Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $4,113,932

• 1f · All other contributions, gifts and grants

  $7,952,884

• 1g · Noncash contributions included above

  $741,767

• 2a · Program service revenue: TUITION & FEES

  total $233,630,910 · related or exempt $233,630,910

• 2b · Program service revenue: ROOM & BOARD

  total $55,410,752 · related or exempt $55,410,752

• 2c · Program service revenue: STUDENT INSURANCE

  total $2,023,080 · related or exempt $2,023,080

• 2d · Program service revenue: ANCILLARY STUDENT SVCS

  total $1,282,961 · related or exempt $1,282,961

• 2e · Program service revenue: CAMPUS DINING SERVICES

  total $880,558 · related or exempt $880,558

• 2f · All other program service revenue

  total $2,138,829 · related or exempt $1,165,394 · unrelated business $262,079 · excluded $711,356

• 3 · Investment income

  total $11,743,409 · unrelated business $337,264 · excluded $11,406,145

• 5 · Royalties

  total $46,830 · excluded $46,830

• 6a · Gross rents

  real property $143,030

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $143,030

• 6d · Net rental income or loss

  total $143,030 · unrelated business $38,960 · excluded $104,070

• 7a · Gross sales of assets other than inventory

  securities $161,434,686

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

  securities $123,581,386

• 7c · Gain or loss

  securities $37,853,300

• 7d · Net gain or loss

  total $37,853,300 · excluded $37,853,300

• 10a · Gross sales of inventory

  $1,370,738

• 10b · Cost of goods sold

  $922,149

• 10c · Net income from sales of inventory

  total $448,589 · related or exempt $431,302 · excluded $17,287

• 11a · Other revenue: REBATES & REFUNDS

  total $253,773 · excluded $253,773

• 11d · All other revenue

  total $153,237 · excluded $153,237

• 11e · Other revenue, total

  $407,010

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $348,528 · program services $348,528

• 2 · Grants to domestic individuals

  total $115,586,120 · program services $115,586,120

• 3 · Grants to foreign organizations and individuals

  total $4,460,402 · program services $4,460,402

• 5 · Compensation of officers, directors and key employees

  total $3,042,758 · program services $791,659 · management and general $2,199,807 · fundraising $51,292

• 6 · Compensation of disqualified persons

  total $799,269 · program services $640,437 · management and general $158,832

• 7 · Other salaries and wages

  total $92,284,380 · program services $77,505,990 · management and general $13,315,244 · fundraising $1,463,146

• 8 · Pension plan contributions

  total $5,694,438 · program services $4,660,948 · management and general $942,431 · fundraising $91,059

• 9 · Other employee benefits

  total $14,670,755 · program services $12,098,135 · management and general $2,362,671 · fundraising $209,949

• 10 · Payroll taxes

  total $6,424,351 · program services $5,258,212 · management and general $1,063,408 · fundraising $102,731

• 11b · Fees: legal

  total $329,354 · management and general $329,354

• 11c · Fees: accounting

  total $234,528 · management and general $234,528

• 11f · Fees: investment management

  total $752,451 · management and general $752,451

• 11g · Fees: other

  total $9,921,711 · program services $6,367,221 · management and general $3,346,146 · fundraising $208,344

• 12 · Advertising and promotion

  total $381,506 · program services $116,205 · management and general $265,301

• 13 · Office expenses

  total $7,821,747 · program services $4,930,109 · management and general $2,801,284 · fundraising $90,354

• 14 · Information technology

  total $6,661,631 · program services $2,727,456 · management and general $3,805,333 · fundraising $128,842

• 16 · Occupancy

  total $9,466,333 · program services $8,865,116 · management and general $601,217

• 17 · Travel

  total $3,386,708 · program services $3,012,045 · management and general $270,594 · fundraising $104,069

• 19 · Conferences, conventions and meetings

  total $1,265,859 · program services $835,989 · management and general $406,989 · fundraising $22,881

