Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,053,617

• 1f · All other contributions, gifts and grants

  $7,683,947

• 1g · Noncash contributions included above

  $754,106

• 2a · Program service revenue: EDUCATION

  total $134,050,729 · related or exempt $134,020,209 · unrelated business $30,520

• 3 · Investment income

  total $2,812,791 · unrelated business $977,019 · excluded $1,835,772

• 7a · Gross sales of assets other than inventory

  securities $32,428,247 · other assets $4,805,084

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

  securities $33,533,079 · other assets $4,534,993

• 7c · Gain or loss

  securities -$1,104,832 · other assets $270,091

• 7d · Net gain or loss

  total -$834,741 · excluded -$834,741

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $57,739,436 · program services $57,739,436

• 3 · Grants to foreign organizations and individuals

  total $1,359,358 · program services $1,359,358

• 5 · Compensation of officers, directors and key employees

  total $3,654,321 · program services $1,276,208 · management and general $1,868,370 · fundraising $509,743

• 6 · Compensation of disqualified persons

  total $200,996 · fundraising $200,996

• 7 · Other salaries and wages

  total $53,019,110 · program services $44,903,596 · management and general $6,409,566 · fundraising $1,705,948

• 8 · Pension plan contributions

  total $3,156,981 · program services $2,724,731 · management and general $358,027 · fundraising $74,223

• 9 · Other employee benefits

  total $10,225,509 · program services $8,707,178 · management and general $1,045,112 · fundraising $473,219

• 10 · Payroll taxes

  total $3,861,874 · program services $3,088,158 · management and general $593,857 · fundraising $179,859

• 11b · Fees: legal

  total $78,638 · program services $10,003 · management and general $67,892 · fundraising $743

• 11c · Fees: accounting

  total $104,625 · management and general $104,625

• 11f · Fees: investment management

  total $313,759 · management and general $313,759

• 11g · Fees: other

  total $6,489,280 · program services $5,195,388 · management and general $869,500 · fundraising $424,392

• 12 · Advertising and promotion

  total $2,766,188 · program services $1,625,578 · management and general $971,309 · fundraising $169,301

• 13 · Office expenses

  total $3,272,010 · program services $3,017,684 · management and general $53,347 · fundraising $200,979

• 14 · Information technology

  total $3,300,162 · program services $2,658,647 · management and general $578,231 · fundraising $63,284

• 15 · Royalties

  total $5,369 · program services $4,424 · management and general $709 · fundraising $236

• 16 · Occupancy

  total $4,823,318 · program services $4,743,919 · management and general $63,294 · fundraising $16,105

• 17 · Travel

  total $2,591,003 · program services $2,284,481 · management and general $218,563 · fundraising $87,959

• 19 · Conferences, conventions and meetings

  total $217,120 · program services $191,486 · management and general $21,375 · fundraising $4,259

• 20 · Interest

  total $1,826,601 · program services $1,777,630 · management and general $31,163 · fundraising $17,808

• 22 · Depreciation, depletion and amortization

  total $9,243,527 · program services $8,628,287 · management and general $575,189 · fundraising $40,051

• 23 · Insurance

  total $1,231,724 · program services $1,190,598 · management and general $31,928 · fundraising $9,198

• 24a · Other expenses: GOODS PURCHASED FOR RES

  total $3,401,133 · program services $3,401,054 · fundraising $79

• 24b · Other expenses: STUDY ABROAD EXPENSE

  total $2,389,801 · program services $2,389,801

• 24c · Other expenses: DUES AND SUBSCRIPTIONS

  total $567,669 · program services $263,778 · management and general $297,967 · fundraising $5,924

• 24e · All other expenses

  total $107,846 · program services $44,332 · management and general $61,075 · fundraising $2,439

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,470,868 · end of year $34,041,393

• 2 · Savings and temporary cash investments

  beginning of year $53,630,670 · end of year $20,335,515

• 3 · Pledges and grants receivable

  beginning of year $12,406,987 · end of year $10,197,366

• 4 · Accounts receivable

  beginning of year $1,089,484 · end of year $2,243,733

• 7 · Other notes and loans receivable

  beginning of year $2,703,679 · end of year $5,302,011

• 8 · Inventories for sale or use

  beginning of year $352,278 · end of year $337,925

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,257,721 · end of year $2,359,272

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

  $358,484,516

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

  $186,896,716

• 10c · Land, buildings and equipment, net

  beginning of year $176,934,871 · end of year $171,587,800

• 11 · Investments: publicly traded securities

  beginning of year $15,007,148 · end of year $16,390,433

• 12 · Investments: other securities

  beginning of year $467,157,219 · end of year $487,324,023

• 14 · Intangible assets

  beginning of year $9,255,750 · end of year $8,963,732

• 15 · Other assets

  beginning of year $1,161,552 · end of year $1,195,525

• 17 · Accounts payable and accrued expenses

  beginning of year $19,168,518 · end of year $18,642,406

• 19 · Deferred revenue

  beginning of year $1,712,421 · end of year $2,140,724

• 20 · Tax-exempt bond liabilities

  beginning of year $62,764,564 · end of year $61,729,589

• 21 · Escrow or custodial account liability

  beginning of year $81,844 · end of year $16,511

• 25 · Other liabilities

  beginning of year $8,587,110 · end of year $7,095,538

• 27 · Net assets without donor restrictions

  beginning of year $301,341,770 · end of year $295,630,960

• 28 · Net assets with donor restrictions

  beginning of year $356,772,000 · end of year $375,023,000

The filer's explanations (Part III)

