Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $213,650

• 1e · Government grants (contributions)

  $13,903,616

• 1f · All other contributions, gifts and grants

  $2,032,909

• 1g · Noncash contributions included above

  $40,329

• 2a · Program service revenue: TUITION & FEES

  total $81,570,219 · related or exempt $81,570,219

• 2b · Program service revenue: PATIENT CARE

  total $3,996,436 · related or exempt $3,996,436

• 3 · Investment income

  total $4,507,910 · unrelated business $6,691 · excluded $4,501,219

• 5 · Royalties

  total $172 · related or exempt $172

• 6a · Gross rents

  real property $112,556

• 6b · Less rental expenses

  real property $120,158

• 6c · Rental income or loss

  real property -$7,602

• 6d · Net rental income or loss

  total -$7,602 · excluded -$7,602

• 7a · Gross sales of assets other than inventory

  securities $43,150,184 · other assets $1,057,500

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

  securities $41,983,672 · other assets $658,489

• 7c · Gain or loss

  securities $1,166,512 · other assets $399,011

• 7d · Net gain or loss

  total $1,565,523 · excluded $1,565,523

• 8a · Fundraising events: gross income

  $26,850

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

  $213,650

• 8b · Fundraising events: direct expenses

  $50,667

• 8c · Net income from fundraising events

  total -$23,817 · excluded -$23,817

• 11a · Other revenue: CONFERENCE INCOME

  total $176,552 · related or exempt $176,552

• 11b · Other revenue: LEASE EMPLOYEES

  total $130,000 · related or exempt $130,000

• 11c · Other revenue: INSURANCE PROCEEDS

  total $31,023 · related or exempt $31,023

• 11d · All other revenue

  total $97,673 · related or exempt $97,673

• 11e · Other revenue, total

  $435,248

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $59,143 · program services $59,143

• 2 · Grants to domestic individuals

  total $3,506,799 · program services $3,506,799

• 5 · Compensation of officers, directors and key employees

  total $3,002,123 · program services $1,045,871 · management and general $1,956,252

• 6 · Compensation of disqualified persons

  total $87,096 · program services $87,096

• 7 · Other salaries and wages

  total $35,675,008 · program services $27,947,694 · management and general $6,955,986 · fundraising $771,328

• 8 · Pension plan contributions

  total $2,789,825 · program services $2,163,849 · management and general $559,667 · fundraising $66,309

• 9 · Other employee benefits

  total $4,058,957 · program services $2,944,732 · management and general $1,023,979 · fundraising $90,246

• 10 · Payroll taxes

  total $2,616,112 · program services $2,010,986 · management and general $551,579 · fundraising $53,547

• 11b · Fees: legal

  total $141,286 · management and general $141,286

• 11c · Fees: accounting

  total $321,782 · management and general $321,782

• 11d · Fees: lobbying

  total $30,708 · program services $30,708

• 11f · Fees: investment management

  total $649,935 · management and general $649,935

• 11g · Fees: other

  total $7,084,699 · program services $5,231,393 · management and general $1,654,208 · fundraising $199,098

• 12 · Advertising and promotion

  total $1,422,874 · program services $138,088 · management and general $1,269,408 · fundraising $15,378

• 13 · Office expenses

  total $1,098,927 · program services $885,015 · management and general $207,168 · fundraising $6,744

• 14 · Information technology

  total $6,960,873 · program services $3,100,600 · management and general $3,831,283 · fundraising $28,990

• 16 · Occupancy

  total $2,707,902 · program services $1,138,250 · management and general $1,569,652

• 17 · Travel

  total $531,308 · program services $348,920 · management and general $116,155 · fundraising $66,233

• 19 · Conferences, conventions and meetings

  total $197,646 · program services $86,415 · management and general $43,951 · fundraising $67,280

• 20 · Interest

  total $8,750,888 · program services $5,792,611 · management and general $2,958,277

• 22 · Depreciation, depletion and amortization

  total $12,131,960 · program services $8,081,118 · management and general $4,050,842

