Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $44,590

• 1d · Related organizations

  $366,713

• 1e · Government grants (contributions)

  $48,944,379

• 1f · All other contributions, gifts and grants

  $45,516,819

• 1g · Noncash contributions included above

  $2,165,105

• 2a · Program service revenue: TUITION AND FEES

  total $727,265,710 · related or exempt $727,265,710

• 2b · Program service revenue: AUXILIARY

  total $89,913,078 · related or exempt $89,913,078

• 2c · Program service revenue: ACADEMIC SUPPORT-TRINITY HEALTH

  total $29,025,528 · related or exempt $29,025,528

• 2d · Program service revenue: OTHER STUDENT SERVICES

  total $19,346,213 · related or exempt $19,346,213

• 2f · All other program service revenue

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

• 3 · Investment income

  total $17,898,507 · unrelated business -$282,201 · excluded $18,180,708

• 5 · Royalties

  total $115,822 · related or exempt $115,822

• 6a · Gross rents

  real property $15,524,443

• 6b · Less rental expenses

  real property $12,807,125

• 6c · Rental income or loss

  real property $2,717,318 · personal property $0

• 6d · Net rental income or loss

  total $2,717,318 · excluded $2,717,318

• 7a · Gross sales of assets other than inventory

  securities $726,512,378 · other assets $56,086

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

  securities $630,212,458

• 7c · Gain or loss

  securities $96,299,920 · other assets $56,086

• 7d · Net gain or loss

  total $96,356,006 · excluded $96,356,006

• 8a · Fundraising events: gross income

  $50,324

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

  $44,590

• 8b · Fundraising events: direct expenses

  $85,064

• 8c · Net income from fundraising events

  total -$34,740 · excluded -$34,740

• 11a · Other revenue: FITNESS CENTER

  total $228,263 · unrelated business $228,263

• 11b · Other revenue: INTEREST ON STUDENT LOANS

  total $221,994 · related or exempt $221,994

• 11c · Other revenue: CONFERENCE SERVICES

  total $209,141 · unrelated business $209,141

• 11d · All other revenue

  total $65,575 · related or exempt $0 · unrelated business $65,575 · excluded $0

• 11e · Other revenue, total

  $724,973

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,563,137 · program services $4,563,137

• 2 · Grants to domestic individuals

  total $309,021,171 · program services $309,021,171

• 3 · Grants to foreign organizations and individuals

  total $1,168,009 · program services $1,168,009

• 5 · Compensation of officers, directors and key employees

  total $10,035,080 · program services $1,855,699 · management and general $7,694,667 · fundraising $484,714

• 6 · Compensation of disqualified persons

  total $3,000 · program services $3,000

• 7 · Other salaries and wages

  total $318,921,923 · program services $282,870,115 · management and general $25,865,063 · fundraising $10,186,745

• 8 · Pension plan contributions

  total $22,682,638 · program services $18,393,462 · management and general $3,067,042 · fundraising $1,222,134

• 9 · Other employee benefits

  total $36,778,944 · program services $30,173,036 · management and general $4,720,246 · fundraising $1,885,662

• 10 · Payroll taxes

  total $22,529,999 · program services $21,994,580 · management and general $535,419

• 11b · Fees: legal

  total $187,179 · program services $97,942 · management and general $89,162 · fundraising $75

• 11c · Fees: accounting

  total $535,546 · program services $31,546 · management and general $504,000

• 11e · Fees: professional fundraising services

  total $75,000 · fundraising $75,000

• 11f · Fees: investment management

  total $7,604,964 · management and general $7,604,964

• 11g · Fees: other

  total $31,012,853 · program services $27,896,284 · management and general $2,174,644 · fundraising $941,925

• 12 · Advertising and promotion

  total $6,444,607 · program services $3,571,176 · management and general $2,799,656 · fundraising $73,775

• 13 · Office expenses

  total $28,636,550 · program services $26,710,773 · management and general $849,985 · fundraising $1,075,792

• 14 · Information technology

  total $16,443,888 · program services $6,669,831 · management and general $9,333,795 · fundraising $440,262

