Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,305,892

• 1f · All other contributions, gifts and grants

  $3,735,815

• 1g · Noncash contributions included above

  $205,514

• 2a · Program service revenue: TUITION

  total $102,077,726 · related or exempt $102,077,726

• 2b · Program service revenue: ROOM

  total $13,203,930 · related or exempt $13,203,930

• 2c · Program service revenue: MEAL PLAN

  total $8,464,652 · related or exempt $8,464,652

• 2d · Program service revenue: FEES

  total $4,231,177 · related or exempt $4,231,177

• 3 · Investment income

  total $2,528,617 · unrelated business $10,466 · excluded $2,518,151

• 6a · Gross rents

  real property $1,075,275

• 6b · Less rental expenses

  real property $853,706

• 6c · Rental income or loss

  real property $221,569

• 6d · Net rental income or loss

  total $221,569 · unrelated business $57,132 · excluded $164,437

• 7a · Gross sales of assets other than inventory

  securities $5,291,710 · other assets $775

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

  securities $4,495,486 · other assets $0

• 7c · Gain or loss

  securities $796,224 · other assets $775

• 7d · Net gain or loss

  total $796,999 · excluded $796,999

• 11a · Other revenue: BOOKSTORE

  total $120,933 · excluded $120,933

• 11b · Other revenue: VENDOR REBATE

  total $98,492 · excluded $98,492

• 11d · All other revenue

  total $20,708 · excluded $20,708

• 11e · Other revenue, total

  $240,133

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $53,713,650 · program services $53,713,650

• 3 · Grants to foreign organizations and individuals

  total $743,291 · program services $743,291

• 5 · Compensation of officers, directors and key employees

  total $2,394,539 · program services $803,402 · management and general $1,192,442 · fundraising $398,695

• 7 · Other salaries and wages

  total $35,803,458 · program services $30,428,627 · management and general $4,345,077 · fundraising $1,029,754

• 8 · Pension plan contributions

  total $2,465,119 · program services $1,907,841 · management and general $443,002 · fundraising $114,276

• 9 · Other employee benefits

  total $6,268,598 · program services $4,743,658 · management and general $1,307,580 · fundraising $217,360

• 10 · Payroll taxes

  total $2,829,998 · program services $2,297,102 · management and general $423,620 · fundraising $109,276

• 11b · Fees: legal

  total $187,683 · management and general $187,683

• 11c · Fees: accounting

  total $133,466 · management and general $133,466

• 11d · Fees: lobbying

  total $24,000 · management and general $24,000

• 11f · Fees: investment management

  total $710,806 · program services $710,806

• 11g · Fees: other

  total $3,942,240 · program services $3,411,800 · management and general $499,888 · fundraising $30,552

• 12 · Advertising and promotion

  total $932,149 · program services $134,186 · management and general $797,963

• 13 · Office expenses

  total $205,544 · program services $48,295 · management and general $157,249

• 14 · Information technology

  total $2,896,874 · program services $1,797,548 · management and general $1,099,326

• 16 · Occupancy

  total $4,116,634 · program services $3,620,203 · management and general $451,061 · fundraising $45,370

• 17 · Travel

  total $1,719,470 · program services $1,429,074 · management and general $248,395 · fundraising $42,001

• 20 · Interest

  total $1,072,589 · program services $1,072,589

• 22 · Depreciation, depletion and amortization

  total $7,007,279 · program services $6,287,850 · management and general $678,628 · fundraising $40,801

• 23 · Insurance

  total $1,952,071 · program services $1,714,780 · management and general $237,291

• 24a · Other expenses: FOOD SERVICES

  total $4,682,569 · program services $4,674,700 · management and general $7,869

• 24b · Other expenses: SPECIAL PROJECTS/EVENTS

  total $1,945,416 · program services $1,645,491 · management and general $226,813 · fundraising $73,112

• 24c · Other expenses: SUPPLIES

  total $1,304,860 · program services $1,181,406 · management and general $110,473 · fundraising $12,981

