Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $146,585

• 1e · Government grants (contributions)

  $879,777

• 1f · All other contributions, gifts and grants

  $4,685,604

• 1g · Noncash contributions included above

  $136,680

• 2a · Program service revenue: STUDENT TUITION AND FEES

  total $36,003,712 · related or exempt $36,003,712

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $6,554,837 · related or exempt $6,554,837

• 2c · Program service revenue: OTHER PROGRAM INCOME

  total $666,321 · related or exempt $666,321

• 2d · Program service revenue: FLIGHT SCHOOL

  total $137,307 · related or exempt $137,307

• 3 · Investment income

  total $1,491,060 · excluded $1,491,060

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

  total $0

• 5 · Royalties

  total $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7a · Gross sales of assets other than inventory

  securities $9,375,894

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

  securities $9,241,839

• 7c · Gain or loss

  securities $134,055

• 7d · Net gain or loss

  total $134,055 · excluded $134,055

• 8a · Fundraising events: gross income

  $0

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

  $146,585

• 8b · Fundraising events: direct expenses

  $82,281

• 8c · Net income from fundraising events

  total -$82,281 · excluded -$82,281

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $12,746,030 · program services $12,746,030

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $1,814,851 · program services $851,283 · management and general $845,203 · fundraising $118,365

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $13,066,200 · program services $11,248,229 · management and general $1,567,654 · fundraising $250,317

• 8 · Pension plan contributions

  total $0

• 9 · Other employee benefits

  total $3,111,708 · program services $2,548,188 · management and general $505,466 · fundraising $58,054

• 10 · Payroll taxes

  total $0

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $25,970 · management and general $25,970

• 11c · Fees: accounting

  total $178,239 · management and general $178,239

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $111,582 · management and general $111,582

• 11g · Fees: other

  total $2,059,216 · program services $970,759 · management and general $999,192 · fundraising $89,265

• 12 · Advertising and promotion

  total $1,338,093 · program services $1,252,291 · management and general $74,964 · fundraising $10,838

• 13 · Office expenses

  total $579,598 · program services $446,928 · management and general $87,484 · fundraising $45,186

• 14 · Information technology

  total $1,228,817 · program services $233,496 · management and general $949,154 · fundraising $46,167

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $1,029,669 · program services $33,609 · management and general $996,060

• 17 · Travel

  total $974,636 · program services $848,513 · management and general $111,951 · fundraising $14,172

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $283,071 · program services $5,955 · management and general $277,116

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $2,048,558 · program services $1,505,690 · management and general $495,751 · fundraising $47,117

• 23 · Insurance

  total $475,266 · program services $31,874 · management and general $443,392

• 24a · Other expenses: FOOD SERVICES

  total $2,639,113 · program services $2,639,113

• 24b · Other expenses: MAINTENANCE & REPAIRS

  total $1,332,727 · program services $872,063 · management and general $445,104 · fundraising $15,560

• 24c · Other expenses: UTILITIES

  total $1,127,331 · program services $944,575 · management and general $166,984 · fundraising $15,772

• 24d · Other expenses: BAD DEBT

  total $400,000 · management and general $400,000

• 24e · All other expenses

  total $2,447,205 · program services $2,123,730 · management and general $292,993 · fundraising $30,482

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,333 · end of year $109

• 2 · Savings and temporary cash investments

  beginning of year $19,392,047 · end of year $20,741,802

• 3 · Pledges and grants receivable

  beginning of year $621,624 · end of year $492,229

• 4 · Accounts receivable

  beginning of year $2,035,906 · end of year $2,341,694

• 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 $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $673,629 · end of year $494,068

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

  $64,528,578

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

  $37,099,276

• 10c · Land, buildings and equipment, net

  beginning of year $27,450,913 · end of year $27,429,302

• 11 · Investments: publicly traded securities

  beginning of year $11,193,334 · end of year $17,510,274

• 12 · Investments: other securities

  beginning of year $16,661,263 · end of year $22,505,288

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $8,906,205 · end of year $10,107,686

• 17 · Accounts payable and accrued expenses

  beginning of year $2,736,849 · end of year $3,063,055

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $4,872,529 · end of year $9,831,083

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 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 $4,075,779 · end of year $3,896,102

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,702,731 · end of year $1,402,858

• 27 · Net assets without donor restrictions

  beginning of year $22,264,181 · end of year $23,837,376

• 28 · Net assets with donor restrictions

  beginning of year $51,284,185 · end of year $59,591,978

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:

THE PRESIDENT OF THE UNIVERSITY IS CONTRACTUALLY OBLIGATED TO LIVE IN HOUSING ADJACENT TO THE UNIVERSITY. SUCH HOUSING IS FOR THE CONVENIENCE OF THE UNIVERSITY; ACCORDINGLY THERE ARE MULTIPLE FUNCTIONS HELD AT THE PRESIDENT'S HOME ANNUALLY. HOUSING VALUE IS APPROXIMATELY $20,000 ANNUALLY AND IS NOT TAXABLE COMPENSATION TO THE PRESIDENT.

Disregarded entities

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

• TROJAN AVIATION LLC

  SEE PART VII · NC · income $137,307 · assets $390,362

  Directly controlled by SEE PART VII