Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $13,839,606

• 1c · Fundraising events

  $209,152

• 1e · Government grants (contributions)

  $14,183,018

• 1f · All other contributions, gifts and grants

  $88,898,200

• 1g · Noncash contributions included above

  $7,490,210

• 2a · Program service revenue: TUITION AND FEES

  total $1,069,609,996 · related or exempt $1,069,609,996

• 2b · Program service revenue: ROOM AND BOARD

  total $68,644,588 · related or exempt $68,644,588

• 2c · Program service revenue: ATHLETICS

  total $56,965,107 · related or exempt $54,675,758 · unrelated business $1,051,213 · excluded $1,238,136

• 2d · Program service revenue: GOVERNMENT CONTRACTS

  total $53,860,909 · related or exempt $53,860,909

• 2e · Program service revenue: EDUCATIONAL REVENUE

  total $37,216,525 · related or exempt $36,698,651 · unrelated business $517,874

• 2f · All other program service revenue

  total $9,864,213 · related or exempt $9,094,930 · unrelated business $769,283

• 3 · Investment income

  total $125,987,249 · unrelated business $12,738,983 · excluded $113,248,266

• 5 · Royalties

  total $10,357,009 · excluded $10,357,009

• 6a · Gross rents

  real property $6,918,600

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $6,918,600

• 6d · Net rental income or loss

  total $6,918,600 · unrelated business $579,971 · excluded $6,338,629

• 7a · Gross sales of assets other than inventory

  securities $1,967,004

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

  securities $0

• 7c · Gain or loss

  securities $1,967,004

• 7d · Net gain or loss

  total $1,967,004 · excluded $1,967,004

• 8a · Fundraising events: gross income

  $113,597

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

  $209,152

• 8b · Fundraising events: direct expenses

  $283,308

• 8c · Net income from fundraising events

  total -$169,711 · excluded -$169,711

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,632,631 · program services $8,632,631

• 2 · Grants to domestic individuals

  total $433,236,240 · program services $433,236,240

• 3 · Grants to foreign organizations and individuals

  total $664,338 · program services $664,338

• 5 · Compensation of officers, directors and key employees

  total $14,439,033 · program services $2,478,774 · management and general $10,967,238 · fundraising $993,021

• 6 · Compensation of disqualified persons

  total $1,052,744 · program services $866,087 · management and general $186,657

• 7 · Other salaries and wages

  total $439,672,276 · program services $397,841,657 · management and general $32,151,871 · fundraising $9,678,748

• 8 · Pension plan contributions

  total $37,912,700 · program services $2,249,636 · management and general $35,663,064

• 9 · Other employee benefits

  total $72,121,332 · program services $17,006,391 · management and general $52,392,494 · fundraising $2,722,447

• 10 · Payroll taxes

  total $26,773,828 · program services $2,882,640 · management and general $23,891,188

• 11a · Fees: management

  total $15,544,946 · program services $15,544,946

• 11b · Fees: legal

  total $4,228,408 · management and general $4,228,408

• 11c · Fees: accounting

  total $427,158 · management and general $427,158

• 11d · Fees: lobbying

  total $391,012 · management and general $391,012

• 11e · Fees: professional fundraising services

  total $368,347 · fundraising $368,347

• 11f · Fees: investment management

  total $9,548,385 · management and general $9,548,385

• 11g · Fees: other

  total $67,961,140 · program services $57,823,375 · management and general $8,983,059 · fundraising $1,154,706

• 12 · Advertising and promotion

  total $5,734,122 · program services $3,682,245 · management and general $1,820,181 · fundraising $231,696

• 13 · Office expenses

  total $40,384,328 · program services $36,054,524 · management and general $3,678,802 · fundraising $651,002

• 14 · Information technology

  total $26,700,911 · program services $9,938,773 · management and general $16,471,855 · fundraising $290,283

• 15 · Royalties

  total $241,731 · program services $241,731

• 16 · Occupancy

  total $79,632,750 · program services $75,649,970 · management and general $3,910,414 · fundraising $72,366