• 15 · Royalties

  total $5,616 · program services $5,616

• 16 · Occupancy

  total $34,643,670 · program services $30,665,805 · management and general $3,732,684 · fundraising $245,181

• 17 · Travel

  total $5,596,817 · program services $5,294,175 · management and general $219,597 · fundraising $83,045

• 19 · Conferences, conventions and meetings

  total $8,287,931 · program services $7,754,347 · management and general $177,725 · fundraising $355,859

• 20 · Interest

  total $7,112,414 · program services $7,112,414

• 22 · Depreciation, depletion and amortization

  total $56,168,626 · program services $43,776,099 · management and general $12,346,773 · fundraising $45,754

• 23 · Insurance

  total $6,742,781 · program services $4,205,030 · management and general $2,537,592 · fundraising $159

• 24a · Other expenses: AUXILIARY

  total $20,903,188 · program services $20,881,030 · management and general $22,158

• 24b · Other expenses: ACADEMIC

  total $8,270,529 · program services $8,024,378 · management and general $246,151

• 24c · Other expenses: INSTITUTIONAL SUPPORT

  total $6,611,509 · program services $5,442,198 · management and general $212,646 · fundraising $956,665

• 24d · Other expenses: STUDENT

  total $5,338,171 · program services $4,985,601 · management and general $352,570

• 24e · All other expenses

  total $4,081,257 · program services $3,943,106 · management and general $130,997 · fundraising $7,154

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,789,574 · end of year $11,633,397

• 2 · Savings and temporary cash investments

  beginning of year $81,580,207 · end of year $88,643,630

• 3 · Pledges and grants receivable

  beginning of year $58,770,737 · end of year $50,893,192

• 4 · Accounts receivable

  beginning of year $10,647,638 · end of year $12,940,540

• 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

• 7 · Other notes and loans receivable

  beginning of year $8,519,624 · end of year $7,008,083

• 8 · Inventories for sale or use

  beginning of year $18,782 · end of year $16,402

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,620,720 · end of year $9,878,624

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

  $2,024,249,542

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

  $991,987,279

• 10c · Land, buildings and equipment, net

  beginning of year $1,004,484,386 · end of year $1,032,262,263

• 11 · Investments: publicly traded securities

  beginning of year $503,075,654 · end of year $361,371,664

• 12 · Investments: other securities

  beginning of year $781,599,518 · end of year $967,651,576

• 13 · Investments: program-related

  beginning of year $1,226,754 · end of year $1,451,114

• 15 · Other assets

  beginning of year $17,192,281 · end of year $18,239,877

• 17 · Accounts payable and accrued expenses

  beginning of year $56,102,904 · end of year $56,336,527

• 19 · Deferred revenue

  beginning of year $42,305,714 · end of year $41,811,527

• 21 · Escrow or custodial account liability

  beginning of year $1,993,088 · end of year $1,930,341

• 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 $5,614,992 · end of year $4,628,385

• 24 · Unsecured notes and loans payable

  beginning of year $261,051,612 · end of year $242,638,671

• 25 · Other liabilities

  beginning of year $45,269,405 · end of year $41,779,965

• 27 · Net assets without donor restrictions

  beginning of year $1,483,194,269 · end of year $1,542,330,912

• 28 · Net assets with donor restrictions

  beginning of year $591,993,891 · end of year $630,534,034

The filer's explanations (Part III)

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

FIRST-CLASS TRAVEL FIRST CLASS TRAVEL WAS PROVIDED TO ONE OFFICER ON FLIGHTS WHERE FIRST CLASS AND ECONOMY WERE THE ONLY CLASSES ON THE AIRCRAFT. THE OFFICER TRAVELED FOR BUSINESS PURPOSES AND THEREFORE THE COST OF THE BUSINESS/FIRST CLASS TRAVEL WAS NOT CONSIDERED TAXABLE COMPENSATION. CHARTER TRAVEL THE UNIVERSITY CHARTERS AIRCRAFT FOR THE PURPOSE OF TRANSPORTING THE BASKETBALL TEAM TO INTERCOLLEGIATE ATHLETIC EVENT LOCATIONS. TWO HIGHEST COMPENSATED EMPLOYEES TRAVELED ON THE CHARTERED FLIGHTS. IN INSTANCES WHERE A UNIVERSITY EMPLOYEE AND/OR THEIR FAMILY MEMBER TRAVELS ON A UNIVERSITY CHARTERED FLIGHT, WITHOUT A UNIVERSITY BUSINESS PURPOSE, THE UNIVERSITY DETERMINES THE TAXABLE VALUE, WHICH MAY BE ZERO, OF THE CHARTERED TRAVEL PROVIDED TO THE EMPLOYEE AND/OR THEIR FAMILY MEMBER AND INCLUDES THE AMOUNT AS TAXABLE COMPENSATION OF THE EMPLOYEE.

