Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $13,875

• 1e · Government grants (contributions)

  $108,450

• 1f · All other contributions, gifts and grants

  $7,772,843

• 1g · Noncash contributions included above

  $61,147

• 2a · Program service revenue: TUITION AND FEES

  total $39,838,928 · related or exempt $39,838,928

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $5,437,117 · related or exempt $5,437,117

• 2c · Program service revenue: OTHER INCOME

  total $2,745,444 · excluded $2,745,444

• 2d · Program service revenue: STUDENT HOUSING

  total $408,435 · related or exempt $408,435

• 2e · Program service revenue: SUMMER CAMPS

  total $382,893 · related or exempt $382,893

• 2f · All other program service revenue

  total $157,457 · related or exempt $157,457

• 3 · Investment income

  total $2,274,057 · excluded $2,274,057

• 7a · Gross sales of assets other than inventory

  securities $35,949,144

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

  securities $33,779,033

• 7c · Gain or loss

  securities $2,170,111

• 7d · Net gain or loss

  total $2,170,111 · excluded $2,170,111

• 8a · Fundraising events: gross income

  $4,200

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

  $13,875

• 8b · Fundraising events: direct expenses

  $6,060

• 8c · Net income from fundraising events

  total -$1,860 · excluded -$1,860

• 10a · Gross sales of inventory

  $358,171

• 10b · Cost of goods sold

  $235,664

• 10c · Net income from sales of inventory

  total $122,507 · related or exempt $122,507

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $16,750 · program services $16,750

• 2 · Grants to domestic individuals

  total $22,014,602 · program services $22,014,602

• 3 · Grants to foreign organizations and individuals

  total $18,000 · program services $18,000

• 5 · Compensation of officers, directors and key employees

  total $1,152,110 · management and general $1,152,110

• 7 · Other salaries and wages

  total $14,983,237 · program services $11,693,267 · management and general $2,942,892 · fundraising $347,078

• 8 · Pension plan contributions

  total $768,472 · program services $636,680 · management and general $110,687 · fundraising $21,105

• 9 · Other employee benefits

  total $1,157,032 · program services $894,312 · management and general $228,594 · fundraising $34,126

• 10 · Payroll taxes

  total $1,000,704 · program services $731,179 · management and general $247,822 · fundraising $21,703

• 11b · Fees: legal

  total $10,339 · management and general $10,339

• 11c · Fees: accounting

  total $101,954 · management and general $101,954

• 11d · Fees: lobbying

  total $130 · management and general $130

• 11f · Fees: investment management

  total $193,864 · management and general $193,864

• 11g · Fees: other

  total $2,464,243 · program services $1,881,937 · management and general $570,306 · fundraising $12,000

• 12 · Advertising and promotion

  total $561,463 · program services $281,609 · management and general $279,854

• 13 · Office expenses

  total $1,248,434 · program services $757,953 · management and general $407,190 · fundraising $83,291

• 14 · Information technology

  total $1,017,922 · program services $480,931 · management and general $497,613 · fundraising $39,378

• 16 · Occupancy

  total $2,037,120 · program services $1,778,790 · management and general $251,443 · fundraising $6,887

• 17 · Travel

  total $1,751,304 · program services $1,650,669 · management and general $39,120 · fundraising $61,515

• 19 · Conferences, conventions and meetings

  total $22,657 · program services $17,170 · management and general $5,487

• 20 · Interest

  total $180,021 · program services $180,021

• 22 · Depreciation, depletion and amortization

  total $2,587,433 · program services $2,414,075 · management and general $160,421 · fundraising $12,937

• 23 · Insurance

  total $483,462 · program services $67,686 · management and general $415,776

• 24a · Other expenses: ALL OTHER EXPENSES

  total $3,129,115 · program services $1,877,468 · management and general $938,734 · fundraising $312,913

• 24b · Other expenses: DUES AND SUBSCRIPTIONS

  total $186,147 · program services $88,335 · management and general $97,812

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,105,563 · end of year $10,969,995

• 2 · Savings and temporary cash investments

  beginning of year $6,137,390 · end of year $9,451,501

• 3 · Pledges and grants receivable

  beginning of year $5,578,360 · end of year $4,615,271

• 4 · Accounts receivable

  beginning of year $526,257 · end of year $559,218

• 7 · Other notes and loans receivable

  beginning of year $239,324 · end of year $177,742

• 8 · Inventories for sale or use

  beginning of year $282,714 · end of year $305,177

• 9 · Prepaid expenses and deferred charges

  beginning of year $30,662 · end of year $26,625

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

  $88,576,254

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

  $49,507,613

• 10c · Land, buildings and equipment, net

  beginning of year $40,135,510 · end of year $39,068,641

• 13 · Investments: program-related

  beginning of year $62,801,849 · end of year $67,459,410

• 15 · Other assets

  beginning of year $3,386,757 · end of year $3,380,532

• 17 · Accounts payable and accrued expenses

  beginning of year $2,351,738 · end of year $2,756,356

• 19 · Deferred revenue

  beginning of year $4,540,948 · end of year $4,458,280

• 20 · Tax-exempt bond liabilities

  beginning of year $4,934,925 · end of year $4,184,464

• 23 · Secured mortgages and notes payable

  beginning of year $1,948,104 · end of year $1,705,698

• 25 · Other liabilities

  beginning of year $421,568 · end of year $367,078

• 27 · Net assets without donor restrictions

  beginning of year $46,834,495 · end of year $49,793,559

• 28 · Net assets with donor restrictions

  beginning of year $69,192,608 · end of year $72,748,677

The filer's explanations (Part III)

PART I, LINE 1A

FOR THE YEAR ENDED 05/31/25, THE UNIVERSITY PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON UNIVERSITY BUSINESS. A HOME WAS DONATED TO THE UNIVERSITY IN DECEMBER, 2013 TO BE USED AS THE PRESIDENT'S HOME. LANDSCAPING SERVICES ARE PROVIDED BY THE UNIVERSITY AT THE HOME. ONE TIME PER MONTH, THE UNIVERSITY PROVIDES HOUSEKEEPING SERVICES FOR THE HOME.

PART I, LINE 1B

APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE. APPROVAL FOR THE PRESIDENT TO LIVE IN THE HOME WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE.

PART I, LINE 3

COMPENSATION SURVEYS FOR UNIVERSITY PRESIDENTS ARE OBTAINED FROM THIRD PARTY SOURCES. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE COMPENSATION SURVEYS INFORMATION AND PRESENTS SALARY RECOMMENDATIONS TO THE ENTIRE BOARD OF TRUSTEES FOR APPROVAL. THE BOARD OF TRUSTEES CONSIDERS THE DATA FROM THE COMPARATIVE COMPENSATION SURVEYS AS WELL AS RESULTS OF PERFORMANCE EVALUATIONS IN MAKING THEIR RECOMMENDATIONS FOR SALARY INCREASES.

PART I, LINE 4B

THE UNIVERSITY ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF STEPHEN WAERS, PRESIDENT. THE CONTRIBUTION MADE FOR THE YEAR ENDED MAY 31, 2025 WAS $0. THE PLAN WAS TERMINATED ON 8/31/2024.

PART I, LINE 5

NOT APPLICABLE

PART I, LINE 6

NOT APPLICABLE

PART I, LINE 7

NOT APPLICABLE

PART I, LINE 8

NOT APPLICABLE