Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $56,343

• 1e · Government grants (contributions)

  $4,103,058

• 1f · All other contributions, gifts and grants

  $24,788,035

• 1g · Noncash contributions included above

  $6,901,833

• 2a · Program service revenue: TUITION AND FEES

  total $171,205,555 · related or exempt $171,205,555

• 2b · Program service revenue: AUXILIARY SERVICES

  total $39,631,040 · related or exempt $39,631,040

• 2c · Program service revenue: ATHLETIC/SPORT NETWORK

  total $1,790,367 · related or exempt $1,780,550 · unrelated business $9,817

• 3 · Investment income

  total $13,609,852 · unrelated business $151,641 · excluded $13,458,211

• 6a · Gross rents

  real property $1,329,027

• 6b · Less rental expenses

  real property $1,139,477

• 6c · Rental income or loss

  real property $189,550

• 6d · Net rental income or loss

  total $189,550 · unrelated business -$260,649 · excluded $450,199

• 7a · Gross sales of assets other than inventory

  securities $359,692,719

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

  securities $354,792,635 · other assets $21,503

• 7c · Gain or loss

  securities $4,900,084 · other assets -$21,503

• 7d · Net gain or loss

  total $4,878,581 · excluded $4,878,581

• 8a · Fundraising events: gross income

  $52,913

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

  $56,343

• 8b · Fundraising events: direct expenses

  $32,312

• 8c · Net income from fundraising events

  total $20,601 · excluded $20,601

• 10a · Gross sales of inventory

  $1,274,400

• 10b · Cost of goods sold

  $1,574,122

• 10c · Net income from sales of inventory

  total -$299,722 · unrelated business -$58,344 · excluded -$241,378

• 11a · Other revenue: OTHER INCOME

  total $1,630,153 · excluded $1,630,153

• 11b · Other revenue: FEES/FINES/COST RECVY.

  total $913,895 · excluded $913,895

• 11e · Other revenue, total

  $2,544,048

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $86,404 · program services $86,404

• 2 · Grants to domestic individuals

  total $70,992,618 · program services $70,992,618

• 5 · Compensation of officers, directors and key employees

  total $6,040,402 · program services $1,626,862 · management and general $4,413,540

• 6 · Compensation of disqualified persons

  total $291,216 · management and general $224,612 · fundraising $66,604

• 7 · Other salaries and wages

  total $77,010,783 · program services $63,319,859 · management and general $10,715,538 · fundraising $2,975,386

• 8 · Pension plan contributions

  total $6,417,517 · program services $5,238,615 · management and general $932,333 · fundraising $246,569

• 9 · Other employee benefits

  total $12,155,433 · program services $9,765,737 · management and general $1,882,711 · fundraising $506,985

• 10 · Payroll taxes

  total $5,760,289 · program services $4,512,863 · management and general $1,035,860 · fundraising $211,566

• 11b · Fees: legal

  total $942,987 · program services $54,189 · management and general $885,375 · fundraising $3,423

• 11c · Fees: accounting

  total $241,028 · management and general $241,028

• 11d · Fees: lobbying

  total $2,146 · management and general $2,146

• 11e · Fees: professional fundraising services

  total $765,702 · fundraising $765,702

• 11f · Fees: investment management

  total $574,548 · management and general $574,548

• 11g · Fees: other

  total $14,850,887 · program services $12,904,701 · management and general $1,913,980 · fundraising $32,206

• 12 · Advertising and promotion

  total $264,242 · program services $204,496 · management and general $59,717 · fundraising $29

• 13 · Office expenses

  total $3,838,536 · program services $2,685,684 · management and general $924,641 · fundraising $228,211

• 14 · Information technology

  total $3,427,554 · program services $453,226 · management and general $2,959,200 · fundraising $15,128

• 16 · Occupancy

  total $7,491,158 · program services $6,456,984 · management and general $1,034,174

• 17 · Travel

  total $7,587,558 · program services $6,451,587 · management and general $1,010,820 · fundraising $125,151

• 19 · Conferences, conventions and meetings

  total $2,350,699 · program services $1,245,026 · management and general $933,993 · fundraising $171,680

