Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $16,700

• 1e · Government grants (contributions)

  $3,085,213

• 1f · All other contributions, gifts and grants

  $19,297,915

• 1g · Noncash contributions included above

  $15,890

• 2a · Program service revenue: TUITION AND FEES

  total $25,169,394 · related or exempt $25,169,394

• 2b · Program service revenue: AUXILIARY SERVICES

  total $9,295,024 · related or exempt $9,295,024

• 2c · Program service revenue: MISCELLANEOUS PROGRAM

  total $3,451,210 · related or exempt $3,451,210

• 3 · Investment income

  total $365,374 · excluded $365,374

• 7a · Gross sales of assets other than inventory

  securities $9,804,962 · other assets $2,000

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

  securities $10,665,848 · other assets $2,500

• 7c · Gain or loss

  securities -$860,886 · other assets -$500

• 7d · Net gain or loss

  total -$861,386 · related or exempt -$500 · excluded -$860,886

• 8a · Fundraising events: gross income

  $4,325

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

  $16,700

• 8b · Fundraising events: direct expenses

  $25,689

• 8c · Net income from fundraising events

  total -$21,364 · excluded -$21,364

• 10a · Gross sales of inventory

  $184,420

• 10b · Cost of goods sold

  $124,098

• 10c · Net income from sales of inventory

  total $60,322 · related or exempt $60,322

• 11a · Other revenue: DISTRIBUTION FROM FUNDS HELD IN T

  total $121,544 · excluded $121,544

• 11e · Other revenue, total

  $121,544

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $9,535,683 · program services $9,535,683

• 5 · Compensation of officers, directors and key employees

  total $1,471,121 · program services $261,049 · management and general $814,787 · fundraising $395,285

• 7 · Other salaries and wages

  total $16,122,499 · program services $13,492,056 · management and general $1,372,068 · fundraising $1,258,375

• 8 · Pension plan contributions

  total $555,185 · program services $467,555 · management and general $44,769 · fundraising $42,861

• 9 · Other employee benefits

  total $2,075,647 · program services $1,742,194 · management and general $185,570 · fundraising $147,883

• 10 · Payroll taxes

  total $1,220,239 · program services $963,116 · management and general $145,841 · fundraising $111,282

• 11b · Fees: legal

  total $278,574 · management and general $278,574

• 11f · Fees: investment management

  total $35,417 · management and general $35,417

• 11g · Fees: other

  total $1,854,114 · program services $1,415,297 · management and general $261,434 · fundraising $177,383

• 12 · Advertising and promotion

  total $902,195 · program services $46,388 · fundraising $855,807

• 13 · Office expenses

  total $1,282,138 · program services $365,373 · management and general $648,601 · fundraising $268,164

• 16 · Occupancy

  total $1,062,440 · program services $810,991 · management and general $149,806 · fundraising $101,643

• 17 · Travel

  total $1,394,824 · program services $1,270,697 · management and general $68,322 · fundraising $55,805

• 19 · Conferences, conventions and meetings

  total $129,188 · program services $105,049 · management and general $14,282 · fundraising $9,857

• 20 · Interest

  total $1,117,959 · program services $1,117,959

• 22 · Depreciation, depletion and amortization

  total $1,449,199 · program services $1,104,971 · management and general $205,081 · fundraising $139,147

• 23 · Insurance

  total $855,709 · program services $706,985 · management and general $88,605 · fundraising $60,119

• 24a · Other expenses: CONTRACT SERVICES

  total $5,071,427 · program services $1,326,570 · management and general $2,827,553 · fundraising $917,304

• 24b · Other expenses: FOOD SERVICES

  total $2,906,922 · program services $2,906,922

• 24c · Other expenses: STUDENT SERVICES

  total $2,639,174 · program services $2,637,174 · management and general $2,000

• 24d · Other expenses: OTHER

  total $775,293 · program services $421,623 · management and general $197,330 · fundraising $156,340

• 24e · All other expenses

  total $2,141,004 · program services $1,286,468 · management and general $304,974 · fundraising $549,562

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $498,686 · end of year $2,598,434

• 2 · Savings and temporary cash investments

  beginning of year $84,197 · end of year $82,523

• 3 · Pledges and grants receivable

  beginning of year $1,036,321 · end of year $4,688,311

• 4 · Accounts receivable

  beginning of year $647,855 · end of year $3,365,652

• 8 · Inventories for sale or use

  beginning of year $62,974 · end of year $54,042

• 9 · Prepaid expenses and deferred charges

  beginning of year $464,009 · end of year $587,684

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

  $35,926,361

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

  $13,190,613

• 10c · Land, buildings and equipment, net

  beginning of year $23,192,735 · end of year $22,735,748

• 11 · Investments: publicly traded securities

  beginning of year $9,997,786 · end of year $8,197,515

• 12 · Investments: other securities

  beginning of year $515,065 · end of year $1,807,164

• 15 · Other assets

  beginning of year $2,299,006 · end of year $5,662,817

• 17 · Accounts payable and accrued expenses

  beginning of year $3,202,984 · end of year $2,651,308

• 19 · Deferred revenue

  beginning of year $2,119,620 · end of year $1,099,408

• 23 · Secured mortgages and notes payable

  beginning of year $12,835,570 · end of year $16,223,711

• 24 · Unsecured notes and loans payable

  beginning of year $1,670,000 · end of year $1,907,466

• 25 · Other liabilities

  beginning of year $1,586,108 · end of year $5,173,101

• 27 · Net assets without donor restrictions

  beginning of year -$2,385,910 · end of year -$1,644,075

• 28 · Net assets with donor restrictions

  beginning of year $19,770,262 · end of year $24,368,971

The filer's explanations (Part III)

PART I, LINE 1A

GROSS-UP PAYMENTS ARE PAYMENTS FOR LONG-TERM DISABILITY PAID BY THE COLLEGE AND INCLUDED IN THE EMPLOYEE'S W-2. BELMONT ABBEY COLLEGE PROVIDES A HOUSING ALLOWANCE TO CERTAIN EMPLOYEES AS CONTRACTUALLY PROVIDED. SUCH HOUSING IS SUBJECT TO ALL APPLICABLE FEDERAL, STATE, AND LOCAL TAX WITHHOLDINGS.