Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $121,482

• 1d · Related organizations

  $552,361

• 1e · Government grants (contributions)

  $2,261,799

• 1f · All other contributions, gifts and grants

  $11,049,001

• 2a · Program service revenue: TUITION & FEES

  total $21,988,359 · related or exempt $21,988,359

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $3,511,161 · related or exempt $3,511,161

• 2c · Program service revenue: OTHER PROGRAM REVENUE

  total $281,441 · related or exempt $281,441

• 3 · Investment income

  total $6,266,412 · excluded $6,266,412

• 6a · Gross rents

  real property $21,738

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $21,738

• 6d · Net rental income or loss

  total $21,738 · excluded $21,738

• 7a · Gross sales of assets other than inventory

  securities $5,456,413 · other assets $1,000

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

  securities $5,456,413 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets $1,000

• 7d · Net gain or loss

  total $1,000 · excluded $1,000

• 8a · Fundraising events: gross income

  $10,056

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

  $121,482

• 8b · Fundraising events: direct expenses

  $29,037

• 8c · Net income from fundraising events

  total -$18,981 · excluded -$18,981

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $12,281,962 · program services $12,281,962

• 5 · Compensation of officers, directors and key employees

  total $583,633 · program services $439,784 · management and general $111,158 · fundraising $32,691

• 6 · Compensation of disqualified persons

  total $216,710 · program services $68,996 · management and general $67,833 · fundraising $79,881

• 7 · Other salaries and wages

  total $9,207,155 · program services $7,018,782 · management and general $1,734,372 · fundraising $454,001

• 8 · Pension plan contributions

  total $246,474 · program services $185,946 · management and general $46,888 · fundraising $13,640

• 9 · Other employee benefits

  total $1,829,938 · program services $1,402,013 · management and general $338,748 · fundraising $89,177

• 10 · Payroll taxes

  total $751,132 · program services $566,618 · management and general $142,905 · fundraising $41,609

• 11b · Fees: legal

  total $9,609 · management and general $9,609

• 11c · Fees: accounting

  total $97,235 · management and general $97,235

• 11f · Fees: investment management

  total $325,906 · management and general $325,906

• 11g · Fees: other

  total $543,423 · program services $394,011 · management and general $14,412 · fundraising $135,000

• 12 · Advertising and promotion

  total $140,918 · program services $40,675 · management and general $79,223 · fundraising $21,020

• 13 · Office expenses

  total $545,554 · program services $441,979 · management and general $44,759 · fundraising $58,816

• 14 · Information technology

  total $956,772 · program services $350,754 · management and general $596,936 · fundraising $9,082

• 16 · Occupancy

  total $3,284,384 · program services $2,888,173 · management and general $396,211

• 17 · Travel

  total $428,024 · program services $341,878 · management and general $65,316 · fundraising $20,830

• 19 · Conferences, conventions and meetings

  total $57,120 · program services $45,624 · management and general $8,716 · fundraising $2,780

• 20 · Interest

  total $8,326 · program services $7,896 · management and general $430

• 22 · Depreciation, depletion and amortization

  total $2,184,123 · program services $1,983,444 · management and general $200,679

• 23 · Insurance

  total $422,973 · program services $14,600 · management and general $408,373

• 24a · Other expenses: CLASS AND EDUCATION SUP

  total $1,714,870 · program services $1,481,612 · management and general $198,829 · fundraising $34,429

• 24b · Other expenses: DORMITORY AND FOOD SERV

  total $1,122,129 · program services $1,122,129

• 24c · Other expenses: RENTAL AND LEASE EXPENS

  total $843,281 · program services $749,746 · management and general $93,535

• 24e · All other expenses

  total $684,408 · program services $185,895 · management and general $413,197 · fundraising $85,316

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,759,769 · end of year $5,011,058

