Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $5,035

• 1e · Government grants (contributions)

  $68,976,765

• 1f · All other contributions, gifts and grants

  $60,967,755

• 1g · Noncash contributions included above

  $2,624,631

• 2a · Program service revenue: Tuition and Fees

  total $504,503,520 · related or exempt $504,503,520

• 2b · Program service revenue: Auxiliaries

  total $8,203,457 · related or exempt $8,203,457

• 2c · Program service revenue: Other Revenue

  total $1,788,146 · related or exempt $1,788,146

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $22,275,919 · excluded $22,275,919

• 5 · Royalties

  total $896,275 · excluded $896,275

• 6a · Gross rents

  real property $3,099,582

• 6b · Less rental expenses

  real property $2,871,636

• 6c · Rental income or loss

  real property $227,946 · personal property $0

• 6d · Net rental income or loss

  total $227,946 · unrelated business $160,546 · excluded $67,400

• 7a · Gross sales of assets other than inventory

  securities $464,141,712 · other assets $751,779

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

  securities $423,660,763 · other assets $157,899

• 7c · Gain or loss

  securities $40,480,949 · other assets $593,880

• 7d · Net gain or loss

  total $41,074,829 · related or exempt $593,880 · unrelated business $475,372 · excluded $40,005,577

• 8a · Fundraising events: gross income

  $21,260

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

  $5,035

• 8b · Fundraising events: direct expenses

  $15,289

• 8c · Net income from fundraising events

  total $5,971 · excluded $5,971

• 10a · Gross sales of inventory

  $1,745,626

• 10b · Cost of goods sold

  $1,586,687

• 10c · Net income from sales of inventory

  total $158,939 · related or exempt $158,939

• 11a · Other revenue: Insurance Settlements

  total $341,888 · related or exempt $341,888

• 11b · Other revenue: Advertising

  total $20,000 · unrelated business $20,000

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $361,888

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,556,940 · program services $8,556,940

• 2 · Grants to domestic individuals

  total $280,458,466 · program services $280,458,466

• 3 · Grants to foreign organizations and individuals

  total $602,332 · program services $602,332

• 5 · Compensation of officers, directors and key employees

  total $8,216,120 · program services $3,065,763 · management and general $4,598,645 · fundraising $551,712

• 7 · Other salaries and wages

  total $180,057,648 · program services $155,638,973 · management and general $20,863,676 · fundraising $3,554,999

• 8 · Pension plan contributions

  total $13,083,129 · program services $9,350,496 · management and general $3,732,633

• 9 · Other employee benefits

  total $21,022,006 · program services $17,148,202 · management and general $2,634,067 · fundraising $1,239,737

• 10 · Payroll taxes

  total $11,583,563 · program services $9,491,820 · management and general $2,091,743

• 11b · Fees: legal

  total $2,485,256 · management and general $2,485,256

• 11c · Fees: accounting

  total $459,027 · management and general $459,027

• 11e · Fees: professional fundraising services

  total $198,700 · fundraising $198,700

• 11f · Fees: investment management

  total $2,325,426 · management and general $2,325,426

• 11g · Fees: other

  total $38,075,279 · program services $29,086,163 · management and general $8,085,636 · fundraising $903,480

• 12 · Advertising and promotion

  total $317,609 · program services $58,358 · management and general $258,196 · fundraising $1,055

• 13 · Office expenses

  total $7,913,553 · program services $7,700,174 · management and general $30,681 · fundraising $182,698

• 14 · Information technology

  total $22,879,982 · program services $21,036,721 · management and general $1,708,364 · fundraising $134,897

• 16 · Occupancy

  total $27,616,651 · program services $22,716,548 · management and general $4,843,607 · fundraising $56,496

• 17 · Travel

  total $6,633,820 · program services $5,481,393 · management and general $740,926 · fundraising $411,501

• 19 · Conferences, conventions and meetings

  total $770,537 · program services $711,412 · management and general $41,576 · fundraising $17,549

• 20 · Interest

  total $23,275,120 · program services $20,199,179 · management and general $3,075,941

• 22 · Depreciation, depletion and amortization

  total $30,466,729 · program services $26,438,459 · management and general $4,028,270

• 23 · Insurance

  total $8,320,557 · program services $4,139,107 · management and general $4,179,788 · fundraising $1,662

• 24a · Other expenses: Bad Debt

  total $464,811 · management and general $464,811

• 24b · Other expenses: Publication

  total $3,327,723 · program services $2,980,755 · management and general $232,049 · fundraising $114,919

• 24c · Other expenses: Dues and Subscriptions

  total $1,194,070 · program services $927,623 · management and general $230,219 · fundraising $36,228

• 24d · Other expenses: Accretion Expense

  total $865,078 · program services $706,250 · management and general $158,828

• 24e · All other expenses

  total $2,033,114 · program services $1,260,799 · management and general $729,537 · fundraising $42,778

