Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $350,218

• 1c · Fundraising events

  $426,178

• 1e · Government grants (contributions)

  $521,191

• 1f · All other contributions, gifts and grants

  $15,711,893

• 1g · Noncash contributions included above

  $217,385

• 2a · Program service revenue: TUITION & FEES

  total $93,862,305 · related or exempt $93,862,305

• 2b · Program service revenue: AUXILIARY SERVICES

  total $21,289,844 · related or exempt $21,289,844

• 2c · Program service revenue: CONTINUING EDUCATION

  total $1,322,074 · related or exempt $1,322,074

• 2f · All other program service revenue

  total $645,398 · related or exempt $645,398

• 3 · Investment income

  total $3,303,053 · excluded $3,303,053

• 6a · Gross rents

  real property $247,119

• 6b · Less rental expenses

  real property $156,864

• 6c · Rental income or loss

  real property $90,255

• 6d · Net rental income or loss

  total $90,255 · excluded $90,255

• 7a · Gross sales of assets other than inventory

  securities $3,004,561 · other assets $30,737

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

  securities $2,948,102 · other assets $14,139

• 7c · Gain or loss

  securities $56,459 · other assets $16,598

• 7d · Net gain or loss

  total $73,057 · excluded $73,057

• 8a · Fundraising events: gross income

  $308,846

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

  $426,178

• 8b · Fundraising events: direct expenses

  $599,270

• 8c · Net income from fundraising events

  total -$290,424 · unrelated business -$13,017 · excluded -$277,407

• 10a · Gross sales of inventory

  $473,167

• 10b · Cost of goods sold

  $236,121

• 10c · Net income from sales of inventory

  total $237,046 · related or exempt $222,681 · unrelated business $14,365

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $84,690 · program services $84,690

• 2 · Grants to domestic individuals

  total $22,661,567 · program services $22,661,567

• 3 · Grants to foreign organizations and individuals

  total $2,481,755 · program services $2,481,755

• 5 · Compensation of officers, directors and key employees

  total $1,487,526 · management and general $1,487,526

• 7 · Other salaries and wages

  total $32,294,965 · program services $27,779,839 · management and general $3,092,651 · fundraising $1,422,475

• 8 · Pension plan contributions

  total $963,077 · program services $804,443 · management and general $128,495 · fundraising $30,139

• 9 · Other employee benefits

  total $9,262,169 · program services $7,351,361 · management and general $1,619,192 · fundraising $291,616

• 10 · Payroll taxes

  total $365,462 · program services $179,408 · management and general $169,618 · fundraising $16,436

• 11b · Fees: legal

  total $130,948 · management and general $130,948

• 11c · Fees: accounting

  total $114,292 · management and general $114,292

• 11d · Fees: lobbying

  total $60,835 · management and general $60,835

• 11e · Fees: professional fundraising services

  total $30,237 · fundraising $30,237

• 11f · Fees: investment management

  total $199,408 · management and general $199,408

• 11g · Fees: other

  total $14,332,849 · program services $11,759,187 · management and general $1,648,444 · fundraising $925,218

• 12 · Advertising and promotion

  total $1,498,553 · program services $749,353 · management and general $677,575 · fundraising $71,625

• 13 · Office expenses

  total $3,608,349 · program services $2,795,958 · management and general $738,588 · fundraising $73,803

• 14 · Information technology

  total $3,257,236 · program services $2,478,264 · management and general $766,236 · fundraising $12,736

• 16 · Occupancy

  total $2,806,092 · program services $2,761,488 · management and general $42,689 · fundraising $1,915

• 17 · Travel

  total $803,643 · program services $610,899 · management and general $161,156 · fundraising $31,588

• 19 · Conferences, conventions and meetings

  total $641,745 · program services $489,698 · management and general $129,183 · fundraising $22,864

• 20 · Interest

  total $6,527,668 · program services $6,241,594 · management and general $286,074

• 22 · Depreciation, depletion and amortization

  total $18,956,735 · program services $18,062,410 · management and general $894,325

• 23 · Insurance

  total $2,745,778 · program services $2,177,272 · management and general $568,506

• 24a · Other expenses: STUDENT RELATED EXPENSE

  total $361,855 · program services $361,353 · management and general $502

• 24e · All other expenses

  total $187,983 · program services $149,936 · management and general $38,047

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $29,465,446 · end of year $28,112,882

• 3 · Pledges and grants receivable

  beginning of year $13,916,252 · end of year $14,256,572

• 4 · Accounts receivable

  beginning of year $205,715 · end of year $584,479

• 8 · Inventories for sale or use

  beginning of year $140,776 · end of year $160,465

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,654,142 · end of year $3,777,964

