Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $1,932,379

• 1e · Government grants (contributions)

  $3,256,474

• 1f · All other contributions, gifts and grants

  $1,039,241

• 2a · Program service revenue: TUITION & FEES

  total $57,292,937 · related or exempt $57,292,937

• 3 · Investment income

  total $696,555 · excluded $696,555

• 6a · Gross rents

  real property $3,192,197

• 6b · Less rental expenses

  real property $4,173,193

• 6c · Rental income or loss

  real property -$980,996

• 6d · Net rental income or loss

  total -$980,996 · unrelated business -$1,244,380 · excluded $263,384

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

  other assets $1,324,897

• 7c · Gain or loss

  other assets -$1,324,897

• 7d · Net gain or loss

  total -$1,324,897 · excluded -$1,324,897

• 10a · Gross sales of inventory

  $20,334

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $20,334 · related or exempt $20,334

• 11a · Other revenue: REBATES/LOYALTY REWARD

  total $90,917 · related or exempt $90,917

• 11d · All other revenue

  total $392,119 · related or exempt $392,119

• 11e · Other revenue, total

  $483,036

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $10,857,627 · program services $10,857,627

• 5 · Compensation of officers, directors and key employees

  total $1,998,065 · program services $146,319 · management and general $1,851,746

• 6 · Compensation of disqualified persons

  total $100,230 · program services $68,451 · management and general $30,565 · fundraising $1,214

• 7 · Other salaries and wages

  total $26,315,489 · program services $19,117,359 · management and general $6,856,712 · fundraising $341,418

• 8 · Pension plan contributions

  total $270,983 · program services $34,265 · management and general $236,718

• 9 · Other employee benefits

  total $2,771,505 · program services $357,849 · management and general $2,413,656

• 10 · Payroll taxes

  total $2,379,246 · program services $1,386,841 · management and general $966,795 · fundraising $25,610

• 11a · Fees: management

  total $225,987 · management and general $225,987

• 11b · Fees: legal

  total $147,335 · management and general $147,335

• 11c · Fees: accounting

  total $10,052 · management and general $10,052

• 11d · Fees: lobbying

  total $26,333 · management and general $26,333

• 11g · Fees: other

  total $1,579,711 · program services $270,378 · management and general $1,309,333

• 12 · Advertising and promotion

  total $3,424,502 · program services $382,981 · management and general $3,041,521

• 13 · Office expenses

  total $415,916 · program services $91,597 · management and general $323,415 · fundraising $904

• 16 · Occupancy

  total $1,210,774 · program services $721,080 · management and general $489,694

• 17 · Travel

  total $209,044 · program services $136,180 · management and general $71,813 · fundraising $1,051

• 20 · Interest

  total $1,288,556 · program services $1,235,368 · management and general $53,188

• 22 · Depreciation, depletion and amortization

  total $9,982,899 · program services $7,487,174 · management and general $2,495,725

• 23 · Insurance

  total $860,017 · management and general $860,017

• 24a · Other expenses: STUDENT EXPENSE

  total $3,897,679 · program services $3,565,035 · management and general $332,644

• 24b · Other expenses: INTERCOMPANY EXPENSE

  total $3,067,927 · program services $3,067,927

• 24c · Other expenses: BAD DEBT EXPENSE

  total $1,965,182 · management and general $1,965,182

• 24d · Other expenses: REPAIRS AND MAINTENANCE

  total $1,634,611 · program services $1,231,732 · management and general $402,879

• 24e · All other expenses

  total $4,199,833 · program services $2,344,080 · management and general $1,852,284 · fundraising $3,469

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,660,020 · end of year $12,068,756

