Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $7,532

• 1e · Government grants (contributions)

  $5,566,639

• 1f · All other contributions, gifts and grants

  $5,435,221

• 1g · Noncash contributions included above

  $548,822

• 2a · Program service revenue: Tuition and Fees

  total $161,284,273 · related or exempt $161,284,273

• 2b · Program service revenue: Auxiliary Enterprises

  total $15,028,581 · related or exempt $15,009,881 · unrelated business $18,700

• 2c · Program service revenue: Podiatric Clinic

  total $1,609,108 · related or exempt $1,609,108

• 2d · Program service revenue: Student Fees

  total $856,885 · related or exempt $856,885

• 2e · Program service revenue: Athletic facilities

  total $127,745 · related or exempt $117,602 · unrelated business $10,143

• 2f · All other program service revenue

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

• 3 · Investment income

  total $1,544,273 · excluded $1,544,273

• 4 · Income from investment of tax-exempt bond proceeds

  total $8,856 · excluded $8,856

• 6a · Gross rents

  real property $634,343

• 6c · Rental income or loss

  real property $634,343 · personal property $0

• 6d · Net rental income or loss

  total $634,343 · excluded $634,343

• 7a · Gross sales of assets other than inventory

  securities $9,200,415

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

  securities $9,991,376 · other assets $7,340

• 7c · Gain or loss

  securities -$790,961 · other assets -$7,340

• 7d · Net gain or loss

  total -$798,301 · excluded -$798,301

• 8a · Fundraising events: gross income

  $80,918

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

  $7,532

• 8b · Fundraising events: direct expenses

  $67,484

• 8c · Net income from fundraising events

  total $13,434 · excluded $13,434

• 11a · Other revenue: Reimbursements

  total $1,660,989 · related or exempt $1,660,989

• 11b · Other revenue: Gain on extinguishment of debt

  total $364,203 · excluded $364,203

• 11d · All other revenue

  total $1,626,831 · related or exempt $1,626,831 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $3,652,023

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $58,153,718 · program services $58,153,718

• 5 · Compensation of officers, directors and key employees

  total $3,474,664 · program services $2,738,218 · management and general $731,052 · fundraising $5,394

• 6 · Compensation of disqualified persons

  total $253,148 · program services $199,453 · management and general $53,300 · fundraising $395

• 7 · Other salaries and wages

  total $68,242,540 · program services $53,914,901 · management and general $14,222,345 · fundraising $105,294

• 8 · Pension plan contributions

  total $1,863,365 · program services $1,453,889 · management and general $407,993 · fundraising $1,483

• 9 · Other employee benefits

  total $6,955,323 · program services $5,200,728 · management and general $1,738,004 · fundraising $16,591

• 10 · Payroll taxes

  total $4,921,258 · program services $3,901,482 · management and general $1,011,998 · fundraising $7,778

• 11b · Fees: legal

  total $6,989 · program services $6,989

• 11c · Fees: accounting

  total $525,909 · program services $26,573 · management and general $499,336

• 11d · Fees: lobbying

  total $120,511 · management and general $120,511

• 11f · Fees: investment management

  total $212,879 · program services $138,620 · management and general $74,259

• 11g · Fees: other

  total $8,190,032 · program services $5,947,900 · management and general $2,215,259 · fundraising $26,873

• 12 · Advertising and promotion

  total $3,381,902 · program services $361,953 · management and general $3,006,093 · fundraising $13,856

• 13 · Office expenses

  total $2,379,191 · program services $2,209,196 · management and general $167,979 · fundraising $2,016

• 14 · Information technology

  total $6,608,353 · program services $983,957 · management and general $5,608,287 · fundraising $16,109

• 16 · Occupancy

  total $6,297,938 · program services $5,518,160 · management and general $769,575 · fundraising $10,203

• 17 · Travel

  total $2,011,760 · program services $1,849,439 · management and general $159,431 · fundraising $2,890

• 19 · Conferences, conventions and meetings

  total $266,403 · program services $209,348 · management and general $56,566 · fundraising $489

• 20 · Interest

  total $1,364,378 · program services $1,137,420 · management and general $226,958

• 22 · Depreciation, depletion and amortization

  total $9,500,835 · program services $8,001,131 · management and general $1,499,704

• 23 · Insurance

  total $4,639,510 · program services $312,439 · management and general $4,327,071

• 24a · Other expenses: Food Services

  total $5,274,150 · program services $4,971,263 · management and general $295,372 · fundraising $7,515

• 24b · Other expenses: Bad Debt

  total $2,253,774 · program services $2,718 · management and general $2,251,056

• 24c · Other expenses: Repairs/Maintenance

  total $2,991,680 · program services $2,429,804 · management and general $561,876

• 24d · Other expenses: Security

  total $2,649,680 · program services $2,198,647 · management and general $451,033

• 24e · All other expenses

  total $1,550,658 · program services $1,028,190 · management and general $522,468 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $23,122,690 · end of year $20,125,840

• 2 · Savings and temporary cash investments

  beginning of year $13,311,971 · end of year $10,319,709

• 3 · Pledges and grants receivable

  beginning of year $2,354,389 · end of year $3,630,803

• 4 · Accounts receivable

  beginning of year $2,519,368 · end of year $2,139,508

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $359,926

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $7,583,142 · end of year $7,127,967

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,183,700 · end of year $6,335,693

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

  $250,876,957

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

  $144,122,839

• 10c · Land, buildings and equipment, net

  beginning of year $110,497,428 · end of year $106,754,118

• 11 · Investments: publicly traded securities

  beginning of year $22,263,353 · end of year $24,193,252

• 12 · Investments: other securities

  beginning of year $24,431,466 · end of year $21,947,967

• 13 · Investments: program-related

  beginning of year $10,049,281 · end of year $3,397,039

• 14 · Intangible assets

  beginning of year $278,198 · end of year $244,477

• 15 · Other assets

  beginning of year $6,530,043 · end of year $8,119,577

• 17 · Accounts payable and accrued expenses

  beginning of year $12,895,403 · end of year $11,887,552

• 19 · Deferred revenue

  beginning of year $1,067,962 · end of year $872,573

• 20 · Tax-exempt bond liabilities

  beginning of year $58,597,373 · end of year $52,004,321

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $1,143,654 · end of year $551,297

• 25 · Other liabilities

  beginning of year $21,519,722 · end of year $19,639,825

• 27 · Net assets without donor restrictions

  beginning of year $92,556,917 · end of year $82,564,322

• 28 · Net assets with donor restrictions

  beginning of year $42,343,998 · end of year $47,175,986

The filer's explanations (Part III)

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

First-class travel is provided and treated as non-taxable compensation to the President.

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

Housing Allowance & Personal Services: As a condition of employment, and as a convenience to the University, the President is provided a University-owned home. The University uses this home extensively for University functions and provides grounds care at all times and housekeeping when there is an event. The home is provided as a nontaxable benefit to the President because it is required in his contract and he resides there for the convenience of the University.

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

The University pays the membership dues for an airline travel club and a country club for the President. These memberships are used for bona-fide business purposes and therefore, are treated as non-taxable.

Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization

Clinical Faculty Physicians in the School of Podiatric Medicine received a percent of gross revenue collected for services at the teaching clinics.

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

University President Michael Allen received a $90,000 bonus, issued at the discretion of the Board of Trustees.