Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: STUDENT HOUSING INCOME

  total $1,781,309 · related or exempt $1,781,309

• 2b · Program service revenue: APPLICATION FEES

  total $25,050 · related or exempt $25,050

• 3 · Investment income

  total $59,281 · excluded $59,281

• 11a · Other revenue: LAUNDRY SERVICES

  total $7,001 · excluded $7,001

• 11b · Other revenue: VENDING COMMISSIONS

  total $4,237 · excluded $4,237

• 11e · Other revenue, total

  $11,238

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $5,270 · program services $5,270

• 7 · Other salaries and wages

  total $90,494 · program services $90,494

• 8 · Pension plan contributions

  total $16,825 · program services $16,825

• 9 · Other employee benefits

  total $17,901 · program services $17,901

• 10 · Payroll taxes

  total $7,118 · program services $7,118

• 11c · Fees: accounting

  total $13,000 · management and general $13,000

• 11f · Fees: investment management

  total $2,195 · management and general $2,195

• 11g · Fees: other

  total $136,444 · management and general $136,444

• 13 · Office expenses

  total $18,348 · program services $8,143 · management and general $10,205

• 14 · Information technology

  total $19,872 · program services $19,872

• 16 · Occupancy

  total $161,781 · program services $161,781

• 20 · Interest

  total $303,430 · program services $303,430

• 22 · Depreciation, depletion and amortization

  total $331,535 · program services $331,535

• 24a · Other expenses: BAD DEBT EXPENSE

  total $29,852 · program services $29,852

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $34,879 · end of year $290,954

• 2 · Savings and temporary cash investments

  beginning of year $975,920 · end of year $1,030,238

• 4 · Accounts receivable

  beginning of year $37,540 · end of year $37,783

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

  $14,807,577

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

  $972,278

• 10c · Land, buildings and equipment, net

  beginning of year $14,049,370 · end of year $13,835,299

• 12 · Investments: other securities

  beginning of year $1,444,429 · end of year $1,512,966

• 15 · Other assets

  beginning of year $26,292 · end of year $24,101

• 17 · Accounts payable and accrued expenses

  beginning of year $2,250 · end of year $17,320

• 19 · Deferred revenue

  beginning of year $31,352 · end of year $47,051

• 23 · Secured mortgages and notes payable

  beginning of year $11,971,575 · end of year $11,401,468

• 25 · Other liabilities

  beginning of year $82,510 · end of year $54,039

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $2,025,122 · end of year $2,394,226

• 31 · Retained earnings, endowment or other funds

  beginning of year $2,455,621 · end of year $2,817,237

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION AND BENEFITS ARE ESTABLISHED BY THE DAYTONA STATE COLLEGE DISTRICT BOARD OF TRUSTEES (BOARD) USING METHODS AS DETERMINED BY THE BOARD TO ESTABLISH REASONABLE COMPENSATION.

PART I, LINE 4B

SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS APPLIES TO AMOUNTS EARNED PRIOR TO 7.1.23 AND EFFECTIVE FOR PLAN YEARS BEGINNING ON AND AFTER JULY 1, 2011: AN ELIGIBLE EMPLOYEE'S BENEFIT SHALL BE AN AMOUNT EQUAL TO THE PRODUCT OF (A) SUCH ELIGIBLE EMPLOYEE'S DAILY BASE PAY (DETERMINED AS OF THE DATE OF SUCH ELIGIBLE EMPLOYEE'S SEPARATION FROM SERVICE) MULTIPLIED BY (B) THE SUM FOR ALL PLAN YEARS (UP TO AND INCLUDING THE PLAN YEAR IN WHICH SUCH ELIGIBLE EMPLOYEE SEPARATES FROM SERVICE) OF THE "BENEFIT DAYS" SUCH ELIGIBLE EMPLOYEE HAS EARNED ACCORDING TO THE TABLE PROVIDED BELOW (AND SUBJECT TO THE SPECIFIED LIMITS ON THE NUMBER OF BENEFIT DAYS WHICH MAY BE EARNED IN ANY ONE PLAN YEAR), ROUNDING FRACTIONAL BENEFIT DAYS FOR EACH PLAN YEAR TO THE NEAREST ONE-TENTH (ROUNDING UPWARD; E.G., 21.75 ROUNDS OFF TO 21.8). EMPLOYEE'S JOB CLASSIFICATION LEVEL: PRESIDENT DAYS OF SERVICE TO EARN ONE BENEIFT DAY IN EACH PLAN YEAR: 4.3 DAYS OF SERVICE MAXIMUM NUMBER OF BENEFIT DAYS WHICH MAY BE EARNED EACH PLAN YEAR: 60 BENEFIT DAYS THE FORMER PRESIDENT, DR. CAROL EATON, WAS PAID $16,129 UNDER THIS PLAN. APPLIES TO AMOUNTS EARNED AFTER 7.1.23 AND IS EFFECTIVE FOR PLAN YEARS BEGINNING ON AND AFTER JULY I, 2023: APPLIES TO AMOUNTS EARNED AFTER 7.1.23 THE BENEFIT FORMULA: AN ELIGIBLE EMPLOYEE'S BENEFIT SHALL BE AN AMOUNT EQUAL TO THE PRODUCT OF (A) SUCH ELIGIBLE EMPLOYEE'S DAILY BASE PAY (DETERMINED AS OF THE END OF THE TERM PROVIDED IN HIS OR HER EMPLOYMENT AGREEMENT WITH THE COLLEGE) MULTIPLIED BY (B) THE SUM FOR ALL PLAN YEARS (UP TO AND INCLUDING THE PLAN YEAR IN WHICH THE TERM PROVIDED IN AN ELIGIBLE EMPLOYEE'S EMPLOYMENT AGREEMENT WITH THE COLLEGE ENDS) OF THE "BENEFIT DAYS" SUCH ELIGIBLE EMPLOYEE HAS EARNED ACCORDING TO THE TABLE PROVIDED BELOW (AND SUBJECT TO THE SPECIFIED LIMITS ON THE NUMBER OF BENEFIT DAYS WHICH MAY BE EARNED IN ANY ONE PLAN YEAR), ROUNDING FRACTIONAL BENEFIT DAYS FOR EACH PLAN YEAR TO THE NEAREST ONE-TENTH (ROUNDING UPWARD; E.G., 21.75 ROUNDS OFF TO 21.8). THE NUMBER OF DAYS OF SERVICE REQUIRED TO EARN ONE BENEFIT DAY AND THE MAXIMUM NUMBER OF BENEFIT DAYS PERMITTED FOR EACH JOB CLASSIFICATION LEVEL ARE AS FOLLOWS: EMPLOYEE'S JOB CLASSIFICATION LEVEL: PRESIDENT DAYS OF SERVICE TO EARN ONE BENEIFT DAY IN EACH PLAN YEAR: 4.3 DAYS OF SERVICE MAXIMUM NUMBER OF BENEFIT DAYS WHICH MAY BE EARNED EACH PLAN YEAR: 60 BENEFIT DAYS