Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,661,365

• 1f · All other contributions, gifts and grants

  $6,335,447

• 1g · Noncash contributions included above

  $2,135,266

• 2a · Program service revenue: TUITION AND FEES

  total $47,029,665 · related or exempt $47,029,665

• 2b · Program service revenue: RESIDENCE HALLS

  total $4,179,089 · related or exempt $4,179,089

• 2c · Program service revenue: FOOD SERVICE

  total $3,888,818 · related or exempt $3,888,818

• 2d · Program service revenue: MISCELLANEOUS INCOME

  total $685,997 · related or exempt $685,997

• 2e · Program service revenue: BOOKSTORE SALES

  total $396,354 · related or exempt $396,354

• 2f · All other program service revenue

  total $144,487 · related or exempt $144,487

• 3 · Investment income

  total $1,821,514 · excluded $1,821,514

• 6a · Gross rents

  real property $365,828

• 6b · Less rental expenses

  real property $140,101

• 6c · Rental income or loss

  real property $225,727

• 6d · Net rental income or loss

  total $225,727 · excluded $225,727

• 7a · Gross sales of assets other than inventory

  securities $19,838,165

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

  securities $18,983,777

• 7c · Gain or loss

  securities $854,388

• 7d · Net gain or loss

  total $854,388 · excluded $854,388

• 11a · Other revenue: FARM VALUE ADJUSTED TO FMV

  total $338,599 · related or exempt $338,599

• 11b · Other revenue: PRESENT VALUE ADJUSTMENT

  total $10,573 · related or exempt $10,573

• 11e · Other revenue, total

  $349,172

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $24,147,661 · program services $24,147,661

• 5 · Compensation of officers, directors and key employees

  total $762,331 · program services $335,147 · management and general $427,184

• 7 · Other salaries and wages

  total $17,502,892 · program services $13,827,285 · management and general $2,931,734 · fundraising $743,873

• 8 · Pension plan contributions

  total $394,056 · program services $295,542 · management and general $82,752 · fundraising $15,762

• 9 · Other employee benefits

  total $3,258,226 · program services $2,443,670 · management and general $684,227 · fundraising $130,329

• 10 · Payroll taxes

  total $1,256,403 · program services $942,302 · management and general $263,845 · fundraising $50,256

• 11a · Fees: management

  total $536,986 · program services $536,986

• 11b · Fees: legal

  total $19,762 · program services $13,636 · management and general $5,336 · fundraising $790

• 11c · Fees: accounting

  total $83,424 · management and general $83,424

• 11f · Fees: investment management

  total $307,693 · program services $215,385 · management and general $80,000 · fundraising $12,308

• 12 · Advertising and promotion

  total $225,781 · program services $225,781

• 13 · Office expenses

  total $118,431 · program services $82,902 · management and general $30,792 · fundraising $4,737

• 14 · Information technology

  total $652,722 · program services $430,797 · management and general $156,653 · fundraising $65,272

• 16 · Occupancy

  total $2,035,339 · program services $1,424,737 · management and general $529,188 · fundraising $81,414

• 17 · Travel

  total $941,012 · program services $611,658 · management and general $141,152 · fundraising $188,202

• 19 · Conferences, conventions and meetings

  total $91,702 · program services $59,607 · management and general $18,340 · fundraising $13,755

• 20 · Interest

  total $1,206,486 · program services $796,281 · management and general $410,205

• 22 · Depreciation, depletion and amortization

  total $2,883,109 · program services $1,960,514 · management and general $836,102 · fundraising $86,493

• 23 · Insurance

  total $455,514 · program services $296,084 · management and general $141,209 · fundraising $18,221

• 24a · Other expenses: AUXILIARY EXPENSES

  total $4,750,932 · program services $3,800,746 · management and general $950,186

• 24b · Other expenses: GRANT EXPENSES

  total $1,215,537 · program services $1,093,983 · management and general $121,554

• 24c · Other expenses: ATHLETICS EXPENSES

  total $860,522 · program services $688,418 · management and general $172,104

• 24d · Other expenses: MISCELLANEOUS EXPENSES

  total $784,460 · program services $553,798 · management and general $173,696 · fundraising $56,966

