Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $216,154

• 1e · Government grants (contributions)

  $3,936,758

• 1f · All other contributions, gifts and grants

  $25,159,379

• 1g · Noncash contributions included above

  $3,447,390

• 2a · Program service revenue: TUITION AND FEES

  total $144,747,900 · related or exempt $144,747,900

• 2b · Program service revenue: AUXILIARY SERVICES

  total $39,482,101 · related or exempt $33,821,334 · unrelated business $5,660,767

• 2c · Program service revenue: BOOKSTORE

  total $364,103 · related or exempt $309,207 · unrelated business $54,896

• 2d · Program service revenue: INTEREST - STUDENT LOANS

  total $66,923 · related or exempt $66,923

• 2e · Program service revenue: RECREATION CENTER MEMBERSHIPS

  total $32,579 · unrelated business $32,579

• 2f · All other program service revenue

  total $1,959,618 · related or exempt $1,959,618

• 3 · Investment income

  total $7,606,644 · excluded $7,606,644

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

  total $125,006 · excluded $125,006

• 6a · Gross rents

  real property $21,239

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $21,239

• 6d · Net rental income or loss

  total $21,239 · excluded $21,239

• 7a · Gross sales of assets other than inventory

  securities $150,630,885

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

  securities $108,325,668

• 7c · Gain or loss

  securities $42,305,217

• 7d · Net gain or loss

  total $42,305,217 · excluded $42,305,217

• 11a · Other revenue: INC. FROM PARTNERSHIPS

  total -$640,179 · unrelated business -$640,179

• 11e · Other revenue, total

  -$640,179

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $369,274 · program services $369,274

• 2 · Grants to domestic individuals

  total $74,643,174 · program services $74,643,174

• 3 · Grants to foreign organizations and individuals

  total $2,821,693 · program services $2,821,693

• 5 · Compensation of officers, directors and key employees

  total $3,559,106 · program services $355,191 · management and general $3,021,824 · fundraising $182,091

• 7 · Other salaries and wages

  total $67,494,255 · program services $55,965,263 · management and general $8,341,080 · fundraising $3,187,912

• 8 · Pension plan contributions

  total $6,170,030 · program services $5,109,045 · management and general $756,240 · fundraising $304,745

• 9 · Other employee benefits

  total $14,806,209 · program services $12,212,563 · management and general $2,048,620 · fundraising $545,026

• 10 · Payroll taxes

  total $4,808,076 · program services $3,930,915 · management and general $643,670 · fundraising $233,491

• 11a · Fees: management

  total $14,454,072 · program services $13,983,883 · management and general $420,600 · fundraising $49,589

• 11b · Fees: legal

  total $297,459 · program services $32,251 · management and general $265,208

• 11c · Fees: accounting

  total $72,900 · management and general $72,900

• 11f · Fees: investment management

  total $4,055,639 · management and general $4,055,639

• 11g · Fees: other

  total $8,713,070 · program services $7,625,437 · management and general $742,658 · fundraising $344,975

• 12 · Advertising and promotion

  total $632,005 · program services $260,101 · management and general $356,315 · fundraising $15,589

• 13 · Office expenses

  total $1,875,083 · program services $1,438,672 · management and general $112,609 · fundraising $323,802

• 14 · Information technology

  total $3,841,979 · program services $3,359,474 · management and general $348,089 · fundraising $134,416

• 16 · Occupancy

  total $7,259,843 · program services $7,074,188 · management and general $162,355 · fundraising $23,300

• 17 · Travel

  total $4,105,837 · program services $3,283,486 · management and general $488,916 · fundraising $333,435

• 20 · Interest

  total $6,426,990 · program services $5,381,737 · management and general $805,393 · fundraising $239,860

• 22 · Depreciation, depletion and amortization

  total $15,142,184 · program services $14,851,838 · management and general $280,790 · fundraising $9,556

• 23 · Insurance

  total $359,520 · program services $161,094 · management and general $198,426

• 24a · Other expenses: STUDENT PROGRAMS

  total $3,558,901 · program services $3,533,976 · management and general $23,578 · fundraising $1,347

