Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $181,276

• 1e · Government grants (contributions)

  $61,938,804

• 1f · All other contributions, gifts and grants

  $8,014,231

• 1g · Noncash contributions included above

  $236,986

• 2a · Program service revenue: HIGHER EDUCATION

  total $697,091,505 · related or exempt $696,306,361 · unrelated business $785,144

• 2f · All other program service revenue

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

• 3 · Investment income

  total $30,083,935 · excluded $30,083,935

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

  total $117,883 · excluded $117,883

• 6a · Gross rents

  real property $503,047

• 6c · Rental income or loss

  real property $503,047 · personal property $0

• 6d · Net rental income or loss

  total $503,047 · excluded $503,047

• 7a · Gross sales of assets other than inventory

  securities $412,021,710 · other assets $8,715,811

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

  securities $408,596,472

• 7c · Gain or loss

  securities $3,425,238 · other assets $8,715,811

• 7d · Net gain or loss

  total $12,141,049 · excluded $12,141,049

• 8a · Fundraising events: gross income

  $156,005

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

  $181,276

• 8b · Fundraising events: direct expenses

  $105,959

• 8c · Net income from fundraising events

  total $50,046 · excluded $50,046

• 10a · Gross sales of inventory

  $759,783

• 10b · Cost of goods sold

  $691,347

• 10c · Net income from sales of inventory

  total $68,436 · related or exempt $68,436

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $6,149,950 · program services $6,149,950

• 2 · Grants to domestic individuals

  total $168,294,688 · program services $168,294,688

• 3 · Grants to foreign organizations and individuals

  total $15,000 · program services $15,000

• 5 · Compensation of officers, directors and key employees

  total $6,380,202 · management and general $5,490,053 · fundraising $890,149

• 7 · Other salaries and wages

  total $234,250,846 · program services $174,916,924 · management and general $56,067,968 · fundraising $3,265,954

• 8 · Pension plan contributions

  total $18,488,561 · program services $13,182,546 · management and general $5,012,964 · fundraising $293,051

• 9 · Other employee benefits

  total $36,057,697 · program services $25,254,071 · management and general $10,084,196 · fundraising $719,430

• 10 · Payroll taxes

  total $15,903,188 · program services $11,757,672 · management and general $3,905,233 · fundraising $240,283

• 11b · Fees: legal

  total $2,753,942 · management and general $2,753,942

• 11c · Fees: accounting

  total $549,688 · management and general $549,688

• 11d · Fees: lobbying

  total $251,853 · management and general $251,853

• 11f · Fees: investment management

  total $2,349,375 · management and general $2,349,375

• 11g · Fees: other

  total $24,925,604 · program services $16,988,587 · management and general $7,855,036 · fundraising $81,981

• 12 · Advertising and promotion

  total $3,822,564 · program services $3,417,398 · management and general $403,406 · fundraising $1,760

• 13 · Office expenses

  total $12,325,022 · program services $6,926,212 · management and general $5,375,353 · fundraising $23,457

• 14 · Information technology

  total $17,380,487 · program services $13,406,460 · management and general $3,798,644 · fundraising $175,383

• 16 · Occupancy

  total $15,796,880 · program services $11,834,561 · management and general $3,962,319

• 17 · Travel

  total $10,075,962 · program services $7,666,892 · management and general $2,130,398 · fundraising $278,672

• 19 · Conferences, conventions and meetings

  total $6,127,207 · program services $4,477,467 · management and general $1,481,302 · fundraising $168,438

• 20 · Interest

  total $9,581,169 · program services $8,163,723 · management and general $1,417,446

• 22 · Depreciation, depletion and amortization

  total $41,405,729 · program services $37,370,361 · management and general $3,882,648 · fundraising $152,720

• 23 · Insurance

  total $9,180,038 · program services $4,243,288 · management and general $4,936,750

• 24a · Other expenses: EQUIP. RENTAL & MAINT.

  total $14,365,522 · program services $13,074,656 · management and general $1,290,506 · fundraising $360

• 24b · Other expenses: FUEL & OIL

  total $6,617,511 · program services $6,373,550 · management and general $243,961

• 24c · Other expenses: PRINTING & PUBLICATIONS

  total $2,332,086 · program services $1,152,820 · management and general $1,140,652 · fundraising $38,614

• 24d · Other expenses: MISCELLANEOUS

  total $2,151,262 · program services $1,386,725 · management and general $763,435 · fundraising $1,102

• 24e · All other expenses

  total $1,561,190 · program services $1,087,234 · management and general $439,908 · fundraising $34,048

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,303,211 · end of year $7,500,000

• 2 · Savings and temporary cash investments

  beginning of year $452,664,096 · end of year $508,692,866

• 3 · Pledges and grants receivable

  beginning of year $19,074,779 · end of year $6,023,144

• 4 · Accounts receivable

  beginning of year $19,710,934 · end of year $28,232,049

• 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 $4,107,163 · end of year $2,829,057

