Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $994,488

• 3 · Investment income

  total $245,300 · excluded $245,300

• 7a · Gross sales of assets other than inventory

  securities $7,339,374

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

  securities $7,054,822

• 7c · Gain or loss

  securities $284,552

• 7d · Net gain or loss

  total $284,552 · excluded $284,552

• 8a · Fundraising events: gross income

  $25,677

• 8b · Fundraising events: direct expenses

  $4,500

• 8c · Net income from fundraising events

  total $21,177 · excluded $21,177

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $449,354 · program services $449,354

• 11g · Fees: other

  total $49,755 · management and general $49,755

• 13 · Office expenses

  total $5,611 · management and general $5,611

• 24a · Other expenses: UNCOLLECTIBLE PLEDGES

  total $21,928 · management and general $21,928

• 24b · Other expenses: REFRESHMENTS/AWARD

  total $7,004 · program services $7,004

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $428,972 · end of year $946,909

• 3 · Pledges and grants receivable

  beginning of year $7,733 · end of year $52,299

• 4 · Accounts receivable

  end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $158 · end of year $104

• 11 · Investments: publicly traded securities

  beginning of year $8,372,956 · end of year $9,115,679

• 15 · Other assets

  beginning of year $6,000 · end of year $6,000

• 17 · Accounts payable and accrued expenses

  beginning of year $465,724 · end of year $296,679

• 27 · Net assets without donor restrictions

  beginning of year $723,437 · end of year $1,415,210

• 28 · Net assets with donor restrictions

  beginning of year $7,626,658 · end of year $8,409,102

The filer's explanations (Part III)

PART I, LINE 5

THE PRESIDENT OF CHESAPEAKE COLLEGE IS A BOARD MEMBER OF THE FOUNDATION, IS PAID SOLELY BY THE COLLEGE. THE COLLEGE USES SEVERAL METHODS TO DETERMINE AN APPROPRIATE COMPENSATION PACKAGE WHICH MAY INCLUDE THE USE OF AN INDEPENDENT COMPENSATION CONSULTANT. THE CONSULTANT USES COMPARABLE DATA FROM SIMILARLY SITUATED INSTITUTIONS TO RECOMMEND COMPENSATION THAT WOULD BE WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. THE COLLEGE'S BOARD OF DIRECTORS MAKE FINAL DECISIONS ON THE PRESIDENT'S COMPENSATION.