Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,091,429

• 1f · All other contributions, gifts and grants

  $8,436,854

• 1g · Noncash contributions included above

  $1,321,062

• 2a · Program service revenue: TUITION & FEES

  total $57,995,238 · related or exempt $57,995,238

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $12,908,304 · related or exempt $12,908,304

• 2c · Program service revenue: OTHER INCOME

  total $7,488,616 · related or exempt $7,488,616

• 3 · Investment income

  total $474,156 · excluded $474,156

• 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 $15,821,996 · other assets $6,500

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

  securities $15,781,818 · other assets $12,893

• 7c · Gain or loss

  securities $40,178 · other assets -$6,393

• 7d · Net gain or loss

  total $33,785 · excluded $33,785

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 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 $30,537,937 · program services $30,537,937

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $3,186,633 · program services $209,530 · management and general $2,349,029 · fundraising $628,074

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $29,043,213 · program services $22,315,280 · management and general $5,448,266 · fundraising $1,279,667

• 8 · Pension plan contributions

  total $806,471 · program services $638,433 · management and general $131,179 · fundraising $36,859

• 9 · Other employee benefits

  total $4,192,709 · program services $2,517,318 · management and general $1,478,497 · fundraising $196,894

• 10 · Payroll taxes

  total $2,019,760 · program services $1,570,153 · management and general $339,461 · fundraising $110,146

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $142,761 · management and general $142,761

• 11c · Fees: accounting

  total $123,697 · management and general $123,697

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $19,820 · fundraising $19,820

• 11f · Fees: investment management

  total $474,156 · management and general $474,156

• 11g · Fees: other

  total $315,815 · program services $236,730 · management and general $79,085

• 12 · Advertising and promotion

  total $539,966 · management and general $539,966

• 13 · Office expenses

  total $3,140,775 · program services $2,594,650 · management and general $428,472 · fundraising $117,653

• 14 · Information technology

  total $2,162,979 · program services $48,139 · management and general $2,113,347 · fundraising $1,493

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $4,988,194 · program services $17,500 · management and general $4,970,694

• 17 · Travel

  total $2,621,377 · program services $2,434,308 · management and general $167,584 · fundraising $19,485

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,857,826 · program services $507,049 · management and general $2,207,788 · fundraising $142,989

• 20 · Interest

  total $4,300,701 · program services $4,300,701

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $6,864,682 · program services $6,864,682

• 23 · Insurance

  total $475,831 · management and general $475,831

• 24a · Other expenses: SVCS PURCHASED & MAINTENANCE

  total $5,875,651 · program services $3,153,864 · management and general $2,721,787

• 24b · Other expenses: DINING SERVICES

  total $3,351,534 · program services $3,351,534

• 24c · Other expenses: MEMBERSHIPS & SUBSCRIPTIONS

  total $454,436 · program services $333,854 · management and general $120,582

• 24d · Other expenses: BAD DEBT EXPENSE

  total $164,088 · management and general $164,088

• 24e · All other expenses

  total $231,607 · program services $71,451 · management and general $146,905 · fundraising $13,251

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,212,988 · end of year $9,517,453

• 2 · Savings and temporary cash investments

  beginning of year $23,221,249 · end of year $19,666,483

• 3 · Pledges and grants receivable

  beginning of year $6,171,856 · end of year $4,256,763

• 4 · Accounts receivable

  beginning of year $3,277,245 · end of year $2,056,149

• 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 $3,257,062 · end of year $1,165,907

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

  $232,402,250

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

  $84,010,060

• 10c · Land, buildings and equipment, net

  beginning of year $144,021,583 · end of year $148,392,190

• 11 · Investments: publicly traded securities

  beginning of year $176,697 · end of year $174,552

• 12 · Investments: other securities

  beginning of year $5,624,190 · end of year $3,812,818

• 13 · Investments: program-related

  beginning of year $62,948 · end of year $62,948

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $8,183,171 · end of year $10,017,105

• 18 · Grants payable

  beginning of year $165,699 · end of year $165,699

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $94,027,484 · end of year $94,123,901

• 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 $4,266,511 · end of year $4,156,378

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $15,567,211 · end of year $13,076,835

• 27 · Net assets without donor restrictions

  beginning of year $58,716,934 · end of year $50,527,252

• 28 · Net assets with donor restrictions

  beginning of year $19,098,808 · end of year $17,038,093

The filer's explanations (Part III)

