Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $37,695

• 1e · Government grants (contributions)

  $1,608,139

• 1f · All other contributions, gifts and grants

  $2,228,489

• 1g · Noncash contributions included above

  $269,526

• 2a · Program service revenue: TUITION AND FEES

  total $155,131,678 · related or exempt $155,131,678

• 2b · Program service revenue: AUXILLIARY SALES AND S

  total $23,795,862 · related or exempt $23,795,862

• 2c · Program service revenue: SPONSORED PROGRAMS

  total $3,276,668 · related or exempt $3,276,668

• 2d · Program service revenue: STUDENT LOAN INTEREST

  total $21,427 · related or exempt $21,427

• 3 · Investment income

  total $1,055,561 · excluded $1,055,561

• 6a · Gross rents

  real property $154,848

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $154,848

• 6d · Net rental income or loss

  total $154,848 · excluded $154,848

• 7a · Gross sales of assets other than inventory

  securities $48,010,647

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

  securities $43,007,977

• 7c · Gain or loss

  securities $5,002,670

• 7d · Net gain or loss

  total $5,002,670 · excluded $5,002,670

• 8a · Fundraising events: gross income

  $56,199

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

  $37,695

• 8b · Fundraising events: direct expenses

  $46,551

• 8c · Net income from fundraising events

  total $9,648 · excluded $9,648

• 11a · Other revenue: STUDENT/ALUMNI FUNDR.

  total $623,696 · related or exempt $623,696

• 11b · Other revenue: EVENTS REGISTRATION

  total $114,035 · related or exempt $114,035

• 11d · All other revenue

  total $930,347 · related or exempt $262,700 · excluded $667,647

• 11e · Other revenue, total

  $1,668,078

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $82,685,981 · program services $82,685,981

• 5 · Compensation of officers, directors and key employees

  total $3,116,320 · program services $1,453,999 · management and general $1,314,181 · fundraising $348,140

• 7 · Other salaries and wages

  total $53,824,366 · program services $46,548,132 · management and general $6,695,545 · fundraising $580,689

• 8 · Pension plan contributions

  total $2,274,974 · program services $1,917,848 · management and general $320,016 · fundraising $37,110

• 9 · Other employee benefits

  total $11,685,360 · program services $9,918,048 · management and general $1,532,886 · fundraising $234,426

• 10 · Payroll taxes

  total $4,566,557 · program services $3,849,698 · management and general $642,368 · fundraising $74,491

• 11b · Fees: legal

  total $379,173 · program services $3,592 · management and general $375,581

• 11c · Fees: accounting

  total $190,955 · management and general $190,955

• 11f · Fees: investment management

  total $500,749 · management and general $500,749

• 11g · Fees: other

  total $11,078,851 · program services $9,744,756 · management and general $1,326,222 · fundraising $7,873

• 12 · Advertising and promotion

  total $898,409 · program services $366,122 · management and general $517,569 · fundraising $14,718

• 13 · Office expenses

  total $3,814,581 · program services $3,173,996 · management and general $592,230 · fundraising $48,355

• 14 · Information technology

  total $2,791,206 · program services $105,188 · management and general $2,664,885 · fundraising $21,133

• 15 · Royalties

  total $26,800 · management and general $26,800

• 16 · Occupancy

  total $5,175,070 · program services $4,702,898 · management and general $472,172

• 17 · Travel

  total $1,721,125 · program services $1,595,761 · management and general $107,701 · fundraising $17,663

• 19 · Conferences, conventions and meetings

  total $594,491 · program services $531,876 · management and general $62,615

• 20 · Interest

  total $4,056,203 · program services $3,900,760 · management and general $155,443

• 22 · Depreciation, depletion and amortization

  total $7,209,013 · program services $6,800,018 · management and general $408,995

• 23 · Insurance

  total $832,341 · program services $95,397 · management and general $736,944

• 24a · Other expenses: MAINTENANCE & REPAIRS

  total $1,834,967 · program services $1,834,967

• 24b · Other expenses: MEMBERSHIP & DUES

  total $313,704 · program services $153,987 · management and general $159,717

• 24c · Other expenses: NON-CAPITAL EQUIPMENT

  total $282,180 · program services $272,479 · management and general $9,701

• 24d · Other expenses: NON-CAPITAL IMPROVEMENT

  total $15,045 · program services $15,045

• 24e · All other expenses

  total $3,261,988 · program services $1,157,714 · management and general $1,851,628 · fundraising $252,646

