Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $397,910

• 1e · Government grants (contributions)

  $15,585,142

• 1f · All other contributions, gifts and grants

  $36,482,876

• 1g · Noncash contributions included above

  $11,188,035

• 2a · Program service revenue: TUITION REVENUE

  total $168,155,290 · related or exempt $168,155,290

• 2b · Program service revenue: STUDENT HOUSING/BOARD

  total $15,453,637 · related or exempt $15,453,637

• 2c · Program service revenue: ATHLETICS REVENUE

  total $6,987,487 · related or exempt $6,872,187 · unrelated business $115,300

• 2d · Program service revenue: OTHER AUXILIARY ENTERP

  total $950,779 · related or exempt $950,779

• 2e · Program service revenue: PARKING FEES

  total $541,877 · related or exempt $541,877

• 3 · Investment income

  total $4,994,198 · unrelated business -$115,040 · excluded $5,109,238

• 5 · Royalties

  total $875,278 · excluded $875,278

• 6a · Gross rents

  real property $384,720

• 6b · Less rental expenses

  real property $348,915

• 6c · Rental income or loss

  real property $35,805

• 6d · Net rental income or loss

  total $35,805 · excluded $35,805

• 7a · Gross sales of assets other than inventory

  securities $35,575,157 · other assets $58,000

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

  securities $28,653,947 · other assets $286,313

• 7c · Gain or loss

  securities $6,921,210 · other assets -$228,313

• 7d · Net gain or loss

  total $6,692,897 · excluded $6,692,897

• 8a · Fundraising events: gross income

  $189,288

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

  $397,910

• 8b · Fundraising events: direct expenses

  $159,644

• 8c · Net income from fundraising events

  total $29,644 · excluded $29,644

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $5,870,107 · excluded $5,870,107

• 11b · Other revenue: ADVERTISING

  total $1,700 · unrelated business $1,700

• 11e · Other revenue, total

  $5,871,807

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $85,166,780 · program services $85,166,780

• 5 · Compensation of officers, directors and key employees

  total $1,674,510 · program services $301,412 · management and general $1,088,432 · fundraising $284,666

• 7 · Other salaries and wages

  total $76,339,657 · program services $66,125,924 · management and general $8,343,693 · fundraising $1,870,040

• 8 · Pension plan contributions

  total $5,130,675 · program services $3,978,387 · management and general $1,027,075 · fundraising $125,213

• 9 · Other employee benefits

  total $13,899,766 · program services $11,924,022 · management and general $1,610,644 · fundraising $365,100

• 10 · Payroll taxes

  total $5,510,125 · program services $4,261,210 · management and general $1,116,737 · fundraising $132,178

• 11b · Fees: legal

  total $405,062 · program services $147,425 · management and general $257,637

• 11c · Fees: accounting

  total $125,806 · management and general $125,806

• 11f · Fees: investment management

  total $860,380 · management and general $860,380

• 11g · Fees: other

  total $3,936,462 · program services $3,936,462

• 12 · Advertising and promotion

  total $935,916 · program services $489,591 · management and general $381,816 · fundraising $64,509

• 13 · Office expenses

  total $992,100 · program services $689,362 · management and general $187,994 · fundraising $114,744

• 14 · Information technology

  total $186,821 · program services $127,216 · management and general $52,082 · fundraising $7,523

• 16 · Occupancy

  total $4,954,569 · program services $4,631,923 · management and general $256,445 · fundraising $66,201

• 17 · Travel

  total $5,928,219 · program services $5,571,884 · management and general $220,412 · fundraising $135,923

• 19 · Conferences, conventions and meetings

  total $8,707 · program services $8,707

• 20 · Interest

  total $1,275,059 · program services $1,249,163 · management and general $25,896

• 22 · Depreciation, depletion and amortization

  total $11,339,474 · program services $10,638,577 · management and general $700,897

• 23 · Insurance

  total $1,613,986 · program services $283,939 · management and general $1,329,932 · fundraising $115

• 24a · Other expenses: CONTRACTS & LEASES

  total $16,537,613 · program services $13,452,033 · management and general $2,627,745 · fundraising $457,835

• 24b · Other expenses: DUES & SUBSCRIPTIONS

  total $3,357,915 · program services $2,824,463 · management and general $509,784 · fundraising $23,668

• 24c · Other expenses: LICENSE FEES

  total $2,125,894 · program services $1,023,228 · management and general $1,102,553 · fundraising $113

• 24d · Other expenses: SUPPLIES & EQUIPMENT

  total $2,001,158 · program services $1,886,284 · management and general $37,749 · fundraising $77,125

• 24e · All other expenses

  total $6,154,390 · program services $6,052,595 · management and general $88,811 · fundraising $12,984

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $20,950,171 · end of year $14,507,677

