Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $555,971

• 1e · Government grants (contributions)

  $648,522

• 1f · All other contributions, gifts and grants

  $1,010,229

• 1g · Noncash contributions included above

  $97,935

• 2a · Program service revenue: TUITION AND FEES

  total $68,153,785 · related or exempt $68,153,785

• 2b · Program service revenue: ROOM & BOARD (AUX ENT)

  total $10,472,572 · related or exempt $10,472,572

• 3 · Investment income

  total $1,193,410 · unrelated business $5,472 · excluded $1,187,938

• 6a · Gross rents

  real property $885,497

• 6b · Less rental expenses

  real property $275,139

• 6c · Rental income or loss

  real property $610,358

• 6d · Net rental income or loss

  total $610,358 · excluded $610,358

• 7a · Gross sales of assets other than inventory

  securities $4,719,625

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

  securities $3,305,012

• 7c · Gain or loss

  securities $1,414,613

• 7d · Net gain or loss

  total $1,414,613 · excluded $1,414,613

• 8a · Fundraising events: gross income

  $41,100

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

  $555,971

• 8b · Fundraising events: direct expenses

  $102,553

• 8c · Net income from fundraising events

  total -$61,453 · excluded -$61,453

• 11a · Other revenue: EDUCATIONAL PROGRAMS

  total $579,832 · related or exempt $579,832

• 11b · Other revenue: EVENT CATERING

  total $551,226 · related or exempt $13,719 · unrelated business $537,507

• 11c · Other revenue: BOOKSTORE & OTHER COMM

  total $187,954 · excluded $187,954

• 11d · All other revenue

  total $287,277 · related or exempt $165,859 · excluded $121,418

• 11e · Other revenue, total

  $1,606,289

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $30,759,983 · program services $30,759,983

• 5 · Compensation of officers, directors and key employees

  total $1,644,520 · program services $126,438 · management and general $1,191,977 · fundraising $326,105

• 7 · Other salaries and wages

  total $25,508,884 · program services $21,892,631 · management and general $3,516,423 · fundraising $99,830

• 8 · Pension plan contributions

  total $664,544 · program services $514,091 · management and general $141,083 · fundraising $9,370

• 9 · Other employee benefits

  total $4,515,292 · program services $3,493,030 · management and general $958,596 · fundraising $63,666

• 10 · Payroll taxes

  total $2,113,802 · program services $1,635,237 · management and general $448,760 · fundraising $29,805

• 11b · Fees: legal

  total $90,801 · program services $70,244 · management and general $19,277 · fundraising $1,280

• 11c · Fees: accounting

  total $207,125 · management and general $207,125

• 11d · Fees: lobbying

  total $511 · management and general $511

• 11f · Fees: investment management

  total $99,798 · management and general $99,798

• 11g · Fees: other

  total $2,496,046 · program services $1,931,337 · management and general $529,508 · fundraising $35,201

• 12 · Advertising and promotion

  total $815,490 · program services $630,863 · management and general $173,129 · fundraising $11,498

• 13 · Office expenses

  total $841,864 · program services $651,266 · management and general $178,728 · fundraising $11,870

• 14 · Information technology

  total $2,970,564 · program services $2,298,028 · management and general $630,651 · fundraising $41,885

• 16 · Occupancy

  total $2,598,483 · program services $2,010,186 · management and general $551,658 · fundraising $36,639

• 17 · Travel

  total $919,032 · program services $710,963 · management and general $195,111 · fundraising $12,958

• 19 · Conferences, conventions and meetings

  total $579,039 · program services $447,945 · management and general $122,930 · fundraising $8,164

• 20 · Interest

  total $739,525 · program services $572,097 · management and general $157,001 · fundraising $10,427

• 22 · Depreciation, depletion and amortization

  total $3,177,884 · program services $2,458,411 · management and general $674,665 · fundraising $44,808

• 23 · Insurance

  total $1,360,218 · program services $1,052,265 · management and general $288,774 · fundraising $19,179

• 24a · Other expenses: STUDENT BOARD

  total $4,719,006 · program services $3,650,623 · management and general $1,001,845 · fundraising $66,538

• 24b · Other expenses: CONTRACT SERVICES

  total $1,657,244 · program services $1,282,044 · management and general $351,833 · fundraising $23,367

• 24c · Other expenses: SECURITY SERVICES

  total $1,034,483 · program services $800,276 · management and general $219,621 · fundraising $14,586

• 24d · Other expenses: CREDIT CARD FEES

  total $427,334 · program services $330,586 · management and general $90,723 · fundraising $6,025

• 24e · All other expenses

  total $3,622,081 · program services $2,802,042 · management and general $768,968 · fundraising $51,071

