Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,182,319

• 1f · All other contributions, gifts and grants

  $192,373

• 1g · Noncash contributions included above

  $20,499

• 2a · Program service revenue: Tuition and Fees

  total $57,445,398 · related or exempt $57,445,398

• 2b · Program service revenue: Student Financial Aid

  total $17,425,621 · related or exempt $17,425,621

• 2c · Program service revenue: Room and Board

  total $558,546 · related or exempt $558,546

• 2d · Program service revenue: Miscellaneous

  total $154,330 · related or exempt $104,969 · unrelated business $49,361

• 3 · Investment income

  total $1,564,574 · excluded $1,564,574

• 6a · Gross rents

  real property $9,935

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $9,935

• 6d · Net rental income or loss

  total $9,935 · excluded $9,935

• 7a · Gross sales of assets other than inventory

  securities $6,297,580 · other assets $280,383

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

  securities $6,286,339 · other assets $0

• 7c · Gain or loss

  securities $11,241 · other assets $280,383

• 7d · Net gain or loss

  total $291,624 · excluded $291,624

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $840,033 · program services $840,033

• 2 · Grants to domestic individuals

  total $17,476,766 · program services $17,476,766

• 5 · Compensation of officers, directors and key employees

  total $673,817 · management and general $673,817

• 7 · Other salaries and wages

  total $14,024,091 · program services $12,421,955 · management and general $1,523,584 · fundraising $78,552

• 8 · Pension plan contributions

  total $524,167 · program services $474,555 · management and general $46,611 · fundraising $3,001

• 9 · Other employee benefits

  total $1,247,873 · program services $906,451 · management and general $330,758 · fundraising $10,664

• 10 · Payroll taxes

  total $1,131,634 · program services $991,262 · management and general $134,187 · fundraising $6,185

• 11b · Fees: legal

  total $133,015 · program services $133,015

• 11c · Fees: accounting

  total $122,005 · program services $122,005

• 11f · Fees: investment management

  total $73,499 · management and general $73,499

• 11g · Fees: other

  total $5,359,900 · program services $4,656,732 · management and general $471,593 · fundraising $231,575

• 12 · Advertising and promotion

  total $16,281,042 · program services $16,272,820 · management and general $8,222

• 13 · Office expenses

  total $855,097 · program services $766,372 · management and general $87,709 · fundraising $1,016

• 14 · Information technology

  total $1,402,714 · program services $1,384,288 · management and general $18,426

• 16 · Occupancy

  total $1,008,015 · program services $682,776 · management and general $325,239

• 17 · Travel

  total $236,891 · program services $214,041 · fundraising $22,850

• 19 · Conferences, conventions and meetings

  total $148,907 · program services $148,907

• 20 · Interest

  total $394,457 · program services $27,492 · management and general $366,965

• 22 · Depreciation, depletion and amortization

  total $2,720,734 · program services $1,844,492 · management and general $876,242

• 23 · Insurance

  total $278,247 · program services $175,940 · management and general $102,307

• 24a · Other expenses: Bad Debt Expense

  total $1,262,860 · program services $1,262,860

• 24b · Other expenses: Miscellaneous Expenses

  total $122,710 · program services $10,287 · management and general $107,175 · fundraising $5,248

• 24c · Other expenses: Books & Periodicals

  total $88,835 · program services $87,837 · fundraising $998

• 24d · Other expenses: Food Costs

  total $10,622 · program services $10,563 · fundraising $59

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $148,592 · end of year $129,389

• 2 · Savings and temporary cash investments

  beginning of year $20,842,448 · end of year $35,249,884

• 3 · Pledges and grants receivable

  beginning of year $1,052,362 · end of year $571,508

• 4 · Accounts receivable

  beginning of year $582,170 · end of year $1,120,960

• 8 · Inventories for sale or use

  beginning of year $94,554 · end of year $138,590

• 9 · Prepaid expenses and deferred charges

  beginning of year $829,937 · end of year $884,136

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

  $51,546,752

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

  $27,158,657

• 10c · Land, buildings and equipment, net

  beginning of year $23,960,081 · end of year $24,388,095

• 11 · Investments: publicly traded securities

  beginning of year $18,410,025 · end of year $19,105,477

• 14 · Intangible assets

  beginning of year $8,688,883 · end of year $8,488,096

• 15 · Other assets

  beginning of year $671,571 · end of year $676,839

• 17 · Accounts payable and accrued expenses

  beginning of year $2,618,855 · end of year $4,996,798

• 19 · Deferred revenue

  beginning of year $731,212 · end of year $748,234

• 20 · Tax-exempt bond liabilities

  beginning of year $11,367,185 · end of year $10,550,621

• 25 · Other liabilities

  beginning of year $10,145,433 · end of year $10,261,401

• 27 · Net assets without donor restrictions

  beginning of year $34,049,404 · end of year $47,337,059

• 28 · Net assets with donor restrictions

  beginning of year $16,368,534 · end of year $16,858,861

The filer's explanations (Part III)

Part I, Line 1a

During calendar year 2023, Dr. Melik Khoury, President & CEO, received a housing allowance which was included in his taxable compensation of his 2023 W-2.

Part I, Line 7

Dr. Melik Khoury, President & CEO, Erika Latty, President of the Enterprise, and Denise Young, Executive VP of Distance Education, all received a bonus during calendar year 2023 based on merit.