Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $500,000

• 1f · All other contributions, gifts and grants

  $3,540,503

• 1g · Noncash contributions included above

  $248,201

• 2a · Program service revenue: TUITION & FEES

  total $25,348,106 · related or exempt $25,348,106

• 2b · Program service revenue: ROOM & BOARD FEES

  total $7,106,311 · related or exempt $7,106,311

• 2c · Program service revenue: NONTRADITIONAL PROGRAMS

  total $1,971,243 · related or exempt $1,971,243

• 2d · Program service revenue: STUDENT SERVICE FEES

  total $626,970 · related or exempt $626,970

• 3 · Investment income

  total $128,359 · excluded $128,359

• 7a · Gross sales of assets other than inventory

  securities $2,690,585

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

  securities $2,368,329

• 7c · Gain or loss

  securities $322,256

• 7d · Net gain or loss

  total $322,256 · excluded $322,256

• 9a · Gaming: gross income

  $6,040

• 9b · Gaming: direct expenses

  $1,500

• 9c · Net income from gaming

  total $4,540 · excluded $4,540

• 10a · Gross sales of inventory

  $277,375

• 10b · Cost of goods sold

  $228,717

• 10c · Net income from sales of inventory

  total $48,658 · excluded $48,658

• 11a · Other revenue: STUDENT HEALTH INSURANCE

  total $165,695 · excluded $165,695

• 11b · Other revenue: VENDING

  total $6,122 · excluded $6,122

• 11c · Other revenue: SHUTTLE FEES

  total $2,500 · excluded $2,500

• 11d · All other revenue

  total $2,628 · excluded $2,628

• 11e · Other revenue, total

  $176,945

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $9,368,051 · program services $9,368,051

• 3 · Grants to foreign organizations and individuals

  total $16,500 · program services $16,500

• 5 · Compensation of officers, directors and key employees

  total $1,525,402 · program services $208,959 · management and general $1,152,024 · fundraising $164,419

• 6 · Compensation of disqualified persons

  total $42,865 · program services $32,848 · management and general $9,293 · fundraising $724

• 7 · Other salaries and wages

  total $10,035,789 · program services $8,521,221 · management and general $1,450,457 · fundraising $64,111

• 8 · Pension plan contributions

  total $361,330 · program services $347,137 · management and general $14,193

• 9 · Other employee benefits

  total $1,451,851 · program services $1,159,812 · management and general $292,039

• 10 · Payroll taxes

  total $799,556 · program services $624,509 · management and general $163,975 · fundraising $11,072

• 11b · Fees: legal

  total $117,107 · program services $13 · management and general $117,094

• 11c · Fees: accounting

  total $72,299 · management and general $72,299

• 11d · Fees: lobbying

  total $68,830 · management and general $68,830

• 11e · Fees: professional fundraising services

  total $197,173 · fundraising $197,173

• 11f · Fees: investment management

  total $26,981 · management and general $26,981

• 11g · Fees: other

  total $3,719,632 · program services $3,423,121 · management and general $296,511

• 12 · Advertising and promotion

  total $572,507 · program services $370,049 · management and general $199,333 · fundraising $3,125

• 13 · Office expenses

  total $1,074,452 · program services $515,789 · management and general $515,444 · fundraising $43,219

• 14 · Information technology

  total $174,822 · program services $4,407 · management and general $156,276 · fundraising $14,139

• 16 · Occupancy

  total $2,498,171 · program services $2,129,174 · management and general $357,536 · fundraising $11,461

• 17 · Travel

  total $411,274 · program services $263,865 · management and general $135,628 · fundraising $11,781

• 19 · Conferences, conventions and meetings

  total $703,251 · program services $455,938 · management and general $209,364 · fundraising $37,949

• 20 · Interest

  total $634,772 · program services $585,253 · management and general $49,519

• 22 · Depreciation, depletion and amortization

  total $1,678,810 · program services $1,513,248 · management and general $165,562

• 23 · Insurance

  total $638,861 · program services $594,571 · management and general $43,672 · fundraising $618

