 · excluded $660,935

• 7a · Gross sales of assets other than inventory

  securities $55,885,814

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

  securities $57,779,962

• 7c · Gain or loss

  securities -$1,894,148

• 7d · Net gain or loss

  total -$1,894,148 · excluded -$1,894,148

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $178,126 · excluded $178,126

• 11e · Other revenue, total

  $178,126

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $33,747,486 · program services $33,747,486

• 5 · Compensation of officers, directors and key employees

  total $1,450,763 · program services $779,290 · management and general $589,764 · fundraising $81,709

• 7 · Other salaries and wages

  total $10,026,158 · program services $8,957,067 · management and general $919,734 · fundraising $149,357

• 8 · Pension plan contributions

  total $875,299 · program services $724,208 · management and general $132,693 · fundraising $18,398

• 9 · Other employee benefits

  total $1,230,186 · program services $977,928 · management and general $229,493 · fundraising $22,765

• 10 · Payroll taxes

  total $742,942 · program services $629,601 · management and general $97,873 · fundraising $15,468

• 11b · Fees: legal

  total $313,698 · management and general $313,698

• 11c · Fees: accounting

  total $117,518 · management and general $117,518

• 11g · Fees: other

  total $249,358 · program services $763 · management and general $230,311 · fundraising $18,284

• 12 · Advertising and promotion

  total $496,296 · program services $496,296

• 13 · Office expenses

  total $1,210,493 · program services $803,091 · management and general $379,829 · fundraising $27,573

• 14 · Information technology

  total $791,829 · program services $546,362 · management and general $190,039 · fundraising $55,428

• 16 · Occupancy

  total $1,057,776 · program services $941,421 · management and general $95,200 · fundraising $21,155

• 17 · Travel

  total $48,224 · program services $44,784 · management and general $3,076 · fundraising $364

• 19 · Conferences, conventions and meetings

  total $11,906 · program services $10,827 · management and general $1,062 · fundraising $17

• 22 · Depreciation, depletion and amortization

  total $1,041,169 · program services $926,641 · management and general $93,705 · fundraising $20,823

• 23 · Insurance

  total $4,938 · management and general $4,938

• 24a · Other expenses: STUDENT SERVICES

  total $790,588 · program services $790,588

• 24b · Other expenses: LIBRARY SERVICES

  total $445,480 · program services $445,480

• 24c · Other expenses: PERKINS LOAN PROGRAM

  total $291,684 · program services $291,684

• 24d · Other expenses: ALUMNI RELATIONS

  total $185,560 · management and general $111,336 · fundraising $74,224

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $88,006 · end of year $94,886

• 2 · Savings and temporary cash investments

  beginning of year $1,586,626 · end of year $2,115,720

• 3 · Pledges and grants receivable

  end of year $465,936

• 4 · Accounts receivable

  beginning of year $227,679 · end of year $97,665

• 7 · Other notes and loans receivable

  beginning of year $289,474 · end of year $80,596

• 9 · Prepaid expenses and deferred charges

  beginning of year $556,945 · end of year $708,490

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

  $46,854,271

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

  $33,161,913

• 10c · Land, buildings and equipment, net

  beginning of year $14,564,182 · end of year $13,692,358

• 11 · Investments: publicly traded securities

  beginning of year $82,844,680 · end of year $90,650,972

• 17 · Accounts payable and accrued expenses

  beginning of year $2,501,372 · end of year $1,529,696

• 19 · Deferred revenue

  beginning of year $235,228 · end of year $414,227

• 25 · Other liabilities

  beginning of year $304,217 · end of year $140,976

• 27 · Net assets without donor restrictions

  beginning of year $93,690,964 · end of year $102,174,594

• 28 · Net assets with donor restrictions

  beginning of year $3,425,811 · end of year $3,647,130

The filer's explanations (Part III)

PART I, LINE 1A

UNDER THE SCHOOL'S SABBATICAL POLICY, THE FORMER PRESIDENT/CEO WAS ENTITLED TO ONE YEAR SABBATICAL FOR EVERY TWELVE YEARS OF SERVICE. UNDER THE FORMER PRESIDENT/CEO'S EMPLOYMENT AGREEMENT, THE FORMER PRESIDENT/CEO WAS ENTITLED TO A CASH PAYMENT IN LIEU OF A PORTION OF THE SABBATICAL. THIS SABBATICAL BENEFIT IS TREATED AS HAVING BEEN EARNED OVER THE EIGHTEEN YEARS OF SERVICE LEADING UP TO VESTING OF THE BENEFIT ON JUNE 30, 2022. THIS BENEFIT WAS SUBJECT TO FORFEITURE IF CERTAIN CONDITIONS WERE NOT MET. FOR CALENDAR YEAR 2022, THE VALUE OF THE ANNUAL ACCRUAL OF THIS BENEFIT WAS $25,000. A LIKE AMOUNT WOULD BE TREATED AS HAVING BEEN ACCRUED DURING THE PRIOR FIFTEEN AND A HALF YEARS OF SERVICE OF THE EMPLOYEE, TOTALING APPROXIMATELY $875,000 AS OF DECEMBER 31, 2021.