TY 2023 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) CARLOS NEVAREZ...................................................................... DIRECTOR	1.00 ................. 40.00	X			0	281,987	122,325
(2) JONATHAN BOWMAN...................................................................... DIRECTOR	1.00 ................. 40.00	X			0	273,049	75,125
(3) MACHELLE MARTIN...................................................................... DIRECTOR	1.00 ................. 40.00	X			0	199,079	74,853
(4) KEVIN MURPHY...................................................................... ASSOCIATE DIRECTOR, RESEARCH	40.00 ................. 0.00			X	192,574	0	79,500
(5) WILLIAM OLMSTED...................................................................... EXECUTIVE DIRECTOR, UNION WELL	40.00 ................. 0.10			X	177,559	0	76,815
(6) TRINA KNIGHT...................................................................... DIRECTOR, HUMAN RESOURCES	40.00 ................. 0.00		X		181,624	0	70,100
(7) JOHN MELIKIAN...................................................................... EXECUTIVE DIRECTOR	40.00 ................. 0.00		X		196,054	0	52,763
(8) ROSLYN ROBERTS...................................................................... DIRECTOR	1.00 ................. 40.00	X			0	166,170	75,457
(9) RANDALL MARX...................................................................... STAFF RESEARCH ENGINEER IV	40.00 ................. 0.00			X	180,150	0	60,196
(10) TERRI STEVENS...................................................................... DIRECTOR, FINANCE/CFO	40.00 ................. 0.00		X		181,852	0	54,631
(11) MAUREEN KERNER...................................................................... STAFF RESEARCH ENGINEER IV/ ASSOCIATE DIRECTOR EFC	40.00 ................. 0.00			X	164,628	0	69,637
(12) BRIAN CURRIER...................................................................... STAFF RESEARCH ENGINEER IV	40.00 ................. 1.00			X	175,441	0	53,638
(13) MONICA KAUPPINEN...................................................................... DIRECTOR, SPONSORED PROGRAMS	40.00 ................. 0.00		X		163,507	0	65,314
(14) KEOHIOKALANI GRIFFITH...................................................................... DIRECTOR, REAL ESTATE SERVICES	40.00 ................. 0.00		X		135,798	0	68,207
(15) ANGELA BARRETT-RADER...................................................................... DIRECTOR, RETAIL AND MARKETING SERVICES	40.00 ................. 0.00		X		134,778	0	52,881
(16) FRANZISKA M RENZ...................................................................... DIRECTOR	1.00 ................. 40.00	X			2,891	132,724	47,751
(17) MARK WHEELER...................................................................... CHAIR	1.00 ................. 40.00	X	X		0	101,887	42,708

- TIN:

SCHEDULE A
(Form 990)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
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Attach to Form 990 or Form 990-EZ.
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Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

UNIVERSITY ENTERPRISES INC

Employer identification number

94-1337638

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 33 1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box on lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ............................... 1

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 10 above (see instructions))	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN		Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(A) CSU SACRAMENTO	680365325	10	Yes		290,800	0

Total 1					290,800	0

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990) 2023

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization failed to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf ....
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) ..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support. Add lines 7 through 10

Gross receipts from related activities, etc. (see instructions) ..................

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here ........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2022 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2023. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2022. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2023. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

10%-facts-and-circumstances test—2022. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization ............ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990) 2023

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First 5 years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here................................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2023 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2022 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2023 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2022 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests-2023. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3 % support tests—2022. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ..... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990) 2023

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked box 12a, of Part I, complete Sections A and B. If you checked box 12b, of Part I, complete Sections A and C. If you checked box 12c, of Part I, complete Sections A, D, and E. If you checked box12d, of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Yes

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer lines 3b and 3c below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked box 12a or 12b in Part I, answer lines 4b and 4c below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer lines 5b and 5c below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described on line 7? If “Yes,” complete Part I of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons, as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined on line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined on line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990) 2023

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described on lines 11b and 11c below, the governing body of a supported organization?

11a

A family member of a person described on 11a above?