• 24a · Other expenses: CAMPUS ACTIVITIES

  total $538,187 · program services $531,655 · management and general $5,637 · fundraising $895

• 24b · Other expenses: DUES & MEMBERSHIPS

  total $91,013 · program services $30,664 · management and general $60,349

• 24c · Other expenses: BAD DEBT EXPENSE

  total $44,857 · program services $44,857

• 24d · Other expenses: MEALS & CATERING

  total $42,792 · program services $42,792

• 24e · All other expenses

  total $126,133 · program services $7,959 · management and general $112,478 · fundraising $5,696

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,743,456 · end of year $2,311,761

• 2 · Savings and temporary cash investments

  beginning of year $1,263,100 · end of year $1,760,368

• 3 · Pledges and grants receivable

  beginning of year $1,405,960 · end of year $1,947,283

• 4 · Accounts receivable

  beginning of year $178,783 · end of year $105,048

• 8 · Inventories for sale or use

  beginning of year $43,288 · end of year $45,053

• 9 · Prepaid expenses and deferred charges

  beginning of year $449,751 · end of year $400,071

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

  $39,443,344

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

  $9,097,459

• 10c · Land, buildings and equipment, net

  beginning of year $29,402,522 · end of year $30,345,885

• 11 · Investments: publicly traded securities

  beginning of year $2,023,068 · end of year $1,423,980

• 15 · Other assets

  beginning of year $404,788 · end of year $476,074

• 17 · Accounts payable and accrued expenses

  beginning of year $1,821,992 · end of year $1,613,936

• 19 · Deferred revenue

  beginning of year $1,897,355 · end of year $1,991,371

• 20 · Tax-exempt bond liabilities

  beginning of year $17,753,287 · end of year $17,190,813

• 23 · Secured mortgages and notes payable

  beginning of year $161,050 · end of year $78,367

• 27 · Net assets without donor restrictions

  beginning of year $11,756,120 · end of year $11,974,251

• 28 · Net assets with donor restrictions

  beginning of year $3,524,912 · end of year $5,966,785

The filer's explanations (Part III)

PART I, LINE 1A

THE PRESIDENT IS PROVIDED A HOUSING ALLOWANCE AND CAR ALLOWANCE AS A PART OF HIS CONTRACTED COMPENSATION. IT IS INCLUDED IN HIS TAXABLE INCOME.

PART I, LINE 7

THE PRESIDENT'S ANNUAL BONUS IS BASED UPON AN ASSESSMENT DONE BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AS PART OF HIS ANNUAL ASSESSMENT. IT IS NOT SET IN AMOUNT, BUT IS DETERMINED AT THE TIME OF ASSESSMENT BY THE COMMITTEE TAKING INTO CONSIDERATION THE GOALS PROVIDED AND RESULTS ACHIEVED BY THE PRESIDENT AND THE COLLEGE. WHILE THE PROFITABILITY AND FINANCIAL WELL-BEING OF THE COLLEGE IS AN IMPORTANT FACTOR IN THE COMMITTEE'S ASSESSMENT, IT IS ONE OF SEVERAL FACTORS INVOLVED. THE VP OF ADMISSIONS AND ENROLLMENT'S ANNUAL BONUS IS DETERMINED BY THE PRESIDENT AS PART OF HIS ASSESSMENT AND THE COLLEGE'S SUCCESS AT INCREASING ENROLLMENT AND ADMINISTERING READINESS PROGRAMS THAT FEED INTO THE COLLEGE'S UNDERGRADUATE ENROLLMENT. HER BONUS IS NOT TIED TO SPECIFIC FINANCIAL COMPONENTS.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST (1)

  TRUST · FL · controlled entity

  Directly controlled by BEACON COLLEGE INC