University Foundation

“Line 8 represents interest and deferred-rent income recognized during the fiscal year. The deferred-rent income relates to an advance land-lease payment received in 2013 and is recognized ratably over the 15-year lease term. Total other revenue for FY 2025 = $5,333.”

“Other expenses consist of software renewal $1,424.95, dues and subscriptions $775.00, and business registration fees $79.00. Line 16 includes administrative expenses such as insurance, bank charges, and audit-related fees. All expenses were incurred in the normal course of charitable operations and no compensation was paid to officers or directors. Total other expenses = $8,189.”

“Line 20 - Other Changes in Net Assets: The ($5,000) adjustment represents a reconciliation between the prior-year ending net-asset balance reported on the FY 2023 Form 990 ($266,142) and the current-year ending net-asset balance of $265,779 as reflected in the organization's internally prepared financial statements for the year ended June 30, 2025.”

“Line 26 - Liabilities: Liabilities consist of deferred rent of $23,203.65 related to an advance land-lease payment received in 2013, which is being recognized as rental income over the 15-year lease term ending in 2028, and $5,134.76 held in an agency/alumni fund. Total liabilities on June 30, 2025, were $28,338.”