• 2 · Savings and temporary cash investments

  beginning of year $7,111,001 · end of year $9,058,106

• 3 · Pledges and grants receivable

  beginning of year $35,807,156 · end of year $36,422,344

• 4 · Accounts receivable

  beginning of year $4,366,767 · end of year $5,299,507

• 7 · Other notes and loans receivable

  beginning of year $6,953,584 · end of year $5,999,072

• 8 · Inventories for sale or use

  beginning of year $129,054 · end of year $139,865

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,708,300 · end of year $10,046,056

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

  $435,916,554

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

  $202,541,292

• 10c · Land, buildings and equipment, net

  beginning of year $227,672,076 · end of year $233,375,262

• 11 · Investments: publicly traded securities

  beginning of year $108,111,522 · end of year $118,549,316

• 12 · Investments: other securities

  beginning of year $148,682,646 · end of year $173,549,679

• 15 · Other assets

  beginning of year $718,005 · end of year $541,203

• 17 · Accounts payable and accrued expenses

  beginning of year $10,331,530 · end of year $12,030,232

• 18 · Grants payable

  beginning of year $5,127,415 · end of year $4,242,237

• 19 · Deferred revenue

  beginning of year $12,122,971 · end of year $10,490,187

• 20 · Tax-exempt bond liabilities

  beginning of year $42,303,247 · end of year $39,811,750

• 23 · Secured mortgages and notes payable

  beginning of year $7,459,632 · end of year $7,474,031

• 25 · Other liabilities

  beginning of year $13,257,831 · end of year $11,987,668

• 27 · Net assets without donor restrictions

  beginning of year $221,287,408 · end of year $229,931,823

• 28 · Net assets with donor restrictions

  beginning of year $256,320,248 · end of year $291,520,159

The filer's explanations (Part III)

PART I, LINE 1A

A UNIVERSITY-OWNED RESIDENCE IS PROVIDED TO THE PRESIDENT. THIS IS A CONDITION OF EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE EMPLOYER. THE RESIDENCE IS USED FOR MANY UNIVERSITY FUNCTIONS, MEALS, AND RECEPTIONS INVOLVING FACULTY, STAFF, STUDENTS, DONORS, AND THE GENERAL PUBLIC THROUGHOUT THE YEAR. THE VALUE OF THE RESIDENCE IS INCLUDED IN NONTAXABLE BENEFITS IN PART II, COLUMN (D). A SOCIAL CLUB MEMBERSHIP IS PROVIDED TO THE PRESIDENT, ATHLETIC DIRECTOR, HEAD MEN'S BASKETBALL COACH, AND HEAD WOMEN'S BASKETBALL COACH FOR UNIVERSITY BUSINESS. ANY EXPENSES INCURRED THAT ARE NOT RELATED TO UNIVERSITY BUSINESS ARE PAID FOR PERSONALLY BY THE INDIVIDUALS. THE UNIVERSITY DOES NOT PROVIDE FIRST CLASS TRAVEL FOR ITS EMPLOYEES. THE HEAD MEN'S BASKETBALL COACH , HEAD WOMEN'S BASKETBALL COACH, AND HEAD FOOTBALL COACH OCCASIONALLY TRAVEL BY CHARTER WITH THEIR TEAMS TO SCHEDULED EVENTS. TRAVEL FOR COMPANIONS IS PROVIDED IF IT IS NECESSARY FOR BUSINESS PURPOSES. WHEN TRAVEL FOR COMPANIONS IS PROVIDED FOR NON-BUSINESS PURPOSES, THE VALUE OF THE TRAVEL IS INCLUDED IN TAXABLE WAGES. THERE WERE NO BENEFITS RELATED TO TRAVEL FOR COMPANIONS DURING THE YEAR.

PART I, LINE 4B

AS DIRECTED WITHIN SPECIFIED EMPLOYMENT CONTRACT FOR EARL F. MARTIN, PRESIDENT, THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. CONTRIBUTIONS OF $75,000 DURING FISCAL YEAR 2024 WERE MADE TO THE PLAN. NO DISTRIBUTIONS WERE MADE RELATED TO THESE CONTRIBUTIONS.

PART I, LINE 7

EARL F. MARTIN III, BRIAN HARDIN, AND DARIAN DEVRIES RECEIVED BONUS PAYMENTS PURSUANT TO CRITERIA SPECIFIED IN THEIR RESPECTIVE EMPLOYMENT CONTRACTS. OTHER SENIOR LEADERS WERE AWARDED DISCRETIONARY BONUS PAYMENTS BASED ON PERFORMANCE INDICATORS DURING THE ANNUAL PERFORMANCE EVALUATION PROCESS AS DETERMINED BY THE PRESIDENT.

Disregarded entities

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

• COMMUNITY HOLDINGS LLC

  SOLE MEMBER LLC FOR NMTC FINANCING · IA · income -$195,259 · assets $7,047,570

  Directly controlled by DRAKE UNIVERSITY