Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $16,688,077

• 1e · Government grants (contributions)

  $38,453,567

• 1f · All other contributions, gifts and grants

  $134,039,136

• 1g · Noncash contributions included above

  $21,128,031

• 2a · Program service revenue: TUITION AND FEES

  total $792,980,918 · related or exempt $792,980,918

• 2b · Program service revenue: SALES/SERVICES OF AUXILLARY ENTERPRISES

  total $200,893,920 · related or exempt $198,980,500 · unrelated business $1,913,420

• 2c · Program service revenue: NON-GOVT GRANTS/F&A RECOVERY

  total $15,635,527 · related or exempt $15,635,527

• 2d · Program service revenue: SALES/SERVICES OF EDUCATIONAL ACTIVITIES

  total $6,409,609 · related or exempt $6,409,609

• 2e · Program service revenue: OTHER MISCELLANEOUS PROGRAM REVENUE

  total $21,844,706 · related or exempt $21,844,706

• 3 · Investment income

  total $66,676,265 · unrelated business -$7,429,857 · excluded $74,106,122

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

  total -$40,055 · excluded -$40,055

• 5 · Royalties

  total $1,211,330 · excluded $1,211,330

• 6a · Gross rents

  real property $2,152,689 · personal property $0

• 6b · Less rental expenses

  real property $4,973,321 · personal property $0

• 6c · Rental income or loss

  real property -$2,820,632 · personal property $0

• 6d · Net rental income or loss

  total -$2,820,632 · excluded -$2,820,632

• 7a · Gross sales of assets other than inventory

  securities $2,249,441,794 · other assets $1,412,000

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

  securities $2,195,252,927 · other assets $1,412,000

• 7c · Gain or loss

  securities $54,188,867

• 7d · Net gain or loss

  total $54,188,867 · excluded $54,188,867

• 8a · Fundraising events: gross income

  $759,936

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

  $16,688,077

• 8b · Fundraising events: direct expenses

  $3,524,601

• 8c · Net income from fundraising events

  total -$2,764,665 · excluded -$2,764,665

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0

• 11a · Other revenue: CHILDREN'S CENTER

  total $962,841 · excluded $962,841

• 11b · Other revenue: VENDING

  total $629,728 · excluded $629,728

• 11e · Other revenue, total

  $1,592,569

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $205,102 · program services $205,102

• 2 · Grants to domestic individuals

  total $252,279,294 · program services $252,279,294

• 3 · Grants to foreign organizations and individuals

  total $523,085 · program services $523,085

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $7,456,435 · program services $1,073,605 · management and general $5,621,442 · fundraising $761,388

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $471,645,059 · program services $365,862,491 · management and general $89,041,732 · fundraising $16,740,836

• 8 · Pension plan contributions

  total $29,415,741 · program services $22,523,731 · management and general $5,818,573 · fundraising $1,073,437

• 9 · Other employee benefits

  total $84,382,242 · program services $64,621,849 · management and general $16,693,814 · fundraising $3,066,579

• 10 · Payroll taxes

  total $29,006,149 · program services $22,210,105 · management and general $5,737,554 · fundraising $1,058,490

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $6,235,992 · program services $473,230 · management and general $5,762,762

• 11c · Fees: accounting

  total $802,427 · management and general $802,427

• 11d · Fees: lobbying

  total $75,000 · management and general $75,000

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $31,153,653 · management and general $31,153,653

• 11g · Fees: other

  total $51,888,471 · program services $41,489,619 · management and general $9,884,675 · fundraising $514,177

• 12 · Advertising and promotion

  total $324,196 · program services $305,935 · management and general $18,261

• 13 · Office expenses

  total $12,833,321 · program services $9,225,302 · management and general $2,633,272 · fundraising $974,747

• 14 · Information technology

  total $18,411,875 · program services $7,195,309 · management and general $10,900,882 · fundraising $315,684

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $39,336,403 · program services $13,722,909 · management and general $25,613,494

• 17 · Travel

  total $21,283,026 · program services $20,156,164 · management and general $403,634 · fundraising $723,228

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $6,657,488 · program services $1,555,648 · management and general $4,296,202 · fundraising $805,638

