Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $275,645

• 1d · Related organizations

  $702,850

• 1e · Government grants (contributions)

  $4,730,766

• 1f · All other contributions, gifts and grants

  $8,325,316

• 1g · Noncash contributions included above

  $185,034

• 2a · Program service revenue: TUITION AND FEES

  total $210,822,205 · related or exempt $210,822,205

• 2b · Program service revenue: ROOM, BOARD, AND AUXILIARY

  total $45,722,554 · related or exempt $45,722,554

• 2c · Program service revenue: ORGANIZED ACTIVITIES

  total $4,107,879 · related or exempt $4,107,879

• 2d · Program service revenue: OTHER AUXILLIARY

  total $2,057,460 · related or exempt $2,057,460

• 3 · Investment income

  total $4,948,260 · unrelated business $222,156 · excluded $4,726,104

• 7a · Gross sales of assets other than inventory

  securities $41,513,026

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

  securities $39,634,576

• 7c · Gain or loss

  securities $1,878,450

• 7d · Net gain or loss

  total $1,878,450 · excluded $1,878,450

• 8a · Fundraising events: gross income

  $43,068

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

  $275,645

• 8b · Fundraising events: direct expenses

  $81,218

• 8c · Net income from fundraising events

  total -$38,150 · excluded -$38,150

• 11a · Other revenue: REBATES/STUDENT CONVENIENCE FEES

  total $3,949,707 · excluded $3,949,707

• 11e · Other revenue, total

  $3,949,707

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $111,610,673 · program services $111,610,673

• 3 · Grants to foreign organizations and individuals

  total $1,410,309 · program services $1,410,309

• 5 · Compensation of officers, directors and key employees

  total $4,503,353 · program services $2,666,513 · management and general $1,455,152 · fundraising $381,688

• 6 · Compensation of disqualified persons

  total $257,977 · program services $181,477 · management and general $74,250 · fundraising $2,250

• 7 · Other salaries and wages

  total $72,216,986 · program services $62,981,602 · management and general $6,522,214 · fundraising $2,713,170

• 8 · Pension plan contributions

  total $4,258,051 · program services $3,591,334 · management and general $524,933 · fundraising $141,784

• 9 · Other employee benefits

  total $11,001,327 · program services $9,198,291 · management and general $1,423,005 · fundraising $380,031

• 10 · Payroll taxes

  total $5,329,966 · program services $4,421,648 · management and general $728,621 · fundraising $179,697

• 11b · Fees: legal

  total $903,669 · management and general $903,669

• 11c · Fees: accounting

  total $280,190 · management and general $280,190

• 11f · Fees: investment management

  total $1,012,311 · management and general $1,012,311

• 11g · Fees: other

  total $3,593,104 · management and general $3,593,104

• 12 · Advertising and promotion

  total $1,037,598 · program services $808,747 · management and general $102,719 · fundraising $126,132

• 13 · Office expenses

  total $4,647,355 · program services $3,370,467 · management and general $1,095,860 · fundraising $181,028

• 14 · Information technology

  total $4,639,584 · program services $3,806,727 · management and general $714,079 · fundraising $118,778

• 15 · Royalties

  total $3,276 · program services $3,276

• 16 · Occupancy

  total $7,879,223 · program services $6,419,027 · management and general $1,389,371 · fundraising $70,825

• 17 · Travel

  total $3,487,325 · program services $3,053,277 · management and general $346,172 · fundraising $87,876

• 19 · Conferences, conventions and meetings

  total $431,667 · program services $363,532 · management and general $66,935 · fundraising $1,200

• 20 · Interest

  total $6,284,287 · program services $5,819,231 · management and general $465,056

• 22 · Depreciation, depletion and amortization

  total $15,406,222 · program services $14,266,116 · management and general $1,056,263 · fundraising $83,843

• 23 · Insurance

  total $2,263,749 · management and general $2,263,749

• 24a · Other expenses: DINING

  total $15,685,001 · program services $15,685,001

• 24b · Other expenses: FACILITIES SERVICES

  total $13,182,277 · program services $13,182,277

• 24c · Other expenses: TUITION ABATEMENT

  total $2,249,138 · program services $2,249,138

• 24d · Other expenses: ROOM & BOARD

  total $1,914,707 · program services $1,914,707

• 24e · All other expenses

  total $2,069,149 · program services $661,254 · management and general $1,388,641 · fundraising $19,254

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,629,333

• 2 · Savings and temporary cash investments

  beginning of year $22,875,741 · end of year $24,095,238

• 3 · Pledges and grants receivable

  beginning of year $9,264,173 · end of year $10,324,263

• 4 · Accounts receivable

  beginning of year $8,214,083 · end of year $6,709,314

• 7 · Other notes and loans receivable

  beginning of year $1,104,047 · end of year $643,101

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,321,487 · end of year $10,081,472

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

  $448,015,282

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

  $282,546,455

• 10c · Land, buildings and equipment, net

  beginning of year $176,030,542 · end of year $165,468,827

• 11 · Investments: publicly traded securities

  beginning of year $87,944,464 · end of year $98,732,543

• 12 · Investments: other securities

  beginning of year $90,038,778 · end of year $91,294,591

• 15 · Other assets

  beginning of year $20,887,958 · end of year $24,882,657

• 17 · Accounts payable and accrued expenses

  beginning of year $23,598,796 · end of year $20,539,014

• 19 · Deferred revenue

  beginning of year $20,950,564 · end of year $19,147,781

• 20 · Tax-exempt bond liabilities

  beginning of year $162,417,425 · end of year $159,168,995

• 23 · Secured mortgages and notes payable

  beginning of year $5,000,000 · end of year $12,000,000

• 25 · Other liabilities

  beginning of year $11,243,930 · end of year $7,556,469

• 27 · Net assets without donor restrictions

  beginning of year $19,930,589 · end of year $15,595,528

• 28 · Net assets with donor restrictions

  beginning of year $183,169,302 · end of year $198,224,219

The filer's explanations (Part III)

PART I, LINE 1A

AS A CONDITION OF EMPLOYMENT, UNIVERSITY-OWNED HOUSING IS PROVIDED TO THE PRESIDENT AND INTERIM PRESIDENT FOR THE CONVENIENCE OF THE UNIVERSITY. THIS BENEFIT WAS NOT CONSIDERED TAXABLE, AND THE VALUE OF THE HOUSING BENEFIT OF $43,308 IS INCLUDED IN THEIR SCHEDULE J, PART II, COLUMN (D). THE VICE PRESIDENT OF ATHLETICS AND RECREATION RECEIVES AN ALLOWANCE FOR HER CAR ($2,700) AND HOUSING ($13,980) AS PART OF HER CONTRACT. THESE AMOUNTS ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B(III) AND ARE CONSIDERED TAXABLE.

PART I, LINE 1B

THE PRESIDENT'S BENEFITS DESCRIBED IN LINE 1A ARE GOVERNED BY THE TERMS OF THE PRESIDENT'S EMPLOYMENT CONTRACT, WHICH WAS APPROVED BY THE COMPENSATION COMMITTEE OF THE UNIVERSITY'S GOVERNING BOARD.

PART I, LINE 4A

LAURA WHITNEY SEPARATED FROM SERVICE IN JULY 2022 AND WAS PAID $180,000 SEPARATION PAYMENTS PER AGREEMENT WITH THE UNIVERSITY. MARK BOXER SEPARATED FROM SERVICE IN APRIL 2023 AND WAS PAID $16,668 SEPARATION PAYMENTS PER AGREEMENT WITH THE UNIVERSITY.

Related corporations and trusts

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

• CHARITABLE REMAINDER TRUST(12)

  T · INVESTMENT · CT