• 20 · Interest

  total $9,915,276 · program services $9,224,691 · management and general $690,585

• 22 · Depreciation, depletion and amortization

  total $18,829,195 · program services $17,555,989 · management and general $1,273,206

• 23 · Insurance

  total $3,298,726 · program services $403,338 · management and general $2,895,388

• 24a · Other expenses: AUXILIARY SERVICES

  total $12,201,454 · program services $12,167,809 · management and general $33,645 · fundraising $0

• 24b · Other expenses: NON-OFFICE SUPPLIES

  total $6,704,189 · program services $5,370,807 · management and general $1,333,382 · fundraising $0

• 24c · Other expenses: ALLOCATION OF INDIRECT

  total $0 · program services -$636,579 · management and general $636,579

• 24e · All other expenses

  total $6,242,082 · program services $4,834,901 · management and general $1,342,871 · fundraising $64,310

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,046 · end of year $15,474

• 2 · Savings and temporary cash investments

  beginning of year $78,444,452 · end of year $73,620,961

• 3 · Pledges and grants receivable

  beginning of year $18,682,779 · end of year $19,778,157

• 4 · Accounts receivable

  beginning of year $4,652,355 · end of year $5,881,662

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $1,405,483 · end of year $996,396

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,252,258 · end of year $3,744,097

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

  $810,042,463

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

  $326,992,433

• 10c · Land, buildings and equipment, net

  beginning of year $438,195,589 · end of year $483,050,030

• 11 · Investments: publicly traded securities

  beginning of year $219,637,021 · end of year $186,585,975

• 12 · Investments: other securities

  beginning of year $882,529,427 · end of year $961,538,444

• 13 · Investments: program-related

  beginning of year $1,451,587 · end of year $1,312,993

• 15 · Other assets

  beginning of year $1,328,337 · end of year $8,440,266

• 17 · Accounts payable and accrued expenses

  beginning of year $17,482,026 · end of year $20,804,964

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $1,602,421 · end of year $2,316,017