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

ONE OFFICER AND ONE HIGHEST COMPENSATED EMPLOYEE HAD THEIR SPOUSES ACCOMPANY THEM ON A UNIVERSITY BUSINESS TRIP. THE COST OF THE TRAVEL WAS NOT CONSIDERED TAXABLE COMPENSATION TO THE EMPLOYEES. UNIVERSITY FUNDED EXPENSES FOR SPOUSES ARE TAXABLE COMPENSATION TO THE EMPLOYEE UNLESS THERE IS DOCUMENTED "BONA FIDE BUSINESS PURPOSE" FOR THE SPOUSE'S TRAVEL. UNDER LIMITED CIRCUMSTANCES, THE UNIVERSITY MAY APPROVE EXPENSES FOR AN EMPLOYEE'S SPOUSE. GENERALLY, THESE SITUATIONS ARE RELATED TO ALUMNI OR DONOR EVENTS WHERE DIRECT UNIVERSITY BENEFIT IS DERIVED FROM THE ATTENDANCE OF THE SPOUSE. IF A BONA FIDE BUSINESS PURPOSE DOES NOT EXIST, ANY AMOUNTS REIMBURSED OR PAID DIRECTLY FOR SPOUSAL EXPENSES ARE INCLUDED IN THE TAXABLE WAGES OF THE EMPLOYEE.

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

ONE OFFICER, ONE FORMER OFFICER, AND ONE KEY EMPLOYEE WERE PROVIDED A HOUSING ALLOWANCE IN CALENDAR YEAR 2023. THE HOUSING ALLOWANCE WAS CONSIDERED TAXABLE COMPENSATION TO THE EMPLOYEES.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

ONE OFFICER WAS EXTENDED A MEMBERSHIP IN A SOCIAL CLUB. THIS MEMBERSHIP WAS TREATED AS TAXABLE COMPENSATION.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

THE PRESIDENT, PROVOST, SENIOR VICE PRESIDENTS, VICE PRESIDENTS AND DEANS ARE ELIGIBLE TO PARTICIPATE IN A 457(B) NONQUALIFIED RETIREMENT PLAN. THERE WERE FIVE OFFICERS , ONE KEY EMPLOYEE, ONE FORMER KEY EMPLOYEE, AND ONE HIGHEST COMPENSATED EMPLOYEE CONTRIBUTED TO THE PLAN IN CALENDAR YEAR 2023. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN CALENDAR YEAR 2023. THE PRESIDENT PARTICIPATED IN A 457(F) NONQUALIFIED RETIREMENT PLAN DURING CALENDAR YEAR 2023. THE ASSOCIATED AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN (C). THE CONTRIBUTION IS SUBJECT TO VESTING CONDITIONS.

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

NO ONE LISTED IN PART VII, SECTION A, LINE 1A RECEIVED NON-FIXED PAYMENTS DURING CALENDAR YEAR 2023. ONE PERSON RECEIVED A PERFORMANCE BONUS.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• Thora Capital Offshore Fund II LP

  Excluded · INVESTMENTS · CJ · 78.05% owned · share of income $11,556 · share of assets $6,206,677

  Directly controlled by LOYOLA

• Thora Onshore Partners II LP

  N/A · Investments · DE

  Directly controlled by NA

Related corporations and trusts

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

• THORA OFFSHORE PARTNERS II LTD

  C Corporation · INVESTMENTS · CJ · 77.91% owned · share of income $371,585 · share of assets $2,434,660 · controlled entity

  Directly controlled by Thora Capital Offshore Fund II LP