Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $168,175

• 1e · Government grants (contributions)

  $2,748,981

• 1f · All other contributions, gifts and grants

  $37,199,071

• 1g · Noncash contributions included above

  $3,924,879

• 2a · Program service revenue: TUITION AND FEES

  total $385,478,914 · related or exempt $385,478,914

• 2b · Program service revenue: RESEARCH REVENUE

  total $73,349,707 · related or exempt $73,349,707

• 2c · Program service revenue: STUDENT HOUSING

  total $26,500,369 · related or exempt $26,500,369

• 2d · Program service revenue: STUDENT DINING

  total $13,744,611 · related or exempt $13,744,611

• 2e · Program service revenue: TECHNICAL LEADERSHIP

  total $361,416 · related or exempt $361,416

• 3 · Investment income

  total $13,389,464 · unrelated business $132,801 · excluded $13,256,663

• 5 · Royalties

  total $188,183 · excluded $188,183

• 6a · Gross rents

  real property $57,210

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $57,210

• 6d · Net rental income or loss

  total $57,210 · unrelated business $13,950 · excluded $43,260

• 7a · Gross sales of assets other than inventory

  securities $129,432,456 · other assets $300,510

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

  securities $119,532,476 · other assets $48,000

• 7c · Gain or loss

  securities $9,899,980 · other assets $252,510

• 7d · Net gain or loss

  total $10,152,490 · excluded $10,152,490

• 8a · Fundraising events: gross income

  $93,195

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

  $168,175

• 8b · Fundraising events: direct expenses

  $282,427

• 8c · Net income from fundraising events

  total -$189,232 · excluded -$189,232

• 11a · Other revenue: STUDENT HEALTH INS

  total $5,892,092 · related or exempt $5,892,092

• 11b · Other revenue: DIG INNOVATION HALL

  total $4,260,775 · related or exempt $4,260,775

• 11c · Other revenue: COMMISSION ON DINING

  total $1,625,179 · related or exempt $1,625,179

• 11d · All other revenue

  total $3,793,697 · related or exempt $1,755,292 · unrelated business $305,167 · excluded $1,733,238

• 11e · Other revenue, total

  $15,571,743

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $138,662,148 · program services $138,662,148

• 5 · Compensation of officers, directors and key employees

  total $9,839,807 · program services $4,010,114 · management and general $5,414,498 · fundraising $415,195

• 7 · Other salaries and wages

  total $168,357,227 · program services $152,493,754 · management and general $12,164,469 · fundraising $3,699,004

• 8 · Pension plan contributions

  total $9,628,885 · program services $8,456,694 · management and general $949,880 · fundraising $222,311

• 9 · Other employee benefits

  total $21,625,250 · program services $18,992,658 · management and general $2,133,310 · fundraising $499,282

• 10 · Payroll taxes

  total $10,210,282 · program services $8,967,313 · management and general $1,007,235 · fundraising $235,734

• 11b · Fees: legal

  total $759,431 · program services $513,600 · management and general $240,668 · fundraising $5,163

• 11c · Fees: accounting

  total $678,643 · management and general $678,643

• 11d · Fees: lobbying

  total $258,480 · management and general $258,480

• 11e · Fees: professional fundraising services

  total $209,246 · fundraising $209,246

• 11f · Fees: investment management

  total $2,374,829 · program services $2,374,829

• 11g · Fees: other

  total $36,947,212 · program services $30,150,461 · management and general $6,386,964 · fundraising $409,787

• 12 · Advertising and promotion

  total $7,808,795 · program services $7,256,931 · management and general $547,653 · fundraising $4,211

• 13 · Office expenses

  total $2,835,311 · program services $1,758,900 · management and general $956,611 · fundraising $119,800

• 14 · Information technology

  total $10,997,138 · program services $8,958,454 · management and general $1,962,765 · fundraising $75,919

• 16 · Occupancy

  total $2,931,788 · program services $2,298,066 · management and general $604,638 · fundraising $29,084

• 17 · Travel

  total $5,274,476 · program services $5,045,610 · management and general $173,952 · fundraising $54,914

• 19 · Conferences, conventions and meetings

  total $884,170 · program services $850,537 · management and general $30,417 · fundraising $3,216

• 20 · Interest

  total $11,925,946 · program services $11,613,694 · management and general $312,252

• 22 · Depreciation, depletion and amortization

  total $27,796,439 · program services $27,068,656 · management and general $727,783

