Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $353,756

• 1e · Government grants (contributions)

  $4,237,902

• 1f · All other contributions, gifts and grants

  $14,550,206

• 1g · Noncash contributions included above

  $814,041

• 2a · Program service revenue: Tuition & Fees

  total $297,166,821 · related or exempt $297,166,821

• 2b · Program service revenue: Auxillary Services

  total $55,039,853 · related or exempt $55,039,853

• 2c · Program service revenue: Athletics

  total $4,137,813 · related or exempt $4,137,813

• 2f · All other program service revenue

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

• 3 · Investment income

  total $2,106,906 · unrelated business $382,196 · excluded $1,724,710

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $37,828,525 · other assets $15,386

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

  securities $37,163,896 · other assets -$140,806

• 7c · Gain or loss

  securities $664,629 · other assets $156,192

• 7d · Net gain or loss

  total $820,821 · excluded $820,821

• 8a · Fundraising events: gross income

  $84,551

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

  $353,756

• 8b · Fundraising events: direct expenses

  $52,730

• 8c · Net income from fundraising events

  total $31,821 · excluded $31,821

• 11a · Other revenue: Other Revenues

  total $3,474,913 · related or exempt $3,474,913

• 11b · Other revenue: ARAMARK Contracts

  total $1,186,859 · related or exempt $1,184,228 · unrelated business $2,631

• 11c · Other revenue: Athletic Advertising

  total $101,784 · unrelated business $101,784

• 11d · All other revenue

  total $5,852,482 · related or exempt $0 · unrelated business $5,852,482 · excluded $0

• 11e · Other revenue, total

  $10,616,038

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $72,218,357 · program services $72,218,357

• 5 · Compensation of officers, directors and key employees

  total $2,601,258 · program services $795,194 · management and general $1,126,699 · fundraising $679,365

• 7 · Other salaries and wages

  total $124,670,717 · program services $102,954,381 · management and general $18,454,838 · fundraising $3,261,498

• 8 · Pension plan contributions

  total $7,692,723 · program services $6,870,708 · management and general $608,144 · fundraising $213,871

• 9 · Other employee benefits

  total $18,856,211 · program services $16,430,021 · management and general $1,782,710 · fundraising $643,480

• 10 · Payroll taxes

  total $9,183,775 · program services $8,128,258 · management and general $767,906 · fundraising $287,611

• 11a · Fees: management

  total $10,200 · program services $10,200

• 11b · Fees: legal

  total $1,520,916 · program services $8,942 · management and general $1,511,974

• 11c · Fees: accounting

  total $213,166 · management and general $213,166

• 11e · Fees: professional fundraising services

  total $153,158 · fundraising $153,158

• 11f · Fees: investment management

  total $1,900,365 · program services $1,644,916 · management and general $255,449

• 11g · Fees: other

  total $26,415,191 · program services $22,989,483 · management and general $3,192,173 · fundraising $233,535

• 12 · Advertising and promotion

  total $1,632,261 · program services $1,101,313 · management and general $530,050 · fundraising $898

• 13 · Office expenses

  total $8,331,571 · program services $6,365,169 · management and general $1,748,520 · fundraising $217,882

• 14 · Information technology

  total $3,612,530 · program services $1,432,447 · management and general $2,175,262 · fundraising $4,821

• 15 · Royalties

  total $15,691 · program services $4,083 · management and general $11,608

• 16 · Occupancy

  total $11,219,591 · program services $10,961,620 · management and general $241,810 · fundraising $16,161

• 17 · Travel

  total $24,799,466 · program services $23,623,712 · management and general $705,716 · fundraising $470,038

• 19 · Conferences, conventions and meetings

  total $2,070,444 · program services $1,458,290 · management and general $516,908 · fundraising $95,246

• 20 · Interest

  total $1,101,046 · program services $1,101,046

• 22 · Depreciation, depletion and amortization

  total $15,798,876 · program services $15,580,139 · management and general $218,737

• 23 · Insurance

  total $2,046,894 · program services $347,022 · management and general $1,697,682 · fundraising $2,190

• 24a · Other expenses: Debt Service

  total $5,609,031 · program services $5,092,696 · management and general $516,335

• 24b · Other expenses: Special Projects

  total $4,436,149 · program services $3,723,569 · management and general $176,723 · fundraising $535,857

