Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $74,935

• 1e · Government grants (contributions)

  $1,115,516

• 1f · All other contributions, gifts and grants

  $5,076,440

• 1g · Noncash contributions included above

  $626,693

• 2a · Program service revenue: TUITION AND FEES

  total $39,329,924 · related or exempt $39,329,924

• 2b · Program service revenue: RESIDENCE FEES

  total $2,153,321 · related or exempt $2,153,321

• 2c · Program service revenue: SWIM & SAFETY PROGRAMS

  total $293,964 · related or exempt $293,964

• 2d · Program service revenue: FORTIFIED STUDENT DEPO

  total $14,650 · related or exempt $14,650

• 2e · Program service revenue: INTEREST INCOME ON STU

  total $455 · related or exempt $455

• 3 · Investment income

  total $905,296 · unrelated business $18,153 · excluded $887,143

• 5 · Royalties

  total $46,956 · excluded $46,956

• 6a · Gross rents

  real property $723,519

• 6b · Less rental expenses

  real property $393,128

• 6c · Rental income or loss

  real property $330,391

• 6d · Net rental income or loss

  total $330,391 · excluded $330,391

• 7a · Gross sales of assets other than inventory

  securities $1,215,304

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

  securities $401,036

• 7c · Gain or loss

  securities $814,268

• 7d · Net gain or loss

  total $814,268 · excluded $814,268

• 8a · Fundraising events: gross income

  $22,780

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

  $74,935

• 8b · Fundraising events: direct expenses

  $23,476

• 8c · Net income from fundraising events

  total -$696 · excluded -$696

• 11a · Other revenue: DINING FEES

  total $2,005,559 · excluded $2,005,559

• 11b · Other revenue: SUMMER CAMPS

  total $92,270 · unrelated business $85,520 · excluded $6,750

• 11c · Other revenue: MISCELLANEOUS

  total $84,694 · excluded $84,694

• 11d · All other revenue

  total $11,765 · excluded $11,765

• 11e · Other revenue, total

  $2,194,288

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $15,809,432 · program services $15,809,432

• 5 · Compensation of officers, directors and key employees

  total $1,207,839 · program services $407,961 · management and general $642,755 · fundraising $157,123

• 7 · Other salaries and wages

  total $15,537,259 · program services $12,711,615 · management and general $2,335,836 · fundraising $489,808

• 8 · Pension plan contributions

  total $478,840 · program services $399,127 · management and general $63,913 · fundraising $15,800

• 9 · Other employee benefits

  total $2,194,736 · program services $1,742,019 · management and general $360,426 · fundraising $92,291

• 10 · Payroll taxes

  total $1,181,635 · program services $908,180 · management and general $222,139 · fundraising $51,316

• 11b · Fees: legal

  total $18,705 · management and general $18,705

• 11c · Fees: accounting

  total $63,530 · management and general $63,530

• 11f · Fees: investment management

  total $231,605 · management and general $231,605

• 11g · Fees: other

  total $1,618,099 · program services $912,520 · management and general $690,232 · fundraising $15,347

• 12 · Advertising and promotion

  total $589,361 · program services $11,026 · management and general $578,256 · fundraising $79

• 13 · Office expenses

  total $2,248,343 · program services $1,109,756 · management and general $1,029,312 · fundraising $109,275

• 14 · Information technology

  total $146,387 · program services $96,288 · management and general $38,788 · fundraising $11,311

• 16 · Occupancy

  total $1,759,145 · program services $1,117,763 · management and general $641,382

• 17 · Travel

  total $788,384 · program services $710,409 · management and general $72,271 · fundraising $5,704

• 19 · Conferences, conventions and meetings

  total $95,278 · program services $84,910 · management and general $7,488 · fundraising $2,880

• 20 · Interest

  total $421,311 · program services $284,311 · management and general $137,000

• 22 · Depreciation, depletion and amortization

  total $3,650,801 · program services $2,432,595 · management and general $1,218,206

