Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $10,500

• 1e · Government grants (contributions)

  $3,274,332

• 1f · All other contributions, gifts and grants

  $65,566,764

• 1g · Noncash contributions included above

  $5,088,693

• 2a · Program service revenue: Tuition and Fees - Instruction

  total $370,298,453 · related or exempt $370,298,453

• 2b · Program service revenue: Residence Halls - Student Services

  total $35,379,369 · related or exempt $35,379,369

• 2c · Program service revenue: BOOKSTORE SALES

  total $5,774,566 · related or exempt $5,774,566

• 2d · Program service revenue: Study Abroad

  total $3,781,768 · related or exempt $3,781,768

• 2e · Program service revenue: Athletics

  total $1,744,701 · related or exempt $1,744,701

• 2f · All other program service revenue

  total $835,211 · related or exempt $835,211 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $13,756,800 · unrelated business $211,629 · excluded $13,545,171

• 5 · Royalties

  total $966,664 · excluded $966,664

• 6a · Gross rents

  real property $578,669

• 6b · Less rental expenses

  real property $333,075

• 6c · Rental income or loss

  real property $245,594 · personal property $0

• 6d · Net rental income or loss

  total $245,594 · excluded $245,594

• 7a · Gross sales of assets other than inventory

  securities $392,373,829

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

  securities $333,394,132

• 7c · Gain or loss

  securities $58,979,697 · other assets $0

• 7d · Net gain or loss

  total $58,979,697 · excluded $58,979,697

• 8a · Fundraising events: gross income

  $2,375

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

  $10,500

• 8b · Fundraising events: direct expenses

  $4,365

• 8c · Net income from fundraising events

  total -$1,990 · excluded -$1,990

• 10a · Gross sales of inventory

  $1,252,918

• 10b · Cost of goods sold

  $1,206,709

• 10c · Net income from sales of inventory

  total $46,209 · excluded $46,209

• 11a · Other revenue: Curb Events Center

  total $11,355,483 · related or exempt $3,896,142 · unrelated business $7,459,341 · excluded $0

• 11b · Other revenue: Cafeteria

  total $6,863,043 · related or exempt $6,863,043 · unrelated business $0 · excluded $0

• 11c · Other revenue: Ocean Way Music Studio

  total $593,242 · related or exempt $0 · unrelated business $593,242 · excluded $0

• 11d · All other revenue

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

• 11e · Other revenue, total

  $18,811,768

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $147,996,040 · program services $147,996,040

• 3 · Grants to foreign organizations and individuals

  total $441,527 · program services $441,527

• 5 · Compensation of officers, directors and key employees

  total $7,087,836 · program services $5,658,660 · management and general $1,183,476 · fundraising $245,700

• 7 · Other salaries and wages

  total $154,830,542 · program services $123,610,847 · management and general $25,852,485 · fundraising $5,367,210

• 8 · Pension plan contributions

  total $6,592,355 · program services $0 · management and general $6,592,355 · fundraising $0

• 9 · Other employee benefits

  total $32,503,690 · program services $31,071,554 · management and general $0 · fundraising $1,432,136

• 10 · Payroll taxes

  total $2,732,810 · program services $0 · management and general $2,732,810 · fundraising $0

• 11b · Fees: legal

  total $312,587 · program services $12,962 · management and general $299,625 · fundraising $0

• 11c · Fees: accounting

  total $207,046 · program services $0 · management and general $207,046 · fundraising $0

• 11f · Fees: investment management

  total $415,258 · program services $0 · management and general $415,258 · fundraising $0

• 11g · Fees: other

  total $17,518,222 · program services $7,049,858 · management and general $9,644,778 · fundraising $823,586

• 12 · Advertising and promotion

  total $4,959,414 · program services $1,897,310 · management and general $2,951,550 · fundraising $110,554

• 13 · Office expenses

  total $8,292,808 · program services $3,834,394 · management and general $4,148,394 · fundraising $310,020

• 14 · Information technology

  total $1,358,138 · program services $511,158 · management and general $735,824 · fundraising $111,156

• 15 · Royalties

  total $1,572 · program services $1,572 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $34,680,710 · program services $18,316,280 · management and general $16,339,149 · fundraising $25,281

• 17 · Travel

  total $11,586,820 · program services $10,148,376 · management and general $1,126,028 · fundraising $312,416

