Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,938,365

• 1f · All other contributions, gifts and grants

  $9,760,821

• 1g · Noncash contributions included above

  $1,253,721

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

  total $89,072,522 · related or exempt $89,072,522

• 2b · Program service revenue: STUDENT ROOM & BOARD

  total $28,664,097 · related or exempt $28,664,097

• 2c · Program service revenue: AUXILIARY REVENUE

  total $4,125,507 · related or exempt $4,125,507

• 3 · Investment income

  total $1,615,355 · unrelated business $143,167 · excluded $1,472,188

• 7a · Gross sales of assets other than inventory

  securities $19,672,236 · other assets $81,407

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

  securities $15,559,991 · other assets $1,625,931

• 7c · Gain or loss

  securities $4,112,245 · other assets -$1,544,524

• 7d · Net gain or loss

  total $2,567,721 · excluded $2,567,721

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $53,929,971 · program services $53,929,971

• 5 · Compensation of officers, directors and key employees

  total $1,530,238 · program services $240,799 · management and general $913,990 · fundraising $375,449

• 7 · Other salaries and wages

  total $34,588,502 · program services $28,679,421 · management and general $4,312,529 · fundraising $1,596,552

• 8 · Pension plan contributions

  total $2,235,096 · program services $1,909,752 · management and general $238,980 · fundraising $86,364

• 9 · Other employee benefits

  total $7,116,882 · program services $6,080,939 · management and general $760,947 · fundraising $274,996

• 10 · Payroll taxes

  total $2,415,349 · program services $2,000,654 · management and general $302,650 · fundraising $112,045

• 11b · Fees: legal

  total $58,610 · program services $32,057 · management and general $26,553

• 11c · Fees: accounting

  total $134,270 · management and general $134,270

• 11d · Fees: lobbying

  total $5,253 · management and general $5,253

• 11f · Fees: investment management

  total $460,064 · management and general $460,064

• 11g · Fees: other

  total $4,829,298 · program services $4,240,915 · management and general $478,831 · fundraising $109,552

• 12 · Advertising and promotion

  total $476,747 · program services $287,954 · management and general $161,801 · fundraising $26,992

• 13 · Office expenses

  total $2,785,221 · program services $2,266,408 · management and general $375,508 · fundraising $143,305

• 14 · Information technology

  total $1,882,343 · program services $856,466 · management and general $848,528 · fundraising $177,349

• 16 · Occupancy

  total $5,696,745 · program services $5,326,310 · management and general $256,172 · fundraising $114,263

• 17 · Travel

  total $2,175,044 · program services $2,005,100 · management and general $41,495 · fundraising $128,449

• 19 · Conferences, conventions and meetings

  total $268,095 · program services $249,984 · management and general $12,488 · fundraising $5,623

• 20 · Interest

  total $2,838,760 · program services $2,485,555 · management and general $242,279 · fundraising $110,926

• 22 · Depreciation, depletion and amortization

  total $6,204,245 · program services $4,648,901 · management and general $1,070,741 · fundraising $484,603

• 23 · Insurance

  total $939,591 · program services $32,482 · management and general $907,109

• 24a · Other expenses: DINING SERVICES COGS

  total $6,886,539 · program services $6,886,539

• 24b · Other expenses: MAINTENANCE

  total $912,213 · program services $567,163 · management and general $269,015 · fundraising $76,035

• 24c · Other expenses: MEMBERSHIPS

  total $253,786 · program services $134,015 · management and general $103,436 · fundraising $16,335

• 24d · Other expenses: BOOKS AND PERIODICALS

  total $129,235 · program services $124,300 · management and general $4,935

• 24e · All other expenses

  total $1,152,932 · program services $666,850 · management and general $258,336 · fundraising $227,746

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,475,520 · end of year $1,094,491

• 2 · Savings and temporary cash investments

  beginning of year $21,017,489 · end of year $12,348,827

• 3 · Pledges and grants receivable

  beginning of year $6,029,881 · end of year $5,461,526

• 4 · Accounts receivable

  beginning of year $1,539,375 · end of year $3,506,987

• 7 · Other notes and loans receivable

  beginning of year $1,377,953 · end of year $1,097,416

• 8 · Inventories for sale or use

  beginning of year $22,296 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,574,494 · end of year $2,053,954