• 20 · Interest

  total $4,586,568 · program services $4,586,568

• 22 · Depreciation, depletion and amortization

  total $19,939,153 · program services $18,664,107 · management and general $1,214,902 · fundraising $60,144

• 23 · Insurance

  total $3,770,336 · program services $2,354,293 · management and general $1,416,043

• 24a · Other expenses: FOOD SERVICE EXPENSE

  total $4,375,146 · program services $4,251,457 · management and general $123,689

• 24b · Other expenses: BAD DEBT EXPENSE

  total $2,602,636 · program services $6,841 · management and general $2,595,795

• 24c · Other expenses: REPAIRS & MAINTENANCE

  total $1,838,909 · program services $1,336,721 · management and general $502,188

• 24d · Other expenses: DUES & MEMBERSHIPS

  total $460,897 · program services $271,181 · management and general $185,301 · fundraising $4,415

• 24e · All other expenses

  total $864,129 · program services $572,141 · management and general $291,054 · fundraising $934

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,394,823 · end of year $1,160,564

• 2 · Savings and temporary cash investments

  beginning of year $3,477,945 · end of year $12,589,538

• 3 · Pledges and grants receivable

  beginning of year $3,464,821 · end of year $1,784,828

• 4 · Accounts receivable

  beginning of year $9,059,934 · end of year $5,070,986

• 7 · Other notes and loans receivable

  beginning of year $3,396,057 · end of year $2,497,622

• 8 · Inventories for sale or use

  beginning of year $876,872 · end of year $595,679

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,638,031 · end of year $4,628,990

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

  $677,009,833

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

  $336,258,965

• 10c · Land, buildings and equipment, net

  beginning of year $343,923,049 · end of year $340,750,868

• 11 · Investments: publicly traded securities

  beginning of year $259,334,497 · end of year $290,000,198

• 12 · Investments: other securities

  beginning of year $196,719,126 · end of year $181,504,625

• 15 · Other assets

  beginning of year $10,211,547 · end of year $8,931,622

• 17 · Accounts payable and accrued expenses

  beginning of year $22,403,770 · end of year $22,980,358

• 19 · Deferred revenue

  beginning of year $3,744,397 · end of year $3,284,027

• 20 · Tax-exempt bond liabilities

  beginning of year $97,143,757 · end of year $93,145,370

• 23 · Secured mortgages and notes payable

  beginning of year $19,115,495 · end of year $18,708,083

• 25 · Other liabilities

  beginning of year $33,701,388 · end of year $29,725,273

• 27 · Net assets without donor restrictions

  beginning of year $509,829,932 · end of year $523,678,739

• 28 · Net assets with donor restrictions

  beginning of year $149,557,963 · end of year $157,993,670

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE PRESIDENT LA JERNE TERRY CORNISH RECEIVED $11,211 IN FRINGE BENEFITS IN CALENDAR YEAR 2022, INCLUDING THE PERSONAL USE OF HOUSING, CLEANING SERVICES FOR SAID HOUSING, AND A LEASED VEHICLE. THE COLLEGE TREATED THESE BENEFITS AS TAXABLE AND INCLUDED THEM WITHIN INCOME; THIS AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). ROSANNA FERRO RECEIVED A HOUSING FRINGE BENEFIT TOTALING $7,800 IN CALENDAR YEAR 2022. THIS AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III).

PART I, LINE 4A

VACATION PAYOUTS: AS PART OF THEIR SEPARATION FROM THEIR ROLES WITH THE COLLEGE, THE FOLLOWING INDIVIDUALS RECEIVED PAYMENTS REPRESENTING ACCRUED AND UNUSED VACATION TIME AS FOLLOWS: WENDY KOBLER, $27,935; HAYLEY HARRIS, $26,775; ROSANNA FERRO, $24,850; DAVID PRUNTY, $18,253; ALKA BRAMHANDKAR, $28,409; TIMOTHY R. CAREY, $28,560; AND JOHN I. POWERS, $22,000. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). RETIREMENT INCENTIVES: DURING THE FISCAL YEAR ENDING JUNE 30, 2023, THE COLLEGE IMPLEMENTED A ONE-TIME INCENTIVE TO RETIRE FOR ELIGIBLE EMPLOYEES. IN CALENDAR YEAR 2022, DAVID PRUNTY RECEIVED THIS ONE-TIME PAYMENT TOTALING $64,250. THIS PAYMENT IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). SEVERANCE PAYMENTS: THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAYMENTS: WENDY KOBLER, $90,000; AND TIMOTHY R. CAREY, $228,479. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). PART I, LINE 4B: SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: NO PERSONS LISTED ON FORM 990 PART VII SECTION A LINE 1A PARTICIPATED IN OR RECEIVED PAYMENT FROM AN IRC SECTION 457(F) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN.