• 17 · Travel

  total $34,254,836 · program services $32,227,206 · management and general $1,270,172 · fundraising $757,458

• 19 · Conferences, conventions and meetings

  total $2,050,266 · program services $1,677,685 · management and general $326,699 · fundraising $45,882

• 20 · Interest

  total $25,399,900 · program services $21,746,175 · management and general $3,653,725

• 22 · Depreciation, depletion and amortization

  total $76,632,703 · program services $70,058,995 · management and general $6,573,708

• 23 · Insurance

  total $4,329,184 · program services $4,329,184

• 24a · Other expenses: UNRELATED BUSINESS INCO

  total $7,952,992 · management and general $7,952,992

• 24b · Other expenses: NON-CAPITALIZED MINOR A

  total $7,687,323 · program services $5,631,018 · management and general $1,978,349 · fundraising $77,956

• 24c · Other expenses: SPONSORED PROJECT SUBCO

  total $7,214,647 · program services $7,214,647

• 24d · Other expenses: BAD DEBTS

  total $5,902,194 · program services $226,999 · management and general $5,675,195

• 24e · All other expenses

  total $46,627,004 · program services $23,470,614 · management and general $22,416,289 · fundraising $740,101

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $943,436 · end of year $1,984,919

• 2 · Savings and temporary cash investments

  beginning of year $224,987,432 · end of year $221,047,130

• 3 · Pledges and grants receivable

  beginning of year $91,404,296 · end of year $89,904,257

• 4 · Accounts receivable

  beginning of year $84,114,322 · end of year $101,151,537

• 5 · Loans and receivables from officers and key people

  beginning of year $1,294,373 · end of year $1,294,373

• 7 · Other notes and loans receivable

  beginning of year $238,036 · end of year $473,611

• 8 · Inventories for sale or use

  beginning of year $693,362 · end of year $692,081

• 9 · Prepaid expenses and deferred charges

  beginning of year $60,376,381 · end of year $63,413,359

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

  $2,335,073,657

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

  $841,741,167

• 10c · Land, buildings and equipment, net

  beginning of year $1,439,732,270 · end of year $1,493,332,490

• 11 · Investments: publicly traded securities

  beginning of year $16,892,760 · end of year $18,948,343

• 12 · Investments: other securities

  beginning of year $2,273,156,100 · end of year $2,389,161,881

• 13 · Investments: program-related

  beginning of year $1,701,647 · end of year $1,553,465

• 17 · Accounts payable and accrued expenses

  beginning of year $155,014,664 · end of year $120,781,075

• 19 · Deferred revenue

  beginning of year $100,467,029 · end of year $122,335,197

• 20 · Tax-exempt bond liabilities

  beginning of year $187,374,378 · end of year $269,236,607

• 21 · Escrow or custodial account liability

  beginning of year $20,060 · end of year $20,060

• 23 · Secured mortgages and notes payable

  beginning of year $467,095 · end of year $0

• 25 · Other liabilities

  beginning of year $580,115,662 · end of year $629,448,294

• 27 · Net assets without donor restrictions

  beginning of year $1,304,899,330 · end of year $1,313,960,038

• 28 · Net assets with donor restrictions

  beginning of year $1,867,176,197 · end of year $1,927,176,175

The filer's explanations (Part III)

SCHEDULE J, PART 1, LINE 1A-FIRST CLASS OR CHARTER TRAVEL

FOUR OFFICERS TRAVELED VIA CHARTER FLIGHTS TO ENGAGE IN VARIOUS BUSINESS ACTIVITIES SUCH AS DONOR CULTIVATION ACTIVITIES, MEDIA EVENTS AND RECRUITMENT. CHARTER FLIGHTS WERE USED BY THREE HIGHLY COMPENSATED EMPLOYEES TO ENGAGE IN VARIOUS BUSINESS ACTIVITIES SUCH AS STUDENT ATHLETIC RECRUITING, AND ATTENDANCE OF MEDIA EVENTS. FIRST-CLASS TRIPS ARE DISALLOWED BY UNIVERSITY POLICY UNLESS APPROVED AS AN EXCEPTION TO POLICY. NO FIRST-CLASS TRAVEL WAS APPROVED DURING THE TAX YEAR.