• 2 · Savings and temporary cash investments

  beginning of year $167,566 · end of year $7,247,710

• 3 · Pledges and grants receivable

  beginning of year $94,800

• 4 · Accounts receivable

  beginning of year $402,296 · end of year $526,265

• 9 · Prepaid expenses and deferred charges

  beginning of year $523,937 · end of year $764,554

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

  $80,802,845

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

  $37,097,534

• 10c · Land, buildings and equipment, net

  beginning of year $40,113,998 · end of year $43,705,311

• 11 · Investments: publicly traded securities

  beginning of year $31,830,163 · end of year $34,016,002

• 12 · Investments: other securities

  beginning of year $59,458,059 · end of year $52,272,330

• 14 · Intangible assets

  beginning of year $267,606 · end of year $312,606

• 15 · Other assets

  beginning of year $4,807,040 · end of year $4,133,325

• 17 · Accounts payable and accrued expenses

  beginning of year $1,716,724 · end of year $2,058,543

• 19 · Deferred revenue

  beginning of year $2,426,100 · end of year $2,416,989

• 23 · Secured mortgages and notes payable

  end of year $2,500,000

• 25 · Other liabilities

  beginning of year $4,028,339 · end of year $3,537,119

• 27 · Net assets without donor restrictions

  beginning of year $37,540,657 · end of year $45,246,073

• 28 · Net assets with donor restrictions

  beginning of year $100,713,414 · end of year $92,230,437

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS: THE BOARD OF TRUSTEES EXPECT THE PRESIDENT AND HIS WIFE TO REPRESENT THE UNIVERSITY TOGETHER, AND HER PRESENCE PROTECTS THE PRESIDENT FROM ALLEGATIONS OF UNETHICAL AND UNSCRIPTURAL BEHAVIOR. AS A RESULT, THE BOARD DEEMS THIS A BONA FIDE BUSINESS EXPENSE AND THIS IS TREATED AS NONTAXABLE COMPENSATION. HOUSING ALLOWANCE: AS A CONDITION OF EMPLOYMENT, AND AS A CONVENIENCE TO THE UNIVERSITY, THE PRESIDENT IS PROVIDED A HOME ON UNIVERSITY GROUNDS. THE HOME IS PROVIDED AS A NONTAXABLE BENEFIT TO THE PRESIDENT. HEALTH OR SOCIAL CLUB DUES: MEMBERSHIP TO A SOCIAL CLUB IS PROVIDED TO THE PRESIDENT TO CULTIVATE AND BUILD DONOR RELATIONSHIPS. THIS IS A BONA FIDE BUSINESS EXPENSE TREATED AS A NONTAXABLE BENEFIT TO THE PRESIDENT. PERSONAL SERVICES: THE UNIVERSITY PROVIDES GROUNDS CARE AND HOUSEKEEPING FOR THE HOME WHICH IS LOCATED ON UNIVERSITY GROUNDS SINCE THE PRESIDENT HOSTS FUNCTIONS FOR THE UNIVERSITY AT HIS HOME. THE SERVICES PROVIDED ARE A NONTAXABLE BENEFIT TO THE PRESIDENT.

PART I, LINE 7

THE PRESIDENT RECEIVED A DISCRETIONARY, NON-FIXED BONUS DETERMINED AND APPROVED BY THE BOARD OF TRUSTEES. OTHER OFFFICERS AND HIGHLY COMPENSATED EMPLOYEES ALSO RECEVIED NON-FIXED BONUS PAYMENTS DETERMINED BY THE PRESIDENT. THE BOARD OF TRUSTEES APPROVED ALL NON-FIXED BONUS PAYMENTS.

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUSTS (5)

  T · HOLD AND REMIT ASSETS TO THE UNIVERSITY · TX · controlled entity

  Directly controlled by HOWARD PAYNE UNIVERSITY

• CHARITABLE REMAINDER ANNUITY TRUST (1)

  T · HOLD AND REMIT ASSETS TO THE UNIVERSITY · TX · controlled entity

  Directly controlled by HOWARD PAYNE UNIVERSITY