Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,238,464

• 1f · All other contributions, gifts and grants

  $11,512,936

• 1g · Noncash contributions included above

  $354,707

• 2a · Program service revenue: TUITION AND FEES

  total $54,092,676 · related or exempt $54,092,676

• 2b · Program service revenue: AUXILIARY ENTERPRISES - PROGRAM

  total $9,250,942 · related or exempt $9,250,942

• 2c · Program service revenue: AUXILIARY ENTERPRISES - CATERING

  total $18,015 · unrelated business $18,015

• 3 · Investment income

  total $5,644,900 · unrelated business $4,846 · excluded $5,640,054

• 7a · Gross sales of assets other than inventory

  securities $15,539,683

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

  securities $15,221,242

• 7c · Gain or loss

  securities $318,441

• 7d · Net gain or loss

  total $318,441 · excluded $318,441

• 11a · Other revenue: MISCELLANEOUS REVENUE

  total $3,587,175 · related or exempt $3,587,175

• 11e · Other revenue, total

  $3,587,175

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $37,297,478 · program services $37,297,478

• 5 · Compensation of officers, directors and key employees

  total $2,068,664 · program services $1,452,616 · management and general $453,865 · fundraising $162,183

• 7 · Other salaries and wages

  total $22,680,080 · program services $15,924,703 · management and general $4,977,544 · fundraising $1,777,833

• 8 · Pension plan contributions

  total $999,999 · program services $702,199 · management and general $219,400 · fundraising $78,400

• 9 · Other employee benefits

  total $5,329,173 · program services $3,742,145 · management and general $1,169,221 · fundraising $417,807

• 10 · Payroll taxes

  total $1,634,071 · program services $1,147,445 · management and general $358,515 · fundraising $128,111

• 11a · Fees: management

  total $135,900 · management and general $135,900

• 11b · Fees: legal

  total $167,464 · management and general $167,464

• 11g · Fees: other

  total $4,988,997 · program services $3,205,973 · management and general $1,396,522 · fundraising $386,502

• 12 · Advertising and promotion

  total $209,704 · program services $4,938 · management and general $204,766

• 13 · Office expenses

  total $8,735,853 · program services $7,009,875 · management and general $1,167,275 · fundraising $558,703

• 14 · Information technology

  total $539,407 · program services $30,584 · management and general $508,823

• 16 · Occupancy

  total $2,670,807 · program services $741,727 · management and general $1,929,080

• 17 · Travel

  total $2,261,454 · program services $1,773,785 · management and general $352,263 · fundraising $135,406

• 20 · Interest

  total $1,269,014 · program services $685,710 · management and general $530,755 · fundraising $52,549

• 22 · Depreciation, depletion and amortization

  total $4,607,499 · program services $3,683,627 · management and general $689,324 · fundraising $234,548

• 23 · Insurance

  total $1,016,473 · program services $402,965 · management and general $613,508

• 24a · Other expenses: AUXILIARY ENTERPRISES -

  total $3,586,983 · program services $3,586,983

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,773,697 · end of year $5,100,317

• 2 · Savings and temporary cash investments

  beginning of year $654,990 · end of year $492,320

• 3 · Pledges and grants receivable

  beginning of year $640,385 · end of year $594,752

• 4 · Accounts receivable

  beginning of year $3,010,467 · end of year $2,152,778

• 8 · Inventories for sale or use

  beginning of year $177,329 · end of year $207,666

• 9 · Prepaid expenses and deferred charges

  beginning of year $857,098 · end of year $1,260,386

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

  $156,410,442

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

  $96,803,658

• 10c · Land, buildings and equipment, net

  beginning of year $62,308,530 · end of year $59,606,784

• 11 · Investments: publicly traded securities

  beginning of year $170,007,589 · end of year $172,681,189

• 15 · Other assets

  beginning of year $21,844,897 · end of year $21,972,608

• 17 · Accounts payable and accrued expenses

  beginning of year $4,199,769 · end of year $5,461,963

• 19 · Deferred revenue

  beginning of year $670,180 · end of year $491,954

• 20 · Tax-exempt bond liabilities

  beginning of year $44,970,146 · end of year $44,134,757

• 25 · Other liabilities

  beginning of year $4,455,738 · end of year $3,820,790

• 27 · Net assets without donor restrictions

  beginning of year $53,596,219 · end of year $45,562,091

• 28 · Net assets with donor restrictions

  beginning of year $158,382,930 · end of year $164,597,245

The filer's explanations (Part III)

PART I, LINE 1A

OCCASIONALLY THE PRESIDENT'S WIFE WILL ACCOMPANY THE PRESIDENT ON COLLEGE FUNDRAISING EVENTS. THE COLLEGE PROVIDES FUNDING FOR HER TRAVEL COSTS. THESE TRAVEL COSTS ARE NOT CONSIDERED COMPENSATION AS SHE IS PARTICIPATING IN FUNDRAISING FOR THE COLLEGE. REIMBURSEMENTS FOR TRAVEL COST MUST FOLLOW THE COLLEGE'S PURCHASING AND ACCOUNTS PAYABLE POLICIES. THESE POLICIES INCLUDE REQUIREMENTS FOR DOCUMENTATION AND RECEIPTS. THE PRESIDENT IS PROVIDED HOUSING BY THE COLLEGE. THE PRESIDENT'S HOUSE IS CONSIDERED A PART OF THE COLLEGE'S CAMPUS AND IS USED FOR COLLEGE EVENTS AND ENTERTAINING. THE PRESIDENT'S HOUSING IS CONSIDERED NONTAXABLE AS IT IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE.

PART I, LINE 3

COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS. THE BOARD OF TRUSTEES FOLLOWS THE PRINCIPAL AND POLICIES OUTLINED IN KNOX'S EXECUTIVE COMPENSATION PROGRAM AS APPROVED MAY 2, 2016. COMPENSATION FOR EXECUTIVES OF THE COLLEGE IS DETERMINED BY EVALUATION OF A VARIETY OF FACTORS, INCLUDING THE SKILLS, TENURE, EXPERIENCE AND PERFORMANCE OF THE EXECUTIVE; THE DIFFICULTY OF REPLACING THE EXECUTIVE AND THE IMPORTANCE OF THE POSITION TO THE COLLEGE; AND HISTORICAL COMPENSATION LEVELS AND INTERNAL PAY EQUITY ISSUES. ALL COMPENSATION AND OTHER FINANCIAL BENEFITS FOR COLLEGE EMPLOYEES WHO ARE DISQUALIFIED PERSONS ARE TO BE APPROVED IN ADVANCE OF PAYMENT OR AGREEMENT FOR PAYMENT BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.