• 23 · Insurance

  total $422,268 · program services $34,126 · management and general $388,142

• 24a · Other expenses: AUXILIARY ENTERPRISES

  total $2,006,546 · program services $2,006,546

• 24b · Other expenses: MISC. PROGRAM/ADMIN EXP

  total $1,193,932 · program services $806,319 · management and general $378,245 · fundraising $9,368

• 24c · Other expenses: MEMBERSHIP FEES

  total $219,291 · program services $92,015 · management and general $122,916 · fundraising $4,360

• 24d · Other expenses: DINING SERVICES

  total $205,587 · program services $169,073 · management and general $32,987 · fundraising $3,527

• 24e · All other expenses

  total $299,866 · program services $237,478 · management and general $35,264 · fundraising $27,124

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,000 · end of year $7,000

• 2 · Savings and temporary cash investments

  beginning of year $8,160,684 · end of year $8,205,924

• 3 · Pledges and grants receivable

  beginning of year $1,370,703 · end of year $3,194,788

• 4 · Accounts receivable

  beginning of year $4,335,844 · end of year $600,496

• 9 · Prepaid expenses and deferred charges

  beginning of year $400,482 · end of year $525,421

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

  $97,669,599

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

  $66,889,512

• 10c · Land, buildings and equipment, net

  beginning of year $31,997,913 · end of year $30,780,087

• 11 · Investments: publicly traded securities

  beginning of year $33,487,889 · end of year $38,599,585

• 12 · Investments: other securities

  beginning of year $7,796,792 · end of year $8,330,059

• 13 · Investments: program-related

  beginning of year $2,076,571 · end of year $2,515,083

• 15 · Other assets

  beginning of year $12,994,105 · end of year $13,703,031

• 17 · Accounts payable and accrued expenses

  beginning of year $1,130,753 · end of year $1,132,161

• 19 · Deferred revenue

  beginning of year $1,876,411 · end of year $2,559,661

• 20 · Tax-exempt bond liabilities

  beginning of year $17,018,123 · end of year $15,817,358

• 25 · Other liabilities

  beginning of year $4,577,618 · end of year $4,520,801

• 27 · Net assets without donor restrictions

  beginning of year $34,072,533 · end of year $32,055,444

• 28 · Net assets with donor restrictions

  beginning of year $43,952,545 · end of year $50,376,049

The filer's explanations (Part III)

PART I, LINE 1A

THE COLLEGE PRESIDENT IS REQUIRED, AS A CONDITION OF EMPLOYMENT, TO LIVE AT THE COLLEGE'S PRESIDENTIAL RESIDENCE. THIS BENEFIT WAS NOT INCLUDED IN TAXABLE COMPENSATION AS IT MET THE REQUIREMENTS FOR EXCLUSION UNDER INTERNAL REVENUE CODE SECTION 119(D): IT WAS REQUIRED AS A CONDITION OF EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER, AND ON OR NEAR THE CAMPUS. THE COLLEGE PROVIDES COUNTRY CLUB DUES AND RESIDENCE AID FOR THE COLLEGE PRESIDENT. THESE AMOUNTS ARE INCLUDED IN TAXABLE COMPENSATION.

PART I, LINE 7

THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS THE PRESIDENT'S BONUS TO THE FULL BOARD FOR APPROVAL. THE BONUS IS AWARDED BASED ON METRICS THAT NEEDED TO BE ACHIEVED DURING THE YEAR WHICH IS BEING EVALUATED. BONUSES FOR SENIOR OFFICERS ARE DETERMINED BY THE PRESIDENT BASED UPON PERFORMANCE TO ESTABLISHED GOALS IDENTIFIED AT THE BEGINNING OF THE YEAR. EACH CABINET MEMBER'S PERFORMANCE IS EVALUATED AND DOCUMENTED VIA THE PERFORMANCE APPRAISAL PROCESS AND THE ALLOCATION OF BONUSES UPON AVAILABLE RESOURCES. NO BONUSES WERE AWARDED DURING THE YEAR.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (2)

  T · CHARITABLE TRUST · PA · controlled entity

  Directly controlled by CEDAR CREST COLLEGE