Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $17,470

• 1d · Related organizations

  $329,917

• 1e · Government grants (contributions)

  $3,494,772

• 1f · All other contributions, gifts and grants

  $39,960,489

• 1g · Noncash contributions included above

  $3,392,010

• 2a · Program service revenue: TUITION AND FEES

  total $138,366,014 · related or exempt $138,366,014

• 2b · Program service revenue: ROOM AND BOARD

  total $32,806,941 · related or exempt $32,806,941

• 2c · Program service revenue: INTERCOLLEGIATE ATHLETICS

  total $4,302,978 · related or exempt $4,302,978

• 2d · Program service revenue: OTHER AUXILIARY

  total $3,811,854 · related or exempt $3,791,257 · unrelated business $20,597

• 2f · All other program service revenue

  total $4,748,024 · related or exempt $4,748,024

• 3 · Investment income

  total $16,285,764 · unrelated business $2,787,294 · excluded $13,498,470

• 6a · Gross rents

  real property $2,485,841

• 6b · Less rental expenses

  real property $1,710,155

• 6c · Rental income or loss

  real property $775,686

• 6d · Net rental income or loss

  total $775,686 · related or exempt -$387,353 · unrelated business $551,169 · excluded $611,870

• 7a · Gross sales of assets other than inventory

  securities $308,721,318 · other assets $80,918

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

  securities $264,917,939 · other assets $52,688

• 7c · Gain or loss

  securities $43,803,379 · other assets $28,230

• 7d · Net gain or loss

  total $43,831,609 · unrelated business -$7,395 · excluded $43,839,004

• 8a · Fundraising events: gross income

  $96,080

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

  $17,470

• 8b · Fundraising events: direct expenses

  $61,430

• 8c · Net income from fundraising events

  total $34,650 · excluded $34,650

• 11a · Other revenue: EMPLOYEE LEASE REVENUE

  total $117,415 · excluded $117,415

• 11e · Other revenue, total

  $117,415

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $318,717 · program services $318,717

• 2 · Grants to domestic individuals

  total $85,473,124 · program services $85,473,124

• 3 · Grants to foreign organizations and individuals

  total $10,000 · program services $10,000

• 5 · Compensation of officers, directors and key employees

  total $3,755,201 · program services $1,277,234 · management and general $2,202,159 · fundraising $275,808

• 7 · Other salaries and wages

  total $65,647,678 · program services $56,902,545 · management and general $5,769,084 · fundraising $2,976,049

• 8 · Pension plan contributions

  total $5,725,738 · program services $4,799,832 · management and general $657,628 · fundraising $268,278

• 9 · Other employee benefits

  total $12,394,808 · program services $9,992,180 · management and general $1,981,791 · fundraising $420,837

• 10 · Payroll taxes

  total $5,309,320 · program services $4,450,753 · management and general $609,800 · fundraising $248,767

• 11a · Fees: management

  total $31,519 · management and general $31,519

• 11b · Fees: legal

  total $391,352 · management and general $391,352

• 11c · Fees: accounting

  total $189,627 · management and general $189,627

• 11f · Fees: investment management

  total $2,302,430 · management and general $2,302,430

• 11g · Fees: other

  total $7,700,766 · program services $5,433,386 · management and general $2,094,995 · fundraising $172,385

• 12 · Advertising and promotion

  total $952,191 · program services $613,390 · management and general $37,605 · fundraising $301,196

• 13 · Office expenses

  total $3,393,544 · program services $2,960,245 · management and general $339,650 · fundraising $93,649

• 14 · Information technology

  total $6,901,968 · program services $4,577,600 · management and general $2,046,403 · fundraising $277,965

• 16 · Occupancy

  total $1,846,612 · program services $171,059 · management and general $1,675,553

• 17 · Travel

  total $9,369,856 · program services $9,019,159 · management and general $174,050 · fundraising $176,647

• 19 · Conferences, conventions and meetings

  total $3,303,345 · program services $2,652,772 · management and general $400,984 · fundraising $249,589

• 20 · Interest

  total $4,735,540 · program services $5,853,819 · management and general -$1,118,279

• 22 · Depreciation, depletion and amortization

  total $14,310,742 · program services $13,347,732 · management and general $963,010

• 24a · Other expenses: MEAL PLAN EXPENSES

  total $9,260,225 · program services $9,260,225

• 24b · Other expenses: LIBRARY RESOURCES

  total $1,939,177 · program services $1,939,177

• 24c · Other expenses: UNIFORMS

  total $1,094,449 · program services $1,093,000 · management and general $1,449

• 24d · Other expenses: REPAIRS & MAINTENANCE

  total $955,230 · program services $937,916 · management and general $17,314

• 24e · All other expenses

  total $22,819,728 · program services $19,591,751 · management and general $2,934,365 · fundraising $293,612

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,724,912 · end of year $11,018,088

• 2 · Savings and temporary cash investments

  beginning of year $4,567,303 · end of year $622,895

• 3 · Pledges and grants receivable

  beginning of year $54,604,859 · end of year $39,651,582

• 4 · Accounts receivable

  beginning of year $4,321,177 · end of year $4,917,912

• 8 · Inventories for sale or use

  beginning of year $265,982 · end of year $296,850

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,483,287 · end of year $1,824,709

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

  $562,797,602

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

  $250,740,931

• 10c · Land, buildings and equipment, net

  beginning of year $261,811,973 · end of year $312,056,671

• 11 · Investments: publicly traded securities

  beginning of year $134,671,602 · end of year $146,484,487

• 12 · Investments: other securities

  beginning of year $574,540,966 · end of year $609,913,464

• 13 · Investments: program-related

  beginning of year $12,711

• 15 · Other assets

  beginning of year $236,391,542 · end of year $272,881,222

• 17 · Accounts payable and accrued expenses

  beginning of year $8,318,882 · end of year $14,278,920

• 19 · Deferred revenue

  beginning of year $4,823,082 · end of year $6,538,775

• 20 · Tax-exempt bond liabilities

  beginning of year $170,521,981 · end of year $245,872,855

• 21 · Escrow or custodial account liability

  beginning of year $35,605 · end of year $32,906

• 25 · Other liabilities

  beginning of year $2,772,981 · end of year $2,596,426

• 27 · Net assets without donor restrictions

  beginning of year $364,312,147 · end of year $366,512,182

• 28 · Net assets with donor restrictions

  beginning of year $729,611,636 · end of year $763,835,816

The filer's explanations (Part III)

PART I, LINE 1A

A COMPANION HAS TRAVELED WITH BOTH THE PRESIDENT, ELIZABETH DAVIS, AND THE MEN'S BASKETBALL COACH, BOB RICHEY. TO THE EXTENT THE TRAVEL WAS PERSONAL IN NATURE SUCH AMOUNTS WERE INCLUDED IN TAXABLE INCOME. THE PRESIDENT OF THE UNIVERSITY AND HER FAMILY RESIDE AT WHITE OAKS WHICH IS THE OFFICIAL RESIDENCE OF THE PRESIDENT. THE PRESIDENT IS REQUIRED TO LIVE AT WHITE OAKS AS A CONDITION OF HER EMPLOYMENT. THE RESIDENCE IS OWNED AND MAINTAINED BY THE UNIVERSITY. CLEANING, MAINTENANCE, AND, GROUNDSKEEPING SERVICES ARE PROVIDED BY THE UNIVERSITY FOR THE PUBLIC AREAS OF THE RESIDENCE ONLY. THE PRESIDENT HOSTS UNIVERSITY EVENTS AT WHITE OAKS AS WELL. ELIZABETH DAVIS AND JASON DONNELLY WERE PROVIDED WITH A CLUB MEMBERSHIP. TO THE EXTENT THE DUES WERE CONSIDERED PERSONAL, THE AMOUNTS WERE INCLUDED IN TAXABLE INCOME OR REIMBURSED TO THE UNIVERSITY. OTHERWISE, THE DUES ALLOW THE PRESIDENT TO MEET WITH DONORS AND OTHER SUPPORTERS OF THE UNIVERSITY AT THE CLUB. FURMAN POLICY GOVERNS THE NATURE AND TYPE OF ALLOWABLE EXPENDITURES AND PAYMENTS, INCLUDING REQUIREMENTS TO PROVIDE SUPPORTING DOCUMENTATION DETAILING THE TRANSACTION AND BUSINESS PURPOSE OF ANY APPROVED EXPENDITURE.

PART I, LINE 4B

NAME: ELIZABETH DAVIS, DESCRIPTION: $63,111 VESTED IN EMPLOYEE'S 457(F) SUPPLEMENTAL RETIREMENT PLAN. NAME: ROBERT KENNEY, DESCRIPTION: $6,497 WAS CONTRIBUTED TO EMPLOYEE'S 457(F) SUPPLEMENTAL RETIREMENT PLAN.

PART I, LINE 7:

THE BONUSES RECEIVED BY CERTAIN OFFICERS, KEY EMPLOYEES, OR HIGHLY COMPENSATED EMPLOYEES WERE PAYMENTS FOR MERIT AND NOT CONTINGENT ON THE REVENUE OR NET EARNINGS OF THE UNIVERSITY OR RELATED ORGANIZATION.

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUSTS (4)

  T · SPLIT INTEREST · SC

• CHARITABLE REMAINDER ANNUITY TRUST

  T · SPLIT INTEREST · SC