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $22,149,527 · end of year $6,922,267

• 3 · Pledges and grants receivable

  beginning of year $41,277,167 · end of year $31,816,102

• 4 · Accounts receivable

  beginning of year $7,366,730 · end of year $8,601,818

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $735,985 · end of year $755,918

• 9 · Prepaid expenses and deferred charges

  beginning of year $19,368,235 · end of year $17,436,201

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

  $1,250,700,002

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

  $643,708,152

• 10c · Land, buildings and equipment, net

  beginning of year $620,424,538 · end of year $606,991,850

• 11 · Investments: publicly traded securities

  beginning of year $579,505,340 · end of year $557,117,214

• 12 · Investments: other securities

  beginning of year $353,222,407 · end of year $457,468,987

• 13 · Investments: program-related

  beginning of year $5,559,768 · end of year $3,440,247

• 15 · Other assets

  beginning of year $47,691,323 · end of year $40,958,542

• 17 · Accounts payable and accrued expenses

  beginning of year $65,461,474 · end of year $54,144,470

• 19 · Deferred revenue

  beginning of year $39,094,852 · end of year $42,433,877

• 20 · Tax-exempt bond liabilities

  beginning of year $369,322,374 · end of year $351,190,113

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $15,389,149 · end of year $14,651,938

• 24 · Unsecured notes and loans payable

  beginning of year $266,613,605 · end of year $256,885,362

• 25 · Other liabilities

  beginning of year $98,214,267 · end of year $95,868,180

• 27 · Net assets without donor restrictions

  beginning of year $37,892,278 · end of year $59,422,480

• 28 · Net assets with donor restrictions

  beginning of year $805,313,021 · end of year $856,912,726

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

The president is the only employee who is eligible for first class travel. Other executives may be approved based on demonstrated medical need only. Rensselaer's president is allowed to use first class travel on Rensselaer business in accordance with the terms of his employment agreement, which was approved by independent members of the Compensation and Personnel Development committee. The president's expenses are subject to review by the Board of Trustees. The expense was not treated as taxable compensation.

Schedule J, Part I, Line 1a Travel for companions

The president is the only employee who is eligible for spousal/companion travel. Rensselaer's president is allowed to use companion travel on Rensselaer business in accordance with the terms of their employment agreement, which was approved by independent members of the Compensation and Personnel Development committee. The president's expenses are subject to review by the Board of Trustees, including any amounts for spousal travel. The expense was treated as taxable compensation.

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

The president received tax gross up payments during calender year 2023 related to travel for companions. It was treated as taxable compensation

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

Rensselaer Polytechnic Institute provides housing to the president as a requirement for employment. The Board has oversight of strategic issues for facilities management, which include, but are not limited to capital improvements or other costs for Rensselaer's president's residence. The Board of Rensselaer also oversees the review and audit of expenses relating to the presidential residence. Such review occurs under the Board's oversight at least annually. The expense was not treated as taxable compensation.

Schedule J, Part I, Line 1a Personal services

Rensselaer Polytechnic Institute pays for personal services for the President associated with the upkeep of the President's Residence. The Board has oversight of strategic issues for facilities management, which include, but are not limited to capital improvements or other costs for Rensselaer's president's residence. The Board of Rensselaer also oversees the review and audit of expenses relating to the presidential residence. Such review occurs under the Board's oversight at least annually. The expense was not treated as taxable compensation.

Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses

The President's expenses are subject to review by the Board of Trustees, including any amounts for spousal/companion travel. The Board has oversight of strategic issues for facilities management, which include, but are not limited to capital improvements or other costs of the president's residence. They also oversee the review and audit expenses at least annually.

Schedule J, Part I, Line 7 Non-fixed payments

Rensselaer maintains a performance incentive program in connection with the annual evaluation process for the President and Executive Officers. Eligibility for receipt of such incentive payments is limited to certain Executive Officers and held within the scope of reasonable compensation for like positions at peer institutions. Performance awards are made following the evaluation process and are subject to review by the Compensation and Personnel Development Committee of the Board. Awards given by the Committee are provided at the discretion of the board and are based upon annual evaluations, with the amount of such awards, if any, being subject to applicable maximum limits by employment contract. Consistent with applicable federal guidance, executive positions with primary responsibility for endowment management and enrollment are not eligible for incentive compensation.

Related corporations and trusts

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

• CRAT (1)

  Trust · Trust · NY

  Directly controlled by NA

• CRUT (8)

  Trust · Trust · NY

  Directly controlled by NA

• Pooled Income Fund (2)

  Trust · Trust · NY

  Directly controlled by NA

• External Trusts (9)

  Trust · Trust · NY

  Directly controlled by NA