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,177,145 · end of year $3,350

• 2 · Savings and temporary cash investments

  beginning of year $2,807 · end of year $3,891,584

• 3 · Pledges and grants receivable

  beginning of year $51,501 · end of year $116,222

• 4 · Accounts receivable

  beginning of year $2,330,435 · end of year $1,867,088

• 7 · Other notes and loans receivable

  beginning of year $461,685 · end of year $92,221

• 9 · Prepaid expenses and deferred charges

  beginning of year $825,274 · end of year $909,970

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

  $143,477,246

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

  $106,697,487

• 10c · Land, buildings and equipment, net

  beginning of year $39,020,961 · end of year $36,779,759

• 11 · Investments: publicly traded securities

  beginning of year $34,018,749 · end of year $33,873,424

• 15 · Other assets

  beginning of year $569,914 · end of year $902,921

• 17 · Accounts payable and accrued expenses

  beginning of year $5,076,393 · end of year $7,305,431

• 19 · Deferred revenue

  beginning of year $7,330,786 · end of year $7,088,500

• 21 · Escrow or custodial account liability

  beginning of year $106,111 · end of year $101,344

• 23 · Secured mortgages and notes payable

  beginning of year $18,274,019 · end of year $17,802,499

• 25 · Other liabilities

  beginning of year $1,147,810 · end of year $1,071,162

• 27 · Net assets without donor restrictions

  beginning of year $30,599,509 · end of year $22,390,083

• 28 · Net assets with donor restrictions

  beginning of year $20,923,843 · end of year $22,677,520

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT OF THE UNIVERSITY IS PROVIDED A HOME ON THE CAMPUS AS A CONDITION OF HIS/HER EMPLOYMENT. THE VALUE OF THE ON-CAMPUS RESIDENCE PROVIDED TO THE PRESIDENT HAS BEEN ASSIGNED A FAIR MARKET VALUE OF $50,000 AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN D. IN ADDITION, THE UNIVERSITY PROVIDES HOUSECLEANING SERVICES FOR THE PRESIDENT'S PERSONAL LIVING QUARTERS AT THE EMPLOYER-PROVIDED RESIDENCE. FORMER INTERIM PRESIDENT (07/2022-06/2023), LOUISE FEROE, RECEIVED ON-CAMPUS HOUSING AS A NECESSARY CONDITION OF HER EMPLOYMENT (AS FY23 ACTING PRESIDENT OF THE UNIVERSITY). THIS HOUSING BENEFIT WAS FACTORED INTO THE OVERALL COMPENSATION PAID TO THE THIRD PARTY EXECUTIVE RECRUITING FIRM THAT PAID MS. FEROE. SEVERAL OF THE INDIVIDUALS REPORTED ON THE SCHEDULE J PLAY AN INTEGRAL ROLE IN THE UNIVERSITY'S STUDENT AFFAIRS AND ARE REQUIRED, AS A CONDITION OF THEIR EMPLOYMENT, TO LIVE ON CAMPUS TO RESPOND TO POTENTIAL EMERGENCY SCENARIOS. THE VALUE OF THE UNIVERSITY PROVIDED HOUSING HAS BEEN REPORTED AS A NON-TAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN (D) FOR THE FOLLOWING INDIVIDUALS: CHRISTINE DEHNE CINDY PORTER

PART I, LINE 4A

FORMER PRESIDENT, MICHAEL GEISLER, RECEIVED A SEVERANCE PAYMENT IN CALENDAR YEAR 2023 IN THE AMOUNT OF $217,600. THIS SEVERANCE PAYMENT WAS REPORTED ON THE PREVIOUS YEAR'S FORM 990 AS DEFERRED COMPENSATION IN COLUMN (C) (BECAUSE IT HAD NOT YET BEEN PAID OUT) AND IS REQUIRED TO BE REPORTED AGAIN THIS YEAR WHEN IT WAS ACTUALLY PAID. THIS IS NOTED IN SCHEDULE J WITH THE REPORTING OF THIS COMPENSATION IN COLUMNS (B)(III) AND (F).

PART I, LINE 7

SEVERAL INDIVIDUALS REPORTED IN SCHEDULE J OF THE FORM 990 RECEIVED DISCRETIONARY BONUSES IN CALENDAR YEAR 2023 THAT WERE AUTHORIZED BY THE UNIVERSITY'S FORMER INTERIM PRESIDENT, LOUISE FEROE AND ULTIMATELY APPROVED BY THE UNIVERSITY'S BOARD OF DIRECTORS. ALL BONUSES WERE ISSUED BASED ON THE EMPLOYEE HAVING MET CERTAIN OBJECTIVE PERFORMANCE-BASED CRITERIA.