Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $46,025

• 1e · Government grants (contributions)

  $1,904,759

• 1f · All other contributions, gifts and grants

  $2,430,418

• 1g · Noncash contributions included above

  $118,772

• 2a · Program service revenue: TUITION & FEES

  total $45,195,146 · related or exempt $45,195,146

• 2b · Program service revenue: DORM & DINING HALL

  total $8,691,306 · related or exempt $8,691,306

• 2c · Program service revenue: FINANCIAL AID FEES

  total $18,676 · related or exempt $18,676

• 2f · All other program service revenue

  total $831,047 · related or exempt $831,047

• 3 · Investment income

  total $557,419 · excluded $557,419

• 6a · Gross rents

  real property $386,863

• 6b · Less rental expenses

  real property $80,447

• 6c · Rental income or loss

  real property $306,416

• 6d · Net rental income or loss

  total $306,416 · excluded $306,416

• 7a · Gross sales of assets other than inventory

  securities $15,209,063 · other assets $38,900

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

  securities $14,639,088 · other assets $26,920

• 7c · Gain or loss

  securities $569,975 · other assets $11,980

• 7d · Net gain or loss

  total $581,955 · excluded $581,955

• 8a · Fundraising events: gross income

  $32,480

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

  $46,025

• 8b · Fundraising events: direct expenses

  $25,090

• 8c · Net income from fundraising events

  total $7,390 · excluded $7,390

• 10a · Gross sales of inventory

  $726,578

• 10b · Cost of goods sold

  $479,244

• 10c · Net income from sales of inventory

  total $247,334 · excluded $247,334

• 11a · Other revenue: CAMPUS SERV - EXTERNAL SERVICES

  total $1,172 · unrelated business $1,172

• 11e · Other revenue, total

  $1,172

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $23,246,676 · program services $23,246,676

• 5 · Compensation of officers, directors and key employees

  total $1,544,896 · program services $301,736 · management and general $864,077 · fundraising $379,083

• 7 · Other salaries and wages

  total $15,674,254 · program services $13,268,430 · management and general $2,179,357 · fundraising $226,467

• 8 · Pension plan contributions

  total $958,106 · program services $755,070 · management and general $173,659 · fundraising $29,377

• 9 · Other employee benefits

  total $2,239,774 · program services $1,693,908 · management and general $475,724 · fundraising $70,142

• 10 · Payroll taxes

  total $1,233,957 · program services $972,464 · management and general $223,658 · fundraising $37,835

• 11b · Fees: legal

  total $143,980 · management and general $143,980

• 11c · Fees: accounting

  total $74,145 · management and general $74,145

• 11f · Fees: investment management

  total $172,446 · program services $63,611 · management and general $108,835

• 11g · Fees: other

  total $2,225,951 · program services $1,288,173 · management and general $930,272 · fundraising $7,506

• 12 · Advertising and promotion

  total $361,465 · program services $11,332 · management and general $346,234 · fundraising $3,899

• 13 · Office expenses

  total $569,425 · program services $313,391 · management and general $230,783 · fundraising $25,251

• 16 · Occupancy

  total $4,539,918 · program services $4,420,174 · management and general $110,193 · fundraising $9,551

• 17 · Travel

  total $1,386,069 · program services $1,283,247 · management and general $81,998 · fundraising $20,824

• 19 · Conferences, conventions and meetings

  total $448,076 · program services $290,785 · management and general $147,943 · fundraising $9,348

• 20 · Interest

  total $1,500,860 · program services $1,463,702 · management and general $34,734 · fundraising $2,424

• 22 · Depreciation, depletion and amortization

  total $3,465,336 · program services $3,311,384 · management and general $141,679 · fundraising $12,273

