Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $38,350

• 1e · Government grants (contributions)

  $12,669,224

• 1f · All other contributions, gifts and grants

  $1,246,681

• 2a · Program service revenue: TUITION AND FEES

  total $121,518,105 · related or exempt $121,518,105

• 2b · Program service revenue: SALES OF AUXILIARY SVCS

  total $3,696,751 · excluded $3,696,751

• 2c · Program service revenue: ATHLETICS

  total $127,155 · related or exempt $127,155

• 3 · Investment income

  total $10,420,569 · excluded $10,420,569

• 7a · Gross sales of assets other than inventory

  securities $127,921,595 · other assets $18,200

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

  securities $120,770,567 · other assets $623,402

• 7c · Gain or loss

  securities $7,151,028 · other assets -$605,202

• 7d · Net gain or loss

  total $6,545,826 · excluded $6,545,826

• 8a · Fundraising events: gross income

  $123,586

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

  $38,350

• 8b · Fundraising events: direct expenses

  $99,206

• 8c · Net income from fundraising events

  total $24,380 · excluded $24,380

• 11d · All other revenue

  total $294,203 · related or exempt $294,203

• 11e · Other revenue, total

  $294,203

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $340,396 · program services $340,396

• 2 · Grants to domestic individuals

  total $18,230,936 · program services $18,230,936

• 5 · Compensation of officers, directors and key employees

  total $3,231,964 · program services $497,084 · management and general $2,734,880

• 6 · Compensation of disqualified persons

  total $1,933,322 · program services $1,125,366 · management and general $807,956

• 7 · Other salaries and wages

  total $62,480,300 · program services $53,433,627 · management and general $8,781,663 · fundraising $265,010

• 8 · Pension plan contributions

  total $2,866,593 · program services $1,877,622 · management and general $975,314 · fundraising $13,657

• 9 · Other employee benefits

  total $7,022,506 · program services $5,223,336 · management and general $1,743,440 · fundraising $55,730

• 10 · Payroll taxes

  total $4,595,490 · program services $3,941,809 · management and general $633,408 · fundraising $20,273

• 11b · Fees: legal

  total $188,812 · management and general $188,812

• 11c · Fees: accounting

  total $96,913 · management and general $96,913

• 11d · Fees: lobbying

  total $244,500 · management and general $244,500

• 11f · Fees: investment management

  total $141,798 · management and general $141,798

• 11g · Fees: other

  total $2,857,129 · program services $1,956,550 · management and general $900,579

• 12 · Advertising and promotion

  total $3,106,970 · program services $2,940,381 · management and general $166,589

• 13 · Office expenses

  total $5,328,071 · program services $1,295,320 · management and general $4,032,751

• 14 · Information technology

  total $4,027,976 · program services $2,998,977 · management and general $1,028,999

• 16 · Occupancy

  total $5,336,662 · program services $1,026,442 · management and general $4,310,220

• 17 · Travel

  total $1,074,492 · program services $998,266 · management and general $76,226

• 19 · Conferences, conventions and meetings

  total $542,162 · program services $294,566 · management and general $247,596

• 22 · Depreciation, depletion and amortization

  total $3,807,821 · program services $3,383,777 · management and general $424,044

• 23 · Insurance

  total $843,891 · management and general $843,891

• 24a · Other expenses: AUXILIARY ENTERPRISES

  total $2,995,607 · program services $2,995,607

• 24b · Other expenses: STUDENT ACTIVITIES

  total $816,194 · program services $816,194

• 24c · Other expenses: LIBRARY MEDIA

  total $638,543 · program services $638,543

• 24d · Other expenses: COMMENCEMENT

  total $561,694 · program services $561,694

• 24e · All other expenses

  total $163,100 · program services $7,973 · management and general $155,127

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,416 · end of year $21,619

• 2 · Savings and temporary cash investments

  beginning of year $91,906,501 · end of year $91,221,044

• 3 · Pledges and grants receivable

  beginning of year $706,241 · end of year $522,851

• 4 · Accounts receivable

  beginning of year $13,240,659 · end of year $15,484,001

• 5 · Loans and receivables from officers and key people

  beginning of year $235,000 · end of year $100,000

• 8 · Inventories for sale or use

  beginning of year $313,658 · end of year $268,201

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,588,788 · end of year $2,454,709

