Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $355,737

• 1f · All other contributions, gifts and grants

  $254,418,966

• 2a · Program service revenue: TUITION AND FEES

  total $39,470,023 · related or exempt $39,470,023

• 2b · Program service revenue: AUXILIARY INCOME

  total $9,393,518 · related or exempt $9,249,851 · unrelated business $143,667

• 2c · Program service revenue: ATHLETIC INCOME

  total $197,068 · related or exempt $51,009 · unrelated business $146,059

• 2f · All other program service revenue

  total $1,715,546 · related or exempt $1,715,546

• 3 · Investment income

  total $6,592,730 · excluded $6,592,730

• 7a · Gross sales of assets other than inventory

  securities $11,580,885

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

  securities $11,586,319 · other assets $1,727,672

• 7c · Gain or loss

  securities -$5,434 · other assets -$1,727,672

• 7d · Net gain or loss

  total -$1,733,106 · excluded -$1,733,106

• 8a · Fundraising events: gross income

  $45,627

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

  $355,737

• 8b · Fundraising events: direct expenses

  $60,627

• 8c · Net income from fundraising events

  total -$15,000 · excluded -$15,000

• 11a · Other revenue: DUKE SOLAR REBATES

  total $110,644 · excluded $110,644

• 11e · Other revenue, total

  $110,644

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $26,839,882 · program services $26,839,882

• 3 · Grants to foreign organizations and individuals

  total $3,273,651 · program services $3,273,651

• 5 · Compensation of officers, directors and key employees

  total $1,736,419 · management and general $1,368,992 · fundraising $367,427

• 7 · Other salaries and wages

  total $22,228,624 · program services $16,337,352 · management and general $5,240,099 · fundraising $651,173

• 8 · Pension plan contributions

  total $1,031,809 · program services $758,025 · management and general $213,039 · fundraising $60,745

• 9 · Other employee benefits

  total $3,061,860 · program services $2,133,553 · management and general $928,307

• 10 · Payroll taxes

  total $1,621,515 · program services $1,111,326 · management and general $440,196 · fundraising $69,993

• 11b · Fees: legal

  total $221,897 · program services $89,249 · management and general $132,648

• 11c · Fees: accounting

  total $295,745 · program services $118,952 · management and general $176,793

• 11e · Fees: professional fundraising services

  total $22,500 · fundraising $22,500

• 11g · Fees: other

  total $8,662,750 · program services $3,493,305 · management and general $4,946,302 · fundraising $223,143

• 12 · Advertising and promotion

  total $1,589,190 · program services $639,190 · management and general $949,305 · fundraising $695

• 13 · Office expenses

  total $861,017 · program services $337,743 · management and general $487,561 · fundraising $35,713

• 16 · Occupancy

  total $7,020,774 · program services $1,800,648 · management and general $5,212,456 · fundraising $7,670

• 17 · Travel

  total $2,082,342 · program services $1,797,055 · management and general $233,292 · fundraising $51,995

• 19 · Conferences, conventions and meetings

  total $623,819 · program services $483,976 · management and general $103,735 · fundraising $36,108

• 20 · Interest

  total $7,269 · program services $2,924 · management and general $4,345

• 22 · Depreciation, depletion and amortization

  total $5,322,377 · program services $3,885,335 · management and general $1,437,042

• 23 · Insurance

  total $914,217 · program services $156,385 · management and general $757,799 · fundraising $33

• 24a · Other expenses: DINING

  total $2,920,587 · program services $1,174,693 · management and general $1,732,325 · fundraising $13,569

• 24b · Other expenses: SUPPLIES

  total $2,195,243 · program services $882,951 · management and general $1,300,700 · fundraising $11,592

• 24c · Other expenses: BAD DEBT EXPENSE

  total $832,097 · program services $832,097

• 24d · Other expenses: STUDENT ACTIVITIES

  total $129,324 · program services $52,016 · management and general $77,308

• 24e · All other expenses

  total $1,676,009 · program services $660,246 · management and general $935,295 · fundraising $80,468

