Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $5,892

• 1e · Government grants (contributions)

  $526,920

• 1f · All other contributions, gifts and grants

  $8,429,785

• 1g · Noncash contributions included above

  $422,820

• 2a · Program service revenue: STUDENT REVENUES

  total $66,655,950 · related or exempt $66,655,950

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $1,710,494 · excluded $1,710,494

• 2f · All other program service revenue

  total $3,464,033 · related or exempt $3,464,033

• 3 · Investment income

  total $7,687,514 · excluded $7,687,514

• 6a · Gross rents

  real property $27,502

• 6b · Less rental expenses

  real property $23,944

• 6c · Rental income or loss

  real property $3,558

• 6d · Net rental income or loss

  total $3,558 · unrelated business $3,558

• 7a · Gross sales of assets other than inventory

  securities $188,803,589 · other assets $705,000

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

  securities $175,431,693 · other assets $124,490

• 7c · Gain or loss

  securities $13,371,896 · other assets $580,510

• 7d · Net gain or loss

  total $13,952,406 · excluded $13,952,406

• 8a · Fundraising events: gross income

  $35,473

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

  $5,892

• 8b · Fundraising events: direct expenses

  $22,328

• 8c · Net income from fundraising events

  total $13,145 · excluded $13,145

• 11a · Other revenue: K-1 PAXTON/PATTERSON

  total $141,116 · unrelated business $141,116

• 11e · Other revenue, total

  $141,116

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $25,900,773 · program services $25,900,773

• 5 · Compensation of officers, directors and key employees

  total $1,048,039 · management and general $612,083 · fundraising $435,956

• 6 · Compensation of disqualified persons

  total $1,934,937 · program services $674,825 · management and general $1,260,112

• 7 · Other salaries and wages

  total $24,051,234 · program services $18,186,718 · management and general $5,478,056 · fundraising $386,460

• 8 · Pension plan contributions

  total $1,469,552 · program services $1,106,785 · management and general $342,481 · fundraising $20,286

• 9 · Other employee benefits

  total $4,527,893 · program services $2,525,553 · management and general $1,969,154 · fundraising $33,186

• 10 · Payroll taxes

  total $1,781,445 · program services $1,349,723 · management and general $402,158 · fundraising $29,564

• 11b · Fees: legal

  total $23,618 · management and general $23,618

• 11c · Fees: accounting

  total $119,545 · management and general $119,545

• 11f · Fees: investment management

  total $679,840 · management and general $679,840

• 11g · Fees: other

  total $4,480,239 · program services $4,293,909 · management and general $169,830 · fundraising $16,500

• 12 · Advertising and promotion

  total $754,736 · program services $594,017 · fundraising $160,719

• 13 · Office expenses

  total $1,782,504 · program services $1,229,932 · management and general $528,953 · fundraising $23,619

• 14 · Information technology

  total $921,615 · program services $89,628 · management and general $831,987

• 16 · Occupancy

  total $2,537,894 · program services $2,537,894

• 17 · Travel

  total $680,121 · program services $634,972 · management and general $24,726 · fundraising $20,423

• 19 · Conferences, conventions and meetings

  total $67,040 · program services $52,517 · management and general $13,623 · fundraising $900

• 20 · Interest

  total $1,218,427 · program services $341,095 · management and general $877,332

• 22 · Depreciation, depletion and amortization

  total $8,873,884 · program services $3,928,640 · management and general $4,945,244

• 23 · Insurance

  total $123,912 · program services $73,314 · management and general $50,598

• 24a · Other expenses: BAD DEBT EXPENSE

  total $3,586,504 · management and general $3,586,504

• 24b · Other expenses: MEMBERSHIP & FEES

  total $972,380 · program services $115,543 · management and general $851,093 · fundraising $5,744

• 24c · Other expenses: CURRICULUM DEVELOPMENT

  total $899,104 · program services $569,677 · management and general $329,427

• 24d · Other expenses: PROGRAMMING EXP

  total $462,420 · program services $462,420

• 24e · All other expenses

  total $5,658,148 · program services $4,162,588 · management and general $1,308,132 · fundraising $187,428

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $22,541,140 · end of year $14,122,086

• 3 · Pledges and grants receivable

  beginning of year $2,493,895 · end of year $2,537,963

• 4 · Accounts receivable

  beginning of year $6,147,672 · end of year $5,869,396

• 8 · Inventories for sale or use

  beginning of year $433,041 · end of year $373,914

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,700,788 · end of year $1,694,223

