Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $1,851,549

• 1e · Government grants (contributions)

  $15,880,130

• 1f · All other contributions, gifts and grants

  $35,343,238

• 1g · Noncash contributions included above

  $1,071,630

• 2a · Program service revenue: TUITION AND FEES

  total $540,310,960 · related or exempt $540,310,960

• 2b · Program service revenue: DORMITORY RENTALS

  total $58,261,489 · related or exempt $58,261,489

• 2c · Program service revenue: FOOD SERVICE REVENUE

  total $15,445,645 · related or exempt $15,445,645

• 2d · Program service revenue: ACADEMIC ACTIVITIES

  total $955,539 · related or exempt $955,539

• 2e · Program service revenue: BOOKSTORE COMMISSIONS

  total $97,958 · related or exempt $97,958

• 2f · All other program service revenue

  total $94,692 · related or exempt $94,692

• 3 · Investment income

  total $5,880,529 · unrelated business $39,630 · excluded $5,840,899

• 4 · Income from investment of tax-exempt bond proceeds

  total $104,724 · excluded $104,724

• 5 · Royalties

  total $167,457 · excluded $167,457

• 6a · Gross rents

  real property $1,074,466

• 6b · Less rental expenses

  real property $980,669

• 6c · Rental income or loss

  real property $93,797 · personal property $0

• 6d · Net rental income or loss

  total $93,797 · excluded $93,797

• 7a · Gross sales of assets other than inventory

  securities $112,702,042 · other assets $1,937,608

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

  securities $108,415,206

• 7c · Gain or loss

  securities $4,286,836 · other assets $1,937,608

• 7d · Net gain or loss

  total $6,224,444 · excluded $6,224,444

• 8a · Fundraising events: gross income

  $421,351

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

  $1,851,549

• 8b · Fundraising events: direct expenses

  $868,518

• 8c · Net income from fundraising events

  total -$447,167 · excluded -$447,167

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11a · Other revenue: CONFERENCE CENTER AND OTHER REVENUE

  total $2,303,268 · excluded $2,303,268

• 11b · Other revenue: FUNDS HELD BY TRUSTEES

  total $14,334 · excluded $14,334

• 11e · Other revenue, total

  $2,317,602

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $224,885,069 · program services $224,885,069

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $8,527,392 · program services $2,816,807 · management and general $5,118,228 · fundraising $592,357

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $165,459,592 · program services $140,211,762 · management and general $21,690,792 · fundraising $3,557,038

• 8 · Pension plan contributions

  total $11,010,679 · program services $9,330,537 · management and general $1,443,436 · fundraising $236,706

• 9 · Other employee benefits

  total $28,109,180 · program services $23,819,940 · management and general $3,684,951 · fundraising $604,289

• 10 · Payroll taxes

  total $12,153,785 · program services $10,027,002 · management and general $1,838,562 · fundraising $288,221

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $532,398 · program services $185,907 · management and general $345,591 · fundraising $900

• 11c · Fees: accounting

  total $394,747 · management and general $394,747

• 11d · Fees: lobbying

  total $130,723 · management and general $130,723

• 11e · Fees: professional fundraising services

  total $469,571 · fundraising $469,571

• 11f · Fees: investment management

  total $1,172,022 · management and general $1,172,022

• 11g · Fees: other

  total $12,188,263 · program services $7,737,255 · management and general $4,116,030 · fundraising $334,978

• 12 · Advertising and promotion

  total $3,506,843 · program services $3,268,652 · management and general $231,840 · fundraising $6,351

• 13 · Office expenses

  total $9,885,374 · program services $7,432,166 · management and general $2,379,345 · fundraising $73,863

• 14 · Information technology

  total $8,578,391 · program services $1,624,604 · management and general $6,624,867 · fundraising $328,920

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $81,485,359 · program services $71,057,587 · management and general $10,427,772

• 17 · Travel

  total $3,557,307 · program services $3,064,694 · management and general $396,053 · fundraising $96,560

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $744,374 · program services $520,151 · management and general $195,832 · fundraising $28,391

• 20 · Interest

  total $8,607,499 · program services $7,867,882 · management and general $739,617

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $18,750,782 · program services $16,696,893 · management and general $2,053,889

• 23 · Insurance

  total $3,052,649 · program services $1,722,301 · management and general $1,330,348

• 24a · Other expenses: MEAL COSTS,STUDENT ACTIVITIES

  total $14,734,869 · program services $14,547,867 · management and general $96,115 · fundraising $90,887

• 24b · Other expenses: EQUIPMENT REPAIR, SERVICES

  total $3,080,429 · program services $2,923,436 · management and general $156,993

• 24c · Other expenses: LIBRARY BOOKS PURCHASES

  total $1,459,471 · program services $1,459,215 · management and general $256

• 24d · Other expenses: STUDENT RECRUITMENT

  total $8,482,514 · program services $8,482,514

• 24e · All other expenses

  total $7,184,059 · program services $2,621,114 · management and general $3,107,944 · fundraising $1,455,001

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 $8,466,550 · end of year $6,301,536

• 3 · Pledges and grants receivable

  beginning of year $9,862,138 · end of year $38,710,090

• 4 · Accounts receivable

  beginning of year $13,526,507 · end of year $15,585,624

• 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 $4,443,358 · end of year $3,507,666

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,487,391 · end of year $6,252,919

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

  $764,650,050

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

  $264,964,127

• 10c · Land, buildings and equipment, net

  beginning of year $459,811,430 · end of year $499,685,923

• 11 · Investments: publicly traded securities

  beginning of year $138,468,095 · end of year $152,992,517

• 12 · Investments: other securities

  beginning of year $76,696,971 · end of year $83,975,322

• 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 $377,644,307 · end of year $493,045,612

• 17 · Accounts payable and accrued expenses

  beginning of year $48,298,705 · end of year $64,193,971

• 18 · Grants payable

  beginning of year $7,443,347 · end of year $6,460,423

• 19 · Deferred revenue

  beginning of year $16,593,216 · end of year $24,702,230

• 20 · Tax-exempt bond liabilities

  beginning of year $167,367,302 · end of year $162,233,719

• 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 $13,678,128 · end of year $12,886,131

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $443,427,238 · end of year $567,040,057

• 27 · Net assets without donor restrictions

  beginning of year $171,866,897 · end of year $193,968,265

• 28 · Net assets with donor restrictions

  beginning of year $224,731,914 · end of year $268,572,413

The filer's explanations (Part III)

HOURS, PART VII AND SCHEDULE J

COMPENSATION TO FORMER OFFICERS AND FORMER KEY EMPLOYEES IS BASED ON THEIR RESPECTIVE FACULTY POSITION HELD AT PACE UNIVERSITY DURING THE CALENDAR YEAR 2022. THE AVERAGE HOURS PER WEEK FOR FULL FACULTY POSITION IS 40 HOURS.

SCHEDULE J, PART I, LINE 1A AND 1B

THE PRESIDENT'S EMPLOYMENT CONTRACT PROVIDES AS A CONDITION OF HIS EMPLOYMENT AS PRESIDENT, THAT HE RESIDE IN CLOSE PROXIMITY TO ITS NYC CAMPUS FOR THE BENEFITS AND CONVENIENCE OF THE UNIVERSITY IN HAVING THE FUNCTIONS OF THE OFFICE OF THE PRESIDENT EFFICIENTLY DISCHARGED. THE PRESIDENT'S CONTRACT FURTHER REQUIRES FOR THE CONVENIENCE OF THE UNIVERSITY THAT HIS RESIDENCE BE AVAILABLE AND SHALL BE USED, FOR THE UNIVERSITY-RELATED BUSINESS AND ENTERTAINMENT ON A REGULAR AND CONTINUING BASIS. IN ADDITION, THE PRESIDENT'S CONTRACT PROVIDES THAT THE UNIVERSITY SHALL PAY FOR ALL MAINTENANCE AND OPERATING EXPENSES, INCLUDING GENERAL MAINTENANCE, HOUSEKEEPING, AND ALL UTILITIES INCLUDING TELEPHONE, CABLE, INTERNET, ELECTRIC, GAS, AND WATER. IN ACCORDANCE WITH THE PRESIDENT'S CONTRACT, THE UNIVERSITY ALSO PAYS FOR THE PRESIDENT'S USE OF A RECENT MODEL AUTOMOBILE AND A FULL TIME DRIVER TO ASSIST HIM IN IMPLEMENTING HIS DUTIES ON BEHALF OF THE UNIVERSITY, AS WELL AS ANNUAL DUES AND MEMBERSHIP FEES FOR SOCIAL CLUBS TO FACILITATE THE PRESIDENT'S FUNDRAISING, DEVELOPMENT AND RECRUITING EFFORTS ON BEHALF OF THE UNIVERSITY. THESE COSTS ARE TREATED AS NONTAXABLE BENEFITS TO THE PRESIDENT. SHORT TERM HOUSING ALLOWANCES ARE OCCASIONALLY PROVIDED PER INITIAL HIRING AGREEMENTS AND ARE TREATED AS TAXABLE COMPENSATION. CHAUFFEUR SERVICES ARE PROVIDED PER EMPLOYMENT CONTRACTS FOR UNIVERSITY BUSINESS; ANY PERSONAL TRAVEL EXPENSES ARE TREATED AS TAXABLE COMPENSATION TO THE RESPECTIVE OFFICER. SOCIAL CLUB DUES ARE PAID IN ACCORDANCE WITH INDIVIDUAL EMPLOYMENT CONTRACTS OR BUSINESS CONSIDERATIONS.

SCHEDULE J, PART I, LINE 4B

TERMS & CONDITIONS OF SUPPLEMENTAL RETIREMENT PLAN AND PAYMENT FOR 2022: DURING 2017, THE UNIVERSITY ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH THE PRESIDENT. UNDER THE PLAN, THE ORGANIZATION DEPOSITED $25,000 TO THE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT EACH JUNE 30TH FROM JUNE 30, 2018 THROUGH JUNE 30, 2022. SUCH AMOUNTS VEST OVER THE COURSE OF THE AGREEMENT SO LONG AS THE PRESIDENT REMAINS CONTINUOUSLY EMPLOYED BY THE UNIVERSITY THROUGH JUNE 30, 2022. THE PLAN VESTED FULLY AND THE PRESIDENT RECEIVED A PAYOUT WHICH HAS BEEN REPORTED IN PART II, COLUMN B(III). A PORTION OF THE AMOUNT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION ON PRIOR YEAR FORMS 990 WHICH HAS BEEN REPORTED IN PART II, COLUMN F. DURING 2022, THE UNIVERSITY ENTERED INTO A NEW DEFERRED COMPENSATION AGREEMENT WITH THE PRESIDENT. NO AMOUNTS WERE CREDITED UNDER THIS PLAN IN CALENDAR YEAR 2022.

Related partnerships

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

• PACE UNIV FUND LP

  EXCLUDED · INVESTMENTS · DE · 99.999% owned · share of income $13,790,230 · share of assets $225,720,558

  Directly controlled by PACE UNIVERSITY

Related corporations and trusts

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

• CHARITABLE REMAINDER UNITRUST (1)

  T · TRUST DISTRIB · NY

  Directly controlled by PACE UNIVERSITY

• POOLED LIFE INCOME FUND (1)

  T · TRUST DISTRIB · NY

  Directly controlled by PACE UNIVERSITY