• 23 · Insurance

  total $2,697,047 · program services $3,820 · management and general $2,693,227

• 24a · Other expenses: RESEARCH CONTRACTS

  total $32,940,758 · program services $32,939,351 · management and general $1,407

• 24b · Other expenses: REPAIRS & MAINTENANCE

  total $11,719,520 · program services $11,690,133 · fundraising $29,387

• 24c · Other expenses: HOSPITALITY

  total $4,688,113 · program services $3,916,314 · management and general $487,183 · fundraising $284,616

• 24d · Other expenses: MATERIALS AND SUPPLIES

  total $4,653,826 · program services $4,423,776 · management and general $188,491 · fundraising $41,559

• 24e · All other expenses

  total $7,264,293 · program services $6,194,633 · management and general $1,006,205 · fundraising $63,455

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $962,871 · end of year $65,313

• 2 · Savings and temporary cash investments

  beginning of year $60,074,297 · end of year $51,042,551

• 3 · Pledges and grants receivable

  beginning of year $8,735,074 · end of year $11,022,310

• 4 · Accounts receivable

  beginning of year $23,373,599 · end of year $16,487,935

• 9 · Prepaid expenses and deferred charges

  beginning of year $18,785,689 · end of year $20,413,428

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

  $843,513,115

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

  $279,752,973

• 10c · Land, buildings and equipment, net

  beginning of year $563,257,706 · end of year $563,760,142

• 11 · Investments: publicly traded securities

  beginning of year $263,334,628 · end of year $352,584,808

• 12 · Investments: other securities

  beginning of year $103,946,117 · end of year $113,631,904

• 15 · Other assets

  beginning of year $14,053,339 · end of year $11,661,620

• 17 · Accounts payable and accrued expenses

  beginning of year $35,508,819 · end of year $27,548,212

• 19 · Deferred revenue

  beginning of year $24,505,510 · end of year $23,205,627

• 20 · Tax-exempt bond liabilities

  beginning of year $348,551,266 · end of year $342,183,647

• 25 · Other liabilities

  beginning of year $11,932,174 · end of year $11,723,406

• 27 · Net assets without donor restrictions

  beginning of year $308,433,521 · end of year $353,291,164

• 28 · Net assets with donor restrictions

  beginning of year $327,592,030 · end of year $382,717,955

The filer's explanations (Part III)

COMPENSATION INFORMATION PART I, LINE 1

THE STEVENS INSTITUTE OF TECHNOLOGY GUIDELINES REGARDING SPOUSAL TRAVEL ARE INCLUDED IN THE STEVENS BUSINESS AND TRAVEL EXPENSE POLICY. EXPENSES INCURRED FOR ACCOMPANYING COMPANIONS/SPOUSES ARE CONSIDERED PERSONAL IN NATURE EXCEPT ON OCCASIONS WHEN ATTENDANCE OF A COMPANION/SPOUSE AT AN EVENT SERVES A BONA FIDE BUSINESS PURPOSE FOR THE UNIVERSITY AND THE PRESENCE OF THE COMPANION/SPOUSE IS ESSENTIAL (NOT JUST BENEFICIAL) TO THE EMPLOYEE BEING ABLE TO CARRY OUT THE BUSINESS PURPOSE FOR THE UNIVERSITY; GIVEN THAT ATTENDANCE IS ESSENTIAL, THIS IS NOT TAXABLE TO THE EMPLOYEE. CAMPUS HOUSING IS PROVIDED FOR THE UNIVERSITY PRESIDENT AND IS USED FOR PROGRAM AND DEVELOPMENT PURPOSES. THE PRESIDENT IS CONTRACTUALLY REQUIRED TO LIVE IN CAMPUS HOUSING AND, THEREFORE, IT IS NOT TAXABLE COMPENSATION TO HIM. THE FOLLOWING KEY EMPLOYEE ALSO RECEIVED A HOUSING ALLOWANCE WHICH IS INCLUDED IN THEIR TAXABLE INCOME: - EDMUND SYNAKOWSKI, VICE PROVOST - ARSHAD SAIYED, COLO & DEAN - GERT-JAN DE VREEDE, DEAN THERE IS ONE INSTANCE IN WHICH A CLUB MEMBERSHIP IS IN THE NAME OF AN INDIVIDUAL DUE TO CLUB IMPOSED MEMBERSHIP RULES. THIS MEMBERSHIP IS SOLELY FOR BUSINESS PURPOSES TO FOSTER RELATIONSHIPS WITHIN THE NEW YORK METROPOLITAN AREA FOR THE UNIVERSITY. PERSONAL SERVICES ARE PROVIDED TO THE PRESIDENT IN THE FORM OF HOUSEKEEPING BY AN EMPLOYEE OF THE PHYSICAL PLANT DEPARTMENT. THE VALUE OF THESE SERVICES IS INCLUDED AS TAXABLE INCOME AND IS DISCLOSED AS PART OF HIS SCHEDULE J PART II, COLUMN B (III), OTHER REPORTABLE COMPENSATION.

