Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $2,896,290

• 1e · Government grants (contributions)

  $2,379,601

• 1f · All other contributions, gifts and grants

  $1,784,585

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

  total $101,370,499 · related or exempt $101,370,499

• 2b · Program service revenue: NON-CREDIT COURSE FEES

  total $1,586,283 · related or exempt $1,586,283

• 3 · Investment income

  total $545,328 · excluded $545,328

• 6a · Gross rents

  real property $4,238 · personal property $46,000

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $4,238 · personal property $46,000

• 6d · Net rental income or loss

  total $50,238 · unrelated business $46,000 · excluded $4,238

• 7a · Gross sales of assets other than inventory

  securities $7,902,661

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

  securities $7,933,153 · other assets $138,297

• 7c · Gain or loss

  securities -$30,492 · other assets -$138,297

• 7d · Net gain or loss

  total -$168,789 · excluded -$168,789

• 10a · Gross sales of inventory

  $9,579,689

• 10b · Cost of goods sold

  $1,404,189

• 10c · Net income from sales of inventory

  total $8,175,500 · related or exempt $8,175,500

• 11a · Other revenue: DUES AND EVENT INCOME

  total $488,996 · excluded $488,996

• 11e · Other revenue, total

  $488,996

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $37,963,178 · program services $37,963,178

• 3 · Grants to foreign organizations and individuals

  total $2,467,302 · program services $2,467,302

• 5 · Compensation of officers, directors and key employees

  total $2,220,201 · management and general $2,220,201

• 7 · Other salaries and wages

  total $31,333,936 · program services $25,836,246 · management and general $5,090,979 · fundraising $406,711

• 8 · Pension plan contributions

  total $1,699,173 · program services $1,269,883 · management and general $413,405 · fundraising $15,885

• 9 · Other employee benefits

  total $4,364,288 · program services $3,677,193 · management and general $633,053 · fundraising $54,042

• 10 · Payroll taxes

  total $2,329,388 · program services $1,868,903 · management and general $431,042 · fundraising $29,443

• 11a · Fees: management

  total $758,166 · program services $597,095 · management and general $161,071

• 11b · Fees: legal

  total $72,105 · management and general $72,105

• 11c · Fees: accounting

  total $163,353 · management and general $163,353

• 11f · Fees: investment management

  total $46,145 · management and general $46,145

• 11g · Fees: other

  total $3,650,338 · program services $3,113,210 · management and general $530,936 · fundraising $6,192

• 12 · Advertising and promotion

  total $3,794,049 · program services $3,635,334 · management and general $88,995 · fundraising $69,720

• 13 · Office expenses

  total $1,106,525 · program services $989,915 · management and general $101,319 · fundraising $15,291

• 14 · Information technology

  total $3,311,283 · program services $628,726 · management and general $2,670,342 · fundraising $12,215

• 16 · Occupancy

  total $5,704,740 · program services $5,704,740

• 17 · Travel

  total $2,274,697 · program services $2,211,599 · management and general $51,896 · fundraising $11,202

• 19 · Conferences, conventions and meetings

  total $380,915 · program services $210,983 · management and general $169,932

• 20 · Interest

  total $1,985,301 · program services $1,985,301

• 22 · Depreciation, depletion and amortization

  total $8,308,581 · program services $8,308,581

• 23 · Insurance

  total $1,510,503 · program services $1,510,503

• 24a · Other expenses: ATHLETIC EXPENSE

  total $2,553,753 · program services $2,553,753

• 24b · Other expenses: EQUIPMENT RENTAL AND MA

  total $1,558,421 · program services $226,158 · management and general $1,332,263

• 24c · Other expenses: BAD DEBTS

  total $1,368,493 · management and general $1,368,493

• 24d · Other expenses: TESTING AND ASSESSMENT

  total $1,233,929 · program services $1,233,929

• 24e · All other expenses

  total $1,090,942 · program services $301,817 · management and general $781,047 · fundraising $8,078

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,281,647 · end of year $1,545,696

