Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,979,029

• 1f · All other contributions, gifts and grants

  $4,597,883

• 1g · Noncash contributions included above

  $43,375

• 2a · Program service revenue: TUITION AND FEES

  total $35,179,259 · related or exempt $35,179,259

• 2b · Program service revenue: ROOM, BOARD & AUXILIAR

  total $3,055,595 · related or exempt $3,055,595

• 3 · Investment income

  total $800,057 · excluded $800,057

• 6a · Gross rents

  real property $130,942

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $130,942

• 6d · Net rental income or loss

  total $130,942 · excluded $130,942

• 7a · Gross sales of assets other than inventory

  securities $2,186,385

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

  securities $2,608,380 · other assets $18,459

• 7c · Gain or loss

  securities -$421,995 · other assets -$18,459

• 7d · Net gain or loss

  total -$440,454 · excluded -$440,454

• 11a · Other revenue: EXTRAORDINARY GAIN

  total $1,141,708 · related or exempt $1,141,708

• 11b · Other revenue: OTHER INCOME

  total $368,192 · related or exempt $368,192

• 11e · Other revenue, total

  $1,509,900

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $14,960,758 · program services $14,960,758

• 3 · Grants to foreign organizations and individuals

  total $327,369 · program services $327,369

• 5 · Compensation of officers, directors and key employees

  total $1,043,694 · program services $313,437 · management and general $475,143 · fundraising $255,114

• 6 · Compensation of disqualified persons

  total $77,155 · program services $77,155

• 7 · Other salaries and wages

  total $14,640,072 · program services $11,078,015 · management and general $3,361,671 · fundraising $200,386

• 8 · Pension plan contributions

  total $487,013 · program services $328,524 · management and general $140,597 · fundraising $17,892

• 9 · Other employee benefits

  total $808,341 · program services $462,409 · management and general $314,831 · fundraising $31,101

• 10 · Payroll taxes

  total $1,138,143 · program services $834,658 · management and general $271,116 · fundraising $32,369

• 11b · Fees: legal

  total $43,725 · management and general $43,725

• 11c · Fees: accounting

  total $119,477 · management and general $119,477

• 11e · Fees: professional fundraising services

  total $7,250 · fundraising $7,250

• 11f · Fees: investment management

  total $37,013 · management and general $37,013

• 11g · Fees: other

  total $432,275 · program services $130,403 · management and general $301,872

• 12 · Advertising and promotion

  total $365,705 · program services $39,795 · management and general $325,910

• 13 · Office expenses

  total $1,118,858 · program services $814,984 · management and general $285,944 · fundraising $17,930

• 14 · Information technology

  total $509,025 · program services $82,872 · management and general $426,153

• 16 · Occupancy

  total $830,787 · program services $172,499 · management and general $658,288

• 17 · Travel

  total $311,410 · program services $298,156 · management and general $12,985 · fundraising $269

• 19 · Conferences, conventions and meetings

  total $390,444 · program services $208,723 · management and general $163,216 · fundraising $18,505

• 20 · Interest

  total $511,862 · program services $321,398 · management and general $178,691 · fundraising $11,773

• 22 · Depreciation, depletion and amortization

  total $2,605,866 · program services $1,592,292 · management and general $954,656 · fundraising $58,918

• 23 · Insurance

  total $386,978 · program services $291,319 · management and general $89,759 · fundraising $5,900

• 24a · Other expenses: INSTITUTIONAL SUPPORT

  total $1,284,067 · program services $147,278 · management and general $1,136,789

• 24b · Other expenses: EQUIPMENT RENTAL & MAIN

  total $1,275,086 · program services $184,928 · management and general $1,060,501 · fundraising $29,657

• 24c · Other expenses: FOOD SERVICES

  total $1,047,517 · program services $1,047,517

• 24e · All other expenses

  total $303,563 · program services $209,523 · management and general $94,040

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,107,457 · end of year $469,787

• 2 · Savings and temporary cash investments

  beginning of year $13,207,123 · end of year $13,390,251

• 3 · Pledges and grants receivable

  beginning of year $2,334,451 · end of year $1,899,126

• 4 · Accounts receivable

  beginning of year $5,183,715 · end of year $3,514,009

• 7 · Other notes and loans receivable

  beginning of year $360,239 · end of year $476,030

• 9 · Prepaid expenses and deferred charges

  beginning of year $469,799 · end of year $438,001

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

  $77,246,059

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

  $42,131,173

• 10c · Land, buildings and equipment, net

  beginning of year $34,029,621 · end of year $35,114,886

• 11 · Investments: publicly traded securities

  beginning of year $9,042,005 · end of year $14,890,434

• 12 · Investments: other securities

  beginning of year $10,552,231 · end of year $9,016,204

• 15 · Other assets

  beginning of year $97,836 · end of year $81,774

• 17 · Accounts payable and accrued expenses

  beginning of year $2,557,621 · end of year $1,944,907

• 19 · Deferred revenue

  beginning of year $2,715,868 · end of year $1,566,146

• 20 · Tax-exempt bond liabilities

  beginning of year $14,642,828 · end of year $14,354,089

• 21 · Escrow or custodial account liability

  beginning of year $180,114 · end of year $232,476

• 25 · Other liabilities

  beginning of year $16,293 · end of year $52,966

• 27 · Net assets without donor restrictions

  beginning of year $39,045,754 · end of year $41,055,293

• 28 · Net assets with donor restrictions

  beginning of year $17,225,999 · end of year $20,084,625

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE IS INCLUDED IN OFFICER'S W-2.

PART I, LINE 3

DETERMINING COMPENSATION OF THE COLLEGE'S PRESIDENT AND SENIOR MANAGEMENT INCLUDES A MARKET ANALYSIS USING COMPENSATION SURVEYS FROM PROFESSIONAL ORGANIZATIONS SUCH AS CUPA. THIS INFORMATION IS COMPARED TO MANAGEMENT'S COMPENSATION BASED ON JOB TITLE, JOB DESCRIPTION, AND JOB EXPERIENCE TO DETERMINE WHETHER THE COLLEGE'S COMPENSATION IS COMPARABLE. THE PRESIDENT'S COMPENSATION IS THEN DETERMINED BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD OF TRUSTEES. SENIOR MANAGEMENT COMPENSATION IS EVALUATED AND APPROVED BY THE PRESIDENT AND THEN SENT TO THE EXECUTIVE COMMITTEE FOR APPROVAL.

PART I, LINE 7

DISCRETIONARY BONUSES ARE PAID TO EMPLOYEES AT TIMES BASED ON PERFORMANCE. ALL BONUSES ARE APPROVED IN THE SAME WAY THAT SALARY IS APPROVED.

Related corporations and trusts

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

• PERPETUAL TRUST (1)

  T · CHARITABLE TRUST · MA · 100% owned · share of income $78,744 · share of assets $1,644,720 · controlled entity

  Directly controlled by COLLEGE OF OUR LADY OF THE ELMS