Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $7,325

• 1e · Government grants (contributions)

  $7,314,815

• 1f · All other contributions, gifts and grants

  $15,005,838

• 1g · Noncash contributions included above

  $2,755,208

• 2a · Program service revenue: TUITION & FEES

  total $85,208,532 · related or exempt $85,208,532

• 2b · Program service revenue: AUXILIARY ENTERPRISE

  total $23,493,012 · related or exempt $23,430,774 · unrelated business $62,238

• 2c · Program service revenue: CONFERENCES & GROUPS

  total $137,530 · unrelated business $137,530

• 2d · Program service revenue: OTHER SERVICES

  total $28,916 · unrelated business $28,916

• 3 · Investment income

  total $11,171,835 · excluded $11,171,835

• 7a · Gross sales of assets other than inventory

  securities $10,774,129

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

  securities $10,775,749 · other assets $927,567

• 7c · Gain or loss

  securities -$1,620 · other assets -$927,567

• 7d · Net gain or loss

  total -$929,187 · excluded -$929,187

• 8a · Fundraising events: gross income

  $93,138

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

  $7,325

• 8b · Fundraising events: direct expenses

  $92,211

• 8c · Net income from fundraising events

  total $927 · excluded $927

• 9a · Gaming: gross income

  $24,385

• 9b · Gaming: direct expenses

  $2,280

• 9c · Net income from gaming

  total $22,105 · excluded $22,105

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $53,439,333 · program services $53,439,333

• 5 · Compensation of officers, directors and key employees

  total $3,085,315 · program services $955,026 · management and general $1,930,829 · fundraising $199,460

• 7 · Other salaries and wages

  total $32,118,047 · program services $29,571,061 · management and general $1,797,123 · fundraising $749,863

• 8 · Pension plan contributions

  total $1,351,902 · program services $1,277,323 · management and general $44,884 · fundraising $29,695

• 9 · Other employee benefits

  total $4,306,054 · program services $3,848,766 · management and general $353,837 · fundraising $103,451

• 10 · Payroll taxes

  total $2,449,069 · program services $2,136,853 · management and general $247,337 · fundraising $64,879

• 11b · Fees: legal

  total $76,010 · management and general $76,010

• 11c · Fees: accounting

  total $163,525 · management and general $163,525

• 11e · Fees: professional fundraising services

  total $136,400 · fundraising $136,400

• 11f · Fees: investment management

  total $348,150 · management and general $348,150

• 11g · Fees: other

  total $4,524,223 · program services $3,565,377 · management and general $936,785 · fundraising $22,061

• 12 · Advertising and promotion

  total $807,467 · program services $617,712 · management and general $162,301 · fundraising $27,454

• 13 · Office expenses

  total $1,936,064 · program services $1,481,089 · management and general $389,149 · fundraising $65,826

• 14 · Information technology

  total $1,841,547 · program services $1,408,783 · management and general $370,151 · fundraising $62,613

• 16 · Occupancy

  total $2,108,915 · program services $1,807,340 · management and general $229,872 · fundraising $71,703

• 17 · Travel

  total $3,040,744 · program services $2,605,918 · management and general $331,441 · fundraising $103,385

• 19 · Conferences, conventions and meetings

  total $263,278 · program services $201,408 · management and general $52,919 · fundraising $8,951

• 20 · Interest

  total $2,911,365 · program services $2,227,195 · management and general $585,184 · fundraising $98,986

• 22 · Depreciation, depletion and amortization

  total $7,231,048 · program services $6,406,709 · management and general $788,184 · fundraising $36,155

• 23 · Insurance

  total $785,795 · program services $696,214 · management and general $85,652 · fundraising $3,929

• 24a · Other expenses: OTHER EXPENSE

  total $6,616,647 · program services $5,035,269 · management and general $1,343,179 · fundraising $238,199

• 24b · Other expenses: DINING SERVICES

  total $6,572,182 · program services $6,572,182

• 24c · Other expenses: UNCOLLECTIBLES

  total $856,705 · management and general $856,705

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,448 · end of year $11,426

• 2 · Savings and temporary cash investments

  beginning of year $37,032,477 · end of year $36,406,535

• 3 · Pledges and grants receivable

  beginning of year $4,281,948 · end of year $1,933,023

• 4 · Accounts receivable

  beginning of year $2,402,889 · end of year $3,547,946

• 7 · Other notes and loans receivable

  beginning of year $585,187 · end of year $395,851

• 8 · Inventories for sale or use

  beginning of year $191,979 · end of year $196,848

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,725,702 · end of year $2,215,316

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

  $230,831,516

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

  $128,617,021

• 10c · Land, buildings and equipment, net

  beginning of year $92,882,713 · end of year $102,214,495

• 11 · Investments: publicly traded securities

  beginning of year $52,282,956 · end of year $41,041,154

• 12 · Investments: other securities

  beginning of year $9,613,897 · end of year $23,073,766

• 15 · Other assets

  beginning of year $9,867,041 · end of year $9,487,143

• 17 · Accounts payable and accrued expenses

  beginning of year $10,055,325 · end of year $11,262,837

• 19 · Deferred revenue

  beginning of year $6,113,479 · end of year $9,219,582

• 20 · Tax-exempt bond liabilities

  beginning of year $57,586,621 · end of year $56,139,713

• 25 · Other liabilities

  beginning of year $13,582,960 · end of year $13,414,766

• 27 · Net assets without donor restrictions

  beginning of year $53,743,725 · end of year $50,818,100

• 28 · Net assets with donor restrictions

  beginning of year $69,791,127 · end of year $79,668,505

The filer's explanations (Part III)

PART I, LINE 1A

IT IS THE UNIVERSITY'S POLICY TO REIMBURSE EMPLOYEES FOR BUSINESS EXPENSES INCURRED BY THE EMPLOYEE TO FURTHER THE MISSION OF THE UNIVERSITY. INFREQUENTLY, IN ACCORDANCE WITH IRS GUIDELINES, THE UNIVERSITY MAY REIMBURSE AN EMPLOYEE FOR THE COST OF A SPOUSE WHO ATTENDS A FUNCTION HAVING A SIGNIFICANT ROLE OR IS INVOLVED WITH FUNDRAISING WHICH CONSTITUTES A BUSINESS PURPOSE. THESE AMOUNTS ARE TAXABLE AND PROPERLY REPORTED ON THE FORM W-2. THE UNIVERSITY HAS AN EMPLOYMENT CONTRACT WITH ITS PRESIDENT TIM TRAINOR. IN ACCORDANCE WITH THE TERMS OF THIS CONTRACT THE UNIVERSITY PROVIDES HOUSING FOR THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER WHICH IS A NON-TAXABLE BENEFIT IN ACCORDANCE WITH IRS GUIDELINES. THE VALUE OF THE NON-TAXABLE HOUSING WAS ESTIMATED AT $34,620. THE UNIVERSITY HAS AN EMPLOYMENT CONTRACT WITH ITS VICE PRESIDENT FOR ADVANCEMENT IN ACCORDANCE WITH THE TERMS OF THIS CONTRACT THE UNIVERSITY PROVIDES HOUSING FOR THE VICE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER WHICH IS A NON-TAXABLE BENEFIT IN ACCORDANCE WITH IRS GUIDELINES. THE VALUE OF THE NON-TAXABLE HOUSING WAS ESTIMATED AT $30,972.

PART I, LINE 4B

TIMOTHY TRAINER PARTICIPATES IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN 457(F). THE UNIVERSITY DID NOT CONTRIBUTED DURING THE CALENDAR YEAR 2023.

Disregarded entities

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

• THE MOUNT CLUB INC

  LIQUOUR SALES · MD · income $0 · assets $0

  Directly controlled by MOUNT SAINT MARYS UNIVERSITY