• 2 · Savings and temporary cash investments

  beginning of year $1,913,865 · end of year $5,200,094

• 3 · Pledges and grants receivable

  beginning of year $1,681,188 · end of year $2,509,939

• 4 · Accounts receivable

  beginning of year $4,644,316 · end of year $4,291,775

• 8 · Inventories for sale or use

  beginning of year $94,339 · end of year $108,185

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,052,073 · end of year $3,386,176

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

  $205,494,842

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

  $109,736,279

• 10c · Land, buildings and equipment, net

  beginning of year $101,328,202 · end of year $95,758,563

• 11 · Investments: publicly traded securities

  beginning of year $15,507,726 · end of year $7,842,895

• 12 · Investments: other securities

  beginning of year $201,582 · end of year $86,439

• 15 · Other assets

  beginning of year $26,101,680 · end of year $23,412,130

• 17 · Accounts payable and accrued expenses

  beginning of year $7,867,416 · end of year $4,499,942

• 19 · Deferred revenue

  beginning of year $5,763,540 · end of year $6,005,401

• 20 · Tax-exempt bond liabilities

  beginning of year $31,514,435 · end of year $31,667,738

• 23 · Secured mortgages and notes payable

  beginning of year $3,300,000 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $1,394,696 · end of year $1,475,649

• 25 · Other liabilities

  beginning of year $26,874,261 · end of year $25,256,279

• 27 · Net assets without donor restrictions

  beginning of year $78,009,888 · end of year $74,253,501

• 28 · Net assets with donor restrictions

  beginning of year $1,082,382 · end of year $983,382

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE IS PROVIDED TO CERTAIN EMPLOYEES WHO RECEIVED HOUSING LOANS. INTEREST IS CHARGED AT APPLICABLE IRS RATES AND INCLUDED IN EMPLOYEES' W-2 GROSS INCOME. IN ADDITION, RICHARD PAPPAS IS PAID A MONTHLY HOUSING ALLOWANCE, WHICH TOTALED $30,000.00 AND IS INCLUDED IN HIS GROSS INCOME. CERTAIN EMPLOYEES HAVE CLUB DUES PAID ON THEIR BEHALF FOR WORK RELATED FUNCTIONS.

PART I, LINES 4A-B

LINE 4A: DAVID VENEKLASE RECEIVED SEVERANCE PAYMENTS TOTALING $265,036 DURING THE TAX YEAR. LINE 4B: THE FOLLOWING INDIVIDUALS PARTICIPATE IN A NONQUALIFIED 457(F) DEFERRED COMPENSATION PLAN AND HAD THE FOLLOWING AMOUNTS CONTRIBUTED TO THE PLAN FOR THE YEAR REPORTED: RICHARD PAPPAS $43,051; GILDA GELY $21,665; WALTER O'NEILL $19,748; ANTHONY ANDERSON $12,185; SCOTT EPSTEIN $21,127; DEB COOPER $19,146; RACHEL RENDER $20,040; DAVE VENEKLASE $20,594. IN ADDITION, THE FOLLOWING ALSO PARTICIPATE IN A NONQUALIFIED DEFERRED COMPENSATION PLAN THAT INCLUDES CERTAIN RETENTION BONUSES TO BE PAID IF THEY REMAIN EMPLOYED BY THE UNIVERSITY THROUGH CERTAIN SERVICE DATES. DEFERRED COMPENSATION IN THE AMOUNTS OF $240,994 FOR RICHARD PAPPAS; $59,729 FOR WALTER O'NEILL; $59,729 FOR SCOTT EPSTEIN, $23,892 FOR GILDA GELY, $23,892 FOR DEB COOPER, AND $23,892 FOR RACHEL RENDER ARE INCLUDED IN THEIR TOTAL COMPENSATION REPORTED ON SCHEDULE J UNDER THIS PLAN.

PART I, LINE 7

AS INDICATED IN SCHEDULE J, PART II, SEVERAL INDIVIDUALS RECEIVED A BONUS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THE PRESIDENT'S BONUS IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE AND ALSO THE ENTIRE BOARD. ALL OTHER BONUSES PAID OUT ARE REVIEWED BY THE PRESIDENT.