Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $130,070

• 1e · Government grants (contributions)

  $4,001,386

• 1f · All other contributions, gifts and grants

  $8,753,279

• 1g · Noncash contributions included above

  $15,125

• 2a · Program service revenue: TUITION & FEES

  total $96,789,931 · related or exempt $96,789,931

• 2b · Program service revenue: AUXILIARY

  total $14,622,560 · related or exempt $14,622,560

• 2c · Program service revenue: SERVICE CHARGES/ACCOUNT FEES

  total $2,726,697 · related or exempt $2,726,697

• 3 · Investment income

  total $2,367,334 · excluded $2,367,334

• 6a · Gross rents

  real property $246,634 · personal property $73,490

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $246,634 · personal property $73,490

• 6d · Net rental income or loss

  total $320,124 · unrelated business $73,490 · excluded $246,634

• 7a · Gross sales of assets other than inventory

  other assets $37,500,000

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

  securities $888,489 · other assets $4,818,480

• 7c · Gain or loss

  securities -$888,489 · other assets $32,681,520

• 7d · Net gain or loss

  total $31,793,031 · excluded $31,793,031

• 8a · Fundraising events: gross income

  $60,700

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

  $130,070

• 8b · Fundraising events: direct expenses

  $128,782

• 8c · Net income from fundraising events

  total -$68,082 · excluded -$68,082

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $44,043,140 · program services $44,043,140

• 3 · Grants to foreign organizations and individuals

  total $2,254,716 · program services $2,254,716

• 5 · Compensation of officers, directors and key employees

  total $4,054,900 · program services $1,518,439 · management and general $2,223,863 · fundraising $312,598

• 7 · Other salaries and wages

  total $33,105,285 · program services $26,839,655 · management and general $5,507,169 · fundraising $758,461

• 8 · Pension plan contributions

  total $1,011,661 · program services $874,299 · management and general $123,117 · fundraising $14,245

• 9 · Other employee benefits

  total $5,070,774 · program services $2,959,362 · management and general $2,028,237 · fundraising $83,175

• 10 · Payroll taxes

  total $2,603,631 · program services $2,032,649 · management and general $507,360 · fundraising $63,622

• 11b · Fees: legal

  total $660,620 · management and general $660,620

• 11c · Fees: accounting

  total $152,838 · management and general $152,838

• 11f · Fees: investment management

  total $309,498 · management and general $309,498

• 11g · Fees: other

  total $4,441,756 · program services $3,937,501 · management and general $177,256 · fundraising $326,999

• 12 · Advertising and promotion

  total $938,872 · program services $531,512 · management and general $401,273 · fundraising $6,087

• 13 · Office expenses

  total $3,208,431 · program services $2,112,350 · management and general $854,805 · fundraising $241,276

• 14 · Information technology

  total $2,816,515 · program services $657,821 · management and general $2,158,694

• 16 · Occupancy

  total $934,321 · program services $709,567 · management and general $224,754

• 17 · Travel

  total $821,148 · program services $732,841 · management and general $73,686 · fundraising $14,621

• 20 · Interest

  total $1,399,753 · program services $1,333,711 · management and general $66,042

• 22 · Depreciation, depletion and amortization

  total $5,833,798 · program services $5,558,554 · management and general $275,244

• 23 · Insurance

  total $3,513,442 · program services $3,347,675 · management and general $165,767

• 24a · Other expenses: UNRELATED BUSINESS TAX

  total $42,225 · management and general $42,225

• 24b · Other expenses: SERVICES, SUPPLIES AND

  total $11,523,855 · program services $7,989,818 · management and general $3,534,037

• 24c · Other expenses: FOOD CONTRACTOR

  total $6,288,162 · program services $6,288,162

• 24d · Other expenses: UTILITIES

  total $3,145,215 · program services $2,788,662 · management and general $356,553

• 24e · All other expenses

  total $3,048,402 · program services $2,798,848 · management and general $249,554

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,372,669 · end of year $28,113,655

