Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $10,478,701

• 1f · All other contributions, gifts and grants

  $4,798,716

• 1g · Noncash contributions included above

  $19,466

• 2a · Program service revenue: TUITION AND FEES

  total $39,991,102 · related or exempt $39,991,102

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $5,581,357 · related or exempt $5,581,357

• 3 · Investment income

  total $1,153,158 · excluded $1,153,158

• 7a · Gross sales of assets other than inventory

  securities $17,099,613

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

  securities $15,856,131

• 7c · Gain or loss

  securities $1,243,482

• 7d · Net gain or loss

  total $1,243,482 · excluded $1,243,482

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $14,163,014 · program services $14,163,014

• 5 · Compensation of officers, directors and key employees

  total $1,376,704 · program services $1,017,300 · management and general $326,079 · fundraising $33,325

• 7 · Other salaries and wages

  total $22,117,029 · program services $16,343,119 · management and general $5,238,531 · fundraising $535,379

• 8 · Pension plan contributions

  total $495,257 · program services $296,634 · management and general $183,946 · fundraising $14,677

• 9 · Other employee benefits

  total $2,100,391 · program services $1,258,027 · management and general $780,117 · fundraising $62,247

• 10 · Payroll taxes

  total $1,695,044 · program services $1,015,245 · management and general $629,565 · fundraising $50,234

• 11b · Fees: legal

  total $144,359 · management and general $144,359

• 11c · Fees: accounting

  total $188,929 · management and general $188,929

• 11f · Fees: investment management

  total $107,729 · management and general $107,729

• 11g · Fees: other

  total $63,060 · program services $24,399 · management and general $28,411 · fundraising $10,250

• 12 · Advertising and promotion

  total $428,978 · management and general $428,978

• 13 · Office expenses

  total $511,883 · program services $302,501 · management and general $204,001 · fundraising $5,381

• 16 · Occupancy

  total $1,748,647 · program services $1,345,208 · management and general $343,690 · fundraising $59,749

• 17 · Travel

  total $152,817 · program services $102,690 · management and general $38,951 · fundraising $11,176

• 19 · Conferences, conventions and meetings

  total $328,077 · program services $285,212 · management and general $28,015 · fundraising $14,850

• 20 · Interest

  total $797,898 · program services $770,431 · management and general $27,467

• 22 · Depreciation, depletion and amortization

  total $4,245,147 · program services $3,790,883 · management and general $390,190 · fundraising $64,074

• 24a · Other expenses: CONTRACTED SERVICES

  total $5,546,485 · program services $2,263,229 · management and general $3,247,696 · fundraising $35,560

• 24b · Other expenses: EXPENSE FROM 3RD PARTY

  total $2,805,174 · management and general $2,805,174

• 24c · Other expenses: FOOD SERVICE

  total $1,561,265 · program services $1,561,265

• 24d · Other expenses: LIBRARY

  total $946,691 · program services $946,691

• 24e · All other expenses

  total $1,809,887 · program services $604,282 · management and general $1,087,727 · fundraising $117,878

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,301,836 · end of year $9,743,574

• 3 · Pledges and grants receivable

  beginning of year $1,827,982 · end of year $2,235,318

• 4 · Accounts receivable

  beginning of year $4,122,342 · end of year $3,018,821

• 8 · Inventories for sale or use

  beginning of year $71,007 · end of year $101,938

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,147,848 · end of year $934,237

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

  $181,938,867

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

  $106,583,016

• 10c · Land, buildings and equipment, net

  beginning of year $72,717,031 · end of year $75,355,851

• 12 · Investments: other securities

  beginning of year $48,012,466 · end of year $47,022,383

• 15 · Other assets

  beginning of year $20,432,582 · end of year $21,760,430

• 17 · Accounts payable and accrued expenses

  beginning of year $4,903,791 · end of year $4,911,356

• 19 · Deferred revenue

  beginning of year $5,094,428 · end of year $1,535,195

• 23 · Secured mortgages and notes payable

  beginning of year $25,599,426 · end of year $27,995,152

• 24 · Unsecured notes and loans payable

  beginning of year $1,421,635 · end of year $1,997,727

• 25 · Other liabilities

  beginning of year $113,472 · end of year $113,472

• 27 · Net assets without donor restrictions

  beginning of year $62,981,987 · end of year $66,045,620

• 28 · Net assets with donor restrictions

  beginning of year $55,518,355 · end of year $57,574,030

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE THE PRESIDENT, MARYLOU YAM, IS PROVIDED HOUSING ALLOWANCE AS A CONDITION OF HER EMPLOYMENT. HEALTH OR SOCIAL CLUB DUES THE UNIVERSITY PAYS THE PRESIDENT'S AND VICE-PRESIDENT'S INSTITUTIONAL ADVANCEMENT'S DUES TO SOCIAL CLUBS. THE PRESIDENT AND THE VICE PRESIDENT FOR INSTITUTIONAL ADVANCEMENT USE THESE VENUES FOR BUSINESS MEETINGS AND ENTERTAINMENT OF DONORS. THE SOCIAL CLUB DUES ARE TREATED AS NON-TAXABLE.

PART I, LINE 3

THE PRESIDENT'S COMPENSATION CONTRACT IS PREPARED USING AN INDEPENDENT CONSULTANT, COMPENSATION SURVEYS, AND THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. AFTER APPROVAL BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, THE CONTRACT IS PRESENTED TO THE BOARD OF TRUSTEES FOR THEIR ANNUAL REVIEW AND APPROVAL. THE PRESIDENT'S CONTRACT IS REVIEWED ANNUALLY. MINUTES OF DELIBERATIONS ARE CONTEMPORANEOUSLY MAINTAINED.

PART I, LINE 4B

THE FOLLOWING AMOUNTS REPRESENT DISTRIBUTIONS MADE TO THE RESPECTIVE INDIVIDUALS FROM A NON-QUALIFIED DEFERRED COMPENSATION PLAN (457F). THESE AMOUNTS ARE REPORTED ON THE RESPECTIVE INDIVIDUALS FORM W-2. MARYLOU YAM - $18,000