Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,373,764

• 1f · All other contributions, gifts and grants

  $6,290,253

• 1g · Noncash contributions included above

  $375,347

• 2a · Program service revenue: TUITION & FEES

  total $72,830,151 · related or exempt $72,830,151

• 2b · Program service revenue: ROOM & BOARD

  total $11,253,883 · related or exempt $11,253,883

• 2c · Program service revenue: LECOM - FACILITIES RENTAL

  total $2,695,451 · related or exempt $2,695,451

• 2d · Program service revenue: ORTHODONTIC PROGRAM

  total $2,423,957 · related or exempt $2,423,957

• 2e · Program service revenue: STUDENT ACTIVITIES/OTHER PROGRAMS

  total $1,059,749 · related or exempt $1,059,749

• 3 · Investment income

  total $1,395,297 · unrelated business -$678 · excluded $1,395,975

• 7a · Gross sales of assets other than inventory

  securities $869,489 · other assets $414,081

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $869,489 · other assets $414,081

• 7d · Net gain or loss

  total $1,283,570 · excluded $1,283,570

• 8a · Fundraising events: gross income

  $70,328

• 8b · Fundraising events: direct expenses

  $37,116

• 8c · Net income from fundraising events

  total $33,212 · excluded $33,212

• 9a · Gaming: gross income

  $38,335

• 9b · Gaming: direct expenses

  $33,599

• 9c · Net income from gaming

  total $4,736 · excluded $4,736

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $30,000 · program services $30,000

• 2 · Grants to domestic individuals

  total $37,512,307 · program services $37,512,307

• 5 · Compensation of officers, directors and key employees

  total $1,755,142 · program services $750,823 · management and general $782,056 · fundraising $222,263

• 7 · Other salaries and wages

  total $23,352,778 · program services $21,926,603 · management and general $561,406 · fundraising $864,769

• 8 · Pension plan contributions

  total $1,419,206 · program services $1,267,696 · management and general $85,086 · fundraising $66,424

• 9 · Other employee benefits

  total $5,139,980 · program services $4,835,719 · management and general $140,095 · fundraising $164,166

• 10 · Payroll taxes

  total $1,787,916 · program services $1,637,423 · management and general $74,174 · fundraising $76,319

• 11b · Fees: legal

  total $157,938 · program services $157,938

• 11c · Fees: accounting

  total $92,118 · management and general $92,118

• 11d · Fees: lobbying

  total $60,000 · fundraising $60,000

• 11f · Fees: investment management

  total $302,010 · management and general $302,010

• 11g · Fees: other

  total $4,097,952 · program services $3,776,779 · management and general $98,455 · fundraising $222,718

• 12 · Advertising and promotion

  total $1,216,029 · program services $1,180,651 · management and general $32,825 · fundraising $2,553

• 13 · Office expenses

  total $8,150,171 · program services $8,042,366 · management and general $23,784 · fundraising $84,021

• 14 · Information technology

  total $2,104,860 · program services $2,104,860

• 16 · Occupancy

  total $1,584,104 · program services $1,582,904 · fundraising $1,200

• 17 · Travel

  total $2,041,716 · program services $1,914,494 · management and general $79,654 · fundraising $47,568

• 20 · Interest

  total $1,816,016 · program services $1,816,016

• 22 · Depreciation, depletion and amortization

  total $4,942,616 · program services $4,942,616

• 23 · Insurance

  total $737,741 · program services $737,741

• 24a · Other expenses: MEMBERSHIPS/SUBSCRIPT.

  total $554,989 · program services $505,459 · management and general $21,688 · fundraising $27,842

• 24b · Other expenses: STUDENT EVENTS

  total $529,356 · program services $461,512 · management and general $13,940 · fundraising $53,904

• 24c · Other expenses: TRAINING & PROF. DEV.

  total $519,289 · program services $410,616 · management and general $107,104 · fundraising $1,569

• 24d · Other expenses: BAD DEBTS

  total $272,819 · program services $272,819

• 24e · All other expenses

  total $755,740 · program services $718,024 · management and general $37,703 · fundraising $13

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,359 · end of year $25,442

• 2 · Savings and temporary cash investments

  beginning of year $10,659,611 · end of year $14,406,647

• 3 · Pledges and grants receivable

  beginning of year $2,122,236 · end of year $2,549,738

• 4 · Accounts receivable

  beginning of year $4,938,104 · end of year $6,061,213

• 7 · Other notes and loans receivable

  beginning of year $419,722 · end of year $329,957

• 8 · Inventories for sale or use

  beginning of year $30,640 · end of year $30,640

• 9 · Prepaid expenses and deferred charges

  beginning of year $427,568 · end of year $328,536

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

  $186,478,159

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

  $78,474,499

• 10c · Land, buildings and equipment, net

  beginning of year $111,718,995 · end of year $108,003,660

• 11 · Investments: publicly traded securities

  beginning of year $56,718,501 · end of year $58,591,970

• 12 · Investments: other securities

  beginning of year $2,025,842 · end of year $1,721,797

• 15 · Other assets

  beginning of year $2,294,573 · end of year $3,729,248

• 17 · Accounts payable and accrued expenses

  beginning of year $1,298,981 · end of year $907,041

• 19 · Deferred revenue

  beginning of year $4,788,885 · end of year $5,193,478

• 20 · Tax-exempt bond liabilities

  beginning of year $45,485,340 · end of year $44,623,175

• 25 · Other liabilities

  beginning of year $4,037,475 · end of year $3,322,274

• 27 · Net assets without donor restrictions

  beginning of year $90,864,253 · end of year $92,693,113

• 28 · Net assets with donor restrictions

  beginning of year $44,897,217 · end of year $49,039,767

The filer's explanations (Part III)

PART I, LINE 1A

FOR THE CALENDAR YEAR 2023, THE PRESIDENT UTILIZED EMPLOYER PROVIDED HOUSING, A NONTAXABLE BENEFIT, WHICH IS REPORTED ON SCHEDULE J, PART II, COLUMN D. TO FACILITATE THE PRESIDENT'S ABILITY TO ENTERTAIN AND UNDERTAKE BUSINESS ON BEHALF OF THE UNIVERSITY, THE UNIVERSITY PAYS ALL MEMBERSHIP FEES AND DUES WITH RESPECT TO THE PRESIDENT'S MEMBERSHIP IN CERTAIN COUNTRY AND COMMUNITY CLUBS. THE EXPENSE IS APPROVED BY THE CHAIR PERSON OF THE BOARD AND THE PRESIDENT SUBSTANTIATES THE BUSINESS USE OF THE CLUBS IN ACCORDANCE WITH SUBSTANTIATION POLICIES.

PART I, LINE 3

THE UNIVERSITY HAS A COMPENSATION COMMITTEE THAT ESTABLISHES THE PRESIDENT'S COMPENSATION. FOR THE CURRENT FISCAL YEAR, THE COMMITTEE ENGAGED SERVICES FROM AN INDEPENDENT CONSULTANT TO ASSIST WITH THE DETERMINATION OF COMPENSATION. THE COMPENSATION COMMITTEE, HOWEVER, INDEPENDENTLY APPROVED AND AWARDED THE FINAL COMPENSATION PACKAGE.

PART I, LINE 7

PURSUANT TO A WRITTEN EMPLOYMENT CONTRACT, THE PRESIDENT, VICE PRESIDENTS, GENERAL COUNSEL, AND CHIEF INFORMATION OFFICER OF THE UNIVERSITY PARTICIPATE IN AN ANNUAL VARIABLE COMPENSATION PROGRAM. PAYMENTS ARE CONTINGENT ON THE ACHIEVEMENT OF ATTAINABLE BUSINESS PERFORMANCE OBJECTIVES ESTABLISHED BY THE COMPENSATION COMMITTEE. THE MAXIMUM POTENTIAL AMOUNT OF DEFERRED COMPENSATION FOR INDIVIDUALS EMPLOYED DURING THE FISCAL YEAR ENDED JUNE 30, 2024 WAS ACCRUED AT YEAR END AND IS REPORTED ON THE 2023 FORM 990, SCHEDULE J, PART II, COLUMN C. THE BONUS PAYMENT IS DISCLOSED ON SCHEDULE J, PART II, COLUMN (B)(II) AT THE ACTUAL AMOUNT OF THE PAYOUT, WITH AMOUNTS ACCRUED IN THE FISCAL YEAR ENDED JUNE 30, 2023 DISCLOSED ON SCHEDULE J, PART II, COLUMN F. ENDING IN FY23 AND PAID IN FY24, THE UNIVERSITY NO LONGER HAS A VARIABLE COMPENSATION PROGRAM FOR THE PRESIDENT AND VICE PRESIDENTS.