• 2 · Savings and temporary cash investments

  beginning of year $4,507,165 · end of year $246,039

• 3 · Pledges and grants receivable

  beginning of year $30,886,326 · end of year $31,495,711

• 4 · Accounts receivable

  beginning of year $1,770,256 · end of year $1,165,333

• 7 · Other notes and loans receivable

  beginning of year $13,363,170 · end of year $8,620,613

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,682,945 · end of year $38,995,568

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

  $211,292,811

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

  $109,349,641

• 10c · Land, buildings and equipment, net

  beginning of year $101,728,130 · end of year $101,943,170

• 11 · Investments: publicly traded securities

  beginning of year $653,948 · end of year $607,534

• 12 · Investments: other securities

  beginning of year $85,144,266 · end of year $91,002,296

• 15 · Other assets

  beginning of year $10,299,792 · end of year $9,566,212

• 17 · Accounts payable and accrued expenses

  beginning of year $5,937,528 · end of year $7,994,691

• 19 · Deferred revenue

  beginning of year $7,072,841 · end of year $7,593,472

• 20 · Tax-exempt bond liabilities

  beginning of year $40,959,494 · end of year $43,025,184

• 25 · Other liabilities

  beginning of year $12,088,550 · end of year $15,482,422

• 27 · Net assets without donor restrictions

  beginning of year $92,244,594 · end of year $112,409,044

• 28 · Net assets with donor restrictions

  beginning of year $118,105,660 · end of year $125,251,318

The filer's explanations (Part III)

PART I, LINE 1A

THE UNIVERSITY COVERS OCCASIONAL TRAVEL EXPENSES FOR COMPANIONS, INCLUDING SPOUSES FOR BONA FIDE BUSINESS PURPOSES. THE UNIVERSITY ALSO PAYS 100% OF THE PRESIDENT'S SOCIAL CLUB DUES, WHICH ARE SOLELY FOR BUSINESS PURPOSES.

PART I, LINE 4B

HAVING DEDICATED HIS CAREER TO PRIVATE HIGHER EDUCATION, PALM BEACH ATLANTIC UNIVERSITY'S EIGHTH PRESIDENT, WILLIAM M. B. FLEMING, JR. (FLEMING) ANNOUNCED HIS PLAN TO RETIRE EFFECTIVE JUNE 2020. A NON-RECURRING EXPENSE WAS INCURRED BY THE UNIVERSITY IN THE PRIOR & CURRENT YEAR AS PART OF MR. FLEMING'S EMPLOYMENT AGREEMENT. WHICH PROVIDED FOR SEVERANCE CONSISTING OF ONE YEAR BASE SALARY, PLUS TARGETTED BONUS, PLUS CURRENT YEAR DEFERRED COMPENSATION AS WELL AS PREVIOUSLY ACCRUED BONUSES AND OTHER EXECUTIVE BENEFITS, ALL OF WHICH APPROXIMATELY TOTALLED $863,464. APPROXIMATELY $249,800 OF SEVERANCE WAS PAID IN FISCAL 2020, APPROXIMATELY $514,993 WAS PAID IN FISCAL 2021, APPROXIMATELY $74,335 WAS PAID IN FISCAL 2022 AND APPROXIMATELY $24,336, WAS PAID IN FISCAL 2023. IN ADDITION, MR. FLEMING WAS DISTRIBUTED $167,114 RELATED TO DEFERRED COMPENSATION UNDER A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN WHICH WAS PAYABLE UPON HIS TERMINATION OF EMPLOYMENT.

Related corporations and trusts

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

• BEGINNINGS OF PALM BEACH COUNTY INC

  C · CHILD CARE · FL · 100% owned · share of income $28,191 · share of assets $1,922,657

• D & L LAND INC

  C · RENTAL REAL ESTATE · FL · 100% owned · share of income -$17,889 · share of assets $272,226