Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $649,249

• 1f · All other contributions, gifts and grants

  $4,852,314

• 1g · Noncash contributions included above

  $68,055

• 2a · Program service revenue: TUITION, FEES, RELATED PROGRAMS

  total $19,498,081 · related or exempt $19,498,081

• 2b · Program service revenue: AUXILIARY SERVICES

  total $3,534,972 · related or exempt $3,534,972

• 3 · Investment income

  total $1,614,680 · excluded $1,614,680

• 5 · Royalties

  total $395,998 · excluded $395,998

• 6a · Gross rents

  real property $8,125

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $8,125

• 6d · Net rental income or loss

  total $8,125 · excluded $8,125

• 7a · Gross sales of assets other than inventory

  securities $42,795,915 · other assets $2,614

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

  securities $43,678,101 · other assets $0

• 7c · Gain or loss

  securities -$882,186 · other assets $2,614

• 7d · Net gain or loss

  total -$879,572 · excluded -$879,572

• 10a · Gross sales of inventory

  $11,571

• 10b · Cost of goods sold

  $13,397

• 10c · Net income from sales of inventory

  total -$1,826 · excluded -$1,826

• 11a · Other revenue: OTHER INCOME

  total $524,902 · related or exempt $524,902

• 11e · Other revenue, total

  $524,902

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $12,807,956 · program services $12,807,956

• 5 · Compensation of officers, directors and key employees

  total $777,345 · management and general $777,345

• 7 · Other salaries and wages

  total $12,194,309 · program services $9,681,583 · management and general $2,336,269 · fundraising $176,457

• 9 · Other employee benefits

  total $1,950,559 · program services $1,531,343 · management and general $394,056 · fundraising $25,160

• 11b · Fees: legal

  total $69,873 · management and general $69,873

• 11c · Fees: accounting

  total $126,660 · management and general $126,660

• 11f · Fees: investment management

  total $95,442 · management and general $95,442

• 11g · Fees: other

  total $3,311,840 · program services $2,616,688 · management and general $511,539 · fundraising $183,613

• 12 · Advertising and promotion

  total $159,040 · program services $137,074 · management and general $21,966

• 13 · Office expenses

  total $704,317 · program services $440,265 · management and general $251,756 · fundraising $12,296

• 14 · Information technology

  total $1,556,831 · program services $277,186 · management and general $1,226,907 · fundraising $52,738

• 16 · Occupancy

  total $2,050,896 · program services $1,873,309 · management and general $177,587

• 17 · Travel

  total $789,257 · program services $674,564 · management and general $71,636 · fundraising $43,057

• 19 · Conferences, conventions and meetings

  total $145,436 · program services $87,186 · management and general $54,200 · fundraising $4,050

• 20 · Interest

  total $840,458 · program services $832,722 · management and general $7,736

• 22 · Depreciation, depletion and amortization

  total $2,532,828 · program services $2,185,751 · management and general $347,077

• 23 · Insurance

  total $1,073,242 · program services $335,172 · management and general $738,070

• 24a · Other expenses: OTHER EXPENSES

  total $955,301 · program services $947,829 · management and general $5,771 · fundraising $1,701

• 24b · Other expenses: SPECIAL PROJECTS

  total $339,109 · program services $210,026 · management and general $129,083

• 24c · Other expenses: DUES & SUBSCRIPTIONS

  total $101,183 · program services $37,215 · management and general $63,968

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,156,806 · end of year $732,761

• 3 · Pledges and grants receivable

  beginning of year $207,971 · end of year $353,724

• 4 · Accounts receivable

  beginning of year $418,975 · end of year $563,095

• 8 · Inventories for sale or use

  beginning of year $36,734 · end of year $30,087

• 9 · Prepaid expenses and deferred charges

  beginning of year $345,035 · end of year $395,004

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

  $96,629,165

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

  $59,852,302

• 10c · Land, buildings and equipment, net

  beginning of year $38,033,310 · end of year $36,776,863

• 11 · Investments: publicly traded securities

  beginning of year $44,443,272 · end of year $41,716,457

• 12 · Investments: other securities

  beginning of year $2,579,427 · end of year $1,128,244

• 13 · Investments: program-related

  beginning of year $0 · end of year $20,650,000

• 15 · Other assets

  beginning of year $46,631,003 · end of year $25,406,725

• 17 · Accounts payable and accrued expenses

  beginning of year $4,192,444 · end of year $3,458,018

• 19 · Deferred revenue

  beginning of year $298,239 · end of year $310,596

• 20 · Tax-exempt bond liabilities

  beginning of year $12,679,905 · end of year $12,480,440

• 24 · Unsecured notes and loans payable

  beginning of year $3,607,121 · end of year $3,508,690

• 25 · Other liabilities

  beginning of year $925,410 · end of year $783,138

• 27 · Net assets without donor restrictions

  beginning of year $46,057,423 · end of year $44,185,935

• 28 · Net assets with donor restrictions

  beginning of year $67,091,991 · end of year $63,026,143

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT'S RESIDENCE IS USED FOR THE BUSINESS PURPOSES OF THE COLLEGE AND TO FURTHER THE MISSION OF WESTMINSTER COLLEGE. THE PRESIDENT IS REQUIRED TO RESIDE IN THE RESIDENCE AND HOST EVENTS FOR FACULTY, STAFF, ALUMNI, BOARD MEMBERS, AND OTHERS SUBJECT TO THE COVID-19 PANDEMIC CONDITIONS AND RELATED MATTERS.