Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,002,218

• 1f · All other contributions, gifts and grants

  $21,608,287

• 1g · Noncash contributions included above

  $601,259

• 2a · Program service revenue: Tuition and Fees

  total $96,844,142 · related or exempt $96,844,142

• 2b · Program service revenue: Residence Hall and Board Plan

  total $16,670,029 · related or exempt $16,670,029

• 2c · Program service revenue: Other Sources

  total $960,485 · related or exempt $960,485

• 2d · Program service revenue: Graduate Program

  total $344,362 · related or exempt $344,362

• 3 · Investment income

  total $66,781 · unrelated business $76,674 · excluded -$9,893

• 6a · Gross rents

  real property $1,042,672

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,042,672

• 6d · Net rental income or loss

  total $1,042,672 · related or exempt $186,789 · excluded $855,883

• 7a · Gross sales of assets other than inventory

  securities $12,464,000

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

  securities $9,905,294

• 7c · Gain or loss

  securities $2,558,706

• 7d · Net gain or loss

  total $2,558,706 · excluded $2,558,706

• 10a · Gross sales of inventory

  $53,247

• 10b · Cost of goods sold

  $38,764

• 10c · Net income from sales of inventory

  total $14,483 · excluded $14,483

• 11a · Other revenue: Ice Rink and Sports Center

  total $390,541 · unrelated business $390,541

• 11b · Other revenue: Glen Rowan Guest House

  total $32,210 · unrelated business $32,210

• 11c · Other revenue: Print Shop

  total $10,487 · unrelated business $10,487

• 11e · Other revenue, total

  $433,238

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $72,158,053 · program services $72,158,053

• 5 · Compensation of officers, directors and key employees

  total $2,807,074 · program services $737,125 · management and general $1,611,412 · fundraising $458,537

• 7 · Other salaries and wages

  total $25,568,622 · program services $21,724,525 · management and general $3,306,671 · fundraising $537,426

• 8 · Pension plan contributions

  total $1,705,321 · program services $1,349,899 · management and general $295,567 · fundraising $59,855

• 9 · Other employee benefits

  total $3,875,548 · program services $3,067,809 · management and general $671,711 · fundraising $136,028

• 10 · Payroll taxes

  total $1,988,430 · program services $1,574,003 · management and general $344,635 · fundraising $69,792

• 11b · Fees: legal

  total $847,024 · management and general $847,024

• 11c · Fees: accounting

  total $83,360 · management and general $83,360

• 11d · Fees: lobbying

  total $795 · management and general $795

• 11f · Fees: investment management

  total $633,007 · management and general $633,007

• 11g · Fees: other

  total $9,489,885 · program services $8,799,017 · management and general $503,491 · fundraising $187,377

• 12 · Advertising and promotion

  total $182,933 · program services $19,379 · management and general $162,732 · fundraising $822

• 13 · Office expenses

  total $1,739,680 · program services $1,379,452 · management and general $239,287 · fundraising $120,941

• 14 · Information technology

  total $912,755 · program services $295,192 · management and general $501,484 · fundraising $116,079

• 16 · Occupancy

  total $8,869,128 · program services $7,154,768 · management and general $1,683,623 · fundraising $30,737

• 17 · Travel

  total $1,056,326 · program services $994,374 · management and general $22,440 · fundraising $39,512

• 19 · Conferences, conventions and meetings

  total $665,228 · program services $504,032 · management and general $64,775 · fundraising $96,421

• 20 · Interest

  total $2,524,090 · program services $2,284,226 · management and general $239,864

• 22 · Depreciation, depletion and amortization

  total $7,159,759 · program services $6,609,833 · management and general $549,926

• 23 · Insurance

  total $1,039,402 · program services $122,955 · management and general $916,402 · fundraising $45

• 24a · Other expenses: Equipment and Leases

  total $1,163,065 · program services $711,686 · management and general $399,118 · fundraising $52,261

• 24b · Other expenses: UBI Taxes

  total $38,011 · management and general $38,011

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $440,670 · end of year $1,751,714

• 2 · Savings and temporary cash investments

  beginning of year $123,924 · end of year $85,000

• 3 · Pledges and grants receivable

  beginning of year $2,573,019 · end of year $2,165,634

• 4 · Accounts receivable

  beginning of year $7,858,119 · end of year $8,502,265

• 7 · Other notes and loans receivable

  beginning of year $591,447 · end of year $381,947

• 8 · Inventories for sale or use

  beginning of year $94,173 · end of year $49,415

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,498,082 · end of year $1,740,278

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

  $232,646,480

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

  $95,390,886

• 10c · Land, buildings and equipment, net

  beginning of year $138,233,165 · end of year $137,255,594

• 11 · Investments: publicly traded securities

  beginning of year $1,789 · end of year $70,954

• 12 · Investments: other securities

  beginning of year $107,157,772 · end of year $114,702,177

• 14 · Intangible assets

  beginning of year $2,542,260 · end of year $2,060,095

• 15 · Other assets

  beginning of year $833,598 · end of year $280,834

• 17 · Accounts payable and accrued expenses

  beginning of year $6,005,187 · end of year $5,249,998

• 18 · Grants payable

  beginning of year $608,847 · end of year $368,748

• 19 · Deferred revenue

  beginning of year $4,381,932 · end of year $3,949,410

• 20 · Tax-exempt bond liabilities

  beginning of year $43,064,523 · end of year $42,604,091

• 24 · Unsecured notes and loans payable

  beginning of year $2,500,000 · end of year $3,000,000

• 25 · Other liabilities

  beginning of year $2,575,308 · end of year $2,241,694

• 27 · Net assets without donor restrictions

  beginning of year $89,402,603 · end of year $96,343,797

• 28 · Net assets with donor restrictions

  beginning of year $113,409,618 · end of year $115,288,169

The filer's explanations (Part III)

Part I, Line 1a

Off-campus housing was provided to the President (Jill Baren) as a condition of employment and is nontaxable under IRC 119. The College purchases cleaning services for the President's off-campus housing due to hosting college sponsored events at this location. The services are non-taxable.

Part I, Line 4a

In 2023, the following individuals received severance payments: Shawn Vogen - $275,000 Andrea Conner - $42,000

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• LFC Investment Holdings LP

  Excluded · Investments · DE · 100% owned · share of income $2,345,784 · share of assets $108,420,333

Related corporations and trusts

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

• Charitable Remainder Trusts (4)

  T · Trusts · IL