Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $182,150

• 1e · Government grants (contributions)

  $1,722,323

• 1f · All other contributions, gifts and grants

  $3,478,579

• 1g · Noncash contributions included above

  $31,315

• 2a · Program service revenue: Tuition and fees

  total $89,614,499 · related or exempt $89,614,499

• 2b · Program service revenue: Auxiliary income

  total $9,952,692 · related or exempt $9,952,692

• 2c · Program service revenue: Rental income

  total $319,790 · related or exempt $319,790

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $990,585 · excluded $990,585

• 4 · Income from investment of tax-exempt bond proceeds

  total $2,442 · excluded $2,442

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $2,113,604

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

  securities $2,059,496

• 7c · Gain or loss

  securities $54,108 · other assets $0

• 7d · Net gain or loss

  total $54,108 · excluded $54,108

• 8a · Fundraising events: gross income

  $64,388

• 8a · Fundraising events: contributions included on line 1c

  $182,150

• 8b · Fundraising events: direct expenses

  $101,869

• 8c · Net income from fundraising events

  total -$37,481 · excluded -$37,481

• 11a · Other revenue: Conferences

  total $535,191 · unrelated business $535,191

• 11b · Other revenue: Swimming pool

  total $60,760 · unrelated business $60,760

• 11d · All other revenue

  total $534,788 · related or exempt $534,788 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,130,739

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $31,808,810 · program services $31,808,810

• 3 · Grants to foreign organizations and individuals

  total $489,737 · program services $489,737

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $1,123,528 · management and general $822,071 · fundraising $301,457

• 7 · Other salaries and wages

  total $26,352,035 · program services $22,770,815 · management and general $2,746,120 · fundraising $835,100

• 8 · Pension plan contributions

  total $1,287,984 · program services $1,087,109 · management and general $164,191 · fundraising $36,684

• 9 · Other employee benefits

  total $3,967,388 · program services $3,152,127 · management and general $704,352 · fundraising $110,909

• 10 · Payroll taxes

  total $1,917,704 · program services $1,610,875 · management and general $231,974 · fundraising $74,855

• 11b · Fees: legal

  total $109,771 · program services $250 · management and general $109,521

• 11c · Fees: accounting

  total $135,155 · management and general $135,155

• 11e · Fees: professional fundraising services

  total $9,000 · fundraising $9,000

• 11g · Fees: other

  total $3,759,718 · program services $2,979,999 · management and general $663,181 · fundraising $116,538

• 12 · Advertising and promotion

  total $3,944,538 · program services $3,882,845 · management and general $18,186 · fundraising $43,507

• 13 · Office expenses

  total $2,527,132 · program services $1,940,396 · management and general $538,976 · fundraising $47,760

• 14 · Information technology

  total $2,070,535 · program services $749,973 · management and general $1,216,290 · fundraising $104,272

• 16 · Occupancy

  total $3,027,013 · program services $3,027,013

• 17 · Travel

  total $1,360,641 · program services $1,227,343 · management and general $89,224 · fundraising $44,074

• 19 · Conferences, conventions and meetings

  total $94,499 · program services $78,905 · management and general $11,257 · fundraising $4,337

• 20 · Interest

  total $1,105,404 · program services $883,219 · management and general $222,185

• 22 · Depreciation, depletion and amortization

  total $2,855,222 · program services $2,159,713 · management and general $695,509

• 23 · Insurance

  total $566,987 · program services $139,612 · management and general $427,375

• 24a · Other expenses: Food Service & Dining Hall

  total $4,305,578 · program services $4,295,936 · management and general $7,187 · fundraising $2,455

• 24b · Other expenses: Esperanza expense

  total $1,701,350 · program services $1,701,350

• 24c · Other expenses: Bad debt expense

  total $1,511,446 · management and general $1,511,446

• 24d · Other expenses: Books, Magazines, Library Acquisitions

  total $479,336 · program services $479,336

• 24e · All other expenses

  total $1,767,609 · program services $1,160,125 · management and general $606,042 · fundraising $1,442

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,996,039 · end of year $18,260,707

• 2 · Savings and temporary cash investments

  beginning of year $2,570,772 · end of year $5,634,232

• 3 · Pledges and grants receivable

  beginning of year $30,750 · end of year $165,000

• 4 · Accounts receivable

  beginning of year $5,014,621 · end of year $12,392,373

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,119,447 · end of year $1,841,257

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

  $117,687,954

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

  $76,807,594

• 10c · Land, buildings and equipment, net

  beginning of year $39,767,264 · end of year $40,880,360

• 11 · Investments: publicly traded securities

  beginning of year $28,140,876 · end of year $29,328,888

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $231,274 · end of year $22,185

• 15 · Other assets

  beginning of year $4,325,736 · end of year $3,716,843

• 17 · Accounts payable and accrued expenses

  beginning of year $4,211,135 · end of year $3,573,316

• 19 · Deferred revenue

  beginning of year $1,594,114 · end of year $1,309,095

• 20 · Tax-exempt bond liabilities

  beginning of year $25,741,742 · end of year $23,961,186

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $4,829,425 · end of year $3,199,260

• 27 · Net assets without donor restrictions

  beginning of year $38,848,958 · end of year $48,143,651

• 28 · Net assets with donor restrictions

  beginning of year $29,971,405 · end of year $32,055,337

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

The travel for companions is for the President's wife. The travel is for a bona fide business purpose and is not treated as taxable compensation.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

Pursuant to the Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. The Provost met the qualifications for and received a ministerial housing allowance during the tax year.

Schedule J, Part I, Line 7 Non-fixed payments

The board approved nonfixed payments made in the form discretionary bonuses.

Related corporations and trusts

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

• Charitable Remainder Unitrust (2)

  Trust · Charitable Remainder Unitrust · PA · controlled entity

  Directly controlled by Eastern University

• Charitable Remainder Unitrust (1)

  Trust · Charitable Remainder Unitrust · CT · controlled entity

  Directly controlled by Eastern University