• 20 · Interest

  total $51,890,278 · program services $46,212,959 · management and general $5,677,319

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $112,459,826 · program services $99,938,171 · management and general $12,521,655

• 23 · Insurance

  total $0

• 24a · Other expenses: COST OF GOODS SOLD

  total $20,397,332 · program services $20,397,332

• 24b · Other expenses: OPERATIONS & MAINT. ALLOC.

  program services $79,330,574 · management and general -$79,330,574

• 24c · Other expenses: LICENSING/PERMITS/FEES

  total $10,320,319 · program services $10,320,319

• 24d · Other expenses: SPECIAL HOUSING EXPENSES

  total $1,247,908 · program services $1,247,908

• 24e · All other expenses

  total $31,244,568 · program services $30,114,493 · management and general $342,058 · fundraising $788,017

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,785,996 · end of year $25,941,189

• 2 · Savings and temporary cash investments

  beginning of year $3,187,224 · end of year $2,348,691

• 3 · Pledges and grants receivable

  beginning of year $234,313,380 · end of year $224,831,270

• 4 · Accounts receivable

  beginning of year $66,926,908 · end of year $53,923,660

• 5 · Loans and receivables from officers and key people

  beginning of year $2,397,346 · end of year $2,612,800

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $48,862,029 · end of year $50,391,799

• 8 · Inventories for sale or use

  beginning of year $543,642 · end of year $564,280

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,499,075 · end of year $12,607,080

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

  $3,476,274,428

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

  $1,403,865,120

• 10c · Land, buildings and equipment, net

  beginning of year $1,913,512,713 · end of year $2,072,409,308

• 11 · Investments: publicly traded securities

  beginning of year $674,302,530 · end of year $899,038,962

• 12 · Investments: other securities

  beginning of year $3,558,956,105 · end of year $3,153,582,408

• 13 · Investments: program-related

  beginning of year $11,112,800 · end of year $11,112,800

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $214,165,758 · end of year $225,692,392

• 18 · Grants payable

  beginning of year $20,177,205 · end of year $20,113,501

• 19 · Deferred revenue

  beginning of year $18,085,695 · end of year $20,416,822

• 20 · Tax-exempt bond liabilities

  beginning of year $704,104,827 · end of year $680,954,045

• 21 · Escrow or custodial account liability

  beginning of year $10,816,095 · end of year $9,687,943

• 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 $745,000 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $837,287,195 · end of year $824,126,379

• 25 · Other liabilities

  beginning of year $25,346,262 · end of year $22,230,094

• 27 · Net assets without donor restrictions

  beginning of year $2,068,174,087 · end of year $2,302,566,169

• 28 · Net assets with donor restrictions

  beginning of year $2,647,497,624 · end of year $2,403,576,902

The filer's explanations (Part III)