PART I, LINE 7

NON-FIXED PAYMENTS MERIT BONUSES: IN ACCORDANCE WITH THE COLLEGE'S COMPENSATION POLICIES, EMPLOYEES WHO HAVE MADE SPECIFIC AND SIGNIFICANT ACCOMPLISHMENTS AND WHO HAVE PERFORMED WELL IN SUPPORT OF A PROJECT OR INITIATIVE DURING THE YEAR MAY BE RECOGNIZED WITH A ONE-TIME MERIT PAYMENT. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II). OTHER BONUSES: THE FOLLOWING INDIVIDUALS RECEIVED RETENTION BONUSES: KIRRA FRANZESE, $20,000; EMILY ROCKETT, $15,000; AND DAVID L. WEIL, $10,000. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II). TAXABLE REIMBURSEMENTS: LA JERNE TERRY CORNISH RECEIVED TAXABLE COMPENSATION OF $1,600 RELATED TO PERSONAL FINANCIAL SERVICES. THIS PAYMENT IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). ADDITIONAL DUTIES: IN ACCORDANCE WITH THE COLLEGE'S COMPENSATION POLICIES, FACULTY WHO PERFORM ADDITIONAL DUTIES AND MEET CERTAIN ELIGIBILITY REQUIREMENTS ARE ENTITLED TO RECEIVE ADDITIONAL COMPENSATION WHILE PERFORMING THESE ADDITIONAL DUTIES. UNLESS OTHERWISE NARRATED ELSEWHERE IN THIS SCHEDULE J, AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III) REPRESENT THIS COMPENSATION. EMPLOYER CONTRIBUTIONS TO IRC SECTION 403(B) RETIREMENT PLAN: AMOUNTS IN SCHEDULE J, PART II, COLUMN (C) ARE COMPRISED OF EMPLOYER CONTRIBUTIONS TO THE IRC SECTION 403(B) RETIREMENT PLAN. SCHEDULE J, PART II, COLUMN (D) NONTAXABLE BENEFITS: NON-CASH TUITION REMISSION: THE FOLLOWING INDIVIDUALS RECEIVED NON-CASH TUITION REMISSION BENEFITS FOR DEPENDENTS: HAYLEY HARRIS, $16,288; DAVID L. WEIL, $38,173; KIRRA FRANZESE, $15,805; AND JAMES YAGGIE, $12,563. THESE AMOUNTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (D). JOB-RELATED EDUCATION: THE FOLLOWING INDIVIDUALS RECEIVED JOB-RELATED EDUCATION FRINGE BENEFITS: LA JERNE TERRY CORNISH, $6,600; AND WENDY KOBLER, $3,300. THESE AMOUNTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (D). EMPLOYER-PAID HEALTH AND WELLNESS BENEFITS: ALL OTHER AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN (D) ARE COMPRISED OF THE FOLLOWING: EMPLOYER AND EMPLOYEE PORTIONS OF HEALTH BENEFITS INCLUDING MEDICAL PREMIUMS, DENTAL PREMIUMS, VISION & HEARING PREMIUMS, LIFE INSURANCE PREMIUMS, CONTRIBUTIONS TO HEALTH SAVINGS ACCOUNTS, AND CONTRIBUTIONS TO THE EMERITI RETIREE HEALTH CARE PROGRAM.