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

  $162,643,864

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

  $70,557,907

• 10c · Land, buildings and equipment, net

  beginning of year $82,224,620 · end of year $92,085,957

• 11 · Investments: publicly traded securities

  beginning of year $165,030,446 · end of year $168,808,914

• 15 · Other assets

  beginning of year $1,014,302 · end of year $632,077

• 17 · Accounts payable and accrued expenses

  beginning of year $11,118,777 · end of year $11,821,027

• 19 · Deferred revenue

  beginning of year $7,298,226 · end of year $6,868,213

• 20 · Tax-exempt bond liabilities

  beginning of year $44,632,890 · end of year $44,639,997

• 23 · Secured mortgages and notes payable

  beginning of year $4,705,315 · end of year $4,470,378

• 25 · Other liabilities

  beginning of year $635,248 · end of year $379,818

• 27 · Net assets without donor restrictions

  beginning of year $287,582,195 · end of year $301,096,639

• 28 · Net assets with donor restrictions

  beginning of year $1,309,980 · end of year $2,323,301

The filer's explanations (Part III)

PART I, LINES 4A-B

PETER BAILEY, A FORMER VICE PRESIDENT RECEIVED A SEVERANCE PAYMENT OF $555,200 DURING CALENDAR YEAR 2023 REPORTED IN COL. B(III) OF SCHEDULE J. EFFECTIVE JULY 1, 2003, THE UNIVERSITY ADOPTED THE SUPPLEMENTAL RETENTION AND RETIREMENT PLAN (SERRP), AN UNFUNDED DEFINED BENEFIT RETIREMENT PLAN FOR SENIOR EXECUTIVES. THE PURPOSE OF THE PLAN IS TO REWARD PERFORMANCE, LOYALTY AND CONTINUOUS SERVICE OF THOSE INDIVIDUALS SELECTED AS PARTICIPANTS IN THE PLAN. UNDER THE TERMS OF THE PLAN, THE UNIVERSITY WILL PAY PARTICIPANTS THE LUMP SUM EQUIVALENT VALUE OF A LIFE ANNUITY PAYING 60% OF THE AVERAGE OF THE PARTICIPANT'S THREE FINAL CALENDAR YEARS OF BASE SALARY AND ANNUAL INCENTIVE COMPENSATION. THE BENEFIT IS OFFSET FOR EMPLOYER CONTRIBUTIONS (AND RELATED EARNINGS) TO THE 403(B) SAVINGS PLAN AS WELL AS THE EMPLOYER-PROVIDED PORTION OF SOCIAL SECURITY. SERRP BENEFITS VEST UPON A PARTICIPANT ATTAINING AGE 65 WITH 25 YEARS OF SERVICE. ANY PARTICIPANT WHO LEAVES THE SERVICE OF THE UNIVERSITY BEFORE REACHING BOTH OF THESE MILESTONES IS NOT ELIGIBLE TO RECEIVE A BENEFIT FROM THE PLAN. EFFECTIVE DECEMBER 31, 2014, THE ACTUARIAL EQUIVALENT LUMP SUM BENEFIT PAYABLE AT AGE 65 WAS SET AT A FIXED AMOUNT. WHILE THE CHANGE IN THE PRESENT VALUE INCLUDES CHANGES IN THE DISCOUNT RATE USED FOR ACCOUNTING PURPOSES, THE ACTUAL LUMP SUM IS BASED ON A FIXED INTEREST RATE OF 6%. THE AMOUNTS REPORTED IN THIS FORM 990 REPRESENT THE INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT (WITHOUT REGARD TO VESTING). THE NET INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT BY PARTICIPANTS INCLUDED ON SCHEDULE J IS: HEATHER A. O'CONNELL,$54,433; ERIN DIMARCO, $(2,629), AND JAMES WILSON, JR. $43,014. CAROLE PITCHER PARTICIPATED IN THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RECEIVED $1,089,418 DURING CALENDAR YEAR 2023. THIS AMOUNT WAS THE FULL AND FINAL LUMP SUM BENEFIT PAYMENT THAT HAD BEEN ACCRUED OVER THE PAST 27 YEARS AND THE VESTED AMOUNT IS REPORTED IN COL. B(III).

PART I, LINE 7

THE UNIVERSITY PROVIDES BONUSES TO THE INDIVIDUALS LISTED ON SCHEDULE J. IT UTILIZES A NUMBER OF PERFORMANCE OBJECTIVES TO DETERMINE THE BONUS AMOUNTS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS TO SPECIFICALLY DISCUSS EXECUTIVE BONUS AMOUNTS. THE COMMITTEE UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT THAT PROVIDES INFORMATION FROM A VARIETY OF COMPENSATION STUDIES AND SURVEYS INCLUDING 990'S. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. ONCE ALL OF THIS INFORMATION IS GATHERED AND REVIEWED, THE COMMITTEE APPROVES THE BONUS FOR EACH EXECUTIVE. ALL COMPENSATION, INCLUDING COMPENSATION COMMITTEE APPROVED BONUSES, ARE REPORTED TO THE FULL BOARD OF TRUSTEES.