11b

A 35% controlled entity of a person described on line 11a or 11b above? If “Yes” to 11a, 11b, or 11c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the officers, directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Yes

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

Yes

By reason of the relationship described in line 2 above, did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Yes

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer lines 2a and 2b below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described on line 2a, above constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer lines 3a and 3b below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations?If "Yes" or "No", provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990) 2023

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by 0.035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990) 2023

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations(continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes	1
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity	2
3 Administrative expenses paid to accomplish exempt purposes of supported organizations	3
4 Amounts paid to acquire exempt-use assets	4
5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI)	5
6 Other distributions (describe in Part VI). See instructions	6
7Total annual distributions. Add lines 1 through 6.	7
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions	8
9 Distributable amount for 2023 from Section C, line 6	9
10 Line 8 amount divided by Line 9 amount	10

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2023	(iii) Distributable Amount for 2023
1 Distributable amount for 2023 from Section C, line 6
2 Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2023:
a From 2018.......
b From 2019.......
c From 2020.......
d From 2021.......
e From 2022.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2023 distributable amount
i Carryover from 2018 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2023 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2023 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2024. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2019.....
b Excess from 2020.....
c Excess from 2021.....
d Excess from 2022.....
e Excess from 2023.....

Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation
PART IV, SECTION D, LINE 3:	THE SUPPORTING ORGANIZATION'S CURRENT BYLAWS PROVIDE THAT SEVEN OF THE SEVENTEEN MEMBERS OF THE SUPPORTING ORGANIZATION'S BOARD OF DIRECTORS ARE HELD BY REPRESENTATIVES OF THE SUPPORTED ORGANIZATION. (FOUR OFFICIALS OF THE SUPPORTED ORGANIZATION AND THREE FACULTY MEMBERS OF THE SUPPORTED ORGANIZATION.)
PART IV, SECTION E, LINE 1C:	THE AUTHORIZED MAJOR SUPPORT FUNCTIONS PROVIDED EXCLUSIVELY TO CALIFORNIA STATE UNIVERSITY, SACRAMENTO ARE: EXTERNALLY FUNDED SPONSORED RESEARCH AND CONTRACTS ADMINISTRATION, BOOKSTORE-RELATED SERVICES, DINING SERVICES, OFF-CAMPUS STUDENT HOUSING, CLASSROOM FACILITIES AND EQUIPMENT, ACQUISITION, DEVELOPMENT, SALE AND TRANSFER OF REAL AND PERSONAL PROPERTY INCLUDING FINANCING TRANSACTIONS RELATED TO THE ACTIVITIES AFOREMENTIONED.

Return Reference

Explanation

PART IV, SECTION D, LINE 3:

THE SUPPORTING ORGANIZATION'S CURRENT BYLAWS PROVIDE THAT SEVEN OF THE SEVENTEEN MEMBERS OF THE SUPPORTING ORGANIZATION'S BOARD OF DIRECTORS ARE HELD BY REPRESENTATIVES OF THE SUPPORTED ORGANIZATION. (FOUR OFFICIALS OF THE SUPPORTED ORGANIZATION AND THREE FACULTY MEMBERS OF THE SUPPORTED ORGANIZATION.)

PART IV, SECTION E, LINE 1C:

THE AUTHORIZED MAJOR SUPPORT FUNCTIONS PROVIDED EXCLUSIVELY TO CALIFORNIA STATE UNIVERSITY, SACRAMENTO ARE: EXTERNALLY FUNDED SPONSORED RESEARCH AND CONTRACTS ADMINISTRATION, BOOKSTORE-RELATED SERVICES, DINING SERVICES, OFF-CAMPUS STUDENT HOUSING, CLASSROOM FACILITIES AND EQUIPMENT, ACQUISITION, DEVELOPMENT, SALE AND TRANSFER OF REAL AND PERSONAL PROPERTY INCLUDING FINANCING TRANSACTIONS RELATED TO THE ACTIVITIES AFOREMENTIONED.