• 23 · Insurance

  total $463,795 · program services $109,906 · management and general $353,889

• 24a · Other expenses: NON-CAPITAL EQUIPMENT/S

  total $331,723 · program services $300,999 · management and general $30,723

• 24e · All other expenses

  total $4,146,955 · program services $2,959,659 · management and general $1,034,598 · fundraising $152,698

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,600 · end of year $1,600

• 2 · Savings and temporary cash investments

  beginning of year $8,126,538 · end of year $12,099,825

• 3 · Pledges and grants receivable

  beginning of year $1,297,172 · end of year $1,004,838

• 4 · Accounts receivable

  beginning of year $946,824 · end of year $1,012,384

• 7 · Other notes and loans receivable

  beginning of year $4,155,845 · end of year $3,779,034

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,501,557 · end of year $3,454,238

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

  $384,580,923

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

  $87,827,660

• 10c · Land, buildings and equipment, net

  beginning of year $306,763,844 · end of year $296,753,263

• 11 · Investments: publicly traded securities

  beginning of year $128,863,966 · end of year $150,235,492

• 12 · Investments: other securities

  beginning of year $41,622,920 · end of year $45,867,260

• 15 · Other assets

  beginning of year $7,372,669 · end of year $7,917,793

• 17 · Accounts payable and accrued expenses

  beginning of year $8,418,339 · end of year $8,875,357

• 18 · Grants payable

  beginning of year $4,633,585 · end of year $4,714,715

• 19 · Deferred revenue

  beginning of year $5,723,374 · end of year $6,564,325

• 20 · Tax-exempt bond liabilities

  beginning of year $228,038,417 · end of year $223,253,324

• 21 · Escrow or custodial account liability

  beginning of year $130,789 · end of year $402,658

• 25 · Other liabilities

  beginning of year $1,324,319 · end of year $1,400,438

• 27 · Net assets without donor restrictions

  beginning of year $232,868,356 · end of year $253,909,095

• 28 · Net assets with donor restrictions

  beginning of year $21,515,756 · end of year $23,005,815

The filer's explanations (Part III)

PART I, LINE 1A

THE ORGANIZATION PAYS DUES TO THE EMBASSY CLUB WHICH PROVIDES ACCESS FOR THE PRESIDENT TO CONDUCT BUSINESS IN A SOCIAL SETTING ON BEHALF OF THE ORGANIZATION WITH PROSPECTS, DONORS, AND OTHER INDIVIDUALS. THE ORGANIZATION ALSO PAYS TRAVEL EXPENSES FOR THE PRESIDENT'S SPOUSE FOR TRAVEL TO CERTAIN UNIVERSITY EVENTS AND IS REFLECTED APPROPRIATELY ON THE PRESIDENT'S W-2.

PART I, LINE 3

THE UNIVERSITY CONTRACTS WITH AN INDEPENDENT COMPENSATION CONSULTANT TO COMPLETE A COMPREHENSIVE ANALYSIS OF THE TOTAL COMPENSATION FOR THE PRESIDENT & CEO. THE ANALYSIS IS COMPLETED EVERY THREE YEARS AND WAS LAST COMPLETED IN 2025 DETERMINING FISCAL YEAR 2026 COMPENSATION. MARKET DATA INCLUDES THE MOST CURRENT INFORMATION AVAILABLE FROM IRS 990 FORMS, COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION DATA, AND INDUSTRY ASSOCIATIONS ALL BASED UPON COMPARISONS TO PEER INSTITUTIONS. THE EXTERNAL EVALUATIONS ARE COMPLETED TO ENSURE ALIGNMENT WITH UNIVERSITY PRESIDENTS MARKET COMPENSATION.

PART I, LINE 4B

THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE DISCRETIONARY CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. DISCRETIONARY CONTRIBUTIONS DURING THE YEAR TOTALED $95,000 FOR ANGELA L WALKER FRANKLIN, PRESIDENT & CEO.