Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $1,767,803

• 1g · Noncash contributions included above

  $154,946

• 3 · Investment income

  total $372,709 · excluded $372,709

• 7a · Gross sales of assets other than inventory

  securities $1,676,231

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

  securities $1,328,717

• 7c · Gain or loss

  securities $347,514

• 7d · Net gain or loss

  total $347,514 · excluded $347,514

• 11a · Other revenue: MISCELLANEOUS

  total $13,043 · related or exempt $13,043

• 11e · Other revenue, total

  $13,043

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $154,946 · program services $154,946

• 2 · Grants to domestic individuals

  total $376,261 · program services $376,261

• 11f · Fees: investment management

  total $44,879 · management and general $44,879

• 16 · Occupancy

  total $43,634 · program services $43,634

• 20 · Interest

  total $150 · management and general $150

• 24a · Other expenses: OTHER

  total $479,471 · program services $114,226 · management and general $365,245

• 24b · Other expenses: INSTITUTIONAL SUPPORT

  total $378,961 · program services $378,961

• 24c · Other expenses: STUDENT SERVICES

  total $124,715 · program services $124,715

• 24d · Other expenses: PERSONNEL SERVICES

  total $97,670 · program services $54,369 · management and general $43,301

• 24e · All other expenses

  total $183,926 · program services $138,789 · fundraising $45,137

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,601,859 · end of year $2,536,429

• 3 · Pledges and grants receivable

  beginning of year $597,648 · end of year $1,002,642

• 9 · Prepaid expenses and deferred charges

  beginning of year $38,625 · end of year $41,763

• 11 · Investments: publicly traded securities

  beginning of year $9,019,488 · end of year $10,950,531

• 17 · Accounts payable and accrued expenses

  beginning of year $193,985 · end of year $262,121

• 25 · Other liabilities

  beginning of year $2,837 · end of year $2,657

• 27 · Net assets without donor restrictions

  beginning of year $2,007,045 · end of year $2,413,429

• 28 · Net assets with donor restrictions

  beginning of year $11,053,753 · end of year $11,853,158

The filer's explanations (Part III)

PART I, LINE 1A:

THE FOUNDATION REIMBURSED THE COLLEGE FOR THE HOUSING ALLOWANCE PROVIDED TO DR. CONSTON. THE ALLOWANCE WAS TREATED AS A TAXABLE BENEFIT TO HER. THE FOUNDATION ALSO PAID FOR SOCIAL CLUB DUES FOR DR. CONSTON AND CHRISTOPHER BRYANT, VICE PRESIDENT FOR INSTUTIONAL ADVANCEMENT, WHICH FOR BOTH, WERE TREATED AS A NONTAXABLE BENEFIT.

PART 1, LINE 1B:

THE SOCIAL CLUB DUES ARE APPROVED IN THE OVERALL ANNUAL BUDGET EACH YEAR, BUT THERE IS NO WRITTEN POLICY TO DIRECTLY APPROVE THEM. THE DUES ARE INCLUDED IN A BROADER BUDGET CATEGORY OF "MEETING, DUES, AND MEMBERSHIPS, TRAVEL, POSTAGE, AND OTHER INCIDENTAL OPERATING EXPENSES." THE HOUSING ALLOWANCE IS ALSO APPROVED BY THE BOARD ANNUALLY.