Schedule A (Form 990) 2023

Additional Data

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SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

UNIVERSITY ENTERPRISES INC

Employer identification number

94-1337638

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year right arrow

Number of states where property subject to conservation easement is located right arrow

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... right arrow

(ii)

Assets included in Form 990, Part X ............................... right arrow

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment right arrow

Permanent endowment right arrow

Term endowment right arrow

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	17,333,310		17,333,310
b	Buildings ....	99,816,224	37,888,034	61,928,190
c	Leasehold improvements	22,972,844	10,392,733	12,580,111
d	Equipment ....	8,809,997	6,221,473	2,588,524
e	Other .....	22,833,159	836,228	21,996,931
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				116,427,066

Schedule D (Form 990) 2022

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value
(1)NET INVESTMENT IN DIRECT FINANCING LEASES				104,334,231
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				104,334,231

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
DEFERRED INFLOWS LEASES	100,603,265
DEFERRED INFLOWS PENSION	170,638
DEFERRED INFLOWS OPEB	4,946,404
DEFERRED INFLOWS DEBT REFUNDING	28,420
OTHER LONG TERM LIABILITIES	33,994,225




Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	139,742,952
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2022

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	136,475,745
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	234,837
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................			2e	234,837
3	Subtract line 2e from line 1..................			3	136,240,908
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a	27,810
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................			4c	27,810
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	136,268,718

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	130,240,526
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................			2e	0
3	Subtract line 2e from line 1...................			3	130,240,526
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a	27,810
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	27,810
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	130,268,336

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation

Schedule D (Form 990) 2022

Additional Data

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Software Version:

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Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
UNIVERSITY ENTERPRISES INC

Employer identification number
94-1337638

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) CSU SAN MARCOS CORP 333 SO TWIN OAKS VALLEY RD SAN MARCOS,CA92096	33-0397688	501(C)(3)	6,000	N/A	N/A	STIPENDS FOR STUDENTS