RESIDENCE FOR PERSONAL USE AND SOCIAL CLUB DUES

SCHEDULE J, PART I, LINE 1A: QUEENS OWNS AND PROVIDES A RESIDENCE FOR THE PRESIDENT WHICH IS LOCATED ON THE CAMPUS. THIS RESIDENCE IS USED FREQUENTLY FOR BUSINESS PURPOSES SUCH AS MEETINGS, RECEPTIONS, AND ENTERTAINING DONORS. THE BUSINESS VALUE WAS NOT TREATED AS TAXABLE COMPENSATION. QUEENS ALSO PROVIDES THE PRESIDENT WITH A MEMBERSHIP TO A COUNTRY CLUB (MYERS PARK COUNTRY CLUB). THIS MEMBERSHIP IS USED PRIMARILY FOR BUSINESS PURPOSES SUCH AS MEETINGS, RECEPTIONS AND ENTERTAINING DONORS. THE BUSINESS VALUE WAS NOT TREATED AS TAXABLE COMPENSATION.

DETERMINING COMPENSATION

SCHEDULE J, PART I, LINE 3: THE PRESIDENT'S COMPENSATION IS DETERMINED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THIS COMMITTEE UTILIZES INFORMATION FROM THE 990 RETURNS OF OTHER BENCHMARK INSTITUTIONS, COMPENSATION SURVEYS OF OTHER PRIVATE COLLEGES AND UNIVERSITIES, AND OTHER BENCHMARKS OBTAINED BY THE MEMBERS OF THE COMMITTEE AS INFORMATION IN THE COMPENSATION DETERMINATION PROCESS. THESE DISCUSSIONS ARE DOCUMENTED IN THE MINUTES AND FILES OF THE COMPENSATION COMMITTEE.

COMPENSATION CONTINGENT UPON THE REVENUES OF THE ORGANIZATION

SCHEDULE J, PART I, LINE 5A: THE COMPENSATION COMMITTEE IMPLEMENTED A COMPENSATION PHILOSOPHY FOR THE OFFICERS OF THE ORGANIZATION THROUGH THE APPLICATION OF THE FOLLOWING CONSIDERATIONS: * BASE SALARY WILL BE SET SO THAT THE TARGETED POSITIONING OF AN OFFICER IS THE 50TH PERCENTILE OF THE TARGET MARKET FOR EACH POSITION. BASE SALARY FOR AN INDIVIDUAL OFFICER RELATIVE TO THE TARGET MARKET PAY WILL BE SET BY THE PRESIDENT BASED ON THE INDIVIDUAL'S UNIQUE BACKGROUND, EXPERIENCES, PERSONAL SKILLS AND ABILITIES (INCLUDING CREATIVITY, GROWTH-ORIENTATION AND DISCIPLINE) AS WELL AS BASED ON THE BUSINESS CHALLENGES FACING THE ORGANIZATION WHICH REQUIRE THE USE OF SUCH ATTRIBUTES OR SKILLS. * ANNUAL INCENTIVE COMPENSATION, IF ANY, WILL BE DELIVERED ACCORDING TO A GUIDELINE THAT APPROXIMATES THE MARKET 75TH PERCENTILE TOTAL CASH COMPENSATION FOR COMMENSURATE PERFORMANCE. THE COMMITTEE HAS THE DISCRETION TO DELIVER ANNUAL INCENTIVES ABOVE OR BELOW THE 75TH PERCENTILE BASED ON INDIVIDUAL CIRCUMSTANCES AND PERFORMANCE CONDITIONS. THE AIM OF ANNUAL INCENTIVES IS TO DRIVE AND REWARD CONSISTENT IMPROVEMENT IN PERFORMANCE. GOALS TO ACHIEVE AN INCENTIVE PAYOUT INCLUDE, BUT ARE NOT LIMITED TO, TARGETS AT DIFFERENT LEVELS FOR TOTAL REVENUES OF THE ORGANIZATION.

DEFERRED COMPENSATION

SCHEDULE J, PART II, COLUMN (C): AMOUNTS REPORTED AS DEFERRED COMPENSATION ARE EMPLOYER CONTRIBUTIONS TO THE DEFINED CONTRIBUTION RETIREMENT 403(B) PLAN, WHICH IS APPLICABLE TO ALL PARTICIPATING EMPLOYEES.