Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $57,297

• 1e · Government grants (contributions)

  $362,943

• 1f · All other contributions, gifts and grants

  $9,030,987

• 1g · Noncash contributions included above

  $584,139

• 2a · Program service revenue: Tuition & Fees

  total $33,174,110 · related or exempt $33,174,110

• 2b · Program service revenue: Auxiliary Enterprises

  total $5,492,312 · related or exempt $5,492,312

• 2c · Program service revenue: Conference & Events

  total $161,513 · related or exempt $161,513

• 2f · All other program service revenue

  total $89,523 · related or exempt $89,523

• 3 · Investment income

  total $939,722 · excluded $939,722

• 6a · Gross rents

  real property $38,476

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $38,476

• 6d · Net rental income or loss

  total $38,476 · excluded $38,476

• 7a · Gross sales of assets other than inventory

  securities $1,594,391

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

  securities $660,702

• 7c · Gain or loss

  securities $933,689

• 7d · Net gain or loss

  total $933,689 · excluded $933,689

• 8a · Fundraising events: gross income

  $12,950

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

  $57,297

• 8b · Fundraising events: direct expenses

  $36,447

• 8c · Net income from fundraising events

  total -$23,497 · excluded -$23,497

• 10a · Gross sales of inventory

  $264,638

• 10b · Cost of goods sold

  $127,739

• 10c · Net income from sales of inventory

  total $136,899 · related or exempt $136,899

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $17,062,721 · program services $17,062,721

• 5 · Compensation of officers, directors and key employees

  total $330,179 · management and general $330,179

• 7 · Other salaries and wages

  total $13,947,138 · program services $11,943,749 · management and general $1,215,892 · fundraising $787,497

• 8 · Pension plan contributions

  total $464,162 · program services $377,735 · management and general $57,629 · fundraising $28,798

• 9 · Other employee benefits

  total $2,544,587 · program services $2,326,937 · management and general $125,273 · fundraising $92,377

• 10 · Payroll taxes

  total $996,114 · program services $821,174 · management and general $125,806 · fundraising $49,134

• 11a · Fees: management

  total $339,150 · management and general $339,150

• 11b · Fees: legal

  total $11,371 · management and general $11,371

• 11c · Fees: accounting

  total $66,250 · management and general $66,250

• 11e · Fees: professional fundraising services

  total $94,814 · fundraising $94,814

• 11f · Fees: investment management

  total $99,864 · management and general $99,864

• 11g · Fees: other

  total $945,403 · program services $630,006 · management and general $165,081 · fundraising $150,316

• 12 · Advertising and promotion

  total $316,424 · management and general $316,424

• 13 · Office expenses

  total $2,332,473 · program services $2,118,362 · management and general $159,760 · fundraising $54,351

• 14 · Information technology

  total $641,066 · program services $213,688 · management and general $213,689 · fundraising $213,689

• 16 · Occupancy

  total $6,442 · program services $6,442

• 17 · Travel

  total $808,067 · program services $776,038 · management and general $6,850 · fundraising $25,179

• 19 · Conferences, conventions and meetings

  total $81,240 · program services $53,330 · management and general $19,471 · fundraising $8,439

• 20 · Interest

  total $383,810 · program services $341,508 · management and general $42,302

• 22 · Depreciation, depletion and amortization

  total $2,035,687 · program services $1,811,322 · management and general $224,365

• 23 · Insurance

  total $130,549 · program services $130,549

• 24a · Other expenses: Repairs and Maintenance

  total $2,261,181 · program services $2,022,686 · management and general $238,495

• 24b · Other expenses: Bad Debt Expense

  total $327,893 · program services $5,729 · management and general $322,164

• 24c · Other expenses: Campus Events

  total $239,323 · program services $154,228 · management and general $38,906 · fundraising $46,189

• 24d · Other expenses: Memberships

  total $186,644 · program services $72,895 · management and general $111,311 · fundraising $2,438

• 24e · All other expenses

  total $173,190 · program services $32,307 · management and general $140,883

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,810 · end of year $1,810

• 2 · Savings and temporary cash investments

  beginning of year $1,256,525 · end of year $2,196,312

• 3 · Pledges and grants receivable

  beginning of year $179,096 · end of year $733,338

• 4 · Accounts receivable

  beginning of year $899,321 · end of year $927,015

• 8 · Inventories for sale or use

  beginning of year $108,819 · end of year $123,490

• 9 · Prepaid expenses and deferred charges

  beginning of year $257,678 · end of year $393,726

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

  $81,533,369

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

  $48,457,977

• 10c · Land, buildings and equipment, net

  beginning of year $32,512,348 · end of year $33,075,392

• 11 · Investments: publicly traded securities

  beginning of year $21,494,812 · end of year $24,972,832

• 12 · Investments: other securities

  beginning of year $9,051,541 · end of year $8,820,226

• 13 · Investments: program-related

  beginning of year $662,475 · end of year $590,069

• 15 · Other assets

  beginning of year $3,287,213 · end of year $1,663,745

• 17 · Accounts payable and accrued expenses

  beginning of year $2,026,507 · end of year $1,801,106

• 19 · Deferred revenue

  beginning of year $1,373,316 · end of year $1,294,661

• 20 · Tax-exempt bond liabilities

  beginning of year $5,191,078 · end of year $4,944,857

• 21 · Escrow or custodial account liability

  beginning of year $99,753 · end of year $91,899

• 23 · Secured mortgages and notes payable

  beginning of year $235,839

• 24 · Unsecured notes and loans payable

  beginning of year $1,750,000

• 25 · Other liabilities

  beginning of year $1,990,689 · end of year $2,173,295

• 27 · Net assets without donor restrictions

  beginning of year $37,642,699 · end of year $41,332,921

• 28 · Net assets with donor restrictions

  beginning of year $19,401,757 · end of year $21,859,216

The filer's explanations (Part III)

Part I, Line 1a

Fletcher Lamkin, Interim President received a non-taxable housing allowance. The Interim President was compensated by the The Registry, an unrelated organization, for services to Clarke University. A plaque in the house states the house was donated to Clarke for use as the Presidential residence. The Interim President conducts significant business activities and university related entertainment on university property. The residence is owned by Clarke and designated the Official University Presidential House. The University pays country club dues on behalf of Fletcher Lamkin, Interim President, and William Biebuyck, Vice President for Institutional Advancement. The individuals use the country club for business purposes and understand that personal use would be a taxable benefit.

Part I, Line 1b

The Organization does not have its own written policy regarding payment or reimbursement of expenses for the country club dues, however it follows the IRS tax law related to taxable employer benefits for the employees for which the University pays country club dues.

Part I, Line 3

The Interim President was paid by a management company. The Board and management company use one or more of the methods on Part I, line 3 to establish compensation.

Related corporations and trusts

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

• Charitable Remainder Trust (1)

  T · Charitable income · AZ