Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $260,170

• 1d · Related organizations

  $581,001

• 1e · Government grants (contributions)

  $2,892,085

• 1f · All other contributions, gifts and grants

  $22,552,427

• 1g · Noncash contributions included above

  $1,918,798

• 2a · Program service revenue: TUITION & FEES

  total $86,718,792 · related or exempt $86,718,792

• 2b · Program service revenue: AUXILIARY ENTERPRISES

  total $18,918,424 · related or exempt $18,918,424

• 3 · Investment income

  total $4,422,902 · unrelated business $30,858 · excluded $4,392,044

• 5 · Royalties

  total $2,495 · excluded $2,495

• 7a · Gross sales of assets other than inventory

  securities $73,278,342

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

  securities $72,840,092

• 7c · Gain or loss

  securities $438,250

• 7d · Net gain or loss

  total $438,250 · excluded $438,250

• 8a · Fundraising events: gross income

  $49,323

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

  $260,170

• 8b · Fundraising events: direct expenses

  $161,747

• 8c · Net income from fundraising events

  total -$112,424 · excluded -$112,424

• 10a · Gross sales of inventory

  $4,736,668

• 10b · Cost of goods sold

  $4,849,107

• 10c · Net income from sales of inventory

  total -$112,439 · unrelated business $643,784 · excluded -$756,223

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $33,552,199 · program services $33,552,199

• 5 · Compensation of officers, directors and key employees

  total $1,672,223 · program services $596,431 · management and general $749,388 · fundraising $326,404

• 7 · Other salaries and wages

  total $48,816,074 · program services $45,551,951 · management and general $2,220,649 · fundraising $1,043,474

• 8 · Pension plan contributions

  total $935,043 · program services $872,169 · management and general $39,229 · fundraising $23,645

• 9 · Other employee benefits

  total $9,074,756 · program services $8,574,999 · management and general $344,976 · fundraising $154,781

• 10 · Payroll taxes

  total $3,700,032 · program services $3,088,516 · management and general $522,908 · fundraising $88,608

• 11b · Fees: legal

  total $254,920 · management and general $254,920

• 11c · Fees: accounting

  total $191,327 · management and general $191,327

• 11e · Fees: professional fundraising services

  total $219,964 · fundraising $219,964

• 11f · Fees: investment management

  total $72,829 · management and general $72,829

• 11g · Fees: other

  total $6,176,442 · program services $5,119,679 · management and general $428,885 · fundraising $627,878

• 12 · Advertising and promotion

  total $2,871,038 · program services $2,765,793 · management and general $24,955 · fundraising $80,290

• 13 · Office expenses

  total $3,207,870 · program services $2,433,844 · management and general $723,913 · fundraising $50,113

• 14 · Information technology

  total $409,906 · program services $349,050 · management and general $30,606 · fundraising $30,250

• 16 · Occupancy

  total $4,766,238 · program services $4,757,223 · management and general $5,714 · fundraising $3,301

• 17 · Travel

  total $2,898,485 · program services $2,699,772 · management and general $27,485 · fundraising $171,228

• 19 · Conferences, conventions and meetings

  total $80,045 · program services $73,550 · management and general $1,843 · fundraising $4,652

• 20 · Interest

  total $3,487,947 · program services $3,487,947

• 22 · Depreciation, depletion and amortization

  total $7,467,799 · program services $7,467,799

• 23 · Insurance

  total $1,535,071 · program services $889,695 · management and general $645,376

• 24a · Other expenses: BAD DEBT/COLLECTION

  total $1,678,279 · program services $1,678,279

• 24b · Other expenses: HOSPITALITY

  total $1,494,300 · program services $1,363,165 · management and general $80,962 · fundraising $50,173

• 24c · Other expenses: INSTRUCTIONAL COST

  total $458,809 · program services $458,809

• 24e · All other expenses

  total $2,439,114 · program services $2,154,535 · management and general $215,434 · fundraising $69,145

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,596 · end of year $12,554

• 2 · Savings and temporary cash investments

  beginning of year $33,181,668 · end of year $31,801,053

• 3 · Pledges and grants receivable

  beginning of year $6,949,329 · end of year $3,846,686

• 4 · Accounts receivable

  beginning of year $22,109,114 · end of year $23,269,846

• 7 · Other notes and loans receivable

  beginning of year $1,200,484 · end of year $1,135,958

• 8 · Inventories for sale or use

  beginning of year $590,111 · end of year $580,661

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,238,004 · end of year $1,426,583

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

  $313,203,187

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

  $152,090,287

• 10c · Land, buildings and equipment, net

  beginning of year $163,367,625 · end of year $161,112,900

• 11 · Investments: publicly traded securities

  beginning of year $66,203,925 · end of year $75,194,166

• 12 · Investments: other securities

  beginning of year $8,709,750 · end of year $11,970,518

• 15 · Other assets

  beginning of year $4,160,723 · end of year $4,124,806

• 17 · Accounts payable and accrued expenses

  beginning of year $19,621,939 · end of year $9,873,580

• 19 · Deferred revenue

  beginning of year $15,134,672 · end of year $18,310,283

• 20 · Tax-exempt bond liabilities

  beginning of year $57,980,461 · end of year $56,543,630

• 25 · Other liabilities

  beginning of year $3,499,096 · end of year $5,195,656

• 27 · Net assets without donor restrictions

  beginning of year $123,282,322 · end of year $126,652,647

• 28 · Net assets with donor restrictions

  beginning of year $88,204,839 · end of year $97,899,935

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCES WERE PROVIDED FOR THE FORMER PRESIDENT AND ASHBROOK EXECUTIVE DIRECTOR AND WERE INCLUDED IN THEIR TAXABLE COMPENSATION.

PART I, LINE 7

A PROFESSOR AT THE UNIVERSITY RECEIVED A BONUS OF $1,000 DURING 2025.

Related corporations and trusts

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

• ASHLAND LEGACY TRUST

  T · SEE PART VII FOR PRIMARY ACTIVITY · OH · 100% owned

• ASHLAND THEOLOGICAL SEMINARY FOUNDATION

  C · PROVIDES SUPPORT TO ASHLAND THEOLOGICAL SEMINARY · OH · 100% owned