SCHEDULE J, PART 1, LINE 1A-TRAVEL FOR COMPANIONS

OCCASIONALLY, FAMILY MEMBERS OR GUESTS OF LISTED PERSONS WERE PROVIDED TRAVEL. THE UNIVERSITY POLICY AND PRACTICE IS TO REVIEW TRAVEL ACTIVITIES THAT OCCUR THROUGHOUT THE YEAR AND REPORT THE VALUE OF SUCH TRAVEL AS TAXABLE COMPENSATION TO LISTED PERSONS IF NO BONA FIDE BUSINESS PURPOSE EXISTED OR THE FIFTY PERCENT SEATING CAPACITY RULE IS INAPPLICABLE FOR THE COMPANION TRAVEL.

SCHEDULE J, PART 1, LINE 1A-TAX INDEMNIFICATION AND GROSS-UP PAYMENTS

MEN'S HEAD BASKETBALL COACH, HEAD FOOTBALL COACH AND VICE PRESIDENT & DIRECTOR OF ATHLETICS HAD PERSONAL TRAVEL STIPENDS GROSSED-UP TO PROVIDE CONTRACTUAL AMOUNTS OWED BY THE UNIVERSITY. WOMEN'S HEAD BASKETBALL COACH RECEIVED GROSS-UP PAYMENTS COVERING THE ADDITIONAL TAXES OWED ON SUPPLEMENTAL PAYMENTS FOR CHILD'S TUITION COSTS. HEAD FOOTBALL COACH WAS PROVIDED A SUITE AND THE VALUE OF THE SUITE WAS GROSSED-UP TO COVER THE TAXES OWED FOR PERSONAL USAGE. ALL ABOVE DESCRIBED PAYMENTS WERE REPORTED AS TAXABLE INCOME, INCLUDING THE TAX ON THE GROSS-UP PAYMENTS. ADDITIONALLY, THE UNIVERSITY MAY OCCASIONALLY GROSS-UP OTHER PAYMENTS, BUT ALL SUCH PAYMENTS ARE INCLUDED IN THE TAXABLE INCOME OF THE APPLICABLE EMPLOYEE.

SCHEDULE J, PART 1, LINE 1A-HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE

BAYLOR, IN SOME INSTANCES, PROVIDES TEMPORARY HOUSING TO EMPLOYEES DURING THEIR TRANSITION TO BEGINNING WORK AT THE UNIVERSITY. THIS TEMPORARY HOUSING IS REPORTED AS TAXABLE INCOME. BAYLOR PROVIDED PRESIDENT WITH A HOUSE LOCATED ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY. THE PROVISION OF THE HOUSE WAS NOT INCLUDED AS TAXABLE COMPENSATION.

SCHEDULE J, PART 1, LINE 1A-HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES

THREE OFFICERS AND TWO HIGHLY COMPENSATED EMPLOYEES WERE PROVIDED COUNTRY OR SOCIAL CLUB MEMBERSHIPS IN ONE OR MORE LOCAL CLUBS. ALL CLUB MEMBERSHIPS WERE REPORTED AS TAXABLE COMPENSATION.

SCHEDULE J, PART 1, LINE 1A-PERSONAL SERVICES

BAYLOR PROVIDED HOUSEKEEPING SERVICES FOR THE UNIVERSITY HOUSE WHERE THE PRESIDENT RESIDES. THE PORTION OF THE HOUSEKEEPING EXPENSES USED FOR PERSONAL PURPOSES WAS INCLUDED AS TAXABLE INCOME.

