Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $2,601,294

• 1f · All other contributions, gifts and grants

  $1,935,761

• 1g · Noncash contributions included above

  $71,731

• 2a · Program service revenue: Tuition and Fees

  total $135,444,333 · related or exempt $135,444,333 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Hotel Food and Beverage

  total $12,420,937 · related or exempt $12,420,937 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Sales and Services Auxiliary

  total $5,182,825 · related or exempt $5,182,825 · unrelated business $0 · excluded $0

• 2d · Program service revenue: Sales and Services Educational

  total $18,333 · related or exempt $18,333 · unrelated business $0 · excluded $0

• 2e · Program service revenue: Miscellaneous

  total $614,727 · related or exempt $614,727 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $1,677,811 · related or exempt $0 · unrelated business $0 · excluded $1,677,811

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $138,739 · related or exempt $0 · unrelated business $0 · excluded $138,739

• 6a · Gross rents

  real property $56,216 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $56,216 · personal property $0

• 6d · Net rental income or loss

  total $56,216 · related or exempt $39,860 · unrelated business $16,356 · excluded $0

• 7a · Gross sales of assets other than inventory

  securities $25,742,408 · other assets $0

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

  securities $25,936,362 · other assets $0

• 7c · Gain or loss

  securities -$193,954 · other assets $0

• 7d · Net gain or loss

  total -$193,954 · related or exempt $0 · unrelated business $0 · excluded -$193,954

• 8a · Fundraising events: gross income

  $0

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

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11a · Other revenue: Bookstore Commission

  total $298,163 · related or exempt $298,163 · unrelated business $0 · excluded $0

• 11b · Other revenue: Change value split interest agreement

  total -$695 · related or exempt $0 · unrelated business $0 · excluded -$695

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $297,468

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $30,000 · program services $30,000

• 2 · Grants to domestic individuals

  total $26,608,992 · program services $26,608,992

• 3 · Grants to foreign organizations and individuals

  total $15,180 · program services $15,180

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $2,244,476 · program services $608,663 · management and general $1,322,859 · fundraising $312,954

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $57,295,672 · program services $46,463,120 · management and general $10,070,642 · fundraising $761,910

• 8 · Pension plan contributions

  total $882,350 · program services $683,188 · management and general $177,201 · fundraising $21,961

• 9 · Other employee benefits

  total $6,416,585 · program services $9,055,068 · management and general -$3,020,143 · fundraising $381,660

• 10 · Payroll taxes

  total $4,315,736 · program services $3,405,658 · management and general $831,203 · fundraising $78,875

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $236,198 · program services $9,321 · management and general $224,890 · fundraising $1,987

• 11c · Fees: accounting

  total $165,440 · program services $0 · management and general $165,440 · fundraising $0

• 11d · Fees: lobbying

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11g · Fees: other

  total $6,520,696 · program services $4,771,411 · management and general $1,654,499 · fundraising $94,786

• 12 · Advertising and promotion

  total $22,202,090 · program services $22,162,822 · management and general $37,651 · fundraising $1,617

• 13 · Office expenses

  total $2,224,671 · program services $1,468,387 · management and general $679,073 · fundraising $77,211

• 14 · Information technology

  total $5,423,866 · program services $1,404,400 · management and general $4,019,466 · fundraising $0

• 15 · Royalties

  total $5,308 · program services $5,258 · management and general $50 · fundraising $0

• 16 · Occupancy

  total $6,784,323 · program services $7,082,571 · management and general -$328,740 · fundraising $30,492

• 17 · Travel

  total $630,820 · program services $571,229 · management and general $17,416 · fundraising $42,175

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $31,394 · program services $30,081 · management and general $852 · fundraising $461

• 20 · Interest

  total $447 · program services $336 · management and general $111 · fundraising $0

• 21 · Payments to affiliates

  total $0 · program services $0 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $5,255,563 · program services $4,134,359 · management and general $1,112,725 · fundraising $8,479

• 23 · Insurance

  total $816,443 · program services $58,785 · management and general $755,654 · fundraising $2,004

• 24a · Other expenses: Repairs Maintenance Equipment

  total $1,491,256 · program services $844,659 · management and general $641,235 · fundraising $5,362

• 24b · Other expenses: Hospitality

  total $307,435 · program services $286,255 · management and general -$1,842 · fundraising $23,022

• 24c · Other expenses: Other Expenses

  total $452,690 · program services $442,954 · management and general $9,736 · fundraising $0

• 24d · Other expenses: Hotel Services and Support

  total $3,601,413 · program services $1,731,295 · management and general $1,870,118 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $51,774 · end of year $47,365

• 2 · Savings and temporary cash investments

  beginning of year $32,461,572 · end of year $37,626,433

• 3 · Pledges and grants receivable

  beginning of year $262,000 · end of year $106,000

• 4 · Accounts receivable

  beginning of year $9,764,820 · end of year $8,396,721

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $118,616 · end of year $116,076

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,190,603 · end of year $1,612,282

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

  $234,173,866

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

  $154,224,894

• 10c · Land, buildings and equipment, net

  beginning of year $82,043,443 · end of year $79,948,972

• 11 · Investments: publicly traded securities

  beginning of year $48,355,029 · end of year $52,888,400

• 12 · Investments: other securities

  beginning of year $13,261,353 · end of year $14,254,413

• 13 · Investments: program-related

  beginning of year $5,134,132 · end of year $5,309,514

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $893,000 · end of year $451,000

• 17 · Accounts payable and accrued expenses

  beginning of year $13,566,873 · end of year $12,567,607

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $10,831,498 · end of year $10,454,737

• 20 · Tax-exempt bond liabilities

  beginning of year $78,444,943 · end of year $74,728,343

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $842,000 · end of year $1,825,000

• 27 · Net assets without donor restrictions

  beginning of year $55,716,476 · end of year $64,972,376

• 28 · Net assets with donor restrictions

  beginning of year $34,134,552 · end of year $36,209,113

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

First class or Charter Travel: To facilitate its 24 hour security coverage for Dr. Robertson, Regent University provides charter air service for his business and personal flights. The University reports taxable income for Dr. Robertson's personal flights on his form 1099. It uses the Standard Industry Fair Level (SIFL) method as allowed under IRS rules for valuing personal flights. Travel for Companions : Regent University does not provide companion air travel for non-business purposes. Housing allowance: Regent University provides a ministerial housing allowance for qualified faculty and staff. This is reviewed and approved by the board.

Schedule J, Part I, Line 3

Regent University regularly reviews the compensation of its officers and vice presidents to determine whether compensation is reasonable compared to similar positions of responsibility at other institutions. The Compensation Committee of the Board of Trustees (in the absence of the Compensation Committee, the Audit Committee will assume this role) will periodically conduct an independent review of compensation which include the President along with officers and vice presidents. The process includes securing comparable compensation data from an independent source, reviewing the data to ensure that the compensation is reasonable and contemporaneous substantiation of the deliberation and decision-making process takes place. Furthermore, when Regent University hires a new office or vice president, it will ensure that all compensation is reasonable compared to similar positions of responsibility at other institutions.

Schedule J, Part I, Line 4

Psychology faculty member, previous Provost of the university, has been receiving retirement payments according to a previously agreed upon contract. Upon his death, his wife will continue receiving these payments according to a previously agreed upon contract.

Disregarded entities

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

• Founders Conference Center LLC

  Hospitality Services · VA · income $12,421,000 · assets $8,841,000

  Directly controlled by Regent University