Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $127,672

• 1e · Government grants (contributions)

  $6,867,275

• 1f · All other contributions, gifts and grants

  $6,180,533

• 1g · Noncash contributions included above

  $54,128

• 2a · Program service revenue: TUITION & FEES

  total $82,422,688 · related or exempt $82,422,688

• 2b · Program service revenue: ROOM & BOARD

  total $10,188,790 · related or exempt $10,188,790

• 3 · Investment income

  total $281,080 · unrelated business -$433 · excluded $281,513

• 6a · Gross rents

  real property $557,857

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $557,857

• 6d · Net rental income or loss

  total $557,857 · excluded $557,857

• 7a · Gross sales of assets other than inventory

  securities $5,877,664

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

  securities $6,243,417

• 7c · Gain or loss

  securities -$365,753

• 7d · Net gain or loss

  total -$365,753 · excluded -$365,753

• 8a · Fundraising events: gross income

  $395,166

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

  $127,672

• 8b · Fundraising events: direct expenses

  $192,250

• 8c · Net income from fundraising events

  total $202,916 · excluded $202,916

• 10a · Gross sales of inventory

  $235,396

• 10b · Cost of goods sold

  $261,980

• 10c · Net income from sales of inventory

  total -$26,584 · excluded -$26,584

• 11a · Other revenue: REBATE INCOME

  total $807,004 · excluded $807,004

• 11b · Other revenue: OTHER AUX. REVENUE

  total $173,012 · excluded $173,012

• 11d · All other revenue

  total $757,655 · excluded $757,655

• 11e · Other revenue, total

  $1,737,671

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $36,790,672 · program services $36,790,672

• 5 · Compensation of officers, directors and key employees

  total $925,307 · program services $253,986 · management and general $671,321

• 7 · Other salaries and wages

  total $30,993,108 · program services $23,933,436 · management and general $6,473,959 · fundraising $585,713

• 8 · Pension plan contributions

  total $1,070,719 · program services $807,812 · management and general $238,870 · fundraising $24,037

• 9 · Other employee benefits

  total $3,448,531 · program services $2,646,253 · management and general $724,859 · fundraising $77,419

• 10 · Payroll taxes

  total $2,356,733 · program services $1,808,454 · management and general $495,371 · fundraising $52,908

• 11b · Fees: legal

  total $348,460 · management and general $348,460

• 11c · Fees: accounting

  total $356,517 · management and general $356,517

• 11d · Fees: lobbying

  total $566 · management and general $566

• 11f · Fees: investment management

  total $71,182 · management and general $71,182

• 11g · Fees: other

  total $1,647,652 · program services $1,030,944 · management and general $466,661 · fundraising $150,047

• 12 · Advertising and promotion

  total $216,240 · program services $332 · management and general $215,271 · fundraising $637

• 13 · Office expenses

  total $1,143,309 · program services $633,680 · management and general $335,423 · fundraising $174,206

• 14 · Information technology

  total $1,087,046 · program services $89,100 · management and general $997,930 · fundraising $16

• 16 · Occupancy

  total $4,157,352 · program services $99,398 · management and general $4,057,954

• 17 · Travel

  total $400,146 · program services $351,653 · management and general $41,059 · fundraising $7,434

• 19 · Conferences, conventions and meetings

  total $90,290 · program services $78,088 · management and general $12,202

• 20 · Interest

  total $346,740 · management and general $346,740

• 22 · Depreciation, depletion and amortization

  total $6,569,082 · program services $6,118,084 · management and general $450,998

• 23 · Insurance

  total $1,038,313 · management and general $1,038,313

• 24a · Other expenses: CONTRACTUAL SERVICES

  total $7,908,138 · program services $6,385,130 · management and general $1,482,704 · fundraising $40,304

• 24b · Other expenses: FOOD SERVICE

  total $1,329,313 · program services $1,204,170 · management and general $74,611 · fundraising $50,532

• 24c · Other expenses: BAD DEBT

  total $719,194 · management and general $719,194

• 24d · Other expenses: ALLOCATED INDIRECT EXP.

  total $0 · program services $8,493,613 · management and general -$8,670,925 · fundraising $177,312

• 24e · All other expenses

  total $2,296,047 · program services $1,686,582 · management and general $505,970 · fundraising $103,495

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,312 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $13,960,611 · end of year $10,121,699

• 3 · Pledges and grants receivable

  beginning of year $3,138,950 · end of year $2,538,798

• 4 · Accounts receivable

  beginning of year $2,434,462 · end of year $4,754,281

• 7 · Other notes and loans receivable

  beginning of year $585,967 · end of year $611,995

• 8 · Inventories for sale or use

  beginning of year $145,545 · end of year $167,600

• 9 · Prepaid expenses and deferred charges

  beginning of year $249,574 · end of year $348,645

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

  $168,307,797

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

  $91,362,632

• 10c · Land, buildings and equipment, net

  beginning of year $76,017,778 · end of year $76,945,165

• 11 · Investments: publicly traded securities

  beginning of year $13,246,641 · end of year $13,765,065

• 12 · Investments: other securities

  beginning of year $24,723,325 · end of year $30,442,639

• 15 · Other assets

  beginning of year $4,939,152 · end of year $4,288,451

• 17 · Accounts payable and accrued expenses

  beginning of year $3,514,105 · end of year $2,482,934

• 19 · Deferred revenue

  beginning of year $3,425,280 · end of year $4,667,599

• 20 · Tax-exempt bond liabilities

  beginning of year $19,575,114 · end of year $21,950,294

• 21 · Escrow or custodial account liability

  beginning of year $981,005 · end of year $907,003

• 23 · Secured mortgages and notes payable

  beginning of year $12,815,000 · end of year $7,965,000

• 25 · Other liabilities

  beginning of year $6,255,687 · end of year $6,168,380

• 27 · Net assets without donor restrictions

  beginning of year $59,924,687 · end of year $61,417,727

• 28 · Net assets with donor restrictions

  beginning of year $32,958,439 · end of year $38,425,401

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE THE UNIVERSITY'S PRESIDENT, SUSAN R. BURNS, RECEIVED A 7 MONTH HOUSING ALLOWANCE DURING CALENDAR YEAR 2022 AS SHE AWAITED FOR THE UNIVERSITY TO FINALIZE THE PURCHASE OF THE PRESIDENT'S RESIDENCE THAT IS IN CLOSE PROXIMITY TO CAMPUS, WHERE SHE WILL BE REQUIRED TO LIVE AS A CONDITION OF HER EMPLOYMENT. THE HOUSING ALLOWANCE PAID IN CALENDAR YEAR 2022 IS INCLUDED IN TAXABLE INCOME AND REPORTED IN SCHEDULE J, PART II, COLUMN B(III). THE HOUSING ALLOWANCE PAID WAS PART OF THE PRESIDENT'S COMPENSATION PACKAGE AND WITHIN THE EMPLOYMENT AGREEMENT. AS SUCH, THERE IS NO WRITTEN POLICY REGARDING PAYMENT OR REIMBURSEMENT. IN AUGUST OF 2022, SUSAN R. BURNS MOVED IN TO THE PRESIDENT'S RESIDENCE FOR THE REMAINDER OF CALENDAR YEAR 2022. THE FAIR MARKET VALUE OF THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT IN THE PRESIDENT'S COMPENSATION.