Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $419,440

• 1e · Government grants (contributions)

  $8,857,518

• 1f · All other contributions, gifts and grants

  $5,685,025

• 1g · Noncash contributions included above

  $148,776

• 2a · Program service revenue: TUITION AND FEES

  total $95,170,128 · related or exempt $95,170,128

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $4,565,063 · related or exempt $4,565,063

• 2c · Program service revenue: OTHER PROGRAM-RELATED REVENUE

  total $3,531,089 · related or exempt $3,531,089

• 3 · Investment income

  total $1,277,670 · excluded $1,277,670

• 6a · Gross rents

  real property $121,359

• 6b · Less rental expenses

  real property $18,247

• 6c · Rental income or loss

  real property $103,112

• 6d · Net rental income or loss

  total $103,112 · unrelated business $103,112

• 7a · Gross sales of assets other than inventory

  securities $32,510,158 · other assets $14,130,945

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

  securities $29,811,905 · other assets $4,278,469

• 7c · Gain or loss

  securities $2,698,253 · other assets $9,852,476

• 7d · Net gain or loss

  total $12,550,729 · excluded $12,550,729

• 8a · Fundraising events: gross income

  $55,742

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

  $419,440

• 8b · Fundraising events: direct expenses

  $185,664

• 8c · Net income from fundraising events

  total -$129,922 · excluded -$129,922

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $40,399,678 · program services $40,399,678

• 5 · Compensation of officers, directors and key employees

  total $2,029,706 · management and general $1,472,637 · fundraising $557,069

• 7 · Other salaries and wages

  total $31,617,684 · program services $25,641,105 · management and general $5,630,351 · fundraising $346,228

• 8 · Pension plan contributions

  total $1,168,435 · program services $694,701 · management and general $440,085 · fundraising $33,649

• 9 · Other employee benefits

  total $4,750,179 · program services $3,886,662 · management and general $729,703 · fundraising $133,814

• 10 · Payroll taxes

  total $2,531,686 · program services $1,771,168 · management and general $696,734 · fundraising $63,784

• 11b · Fees: legal

  total $618,861 · program services $14,145 · management and general $604,716

• 11c · Fees: accounting

  total $226,704 · management and general $226,704

• 11e · Fees: professional fundraising services

  total $245,410 · fundraising $245,410

• 11f · Fees: investment management

  total $149,751 · management and general $149,751

• 11g · Fees: other

  total $5,305,732 · program services $1,068,702 · management and general $4,237,005 · fundraising $25

• 12 · Advertising and promotion

  total $3,020,526 · program services $2,769,378 · management and general $251,148

• 13 · Office expenses

  total $751,022 · program services $464,201 · management and general $281,968 · fundraising $4,853

• 14 · Information technology

  total $554,772 · program services $424,196 · management and general $130,576

• 16 · Occupancy

  total $14,230,578 · program services $8,655,915 · management and general $5,574,663

• 17 · Travel

  total $1,311,876 · program services $1,087,868 · management and general $220,708 · fundraising $3,300

• 19 · Conferences, conventions and meetings

  total $1,368,954 · program services $985,215 · management and general $380,616 · fundraising $3,123

• 20 · Interest

  total $4,107,345 · program services $3,503,378 · management and general $603,967

• 22 · Depreciation, depletion and amortization

  total $5,795,397 · program services $5,013,332 · management and general $782,065

• 23 · Insurance

  total $1,090,488 · program services $223,679 · management and general $866,809

• 24a · Other expenses: MEAL PLANS

  total $2,732,349 · program services $2,731,666 · management and general $683

• 24b · Other expenses: BAD DEBTS

  total $1,929,290 · management and general $1,929,290

• 24c · Other expenses: DUES/SUBS/MEMBERSHIPS

  total $1,019,592 · program services $439,528 · management and general $455,201 · fundraising $124,863

• 24d · Other expenses: ATHLETICS

  total $498,881 · program services $498,881

• 24e · All other expenses

  total $4,454,715 · program services $4,454,715

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,881,542 · end of year $19,973,575

