Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $20,316

• 2a · Program service revenue: TUITION AND FEES

  total $2,492 · related or exempt $2,492

• 3 · Investment income

  total $227,108 · excluded $227,108

• 6a · Gross rents

  real property $127,585

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $127,585

• 6d · Net rental income or loss

  total $127,585 · excluded $127,585

• 11a · Other revenue: OTHER INCOME

  total $69,265 · excluded $69,265

• 11e · Other revenue, total

  $69,265

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $222,576 · management and general $222,576

• 7 · Other salaries and wages

  total $136,080 · management and general $136,080

• 11a · Fees: management

  total $233,347 · management and general $233,347

• 11b · Fees: legal

  total $40,758 · management and general $40,758

• 11c · Fees: accounting

  total $105,439 · management and general $105,439

• 11f · Fees: investment management

  total $17,640 · management and general $17,640

• 11g · Fees: other

  total -$628 · management and general -$628

• 13 · Office expenses

  total $12,366 · management and general $12,366

• 14 · Information technology

  total $84,529 · program services $84,529

• 16 · Occupancy

  total $24,500 · management and general $24,500

• 17 · Travel

  total $1,623 · management and general $1,623

• 23 · Insurance

  total -$567,049 · management and general -$567,049

• 24a · Other expenses: BAD DEBT WRITE-OFFS

  total $214,671 · program services $214,671

• 24b · Other expenses: EVENTS AND PROGRAMS

  total $40,315 · program services $40,315

• 24c · Other expenses: FOOD SERVICES

  total $14,737 · program services $14,737

• 24d · Other expenses: OTHER EXPENSES

  total $11,547 · program services $11,547

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,233,492 · end of year $627,515

• 2 · Savings and temporary cash investments

  beginning of year $1,664,494 · end of year $2,781,326

• 4 · Accounts receivable

  beginning of year $446,440

• 9 · Prepaid expenses and deferred charges

  end of year $571,754

• 15 · Other assets

  beginning of year $2,130,723 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $7,028,869 · end of year $750,000

• 20 · Tax-exempt bond liabilities

  beginning of year $1,070,000

• 25 · Other liabilities

  beginning of year $1,664,468 · end of year $1,664,468

• 27 · Net assets without donor restrictions

  beginning of year $1,711,812 · end of year $1,566,127

The filer's explanations (Part III)

PART I, LINE 1A

HELEN DRINAN, INTERIM PRESIDENT - RESIDENCE FOR PERSONAL USE: THE UNIVERSITY REQUIRED ITS INTERIM PRESIDENT TO LIVE IN A RESIDENCE ON CAMPUS. THE ANNUAL RENTAL VALUE OF THE RESIDENCE IS NOT TREATED AS TAXABLE COMPENSATION TO THE PRESIDENT. THE ANNUAL RENTAL VALUE OF THE RESIDENCE FROM JANUARY TO AUGUST 2024 IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN (D).

PART I, LINE 4A

THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAYMENTS IN 2024. THIS AMOUNT WAS REPORTED AS TAXABLE INCOME AND IS INCLUDED IN THE AMOUNT REPORTED IN FORM 990, PART VII, COLUMN (D). HELEN DRINAN: $98,750 LYNDA BUZZARD: $30,000 MELISSA TERLECKI: $78,846 ERIN MCLAUGHLIN: $71,635 NANCY OLLINGER: $50,000 BEVERLY BRYDE: $12,000 CATHERINE CORCORAN: $58,692