Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $12,300,812

• 1g · Noncash contributions included above

  $2,816,135

• 2a · Program service revenue: TUITION AND FEES

  total $66,613,481 · related or exempt $66,613,481

• 2b · Program service revenue: SUMMER PROGRAMS

  total $1,562,118 · related or exempt $1,562,118

• 2c · Program service revenue: NURSERY

  total $1,268,227 · related or exempt $1,268,227

• 2d · Program service revenue: EXTENDED DAY PROGRAMS

  total $638,010 · related or exempt $638,010

• 2e · Program service revenue: OTHER PROGRAM FEES

  total $175,091 · related or exempt $175,091

• 3 · Investment income

  total $3,103,278 · unrelated business $935,830 · excluded $2,167,448

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

  total $1,922,434 · excluded $1,922,434

• 6a · Gross rents

  real property $584,767

• 6b · Less rental expenses

  real property $271,335

• 6c · Rental income or loss

  real property $313,432

• 6d · Net rental income or loss

  total $313,432 · excluded $313,432

• 7a · Gross sales of assets other than inventory

  securities $12,581,031 · other assets $97,947

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

  securities $12,053,373 · other assets $520,163

• 7c · Gain or loss

  securities $527,658 · other assets -$422,216

• 7d · Net gain or loss

  total $105,442 · excluded $105,442

• 10a · Gross sales of inventory

  $1,388,063

• 10b · Cost of goods sold

  $1,147,131

• 10c · Net income from sales of inventory

  total $240,932 · excluded $240,932

• 11a · Other revenue: OTHER INCOME

  total $253,563 · excluded $253,563

• 11b · Other revenue: CREDIT CARD REBATE

  total $92,299 · excluded $92,299

• 11c · Other revenue: STUDENT ACCIDENT & OTHER INS

  total $34,012 · excluded $34,012

• 11e · Other revenue, total

  $379,874

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $6,787,749 · program services $6,787,749

• 5 · Compensation of officers, directors and key employees

  total $2,240,559 · management and general $1,796,661 · fundraising $443,898

• 6 · Compensation of disqualified persons

  total $310,630 · program services $310,630

• 7 · Other salaries and wages

  total $41,060,306 · program services $37,026,891 · management and general $2,339,800 · fundraising $1,693,615

• 8 · Pension plan contributions

  total $2,642,096 · program services $2,400,535 · management and general $128,439 · fundraising $113,122

• 9 · Other employee benefits

  total $6,688,574 · program services $6,448,251 · fundraising $240,323

• 10 · Payroll taxes

  total $3,214,080 · program services $2,666,795 · management and general $394,615 · fundraising $152,670

• 11b · Fees: legal

  total $617,785 · program services $49,090 · management and general $568,385 · fundraising $310

• 11c · Fees: accounting

  total $91,600 · management and general $91,600

• 11e · Fees: professional fundraising services

  total $107,404 · fundraising $107,404

• 11f · Fees: investment management

  total $555,126 · management and general $555,126

• 11g · Fees: other

  total $1,869,402 · program services $1,260,650 · management and general $514,118 · fundraising $94,634

• 12 · Advertising and promotion

  total $330,206 · program services $2,921 · management and general $327,165 · fundraising $120

• 13 · Office expenses

  total $3,282,832 · program services $2,915,421 · management and general $338,761 · fundraising $28,650

• 14 · Information technology

  total $1,902,052 · program services $1,286,480 · management and general $608,024 · fundraising $7,548

• 16 · Occupancy

  total $1,521,242 · program services $1,493,555 · management and general $18,255 · fundraising $9,432

• 17 · Travel

  total $2,030,118 · program services $1,919,138 · management and general $105,334 · fundraising $5,646

• 19 · Conferences, conventions and meetings

  total $1,802,036 · program services $1,278,540 · management and general $303,370 · fundraising $220,126

• 20 · Interest

  total $3,929,582 · program services $3,858,064 · management and general $47,155 · fundraising $24,363

• 22 · Depreciation, depletion and amortization

  total $11,564,290 · program services $11,564,072 · management and general $144 · fundraising $74

• 23 · Insurance

  total $1,018,883 · management and general $1,018,883

• 24a · Other expenses: REPAIRS & MAINTENANCE

  total $3,328,154 · program services $3,262,032 · management and general $46,559 · fundraising $19,563

• 24b · Other expenses: FOOD

  total $3,114,240 · program services $3,108,002 · management and general $6,238

• 24c · Other expenses: BAD DEBT EXPENSE

  total $383,710 · management and general $383,710

• 24d · Other expenses: MEMBERSHIP DUES

  total $285,698 · program services $152,283 · management and general $133,348 · fundraising $67

• 24e · All other expenses

  total $1,386 · fundraising $1,386

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $691,226 · end of year $577,171

• 2 · Savings and temporary cash investments

  beginning of year $84,429,851 · end of year $42,003,724

• 3 · Pledges and grants receivable

  beginning of year $30,416,071 · end of year $24,057,142

• 4 · Accounts receivable

  beginning of year $2,292,943 · end of year $1,797,728

• 8 · Inventories for sale or use

  beginning of year $820,179 · end of year $748,870

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,666,501 · end of year $2,201,613

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

  $335,544,817

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

  $134,454,534

• 10c · Land, buildings and equipment, net

  beginning of year $175,820,773 · end of year $201,090,283

• 11 · Investments: publicly traded securities

  beginning of year $80,552,490 · end of year $114,397,195

• 12 · Investments: other securities

  beginning of year $281,342,302 · end of year $281,533,379

• 15 · Other assets

  beginning of year $1,529,449 · end of year $2,465,516

• 17 · Accounts payable and accrued expenses

  beginning of year $12,971,150 · end of year $12,684,228

• 19 · Deferred revenue

  beginning of year $43,187,257 · end of year $46,156,782

• 20 · Tax-exempt bond liabilities

  beginning of year $190,662,893 · end of year $190,693,048

• 25 · Other liabilities

  beginning of year $467,053 · end of year $483,332

• 27 · Net assets without donor restrictions

  beginning of year $193,101,955 · end of year $202,564,543

• 28 · Net assets with donor restrictions

  beginning of year $219,171,477 · end of year $218,290,688

The filer's explanations (Part III)

PART I, LINE 1A

HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE SCHOOL, SELECTED MEMBERS OF THE SCHOOL MANAGEMENT TEAM ARE REQUIRED TO RESIDE IN HOUSING LOCATED ON THE CAMPUS. BASED UPON THE FACTS AND CIRCUMSTANCES OF THE REQUIREMENTS OF THEIR RESPECTIVE ROLES AND RESPONSIBILITIES AT THE SCHOOL, IT IS MANAGEMENT'S POSITION THAT THE HOUSING IS NON-TAXABLE TO THE EMPLOYEE. THE CIRCUMSTANCES OF THE HOUSING BENEFIT ARE REVIEWED ON AN ANNUAL BASIS TO DETERMINE IF THE EXCLUSION UNDER SECTION 119 IS APPLICABLE. DURING THE 2023 CALENDAR YEAR, THE SCHOOL PROVIDED $236,666 IN NON TAXABLE HOUSING COMPENSATION TO EMPLOYEES; $129,882 TO TWO OFFICERS, $59,059 TO ONE KEY EMPLOYEES AND $47,725 TO ONE OF THE 5 HIGHEST PAID EMPLOYEES. TRAVEL FOR COMPANIONS THE SCHOOL PAYS FOR TRAVEL AND RELATED PROFESSIONAL BUSINESS EXPENSES WHEN THE PRESIDENT'S SPOUSE ACCOMPANIES THE PRESIDENT ON SCHOOL RELATED EVENTS INCLUDING (A) ALUMNI EVENTS, (B) FUNDRAISING, (C) STUDENT PERFORMANCES AND TRIPS AS WELL AS (D) PROFESSIONAL EDUCATIONAL ACTIVITIES, WHICH REQUIRE THE SPOUSE TO ATTEND. THE PRESIDENT AND SPOUSE'S ATTENDANCE AT THESE EVENTS ON BEHALF OF THE SCHOOL ARE DEEMED AS INTEGRAL AND ARE REQUIRED TO REPRESENT THE SCHOOL AT THOSE EVENTS. IT IS MANAGEMENT'S POSITION THAT THE SPOUSAL TRAVEL IS NON-TAXABLE TO THE EMPLOYEE. PERSONAL SERVICES THE SCHOOL, THROUGH THE HOUSEKEEPING DEPARTMENT, PROVIDED HOUSEKEEPING SERVICES FOR PRESIDENT EVANS' ON CAMPUS RESIDENCE FOR SPECIAL EVENTS AND MEETINGS IN THE RESIDENCE. IT IS MANAGEMENT'S POSITION THAT THESE AMENITIES ARE NON-TAXABLE TO THE EMPLOYEE. COMPENSATION REPORTED FOR THE PRESIDENT, COLUMN B(III) INCLUDES ADDITIONAL TAXABLE WAGES PROVIDED TO HIM TO COVER CERTAIN PERSONAL EXPENSE THAT HE MAY INCUR.