• 23 · Insurance

  total $472,063 · program services $20,300 · management and general $451,763

• 24a · Other expenses: EQUIPMENT RENTAL & MAIN

  total $948,978 · program services $403,981 · management and general $544,997

• 24b · Other expenses: MINOR EQUIPMENT

  total $355,323 · program services $348,444 · management and general $6,879

• 24c · Other expenses: BAD DEBT EXPENSE

  total $187,732 · management and general $187,732

• 24d · Other expenses: PERSONNEL RECRUITING

  total $141,338 · program services $27,875 · management and general $113,463

• 24e · All other expenses

  total $1,103,893 · program services $885,927 · management and general $159,411 · fundraising $58,555

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,426,220 · end of year $1,864,797

• 2 · Savings and temporary cash investments

  beginning of year $1,278,623 · end of year $505,245

• 3 · Pledges and grants receivable

  beginning of year $508,568 · end of year $605,052

• 4 · Accounts receivable

  beginning of year $760,489 · end of year $489,019

• 8 · Inventories for sale or use

  beginning of year $251,046 · end of year $278,313

• 9 · Prepaid expenses and deferred charges

  beginning of year $715,947 · end of year $652,805

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

  $133,184,544

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

  $58,344,268

• 10c · Land, buildings and equipment, net

  beginning of year $76,871,803 · end of year $74,840,276

• 11 · Investments: publicly traded securities

  beginning of year $23,239,138 · end of year $24,817,498

• 12 · Investments: other securities

  beginning of year $9,037,162 · end of year $9,001,414

• 13 · Investments: program-related

  beginning of year $308,679 · end of year $204,541

• 15 · Other assets

  beginning of year $2,326,926 · end of year $2,586,199

• 17 · Accounts payable and accrued expenses

  beginning of year $6,628,159 · end of year $6,323,266

• 19 · Deferred revenue

  beginning of year $1,571,867 · end of year $1,153,589

• 20 · Tax-exempt bond liabilities

  beginning of year $37,672,811 · end of year $35,674,313

• 25 · Other liabilities

  beginning of year $817,990 · end of year $751,684

• 27 · Net assets without donor restrictions

  beginning of year $42,203,167 · end of year $39,739,036

• 28 · Net assets with donor restrictions

  beginning of year $30,830,607 · end of year $32,203,271

The filer's explanations (Part III)

PART I, LINE 1A

THE FORMER PRESIDENT WAS ELIGIBLE FOR A VARIABLE PAY OPPORTUNITY TO BE AWARDED ANNUALLY AT THE DIRECTION OF THE BOARD OF TRUSTEES. FOR CALENDAR 2021, THE FORMER PRESIDENT EARNED AN AMOUNT REPRESENTING 96% OF THE AMOUNT ELIGIBLE, HOWEVER THIS BONUS WAS NOT PAID UNTIL CALENDAR YEAR 2022. FOR CALENDAR 2022, THE FORMER PRESIDENT EARNED AN AMOUNT REPRESENTING 100% OF THE AMOUNT ELIGIBLE, WHICH WAS ALSO PAID PRIOR TO HIS RETIREMENT IN CALENDAR YEAR 2022. $15,600 HOUSING ALLOWANCE PAID TO THE FORMER PRESIDENT WAS INCLUDED AS TAXABLE INCOME ON HIS W-2. $16,000 HOUSING ALLOWANCE AND $5,100 CAR ALLOWANCE PAID TO THE CURRENT PRESIDENT WAS INCLUDED AS TAXABLE INCOME ON HER W-2. THE UNIVERSITY PAYS DUES FOR THE PRESIDENT FOR BUSINESS USE ONLY.

SCHEDULE J - SUPPLEMENTAL INFORMATION

NONTAXABLE BENEFITS PRIMARILY INCLUDE HEALTH INSURANCE BENEFITS. THOSE INDIVIDUALS WITH SIGNIFICANTLY LARGER NONTAXABLE BENEFITS REPORTED ALSO INCLUDE TUITION WAIVER AND EXCHANGE BENEFITS OF THE EMPLOYEE AND IMMEDIATE FAMILY.