SCHEDULE J, PART 1, LINE 1B

THE UNIVERSITY HAS A WRITTEN POLICY FOR THE FOLLOWING BENEFITS: FIRST-CLASS TRAVEL AND CHARTER TRAVEL, AND TRAVEL FOR COMPANIONS. THE BAYLOR AIRCRAFT POLICY IS ONLY APPLICABLE TO BAYLOR-PROVIDED CHARTER TRAVEL. OTHER CHARTER TRAVEL USED BY THE ATHLETIC DEPARTMENT FOR TEAM TRAVEL IS BASED UPON THE NEED OF THE SPORT. CLUB MEMBERSHIPS ARE REPORTED AS TAXABLE INCOME. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE INCLUDED IN CONTRACTUAL ARRANGEMENTS AND/OR REQUIRE BOARD OF REGENTS APPROVAL. THE PRESIDENT'S HOUSING WAS PROVIDED AS A CONDITION OF EMPLOYMENT PER THE TERMS OF CONTRACT, AND THE HOUSE WAS PROVIDED FOR THE CONVENIENCE OF THE UNIVERSITY. HOUSEKEEPING SERVICES ARE HANDLED AS NOTED ABOVE.

SCHEDULE J, PART 1, LINE 4B

BAYLOR UNIVERSITY PRESIDENT PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $300,000 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE BEGINNING MAY 31, 2027 THROUGH MAY 31, 2030, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH OR DISABILITY. PRESIDENT WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY VICE PRESIDENT & DIRECTOR OF ATHLETICS PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $400,000 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON SEPTEMBER 30TH, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH OR DISABILITY. VICE PRESIDENT & DIRECTOR OF ATHLETICS WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. THE VICE PRESIDENT & DIRECTOR OF ATHLETICS IS A PARTICIPANT IN A SPLIT-DOLLAR INSURANCE PLAN. THE UNIVERSITY MADE PREMIUM LOAN PAYMENTS ON THE POLICIES OVER THE LAST FIVE YEARS. THERE WERE NO PREMIUM LOAN AMOUNTS PAID IN CALENDAR YEAR 2024. THE VICE PRESIDENT & DIRECTOR OF ATHLETICS IS THE OWNER OF THE POLICIES UTILIZED IN THE ARRANGEMENT, AND THE UNIVERSITY SHALL RECEIVE REPAYMENT OF ALL PREMIUM LOANS, INCLUDING INTEREST, IN ACCORDANCE WITH THE PLAN DOCUMENTS. THE PREMIUMS ARE TREATED FOR TAX PURPOSES AS NONRECOURSE SPLIT-DOLLAR LOANS UNDER 26 CFR 1.7872-15. PAYMENT OF THE AMOUNT DUE THE UNIVERSITY (LENDER) UNDER THE AGREEMENT IS, OR COULD BE CONSIDERED, NONRECOURSE TO THE BORROWER. NOTWITHSTANDING THAT FACT, THE LENDER AND BORROWER REPRESENT THAT A REASONABLE PERSON WOULD EXPECT THAT ALL PAYMENTS DUE THE LENDER UNDER THE AGREEMENT WILL BE MADE. BAYLOR UNIVERSITY FOOTBALL HEAD COACH PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $400,000 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE BEGINNING MARCH 31, 2026 THROUGH MARCH 31, 2029, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. FOOTBALL HEAD COACH WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY VICE PRESIDENT AND CHIEF HUMAN RESOURCE OFFICER PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $35,686 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. VICE PRESIDENT AND CHIEF HUMAN RESOURCE OFFICER WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY GENERAL COUNSEL AND CHIEF LEGAL OFFICER AND CORPORATE SECRETARY PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $55,422 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. GENERAL COUNSEL AND CHIEF LEGAL OFFICER AND CORPORATE SECRETARY WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY VICE PRESIENT FOR MARKETING AND COMMUNICATIONS AND CHIEF MARKETING OFFICER PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $48,561 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. VICE PRESIENT FOR MARKETING AND COMMUNICATIONS AND CHIEF MARKETING OFFICER WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY BOARD PROFESSIONAL PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $24,776 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2028, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. BOARD PROFESSIONAL WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY PROVOST PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $63,636 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2028, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. PROVOST WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY VICE PRESIDENT AND CHIEF COMPLIANCE AND RISK OFFICER PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $33,211 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. VICE PRESIDENT AND CHIEF COMPLIANCE AND RISK OFFICER WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY CHIEF OF STAFF TO THE PRESIDENT PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $28,081 DURING 2024. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON JULY 31, 2028, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. CHIEF OF STAFF TO THE PRESIDENT WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE.