• 8 · Inventories for sale or use

  beginning of year $6,411,878 · end of year $6,270,603

• 9 · Prepaid expenses and deferred charges

  beginning of year $17,015,172 · end of year $11,453,455

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

  $1,188,546,532

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

  $519,641,926

• 10c · Land, buildings and equipment, net

  beginning of year $598,381,380 · end of year $668,904,606

• 11 · Investments: publicly traded securities

  beginning of year $226,808,883 · end of year $250,655,147

• 12 · Investments: other securities

  beginning of year $51,161,630 · end of year $66,111,798

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $37,473,574 · end of year $35,935,784

• 17 · Accounts payable and accrued expenses

  beginning of year $45,516,629 · end of year $59,363,924

• 19 · Deferred revenue

  beginning of year $35,367,373 · end of year $30,074,203

• 20 · Tax-exempt bond liabilities

  beginning of year $247,283,337 · end of year $234,633,221

• 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 $56,182,190 · end of year $49,879,512

• 25 · Other liabilities

  beginning of year $58,916,594 · end of year $53,354,619

• 27 · Net assets without donor restrictions

  beginning of year $871,035,911 · end of year $1,027,409,306

• 28 · Net assets with donor restrictions

  beginning of year $128,810,666 · end of year $137,893,724

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

FIRST-CLASS OR CHARTER TRAVEL HAS BEEN APPROVED FOR THE PRESIDENT AND HIS SPOUSE (WHEN TRAVELING FOR A BONA FIDE BUSINESS PURPOSE OF THE UNIVERSITY; PLEASE SEE BELOW) BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND AS STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT. CABINET MEMBERS AND OTHER EMPLOYEES MAY TRAVEL FIRST- OR BUSINESS/PREMIUM-CLASS, BASED ON CERTAIN CONDITIONS, AS PER THE UNIVERSITY'S TRAVEL POLICY (E.G., TRAVEL INVOLVING FLIGHT SEGMENTS OVER SIX HOURS, RED-EYE FLIGHTS THAT SAVE LODGING EXPENSE, CASES WHERE THE TRAVELER HAS A DOCUMENTED PHYSICAL DISABILITY OR LIMITATION, ETC.). PREAPPROVAL OF FIRST- OR BUSINESS/PREMIUM-CLASS OR CHARTER TRAVEL IS REQUIRED BY THE EMPLOYEE'S SENIOR LEADERSHIP AND THE SENIOR VICE PRESIDENT AND CFO OR PRESIDENT.

Schedule J, Part I, Line 1a Travel for companions

TRAVEL FOR SPOUSE/COMPANION - A SPOUSE/COMPANION OF CABINET MEMBERS, TRUSTEES, AND OTHER EMPLOYEES OF EMBRY-RIDDLE MAY TRAVEL TO FUNCTIONS OR OTHER EVENTS RELATED TO THE ONGOING BUSINESS OF EMBRY-RIDDLE. EMBRY-RIDDLE WILL REIMBURSE FOR SPOUSE/COMPANION TRAVEL ONLY WHEN THERE IS A BONA FIDE BUSINESS PURPOSE FOR THE PRESENCE OF THE SPOUSE/COMPANION. ALL SPOUSE/COMPANION TRAVEL TO BE REIMBURSED MUST BE PREAPPROVED BY AN INDIVIDUAL IN THE EMPLOYEE'S SUPERVISORY CHAIN WHO IS A SENIOR LEADER AND BY THE SENIOR VICE PRESIDENT AND CFO.

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

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE - HOUSING ALLOWANCE IS PROVIDED TO THE PRESIDENT AS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT. HOUSING IS PROVIDED TO A KEY EMPLOYEE. THE HOUSING IS FURNISHED ON THE BUSINESS PREMISES OF EMBRY-RIDDLE, AT THE CONVENIENCE OF EMBRY-RIDDLE, AND THE EMPLOYEE IS REQUIRED TO ACCEPT SUCH LODGING AS A CONDITION OF EMPLOYMENT.

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

HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - DUES FOR THE PRESIDENT ARE AS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT FOR BUSINESS AND FUNDRAISING PURPOSES.

Schedule J, Part I, Line 7 Non-fixed payments

NONFIXED PAYMENTS - SELECT PERSONS LISTED ON FORM 990, PART VII, SECTION A, LINE 1, RECEIVED AN ADDITIONAL PERFORMANCE BASED BONUS. ADDITIONALLY, ALL REFERENCED EMPLOYEES RECEIVE A HOLIDAY BONUS IN THE SAME AMOUNT THAT ALL UNIVERSITY EMPLOYEES RECEIVED.

Disregarded entities

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

• EMBRY-RIDDLE BRASIL PARTICIPACOES LTDA

  HIGHER EDUCATION · BR · income $399,253 · assets $1,547,297

  Directly controlled by EMBRY-RIDDLE AERONAUTICAL UNIVERSITY INC

• EMBRY-RIDDLE EUROPE GMBH (FKA EMBRY-RIDDLE AERONAUTICAL DEUTSCHLAND GMBH)

  HIGHER EDUCATION · GM · income $871,625 · assets $675,310

  Directly controlled by EMBRY-RIDDLE AERONAUTICAL UNIVERSITY INC

Related corporations and trusts

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

• ERAU ASIA INSTITUTE LTD

  C Corporation · HIGHER EDUCATION · SN · controlled entity