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

  $200,147,065

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

  $82,352,207

• 10c · Land, buildings and equipment, net

  beginning of year $106,304,545 · end of year $117,794,858

• 11 · Investments: publicly traded securities

  beginning of year $55,837,039 · end of year $59,503,554

• 12 · Investments: other securities

  beginning of year $136,897,097 · end of year $140,758,908

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $6,721,724 · end of year $7,081,574

• 17 · Accounts payable and accrued expenses

  beginning of year $8,623,537 · end of year $10,690,842

• 19 · Deferred revenue

  beginning of year $2,035,090 · end of year $5,634,846

• 20 · Tax-exempt bond liabilities

  beginning of year $78,753,763 · end of year $77,116,542

• 24 · Unsecured notes and loans payable

  beginning of year $1,704,090 · end of year $1,437,349

• 25 · Other liabilities

  beginning of year $1,224,248 · end of year $1,611,854

• 27 · Net assets without donor restrictions

  beginning of year $151,331,299 · end of year $154,970,956

• 28 · Net assets with donor restrictions

  beginning of year $95,125,386 · end of year $99,239,706

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE THE PRESIDENT OF THE COLLEGE LIVES IN AN OFF-CAMPUS HOUSE THE VALUE OF WHICH IS REPORTED AS TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE LAWS. THE COLLEGE COVERS THE COSTS OF ROUTINE UTILITIES, ROUTINE HOME MAINTENANCE AND REPAIR, LAWN SERVICES, AND SNOW REMOVAL FOR THE COLLEGE OWNED-PROPERTY. THESE COSTS ARE NOT TAXABLE TO THE PRESIDENT. TRAVEL FOR COMPANIONS THE PRESIDENT IS REIMBURSED FOR REASONABLE TRAVEL EXPENSES, AS DETERMINED BY THE COLLEGE IN ITS SOLE DISCRETION, INCURRED BY HIS SPOUSE TO THE EXTENT THAT SHE ACCOMPANIES HIM IN THE PERFORMANCE OF HIS DUTIES. SUCH REIMBURSEMENTS WILL BE ADDED TO THE PRESIDENT'S TAXABLE INCOME, WHEN APPROPRIATE, IN ACCORDANCE WITH APPLICABLE TAX LAWS. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES THE SENIOR VICE PRESIDENT FOR COLLEGE ADVANCEMENT HAS A MEMBERSHIP TO A LOCAL COUNTRY CLUB PAID FOR BY THE COLLEGE. THE BUSINESS PURPOSE IS FOR THE ENTERTAINMENT OF POTENTIAL DONORS TO THE COLLEGE OR OTHER IMPORTANT GUESTS. THE FAIR VALUE OF PERSONAL USAGE, IF ANY, IS ADDED TO THE EMPLOYEE'S TAXABLE COMPENSATION IN ACCORDANCE WITH APPLICABLE TAX LAW.

PART I, LINE 4B

NON-QUALIFIED RETIREMENT PLAN IN 2019, THE COLLEGE ENTERED INTO A LONG TERM INCENTIVE PLAN (LTIP) TO PROVIDE DEFERRED COMPENSATION TO ITS PRESIDENT, DR. JOSEPH FAVAZZA. AMOUNTS DEFERRED UNDER THE LTIP IS SUBJECT TO RISK OF FORFEITURE UNTIL AFTER JUNE 30, 2023. THE COLLEGE CONTRIBUTED $36,500 IN 2022 WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C).

PART I, LINE 7

NON-FIXED PAYMENTS A DISCRETIONARY PAY-FOR-PERFORMANCE BONUS WAS PAID TO CERTAIN COLLEGE ADMINISTRATORS AND STAFF. SUCH PAYMENTS WERE BASED ON THEIR ANNUAL EVALUATION AND DECIDED BY THEIR SUPERVISOR AND SENIOR LEADERSHIP.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (8)

  EDUCATION · NH