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)

  $2,197,797

• 1f · All other contributions, gifts and grants

  $10,811,639

• 1g · Noncash contributions included above

  $0

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

  total $90,452,466 · related or exempt $90,452,466 · unrelated business $0 · excluded $0

• 2b · Program service revenue

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

• 2c · Program service revenue

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

• 2d · Program service revenue

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

• 2e · Program service revenue

  total $0 · related or exempt $0 · 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 $5,559,057 · related or exempt $0 · unrelated business $0 · excluded $5,559,057

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

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

• 5 · Royalties

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

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

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

• 7a · Gross sales of assets other than inventory

  securities $49,030,320 · other assets $0

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $49,030,320 · other assets $0

• 7d · Net gain or loss

  total $49,030,320 · related or exempt $0 · unrelated business $0 · excluded $49,030,320

• 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: MISCELLANEOUS REVENUE

  total $2,449,413 · related or exempt $2,449,413 · unrelated business $0 · excluded $0

• 11b · Other revenue

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

• 11c · Other revenue

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

• 11d · All other revenue

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

• 11e · Other revenue, total

  $2,449,413

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0 · program services $0

• 2 · Grants to domestic individuals

  total $7,427,300 · program services $7,427,300

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $3,670,000 · program services $3,061,301 · management and general $534,548 · fundraising $74,151

• 6 · Compensation of disqualified persons

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

• 7 · Other salaries and wages

  total $42,741,804 · program services $35,652,733 · management and general $6,225,496 · fundraising $863,575

• 8 · Pension plan contributions

  total $2,428,379 · program services $2,027,982 · management and general $359,089 · fundraising $41,308

• 9 · Other employee benefits

  total $7,211,717 · program services $4,595,225 · management and general $2,462,930 · fundraising $153,562

• 10 · Payroll taxes

  total $2,959,145 · program services $2,443,929 · management and general $464,257 · fundraising $50,959

• 11a · Fees: management

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

• 11b · Fees: legal

  total $526,287 · program services $10,321 · management and general $515,886 · fundraising $80

• 11c · Fees: accounting

  total $175,400 · program services $0 · management and general $175,400 · 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 $170,561 · program services $0 · management and general $170,561 · fundraising $0

• 11g · Fees: other

  total $1,672,794 · program services $1,086,916 · management and general $585,710 · fundraising $168

• 12 · Advertising and promotion

  total $109,404 · program services $71,421 · management and general $37,983 · fundraising $0

• 13 · Office expenses

  total $1,127,280 · program services $954,941 · management and general $162,349 · fundraising $9,990

• 14 · Information technology

  total $1,184,919 · program services $604,521 · management and general $572,222 · fundraising $8,176

• 15 · Royalties

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

• 16 · Occupancy

  total $9,125,596 · program services $7,592,295 · management and general $1,496,864 · fundraising $36,437

• 17 · Travel

  total $658,487 · program services $508,427 · management and general $98,472 · fundraising $51,588

• 18 · Travel or entertainment for public officials

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

• 19 · Conferences, conventions and meetings

  total $158,107 · program services $148,375 · management and general $9,348 · fundraising $384

• 20 · Interest

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

• 21 · Payments to affiliates

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

• 22 · Depreciation, depletion and amortization

  total $3,832,785 · program services $2,712,122 · management and general $1,111,355 · fundraising $9,308

• 23 · Insurance

  total $1,122,874 · program services $1,102 · management and general $1,121,772 · fundraising $0

• 24a · Other expenses: PURCHASED SERVICES

  total $5,804,686 · program services $3,832,769 · management and general $1,828,801 · fundraising $143,116

• 24b · Other expenses: OTHER DIRECT EXPENSES

  total $2,651,178 · program services $2,429,288 · management and general $163,949 · fundraising $57,941

• 24c · Other expenses: CONSULTING

  total $696,581 · program services $296,536 · management and general $363,769 · fundraising $36,276

• 24d · Other expenses: BAD DEBT EXPENSE

  total $599,444 · program services $0 · management and general $599,444 · fundraising $0

• 24e · All other expenses

  total $1,366,807 · program services $1,048,355 · management and general $314,612 · fundraising $3,840

• 26 · Joint costs (an allocation of the lines above)

