Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $26,323

• 1c · Fundraising events

  $276,809

• 1e · Government grants (contributions)

  $27,081,434

• 1f · All other contributions, gifts and grants

  $16,104,812

• 1g · Noncash contributions included above

  $419,436

• 2a · Program service revenue: TUITION AND FEES

  total $113,850,643 · related or exempt $113,850,643

• 2b · Program service revenue: ROOM AND BOARD

  total $24,108,712 · related or exempt $24,108,712

• 2c · Program service revenue: AUXILIARY SERVICES

  total $4,556,758 · related or exempt $4,552,908 · unrelated business $3,850

• 3 · Investment income

  total $4,805,469 · unrelated business $586 · excluded $4,804,883

• 5 · Royalties

  total $14,535 · excluded $14,535

• 6a · Gross rents

  real property $703,531

• 6b · Less rental expenses

  real property $439,508

• 6c · Rental income or loss

  real property $264,023

• 6d · Net rental income or loss

  total $264,023 · excluded $264,023

• 7a · Gross sales of assets other than inventory

  securities $23,763,905

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

  securities $16,097,925

• 7c · Gain or loss

  securities $7,665,980

• 7d · Net gain or loss

  total $7,665,980 · excluded $7,665,980

• 8a · Fundraising events: gross income

  $315,598

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

  $276,809

• 8b · Fundraising events: direct expenses

  $305,102

• 8c · Net income from fundraising events

  total $10,496 · excluded $10,496

• 11a · Other revenue: STUDENT LOAN INTEREST

  total $140,599 · related or exempt $140,599

• 11e · Other revenue, total

  $140,599

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $16,409,794 · program services $16,409,794

• 2 · Grants to domestic individuals

  total $66,560,360 · program services $66,560,360

• 3 · Grants to foreign organizations and individuals

  total $46,695 · program services $46,695

• 5 · Compensation of officers, directors and key employees

  total $1,748,725 · program services $533,081 · management and general $921,265 · fundraising $294,379

• 7 · Other salaries and wages

  total $51,069,270 · program services $41,353,614 · management and general $7,651,058 · fundraising $2,064,598

• 8 · Pension plan contributions

  total $2,615,108 · program services $2,117,598 · management and general $391,788 · fundraising $105,722

• 9 · Other employee benefits

  total $2,800,230 · program services $2,267,501 · management and general $419,523 · fundraising $113,206

• 10 · Payroll taxes

  total $3,387,317 · program services $2,742,898 · management and general $507,479 · fundraising $136,940

• 11a · Fees: management

  total $1,300,666 · program services $1,162,390 · management and general $138,276

• 11b · Fees: legal

  total $438,501 · management and general $438,501

• 11c · Fees: accounting

  total $132,405 · management and general $132,405

• 11d · Fees: lobbying

  total $10,557 · management and general $10,557

• 11f · Fees: investment management

  total $1,673,199 · management and general $1,673,199

• 11g · Fees: other

  total $3,929,406 · program services $3,115,617 · management and general $473,436 · fundraising $340,353

• 12 · Advertising and promotion

  total $1,241,570 · program services $180,206 · management and general $1,061,364

• 13 · Office expenses

  total $563,470 · program services $342,686 · management and general $154,075 · fundraising $66,709

• 14 · Information technology

  total $3,485,834 · program services $981,455 · management and general $2,379,502 · fundraising $124,877

• 16 · Occupancy

  total $3,341,340 · program services $3,331,494 · management and general $8,693 · fundraising $1,153

• 17 · Travel

  total $3,654,416 · program services $3,066,895 · management and general $451,808 · fundraising $135,713

• 19 · Conferences, conventions and meetings

  total $67,222 · program services $59,773 · management and general $327 · fundraising $7,122

• 20 · Interest

  total $3,029,885 · program services $2,880,763 · management and general $149,122

• 22 · Depreciation, depletion and amortization

  total $9,263,899 · program services $8,808,025 · management and general $455,874

• 23 · Insurance

  total $1,438,118 · management and general $1,438,118

• 24a · Other expenses: FOOD SERVICE

  total $7,509,812 · program services $7,288,818 · management and general $208,438 · fundraising $12,556

• 24b · Other expenses: SUPPLIES

  total $2,038,505 · program services $1,653,948 · management and general $371,650 · fundraising $12,907

• 24c · Other expenses: REPAIRS AND MAINTENANCE

  total $1,800,387 · program services $1,770,971 · management and general $27,126 · fundraising $2,290

• 24d · Other expenses: OUTSOURCED ADMISSIONS

  total $1,658,288 · program services $1,658,288

• 24e · All other expenses

  total $7,281,033 · program services $5,255,839 · management and general $1,878,452 · fundraising $146,742

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $20,543,794 · end of year $30,920,176

• 3 · Pledges and grants receivable

  beginning of year $5,644,918 · end of year $6,123,512

• 4 · Accounts receivable

  beginning of year $9,927,872 · end of year $13,760,031

• 7 · Other notes and loans receivable

  beginning of year $2,487,623 · end of year $1,724,642

• 8 · Inventories for sale or use

  beginning of year $1,850,134 · end of year $1,979,198

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,576,270 · end of year $2,245,370

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

  $335,419,293

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

  $170,659,830

• 10c · Land, buildings and equipment, net

  beginning of year $167,945,940 · end of year $164,759,463

• 11 · Investments: publicly traded securities

  beginning of year $88,062,524 · end of year $92,645,398

• 12 · Investments: other securities

  beginning of year $174,867,263 · end of year $187,896,815

• 15 · Other assets

  beginning of year $13,903,701 · end of year $15,556,695

• 17 · Accounts payable and accrued expenses

  beginning of year $3,539,670 · end of year $5,821,368

• 19 · Deferred revenue

  beginning of year $5,940,848 · end of year $5,728,763

• 20 · Tax-exempt bond liabilities

  beginning of year $68,432,121 · end of year $65,045,965

• 23 · Secured mortgages and notes payable

  beginning of year $2,376,651 · end of year $1,822,107

• 25 · Other liabilities

  beginning of year $15,233,585 · end of year $12,515,626

• 27 · Net assets without donor restrictions

  beginning of year $176,286,970 · end of year $193,992,446

• 28 · Net assets with donor restrictions

  beginning of year $216,000,194 · end of year $232,685,025

The filer's explanations (Part III)

PART I, LINE 1A

BOTH THE PRESIDENT AND THE COMMANDANT OF CADETS ARE PROVIDED HOUSING AS A CONDITION OF EMPLOYMENT, AND FOR THE CONVENIENCE OF THE EMPLOYER. THE VALUES OF HOUSING PROVIDED TO THE PRESIDENT AND TO THE COMMANDANT OF CADETS THROUGH DECEMBER 31, 2023 IN THE AMOUNTS OF $54,660 OF $40,920 RESPECTIVELY ARE INCLUDED IN FORM 990 AS PART OF THEIR NONTAXABLE BENEFITS.

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUST

  T · CHARITABLE REMAIDER UNITRUST · NY

• CHARITABLE TRUST

  T · CHARITABLE TRUST · VT