SCHEDULE J, PART I

THE UNIVERSITY PAID COMPENSATION AND BENEFITS OF $5,930,512 TO THE JESUIT COMMUNITY, THE FOUNDERS OF BOSTON COLLEGE, FOR INSTRUCTIONAL, ADMINISTRATIVE AND INSTITUTIONAL SERVICES, WHICH INCLUDE THE SERVICES RENDERED BY THE UNIVERSITY'S JESUIT OFFICERS. SCHEDULE J, PART I, LINE 1A FIRST CLASS TRAVEL OR CHARTER TRAVEL: BOSTON COLLEGE DOES NOT GENERALLY PERMIT FIRST CLASS TRAVEL FOR BUSINESS TRIPS. HOWEVER, ON OCCASION FOR UNUSUALLY LONG FLIGHTS IT MAY BE PERMITTED PROVIDED THERE IS APPROVAL IN ADVANCE. AS PART OF THEIR RESPONSIBILITIES, FOUR HIGHEST COMPENSATED EMPLOYEES FLEW ON CHARTER FLIGHTS, AND ONE OFFICER FLEW FIRST CLASS. TRAVEL FOR COMPANIONS: PER UNIVERSITY POLICY COMPANION TRAVEL IS NOT REIMBURSABLE. TWO HIGHLY COMPENSATED INDIVIDUALS LISTED IN PART VII RECEIVED COMPANION TRAVEL. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: ONE OFFICER RECEIVED ON-CAMPUS HOUSING BENEFIT DURING THE YEAR AS A CONDITION OF EMPLOYMENT.THE RENTAL VALUE WAS NON TAXABLE. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: ONE HIGHLY COMPENSATED INDIVIDUAL AND ONE OFFICER RECEIVED AN ANNUAL MEMBERSHIP TO A LOCAL COUNTRY CLUB. THE FULL VALUE WAS INCLUDED IN EACH EMPLOYEE'S TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 1B BOSTON COLLEGE HAS POLICIES THAT COVER FIRST CLASS TRAVEL AND TRAVEL FOR COMPANIONS. SUCH TRAVEL IS GENERALLY NOT PERMITTED BUT IS APPROVED ON A CASE BY CASE BASIS AT THE VP LEVEL. SOCIAL CLUB DUES ARE PROVIDED IN ACCORDANCE WITH THE CONTRACTS OF THE INDIVIDUALS WHO RECEIVE THE BENEFIT AND ARE APPROVED. SCHEDULE J, PART I, LINE 4B AND 7 TERMS AND CONDITIONS OF DEFERRED PERFORMANCE COMPENSATION PLAN FOR INVESTMENT PROFESSIONALS: IN 2015 BOSTON COLLEGE ESTABLISHED A PERFORMANCE COMPENSATION PLAN ("PLAN") TO ASSIST WITH RECRUITMENT AND RETENTION OF ITS INVESTMENT OFFICE PROFESSIONALS. UNDER THE TERMS OF THE PLAN, PARTICIPANTS ARE ELIGIBLE FOR CERTAIN AWARDS BASED ON THE PERFORMANCE OF BOSTON COLLEGE'S INVESTMENTS EACH CALENDAR YEAR, AS MEASURED BY CERTAIN QUANTITATIVE AND QUALITATIVE FACTORS. A PORTION OF THE AWARD UNDER THE PLAN IS SUBJECT TO A TWO YEAR DEFERRAL PERIOD. FOR 2022, THE CHIEF INVESTMENT OFFICER'S COMPENSATION INCLUDED A BONUS PAYMENT UNDER THE PLAN INCLUDED ON SCHEDULE J, PART II, COLUMN (B)(II) AND A DEFERRAL AMOUNT INCLUDED IN SCHEDULE J, PART II COLUMN (C). THE AMOUNT INCLUDED IN SCHEDULE J, PART II COLUMN (F) REPRESENTS COMPENSATION RECEIVED IN 2022 AND IS INCLUDED IN SCHEDULE J, PART II COLUMN (B)(II). THE AMOUNT IN SCHEDULE J, PART II COLUMN (F) WAS REPORTED AS DEFERRED COMPENSATION IN SCHEDULE J, PART II, COLUMN (C) IN A PRIOR YEAR. SCHEDULE J, PART I, LINE 7 THE UNIVERSITY OFFERS INCENTIVE COMPENSATION TO CERTAIN INVESTMENT PROFESSIONALS BASED UPON THE UNIVERSITY'S INVESTMENT PERFORMANCE. SEE RESPONSE TO QUESTION 4B ABOVE.

Disregarded entities

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

• BOSTON COLLEGE ALUMNI ASSOCIATION LLC

  ALUM. REL · MA · assets $0

  Directly controlled by BC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• HYPERPLANE OPPORTUNITIES I LP

  EXCLUDED · INVESTMENTS · MA · 61.875% owned · share of income $0 · share of assets $4,998,868

  Directly controlled by BC

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (19)

  T · SUPPORT · MA · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUSTS (1)

  T · SUPPORT · PA · controlled entity

  Directly controlled by NA

• OTHER TRUSTS (4)

  T · SUPPORT · MA · controlled entity

  Directly controlled by NA

• POOLED LIFE INCOME FUND (1)

  T · SUPPORT · MA · controlled entity

  Directly controlled by NA

• CLOUGH OFFSHORE FUND LTD

  C · INVESTMENT · CJ · 43.534% owned · share of income $291,133 · share of assets $10,678,818 · controlled entity

  Directly controlled by BC