Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $575,745

• 1f · All other contributions, gifts and grants

  $5,956,492

• 1g · Noncash contributions included above

  $343,462

• 2a · Program service revenue: TUITION AND FEES

  total $48,320,641 · related or exempt $48,320,641

• 2b · Program service revenue: ROOM AND BOARD

  total $10,431,907 · related or exempt $10,431,907

• 2c · Program service revenue: ATHLETIC REVENUE

  total $1,629,831 · related or exempt $1,629,831

• 2d · Program service revenue: SUMMER CONFERENCES

  total $993,077 · related or exempt $993,077

• 2e · Program service revenue: SPIRIT STORE SALES

  total $131,696 · related or exempt $131,696

• 2f · All other program service revenue

  total $345,395 · related or exempt $345,395

• 3 · Investment income

  total $2,696,681 · excluded $2,696,681

• 6a · Gross rents

  real property $41,439

• 6b · Less rental expenses

  real property $4,742

• 6c · Rental income or loss

  real property $36,697

• 6d · Net rental income or loss

  total $36,697 · excluded $36,697

• 7a · Gross sales of assets other than inventory

  securities $32,319,286 · other assets $903,200

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

  securities $28,376,306 · other assets $1,617,399

• 7c · Gain or loss

  securities $3,942,980 · other assets -$714,199

• 7d · Net gain or loss

  total $3,228,781 · excluded $3,228,781

• 8a · Fundraising events: gross income

  $44,959

• 8b · Fundraising events: direct expenses

  $12,589

• 8c · Net income from fundraising events

  total $32,370 · excluded $32,370

• 11a · Other revenue: INSURANCE SETTLEMENTS

  total $2,278,861 · excluded $2,278,861

• 11b · Other revenue: MANAGEMENT FEES

  total $12,000 · excluded $12,000

• 11e · Other revenue, total

  $2,290,861

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $36,000 · program services $36,000

• 2 · Grants to domestic individuals

  total $29,163,108 · program services $29,163,108

• 5 · Compensation of officers, directors and key employees

  total $361,870 · management and general $361,870

• 7 · Other salaries and wages

  total $17,478,866 · program services $15,463,924 · management and general $1,307,467 · fundraising $707,475

• 8 · Pension plan contributions

  total $511,390 · program services $448,109 · management and general $42,696 · fundraising $20,585

• 9 · Other employee benefits

  total $1,972,361 · program services $1,273,051 · management and general $636,367 · fundraising $62,943

• 10 · Payroll taxes

  total $1,272,946 · program services $1,103,588 · management and general $117,379 · fundraising $51,979

• 11a · Fees: management

  total $175,000 · management and general $175,000

• 11b · Fees: legal

  total $105,546 · program services $22,519 · management and general $83,027

• 11c · Fees: accounting

  total $145,045 · management and general $145,045

• 11e · Fees: professional fundraising services

  total $110,019 · fundraising $110,019

• 11f · Fees: investment management

  total $549,778 · management and general $549,778

• 11g · Fees: other

  total $3,094,818 · program services $2,398,798 · management and general $581,835 · fundraising $114,185

• 12 · Advertising and promotion

  total $318,563 · program services $148,486 · management and general $123,286 · fundraising $46,791

• 13 · Office expenses

  total $175,162 · program services $75,398 · management and general $96,648 · fundraising $3,116

• 14 · Information technology

  total $861,370 · program services $297,589 · management and general $506,004 · fundraising $57,777

• 16 · Occupancy

  total $9,009,717 · program services $8,558,169 · management and general $411,351 · fundraising $40,197

• 17 · Travel

  total $2,661,197 · program services $2,601,295 · management and general $51,105 · fundraising $8,797

• 19 · Conferences, conventions and meetings

  total $103,586 · program services $90,132 · management and general $12,308 · fundraising $1,146

• 20 · Interest

  total $172,411 · program services $172,411

• 22 · Depreciation, depletion and amortization

  total $2,404,335 · program services $1,983,044 · management and general $419,762 · fundraising $1,529

• 23 · Insurance

  total $1,041,326 · program services $931,104 · management and general $103,966 · fundraising $6,256

• 24a · Other expenses: DINING HALL/ENTRTNMENT

  total $4,380,457 · program services $4,334,811 · management and general $21,570 · fundraising $24,076

• 24b · Other expenses: SUPPLIES & SMALL EQUIP

  total $2,425,747 · program services $2,316,301 · management and general $69,392 · fundraising $40,054

• 24c · Other expenses: MEMBERSHIP & DUES

  total $557,994 · program services $474,201 · management and general $80,329 · fundraising $3,464

• 24d · Other expenses: REPAIRS & MAINTENANCE

  total $305,899 · program services $112,041 · management and general $193,511 · fundraising $347

• 24e · All other expenses

  total $906,354 · program services $511,012 · management and general $385,593 · fundraising $9,749

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,248,004 · end of year $424,943

• 2 · Savings and temporary cash investments

  beginning of year $5,762,962 · end of year $2,179,273

• 3 · Pledges and grants receivable

  beginning of year $5,995,487 · end of year $5,001,730

• 4 · Accounts receivable

  beginning of year $1,407,363 · end of year $958,371

• 8 · Inventories for sale or use

  beginning of year $37,775 · end of year $38,289

• 9 · Prepaid expenses and deferred charges

  beginning of year $422,944 · end of year $625,161

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

  $80,628,898

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

  $42,532,726

• 10c · Land, buildings and equipment, net

  beginning of year $38,615,695 · end of year $38,096,172

• 11 · Investments: publicly traded securities

  beginning of year $75,564,606 · end of year $80,122,761

• 12 · Investments: other securities

  beginning of year $37,383,375 · end of year $38,689,259

• 13 · Investments: program-related

  beginning of year $242,920 · end of year $157,199

• 15 · Other assets

  beginning of year $5,804,603 · end of year $5,533,950

• 17 · Accounts payable and accrued expenses

  beginning of year $4,695,213 · end of year $3,679,254

• 19 · Deferred revenue

  beginning of year $1,959,997 · end of year $2,170,861

• 23 · Secured mortgages and notes payable

  beginning of year $6,056,361 · end of year $5,014,813

• 25 · Other liabilities

  beginning of year $3,232,148 · end of year $2,897,770

• 27 · Net assets without donor restrictions

  beginning of year $35,667,359 · end of year $32,208,940

• 28 · Net assets with donor restrictions

  beginning of year $120,874,656 · end of year $125,855,470

The filer's explanations (Part III)

PART I, LINE 1A

AS A CONDITION OF EMPLOYMENT, AND AS A CONVENIENCE TO THE COLLEGE, THE PRESIDENT IS PROVIDED A HOME ON COLLEGE GROUNDS TO HOST BUSINESS FUNCTIONS FOR THE COLLEGE. THE HOME IS PROVIDED AS A NONTAXABLE BENEFIT TO THE PRESIDENT. THE COLLEGE ALSO PAYS FOR HOUSEKEEPING/JANITORIAL SERVICES AT THE HOME. THESE EXPENSES ARE ALSO CONSIDERED A NONTAXABLE BENEFIT TO THE PRESIDENT.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (1)

  TRUST · SC · controlled entity

  Directly controlled by PRESBYTERIAN COLLEGE