(2) CSU CHANNEL ISLANDS ONE UNIVERSITY DR CAMARILLO,CA93012	91-2153805	STATE OF CALIFORNIA	6,483	N/A	N/A	STIPENDS FOR STUDENTS
(3) CSU STANISLAUS ONE UNIVERSITY CIRCLE TURLOCK,CA95382	77-0207337	STATE OF CALIFORNIA	9,728	N/A	N/A	STIPENDS FOR STUDENTS
(4) CSU CHICO RESEARCH ENTERPRISES 25 MAIN STREET CHICO,CA95928	68-0386518	501(C)(3)	10,466	N/A	N/A	STIPENDS FOR STUDENTS
(5) SAN DIEGO STATE UNIVERSITY FDN 5250 CAMPANILE DRIVE SAN DIEGO,CA92182	95-6042721	501(C)(3)	11,005	N/A	N/A	STIPENDS FOR STUDENTS
(6) CSU FRESNO FOUNDATION 4910 N CHESTNUT AVE FRESNO,CA93726	94-6003272	501(C)(3)	11,658	N/A	N/A	STIPENDS FOR STUDENTS
(7) SAN JOSE STATE UNIVERSITY FDN 210 N FOURTH STREET 4TH FLOOR SAN JOSE,CA95112	94-6017638	501(C)(3)	12,505	N/A	N/A	STIPENDS FOR STUDENTS
(8) CSU BAKERSFIELD 9001 STOCKDALE HWY BAKERSFIELD,CA93311	32-0291662	501(C)(3)	12,640	N/A	N/A	STIPENDS FOR STUDENTS
(9) CSUSB UNIVERSITY ENTERPRISES CORP 5500 UNIVERSITY PKWY SAN BERNADINO,CA92407	95-6067343	501(C)(3)	13,731	N/A	N/A	STIPENDS FOR STUDENTS
(10) CSU EAST BAY FDN 25800 CARLOS BEE BLVD LI 2310 HAYWARD,CA94542	94-1524922	501(C)(3)	13,867	N/A	N/A	STIPENDS FOR STUDENTS
(11) SONOMA STATE UNIVERSITY 1801 E COTATI AVE ROHNERT PARK,CA94928	68-0338225	STATE OF CALIFORNIA	16,218	N/A	N/A	STIPENDS FOR STUDENTS
(12) CSU DOMINGUEZ HILLS FOUNDATION 1000 E VICTORIA ST CARSON,CA90747	95-2543028	501(C)(3)	18,424	N/A	N/A	STIPENDS FOR STUDENTS
(13) SAN FRANCISCO STATE UNIVERSITY FOUNDATION 1600 HOLLOWAY AVENUE SAN FRANCISCO,CA94132	26-1169717	501(C)(3)	18,461	N/A	N/A	STIPENDS FOR STUDENTS
(14) CAL POLY CORPORATION 1 GRAND AVENUE SAN LUIS OBISPO,CA93407	95-1648180	501(C)(3)	22,397	N/A	N/A	STIPENDS FOR STUDENTS
(15) CALIFORNIA MARITIME ACADEMY 200 MARITIME ACADEMY DRIVE VALLEJO,CA94590	23-7213404	501(C)(3)	22,785	N/A	N/A	STIPENDS FOR STUDENTS
(16) CSU FULLERTON ASC 2600 NUTWOOD AVE SUITE 275 FULLERTON,CA92831	95-2081258	501(C)(3)	24,363	N/A	N/A	STIPENDS FOR STUDENTS
(17) HUMBOLDT STATE UNIVERSITY FDN 1 HARPS STREET SBS 285 ARCATA,CA95521	94-6050071	501(C)(3)	30,543	N/A	N/A	STIPENDS FOR STUDENTS
(18) UNIVERSITY AUXILIARY SERVICES INC 5151 STATE UNIVERSITY DRIVE GE BLDG RM 314 LOS ANGELES,CA90032	95-4016653	501(C)(3)	31,641	N/A	N/A	STIPENDS FOR STUDENTS
(19) THE UNIVERSITY CORPORATION 18111 NORDHOFF STREET NORTHRIDGE,CA91330	95-1992732	501(C)(3)	34,142	N/A	N/A	STIPENDS FOR STUDENTS
(20) CSU LONG BEACH FDN 6300 E STATE UNIVERSITY DRIVE 33 LONG BEACH,CA90840	95-6106694	501(C)(3)	35,392	N/A	N/A	STIPENDS FOR STUDENTS
(21) CAL POLY POMONA FDN INC 3801 WEST TEMPLE AVENUE BLDG 55 POMONA,CA91768	95-2417645	501(C)(3)	62,589	N/A	N/A	STIPENDS FOR STUDENTS
(22) UNIVERSITY CORP AT MONTEREY BAY 100 CAMPUS CNTR BLDG 201 STE 111 SEASIDE,CA93955	77-0387459	501(C)(3)	126,970	N/A	N/A	STIPENDS FOR STUDENTS
(23) CSU SACRAMENTO 6000 J STREET SACRAMENTO,CA95819	68-0365325	STATE OF CALIFORNIA	278,470	N/A	N/A	STIPENDS FOR STUDENTS