• 2 · Savings and temporary cash investments

  beginning of year $706,209 · end of year $10,041

• 3 · Pledges and grants receivable

  beginning of year $8,677,473 · end of year $6,527,880

• 4 · Accounts receivable

  beginning of year $3,078,232 · end of year $1,984,634

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,041,302 · end of year $828,283

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

  $216,313,143

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

  $105,280,268

• 10c · Land, buildings and equipment, net

  beginning of year $87,942,358 · end of year $111,032,875

• 11 · Investments: publicly traded securities

  beginning of year $37,880,151 · end of year $45,722,075

• 15 · Other assets

  beginning of year $28,292,604 · end of year $1,356,854

• 17 · Accounts payable and accrued expenses

  beginning of year $5,858,688 · end of year $5,249,221

• 19 · Deferred revenue

  beginning of year $1,775,967 · end of year $2,689,012

• 20 · Tax-exempt bond liabilities

  beginning of year $22,391,561 · end of year $22,699,424

• 21 · Escrow or custodial account liability

  beginning of year $3,870 · end of year $3,870

• 23 · Secured mortgages and notes payable

  beginning of year $50,816,909 · end of year $50,874,887

• 24 · Unsecured notes and loans payable

  end of year $5,769,900

• 25 · Other liabilities

  beginning of year $8,944,857 · end of year $8,237,102

• 27 · Net assets without donor restrictions

  beginning of year $28,802,124 · end of year $30,519,672

• 28 · Net assets with donor restrictions

  beginning of year $58,905,895 · end of year $61,393,129

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:

THE PRESIDENT, EUGENE J. CORNACCHIA, PH.D., RESIDES IN A UNIVERSITY-OWNED PROPERTY AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY. THE ANNUAL FAIR MARKET RENTAL VALUE OF THE UNIVERSITY-OWNED PROPERTY AMOUNTED TO APPROXIMATELY $48,741 IN 2023 AND WAS NOT REPORTED AS TAXABLE COMPENSATION ON THE PRESIDENT'S 2023 FORM W-2. IT IS INCLUDED IN THE AMOUNT REPORTED IN SCHEDULE J, PART II, COLUMN (D). THE UNIVERSITY PROVIDES CLEANING SERVICES TO THE PRESIDENT'S UNIVERSITY-OWNED RESIDENCE. THE VALUE OF THESE SERVICES WAS APPROXIMATELY $2,795 IN 2023 AND WAS NOT REPORTED AS TAXABLE COMPENSATION ON THE PRESIDENT'S 2023 FORM W-2. IT IS INCLUDED IN THE AMOUNT REPORTED IN SCHEDULE J, PART II, COLUMN (D).

SCHEDULE J, PART I, LINE 7:

PER THE TERMS OF AN EMPLOYMENT AGREEMENT. THE PRESIDENT, EUGENE J. CORNACCHIA, PH.D., IS ELIGIBLE TO RECEIVE AN ANNUAL PERFORMANCE AWARD OF UP TO 15% OF BASE SALARY BASED UPON AN EVALUATION OF PERFORMANCE AGAINST PRE-DETERMINED OBJECTIVES. THE PRESIDENT AND THE EXECUTIVE COMMITTEE AGREE ON SUCH GOALS AND OBJECTIVES AND THE PRECISE AMOUNT OF SUCH AN AWARD, IF ANY, IS DETERMINED BY THE EXECUTIVE COMMITTEE. THE PRESIDENT WAS PAID A BONUS OF $50,000 IN CALENDAR YEAR 2023. THIS AMOUNT WAS INCLUDED IN THE PRESIDENT'S 2023 FORM W-2 AS REPORTED IN SCHEDULE J PART II COLUMN (B)(II).

Related corporations and trusts

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

• SPJC MANAGEMENT

  C · INACTIVE · NJ · 100% owned · share of assets $154,676 · controlled entity

  Directly controlled by SAINT PETER'S UNIVERSITY

• ST PETER'S UNIVERSITY EVENTS COMPANY

  C · TO SUPPORT SAINT PETER'S UNIVERSITY · NJ · 100% owned · share of income $1,799 · share of assets $241,669 · controlled entity

  Directly controlled by SAINT PETER'S UNIVERSITY