Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $662,153

• 1f · All other contributions, gifts and grants

  $10,440,678

• 1g · Noncash contributions included above

  $124,464

• 2a · Program service revenue: Student tuition and fees

  total $56,192,432 · related or exempt $56,192,432 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Student room and board

  total $13,992,859 · related or exempt $13,992,859 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Student program fees

  total $2,120,633 · related or exempt $2,120,633 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

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

• 3 · Investment income

  total $2,687,992 · related or exempt $0 · unrelated business -$85,116 · excluded $2,773,108

• 4 · Income from investment of tax-exempt bond proceeds

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

• 5 · Royalties

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

• 6a · Gross rents

  real property $852,521 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $852,521 · personal property $0

• 6d · Net rental income or loss

  total $852,521 · related or exempt $190,670 · unrelated business $661,851 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $25,707,340 · other assets $0

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

  securities $22,534,784 · other assets $0

• 7c · Gain or loss

  securities $3,172,556 · other assets $0

• 7d · Net gain or loss

  total $3,172,556 · related or exempt $0 · unrelated business $0 · excluded $3,172,556

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

  $0

• 10a · Gross sales of inventory

  $414,424

• 10b · Cost of goods sold

  $273,118

• 10c · Net income from sales of inventory

  total $141,306 · related or exempt $0 · unrelated business $141,306 · excluded $0

• 11d · All other revenue

  total $87,352 · related or exempt $0 · unrelated business $87,352 · excluded $0

• 11e · Other revenue, total

  $87,352

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $39,247,259 · program services $39,247,259

• 5 · Compensation of officers, directors and key employees

  total $2,312,508 · program services $579,713 · management and general $1,574,528 · fundraising $158,267

• 7 · Other salaries and wages

  total $18,313,402 · program services $16,746,184 · management and general $535,740 · fundraising $1,031,478

• 8 · Pension plan contributions

  total $1,250,537 · program services $825,695 · management and general $343,298 · fundraising $81,544

• 9 · Other employee benefits

  total $3,037,909 · program services $1,514,748 · management and general $1,423,635 · fundraising $99,526

• 10 · Payroll taxes

  total $1,258,024 · program services $1,145,588 · management and general $37,580 · fundraising $74,856

• 11b · Fees: legal

  total $116,780 · management and general $116,780

• 11c · Fees: accounting

  total $94,435 · management and general $94,435

• 11f · Fees: investment management

  total $648,405 · management and general $648,405

• 11g · Fees: other

  total $2,395,650 · program services $2,167,642 · management and general $161,053 · fundraising $66,955

• 12 · Advertising and promotion

  total $1,520,965 · program services $615,079 · management and general $892,638 · fundraising $13,248

• 13 · Office expenses

  total $2,627,109 · program services $2,399,173 · management and general $136,361 · fundraising $91,575

• 14 · Information technology

  total $497,472 · program services $497,472

• 16 · Occupancy

  total $2,232,080 · program services $2,224,607 · management and general $2,255 · fundraising $5,218

• 17 · Travel

  total $3,019,515 · program services $2,927,058 · management and general $75,184 · fundraising $17,273

• 19 · Conferences, conventions and meetings

  total $224,319 · program services $167,206 · management and general $45,314 · fundraising $11,799

• 20 · Interest

  total $1,581,339 · program services $491,592 · management and general $1,089,747 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $3,822,521 · program services $3,653,242 · management and general $169,279 · fundraising $0

• 23 · Insurance

  total $983,064 · program services $21,146 · management and general $961,918 · fundraising $0

• 24a · Other expenses: Food service

  total $3,390,761 · program services $3,390,761 · management and general $0 · fundraising $0

• 24b · Other expenses: Repairs & maintenance

  total $3,996,905 · program services $3,922,767 · management and general $41,928 · fundraising $32,210

• 24c · Other expenses: Special events

  total $190,774 · program services $119,169 · management and general $47,595 · fundraising $24,010

• 24d · Other expenses: Bad debt expense (recovery)

  total -$148,659 · program services -$91,666 · management and general $0 · fundraising -$56,993

• 24e · All other expenses

  total $360,579 · program services $360,579 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $649,533 · end of year $200,371

• 2 · Savings and temporary cash investments

  beginning of year $474,590 · end of year $638,765

• 3 · Pledges and grants receivable

  beginning of year $13,783,116 · end of year $11,940,188

• 4 · Accounts receivable

  beginning of year $1,383,492 · end of year $1,853,410

• 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 $2,216,131 · end of year $1,754,985

• 8 · Inventories for sale or use

  beginning of year $200,143 · end of year $236,733

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,431,314 · end of year $1,688,490

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

  $170,646,791

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

  $75,843,781

• 10c · Land, buildings and equipment, net

  beginning of year $90,236,029 · end of year $94,803,010

• 11 · Investments: publicly traded securities

  beginning of year $114,636,668 · end of year $113,384,688

• 12 · Investments: other securities

  beginning of year $30,480,371 · end of year $33,050,960

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $703,604 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $6,318,384 · end of year $7,276,482

• 19 · Deferred revenue

  beginning of year $602,827 · end of year $904,225

• 20 · Tax-exempt bond liabilities

  beginning of year $7,420,000 · end of year $6,890,000

• 23 · Secured mortgages and notes payable

  beginning of year $45,511,790 · end of year $44,886,306

• 24 · Unsecured notes and loans payable

  beginning of year $5,757,741 · end of year $5,500,000

• 25 · Other liabilities

  beginning of year $2,916,231 · end of year $1,049,282

• 27 · Net assets without donor restrictions

  beginning of year $51,471,365 · end of year $53,392,863

• 28 · Net assets with donor restrictions

  beginning of year $136,196,653 · end of year $139,652,442

The filer's explanations (Part III)

Schedule J, Part I, Line 4

Effective June 30, 2023 the Vice President for Advancement's employment was terminated and severance of $96,900 was paid to the individual. Effective December 31, 2023 the Chief Operating Officer's employment was terminated and severance of $82,500 was paid to the individual. Dr. Jeff Abernathy participates in a non-qualified deferred compensation plan. A contribution of $50,000 was made on his behalf. No distributions were taken during the tax year.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• Alma Opera Block

  Related · Leasing commercial and residential space · MI · 100% owned · share of income -$22,277 · share of assets $7,111,508 · general or managing partner

Related corporations and trusts

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

• Alma Opera Block Manager LLC

  C · Leasing commercial and residential property · MI · 100% owned · share of income -$2,076 · share of assets $8,009,094 · controlled entity