Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $280,857

• 1f · All other contributions, gifts and grants

  $71,512

• 2a · Program service revenue: Tuition and Fees

  total $45,317,641 · related or exempt $45,317,641

• 2b · Program service revenue: Student Financial Aid

  total $11,518,376 · related or exempt $11,518,376

• 2c · Program service revenue: Room and Board

  total $595,538 · related or exempt $595,538

• 2d · Program service revenue: Miscellaneous

  total $458,854 · related or exempt $282,186 · unrelated business $176,668

• 3 · Investment income

  total $532,381 · excluded $532,381

• 6a · Gross rents

  real property $22,180

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $22,180

• 6d · Net rental income or loss

  total $22,180 · excluded $22,180

• 7a · Gross sales of assets other than inventory

  securities $9,542,166

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

  securities $9,225,934

• 7c · Gain or loss

  securities $316,232

• 7d · Net gain or loss

  total $316,232 · excluded $316,232

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $11,754,703 · program services $11,754,703

• 5 · Compensation of officers, directors and key employees

  total $541,559 · management and general $541,559

• 7 · Other salaries and wages

  total $11,351,307 · program services $10,197,483 · management and general $1,059,979 · fundraising $93,845

• 8 · Pension plan contributions

  total $500,795 · program services $496,652 · fundraising $4,143

• 9 · Other employee benefits

  total $973,018 · program services $963,257 · management and general $1,724 · fundraising $8,037

• 10 · Payroll taxes

  total $933,110 · program services $895,762 · management and general $29,874 · fundraising $7,474

• 11b · Fees: legal

  total $73,966 · program services $73,966

• 11c · Fees: accounting

  total $109,827 · management and general $109,827

• 11f · Fees: investment management

  total $70,959 · management and general $70,959

• 11g · Fees: other

  total $7,817,302 · program services $7,445,606 · management and general $371,696

• 12 · Advertising and promotion

  total $8,673,315 · program services $8,646,502 · management and general $26,813

• 13 · Office expenses

  total $2,837,376 · program services $2,505,551 · management and general $329,438 · fundraising $2,387

• 14 · Information technology

  total $1,317,017 · program services $1,267,529 · management and general $48,916 · fundraising $572

• 16 · Occupancy

  total $1,325,255 · program services $1,308,973 · management and general $16,282

• 17 · Travel

  total $131,491 · program services $63,929 · management and general $67,342 · fundraising $220

• 19 · Conferences, conventions and meetings

  total $84,215 · program services $58,925 · management and general $24,670 · fundraising $620

• 20 · Interest

  total $421,112 · program services $421,112

• 22 · Depreciation, depletion and amortization

  total $2,833,116 · program services $1,785,021 · management and general $1,048,095

• 23 · Insurance

  total $306,237 · program services $218,032 · management and general $88,205

• 24a · Other expenses: Loss of Disposal of Fix

  total $1,299,272 · program services $1,299,272

• 24b · Other expenses: Miscellaneous Expenses

  total $101,768 · program services $97,196 · management and general $1,728 · fundraising $2,844

• 24c · Other expenses: Books & Periodicals

  total $57,121 · program services $57,121

• 24d · Other expenses: Food Costs

  total $31,468 · program services $7,096 · management and general $24,372

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,567,660 · end of year $148,592

• 2 · Savings and temporary cash investments

  beginning of year $2,434,557 · end of year $20,842,448

• 3 · Pledges and grants receivable

  beginning of year $4,611,966 · end of year $1,052,362

• 4 · Accounts receivable

  beginning of year $2,055,653 · end of year $582,170

• 8 · Inventories for sale or use

  beginning of year $94,554 · end of year $94,554

• 9 · Prepaid expenses and deferred charges

  beginning of year $113,687 · end of year $829,937

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

  $50,165,388

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

  $26,205,307

• 10c · Land, buildings and equipment, net

  beginning of year $25,898,079 · end of year $23,960,081

• 11 · Investments: publicly traded securities

  beginning of year $18,681,204 · end of year $18,410,025

• 14 · Intangible assets

  end of year $8,688,883

• 15 · Other assets

  beginning of year $340,545 · end of year $671,571

• 17 · Accounts payable and accrued expenses

  beginning of year $3,914,137 · end of year $2,618,855

• 19 · Deferred revenue

  beginning of year $632,062 · end of year $731,212

• 20 · Tax-exempt bond liabilities

  beginning of year $12,156,655 · end of year $11,367,185

• 25 · Other liabilities

  beginning of year $0 · end of year $10,145,433

• 27 · Net assets without donor restrictions

  beginning of year $26,259,046 · end of year $34,049,404

• 28 · Net assets with donor restrictions

  beginning of year $17,836,005 · end of year $16,368,534

The filer's explanations (Part III)

Part I, Line 1a

During calendar year 2022, Dr. Melik Khoury, President & CEO, received a housing allowance which was included in his taxable compensation of his 2022 W-2.

Part I, Line 7

Dr. Melik Khoury, President & CEO, received a bonus during calendar year 2022 based on merit.

Related corporations and trusts

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

• Charitable Remainder Trust (1)

  Trust · ME