INCENTIVE COMPENSATION, PART I, LINE 7

THE STEVENS INCENTIVE COMPENSATION PLAN PROVIDES A MECHANISM TO REWARD FACULTY AND CERTAIN KEY STAFF FOR EXTRAORDINARY PERFORMANCE OVER A PERIOD OF ONE ACADEMIC YEAR WHERE PERMITTED BY LAW. IN CONTRAST TO MERIT-BASED SALARY INCREASES, ANNUAL INCENTIVES DO NOT INCREASE BASE SALARY. INCENTIVE COMPENSATION MAY BE AWARDED UPON A FINDING BY MANAGEMENT THAT AN EMPLOYEE'S WORK HAS BEEN EXTRAORDINARY AND HAS CLEARLY CONTRIBUTED TOWARD THE GOALS AND MISSION OF STEVENS. INCENTIVE COMPENSATION, EVEN IN CASES OF EXTRAORDINARY PERFORMANCE, IS NOT GUARANTEED, AND DECISIONS REGARDING INCENTIVE COMPENSATION WILL BE SUBJECT TO THE BOARD OF TRUSTEES AND OTHERS' DETERMINATIONS AS TO THE FINANCIAL RESULTS OF THE UNIVERSITY AND OTHER FACTORS NOT SPECIFIED IN THE PLAN. INCENTIVE COMPENSATION FOR FACULTY AND STAFF ARE RECOMMENDED BY MANAGERIAL STAFF, ARE APPROVED BY THE PRESIDENT AND ARE WITHIN PARAMETERS ESTABLISHED BY THE BOARD OF TRUSTEES. INCENTIVE COMPENSATION FOR EXECUTIVE LEADERS IS RECOMMENDED BY THE HUMAN RESOURCES COMMITTEE OF THE BOARD OF TRUSTEES AND APPROVED BY THE HUMAN RESOURCES COMMITTEE OR FULL BOARD OF TRUSTEES AS PART OF ITS CONSIDERATION OF THE PRESIDENT, THE TOP FIVE HIGHEST COMPENSATED EMPLOYEES, AND OTHER DISQUALIFIED PERSONS LISTED IN SCHEDULE O. EACH YEAR, THE HUMAN RESOURCES COMMITTEE APPROVES THE ANNUAL PERFORMANCE GOALS FOR THE EXECUTIVE LEADERS AND REVIEWS WITH THE PRESIDENT THE PROCESS FOR DETERMINING THEM FOR EACH OTHER GROUP OR SUB-GROUP OF EMPLOYEES.

COMPENSATION INFORMATION, PART II LINE 4

PART II, LINE 4 CONTAINS INFORMATION ABOUT THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT, DR. NARIMAN FARVARDIN, PAID DURING THE YEAR. ALL AMOUNTS WERE PAID PURSUANT TO THE PRESIDENT'S WRITTEN FIVE-YEAR CONTRACT. IN ADDITION TO HIS ANNUAL BASE SALARY OF $963,406, THIS AMOUNT INCLUDES AN ANNUAL INCENTIVE COMPENSATION PAYMENT OF $270,717 ASSOCIATED WITH ACHIEVEMENT OF SEPARATE METRICS FOR THE UNIVERSITY'S FISCAL YEAR ENDED 6/30/2024. ALL INCENTIVE COMPENSATION AMOUNTS WERE BASED UPON DETERMINATIONS BY THE HUMAN RESOURCES COMMITTEE AND THE FULL BOARD OF TRUSTEES THAT OBJECTIVE METRICS RELATING TO THE UNIVERSITY'S STRATEGIC PLAN WERE ACHIEVED BY THE PRESIDENT AND, IN MANY CASES EXCEEDED WITH EXCEPTIONAL PERFORMANCE. IN ADDITION, SUCH AMOUNTS WERE REVIEWED AND EVALUATED FOR MARKET COMPARABILITY BY THE UNIVERSITY'S INDEPENDENT COMPENSATION CONSULTANT.

Related corporations and trusts

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

• CASTLE POINT HOLDINGS INC

  C · HOLDING COMPANY - SEE PART VII · NJ · 100% owned · share of income -$20,881 · share of assets $421,176 · controlled entity

  Directly controlled by STEVENS INSTITUTE OF TECHNOLOGY

• CHARITABLE REMAINDER TRUST (1)

  T · TRUST · CA · controlled entity

• CHARITABLE REMAINDER UNITRUST (3)

  T · TRUST · RI · controlled entity