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2023

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1) STIPENDS FOR PARTICIPATING IN EDUCATIONAL PROGRAMS	456	2,760,745	N/A	N/A
(2) SCHOLARSHIPS- FOR ATTENDING CALIFORNIA STATE UNIVERSITY	64	290,725	N/A	N/A
(3)				N/A
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation
PART I, LINE 2:	GRANT AWARD AMOUNTS ARE DETERMINED BY THE GRANTS ADMINISTRATION DIVISION AND ARE BASED ON INDIVIDUAL GRANT REQUIREMENTS.

Schedule I (Form 990) 2023

Additional Data

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Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

UNIVERSITY ENTERPRISES INC

Employer identification number

94-1337638

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2023

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1CARLOS NEVAREZ DIRECTOR	(i) (ii)	0 ------------- 281,863	0 ------------- 0	0 ------------- 124	0 ------------- 90,235	0 ------------- 32,090	0 ------------- 404,312	0 ------------- 0
2JONATHAN BOWMAN DIRECTOR	(i) (ii)	0 ------------- 272,925	0 ------------- 0	0 ------------- 124	0 ------------- 46,733	0 ------------- 28,392	0 ------------- 348,174	0 ------------- 0
3MACHELLE MARTIN DIRECTOR	(i) (ii)	0 ------------- 198,955	0 ------------- 0	0 ------------- 124	0 ------------- 46,733	0 ------------- 28,120	0 ------------- 273,932	0 ------------- 0
4KEVIN MURPHY ASSOCIATE DIRECTOR, RESEARCH	(i) (ii)	192,425 ------------- 0	0 ------------- 0	149 ------------- 0	49,651 ------------- 0	29,849 ------------- 0	272,074 ------------- 0	0 ------------- 0
5WILLIAM OLMSTED EXECUTIVE DIRECTOR, UNION WELL	(i) (ii)	175,410 ------------- 0	0 ------------- 0	2,149 ------------- 0	45,468 ------------- 0	31,347 ------------- 0	254,374 ------------- 0	0 ------------- 0
6TRINA KNIGHT DIRECTOR, HUMAN RESOURCES	(i) (ii)	181,475 ------------- 0	0 ------------- 0	149 ------------- 0	46,929 ------------- 0	23,171 ------------- 0	251,724 ------------- 0	0 ------------- 0
7JOHN MELIKIAN EXECUTIVE DIRECTOR	(i) (ii)	193,937 ------------- 0	0 ------------- 0	2,117 ------------- 0	49,802 ------------- 0	2,961 ------------- 0	248,817 ------------- 0	0 ------------- 0
8ROSLYN ROBERTS DIRECTOR	(i) (ii)	0 ------------- 166,097	0 ------------- 0	0 ------------- 73	0 ------------- 45,327	0 ------------- 30,130	0 ------------- 241,627	0 ------------- 0
9RANDALL MARX STAFF RESEARCH ENGINEER IV	(i) (ii)	180,001 ------------- 0	0 ------------- 0	149 ------------- 0	36,812 ------------- 0	23,384 ------------- 0	240,346 ------------- 0	0 ------------- 0
10TERRI STEVENS DIRECTOR, FINANCE/CFO	(i) (ii)	181,703 ------------- 0	0 ------------- 0	149 ------------- 0	36,644 ------------- 0	17,987 ------------- 0	236,483 ------------- 0	0 ------------- 0
11MAUREEN KERNER STAFF RESEARCH ENGINEER IV/ ASSOCIAT	(i) (ii)	164,468 ------------- 0	0 ------------- 0	160 ------------- 0	42,554 ------------- 0	27,083 ------------- 0	234,265 ------------- 0	0 ------------- 0
12BRIAN CURRIER STAFF RESEARCH ENGINEER IV	(i) (ii)	173,318 ------------- 0	0 ------------- 0	2,123 ------------- 0	45,402 ------------- 0	8,236 ------------- 0	229,079 ------------- 0	0 ------------- 0
13MONICA KAUPPINEN DIRECTOR, SPONSORED PROGRAMS	(i) (ii)	163,358 ------------- 0	0 ------------- 0	149 ------------- 0	42,254 ------------- 0	23,060 ------------- 0	228,821 ------------- 0	0 ------------- 0
14KEOHIOKALANI GRIFFITH DIRECTOR, REAL ESTATE SERVICES	(i) (ii)	135,649 ------------- 0	0 ------------- 0	149 ------------- 0	35,343 ------------- 0	32,864 ------------- 0	204,005 ------------- 0	0 ------------- 0
15ANGELA BARRETT-RADER DIRECTOR, RETAIL AND MARKETING SERVI	(i) (ii)	134,629 ------------- 0	0 ------------- 0	149 ------------- 0	34,735 ------------- 0	18,146 ------------- 0	187,659 ------------- 0	0 ------------- 0
16FRANZISKA M RENZ DIRECTOR	(i) (ii)	2,891 ------------- 132,651	0 ------------- 0	0 ------------- 73	0 ------------- 36,803	0 ------------- 10,948	2,891 ------------- 180,475	0 ------------- 0

Schedule J (Form 990) 2023

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation

Schedule J (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
UNIVERSITY ENTERPRISES INC

Employer identification number
94-1337638

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY	91-2155587	13077CY73	07-15-2015	12,460,000	SERIES 2015A ISSUED TO REFINANCE SERIES 2005A.		X		X		X
B	TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY	91-2155587	13077CY73	08-05-2015	16,190,000	SERIES 2015A ISSUED TO REFINANCE 2007A		X		X		X
C	TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY	91-2155587	13077DSY9	08-09-2023	13,275,000	SERIES 2023A		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	4,390,000		4,605,000
2 Amount of bonds legally defeased ..............
3 Total proceeds of issue ..................	12,460,000		16,190,000		13,275,000
4 Gross proceeds in reserve funds .............	1,976,854				1,968,533
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............	12,447,038		16,148,455		13,215,348
7 Issuance costs from proceeds ...............	12,962		41,545		59,652
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............
11 Other spent proceeds .............
12 Other unspent proceeds .............
13 Year of substantial completion .............	2015				2024
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........	X		X			X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X	X
16 Has the final allocation of proceeds been made? ..........	X		X			X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X			X