• 2 · Savings and temporary cash investments

  beginning of year $14,068,278 · end of year $16,111,302

• 3 · Pledges and grants receivable

  beginning of year $4,171,069 · end of year $5,503,296

• 4 · Accounts receivable

  beginning of year $5,368,731 · end of year $2,997,269

• 9 · Prepaid expenses and deferred charges

  beginning of year $764,849 · end of year $3,185,987

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

  $356,834,055

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

  $100,255,250

• 10c · Land, buildings and equipment, net

  beginning of year $267,567,295 · end of year $256,578,805

• 15 · Other assets

  beginning of year $9,857,622 · end of year $11,312,178

• 17 · Accounts payable and accrued expenses

  beginning of year $10,830,300 · end of year $13,631,800

• 19 · Deferred revenue

  beginning of year $8,179,945 · end of year $7,848,060

• 23 · Secured mortgages and notes payable

  beginning of year $35,163,371 · end of year $47,111,585

• 25 · Other liabilities

  beginning of year $3,749,077 · end of year $4,217,211

• 27 · Net assets without donor restrictions

  beginning of year $250,268,411 · end of year $234,681,493

• 28 · Net assets with donor restrictions

  beginning of year $266,760 · end of year $267,444

The filer's explanations (Part III)

PART I, LINE 7

PERFORMANCE-BASED BONUSES WERE DETERMINED FOR AND PAID TO ALL LISTED INDIVIDUALS, OTHER THAN THE PRESIDENT OF THE UNIVERSITY, THROUGH RECOMMENDATIONS FROM THE EXECUTIVE VICE PRESIDENT & PROVOST AND THE VICE PRESIDENT OF HUMAN RESOURCES TO THE PRESIDENT OF THE UNIVERSITY. THE PRESIDENT'S PERFORMANCE-BASED BONUS WAS DETERMINED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. THE PRESIDENT DID NOT PARTICIPATE IN ITS DETERMINATION. DURING THE REPORTING YEAR, THE BOARD OF TRUSTEES AUTHORIZED ONE-TIME PAYMENTS TO CERTAIN SENIOR EXECUTIVES TO ADDRESS AN UNANTICIPATED TAX EVENT RESULTING FROM A PRIOR NONQUALIFIED DEFERRED COMPENSATION PLAN COMPLIANCE ISSUE. THE PLAN'S TAX STATUS CHANGED IN AN EARLIER YEAR, WHICH ACCELERATED INCOME RECOGNITION FOR PARTICIPANTS AND RESULTED IN SIGNIFICANT, IMMEDIATE TAX OBLIGATIONS. IN CONSIDERATION OF THE UNINTENDED FINANCIAL IMPACT ASSOCIATED WITH THIS COMPLIANCE MATTER, AND CONSISTENT WITH THE ORGANIZATION'S COMMITMENT TO FAIR AND EQUITABLE TREATMENT OF EMPLOYEES, THE BOARD APPROVED DISCRETIONARY PAYMENTS TO PARTIALLY OFFSET THE RESULTING TAX BURDEN. THESE ONE-TIME PAYMENTS WERE REVIEWED AND APPROVED IN ACCORDANCE WITH THE ORGANIZATION'S ESTABLISHED GOVERNANCE AND COMPENSATION OVERSIGHT PROCESSES.

Disregarded entities

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

• CAMPUS REALTY LLC

  RESIDENTIAL REAL ESTATE RENTALS · CT · income $1,796,816 · assets $10,826,795

  Directly controlled by GOODWIN UNIVERSITY INC

• GOODWIN COLLEGE KING COURT LLC

  RESIDENTIAL REAL ESTATE RENTALS · CT · income $715,864 · assets $5,119,810

  Directly controlled by GOODWIN UNIVERSITY INC

• GOODWIN COLLEGE 417 MAIN LLC

  RESIDENTIAL REAL ESTATE RENTALS · CT · income $0 · assets $0

  Directly controlled by GOODWIN UNIVERSITY INC

• MAIN AND ENSIGN DEVELOPMENT LLC

  RESIDENTIAL REAL ESTATE RENTALS · CT · income $209,844 · assets $9,934,178

  Directly controlled by GOODWIN UNIVERSITY INC

Related corporations and trusts

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

• RIVER CAMPUS INC

  C · REAL ESTATE HOLDINGS · CT · 100% owned · share of assets $1,639,107 · controlled entity

  Directly controlled by GOODWIN UNIVERSITY INC