Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,298,000

• 1f · All other contributions, gifts and grants

  $7,990,000

• 1g · Noncash contributions included above

  $96,857

• 2a · Program service revenue: TUITION, FEES, AND AUXILIARY

  total $327,178,000 · related or exempt $326,026,604 · unrelated business $552,865 · excluded $598,531

• 3 · Investment income

  total $6,116,618 · unrelated business $29,255 · excluded $6,087,363

• 7a · Gross sales of assets other than inventory

  securities $102,467,000

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

  securities $99,351,562

• 7c · Gain or loss

  securities $3,115,438

• 7d · Net gain or loss

  total $3,115,438 · unrelated business $2,188 · excluded $3,113,250

• 11a · Other revenue: OTHER SOURCES

  total $1,040,175 · related or exempt $1,040,175

• 11e · Other revenue, total

  $1,040,175

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $260,030 · program services $260,030

• 2 · Grants to domestic individuals

  total $93,385,452 · program services $93,385,452

• 3 · Grants to foreign organizations and individuals

  total $12,248,625 · program services $12,248,625

• 5 · Compensation of officers, directors and key employees

  total $3,987,237 · program services $638,796 · management and general $3,294,630 · fundraising $53,811

• 6 · Compensation of disqualified persons

  total $256,513 · management and general $256,513

• 7 · Other salaries and wages

  total $106,449,747 · program services $87,916,958 · management and general $15,301,375 · fundraising $3,231,414

• 8 · Pension plan contributions

  total $8,336,748 · program services $6,759,524 · management and general $1,296,365 · fundraising $280,859

• 9 · Other employee benefits

  total $13,218,482 · program services $10,717,686 · management and general $2,055,475 · fundraising $445,321

• 10 · Payroll taxes

  total $7,244,943 · program services $5,874,277 · management and general $1,126,589 · fundraising $244,077

• 11a · Fees: management

  total $1,778,472 · program services $883,593 · management and general $894,879

• 11b · Fees: legal

  total $915,775 · management and general $915,775

• 11c · Fees: accounting

  total $374,700 · management and general $374,700

• 11d · Fees: lobbying

  total $22,960 · management and general $22,960

• 11e · Fees: professional fundraising services

  total $174,370 · fundraising $174,370

• 11f · Fees: investment management

  total $2,788,536 · management and general $2,788,536

• 11g · Fees: other

  total $2,819,589 · program services $2,656,815 · management and general $162,774

• 12 · Advertising and promotion

  total $3,342,607 · program services $3,296,611 · management and general $31,884 · fundraising $14,112

• 13 · Office expenses

  total $7,505,254 · program services $6,074,941 · management and general $1,327,145 · fundraising $103,168

• 14 · Information technology

  total $5,339,193 · program services $3,671,573 · management and general $1,546,183 · fundraising $121,437

• 16 · Occupancy

  total $16,584,736 · program services $15,728,170 · management and general $856,225 · fundraising $341

• 17 · Travel

  total $3,214,091 · program services $2,752,449 · management and general $219,276 · fundraising $242,366

• 19 · Conferences, conventions and meetings

  total $3,272,254 · program services $2,045,148 · management and general $1,111,742 · fundraising $115,364

• 20 · Interest

  total $3,862,105 · program services $3,638,018 · management and general $224,087

• 22 · Depreciation, depletion and amortization

  total $17,593,410 · program services $16,572,608 · management and general $1,020,802

• 23 · Insurance

  total $1,075,721 · program services $72,971 · management and general $1,002,750

• 24a · Other expenses: PURCHASED SERVICES

  total $11,873,782 · program services $8,248,242 · management and general $3,365,176 · fundraising $260,364

• 24b · Other expenses: STUDY ABROAD

  total $2,111,398 · program services $2,111,398

• 24c · Other expenses: LEASING

  total $1,653,817 · program services $1,455,581 · management and general $183,267 · fundraising $14,969

• 24e · All other expenses

  total $1,980,989 · program services $1,715,714 · management and general $220,811 · fundraising $44,464

