Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $12,000

• 1e · Government grants (contributions)

  $430,257

• 1f · All other contributions, gifts and grants

  $3,106,456

• 1g · Noncash contributions included above

  $201,101

• 2a · Program service revenue: TUITION

  total $32,346,751 · related or exempt $32,346,751

• 2b · Program service revenue: ROOM AND BOARD

  total $6,837,674 · related or exempt $6,837,674

• 3 · Investment income

  total $1,944,306 · excluded $1,944,306

• 6a · Gross rents

  real property $98,508

• 6b · Less rental expenses

  real property $89,875

• 6c · Rental income or loss

  real property $8,633

• 6d · Net rental income or loss

  total $8,633 · excluded $8,633

• 10a · Gross sales of inventory

  $917,358

• 10b · Cost of goods sold

  $763,491

• 10c · Net income from sales of inventory

  total $153,867 · related or exempt $153,867

• 11a · Other revenue: OTHER SOURCES

  total $680,387 · related or exempt $680,387

• 11e · Other revenue, total

  $680,387

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $9,243,625 · program services $9,243,625

• 3 · Grants to foreign organizations and individuals

  total $100,000 · program services $100,000

• 5 · Compensation of officers, directors and key employees

  total $1,383,031 · program services $467,690 · management and general $813,397 · fundraising $101,944

• 7 · Other salaries and wages

  total $14,210,516 · program services $10,175,528 · management and general $3,859,786 · fundraising $175,202

• 8 · Pension plan contributions

  total $856,036 · program services $372,038 · management and general $472,283 · fundraising $11,715

• 9 · Other employee benefits

  total $3,794,283 · program services $2,185,008 · management and general $1,549,413 · fundraising $59,862

• 10 · Payroll taxes

  total $1,088,104 · program services $595,035 · management and general $483,539 · fundraising $9,530

• 11b · Fees: legal

  total $18,229 · program services $5,180 · management and general $13,049

• 11c · Fees: accounting

  total $87,450 · management and general $87,450

• 11g · Fees: other

  total $854,458 · program services $426,520 · management and general $427,938

• 12 · Advertising and promotion

  total $1,899,594 · program services $966,717 · management and general $931,841 · fundraising $1,036

• 13 · Office expenses

  total $308,132 · program services $168,836 · management and general $136,049 · fundraising $3,247

• 14 · Information technology

  total $453,745 · program services $235,464 · management and general $218,281

• 17 · Travel

  total $545,374 · program services $424,478 · management and general $94,228 · fundraising $26,668

• 19 · Conferences, conventions and meetings

  total $70,412 · program services $38,518 · management and general $31,894

• 20 · Interest

  total $561,039 · program services $275,000 · management and general $286,039

• 22 · Depreciation, depletion and amortization

  total $2,039,056 · program services $1,896,322 · management and general $142,734

• 23 · Insurance

  total $383,838 · program services $201,291 · management and general $182,547

• 24a · Other expenses: FOOD SERVICE

  total $2,467,573 · program services $2,344,194 · management and general $121,995 · fundraising $1,384

• 24b · Other expenses: OTHER

  total $1,252,037 · program services $304,349 · management and general $935,922 · fundraising $11,766

• 24c · Other expenses: UTILITIES

  total $819,546 · program services $779,034 · management and general $40,512

• 24d · Other expenses: REPAIRS AND MAINTENANCE

  total $538,354 · program services $537,669 · management and general $685

• 24e · All other expenses

  total $402,468 · program services $143,534 · management and general $157,662 · fundraising $101,272

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,291,766 · end of year $1,592,812

• 2 · Savings and temporary cash investments

  beginning of year $347,942 · end of year $367,112

• 3 · Pledges and grants receivable

  beginning of year $1,744,566 · end of year $1,168,598

• 4 · Accounts receivable

  beginning of year $276,386 · end of year $162,549

• 8 · Inventories for sale or use

  beginning of year $297,138 · end of year $271,617

• 9 · Prepaid expenses and deferred charges

  beginning of year $433,746 · end of year $522,790

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

  $81,263,952

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

  $38,264,799

• 10c · Land, buildings and equipment, net

  beginning of year $42,397,470 · end of year $42,999,153

• 11 · Investments: publicly traded securities

  beginning of year $28,830,026 · end of year $35,038,233

• 17 · Accounts payable and accrued expenses

  beginning of year $2,299,790 · end of year $2,593,004

• 19 · Deferred revenue

  beginning of year $2,968,897 · end of year $1,523,682

• 20 · Tax-exempt bond liabilities

  beginning of year $18,187,564 · end of year $17,248,116

• 24 · Unsecured notes and loans payable

  end of year $1,988,640

• 27 · Net assets without donor restrictions

  beginning of year $45,618,350 · end of year $49,679,261

• 28 · Net assets with donor restrictions

  beginning of year $8,544,439 · end of year $9,090,161

The filer's explanations (Part III)

PART I, LINE 3

THE PRESIDENT IS PROVIDED WITH A BOARD APPROVED HOUSING ALLOWANCE AND ALSO TRAVEL FOR FAMILY MEMBERS. THE COLLEGE PRESIDENT HAS A WRITTEN EMPLOYMENT CONTRACT. A SALARY SURVEY OF OTHER COLLEGES IS USED TO ASSIST IN DETERMINING A FAIR COMPENSATION FOR THE PRESIDENT. THE BOARD OF TRUSTEES APPROVES THE COMPENSATION OF THE PRESIDENT EACH YEAR.