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

  $462,273,947

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

  $171,019,778

• 10c · Land, buildings and equipment, net

  beginning of year $289,145,220 · end of year $291,254,169

• 11 · Investments: publicly traded securities

  beginning of year $56,249,881 · end of year $65,833,483

• 12 · Investments: other securities

  beginning of year $4,313,242 · end of year $6,754,226

• 15 · Other assets

  beginning of year $6,323,650 · end of year $6,380,671

• 17 · Accounts payable and accrued expenses

  beginning of year $11,625,167 · end of year $9,384,182

• 19 · Deferred revenue

  beginning of year $2,063,179 · end of year $1,895,342

• 20 · Tax-exempt bond liabilities

  beginning of year $156,061,579 · end of year $152,222,765

• 21 · Escrow or custodial account liability

  beginning of year $16,992 · end of year $14,307

• 24 · Unsecured notes and loans payable

  beginning of year $4,186,643 · end of year $3,895,944

• 25 · Other liabilities

  beginning of year $1,633,623 · end of year $1,622,099

• 27 · Net assets without donor restrictions

  beginning of year $163,058,858 · end of year $173,597,869

• 28 · Net assets with donor restrictions

  beginning of year $64,768,283 · end of year $74,482,403

The filer's explanations (Part III)

PART I, LINE 1A

DR. LARRY R. THOMPSON, PRESIDENT RECEIVES A TAXABLE HOUSING ALLOWANCE AND GROSS-UP PAYMENT WHICH IS REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN D AND SCHEDULE J, PAGE 2, PART II, COLUMN B(III). THE ORGANIZATION PAYS COUNTRY CLUB AND SOCIAL CLUB DUES ON BEHALF OF DR. LARRY R. THOMPSON, PRESIDENT. PERSONAL USE IS NOT REIMBURSED, BUT THE PAYMENT FOR COUNTRY CLUB AND SOCIAL CLUB DUES IS TAXABLE TO THE EMPLOYEE AND IS REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN D AND SCHEDULE J, PAGE 2, PART II, COLUMN B(III). THE ORGANIZATION PROVIDED A GROSS-UP PAYMENT TO LARRY R. THOMPSON, PRESIDENT FOR THE TAXES ON THE PORTION OF COUNTRY CLUB AND SOCIAL CLUB DUES ATTRIBUTABLE TO BUSINESS USE. THE ORGANIZATION PAID FOR TAXABLE PHYSICIAN SERVICES ON BEHALF OF DR. LARRY R. THOMPSON, PRESIDENT WHICH IS REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN D AND SCHEDULE J, PAGE 2, PART II, COLUMN B(III). THE ORGANIZATION ALSO PAYS FOR CERTAIN TRAVEL EXPENSES FOR DR. THOMPSON'S SPOUSE WHEN IT SERVES THE NEEDS OF THE COLLEGE TO HAVE HIS SPOUSE PRESENT FOR VARIOUS COLLEGE FUNCTIONS. THIS IS TREATED AS NONTAXABLE SINCE HER ATTENDANCE IS REQUIRED FOR CERTAIN DONOR EVENTS. THE ORGANIZATION ALSO PAYS FOR FIRST-CLASS OR PREMIER CLASS TRAVEL FOR THE PRESIDENT, HIS SPOUSE, AND THE VICE PRESIDENT FOR ADVANCEMENT ON AN INFREQUENT BASIS, MOST NOTABLY FOR LONG-DISTANCE INTERNATIONAL TRAVEL.

PART I, LINE 1B

THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE DETERMINED THAT THE COLLEGE WOULD PROVIDE THE HOUSING ALLOWANCE, GROSS-UP PAYMENTS, SOCIAL CLUB DUES, AND PHYSICIAN SERVICES FOR THE PRESIDENT (DESCRIBED ABOVE) AND THOSE BENEFITS ARE INCLUDED IN THE PRESIDENT'S APPOINTMENT LETTER FROM THE BOARD OF TRUSTEES.

PART I, LINE 4B

THE COLLEGE MAINTAINS A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN FOR DR. LARRY R. THOMPSON, PRESIDENT. ALL CONTRIBUTIONS TO THAT PLAN WERE FROZEN FOR PERIODS AFTER MAY 31, 2012. PLAN RULES REQUIRE THAT FUNDS BE DISTRIBUTED ONLY UPON SEPARATION FROM EMPLOYMENT. SINCE THE PLAN IS FROZEN, NO CONTRIBUTIONS WERE MADE TO THE PLAN DURING THE FISCAL YEAR.

PART I, LINE 7

BASED ON THE PERFORMANCE OF THE INSTITUTION, THE COMPENSATION COMMITTEE, A SUB-COMMITTEE OF THE EXECUTIVE COMMITTEE, DETERMINED THAT DR. LARRY R. THOMPSON, PRESIDENT WOULD RECEIVE A BONUS OF $100,000. THE COMPENSATION COMMITTEE DETERMINES ANNUALLY WHETHER A BONUS IS TO BE PAID AND THE AMOUNT.