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $99,124,261 · end of year $104,356,461

• 3 · Pledges and grants receivable

  beginning of year $2,698,734 · end of year $3,449,044

• 4 · Accounts receivable

  beginning of year $2,852,434 · end of year $3,037,835

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,236,058 · end of year $3,796,014

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

  $602,834,000

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

  $309,560,000

• 10c · Land, buildings and equipment, net

  beginning of year $293,098,000 · end of year $293,274,000

• 11 · Investments: publicly traded securities

  beginning of year $149,766,268 · end of year $183,889,729

• 12 · Investments: other securities

  beginning of year $194,588,000 · end of year $161,227,000

• 17 · Accounts payable and accrued expenses

  beginning of year $31,423,179 · end of year $24,665,393

• 19 · Deferred revenue

  beginning of year $8,475,475 · end of year $7,689,623

• 20 · Tax-exempt bond liabilities

  beginning of year $170,317,512 · end of year $162,784,186

• 25 · Other liabilities

  beginning of year $8,378,589 · end of year $8,131,881

• 27 · Net assets without donor restrictions

  beginning of year $376,826,000 · end of year $399,815,000

• 28 · Net assets with donor restrictions

  beginning of year $148,943,000 · end of year $149,944,000

The filer's explanations (Part III)

PART I, LINE 1A

FOR THE CONVENIENCE OF THE UNIVERSITY, THE UNIVERSITY PROVIDES ON CAMPUS HOUSING FOR ITS PRESIDENT. ESTIMATED RENTAL CHARGES FOR CALENDAR YEAR 2022, (01/01/2022-12/31/2022) ARE $50,443. THIS COST IS ALLOCATED TO THE PRESIDENT AS A NON TAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CAR SERVICES TO THE PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. THE UNIVERSITY WILL OCCASIONALLY APPROVE FIRST CLASS TRAVEL FOR TRUSTEES OR OFFICERS WHEN THE TRAVEL IS WITHIN THE GUIDELINES OF THE UNIVERSITY'S TRAVEL POLICY. THE PRESIDENT'S SPOUSE TRAVELS OCCASIONALLY WITH THE PRESIDENT WHEN NECESSARY FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED AS TAXABLE INCOME.

PART I, LINE 4B

EFFECTIVE JULY 1ST, 2022, THE UNIVERSITY ESTABLISHED A 457(F) DEFERRED COMPENSATION PLAN FOR E. LABRENT CHRITE. THE FIRST CONTRIBUTION MADE DURING CY 2022 WAS $30,000.

PART I, LINE 7

NON-FIXED PAYMENTS BONUSES THAT MAY BE AWARDED TO THE PRESIDENT ARE RECOMMENDED TO THE FULL BOARD BY THE COMPENSATION AND BENEFITS COMMITTEE BASED ON THEIR ASSESSMENT OF THE PRESIDENT'S PERFORMANCE AND THAT OF BENTLEY UNIVERSITY AGAINST APPROPRIATE GOALS ESTABLISHED ANNUALLY BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE, IN ITS SOLE DISCRETION, MAY DETERMINE NOT TO AWARD A BONUS FOR ANY GIVEN YEAR. BONUSES THAT MAY BE AWARDED TO VICE PRESIDENTS BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT AND ARE APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE WITH THE RATIONALE BASED UPON THE PRESIDENT'S ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. BONUS PAYMENTS THAT MAY BE AWARDED TO OTHER EMPLOYEES ARE BASED ON RECOMMENDATIONS MADE BY MANAGEMENT AND APPROVED BY THEIR RESPECTIVE VICE PRESIDENT.

Related corporations and trusts

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

• CHARITABLE REMAINDER ANNUITY TRUST (1)

  T · CRAT · MA · controlled entity

  Directly controlled by BENTLEY

• CHARITABLE REMAINDER ANNUITY TRUST (4)

  T · CRUT · MA · controlled entity

  Directly controlled by BENTLEY