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $14,100,858 · end of year $4,420,583

• 3 · Pledges and grants receivable

  beginning of year $524,540 · end of year $1,156,493

• 4 · Accounts receivable

  beginning of year $4,135,293 · end of year $4,604,820

• 7 · Other notes and loans receivable

  beginning of year $582,715 · end of year $390,521

• 8 · Inventories for sale or use

  beginning of year $19,843 · end of year $18,959

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,750,174 · end of year $2,380,703

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

  $318,279,403

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

  $182,546,927

• 10c · Land, buildings and equipment, net

  beginning of year $139,885,510 · end of year $135,732,476

• 11 · Investments: publicly traded securities

  beginning of year $60,406,434 · end of year $72,344,771

• 12 · Investments: other securities

  beginning of year $32,371,899 · end of year $29,497,683

• 17 · Accounts payable and accrued expenses

  beginning of year $11,934,317 · end of year $13,109,313

• 18 · Grants payable

  beginning of year $1,021,012 · end of year $889,985

• 19 · Deferred revenue

  beginning of year $7,743,848 · end of year $7,747,155

• 20 · Tax-exempt bond liabilities

  beginning of year $89,810,410 · end of year $87,308,532

• 21 · Escrow or custodial account liability

  beginning of year $2,064,062 · end of year $2,094,316

• 25 · Other liabilities

  beginning of year $1,163,472 · end of year $1,122,202

• 27 · Net assets without donor restrictions

  beginning of year $92,505,042 · end of year $87,781,136

• 28 · Net assets with donor restrictions

  beginning of year $48,535,103 · end of year $50,494,370

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A HOUSING ALLOWANCE. WHICH IS INCLUDED AS TAXABLE COMPENSATION. THE PRESIDENT MAY ALSO RECEIVE MEMBERSHIPS TO APPROPRIATE ORGANIZATIONS FOR THE BENEFIT OF THE UNIVERSITY. REIMBURSEMENT OR PAYMENT OF MEMBERSHIPS ARE HANDLED IN ACCORDANCE WITH UNVIERSITY POLICIES AND PROCEDURES. THE PRESIDENT'S EMPLOYMENT CONTRACT ALSO INCLUDES A VEHICLE ALLOWANCE. THE VALUE OF THE VEHICLE ALLOWANCE IS INCLUDED IN THE PRESIDENT'S W-2 WAGES. THE PRESIDENT IS ELIGIBLE TO PARTICIPATE IN ALL STANDARD UNIVERSITY BENEFIT PLANS AS WELL AS ANY OTHER SUPPLEMENTAL BENEFIT PLANS OUTLINED IN HIS CONTRACT.

PART I, LINE 3

BASED ON THE PRESIDENT'S EMPLOYMENT CONTRACT, THE PRESIDENT IS ELIGIBLE TO RECEIVE AN ANNUAL INCENTIVE BONUS. THIS AMOUNT IS DETERMINED AT THE DISCRETION OF THE BOARD, EQUAL TO 25% OF THE PRESIDENT'S BASE SALARY. AS SPECIFIED IN THE CONTRACT, THE DETERMINATION OF WHETHER TO AWARD AN ANNUAL INCENTIVE BONUS IS GUIDED IN PART BY THE PRESIDENT'S ANNUAL EVALUATION. PER THE CONTRACT, THE PRESIDENT SHALL BE NOTIFIED ON OR BEFORE JUNE 30, THE AMOUNT, IF ANY, OF THE INCENTIVE BONUS WHICH SHALL BE PAID WITHIN 75 DAYS THERE AFTER.

PART I, LINE 4A

BASIL STEWART RECEIVED SEVERANCE IN THE AMOUNT OF 137,917 IN CALENDAR YEAR 2024.