• 24d · Other expenses: RESTRICTED GRANTS

  total $856,500 · program services $622,124 · management and general $234,376

• 24e · All other expenses

  total $1,454,271 · program services $968,370 · management and general $428,743 · fundraising $57,158

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,369,920 · end of year $2,273,111

• 2 · Savings and temporary cash investments

  beginning of year $19,864,009 · end of year $14,113,175

• 3 · Pledges and grants receivable

  beginning of year $12,040,683 · end of year $10,024,595

• 4 · Accounts receivable

  beginning of year $1,752,555 · end of year $1,291,260

• 7 · Other notes and loans receivable

  beginning of year $1,526,078 · end of year $1,378,674

• 8 · Inventories for sale or use

  beginning of year $52,756 · end of year $39,188

• 9 · Prepaid expenses and deferred charges

  beginning of year $324,800 · end of year $198,547

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

  $224,617,098

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

  $134,756,947

• 10c · Land, buildings and equipment, net

  beginning of year $88,931,830 · end of year $89,860,151

• 11 · Investments: publicly traded securities

  beginning of year $52,066,431 · end of year $62,327,476

• 12 · Investments: other securities

  beginning of year $39,869,137 · end of year $38,868,954

• 15 · Other assets

  beginning of year $3,066,371 · end of year $3,486,197

• 17 · Accounts payable and accrued expenses

  beginning of year $9,204,179 · end of year $7,609,356

• 20 · Tax-exempt bond liabilities

  beginning of year $31,683,092 · end of year $29,474,418

• 25 · Other liabilities

  beginning of year $8,176,357 · end of year $7,737,385

• 27 · Net assets without donor restrictions

  beginning of year $130,182,460 · end of year $133,812,887

• 28 · Net assets with donor restrictions

  beginning of year $42,618,482 · end of year $45,227,282

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT AND CHANCELLOR ARE ALLOWED USE OF A RESIDENCE ON CAMPUS FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. ALSO, BY CONTRACT, THE CHANCELLOR IS A MEMBER OF A LOCAL SOCIAL CLUB AND COUNTRY CLUB FOR WHICH THE UNIVERSITY IS RESPONSIBLE FOR THE PAYMENT OF DUES. BOTH CLUBS CAN BE USED FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. LASTLY, THE PRESIDENT AND CHANCELLOR HAVE AN INDIVIDUAL WHO PERFORMS HOUSEKEEPING SERVICES IN THEIR RESIDENCE AND AN INDIVIDUAL WHO WILL DRIVE THEM TO UNIVERSITY FUNCTIONS. THESE BENEFITS ARE NOT TREATED AS TAXABLE COMPENSATION.

PART II:

THE UNIVERSITY WAS FOUNDED BY THE SISTERS OF MERCY AND HAS AN EMPLOYEE WHO IS AFFILIATED WITH THIS RELIGIOUS ORDER. BECAUSE OF THE NATURE OF THE ORDER AND THE POVERTY VOWS TAKEN BY SISTERS LISTED ON FORM 990, PART VII, W-2 EARNINGS ARE NOT REPORTED AS THIS EMPLOYEE IS NOT DIRECTLY TAXABLE DUE TO RELIGIOUS AFFILIATION. RATHER, THE COMPENSATION IS MADE PAYABLE PRIMARILY TO THE SISTERS OF MERCY AND IT IS THE ORDER THAT DETERMINES WHAT PORTION THE EMPLOYEE WILL RECEIVE. TOTAL COMPENSATION TO THE SISTERS OF MERCY TOTALED $53,189 FOR THE 2023 CALENDAR YEAR FOR THE CHANCELLOR.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• SRU HOLDINGS LLC

  REAL ESTATE HOLDING CORP. · RI · income $0 · assets $12,909,000

Related corporations and trusts

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

• SPLIT INTEREST TRUSTS (2)

  T · TRUST · RI · controlled entity

  Directly controlled by SALVE REGINA UNIVERSITY