Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $159,850

• 1e · Government grants (contributions)

  $3,052,118

• 1f · All other contributions, gifts and grants

  $1,917,055

• 1g · Noncash contributions included above

  $211,663

• 2a · Program service revenue: TUITION AND FEES

  total $151,753,239 · related or exempt $151,753,239

• 2b · Program service revenue: ROOM/BOARD & RELATED

  total $41,534,429 · related or exempt $41,534,429

• 3 · Investment income

  total $3,339,236 · unrelated business -$9,877 · excluded $3,349,113

• 7a · Gross sales of assets other than inventory

  securities $74,786,462 · other assets $46,508

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

  securities $76,242,098 · other assets $0

• 7c · Gain or loss

  securities -$1,455,636 · other assets $46,508

• 7d · Net gain or loss

  total -$1,409,128 · unrelated business $17,246 · excluded -$1,426,374

• 8a · Fundraising events: gross income

  $86,021

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

  $159,850

• 8b · Fundraising events: direct expenses

  $58,539

• 8c · Net income from fundraising events

  total $27,482 · excluded $27,482

• 11a · Other revenue: MISCELLANEOUS

  total $667,238 · related or exempt $667,238

• 11e · Other revenue, total

  $667,238

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $67,965,185 · program services $67,965,185

• 3 · Grants to foreign organizations and individuals

  total $108,635 · program services $108,635

• 5 · Compensation of officers, directors and key employees

  total $4,146,853 · program services $1,164,523 · management and general $2,657,778 · fundraising $324,552

• 7 · Other salaries and wages

  total $59,767,125 · program services $50,051,869 · management and general $7,793,770 · fundraising $1,921,486

• 8 · Pension plan contributions

  total $4,657,726 · program services $3,882,385 · management and general $625,005 · fundraising $150,336

• 9 · Other employee benefits

  total $4,725,874 · program services $3,939,189 · management and general $634,149 · fundraising $152,536

• 10 · Payroll taxes

  total $4,261,651 · program services $3,552,242 · management and general $571,857 · fundraising $137,552

• 11b · Fees: legal

  total $392,489 · management and general $392,489

• 11c · Fees: accounting

  total $202,180 · management and general $202,180

• 11f · Fees: investment management

  total $506,367 · management and general $506,367

• 11g · Fees: other

  total $5,801,973 · program services $3,318,776 · management and general $2,451,399 · fundraising $31,798

• 12 · Advertising and promotion

  total $1,818,057 · program services $511,267 · management and general $1,183,473 · fundraising $123,317

• 13 · Office expenses

  total $3,282,395 · program services $1,694,792 · management and general $1,569,752 · fundraising $17,851

• 14 · Information technology

  total $1,103,796 · program services $86,152 · management and general $1,017,344 · fundraising $300

• 16 · Occupancy

  total $9,738,044 · program services $8,325,018 · management and general $1,269,710 · fundraising $143,316

• 17 · Travel

  total $2,280,525 · program services $2,090,347 · management and general $132,357 · fundraising $57,821

• 19 · Conferences, conventions and meetings

  total $696,208 · program services $540,568 · management and general $139,626 · fundraising $16,014

• 20 · Interest

  total $4,319,766 · program services $4,065,628 · management and general $254,138

• 22 · Depreciation, depletion and amortization

  total $17,362,794 · program services $16,818,384 · management and general $494,175 · fundraising $50,235

• 23 · Insurance

  total $1,183,871 · program services $50,121 · management and general $1,133,750

• 24a · Other expenses: DINING SERVICES

  total $5,919,350 · program services $5,037,887 · management and general $809,020 · fundraising $72,443

• 24b · Other expenses: REPAIRS/MAINTENANCE

  total $5,866,394 · program services $5,839,845 · management and general $26,549

• 24c · Other expenses: EVENTS

  total $797,488 · program services $663,798 · management and general $85,936 · fundraising $47,754

• 24d · Other expenses: MEMBERSHIPS

  total $579,990 · program services $318,127 · management and general $257,616 · fundraising $4,247

• 24e · All other expenses

  total $3,405,859 · program services $2,320,086 · management and general $1,056,415 · fundraising $29,358

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $19,619,751 · end of year $17,768,889

• 2 · Savings and temporary cash investments

  beginning of year $8,990,307 · end of year $9,565,814

• 3 · Pledges and grants receivable

  beginning of year $4,204,516 · end of year $3,375,013

• 4 · Accounts receivable

  beginning of year $6,478,415 · end of year $6,959,642

• 7 · Other notes and loans receivable

  beginning of year $1,961,407 · end of year $1,182,235

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,135,698 · end of year $5,015,852

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

  $525,232,434

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

  $250,638,121

• 10c · Land, buildings and equipment, net

  beginning of year $256,634,640 · end of year $274,594,313

• 11 · Investments: publicly traded securities

  beginning of year $89,330,789 · end of year $106,500,205

• 12 · Investments: other securities

  beginning of year $63,051,857 · end of year $56,732,026

• 15 · Other assets

  beginning of year $39,582,220 · end of year $18,182,610

• 17 · Accounts payable and accrued expenses

  beginning of year $12,853,413 · end of year $19,401,509

• 19 · Deferred revenue

  beginning of year $21,231,984 · end of year $19,642,022

• 20 · Tax-exempt bond liabilities

  beginning of year $168,271,417 · end of year $161,593,331

• 25 · Other liabilities

  beginning of year $19,503,284 · end of year $19,254,235

• 27 · Net assets without donor restrictions

  beginning of year $203,291,447 · end of year $206,781,414

• 28 · Net assets with donor restrictions

  beginning of year $68,838,055 · end of year $73,204,088

The filer's explanations (Part III)

PART I, LINE 1A

PRESIDENT THOMPSON WAS PROVIDED WITH A $6,250 MONTHLY HOUSING ALLOWANCE, AND THE ENTIRE AMOUNT IS TREATED AS TAXABLE COMPENSATION. PROVOST MAGGELAKIS WAS PROVIDED WITH A $5,000 MONTHLY HOUSING ALLOWANCE, AND THE ENTIRE AMOUNT IS TREATED AS TAXABLE COMPENSATION.

PART I, LINE 1B

THE AMOUNT OF THE HOUSING ALLOWANCE FOR THE PRESIDENT AND PROVOST ARE INCLUDED IN WRITTEN EMPLOYMENT CONTRACTS THAT WERE APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE AMOUNTS WERE DETERMINED PARTLY BASED FROM SALARY SURVEYS.

PART I, LINE 7

MERIT BASED COMPENSATION MAY BE GRANTED AS EITHER A SALARY INCREASE OR A ONE-TIME BONUS. QUALIFICATIONS FOR RECEIVING A BONUS INCLUDE PERFORMANCE EXCEEDING EXPECTATIONS OR TAKING ON ADDITIONAL DUTIES DUE TO STAFF VACANCIES OR TEMPORARY ABSENCES. IN THE CASE OF EMPLOYEES BELOW THE LEVEL OF DIVISION HEADS, THE BONUS AMOUNT IS DETERMINED BY CONSULTATION BETWEEN THE DIVISION HEAD AND THE OFFICE OF EMPLOYEE RELATIONS AND ENGAGEMENT. IN THE CASE OF DIVISION HEADS AND OTHER OFFICERS, THE BONUS AMOUNT (IF ANY) IS DETERMINED VIA THE SAME PROCESS AS OTHER COMPENSATION FOR OFFICERS AND OTHER KEY EMPLOYEES INCLUDING REVIEW BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES.