Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $20,200

• 1c · Fundraising events

  $452,704

• 1e · Government grants (contributions)

  $6,033,220

• 1f · All other contributions, gifts and grants

  $6,789,158

• 1g · Noncash contributions included above

  $108,803

• 2a · Program service revenue: TUITION

  total $215,502,130 · related or exempt $215,502,130

• 2b · Program service revenue: STUDENT RESIDENCE

  total $17,829,237 · related or exempt $17,829,237

• 2c · Program service revenue: STUDENT FEES

  total $12,354,251 · related or exempt $12,354,251

• 2d · Program service revenue: STUDENT FOOD SERVICE

  total $7,859,950 · related or exempt $7,859,950

• 2e · Program service revenue: HIGHER ED RESEARCH

  total $427,985 · related or exempt $427,985

• 2f · All other program service revenue

  total $4,933,931 · related or exempt $4,931,306 · unrelated business $2,625

• 3 · Investment income

  total $2,466,248 · excluded $2,466,248

• 5 · Royalties

  total $28,033 · excluded $28,033

• 6a · Gross rents

  real property $900,074

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $900,074

• 6d · Net rental income or loss

  total $900,074 · excluded $900,074

• 7a · Gross sales of assets other than inventory

  securities $28,235,398 · other assets $30,238

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

  securities $28,412,872 · other assets $14,720

• 7c · Gain or loss

  securities -$177,474 · other assets $15,518

• 7d · Net gain or loss

  total -$161,956 · excluded -$161,956

• 8a · Fundraising events: gross income

  $82,250

• 8a · Fundraising events: contributions included on line 1c

  $452,704

• 8b · Fundraising events: direct expenses

  $340,995

• 8c · Net income from fundraising events

  total -$258,745 · excluded -$258,745

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $85,005,933 · program services $85,005,933

• 3 · Grants to foreign organizations and individuals

  total $1,809,295 · program services $1,809,295

• 5 · Compensation of officers, directors and key employees

  total $6,510,381 · program services $2,179,790 · management and general $3,974,835 · fundraising $355,756

• 6 · Compensation of disqualified persons

  total $569,636 · program services $569,636

• 7 · Other salaries and wages

  total $98,191,194 · program services $88,044,619 · management and general $8,943,098 · fundraising $1,203,477

• 8 · Pension plan contributions

  total $5,588,336 · program services $4,819,940 · management and general $685,689 · fundraising $82,707

• 9 · Other employee benefits

  total $15,091,681 · program services $12,883,586 · management and general $1,970,424 · fundraising $237,671

• 10 · Payroll taxes

  total $8,144,246 · program services $7,042,860 · management and general $982,837 · fundraising $118,549

• 11b · Fees: legal

  total $556,529 · program services $25,745 · management and general $530,784

• 11c · Fees: accounting

  total $306,941 · management and general $306,941

• 11d · Fees: lobbying

  total $12,957 · program services $12,957

• 11e · Fees: professional fundraising services

  total $25,000 · fundraising $25,000

• 11f · Fees: investment management

  total $176,964 · management and general $176,964

• 11g · Fees: other

  total $18,286,751 · program services $16,484,587 · management and general $1,755,590 · fundraising $46,574

• 12 · Advertising and promotion

  total $1,450,602 · program services $1,199,984 · management and general $250,618

• 13 · Office expenses

  total $3,874,598 · program services $3,427,319 · management and general $366,150 · fundraising $81,129

• 14 · Information technology

  total $8,024,503 · program services $6,619,068 · management and general $1,384,616 · fundraising $20,819

• 15 · Royalties

  total $18,876 · program services $11,030 · management and general $7,846

• 16 · Occupancy

  total $21,040,668 · program services $20,016,945 · management and general $1,023,723

• 17 · Travel

  total $3,314,228 · program services $3,100,557 · management and general $210,741 · fundraising $2,930

• 19 · Conferences, conventions and meetings

  total $3,541,690 · program services $3,104,144 · management and general $361,865 · fundraising $75,681

• 20 · Interest

  total $1,700,381 · program services $1,634,866 · management and general $65,515

• 22 · Depreciation, depletion and amortization

  total $16,594,430 · program services $15,718,802 · management and general $874,726 · fundraising $902

• 23 · Insurance

  total $5,791,883 · program services $3,253,293 · management and general $2,538,590

• 24a · Other expenses: BAD DEBT EXPENSE

  total $1,175,489 · program services $1,175,489

• 24b · Other expenses: CO-HORT COMMISSION EXPE

  total $764,612 · program services $764,612

• 24c · Other expenses: PROFESSIONAL DUES & FEE

  total $616,185 · program services $329,602 · management and general $286,583

• 24d · Other expenses: TEMPORARY SERVICES

  total $270,151 · program services $145,286 · management and general $124,865

• 24e · All other expenses

  total $98,549 · program services -$437,941 · management and general $527,158 · fundraising $9,332

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $133,604,567 · end of year $102,998,639

• 3 · Pledges and grants receivable

  beginning of year $1,803,332 · end of year $2,093,747

• 4 · Accounts receivable

  beginning of year $10,071,020 · end of year $11,869,586

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,582,945 · end of year $3,334,517

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

  $410,137,199

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

  $226,220,768

• 10c · Land, buildings and equipment, net

  beginning of year $184,041,513 · end of year $183,916,431

• 11 · Investments: publicly traded securities

  beginning of year $80,862,583 · end of year $84,616,971

• 12 · Investments: other securities

  beginning of year $11,390,705 · end of year $11,711,291

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $0 · end of year $14,079,329

• 17 · Accounts payable and accrued expenses

  beginning of year $21,230,242 · end of year $32,830,013

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $8,721,727 · end of year $10,122,471

• 20 · Tax-exempt bond liabilities

  beginning of year $63,382,666 · end of year $60,912,924

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $48,259,273 · end of year $52,330,495

• 27 · Net assets without donor restrictions

  beginning of year $210,348,281 · end of year $192,708,787

• 28 · Net assets with donor restrictions

  beginning of year $73,414,476 · end of year $65,715,821

The filer's explanations (Part III)

PART I, LINE 1A

SPOUSAL TRAVEL OCCURS IN VERY LIMITED CIRCUMSTANCES FOR THE UNIVERSITY PRESIDENT AND SR VICE PRESIDENT OF UNIVERSITY ADVANCEMENT WHEN ATTENDING UNIVERSITY RELATED EVENTS AND FUNCTIONS. UNIVERSITY POLICY REQUIRES PRE-APPROVAL BY THE BOARD CHAIR AND WRITTEN SUBSTANTIATION OF THE BONA FIDE BUSINESS PURPOSE WHEN ACCOMPAINIED BY A SPOUSE. SPOUSAL TRAVEL IS TREATED AS TAXABLE COMPENSATION TO THE EMPOLYEE AS REQUIRED BY THE IRS WHEN IT IS NOT FOR A BONA FIDE UNIVERSITY BUSINESS PURPOSE. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS TRAVEL DOCUMENTATION. THE PRESIDENT IS REIMBURSED FOR AN ANNUAL CREDIT CARD MEMBERSHIP FEE WHICH IS PROVIDED SOLELY FOR UNIVERSITY BUSINESS RELATED TRAVEL. THE UNIVERSITY DOES NOT PROVIDE PAYMENT FOR PERSONAL SERVICES, TAX INDEMNIFICATIONS OR GROSS-UP PAYMENTS FOR ANY PERSON LISTED IN PART VII, SECTION A.

PART I, LINE 3

THE BOARD OF TRUSTEES EXECUTIVE COMPENSATION COMMITTEE IS RESPONSIBLE FOR MAKING RECOMMENDATIONS TO THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE CONCERNING COMPENSATION OF THE UNIVERSITY PRESIDENT, AND SETTING COMPENSATION AND OTHER TERMS AND CONDITIONS OF EMPLOYMENT FOR OFFICERS OF THE UNIVERSITY. THE PROCESS FOR DETERMINING COMPENSATION INCLUDES RETAINING AN INDEPENDENT FIRM TRIENIALLY TO STUDY EXECUTIVE COMPENSATION TO ASSURE THAT THE COMPENSATION OF EACH OFFICER IS COMPARABLE TO POSITIONS OF SIMILARLY SITUATED ORGANIZATIONS. THE EXECUTIVE COMPENSATION COMMITTEE IS ALSO RESPONSIBLE FOR CONDUCTING OR COMMISSIONING ANY OTHER NECESSARY SURVEY OR STUDIES AND REPORT THE RESULTS TO THE BOARD OF TRUSTEES. MEETINGS AND DECISIONS OF THIS COMMITTEE ARE DOCUMENTED CONTEMPORANEOUSLY IN COMMITTEE MINUTES.

PART I, LINE 4A

DURING THE YEAR, BRIAN MAURO, A FORMER OFFICER A RECEIVED SEVERANCE PAYMENT TOTALING $66,822. THIS AMOUNT IS REPORTED IN PART II, COLUMN B(III).

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• FDU OF BRITISH COLUMBIA FOUNDATION

  EDUCATION · CA · income $21,845,403 · assets $18,671,827

  Directly controlled by FDU - USA