• 19 · Conferences, conventions and meetings

  total $3,571,246 · program services $808,250 · management and general $2,074,017 · fundraising $688,979

• 20 · Interest

  total $15,112,781 · program services $7,215 · management and general $15,105,566 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $20,070,236 · program services $4,234,920 · management and general $15,835,316 · fundraising $0

• 23 · Insurance

  total $2,867,116 · program services $269,180 · management and general $2,597,936 · fundraising $0

• 24a · Other expenses: Bookstore Expense

  total $6,175,522 · program services $6,169,315 · management and general $0 · fundraising $6,207

• 24b · Other expenses: Dues and Subscriptions

  total $5,531,426 · program services $166,458 · management and general $5,352,721 · fundraising $12,247

• 24c · Other expenses: Small Equipment and Supplies

  total $5,054,651 · program services $4,176,169 · management and general $853,285 · fundraising $25,197

• 24d · Other expenses: Meals

  total $1,326,702 · program services $1,326,702 · management and general $0 · fundraising $0

• 24e · All other expenses

  total $2,249,161 · program services $758,917 · management and general $1,489,776 · fundraising $468

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,675 · end of year $5,551

• 2 · Savings and temporary cash investments

  beginning of year $18,667,678 · end of year $8,866,838

• 3 · Pledges and grants receivable

  beginning of year $54,450,723 · end of year $61,016,893

• 4 · Accounts receivable

  beginning of year $7,830,217 · end of year $4,241,055

• 5 · Loans and receivables from officers and key people

  beginning of year $1,900,000 · end of year $1,900,000

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $2,491,828 · end of year $2,701,276

• 8 · Inventories for sale or use

  beginning of year $582,602 · end of year $601,002

• 9 · Prepaid expenses and deferred charges

  beginning of year $985,182 · end of year $2,581,040

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

  $1,636,823,244

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

  $251,381,585

• 10c · Land, buildings and equipment, net

  beginning of year $1,296,961,938 · end of year $1,385,441,659

• 11 · Investments: publicly traded securities

  beginning of year $333,628,776 · end of year $354,846,445

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $96,132,616 · end of year $27,259,638

• 17 · Accounts payable and accrued expenses

  beginning of year $29,486,095 · end of year $31,727,079

• 19 · Deferred revenue

  beginning of year $11,407,033 · end of year $20,814,843

• 20 · Tax-exempt bond liabilities

  beginning of year $319,220,735 · end of year $311,864,442

• 21 · Escrow or custodial account liability

  beginning of year $187,132 · end of year $185,355

• 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 $5,103,451 · end of year $4,915,414

• 25 · Other liabilities

  beginning of year $43,653,317 · end of year $23,385,193

• 27 · Net assets without donor restrictions

  beginning of year $1,060,345,309 · end of year $1,029,525,212

• 28 · Net assets with donor restrictions

  beginning of year $344,234,163 · end of year $427,043,859

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

Susan Pendleton Jones accompanied President Jones on a couple trips during the year. Cost was not included as taxable compensation for Rev. Susan Jones.

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

Greg L Jones, and David Rosselli received gross-up payments during 2024. This is being treated as taxable compensation.

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

Todd Lake, VP for Spiritual Development, receives a qualified minister allowance in the amount of $5,000 per month. This amount is removed from taxable income on his annual W-2.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

The university pays an annual golf club membership on behalf of its head basketball coach. The membership is being treated as taxable compensation to the basketball coach.

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

Belmont University allows certain executives to participate in a supplemental non-qualified retirement plan. In FY25 the organization made the following supplemental nonqualified retirement plan contributions: Dr. Greg Jones, University President - $128,233 Casey Alexander, Head Men's Basketball Coach - $52,000 Bart Brooks, Head Woman's Basketball Coach - $54,090 In FY25, the organization made the following supplemental nonqualified retirement plan distributions: Casey Alexander - $265,354

Disregarded entities

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

• MIDTOWN CAPITAL INVESTMENTS LLC

  FUTURE DEVELOPMENT OF CAMPUS FACILITIES · TN · income $0 · assets $0

  Directly controlled by 100

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (1)

  Trust · INVESTMENTS · TN · controlled entity

  Directly controlled by NA

• THE ATHLETE'S HOUSE INTERNATIONAL LTD

  S Corporation · DEVELOPMENT OF CAMPUS FACILITIES · TN · share of income -$515 · controlled entity

  Directly controlled by BELMONT UNIVERSITY