Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $72,635

• 1e · Government grants (contributions)

  $2,024,941

• 1f · All other contributions, gifts and grants

  $1,381,667

• 1g · Noncash contributions included above

  $5,955

• 2a · Program service revenue: STUDENT TUITION & FEES

  total $67,683,398 · related or exempt $67,683,398

• 2b · Program service revenue: INTERNATIONAL SUMMER PROGRAM

  total $1,456,611 · related or exempt $1,456,611

• 3 · Investment income

  total $3,295,610 · excluded $3,295,610

• 6a · Gross rents

  real property $837,075

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $837,075

• 6d · Net rental income or loss

  total $837,075 · excluded $837,075

• 7a · Gross sales of assets other than inventory

  securities $16,117,164

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

  securities $16,111,995

• 7c · Gain or loss

  securities $5,169

• 7d · Net gain or loss

  total $5,169 · excluded $5,169

• 8a · Fundraising events: gross income

  $419,491

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

  $72,635

• 8b · Fundraising events: direct expenses

  $132,585

• 8c · Net income from fundraising events

  total $286,906 · excluded $286,906

• 11a · Other revenue: VENDOR COMMISSION & OTHER

  total $830,803 · excluded $830,803

• 11e · Other revenue, total

  $830,803

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $25,995,446 · program services $25,995,446

• 5 · Compensation of officers, directors and key employees

  total $3,351,477 · program services $1,465,004 · management and general $1,886,473

• 6 · Compensation of disqualified persons

  total $20,803,491 · program services $18,415,191 · management and general $2,388,300

• 8 · Pension plan contributions

  total $682,980 · program services $564,551 · management and general $118,429

• 9 · Other employee benefits

  total $3,103,262 · program services $2,565,156 · management and general $538,106

• 10 · Payroll taxes

  total $2,076,230 · program services $1,716,212 · management and general $360,018

• 11b · Fees: legal

  total $1,832,343 · management and general $1,832,343

• 11c · Fees: accounting

  total $258,702 · management and general $258,702

• 11d · Fees: lobbying

  total $166,003 · management and general $166,003

• 11g · Fees: other

  total $3,122,013 · program services $1,102,957 · management and general $2,019,056

• 12 · Advertising and promotion

  total $218,511 · management and general $218,511

• 13 · Office expenses

  total $563,378 · program services $434,595 · management and general $128,303 · fundraising $480

• 16 · Occupancy

  total $7,782,866 · program services $4,965,630 · management and general $2,817,236

• 17 · Travel

  total $310,526 · program services $255,615 · management and general $54,911

• 19 · Conferences, conventions and meetings

  total $246,900 · program services $215,650 · management and general $31,250

• 20 · Interest

  total $1,561,229 · program services $1,069,596 · management and general $491,633

• 22 · Depreciation, depletion and amortization

  total $3,354,108 · program services $2,297,897 · management and general $1,056,211

• 24a · Other expenses: OPERATING LEASE EXPENSE

  total $12,661,638 · program services $8,674,477 · management and general $3,987,161

• 24b · Other expenses: PHYSICAL PLANT MAINT.

  total $6,350,523 · program services $4,332,896 · management and general $2,017,627

• 24c · Other expenses: BAD DEBT EXPENSE

  total $1,229,979 · management and general $1,229,979

• 24e · All other expenses

  total $1,913,177 · program services $1,852,100 · management and general $61,077

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,205,270 · end of year $1,945,906

• 2 · Savings and temporary cash investments

  beginning of year $22,938,277 · end of year $7,665,794

• 3 · Pledges and grants receivable

  beginning of year $1,054,792 · end of year $522,891

• 4 · Accounts receivable

  beginning of year $2,308,267 · end of year $1,471,524

• 7 · Other notes and loans receivable

  beginning of year $201,120 · end of year $150,323

• 9 · Prepaid expenses and deferred charges

  beginning of year $13,618,370 · end of year $13,841,213

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

  $79,705,308

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

  $20,514,750

• 10c · Land, buildings and equipment, net

  beginning of year $62,544,666 · end of year $59,190,558

• 11 · Investments: publicly traded securities

  beginning of year $6,887,066 · end of year $7,067,094

• 12 · Investments: other securities

  beginning of year $12,066,101 · end of year $11,907,819

• 15 · Other assets

  beginning of year $382,127,763 · end of year $265,236,065

• 17 · Accounts payable and accrued expenses

  beginning of year $12,139,508 · end of year $5,321,781

• 19 · Deferred revenue

  beginning of year $1,395,447 · end of year $4,147,634

• 25 · Other liabilities

  beginning of year $407,316,329 · end of year $293,278,073

• 27 · Net assets without donor restrictions

  beginning of year $44,375,741 · end of year $35,331,627

• 28 · Net assets with donor restrictions

  beginning of year $40,724,667 · end of year $30,920,072

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE IN CALENDAR YEAR 2023, ST. FRANCIS COLLEGE PROVIDED THE FORMER PRESIDENT, MIGUEL MARTINEZ-SAENZ, WITH HOUSING IN CLOSE PROXIMITY TO THE CAMPUS AS REQUIRED AS A CONDITION UNDER HIS CONTRACT AND IN ORDER TO BE AVAILABLE 24/7 TO RESPOND TO EMERGENT SITUATIONS, ENTERTAIN POTENTIAL DONORS AND OTHER COLLEGE GUESTS AND CONDUCT BUSINESS AS AN EXTENSION OF CAMPUS. THE VALUE OF THE HOUSING IS REPORTED AS $99,672 WHICH IS INCLUDED WITHIN THE NONTAXABLE BENEFITS REPORTED ON SCHEDULE J, PART II, COLUMN D. TRAVEL ALLOWANCE IN 2023, THE PRESIDENT, TIM CECERE, RECEIVED A TRANSPORTATION ALLOWANCE. THE GROSS AMOUNT PER PAYROLL WAS $26,815.

PART I, LINE 4A

DURING THE YEAR, THE COLLEGE WENT THROUGH A RESTRUCTURING WHICH INCLUDED SEVERAL CHANGES IN ROLES, POSITIONS, AND DUTIES, INCLUDING RETIREMENTS AND OTHER SEPARATIONS FROM EMPLOYMENT. TO THE EXTENT ANY SUCH PAYMENTS CONTINGENT ON AN EMPLOYEE'S SEPARATION WERE CONSIDERED SEVERANCE, OR SIMILAR, THEY ARE DISCLOSED IN COLUMN B(III), AS REQUIRED. THE COLLEGE IS NOT DISCLOSING THE NAMES OF ANY IMPACTED EMPLOYEES DUE TO CONFIDENTIALITY CLAUSES INCLUDED IN AGREEMENTS THAT WERE ENTERED INTO.

PART I, LINE 7

DURING THE YEAR, RETENTION BONUSES WERE PAID TO SEVERAL EMPLOYEES IN ORDER TO RETAIN THEIR SERVICES THROUGH THE TRANSITION AND RESTRUCTURING.