Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $276,835

• 1f · All other contributions, gifts and grants

  $4,331,834

• 1g · Noncash contributions included above

  $162,271

• 2a · Program service revenue: TUITION AND FEES

  total $21,287,754 · related or exempt $21,287,754

• 2b · Program service revenue: FOOD SERVICE

  total $1,145,729 · related or exempt $1,145,729

• 2c · Program service revenue: STUDENT ACTIVITIES

  total $643,684 · related or exempt $643,684

• 3 · Investment income

  total $57,955 · excluded $57,955

• 7a · Gross sales of assets other than inventory

  other assets $884,924

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

  other assets $471,200

• 7c · Gain or loss

  other assets $413,724

• 7d · Net gain or loss

  total $413,724 · excluded $413,724

• 8a · Fundraising events: gross income

  $282,209

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

  $276,835

• 8b · Fundraising events: direct expenses

  $298,703

• 8c · Net income from fundraising events

  total -$16,494 · excluded -$16,494

• 11a · Other revenue: OTHER INCOME

  total $569,378 · excluded $569,378

• 11e · Other revenue, total

  $569,378

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $2,152,939 · program services $2,152,939

• 5 · Compensation of officers, directors and key employees

  total $664,357 · program services $82,653 · management and general $499,614 · fundraising $82,090

• 7 · Other salaries and wages

  total $10,788,821 · program services $9,532,224 · management and general $966,583 · fundraising $290,014

• 8 · Pension plan contributions

  total $778,244 · program services $681,094 · management and general $73,523 · fundraising $23,627

• 9 · Other employee benefits

  total $1,107,721 · program services $956,803 · management and general $115,475 · fundraising $35,443

• 10 · Payroll taxes

  total $849,753 · program services $698,448 · management and general $123,255 · fundraising $28,050

• 11c · Fees: accounting

  total $48,225 · management and general $48,225

• 11g · Fees: other

  total $712,958 · program services $518,782 · management and general $192,078 · fundraising $2,098

• 12 · Advertising and promotion

  total $43,512 · program services $34,809 · management and general $2,176 · fundraising $6,527

• 13 · Office expenses

  total $363,075 · program services $283,672 · management and general $69,959 · fundraising $9,444

• 14 · Information technology

  total $282,447 · program services $274,203 · management and general $7,685 · fundraising $559

• 16 · Occupancy

  total $1,047,034 · program services $985,259 · management and general $57,587 · fundraising $4,188

• 17 · Travel

  total $71,230 · program services $66,144 · management and general $5,086

• 19 · Conferences, conventions and meetings

  total $162,963 · program services $64,833 · management and general $19,003 · fundraising $79,127

• 20 · Interest

  total $69,080 · program services $65,005 · management and general $3,799 · fundraising $276

• 22 · Depreciation, depletion and amortization

  total $1,639,636 · program services $1,542,897 · management and general $90,180 · fundraising $6,559

• 23 · Insurance

  total $400,083 · program services $376,478 · management and general $22,005 · fundraising $1,600

• 24a · Other expenses: STUDENT ACTIVITIES AND

  total $2,543,717 · program services $2,543,717

• 24b · Other expenses: OTHER EXPENSES

  total $148,947 · program services $100,543 · management and general $48,404

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $971,081 · end of year $2,995,050

• 2 · Savings and temporary cash investments

  beginning of year $2,220,895 · end of year $1,590,692

• 3 · Pledges and grants receivable

  beginning of year $102,232 · end of year $2,450,086

• 4 · Accounts receivable

  beginning of year $211,988 · end of year $18,648,648

• 7 · Other notes and loans receivable

  beginning of year $539,083 · end of year $499,202

• 9 · Prepaid expenses and deferred charges

  beginning of year $370,651 · end of year $399,938

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

  $47,095,308

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

  $28,991,163

• 10c · Land, buildings and equipment, net

  beginning of year $17,483,310 · end of year $18,104,145

• 11 · Investments: publicly traded securities

  end of year $1,110,350

• 15 · Other assets

  beginning of year $7,294,568 · end of year $9,176,350

• 17 · Accounts payable and accrued expenses

  beginning of year $725,095 · end of year $725,495

• 19 · Deferred revenue

  beginning of year $747,402 · end of year $20,108,653

• 23 · Secured mortgages and notes payable

  beginning of year $25,000 · end of year $12,500

• 25 · Other liabilities

  beginning of year $1,433,849 · end of year $2,038,862

• 27 · Net assets without donor restrictions

  beginning of year $20,724,938 · end of year $22,677,711

• 28 · Net assets with donor restrictions

  beginning of year $5,537,524 · end of year $9,411,240

The filer's explanations (Part III)

PART I, LINE 1A

PRESIDENT AARON FETROW RECEIVED COMPENSATION THROUGH A DISCRETIONARY SPENDING ACCOUNT PURSUANT TO HIS EMPLOYMENT CONTRACT. THESE EXPENDITURES ARE REVIEWED AND OUT-OF-POCKET EXPENDITURES ARE REQUIRED TO BE REPORTED IN THE INCOME OF THE EMPLOYEE.

PART I, LINE 6

BONUSES FOR THE HOS AND PRESIDENT WERE PART OF THE ANNUAL BONUS PROGRAM FOR ALL EMPLOYEES. AMOUNTS ARE DETERMINED BASED ON AMOUNTS RAISED AT AN ANNUAL FUNDRAISER BENEFITING EMPLOYEES. BONUSES ARE BASED ON WHETHER THE EMPLOYEE IS A FACULTY MEMBER, INSTRUCTIONAL ADMINISTRATOR/STAFF, OR NON-INSTRUCTIONAL ADMINISTRATOR.