Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $159,445

• 1g · Noncash contributions included above

  $90,102

• 2a · Program service revenue: TUITION INCOME

  total $76,665,276 · related or exempt $76,665,276

• 2b · Program service revenue: GRANT REVENUE

  total $512,719 · related or exempt $512,719

• 2c · Program service revenue: BOOKS AND SUPPLIES

  total $487,061 · related or exempt $487,061

• 2d · Program service revenue: MISC. OTHER INCOME

  total $397,947 · related or exempt $397,947

• 3 · Investment income

  total $5,523,742 · related or exempt $5,523,742

• 7a · Gross sales of assets other than inventory

  securities $12,357,509

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

  securities $0

• 7c · Gain or loss

  securities $12,357,509

• 7d · Net gain or loss

  total $12,357,509 · related or exempt $12,357,509

• 8a · Fundraising events: gross income

  $90,305

• 8b · Fundraising events: direct expenses

  $21,213

• 8c · Net income from fundraising events

  total $69,092 · excluded $69,092

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $15,098,535 · program services $15,098,535

• 5 · Compensation of officers, directors and key employees

  total $4,055,315 · program services $4,055,315

• 7 · Other salaries and wages

  total $26,555,698 · program services $26,555,698

• 8 · Pension plan contributions

  total $899,839 · program services $899,839

• 9 · Other employee benefits

  total $3,426,155 · program services $3,426,155

• 10 · Payroll taxes

  total $2,254,269 · program services $2,254,269

• 11b · Fees: legal

  total $261,741 · program services $261,741

• 11c · Fees: accounting

  total $112,693 · program services $112,693

• 11f · Fees: investment management

  total $1,483,559 · program services $1,483,559

• 11g · Fees: other

  total $1,383,855 · program services $1,383,855

• 12 · Advertising and promotion

  total $3,121,936 · program services $3,121,936

• 13 · Office expenses

  total $2,779,430 · program services $2,779,430

• 14 · Information technology

  total $1,412,845 · program services $1,412,845

• 16 · Occupancy

  total $5,869,295 · program services $5,869,295

• 17 · Travel

  total $191,540 · program services $191,540

• 20 · Interest

  total $2,160,208 · program services $2,160,208

• 22 · Depreciation, depletion and amortization

  total $8,220,789 · program services $8,220,789

• 23 · Insurance

  total $712,768 · program services $712,768

• 24a · Other expenses: STUDENT SCHOLARSHIPS &

  total $4,534,282 · program services $4,534,282

• 24b · Other expenses: DUES & SUBSCRIPTIONS

  total $249,058 · program services $249,058

• 24c · Other expenses: TEMPORARY LABOR

  total $233,979 · program services $233,979

• 24d · Other expenses: LIBRARY EXPENSES

  total $147,900 · program services $147,900

• 24e · All other expenses

  total $146,322 · program services $146,322

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,263,905 · end of year $8,362,191

• 2 · Savings and temporary cash investments

  beginning of year $33,514,225 · end of year $27,778,216

• 3 · Pledges and grants receivable

  beginning of year $466,713 · end of year $961,533

• 4 · Accounts receivable

  beginning of year $2,342,107 · end of year $2,860,331

• 8 · Inventories for sale or use

  beginning of year $160,968 · end of year $158,929

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

  $268,214,761

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

  $124,268,248

• 10c · Land, buildings and equipment, net

  beginning of year $148,256,973 · end of year $143,946,513

• 12 · Investments: other securities

  beginning of year $226,111,884 · end of year $251,991,713

• 15 · Other assets

  beginning of year $6,162,015 · end of year $5,671,782

• 17 · Accounts payable and accrued expenses

  beginning of year $12,574,485 · end of year $13,323,814

• 20 · Tax-exempt bond liabilities

  beginning of year $86,285,361 · end of year $82,247,790

• 25 · Other liabilities

  beginning of year $1,099,329 · end of year $809,884

• 27 · Net assets without donor restrictions

  beginning of year $325,773,176 · end of year $343,756,099

• 28 · Net assets with donor restrictions

  beginning of year $1,546,439 · end of year $1,593,621

The filer's explanations (Part III)

PART I, LINE 4B

THE INSTITUTE PROVIDES ANNUAL CREDITS TO A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE ($120,000) AND CHERYL C. CONNORS ($105,000). THE VESTING OF THE SERP BENEFITS IS CONTINGENT UPON EACH PARTICIPANT COMPLETING A SPECIFIED SERVICE PERIOD AND SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE AS REQUIRED BY SECTION 457(F) OF THE INTERNAL REVENUE CODE. DEFERRED COMPENSATION IN SCHEDULE J ALSO INCLUDES EMPLOYER CONTRIBUTIONS TO A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE AND CHERYL C. CONNORS, AND 403(B) EMPLOYER MATCH CONTRIBUTIONS FOR ALL THE INDIVIDUALS LISTED WITH AMOUNTS IN COLUMN C.