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $709,139 · end of year $744,238

• 2 · Savings and temporary cash investments

  beginning of year $64,305,389 · end of year $103,477,856

• 3 · Pledges and grants receivable

  beginning of year $4,342,915 · end of year $3,305,554

• 4 · Accounts receivable

  beginning of year $2,120,884 · end of year $2,629,155

• 8 · Inventories for sale or use

  beginning of year $72,579 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $578,092 · end of year $350,417

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

  $160,313,917

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

  $58,252,581

• 10c · Land, buildings and equipment, net

  beginning of year $91,469,340 · end of year $102,061,336

• 11 · Investments: publicly traded securities

  beginning of year $114,016,073 · end of year $127,208,547

• 15 · Other assets

  beginning of year $279,886,095 · end of year $493,401,514

• 17 · Accounts payable and accrued expenses

  beginning of year $4,066,115 · end of year $7,062,685

• 19 · Deferred revenue

  beginning of year $3,042,911 · end of year $3,648,137

• 21 · Escrow or custodial account liability

  beginning of year $139,391 · end of year $0

• 25 · Other liabilities

  beginning of year $4,919,832 · end of year $3,986,798

• 27 · Net assets without donor restrictions

  beginning of year $56,859,079 · end of year $55,682,418

• 28 · Net assets with donor restrictions

  beginning of year $488,473,178 · end of year $762,798,579

The filer's explanations (Part III)

PART I, LINE 1A

THE CURRENT PRESIDENT, DAVID P. NELSON, HAS, AS PART OF HIS CONTRACT, HOUSING, UTILITIES, INSURANCE, AND RELATED EXPENSES PAID FOR BY THE COLLEGE. THE RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE IN ORDER TO HAVE THE FUNCTIONS OF THE OFFICE OF THE PRESIDENT EFFICIENTLY CONDUCTED AND AS A CONDITION OF EMPLOYMENT AS PRESIDENT OF THE COLLEGE. FOR THE BENEFIT AND CONVENIENCE OF THE COLLEGE, THE PRESIDENT'S RESIDENCE IS AVAILABLE AND USED ON A REGULAR AND CONTINUING BASIS FOR COLLEGE-RELATED BUSINESS AND ENTERTAINMENT. THIS ARRANGEMENT IS TREATED AS A NON-TAXABLE FRINGE BENEFIT. CLUB DUES ARE PAID ON BEHALF OF THE PRESIDENT, EVP / PROVOST, VP OF DEVELOPMENT, AND THE ATHLETIC DIRECTOR. THESE MEMBERSHIPS ARE USED FOR BONA FIDE BUSINESS PURPOSES ONLY AND ARE THEREFORE TREATED AS NON-TAXABLE BENEFITS. IN ADDITION, THE COLLEGE PAYS FOR THE PRESIDENT TO TRAVEL WITH HIS SPOUSE TO ATTEND DONOR CULTIVATION, FUNDRAISING, AND OTHER OFFICIAL COLLEGE-RELATED EVENTS WHEN HER PRESENCE SERVES A LEGITIMATE BUSINESS PURPOSE. THE PRESIDENT'S SPOUSE REGULARLY PARTICIPATES IN DONOR ENGAGEMENT, STEWARDSHIP, AND INSTITUTIONAL REPRESENTATION ACTIVITIES THAT ADVANCE THE COLLEGE'S DEVELOPMENT OBJECTIVES.

PART I, LINE 4A

DURING 2024, THE FOLLOWING SEVERANCE PAYMENTS WERE PAID: STEPHAN MOORE $31,523 , MEREDITH COLE $72,842, SANDRA QUAYE $53,963, AND JESSICA BROOKER $13,462.

Disregarded entities

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

• CATAWBA GREEN STEP SOLAR LLC

  COLLECT ENERGY CREDITS · NC · income -$1,670 · assets $16,477

  Directly controlled by CATAWBA COLLEGE

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUSTS (9)

  T · INVESTMENT · NC

• CHARITABLE LEAD TRUST (1)

  T · INVESTMENT · NC