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

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $750 · end of year $750

• 2 · Savings and temporary cash investments

  beginning of year $29,316,619 · end of year $12,559,334

• 3 · Pledges and grants receivable

  beginning of year $4,011,639 · end of year $4,027,727

• 4 · Accounts receivable

  beginning of year $1,839,967 · end of year $1,385,197

• 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 $6,982,241 · end of year $6,552,921

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,776,105 · end of year $1,289,370

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

  $55,748,983

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

  $32,596,865

• 10c · Land, buildings and equipment, net

  beginning of year $13,744,539 · end of year $23,152,118

• 11 · Investments: publicly traded securities

  beginning of year $259,617,164 · end of year $378,830,673

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $7,811,307 · end of year $102,483,146

• 17 · Accounts payable and accrued expenses

  beginning of year $18,906,989 · end of year $8,786,574

• 19 · Deferred revenue

  beginning of year $4,295,103 · end of year $4,278,763

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $137,910,070

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $15,813,880 · end of year $110,560,034

• 27 · Net assets without donor restrictions

  beginning of year $210,928,519 · end of year $185,274,781

• 28 · Net assets with donor restrictions

  beginning of year $75,155,840 · end of year $83,471,014

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

Housing Allowance for VP for University Advancement and Communications, treated as taxable compensation to the individual.

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

SUPPLEMENTAL COMPENSATION INFORMATION: THE EXECUTIVE COMMITTEE OF THE SAMUEL MERRITT UNIVERSITY BOARD OF REGENTS RETAINS ULTIMATE DISCRETIONARY AUTHORITY OVER ALL ELEMENTS OF COMPENSATION TO ASSURE THAT ORGANIZATIONAL PURPOSES ARE APPROPRIATELY BEING SERVED. THE EXECUTIVE COMMITTEE USES CREDIBLE DATA SOURCES AND MAINTAINS AN OBJECTIVE "ARM'S LENGTH" DECISION-MAKING PROCESS, ENSURING THE INTEGRITY OF THE UNIVERSITY'S EXECUTIVE PROGRAMS AND CONSISTENCY WITH THE ORGANIZATION'S OVERALL MISSION. SEE SCHEDULE O NARRATIVE FOR PART VI, LINE 15 FOR A FULL DESCRIPTION OF THE COMPENSATION APPROVAL PROCESS COMPLETED BY SAMUEL MERRITT.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

The University also offers a Non-Qualified Retirement Plan 457(B), eligible to highly compensated individuals as defined by the IRS. There is no University matching under this plan and employee contributions to the plan vest immediately. Effective January 1, 2022, the University established a Supplemental Executive Retirement Plan (SERP) for one of its officers. The plan's terms and conditions are based on the continuation of the SERP established January 1, 2018, while the University was a Sutter Health affiliate. However, the current plan is stand alone, separate and apart the previous Sutter Health plan. The plan is designated as a non-qualified deferred compensation plan and is exempt from filing and audit requirements under Title I of ERISA.

Schedule J, Part I, Line 7 Non-fixed payments

THERE ARE NO SPECIFIC GUIDELINES FOR THE AMOUNT OF THE SPOT AWARD, AVERAGE AMOUNT OF SPOT AWARDS TEND TO NOT EXCEED 5% TO 15% OF GROSS ANNUAL SALARY. ANNUAL INCENTIVE PLAN (AIP): THE PURPOSE OF THE PLAN IS TO FOCUS EXECUTIVES ON SPECIFIC, SHORTER-TERM GOALS THAT ARE CRITICAL TO THE ACHIEVEMENT OF AFFILIATE, OPERATING UNIT AND SYSTEM-WIDE OBJECTIVES THAT DRIVE OVERALL ORGANIZATION PERFORMANCE. IN ALL CASES, THE EXECUTIVE COMMITTEE OF THE BOARD DETERMINES ACHIEVEMENT OF ORGANIZATION GOALS AND MAKES FINAL AWARD DETERMINATION WHICH MAY RESULT IN A REDUCTION OF AWARD IF APPROPRIATE. ALL SENIOR EXECUTIVE AWARDS ARE REVIEWED FOR COMPENSATION REASONABLENESS AND APPROVED BY THE COMPENSATION COMMITTEE PRIOR TO PAYMENT.