• 24c · Other expenses: Interest Rate Swap

  total -$402,249 · program services -$402,249

• 24d · Other expenses: Other

  total $13,374,141 · program services $10,291,725 · management and general $2,188,598 · fundraising $893,818

• 24e · All other expenses

  total $5,509,524 · program services $0 · management and general $5,509,524 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $113,891,972 · end of year $85,533,358

• 3 · Pledges and grants receivable

  beginning of year $1,082,897 · end of year $628,991

• 4 · Accounts receivable

  beginning of year $4,976,151 · end of year $4,317,875

• 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

• 8 · Inventories for sale or use

  beginning of year $75,307 · end of year $70,444

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,377,998 · end of year $3,051,498

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

  $717,362,554

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

  $192,623,854

• 10c · Land, buildings and equipment, net

  beginning of year $515,190,135 · end of year $524,738,700

• 11 · Investments: publicly traded securities

  beginning of year $126,599,709 · end of year $159,481,403

• 12 · Investments: other securities

  beginning of year $293,425,146 · end of year $297,792,004

• 13 · Investments: program-related

  beginning of year $1,345,326 · end of year $1,145,787

• 15 · Other assets

  beginning of year $16,236,306 · end of year $13,059,412

• 17 · Accounts payable and accrued expenses

  beginning of year $29,339,701 · end of year $24,899,514

• 19 · Deferred revenue

  beginning of year $4,701,540 · end of year $5,909,582

• 20 · Tax-exempt bond liabilities

  beginning of year $194,472,311 · end of year $184,798,750

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $44,444,200 · end of year $39,438,878

• 27 · Net assets without donor restrictions

  beginning of year $567,104,694 · end of year $611,505,642

• 28 · Net assets with donor restrictions

  beginning of year $236,138,501 · end of year $223,267,106

The filer's explanations (Part III)

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

TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: THE UNIVERSITY GROSSES UP CAR ALLOWANCES FOR CERTAIN SENIOR STAFF. PERSONAL USE OF CARS ARE INCLUDED IN THE TAXABLE INCOME OF THE EMPLOYEES.

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

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: THE ONLY PERSON WHO RECEIVES HOUSING IS THE UNIVERSITY PRESIDENT. THE PRESIDENT'S CONTRACT STATES THAT AS A CONDITION OF EMPLOYMENT, AND AS A BENEFIT TO THE UNIVERSITY, THE PRESIDENT IS TO RESIDE IN UNIVERSITY PROVIDED HOUSING. IN ADDITION, THE CONTRACT STATES THE UNIVERSITY SHALL PAY ALL UTILITIES, REAL ESTATE TAXES, INSURANCE AND EXPENSE FOR MAINTENANCE AND UPKEEP FOR THE PRESIDENTIAL RESIDENCE.

Schedule J, Part I, Line 1a Personal services

PERSONAL SERVICES: THE PRESIDENT'S CONTRACT STATES THAT AS A CONDITION OF EMPLOYMENT THE PRESIDENT WILL RESIDE IN UNIVERSITY PROVIDED HOUSING. IN ADDITION, EXPENSES FOR MAINTENANCE AND UPKEEP OF THE PRESIDENT'S RESIDENCE WILL BE PAID FOR BY THE UNIVERSITY.

Schedule J, Part I, Line 4a Severance or change-of-control payment

MATTHEW MATHENY TERMED ON MARCH 31, 2019 AS THE BASKETBALL COACH. MR. MATHENY RECEIVED ANNUAL PAYMENTS FROM MARCH 31, 2019 THROUGH MARCH 31, 2022 PER HIS CONTRACT. COMPENSATION FOR CALENDAR YEAR 2022 IS PRESENTED ON PART VII AND SCHEDULE J . THE REMAINING INFORMATION ON THE 990 IS FOR FISCAL YEAR 6/1/2022 - 5/31/2023

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

JAMES PIATT AND TONY TRISCIANI RECEIVED ADDITIONAL PAY FOR MEETING EMPLOYMENT GOALS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• TRI-STATE REAL PROPERTIES LLC

  REAL ESTATE · DE · income $132,670 · assets $155,430

  Directly controlled by ELON UNIVERSITY

• THE INN AT ELON

  HOTEL AND RESTAURANT · NC · income $5,852,482 · assets $29,412,849

  Directly controlled by ELON UNIVERSITY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• THE LIGHTHOUSE TAVERN

  C Corporation · RENTS · NC · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by ELON UNIVERSITY