Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $3,766,772

• 1e · Government grants (contributions)

  $1,138,529

• 1f · All other contributions, gifts and grants

  $19,033,220

• 1g · Noncash contributions included above

  $85,342

• 2a · Program service revenue: TUITION & FEES

  total $29,825,857 · related or exempt $29,825,857

• 2b · Program service revenue: AUXILIARY FUNCTIONS

  total $945,074 · related or exempt $945,074

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $161,277 · related or exempt $161,277

• 3 · Investment income

  total $5,800,728 · unrelated business $14,912 · excluded $5,785,816

• 6a · Gross rents

  real property $71,984

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $71,984

• 6d · Net rental income or loss

  total $71,984 · excluded $71,984

• 7a · Gross sales of assets other than inventory

  securities $26,484,699 · other assets $43,500

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

  securities $28,070,533 · other assets $44,817

• 7c · Gain or loss

  securities -$1,585,834 · other assets -$1,317

• 7d · Net gain or loss

  total -$1,587,151 · excluded -$1,587,151

• 11a · Other revenue: BAD DEBT

  total $53,341 · related or exempt $53,341

• 11e · Other revenue, total

  $53,341

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $9,571,724 · program services $9,571,724

• 5 · Compensation of officers, directors and key employees

  total $458,000 · program services $114,500 · management and general $229,000 · fundraising $114,500

• 7 · Other salaries and wages

  total $17,138,039 · program services $15,070,966 · management and general $1,257,758 · fundraising $809,315

• 8 · Pension plan contributions

  total $1,472,855 · program services $1,115,540 · management and general $279,990 · fundraising $77,325

• 9 · Other employee benefits

  total $2,720,922 · program services $2,060,826 · management and general $517,248 · fundraising $142,848

• 10 · Payroll taxes

  total $1,267,536 · program services $959,976 · management and general $241,013 · fundraising $66,547

• 11b · Fees: legal

  total $81,491 · management and general $81,491

• 11c · Fees: accounting

  total $57,240 · management and general $57,240

• 12 · Advertising and promotion

  total $373,708 · program services $373,708

• 14 · Information technology

  total $639,713 · program services $383,828 · management and general $223,899 · fundraising $31,986

• 19 · Conferences, conventions and meetings

  total $284,735 · program services $227,788 · management and general $42,710 · fundraising $14,237

• 20 · Interest

  total $213,248 · program services $181,261 · management and general $21,325 · fundraising $10,662

• 22 · Depreciation, depletion and amortization

  total $3,881,681 · program services $3,299,429 · management and general $388,168 · fundraising $194,084

• 23 · Insurance

  total $396,518 · program services $237,911 · management and general $138,781 · fundraising $19,826

• 24a · Other expenses: ADMINISTRATIVE EXPENSE

  total $3,838,186 · program services $2,236,484 · management and general $1,384,166 · fundraising $217,536

• 24b · Other expenses: FACILITY EXPENSE

  total $2,040,308 · program services $1,217,636 · management and general $719,838 · fundraising $102,834

• 24c · Other expenses: ACADEMIC-OTHER

  total $1,556,403 · program services $1,556,403

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $6,072,615 · end of year $7,190,030

• 3 · Pledges and grants receivable

  beginning of year $20,377,275 · end of year $19,675,209

• 4 · Accounts receivable

  beginning of year $73,485 · end of year $80,951

• 8 · Inventories for sale or use

  beginning of year $63,586 · end of year $55,170

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,776,626 · end of year $1,374,265

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

  $140,033,294

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

  $71,608,216

• 10c · Land, buildings and equipment, net

  beginning of year $60,865,821 · end of year $68,425,078

• 11 · Investments: publicly traded securities

  beginning of year $70,070,725 · end of year $79,705,053

• 12 · Investments: other securities

  beginning of year $46,921,200 · end of year $55,063,007

• 15 · Other assets

  beginning of year $390,849 · end of year $368,241

• 17 · Accounts payable and accrued expenses

  beginning of year $3,438,533 · end of year $6,195,119

• 19 · Deferred revenue

  beginning of year $1,222,960 · end of year $1,257,397

• 20 · Tax-exempt bond liabilities

  beginning of year $8,994,791 · end of year $8,140,603

• 25 · Other liabilities

  beginning of year $120,800 · end of year $122,200

• 27 · Net assets without donor restrictions

  beginning of year $82,698,328 · end of year $86,639,643

• 28 · Net assets with donor restrictions

  beginning of year $110,136,770 · end of year $129,582,042

The filer's explanations (Part III)

PART I, LINE 1A

BENEFITS PROVIDED TO CERTAIN EMPLOYEES - TRAVEL FOR COMPANIONS: THE HEAD OF SCHOOL RECEIVES REIMBURSEMENTS FOR TRAVEL EXPENSES FROM THE SCHOOL. THESE REIMBURSEMENTS ARE NOT TREATED AS TAXABLE INCOME TO THE HEAD OF SCHOOL. HOUSING ALLOWANCE: THE SCHOOL PROVIDES A HOUSE ON CAMPUS TO THE HEAD OF SCHOOL. THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS DUTIES FOR THE SCHOOL. NO TAXABLE COMPENSATION IS IMPUTED FOR THE USE OF THE HOUSE. SOCIAL CLUB DUES: THE SCHOOL PAYS COUNTRY CLUB DUES FOR THE HEAD OF SCHOOL. THE HEAD OF SCHOOL USES THE CLUB FOR BUSINESS PURPOSES, AND NO TAXABLE INCOME IS IMPUTED FOR THIS BENEFIT. PERSONAL SERVICES: MAID SERVICE IS PROVIDED TO THE HEAD OF SCHOOL FOR THE SCHOOL-OWNED HOUSE IN WHICH HE RESIDES. NO TAXABLE INCOME IS IMPUTED FOR THIS BENEFIT.

PART I, LINE 1B

WRITTEN POLICY FOR BENEFITS - WHILE THE SCHOOL DOES NOT HAVE A FORMAL WRITTEN POLICY FOR THE BENEFITS PROVIDED TO THE HEAD OF SCHOOL, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES DETERMINED THE COMPENSATION AND BENEFITS PACKAGE. THE INDIVIDUALS ON THIS COMMITTEE ARE INDEPENDENT OF THE HEAD OF SCHOOL.