Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $25,000

• 1e · Government grants (contributions)

  $778,394

• 1f · All other contributions, gifts and grants

  $3,995,048

• 1g · Noncash contributions included above

  $1,201,450

• 2a · Program service revenue: TUITION AND FEES

  total $30,108,526 · related or exempt $30,108,526

• 2b · Program service revenue: AUXILIARY SERVICES

  total $2,981,916 · related or exempt $2,981,916

• 2f · All other program service revenue

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

• 3 · Investment income

  total $647,311 · excluded $647,311

• 5 · Royalties

  total $30,475 · excluded $30,475

• 6a · Gross rents

  real property $39,633

• 6c · Rental income or loss

  real property $39,633 · personal property $0

• 6d · Net rental income or loss

  total $39,633 · excluded $39,633

• 7a · Gross sales of assets other than inventory

  securities $10,309,332 · other assets $26,338

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

  securities $10,309,332

• 7c · Gain or loss

  securities $0 · other assets $26,338

• 7d · Net gain or loss

  total $26,338 · excluded $26,338

• 8a · Fundraising events: gross income

  $6,050

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

  $25,000

• 8b · Fundraising events: direct expenses

  $31,050

• 8c · Net income from fundraising events

  total -$25,000 · excluded -$25,000

• 10a · Gross sales of inventory

  $220

• 10b · Cost of goods sold

  $6,461

• 10c · Net income from sales of inventory

  total -$6,241 · related or exempt -$6,241

• 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 $7,671,324 · program services $7,671,324

• 5 · Compensation of officers, directors and key employees

  total $431,494 · program services $305,381 · management and general $118,771 · fundraising $7,342

• 7 · Other salaries and wages

  total $12,784,056 · program services $9,051,112 · management and general $3,515,616 · fundraising $217,328

• 8 · Pension plan contributions

  total $413,542 · program services $292,788 · management and general $113,724 · fundraising $7,030

• 9 · Other employee benefits

  total $776,769 · program services $549,953 · management and general $213,611 · fundraising $13,205

• 10 · Payroll taxes

  total $915,015 · program services $647,831 · management and general $251,629 · fundraising $15,555

• 11b · Fees: legal

  total $22,443 · program services $15,889 · management and general $6,172 · fundraising $382

• 11c · Fees: accounting

  total $108,938 · program services $77,128 · management and general $29,958 · fundraising $1,852

• 11d · Fees: lobbying

  total $81,500 · program services $57,701 · management and general $22,413 · fundraising $1,386

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11g · Fees: other

  total $2,213,885 · program services $1,567,431 · management and general $608,818 · fundraising $37,636

• 12 · Advertising and promotion

  total $2,138,629 · program services $1,514,150 · management and general $588,122 · fundraising $36,357

• 13 · Office expenses

  total $293,083 · program services $207,503 · management and general $80,598 · fundraising $4,982

• 14 · Information technology

  total $1,186,225 · program services $839,847 · management and general $326,212 · fundraising $20,166

• 16 · Occupancy

  total $1,265,906 · program services $896,262 · management and general $348,124 · fundraising $21,520

• 17 · Travel

  total $609,549 · program services $431,561 · management and general $167,626 · fundraising $10,362

• 19 · Conferences, conventions and meetings

  total $8,073 · program services $5,716 · management and general $2,220 · fundraising $137

• 20 · Interest

  total $122,872 · program services $86,993 · management and general $33,790 · fundraising $2,089

• 22 · Depreciation, depletion and amortization

  total $2,073,639 · program services $1,468,137 · management and general $570,251 · fundraising $35,251

• 23 · Insurance

  total $346,872 · program services $245,585 · management and general $95,390 · fundraising $5,897

• 24a · Other expenses: AUXILIARY SUPPORT

  total $1,216,114 · program services $808,442 · management and general $383,938 · fundraising $23,734

• 24b · Other expenses: BAD DEBT EXPENSE

  total $858,283 · program services $607,664 · management and general $236,028 · fundraising $14,591

• 24c · Other expenses: FURNITURE AND EQUIPMENT

  total $276,001 · program services $195,409 · management and general $75,900 · fundraising $4,692

• 24d · Other expenses: Bank Service and Credit Fees

  total $112,411 · program services $79,587 · management and general $30,913 · fundraising $1,911

• 24e · All other expenses

  total $83,776 · program services $59,313 · management and general $23,037 · fundraising $1,426

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,442,362 · end of year $4,506,725

• 2 · Savings and temporary cash investments

  beginning of year $5,665,719 · end of year $5,482,466

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $1,833,758 · end of year $1,993,932

• 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 $385 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $37,932 · end of year $33,566

• 9 · Prepaid expenses and deferred charges

  beginning of year $552,254 · end of year $574,316

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

  $39,550,000

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

  $14,453,838

• 10c · Land, buildings and equipment, net

  beginning of year $23,478,614 · end of year $25,096,162

• 11 · Investments: publicly traded securities

  beginning of year $7,118,313 · end of year $7,484,470

• 12 · Investments: other securities

  beginning of year $168,136 · end of year $131,638

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $22,421 · end of year $22,421

• 15 · Other assets

  beginning of year $79,366 · end of year $40,721

• 17 · Accounts payable and accrued expenses

  beginning of year $1,086,470 · end of year $1,366,515

• 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 $3,465,414 · end of year $2,389,666

• 25 · Other liabilities

  beginning of year $62,406 · end of year $44,907

• 27 · Net assets without donor restrictions

  beginning of year $33,344,364 · end of year $35,707,488

• 28 · Net assets with donor restrictions

  beginning of year $5,440,606 · end of year $5,857,841

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

Year-end bonus for the individuals listed were gross-up and the bonus was included as taxable wages to the employees. Dr. Bobbie Spurgeon-Harris: $2,707 Jody Allen $2,707 Dean Meadows $2,166 Dr. Sharon Lease $2,166 Dr. Dan Fisher $1,624 Jennifer Randall $1,624

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

PHIL GREENWALD: $48,0000 HOUSING ALLOWANCE NON-TAXABLE UNDER INTERNAL REVENUE CODE SECTION 107 [MINISTER OF THE GOSPEL]. THIS IS INCLUDED IN SCHEDULE J, PART II, COLUMN (D).

Schedule J, Part I, Line 7 Non-fixed payments

MERIT INCREASES OR BONUSES ARE DECIDED ANNUALLY AT THE TIME OF BUDGET PREPARATION. THE PRESIDENT DETERMINES TIMING AND AMOUNT IF THEY ARE GIVEN.