• 24e · All other expenses

  total $1,320,077 · program services $966,073 · management and general $329,214 · fundraising $24,790

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,697 · end of year $4,967

• 2 · Savings and temporary cash investments

  beginning of year $2,155,312 · end of year $3,241,977

• 3 · Pledges and grants receivable

  beginning of year $1,493,395 · end of year $1,706,916

• 4 · Accounts receivable

  beginning of year $1,153,430 · end of year $997,076

• 7 · Other notes and loans receivable

  beginning of year $2,159,206 · end of year $2,063,022

• 8 · Inventories for sale or use

  beginning of year $141,565 · end of year $200,640

• 9 · Prepaid expenses and deferred charges

  beginning of year $41,091 · end of year $25,143

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

  $104,285,582

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

  $56,684,216

• 10c · Land, buildings and equipment, net

  beginning of year $50,109,379 · end of year $47,601,366

• 11 · Investments: publicly traded securities

  beginning of year $44,459,046 · end of year $48,664,703

• 12 · Investments: other securities

  beginning of year $26,888,643 · end of year $29,486,736

• 15 · Other assets

  beginning of year $1,436,703 · end of year $1,362,848

• 17 · Accounts payable and accrued expenses

  beginning of year $1,754,433 · end of year $1,585,403

• 19 · Deferred revenue

  beginning of year $400,000 · end of year $300,000

• 20 · Tax-exempt bond liabilities

  beginning of year $23,570,000 · end of year $22,105,000

• 21 · Escrow or custodial account liability

  beginning of year $361,687 · end of year $382,648

• 23 · Secured mortgages and notes payable

  end of year $44,930

• 24 · Unsecured notes and loans payable

  beginning of year $973,533 · end of year $770,204

• 25 · Other liabilities

  beginning of year $3,042,183 · end of year $2,548,252

• 27 · Net assets without donor restrictions

  beginning of year $53,625,254 · end of year $54,305,520

• 28 · Net assets with donor restrictions

  beginning of year $46,315,377 · end of year $53,313,437

The filer's explanations (Part III)

PART I, LINE 1A

THE UNIVERSITY DOES PROVIDE TRAVEL FOR THE PRESIDENT'S SPOUSE TO EVENTS THE PRESIDENT IS ATTENDING. TRAVEL FOR VP'S SPOUSES IS ALSO ALLOWED BY APPROVAL OF THE PRESIDENT WHEN SUCH TRAVEL IS DEEMED TO PROVIDE BENEFITS TO THE UNIVERSITY. A UNIVERSITY OWNED HOUSE IS PROVIDED TO THE PRESIDENT FOR HIS RESIDENCE. A NUMBER OF UNIVERSITY FUNCTIONS ARE CONDUCTED AT HIS RESIDENCE. HOUSE KEEPING SERVICES ARE ALSO PROVIDED FOR THE RESIDENCE. DUES TO A COUNTRY CLUB MEMBER ARE ALSO PAID BY THE UNIVERSITY AND NUMEROUS UNIVERSITY EVENTS ARE HELD AT THE COUNTRY CLUB.

PART I, LINE 1B

THE EXPLANATION FOR THIS LINE IS THE SAME AS LINE 1A, WHICH IS ABOVE.

PART I, LINE 7

INCENTIVE BONUSES ARE PAID TO THE PRESIDENT AND VICE PRESIDENT'S UPON APPROVAL BY THE BOARD COMPENSATION COMMITTEE. BONUSES ARE BASED UPON GOAL ATTAINMENT AND OTHER PERFORMANCE REVIEW CRITERIA. THE PRESIDENT'S ANNUAL BONUS IS BASED UPON A PERFORMANCE CONTRACT. THE VICE PRESIDENT BONUS AMOUNTS ARE DETERMINED BY THE UNIVERSITY PRESIDENT AND APPROVED BY THE COMPENSATION COMMITTEE.