Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $48,224

• 1e · Government grants (contributions)

  $7,354,022

• 1f · All other contributions, gifts and grants

  $36,654

• 2a · Program service revenue: TUITION AND FEES

  total $337,434,481 · related or exempt $337,434,481

• 3 · Investment income

  total $8,010,743 · unrelated business -$1,452,190 · excluded $9,462,933

• 6a · Gross rents

  real property $176,418

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $176,418

• 6d · Net rental income or loss

  total $176,418 · excluded $176,418

• 7a · Gross sales of assets other than inventory

  securities $258,752,906

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

  securities $213,197,216

• 7c · Gain or loss

  securities $45,555,690

• 7d · Net gain or loss

  total $45,555,690 · excluded $45,555,690

• 11a · Other revenue: OTHER REVENUE

  total $1,405,985 · excluded $1,405,985

• 11b · Other revenue: ALUMINI COMMISSIONS

  total $144,962 · excluded $144,962

• 11e · Other revenue, total

  $1,550,947

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $24,557,115 · program services $24,557,115

• 2 · Grants to domestic individuals

  total $50,902,603 · program services $50,902,603

• 5 · Compensation of officers, directors and key employees

  total $6,359,877 · management and general $6,359,877

• 7 · Other salaries and wages

  total $147,548,745 · program services $63,850,911 · management and general $83,536,701 · fundraising $161,133

• 9 · Other employee benefits

  total $28,318,882 · program services $12,607,325 · management and general $15,688,605 · fundraising $22,952

• 10 · Payroll taxes

  total $11,580,564 · program services $4,858,741 · management and general $6,709,690 · fundraising $12,133

• 11b · Fees: legal

  total $2,098,384 · management and general $2,098,384

• 11c · Fees: accounting

  total $733,911 · management and general $733,911

• 11d · Fees: lobbying

  total $108,000 · management and general $108,000

• 11f · Fees: investment management

  total $2,038,620 · management and general $2,038,620

• 11g · Fees: other

  total $24,867,028 · program services $10,444,152 · management and general $14,422,876

• 12 · Advertising and promotion

  total $108,233,832 · program services $45,453,091 · management and general $62,768,555 · fundraising $12,186

• 13 · Office expenses

  total $7,900,510 · program services $4,384,239 · management and general $3,515,847 · fundraising $424

• 14 · Information technology

  total $8,262,006 · program services $3,459,557 · management and general $4,777,483 · fundraising $24,966

• 16 · Occupancy

  total $6,677,678 · program services $2,792,025 · management and general $3,885,653

• 17 · Travel

  total $1,914,772 · program services $804,204 · management and general $1,110,568

• 19 · Conferences, conventions and meetings

  total $1,296,258 · program services $544,281 · management and general $751,626 · fundraising $351

• 20 · Interest

  total $2,377,576 · management and general $2,377,576

• 21 · Payments to affiliates

  total $64,413,048 · management and general $64,413,048

• 22 · Depreciation, depletion and amortization

  total $5,840,694 · program services $1,956,434 · management and general $3,884,260

• 23 · Insurance

  total $844,507 · program services $354,693 · management and general $489,814

• 24a · Other expenses: LIBRARY SUBSCRIPTIONS

  total $3,808,452 · program services $3,808,452

• 24b · Other expenses: RECRUITMENT

  total $494,677 · program services $494,677

• 24c · Other expenses: GRADUATION EVENT

  total $454,467 · program services $454,467

• 24d · Other expenses: DUES & MEMBERSHIPS

  total $279,966 · program services $279,966

• 24e · All other expenses

  total $23,970,693 · program services $380,357 · management and general $23,589,961 · fundraising $375

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $10,762,109 · end of year $19,490,674

• 3 · Pledges and grants receivable

  end of year $1,032,025

• 4 · Accounts receivable

  beginning of year $37,490,247 · end of year $59,917,493

• 7 · Other notes and loans receivable

  beginning of year $4,283,800 · end of year $4,017,369

• 9 · Prepaid expenses and deferred charges

  end of year $12,664,408

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

  $103,065,528

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

  $65,671,037

• 10c · Land, buildings and equipment, net

  beginning of year $23,824,072 · end of year $37,394,491

• 11 · Investments: publicly traded securities

  beginning of year $207,256,070 · end of year $230,705,000

• 12 · Investments: other securities

  beginning of year $1,002,057,446 · end of year $912,167,914

• 14 · Intangible assets

  end of year $24,800,857

• 15 · Other assets

  beginning of year $37,410,060 · end of year $10,115,712

• 17 · Accounts payable and accrued expenses

  beginning of year $28,720,423 · end of year $39,167,020

• 19 · Deferred revenue

  beginning of year $33,556,046 · end of year $43,633,886

• 20 · Tax-exempt bond liabilities

  end of year $64,679,877

• 23 · Secured mortgages and notes payable

  end of year $100,655,294

• 25 · Other liabilities

  beginning of year $77,221,314 · end of year $43,547,570

• 27 · Net assets without donor restrictions

  beginning of year $1,150,799,512 · end of year $985,726,088

• 28 · Net assets with donor restrictions

  beginning of year $32,786,509 · end of year $34,896,208

The filer's explanations (Part III)

PART I, LINE 1A

FIRST CLASS TRAVEL IS MADE AVAILABLE TO BOARD MEMBERS IF THE FLIGHT IS OVER 3 HOURS. THIS IS NOT INCLUDED AS TAXABLE INCOME TO SUCH BOARD MEMBERS IF UTILIZED.

PART I, LINE 7

OFFICERS AND KEY EMPLOYEES ARE ELIGIBLE FOR BONUSES. BONUSES ARE AWARDED WITHIN A SPECIFIED RANGE IN THE DISCRETION OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AND ARE BASED ON ACHIEVING GOALS. IN JULY 2023, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES WAS DISSOLVED AND THE REVIEW WILL BE PERFORMED BY THE HUMAN CAPITAL AND COMPENSATION COMMITTEE MOVING FORWARD.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• SPECTRUM PACIFIC LEARNING COMPANY

  E-LEARNING SOLUTION AND SERVICE PROVIDER · CA · income $0 · assets $0

  Directly controlled by NATIONAL UNIVERSITY

• NATIONAL UNIVERSITY INTERNATIONAL

  GLOBAL MARKETING AND DISTRIBUTION CHANNEL FOR APPILIATES ONLINE PROGRAMS · CA · income $0 · assets $0

  Directly controlled by NATIONAL UNIVERSITY