Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $18,745

• 1f · All other contributions, gifts and grants

  $44,179

• 2a · Program service revenue: TUITION REVENUE AND FEES

  total $254,516,471 · related or exempt $254,516,471

• 2b · Program service revenue: INSTRUCTIONAL MATERIALS

  total $6,576,128 · excluded $6,576,128

• 2c · Program service revenue: ROOM AND BOARD, NET

  total -$30,042 · related or exempt -$30,042

• 3 · Investment income

  total $1,965,845 · excluded $1,965,845

• 7a · Gross sales of assets other than inventory

  securities $3,121,149

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

  securities $3,086,907

• 7c · Gain or loss

  securities $34,242

• 7d · Net gain or loss

  total $34,242 · excluded $34,242

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $616,547 · related or exempt $616,547

• 11e · Other revenue, total

  $616,547

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $9,302 · program services $9,302

• 2 · Grants to domestic individuals

  total $30,620,003 · program services $30,620,003

• 5 · Compensation of officers, directors and key employees

  total $4,715,671 · program services $1,108,018 · management and general $3,607,653

• 7 · Other salaries and wages

  total $77,680,774 · program services $66,715,383 · management and general $10,965,391

• 8 · Pension plan contributions

  total $1,704,420 · program services $1,522,737 · management and general $181,683

• 9 · Other employee benefits

  total $5,957,955 · program services $5,089,079 · management and general $868,876

• 10 · Payroll taxes

  total $6,537,973 · program services $5,431,990 · management and general $1,105,983

• 11g · Fees: other

  total $3,220,140 · management and general $3,220,140

• 12 · Advertising and promotion

  total $44,423,044 · management and general $44,423,044

• 13 · Office expenses

  total $2,160,010 · program services $2,053,622 · management and general $106,388

• 14 · Information technology

  total $4,782,332 · program services $3,431,671 · management and general $1,350,661

• 16 · Occupancy

  total $13,885,285 · program services $7,476,165 · management and general $6,409,120

• 17 · Travel

  total $727,017 · program services $446,787 · management and general $280,230

• 19 · Conferences, conventions and meetings

  total $365,339 · program services $267,147 · management and general $98,192

• 20 · Interest

  total $276,343 · management and general $276,343

• 22 · Depreciation, depletion and amortization

  total $8,887,438 · program services $3,191,588 · management and general $5,695,850

• 23 · Insurance

  total $762,209 · management and general $762,209

• 24a · Other expenses: UNCOLLECTIBLE ACCOUNTS

  total $19,735,153 · program services $19,735,153

• 24b · Other expenses: INSTRUCTIONAL EXPENSES

  total $10,781,536 · program services $10,781,536

• 24c · Other expenses: ATHLETIC EXPENSES

  total $4,086,859 · program services $4,086,859

• 24d · Other expenses: EMPLOYEE EDUCATION

  total $900,255 · program services $900,255

• 24e · All other expenses

  total $1,949,368 · program services $1,273,913 · management and general $675,455

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,369,520 · end of year $38,624,298

• 2 · Savings and temporary cash investments

  beginning of year $1,083,585 · end of year $2,524,815

• 4 · Accounts receivable

  beginning of year $5,624,756 · end of year $4,378,136

• 8 · Inventories for sale or use

  beginning of year $1,422,506 · end of year $1,714,544

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,851,770 · end of year $3,374,000

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

  $49,036,423

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

  $20,950,666

• 10c · Land, buildings and equipment, net

  beginning of year $30,763,183 · end of year $28,085,757

• 11 · Investments: publicly traded securities

  beginning of year $20,762,601 · end of year $20,611,749

• 14 · Intangible assets

  beginning of year $61,682,127 · end of year $59,583,123

• 15 · Other assets

  beginning of year $37,315,736 · end of year $35,635,563

• 17 · Accounts payable and accrued expenses

  beginning of year $13,893,767 · end of year $10,531,862

• 18 · Grants payable

  beginning of year $5,000,000 · end of year $0

• 19 · Deferred revenue

  beginning of year $9,953,460 · end of year $11,024,888

• 25 · Other liabilities

  beginning of year $50,652,542 · end of year $49,347,495

• 27 · Net assets without donor restrictions

  beginning of year $104,376,015 · end of year $123,627,740

The filer's explanations (Part III)

PART I, LINE 1A

DAVID VADEN, PRESIDENT & CHIEF EXECUTIVE OFFICER, WAS PROVIDED A HOUSING ALLOWANCE BY THE ORGANIZATION.

PART I, LINE 4B

THE FOLLOWING OFFICERS AND EMPLOYEES RECEIVED A DISTRIBUTION FROM A 457(F) PLAN DURING THE YEAR WITH REPORTABLE COMPENSATION: DAVID VADEN, PRESIDENT & CEO - $318,418 CHRISTOPHER GERACE, VICE PRESIDENT & CFO - $132,950 ANNE LORIA, EXECUTIVE VICE PRESIDENT - $113,355 DOREEN JUSTINGER, VP ONLINE & CIO (THROUGH 3/31/22) - $82,993 SCOTT TRAYLOR, VP & ONLINE OPS, MKTG, ADMISSIONS - $40,163 DAVID MEINTEL, VP & CHIEF FINANCIAL OFFICER - $33,863

PART II:

MR. FELSER WAS THE PRESIDENT & CEO OF THE ORGANIZATION UNTIL DECEMBER 7, 2022. DURING 2023, MR. FELSER BECAME THE ORGANIZATION'S CHAIRMAN OF THE BOARD. MR. FELSER RECEIVED COMPENSATION OF $227,208 RELATING TO SERVICES AS PRESIDENT & CEO WHICH WERE PAID DURING THE YEAR ENDING DECEMBER 31, 2023. IN ADDITION, MR. FELSER RECEIVED BOARD OF DIRECTOR FEES OF $37,080 DURING THE YEAR ENDING DECEMBER 31, 2023 FOR HIS CURRENT ROLE AS CHAIRMAN OF THE BOARD.