• 20 · Tax-exempt bond liabilities

  beginning of year $211,507,848 · end of year $174,468,359

• 21 · Escrow or custodial account liability

  beginning of year $146,318 · end of year $153,324

• 23 · Secured mortgages and notes payable

  beginning of year $100,204,730 · end of year $128,135,447

• 25 · Other liabilities

  beginning of year $45,182,223 · end of year $45,762,342

• 27 · Net assets without donor restrictions

  beginning of year $422,137,997 · end of year $479,781,934

• 28 · Net assets with donor restrictions

  beginning of year $851,331,771 · end of year $893,542,068

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - IN ACCORDANCE WITH COLLEGE POLICY, IN LIMITED INSTANCES WITH DOCUMENTATION FOR THE BUSINESS PURPOSE FULFILLED BY THE COMPANION AND ANY REQUIRED PRIOR APPROVALS, THE COLLEGE WILL PAY FOR TRAVEL EXPENSES OF A COMPANION WHEN THE COMPANION TRAVEL IS 1] FOR A BONA FIDE BUSINESS PURPOSE, AND 2] IMPORTANT TO THE ACHIEVEMENT OF THE COLLEGE'S PURPOSES THAT REQUIRE THE TRAVEL OF THE EMPLOYEE AND COMPANION. TAX INDEMNIFICATION - DURING CALENDAR YEAR 2023, A $50,657 TAX EQUALIZATION PAYMENT WAS MADE TO NICOLE F. HURD (PRESIDENT). THE PAYMENT IS IN ACCORDANCE WITH THE EMPLOYMENT CONTRACT AND/OR AUTHORIZATIONS FROM THE BOARD OF TRUSTEES AND ARE SPECIFIC TO THE PRESIDENT. HOUSING ALLOWANCE - AS PART OF THEIR EMPLOYMENT CONTRACT AND FOR THE CONVENIENCE OF THE COLLEGE, A COLLEGE-OWNED RESIDENCE WAS PROVIDED TO THE PRESIDENT. THE HOUSING PROVIDED IS LOCATED ON COLLEGE PROPERTY AND IS IN CONJUNCTION WITH THE OFFICER'S DUTIES. THE ESTIMATED ANNUAL VALUE OF THE HOUSING PROVIDED IS INCLUDED AS A NONTAXABLE BENEFIT IN THIS RETURN IN THE AMOUNT OF $55,358 FOR PRESIDENT NICOLE F. HURD. IT IS THE POLICY OF THE COLLEGE'S BOARD OF TRUSTEES THAT THE PRESIDENT RESIDE ON COLLEGE PROPERTY. THE PRESIDENT DETERMINES IF THE DUTIES OF OTHER OFFICERS REQUIRE THEM TO RESIDE ON COLLEGE PROPERTY. PERSONAL SERVICES - IN ACCORDANCE WITH THE POLICY OF THE COLLEGE'S BOARD OF TRUSTEES AND THE PRESIDENT'S EMPLOYMENT CONTRACT, THE PRESIDENT OF COLLEGE IS REQUIRED TO RESIDE ON COLLEGE PROPERTY. THE PRESIDENT'S HOUSE SERVES NOT ONLY AS A RESIDENCE, BUT ALSO AS A HOST LOCATION FOR MANY COLLEGE EVENTS AND THE COLLEGE PROVIDES STAFF TO MAINTAIN THE HOME. FOR CALENDAR YEAR 2023, $4,100 WAS THE PORTION OF THE HOUSEKEEPER'S SALARY DETERMINED TO BE FOR PERSONAL SERVICES AND INCLUDED AS REPORTABLE COMPENSATION. JOHN MEIER WAS THE PROVOST FOR THE COLLEGE. AS PART OF HIS EMPLOYMENT CONTRACT HE WAS REQUIRED TO RESIDE ON CAMPUS. HIS RESPONSIBILITIES AS PROVOST INCLUDE BEING AVAILABLE, IN THE ABSENCE AT ANY TIME OF THE COLLEGE'S PRESIDENT, TO STEP IN AND ASSUME THE PRESIDENT'S RESPONSIBILITIES TO HANDLE CAMPUS EMERGENCIES AND THE LIKE AS WELL AS TO FUNCTION AS THE COLLEGE'S CHIEF ACADEMIC OFFICER OVERSEEING ALL ACADEMIC DEPARTMENTS, PROGRAMS AND OPERATIONS AT THE COLLEGE. SOCIAL CLUB - THE COLLEGE MAINTAINS A SOCIAL CLUB MEMBERSHIP IN THE NAME OF THE PRESIDENT THAT IS PRIMARILY USED FOR BUSINESS PURPOSES, INCLUDING FUNDRAISING AND DONOR RELATION ACTIVITIES.

PART I, LINE 3

THE COMPENSATION COMMITTEE ESTABLISHES THE PRESIDENT'S COMPENSATION. THE COMMITTEE REVIEWS DATA OBTAINED FROM ITS EXTERNAL COMPENSATION CONSULTANT ON PRESIDENTIAL SALARIES FROM COMPARABLE INSTITUTIONS AND UPDATES OR ADJUSTS THAT DATA THROUGH SURVEYS AND OTHER AVAILABLE RESOURCES. IN ADDITION, AN ANNUAL PERFORMANCE REVIEW IS CONDUCTED.

PART I, LINE 4A

VP HUMAN RESOURCES, GENERAL COUNSEL - $184,548

PART I, LINE 7

FROM TIME TO TIME CERTAIN EMPLOYMENT CONTRACTS CONTAIN BONUS CLAUSES. THESE BONUSES ARE BASED ON METRICS SPECIFIC TO THE POSITION. IN ADDITION, FROM TIME TO TIME, THE GOVERNING BODY PROVIDES BONUSES TO OFFICERS, DIRECTORS, KEY EMPLOYEES, AND OTHER STAFF BASED ON PERFORMANCE THEY DEEM WORTHY OF THE AWARD. THESE BONUSES ARE COMPLETELY DISCRETIONARY.

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUSTS (23)

  T · INVESTMENTS · PA · 100% owned · controlled entity

  Directly controlled by LAFAYETTE COLLEGE

• PERPETUAL TRUST (1)

  T · INVESTMENTS · NV

• PERPETUAL TRUST (2)

  T · INVESTMENTS · NV

• PERPETUAL TRUST (3)

  T · INVESTMENTS · PA