• 24b · Other expenses: MEMBERSHIPS&PROF.DEV.

  total $1,605,786 · program services $934,088 · management and general $562,853 · fundraising $108,845

• 24c · Other expenses: LIBRARY RESOURCES

  total $1,600,850 · program services $1,593,295 · management and general $7,371 · fundraising $184

• 24d · Other expenses: FOOD,LAB&ATH.SUPPLIES

  total $1,178,406 · program services $1,082,721 · management and general $84,007 · fundraising $11,678

• 24e · All other expenses

  total $5,005,056 · program services $3,256,571 · management and general $1,585,652 · fundraising $162,833

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,840 · end of year $6,800

• 2 · Savings and temporary cash investments

  beginning of year $20,304,012 · end of year $49,601,286

• 3 · Pledges and grants receivable

  beginning of year $20,066,529 · end of year $25,641,494

• 4 · Accounts receivable

  beginning of year $866,601 · end of year $1,424,894

• 8 · Inventories for sale or use

  beginning of year $548,817 · end of year $573,086

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,001,061 · end of year $935,361

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

  $598,552,346

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

  $236,297,561

• 10c · Land, buildings and equipment, net

  beginning of year $347,640,248 · end of year $362,254,785

• 11 · Investments: publicly traded securities

  beginning of year $639,708,376 · end of year $592,314,339

• 12 · Investments: other securities

  beginning of year $455,048,694 · end of year $415,283,608

• 13 · Investments: program-related

  beginning of year $3,534,076 · end of year $3,399,360

• 15 · Other assets

  beginning of year $14,121,531 · end of year $12,519,060

• 17 · Accounts payable and accrued expenses

  beginning of year $28,670,957 · end of year $23,642,876

• 20 · Tax-exempt bond liabilities

  beginning of year $182,907,847 · end of year $173,115,232

• 24 · Unsecured notes and loans payable

  beginning of year $3,000,000 · end of year $0

• 25 · Other liabilities

  beginning of year $17,155,553 · end of year $15,311,981

• 27 · Net assets without donor restrictions

  beginning of year $566,762,353 · end of year $543,948,803

• 28 · Net assets with donor restrictions

  beginning of year $704,351,075 · end of year $707,935,181

The filer's explanations (Part III)

PART I, LINE 1A

BENEFITS PROVIDED TO CERTAIN OFFICERS - DENISON UNIVERSITY PROVIDES THE FOLLOWING BENEFITS TO CERTAIN EMPLOYEES: HOUSING: THE PRESIDENT AND THE VP OF STUDENT LIFE LIVE IN UNIVERSITY-OWNED HOUSING. THIS HOUSING IS REQUIRED AS A CONDITION OF EMPLOYMENT FOR THESE EMPLOYEES AND THEREFORE IS NOT CONSIDERED TAXABLE COMPENSATION. PERSONAL SERVICES: THE UNIVERSITY PROVIDES CUSTODIAL SERVICES FOR THE UNIVERSITY-OWNED RESIDENCES OF THE PRESIDENT AND VP OF STUDENT LIFE. THESE SERVICES ARE NOT TREATED AS TAXABLE COMPENSATION TO THESE INDIVIDUALS. FIRST CLASS TRAVEL: THE PRESIDENT IS PERMITTED TO FLY FIRST CLASS ONLY WHEN NECESSARY. THE REASONS FOR THE DECISION FOR FIRST CLASS TRAVEL ARE DOCUMENTED AND SUPPORTED.