PART I, LINE 7

THE AWARD OF PERFORMANCE INCENTIVE PAMENTS IS CONDUCTED IN CONNECTION WITH A COMPREHENSIVE ANNUAL EVALUATIVE PROCESS ON QUALITATIVE AND QUANTITATIVE METRICS DEEMED APPROPRIATE TO THE RESPECTIVE POSITIONS BY THE COMPENSATION COMMITTEE OF THE BOARD. ONLY CERTAIN SENIOR EXECUTIVE LEVEL POSITIONS ARE ELIGIBLE TO RECEIVE THESE NON-FIXED PAYMENTS, WHICH HAVE PARAMETERS AND LIMITATIONS IN ACCORDANCE WITH THE APPLICABLE EMPLOYMENT AGREEMENTS FOR CERTAIN EXECUTIVES AND THE INSTITUTE'S COMPLIANCE PROCESS FOR EXECUTIVE COMPENSATION UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. CONSISTENT WITH THE BY-LAWS, THE TERMS FOR EMPLOYMENT OF THE APPLICABLE SENIOR EXECUTIVES WERE APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. THE COMPENSATION COMMITTEE RETAINS CONTROL IN DETERMINING AND ASSESSING PROGRESS IN ACHIEVEMENT OF THE RELEVANT METRICS.

SCHEDULE J, PART II, COLUMN B:

INCLUDED IN SCHEDULE J, PART II, COLUMN B(III), OTHER REPORTABLE COMPENSATION, IS A HOUSING ALLOWANCE AND AN AUTOMOBILE ALLOWANCE FOR RICHARD I. GOUSE. THE TERMS GOVERNING CALCULATION OF THE HOUSING ALLOWANCE ARE DEFINED AND AUTHORIZED IN THE EMPLOYMENT AGREEMENT BETWEEN THE PRESIDENT AND THE INSTITUTE. THE PRESIDENT'S EMPLOYMENT AGREEMENT AS WELL AS ALL SUBSEQUENT AMENDMENTS ARE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. INCLUDED IN OTHER REPORTABLE COMPENSATION FOR CHERYL C. CONNORS IS A PAYMENT IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT ($10,800) AND A PAYOUT UNDER A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN, WHICH VESTED IN CALENDAR YEAR 2023 ($106,272). THESE FUNDS ACCRUED IN ACCORDANCE WITH A MULTIYEAR SCHEDULE FOR DEFERRED COMPENSATION CREDITS AND WHICH AMOUNTS ACCRUED THROUGH JUNE 30, 2023 WERE VESTED AND PAYABLE UPON COMPLETION OF SERVICE THROUGH THAT DATE. INCLUDED IN COLUMN F ARE AMOUNTS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION CREDITS ACCRUED FOR CHERYL C. CONNORS IN PRIOR FORMS 990. THE AMOUNTS LISTED AS OTHER REPORTABLE COMPENSATION FOR THE OTHER 9 SENIOR ADMINISTRATORS REFLECT PAYMENTS IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT.

SCHEDULE J, PART II, COLUMN D:

INCLUDED IN SCHEDULE J, COLUMN D, ARE EMPLOYER BENEFIT COSTS FOR HEALTH, DENTAL, AND LIFE INSURANCE BENEFITS FOR THE 16 INDIVIDUALS LISTED.

SCHEDULE J, PART III:

ALL COMPENSATION ADJUSTMENTS FOR EXECUTIVE EMPLOYEES ARE MADE PURSUANT TO THE OVERSIGHT AND APPROVAL OF THE COMPENSATION COMMITTEE OF THE BOARD AND CONDUCTED IN CONNECTION WITH AN ANNUAL EVALUATION PROCESS. PART I, LINE 1(B): THIS RELATES TO A HOUSING ALLOWANCE OF A DEFINED AMOUNT PER THE APPLICABLE EMPLOYMENT AGREEMENTS AND THEREFORE THIS BENEFIT IS NOT GOVERNED BY A SEPARATE POLICY. THE REIMBURSEMENT OF EXPENSES FOR THE COVERED PERSONS ARE SUBJECT TO THE LIMITATIONS AND GUIDELINES STATED IN THEIR APPLICABLE EMPLOYMENT AGREEMENTS AND SUCH EXPENSES ARE SUBJECT TO REVIEW BY A DESIGNEE OF THE BOARD.