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

  $225,488,623

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

  $92,077,655

• 10c · Land, buildings and equipment, net

  beginning of year $128,245,856 · end of year $133,410,968

• 11 · Investments: publicly traded securities

  beginning of year $222,603,194 · end of year $213,330,117

• 12 · Investments: other securities

  beginning of year $1,924,562 · end of year $1,813,547

• 13 · Investments: program-related

  beginning of year $6,832,024 · end of year $5,741,688

• 15 · Other assets

  beginning of year $11,295,855 · end of year $13,860,840

• 17 · Accounts payable and accrued expenses

  beginning of year $10,203,307 · end of year $7,330,220

• 19 · Deferred revenue

  beginning of year $4,728,398 · end of year $4,037,973

• 20 · Tax-exempt bond liabilities

  beginning of year $49,690,000 · end of year $48,630,000

• 23 · Secured mortgages and notes payable

  beginning of year $895,202 · end of year $670,143

• 25 · Other liabilities

  beginning of year $22,154,022 · end of year $22,009,904

• 27 · Net assets without donor restrictions

  beginning of year $148,472,266 · end of year $139,353,078

• 28 · Net assets with donor restrictions

  beginning of year $168,074,832 · end of year $170,723,424

The filer's explanations (Part III)

PART I, LINE 1A

REV. DR. JEFFREY BULLOCK, PRESIDENT, IS PROVIDED WITH NON-TAXABLE HOUSING WHICH INCLUDES UTILITIES AND RESIDENTIAL CLEANING SERVICES. THE UNIVERSITY SUPPORTS ITS PRESIDENT LIVING IN THE PRESIDENTIAL HOUSE OWNED BY THE UNIVERSITY BECAUSE OF ITS REQUIREMENT THAT THE PRESIDENT CONDUCT SIGNIFICANT BUSINESS ACTIVITIES AND UNIVERSITY RELATED ENTERTAINMENT ON UNIVERSITY PROPERTY. THE RESIDENCE LOCATED IN NEAR PROXIMITY TO CAMPUS WHICH IS OWNED BY THE UNIVERSITY, IS DESIGNATED AS THE OFFICIAL PRESIDENTIAL HOUSE. THE VALUE OF THE HOUSING AND RELATED SERVICES IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). BRADLEY LONGFIELD, A HIGHEST COMPENSATED EMPLOYEE QUALIFIES FOR AND RECEIVES A MINISTERIAL HOUSING ALLOWANCE. THE VALUE OF THE HOUSING IS REPORTED AS OTHER COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (F) AND SCHEDULE J, PAGE 2, PART II, COLUMN (D). THE ORGANIZATION PAYS COUNTRY CLUB DUES ON BEHALF OF REV. DR. JEFFREY BULLOCK, PRESIDENT. THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR PERSONAL USE IS TAXABLE TO THE EMPLOYEE AND IS REPORTED IN REPORTABLE COMPENSATION ON FORM 990, PAGE 7, PART VII, SECTION A, COLUMN (D) AND SCHEDULE J, PAGE 2, PART II, COLUMN (B)(III). THE PORTION OF THE PAYMENT FOR COUNTRY CLUB DUES THAT IS DEEMED TO BE FOR BUSINESS USE IS EXCLUDED FROM COMPENSATION AS A WORKING CONDITION FRINGE BENEFIT.

PART I, LINE 4B

THREE LISTED PERSONS PARTICIPATE IN NON-QUALIFIED DEFERRED COMPENSATION PLANS UNDER SECTION 457(F). THE PLANS PROVIDE FOR A LONGEVITY BONUS TO BE PAID UPON CONTINUED EMPLOYMENT OVER A SPECIFIED PERIOD. IN CALENDAR YEAR 2022, JAMES STEINER, VP OF FINANCE WAS PAID $95,193 UNDER SUCH PLAN; DR. MARK WARD, VP OF ACADEMIC AFFAIRS WAS PAID $96,845 UNDER SUCH PLAN; AND DAN RUNKLE, DIRECTOR OF ATHLETICS WAS PAID $58,173 UNDER SUCH PLAN. THESE PAYMENTS ARE REFLECTED ON SCHEDULE J, PART II, COL. D(III). OF THESE AMOUNTS, $94,806 WAS REPORTED ON PRIOR FORM 990S AS DEFERRED COMPENSATION FOR JAMES STEINER, THEREFORE, THAT AMOUNT IS ALSO REPORTED ON SCHEDULE J, PART II, COL. F.

PART I, LINE 7

REV. DR. JEFFREY BULLOCK, PRESIDENT RECEIVED A DISCRETIONARY BONUS APPROVED BY THE BOARD OF TRUSTEES COMMITTEE RESPONSIBLE FOR SETTING THE PRESIDENT'S COMPENSATION. ONE OTHER PERSON LISTED AS AN OFFICER OR HIGHEST COMPENSATED EMPLOYEE ON FORM 990, PART VII, SECTION A RECEIVED A DISCRETIONARY BONUS APPROVED BY THE PRESIDENT.