Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,324,709

• 1f · All other contributions, gifts and grants

  $1,272,936

• 2a · Program service revenue: TUITION & FEES

  total $23,077,609 · related or exempt $23,077,609

• 2b · Program service revenue: AUXILIARY

  total $3,062,179 · related or exempt $3,062,179

• 2c · Program service revenue: OTHER SOURCES

  total $745,899 · related or exempt $745,899

• 2d · Program service revenue: INTEREST & LATE CHARGES

  total $26,073 · related or exempt $26,073

• 3 · Investment income

  total $749,799 · excluded $749,799

• 7a · Gross sales of assets other than inventory

  securities $19,900,634 · other assets $270,747

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

  securities $15,787,623 · other assets $246,143

• 7c · Gain or loss

  securities $4,113,011 · other assets $24,604

• 7d · Net gain or loss

  total $4,137,615 · excluded $4,137,615

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $13,111,135 · program services $13,111,135

• 5 · Compensation of officers, directors and key employees

  total $653,527 · program services $571,327 · management and general $65,136 · fundraising $17,064

• 7 · Other salaries and wages

  total $8,484,566 · program services $7,416,894 · management and general $845,847 · fundraising $221,825

• 8 · Pension plan contributions

  total $60,527 · program services $51,359 · management and general $8,372 · fundraising $796

• 9 · Other employee benefits

  total $634,257 · program services $562,066 · management and general $55,939 · fundraising $16,252

• 10 · Payroll taxes

  total $591,197 · program services $511,302 · management and general $63,660 · fundraising $16,235

• 11b · Fees: legal

  total $94,791 · management and general $94,791

• 11f · Fees: investment management

  total $181,170 · management and general $181,170

• 11g · Fees: other

  total $3,535,121 · program services $2,733,390 · management and general $801,731

• 12 · Advertising and promotion

  total $96,561 · program services $5,202 · management and general $91,359

• 13 · Office expenses

  total $10,548 · management and general $10,548

• 16 · Occupancy

  total $810,313 · program services $802,591 · management and general $7,722

• 17 · Travel

  total $822,430 · program services $810,104 · management and general $12,326

• 20 · Interest

  total $884,506 · management and general $884,506

• 22 · Depreciation, depletion and amortization

  total $1,521,837 · program services $1,521,837

• 23 · Insurance

  total $749,663 · program services $380,243 · management and general $369,420

• 24a · Other expenses: SUPPLIES

  total $2,213,854 · program services $1,768,792 · management and general $379,927 · fundraising $65,135

• 24b · Other expenses: MISCELLANEOUS

  total $238,090 · program services $235,206 · management and general $2,884

• 24c · Other expenses: BAD DEBT

  total $229,274 · management and general $229,274

• 24d · Other expenses: HOSPITALITY

  total $167,635 · program services $140,327 · management and general $22,157 · fundraising $5,151

• 24e · All other expenses

  total $151,176 · program services $84,843 · management and general $66,333

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $534,244 · end of year $332,692

• 2 · Savings and temporary cash investments

  beginning of year $2,076,705 · end of year $701,235

• 4 · Accounts receivable

  beginning of year $741,925 · end of year $737,073

• 7 · Other notes and loans receivable

  beginning of year $398,221 · end of year $320,703

• 8 · Inventories for sale or use

  beginning of year $199,257 · end of year $201,734

• 9 · Prepaid expenses and deferred charges

  beginning of year $427,983 · end of year $415,642

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

  $67,394,204

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

  $30,461,104

• 10c · Land, buildings and equipment, net

  beginning of year $37,655,431 · end of year $36,933,100

• 11 · Investments: publicly traded securities

  beginning of year $28,678,381 · end of year $29,388,963

• 15 · Other assets

  beginning of year $2,554,034 · end of year $2,660,301

• 17 · Accounts payable and accrued expenses

  beginning of year $1,052,844 · end of year $1,601,266

• 19 · Deferred revenue

  beginning of year $303,462 · end of year $242,769

• 20 · Tax-exempt bond liabilities

  beginning of year $9,367,639 · end of year $8,884,245

• 23 · Secured mortgages and notes payable

  beginning of year $5,353,688 · end of year $4,887,798

• 25 · Other liabilities

  beginning of year $2,213,640 · end of year $2,884,763

• 27 · Net assets without donor restrictions

  beginning of year $23,108,629 · end of year $19,288,601

• 28 · Net assets with donor restrictions

  beginning of year $31,866,279 · end of year $33,902,001

The filer's explanations (Part III)

PART I, LINE 1A

DR. HAWKINS, AS PRESIDENT OF UNION, HAS AGREED AND IS OBLIGED AS A CONDITION OF HER EMPLOYMENT, AND AS A BENEFIT TO UNION, TO RESIDE DURING THE TERM OF THIS AGREEMENT AT BALDWIN PLACE ON THE CAMPUS OF UNION COLLEGE.UNION SHALL PAY ALL UTILITIES, TAXES, INSURANCE AND EXPENSE OF MAINTENANCE AND UPKEEP FOR BALDWIN PLACE, INCLUDING BUT NOT LIMITED TO REPAIRING AND REMODELING BALDWIN PLACE IN ORDER TO KEEP IT AS A RESIDENCE BEFITTING A COLLEGE PRESIDENT. THE EXECUTIVE COMMITTEE SHALL APPROVE ALL REPAIRS AND RENOVATIONS.

PART I, LINE 3

THE BOARD OF TRUSTEES APPROVES THE COMPENSATION FOR THE PRESIDENT AND ISSUES A CONTRACT. THE ADMINISTRATION APPROVES COMPENSATION FOR THE OTHER POSITIONS WHERE FACULTY RECEIVE A CONTRACT AND THE OTHERS RECEIVE AN EMPLOYMENT LETTER.

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUST

  T · BENEFICIAL TRUST · KY