SCHEDULE J, PART 1, LINE 7

CHIEF INVESTMENT OFFICER RECEIVED A BONUS CALCULATED USING A PORTION OF BASE PAY AND APPLYING A PERCENTAGE BASED UPON QUALITATIVE ASSESSMENT OF PERFORMANCE PLUS A PERCENTAGE PER THE BENCH-MARKED PERFORMANCE OF BAYLOR'S POOLED INVESTMENT, THE BAYLOR UNIVERSITY FUND. VICE PRESIDENT FOR ADVANCEMENT RECEIVED A BONUS EQUAL TO A PERCENTAGE OF BASE PAY BASED UPON SURPASSING PRODUCTIVITY BENCHMARKS. HIGHLY COMPENSATED COACHES MAY RECEIVE CHAMPIONSHIP RINGS AND/OR GIFT CARDS, WHICH ARE REPORTED AS TAXABLE INCOME. INCENTIVE PAYMENTS TO OFFICERS AND HIGHLY COMPENSATED EMPLOYEES INCLUDE DISCRETIONARY PAYMENTS EARNED THROUGH COMPLETION OF CONDITIONS IDENTIFIED IN EMPLOYMENT CONTRACTS. SCHEDULE J, PART 1, LINE 8 VICE PRESIDENT AND PROVOST, VICE PRESIDENT FOR ADVANCEMENT AND VICE PRESIDENT OF BUSINESS AND FINANCE ARE ALL PART OF THEIR INITIAL EMPLOYMENT CONTRACT. THE TERMS OF THE CONTRACTS WERE NEGOTIATED AT AN ARM'S LENGTH AND THESE OFFICERS WERE NOT A DISQUALIFIED PERSONS IMMEDIATELY PRIOR TO ENTERING INTO THE INITIAL CONTRACT.

Disregarded entities

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

• INDEPENDENCE ENTERTAINMENT LLC

  ENTERTAINMENT SERVICES · TX · income $550,622 · assets $1,217,856

  Directly controlled by BAYLOR UNIVERSITY

• I ALWAYS HATED MY BROTHER LLC

  STUDENT FILM PRODUCTION · TX · income $0 · assets $342,398

  Directly controlled by BAYLOR UNIVERSITY

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (48)

  T · CHARITABLE TRUST - SUPPORT · TX · share of income $2,414,346 · share of assets $24,270,844 · controlled entity

• CHARITABLE REMAINDER TRUST (1)

  T · CHARITABLE TRUST - SUPPORT · CA · 30% owned · controlled entity

• CHARITABLE REMAINDER TRUST (1)

  T · CHARITABLE TRUST - SUPPORT · KY · 100% owned · share of income $114,382 · share of assets $446,909 · controlled entity

• CHARITABLE REMAINDER TRUST (1)

  T · CHARITABLE TRUST - SUPPORT · AR · 100% owned · share of income $48,769 · share of assets $214,565 · controlled entity

• CHARITABLE REMAINDER TRUST (1)

  T · CHARITABLE TRUST - SUPPORT · AZ · 100% owned · share of income $218,284 · share of assets $266,956 · controlled entity

• GREENFIELD TRUST

  T · TRUST - SUPPORT · TX · 100% owned · share of income $73,220 · share of assets $31,715,406 · controlled entity

  Directly controlled by BAYLOR UNIVERSITY

• GOLDFIELD TRUST

  T · TRUST - SUPPORT · TX · 100% owned · share of income -$1,016 · share of assets $355,753 · controlled entity

  Directly controlled by BAYLOR UNIVERSITY