Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $66,000

• 1c · Fundraising events

  $18,853

• 1e · Government grants (contributions)

  $2,218,610

• 1f · All other contributions, gifts and grants

  $11,386,606

• 1g · Noncash contributions included above

  $2,343,487

• 2a · Program service revenue: TUITION & FEES

  total $72,369,124 · related or exempt $72,369,124

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $16,423,618 · related or exempt $16,423,618

• 3 · Investment income

  total $2,605,815 · unrelated business $83,131 · excluded $2,522,684

• 6a · Gross rents

  real property $330,360

• 6b · Less rental expenses

  real property $393,342

• 6c · Rental income or loss

  real property -$62,982

• 6d · Net rental income or loss

  total -$62,982 · excluded -$62,982

• 7a · Gross sales of assets other than inventory

  securities $17,538,570

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

  securities $9,314,412 · other assets $15,169

• 7c · Gain or loss

  securities $8,224,158 · other assets -$15,169

• 7d · Net gain or loss

  total $8,208,989 · excluded $8,208,989

• 8a · Fundraising events: gross income

  $22,651

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

  $18,853

• 8b · Fundraising events: direct expenses

  $23,468

• 8c · Net income from fundraising events

  total -$817 · excluded -$817

• 11a · Other revenue: CONFERENCES

  total $424,032 · excluded $424,032

• 11b · Other revenue: TIMBERING REVENUE

  total $199,364 · excluded $199,364

• 11c · Other revenue: FINES, FEES, & FORFEIT

  total $108,320 · excluded $108,320

• 11d · All other revenue

  total $726,321 · excluded $726,321

• 11e · Other revenue, total

  $1,458,037

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,270 · program services $4,270

• 2 · Grants to domestic individuals

  total $49,434,699 · program services $49,434,699

• 5 · Compensation of officers, directors and key employees

  total $1,862,086 · program services $366,452 · management and general $733,738 · fundraising $761,896

• 7 · Other salaries and wages

  total $21,608,764 · program services $16,581,379 · management and general $4,703,660 · fundraising $323,725

• 8 · Pension plan contributions

  total $1,772,483 · program services $1,279,875 · management and general $410,624 · fundraising $81,984

• 9 · Other employee benefits

  total $6,677,276 · program services $4,821,527 · management and general $1,546,898 · fundraising $308,851

• 10 · Payroll taxes

  total $1,694,254 · program services $1,223,387 · management and general $392,501 · fundraising $78,366

• 11b · Fees: legal

  total $2,771 · management and general $2,771

• 11c · Fees: accounting

  total $88,253 · management and general $88,253

• 11e · Fees: professional fundraising services

  total $292,437 · fundraising $292,437

• 11f · Fees: investment management

  total $477,108 · management and general $477,108

• 11g · Fees: other

  total $4,011,583 · program services $1,633,662 · management and general $1,982,618 · fundraising $395,303

• 12 · Advertising and promotion

  total $545,157 · program services $95,015 · management and general $394,084 · fundraising $56,058

• 13 · Office expenses

  total $394,574 · program services $213,011 · management and general $141,052 · fundraising $40,511

• 14 · Information technology

  total $1,772,253 · program services $417,164 · management and general $1,217,538 · fundraising $137,551

• 16 · Occupancy

  total $166,786 · program services $27,262 · management and general $139,173 · fundraising $351

• 17 · Travel

  total $1,193,709 · program services $1,014,038 · management and general $51,493 · fundraising $128,178

• 20 · Interest

  total $3,087,034 · program services $3,087,034

• 22 · Depreciation, depletion and amortization

  total $4,752,382 · program services $2,788,354 · management and general $1,964,028

• 23 · Insurance

  total $632,835 · management and general $632,835

• 24a · Other expenses: FOOD SERVICES

  total $6,272,577 · program services $4,529,302 · management and general $1,453,143 · fundraising $290,132

• 24b · Other expenses: DEPARTMENT SUPPLIES

  total $544,233 · program services $514,919 · management and general $20,530 · fundraising $8,784

• 24c · Other expenses: PROGRAMMING

  total $242,283 · program services $233,432 · management and general $4,923 · fundraising $3,928

• 24d · Other expenses: EQUIP MAINT & SUPPLIES

  total $200,086 · program services $122,278 · management and general $62,956 · fundraising $14,852

• 24e · All other expenses

  total $7,794,253 · program services $5,628,075 · management and general $1,805,663 · fundraising $360,515

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $27,670 · end of year $20,273

• 2 · Savings and temporary cash investments

  beginning of year $7,077,462 · end of year $3,949,827

• 3 · Pledges and grants receivable

  beginning of year $7,652,858 · end of year $4,986,664

• 4 · Accounts receivable

  beginning of year $1,108,382 · end of year $1,335,106

• 7 · Other notes and loans receivable

  beginning of year $412,739 · end of year $373,678

• 8 · Inventories for sale or use

  beginning of year $297,733 · end of year $335,179

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,548,469 · end of year $2,379,129

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

  $188,043,724

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

  $92,934,545

• 10c · Land, buildings and equipment, net

  beginning of year $93,990,969 · end of year $95,109,179

• 11 · Investments: publicly traded securities

  beginning of year $103,601,164 · end of year $102,390,049

• 12 · Investments: other securities

  beginning of year $19,672,782 · end of year $23,115,420

• 14 · Intangible assets

  beginning of year $224,574 · end of year $119,448

• 15 · Other assets

  beginning of year $14,437,253 · end of year $14,954,229

• 17 · Accounts payable and accrued expenses

  beginning of year $7,203,637 · end of year $5,814,112

• 19 · Deferred revenue

  beginning of year $1,471,521 · end of year $2,358,146

• 20 · Tax-exempt bond liabilities

  beginning of year $69,227,156 · end of year $68,745,197

• 21 · Escrow or custodial account liability

  beginning of year $4,063,091 · end of year $4,220,387

• 24 · Unsecured notes and loans payable

  beginning of year $1,012,842 · end of year $797,743

• 25 · Other liabilities

  beginning of year $5,685,594 · end of year $4,482,178

• 27 · Net assets without donor restrictions

  beginning of year $39,672,498 · end of year $38,991,785

• 28 · Net assets with donor restrictions

  beginning of year $121,715,716 · end of year $123,658,633

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT OF THE COLLEGE HAS A RESIDENCE PROVIDED TO HIM AS PART OF HIS COMPENSATION PACKAGE. IN ADDITION TO THE RESIDENCE, HOUSEKEEPING SERVICES, SUCH AS CLEANING AND MAINTENANCE, ARE ALSO PROVIDED BY THE COLLEGE. LIMITED TRAVEL FOR THE PRESIDENT'S SPOUSE IS PROVIDED AS WELL. THE COLLEGE PAID GOLF CLUB DUES FOR DR. TROHA FOR 2024. THESE BENEFITS ARE NOT TAXABLE INCOME TO THE PRESIDENT AS THEY ARE CONSIDERED ESSENTIAL TO PERFORMING HIS WORK FOR THE COLLEGE.

PART I, LINE 4A

SEVERANCE PAYMENT WAS MADE TO ELIZABETH HOMAN DURING THE FISCAL YEAR 2025.

PART I, LINE 7

THE PRESIDENT'S BONUS WAS BASED UPON A PERFORMANCE SCORECARD DEVELOPED BY THE BOARD OF TRUSTEES. THE SCORECARD INCLUDES REVENUE, FUND RAISING, SPENDING AND A DISCRETIONARY COMPONENT. THE AMOUNT OF THE BONUS IS DETERMINED AND APPROVED BY THE BOARD OF TRUSTEES.