PART I, LINE 1A

FIRST-CLASS OR CHARTER TRAVEL: THE PRESIDENT IS THE ONLY POSITION REPORTED ON THE FORM 990 FOR WHICH THE UNIVERSITY PAID OR REIMBURSED BUSINESS OR FIRST-CLASS TRAVEL. THE UNIVERSITY DID NOT UTILIZE CHARTERED FLIGHTS FOR AIR TRAVEL. EXTENSIVE TRAVEL IS REQUIRED OF THE POSITION OF PRESIDENT AND THEY ARE ENCOURAGED BY THE BOARD OF TRUSTEES TO TRAVEL BUSINESS OR FIRST CLASS ON FLIGHTS OF TWO HOURS OR MORE. THIS PROVISION IS MADE FOR SEVERAL REASONS 1) BUSINESS OR FIRST-CLASS TRAVEL ALLOWS FOR THE MOST FLEXIBILITY TO ACCOMMODATE A TRAVEL SCHEDULE THAT MUST FREQUENTLY BE ALTERED, OFTEN AT THE LAST MINUTE TO ACCOMMODATE DONORS' SCHEDULES, ADD CRITICAL MEETINGS, OR TO TAKE ADVANTAGE OF OTHER STRATEGIC OPPORTUNITIES FOR THE UNIVERSITY, 2) CIRCUMSTANCES SOMETIMES CALL FOR THE PRESIDENT TO RETURN TO CAMPUS WITHOUT NOTICE, OR TO REMAIN ON CAMPUS WHEN A TRIP WAS PLANNED, AND FIRST OR BUSINESS-CLASS TRAVEL BEST ACCOMMODATES THESE CHANGING CONDITIONS, AND 3) THE BOARD OF TRUSTEES WISHES THE PRESIDENT TO BE AT THEIR BEST PERFORMANCE REPRESENTING AND SEEKING FUNDING FOR THE UNIVERSITY DURING OFTEN GRUELING TRAVEL ITINERARIES FOR MEETINGS FREQUENTLY CRITICAL TO THE INSTITUTION'S WELL-BEING. THIS ACCOMMODATION WAS NOT TREATED AS TAXABLE COMPENSATION. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS IN THE UNIVERSITY-OWNED PRESIDENT'S RESIDENCE WHERE THEY REGULARLY HOLD UNIVERSITY EVENTS. BECAUSE THE PRESIDENT ACCEPTS THIS REQUIREMENT AS A CONDITION OF EMPLOYMENT, THE RESIDENCE IS ON UNIVERSITY PREMISES, AND IT IS PROVIDED FOR THE CONVENIENCE OF THE UNIVERSITY, UNDER IRS RULES IT IS NOT CONSIDERED A TAXABLE BENEFIT TO THE PRESIDENT. AS REQUIRED BY IRS FORM 990, THE VALUE OF THE PORTION OF THE RESIDENCE USED BY THE PRESIDENT FOR PERSONAL LIVING QUARTERS HAS BEEN ESTIMATED AND IS INCLUDED IN THE AMOUNTS REPORTED ON FORM 990, SCHEDULE J, PART II, COLUMN (D). HEALTH CLUB MEMBERSHIP: THE PRESIDENT'S HEALTH CLUB MEMBERSHIP IS PAID BY THE UNIVERSITY AND REPORTED AS TAXABLE COMPENSATION. PERSONAL SERVICES: THE UNIVERSITY PAYS FOR THE PRESIDENT'S HOUSE CLEANING SERVICES.

PART I, LINE 4B

IN 2024, ISIAAH CRAWFORD, KIM KVAAL, VICTOR MARTIN, JOANNA CLEVELAND, SARAH COMSTOCK AND LORNA HERNANDEZ JARVIS PARTICIPATED IN A 457(F) SUPPLEMENTAL RETIREMENT PLAN SUBJECT TO FUTURE VESTING. ISIAAH CRAWFORD, KIM KVAAL, VICTOR MARTIN, JOANNA CLEVELAND, SARAH COMSTOCK AND LORNA HERNANDEZ JARVIS WERE APPROVED FOR A $100,000, $19,700, $18,350, $16,150, $11,650, AND $10,250 CONTRIBUTION TO THEIR 457(F) ACCOUNTS IN 2024, RESPECTIVELY. NO OTHER CONTRIBUTIONS WERE RECEIVED IN 2024 OTHER THAN EARNINGS ON UNVESTED BALANCES. ISIAAH CRAWFORD HAD A 457(F) PLAN VEST ON 6/30/24 FOR $35,682,

Disregarded entities

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

• RAINIER HEIGHTS HOLDINGS LLC

  ACCEPT, MANAGE, AND LIQUIDATE REAL ESTATE · WA · income $0 · assets $0

  Directly controlled by THE UNIVERSITY OF PUGET SOUND

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (8)

  T · BENEFICIAL INTEREST · WA