PART I, LINE 4B

SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION PLAN - THE UNIVERSITY OFFERS A SECTION 457(B) PLAN TO CERTAIN HIGHLY PAID EMPLOYEES. THIS PLAN ALLOWS A PARTICIPANT TO DEFER A PORTION OF THEIR COMPENSATION INTO THE PLAN. NONQUALIFIED DEFERRED COMPENSATION PLAN - THE UNIVERSITY'S PRESIDENT PARTICIPATES IN THE DENISON UNIVERSITY SUPPLEMENTAL RETIREMENT PLAN, WHICH WAS EFFECTIVE JULY 1, 2018 AND UPDATED JULY 1, 2022. THE PURPOSE OF THE PLAN IS TO PROVIDE DEFERRED COMPENSATION BENEFITS IF THE PRESIDENT MEETS CERTAIN PERFORMANCE GOALS SPECIFIED AND EVALUATED BY THE BOARD OF TRUSTEES WHO ARE INDEPENDENT OF HIM. THE NONVESTED AMOUNT ASSOCIATED WITH CALENDAR YEAR 2022 HAS BEEN ESTIMATED TO BE $275,000 AND IS INCLUDED IN COLUMN C OF PART II OF SCHEDULE J, AS REQUIRED BY THE INSTRUCTIONS FOR FORM 990 AND SCHEDULE J. THE PRESIDENT IS NOT VESTED IN THIS AMOUNT AND MAY NEVER RECEIVE THIS BENEFIT. FULL VESTING IN THE DEFERRED COMPENSATION PLAN WILL NOT OCCUR UNTIL JUNE 30, 2025. PARTIAL VESTING MAY OCCUR UPON THE OCCURRENCE OF CERTAIN EVENTS INCLUDING DISABILITY AND INVOLUNTARY TERMINATION OTHER THAN FOR CAUSE.

PART I, LINE 7

OTHER PAYMENTS PROVIDED TO CERTAIN EMPLOYEES - THE EMPLOYMENT CONTRACT FOR THE CHIEF INVESTMENT OFFICER (CIO), WHO IS DEEMED TO BE A KEY EMPLOYEE, CONTAINS INCENTIVE COMPENSATION PROVISIONS WHICH GRANT HER BONUSES FOR RETENTION AND PERFORMANCE. THE NON-FIXED AMOUNT OF $238,568 REPORTED IN SCHEDULE J, PART II, COLUMN B(II) INCLUDES PAYMENTS FROM AN INCENTIVE COMPENSATION PLAN WHICH AWARDED HER $74,250 FOR CALENDAR YEAR 2022 AND $164,318 (INCLUDING EARNINGS) FOR CALENDAR YEAR 2021 WHICH WAS PAID IN CALENDAR YEAR 2022. INCLUDED IN COLUMN C OF PART II OF SCHEDULE J ARE ESTIMATED NONVESTED AMOUNTS ASSOCIATED WITH HER INCENTIVE PROGRAM THAT TOTAL $49,500. THE CIO MAY NEVER RECEIVE THESE BENEFITS DUE TO VESTING REQUIREMENTS. PARTIAL VESTING MAY OCCUR UPON HER DEATH, DISABILITY OR INVOLUNTARY TERMINATION OTHER THAN FOR CAUSE. THE PROVISIONS OF THE CIO'S EMPLOYMENT CONTRACT, INCLUDING CRITERIA FOR PERFORMANCE BONUSES, WERE NEGOTIATED AND DETERMINED BY PEOPLE WHO WERE INDEPENDENT OF HER. OTHER MEMBERS OF THE INVESTMENT OFFICE ALSO PARTICIPATE IN THE INCENTIVE COMPENSATION PLAN. ALSO, CERTAIN INDIVIDUALS ARE GIVEN DISCRETIONARY INCENTIVE BONUSES, AND SUCH BONUSES ARE REPORTED IN PART II, COLUMN B(II).

Disregarded entities

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

• DENISON GOLF LLC

  GOLF COURSE · OH · income $0 · assets $1,935,174

  Directly controlled by DENISON UNIV

• MIDDLETON HOUSE LTD

  LEASING · OH · income $0 · assets $0

  Directly controlled by DENISON UNIV

• HISTORIC GRANVILLE INN LLC

  OPERATE THE INN AND RESTAURANT/EVENT FACILITIES · OH · income $0 · assets $10,989,466

  Directly controlled by DENISON UNIV