Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $272,936

• 1f · All other contributions, gifts and grants

  $3,714,739

• 1g · Noncash contributions included above

  $134,168

• 2a · Program service revenue: STUDENT TUITION AND FEES

  total $44,468,194 · related or exempt $44,468,194

• 2b · Program service revenue: STUDENT HOUSING AND FOOD SERVICES

  total $8,032,666 · related or exempt $8,032,666

• 2c · Program service revenue: STUDENT ORGANIZATION AND ACTIVITY REVENUE

  total $662,590 · related or exempt $662,590

• 2d · Program service revenue: AUXILIARY EXEMPT FUNCTION REVENUE

  total $597,856 · related or exempt $597,856

• 2f · All other program service revenue

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

• 3 · Investment income

  total $1,391,577 · excluded $1,391,577

• 6a · Gross rents

  real property $136,077 · personal property $8,100

• 6b · Less rental expenses

  real property $13,530 · personal property $10,864

• 6c · Rental income or loss

  real property $122,547 · personal property -$2,764

• 6d · Net rental income or loss

  total $119,784 · unrelated business -$2,764 · excluded $122,548

• 7a · Gross sales of assets other than inventory

  securities $16,014,030 · other assets $95,275

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

  securities $14,486,844 · other assets $98,541

• 7c · Gain or loss

  securities $1,527,186 · other assets -$3,266

• 7d · Net gain or loss

  total $1,523,921 · excluded $1,523,921

• 11a · Other revenue: VENDING, PRINTING & COPYING COMMISSIONS

  total $31,271 · excluded $31,271

• 11b · Other revenue: GRAND HOTEL INCOME (LOSS)

  total $112,769 · unrelated business $112,769

• 11d · All other revenue

  total $12,429 · related or exempt $12,429 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $156,469

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,627 · program services $8,627

• 2 · Grants to domestic individuals

  total $27,892,687 · program services $27,892,687

• 3 · Grants to foreign organizations and individuals

  total $4,760 · program services $4,760

• 5 · Compensation of officers, directors and key employees

  total $401,231 · management and general $401,231

• 6 · Compensation of disqualified persons

  total $498,705 · program services $289,931 · management and general $208,774

• 7 · Other salaries and wages

  total $16,771,632 · program services $12,734,614 · management and general $3,450,329 · fundraising $586,689

• 8 · Pension plan contributions

  total $346,340 · program services $257,452 · management and general $75,318 · fundraising $13,570

• 9 · Other employee benefits

  total $3,012,590 · program services $1,417,722 · management and general $1,488,499 · fundraising $106,369

• 10 · Payroll taxes

  total $1,234,374 · program services $867,281 · management and general $336,741 · fundraising $30,352

• 11b · Fees: legal

  total $40,213 · program services $4,075 · management and general $36,138

• 11c · Fees: accounting

  total $117,408 · management and general $117,408

• 11f · Fees: investment management

  total $100,380 · management and general $100,380

• 11g · Fees: other

  total $2,031,178 · program services $1,695,524 · management and general $269,535 · fundraising $66,119

• 12 · Advertising and promotion

  total $621,853 · program services $589,118 · management and general $11,088 · fundraising $21,647

• 13 · Office expenses

  total $1,662,273 · program services $1,314,729 · management and general $185,148 · fundraising $162,396

• 14 · Information technology

  total $931,613 · program services $230,363 · management and general $699,612 · fundraising $1,638

• 16 · Occupancy

  total $2,356,305 · program services $382,085 · management and general $1,957,142 · fundraising $17,078

• 17 · Travel

  total $1,290,021 · program services $1,054,296 · management and general $112,918 · fundraising $122,807

• 19 · Conferences, conventions and meetings

  total $204,577 · program services $106,094 · management and general $54,787 · fundraising $43,696

• 20 · Interest

  total $253,093 · management and general $253,093

• 22 · Depreciation, depletion and amortization

  total $2,800,047 · management and general $2,800,047

• 23 · Insurance

  total $682,222 · management and general $682,222

• 24a · Other expenses: FOOD SERVICE / STUDENT HEALTH INSURANCE

  total $1,887,742 · program services $1,887,742

• 24b · Other expenses: Miscellaneous Expenses

  total $21,140 · program services $8,981 · management and general $12,159

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $317,708 · end of year $22,458

• 2 · Savings and temporary cash investments

  beginning of year $13,020,483 · end of year $7,951,649

• 3 · Pledges and grants receivable

  beginning of year $1,162,718 · end of year $796,028

• 4 · Accounts receivable

  beginning of year $693,050 · end of year $1,244,388

• 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

• 7 · Other notes and loans receivable

  beginning of year $532,475 · end of year $385,129

• 8 · Inventories for sale or use

  beginning of year $134,940 · end of year $151,130

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,207,178 · end of year $897,555

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

  $129,578,604

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

  $72,600,399

• 10c · Land, buildings and equipment, net

  beginning of year $58,082,250 · end of year $56,978,205

• 11 · Investments: publicly traded securities

  beginning of year $29,697,624 · end of year $32,551,179

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $25,516 · end of year $27,267

• 17 · Accounts payable and accrued expenses

  beginning of year $2,935,687 · end of year $1,944,800

• 19 · Deferred revenue

  beginning of year $1,476,394 · end of year $1,478,173

• 20 · Tax-exempt bond liabilities

  beginning of year $7,176,723 · end of year $7,018,280

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $153,614 · end of year $56,079

• 25 · Other liabilities

  beginning of year $427,244 · end of year $268,191

• 27 · Net assets without donor restrictions

  beginning of year $69,008,907 · end of year $63,667,255

• 28 · Net assets with donor restrictions

  beginning of year $23,695,373 · end of year $26,572,210

The filer's explanations (Part III)

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

For Henry W. Spaulding, II and Carson Castleman: Housing is provided, on a taxable basis, in a residence owned by the University. For Henry W. Spaulding, a ministerial housing allowance was provided. This benefit is not taxable for federal income tax purposes, but is considered taxable self-employment income for SECA purposes. All employees with qualifying ministerial credentials are eligible for this benefit.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

MVNU has a membership with a social club that Carson Castleman, President, and Brad Kochis, VP of University Relations uses for business purposes. No amount is treated as taxable compensation because it is 100% business use.

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

The following individuals received severance payments during calendar year 2023: Henry W. Spaulding: $130,464

Disregarded entities

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

• MVNU MANAGEMENT LLC

  HOSPITALITY MANAGEMENT · OH · income $1,654,765 · assets $709,188

  Directly controlled by MOUNT VERNON NAZARENE UNIVERSITY

• MOUNT VERNON GRAND HOTEL LLC

  REAL ESTATE HOLDING AND MANAGEMENT · OH · income $0 · assets $7,028,686

  Directly controlled by MOUNT VERNON NAZARENE UNIVERSITY

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (1)

  Trust · CHARITABLE REMAINDER TRUST · OH · controlled entity

  Directly controlled by NA