Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $31,291

• 1e · Government grants (contributions)

  $69,605

• 1f · All other contributions, gifts and grants

  $4,502,820

• 2a · Program service revenue: TUITION AND FEES

  total $78,420,842 · related or exempt $78,420,842

• 2b · Program service revenue: RESIDENCE HALLS

  total $12,397,101 · related or exempt $12,397,101

• 2c · Program service revenue: MEAL PLANS

  total $8,829,793 · related or exempt $8,829,793

• 2d · Program service revenue: BOOKSTORE

  total $111,924 · related or exempt $111,924

• 3 · Investment income

  total $2,053,700 · excluded $2,053,700

• 5 · Royalties

  total $1,487 · excluded $1,487

• 7a · Gross sales of assets other than inventory

  securities $91,564,430 · other assets $97,493

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

  securities $89,386,707 · other assets $85,072

• 7c · Gain or loss

  securities $2,177,723 · other assets $12,421

• 7d · Net gain or loss

  total $2,190,144 · excluded $2,190,144

• 8a · Fundraising events: gross income

  $11,454

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

  $31,291

• 8b · Fundraising events: direct expenses

  $20,505

• 8c · Net income from fundraising events

  total -$9,051 · excluded -$9,051

• 11a · Other revenue: SPORTS CAMP REVENUE

  total $254,524 · excluded $254,524

• 11b · Other revenue: FACILITIES REVENUE

  total $181,154 · excluded $181,154

• 11d · All other revenue

  total $1,146,362 · excluded $1,146,362

• 11e · Other revenue, total

  $1,582,040

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $110,000 · program services $110,000

• 2 · Grants to domestic individuals

  total $41,421,843 · program services $41,421,843

• 5 · Compensation of officers, directors and key employees

  total $2,345,548 · program services $929,889 · management and general $1,415,659

• 7 · Other salaries and wages

  total $32,420,628 · program services $29,311,507 · management and general $2,518,555 · fundraising $590,566

• 8 · Pension plan contributions

  total $2,004,186 · program services $1,776,304 · management and general $193,837 · fundraising $34,045

• 9 · Other employee benefits

  total $5,292,949 · program services $4,642,318 · management and general $554,546 · fundraising $96,085

• 10 · Payroll taxes

  total $2,816,864 · program services $2,447,070 · management and general $324,267 · fundraising $45,527

• 11b · Fees: legal

  total $410,311 · management and general $410,311

• 11c · Fees: accounting

  total $195,838 · management and general $195,838

• 11f · Fees: investment management

  total $407,216 · management and general $407,216

• 11g · Fees: other

  total $11,301,751 · program services $9,037,904 · management and general $2,126,555 · fundraising $137,292

• 12 · Advertising and promotion

  total $625,544 · program services $585,452 · management and general $40,092

• 13 · Office expenses

  total $772,021 · program services $713,950 · management and general $50,064 · fundraising $8,007

• 14 · Information technology

  total $1,634,517 · program services $1,545,788 · management and general $83,620 · fundraising $5,109

• 16 · Occupancy

  total $4,706,550 · program services $4,340,188 · management and general $366,362

• 17 · Travel

  total $755,440 · program services $709,406 · management and general $40,513 · fundraising $5,521

• 19 · Conferences, conventions and meetings

  total $213,297 · program services $164,798 · management and general $47,128 · fundraising $1,371

• 20 · Interest

  total $1,794,789 · program services $1,680,972 · management and general $73,781 · fundraising $40,036

• 22 · Depreciation, depletion and amortization

  total $7,223,011 · program services $6,771,721 · management and general $359,741 · fundraising $91,549

• 23 · Insurance

  total $857,348 · program services $2,488 · management and general $854,860

• 24a · Other expenses: BAD DEBT EXPENSES

  total $1,737,500 · program services $1,737,500

• 24b · Other expenses: INSTRUCTIONAL SUPPLIES

  total $612,633 · program services $612,633

• 24c · Other expenses: EVENTS/ENTERTAINMENT

  total $428,884 · program services $371,468 · management and general $33,493 · fundraising $23,923

• 24d · Other expenses: UTILITIES & MAINTENANCE

  total $413,880 · management and general $359,763 · fundraising $54,117

• 24e · All other expenses

  total $1,895,438 · program services $407,355 · management and general $1,451,928 · fundraising $36,155

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,130 · end of year $1,225,351

• 2 · Savings and temporary cash investments

  beginning of year $8,236,853 · end of year $4,398,173

• 3 · Pledges and grants receivable

  beginning of year $2,836,800 · end of year $4,468,523

• 4 · Accounts receivable

  beginning of year $2,196,116 · end of year $2,197,325

• 7 · Other notes and loans receivable

  beginning of year $305,080 · end of year $299,027

• 9 · Prepaid expenses and deferred charges

  beginning of year $474,216 · end of year $1,024,574

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

  $223,180,125

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

  $127,783,259

• 10c · Land, buildings and equipment, net

  beginning of year $97,633,660 · end of year $95,396,866

• 11 · Investments: publicly traded securities

  beginning of year $88,342,735 · end of year $72,512,522

• 12 · Investments: other securities

  end of year $15,971,553

• 17 · Accounts payable and accrued expenses

  beginning of year $8,630,067 · end of year $10,138,787

• 19 · Deferred revenue

  beginning of year $2,711,147 · end of year $3,831,570

• 20 · Tax-exempt bond liabilities

  beginning of year $65,606,069 · end of year $62,054,044

• 25 · Other liabilities

  beginning of year $1,160,588 · end of year $890,899

• 27 · Net assets without donor restrictions

  beginning of year $113,885,415 · end of year $111,649,406

• 28 · Net assets with donor restrictions

  beginning of year $8,033,304 · end of year $8,929,208

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE/PERSONAL SERVICES: AS A CONDITION OF EMPLOYMENT, THE FOLLOWING EMPLOYEES ARE REQUIRED TO LIVE IN CAMPUS HOUSING: PRESIDENT, VP OF FACILITIES, AND CERTAIN STUDENT AFFAIRS EMPLOYEES. THE ANNUAL FAIR MARKET RENTAL VALUE OF THE HOUSING IS INCLUDED IN SCHEDULE J, PART II, COLUMN (D) AS A NONTAXABLE BENEFIT. HOUSEKEEPING SERVICES FOR THE PRESIDENT ARE REPORTED ON HIS W-2. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: THE COLLEGE PROVIDES TAX INDEMNIFICATION AND GROSS-UP PAYMENTS RELATED TO THE PERSONAL USE OF COLLEGE PROVIDED VEHICLES FOR THE PRESIDENT AND THE VP OF FACILITIES. THIS BENEFIT IS TREATED AS TAXABLE COMPENSATION FOR THESE INDIVIDUALS, AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III).

PART I, LINE 1B

THE COLLEGE REIMBURSES ALL EMPLOYEES, INCLUDING ITS OFFICERS, KEY EMPLOYEES, AND SENIOR LEVEL STAFF FOR EXPENSES INCURRED WHILE CONDUCTING BUSINESS OF THE COLLEGE. REIMBURSEMENTS FOR OFFICERS, KEY EMPLOYEES, AND SENIOR LEVEL STAFF ARE REVIEWED BY THE CFO AND/OR PRESIDENT, AS APPROPRIATE.

PART I, LINE 8

THE PRESIDENT IS IN HIS INITIAL CONTRACT WITH THE COLLEGE EFFECTIVE AS OF JULY 31, 2023 FOR AN INITIAL 3 YEAR TERM.