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............		X		X		X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............		X		X		X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?
c Are there any research agreements that may result in private business use of bond-financed property? .............		X		X		X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........
6 Total of lines 4 and 5 .............
7 Does the bond issue meet the private security or payment test? ...		X		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X		X

Part Ⅳ

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...		X		X		X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......		X		X		X
b Exception to rebate? ........	X		X		X
c No rebate due? .........		X		X		X
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate computation was performed ......
3 Is the bond issue a variable rate issue? .....	X		X		X

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X		X
b Name of provider ..........
c Term of hedge .........
d Was the hedge superintegrated? ......
e Was the hedge terminated? ........
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?		X		X		X
b Name of provider ..........
c Term of GIC .........
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........
6 Were any gross proceeds invested beyond an available temporary period?		X		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? ...	X			X		X

Part Ⅴ

Procedures To Undertake Corrective Action

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations?		X		X		X

Part Ⅵ

Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).

Return Reference	Explanation
PART I, LINE A(F)	REPRESENTS A PORTION OF SYSTEMWIDE REVENUE BONDS (SRB), SERIES 2015A THAT WAS USED TO REFUND UEI 2005A BONDS WHICH WERE ORIGINALLY ISSUED TO FUND MULTIPLE PROJECTS SPONSORED AND FINANCED BY UEI.
PART I, LINE B(F)	REPRESENTS A PORTION OF SYSTEMWIDE REVENUE BONDS, SERIES 2015A THAT WAS USED TO REFUND SRB 2007A WHICH WERE PREVIOUSLY ISSUED TO FUND COSTS ASSOCIATED WITH NEW CONSTRUCTION OF THE CAMPUS BOOKSTORE SPONSORED AND FINANCED BY UEI THROUGH THE CSU SRB PROGRAM.
PART I, LINE C(F)	REPRESENTS A PORTION OF SRB SERIES 2023A THAT WAS USED TO FUND COSTS ASSOCIATED WITH THE NEW CONSTRUCTION OF A FACULTY-STAFF HOUSING PROJECT (COMMONLY KNOWN AS NINE TEN PLACE) SPONSORED AND FINANCED BY UEI THROUGH THE CSU SRB PROGRAM

Schedule K (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

UNIVERSITY ENTERPRISES INC

Employer identification number

94-1337638

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 1A	SUBJECT TO THE RESTRICTIONS CONTAINED IN 5212 OF THE CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION LAW, THE EXECUTIVE COMMITTEE MAY ACT ON BEHALF OF THE BOARD INVOLVING MATTERS REQUIRING BOARD ACTION WHEN IT IS NOT PRACTICABLE FOR THE BOARD TO CONVENE A MEETING IN A TIMELY MANNER. THE EXECUTIVE COMMITTEE SHALL PROMPTLY REPORT TO THE BOARD ANY ACTIONS TAKEN ON BEHALF OF THE BOARD AND THE CIRCUMSTANCES ASSOCIATED WITH SUCH ACTIONS. THE BOARD MAY DELEGATE SPECIFIC AUTHORITY TO THE EXECUTIVE COMMITTEE BY RESOLUTION.
FORM 990, PART VI, SECTION A, LINE 4	THE ORGANIZATIONS BYLAWS WERE REVISED TO ADJUST THE BOARD MEMBER COUNT FROM FIFTEEN TO SEVENTEEN.
FORM 990, PART VI, SECTION A, LINE 7A	THE BOARD SHALL CONSIST OF THREE (3) FACULTY MEMBERS; THREE (3) ADMINISTRATIVE MEMBERS (INCLUDING THE PRESIDENT OF THE CALIFORNIA STATE UNIVERSITY, SACRAMENTO, OR HIS/HER DESIGNEE AND THE VICE PRESIDENT FOR ADMINISTRATION FOR CALIFORNIA STATE UNIVERSITY, SACRAMENTO OR HIS/HER DESIGNEE); TWO (2) STUDENT MEMBERS; AND SEVEN (7) MEMBERS WHO ARE NEITHER FACULTY, ADMINISTRATIVE NOR STUDENT BUT COMMUNITY INDIVIDUALS INTERESTED IN CALIFORNIA STATE UNIVERSITY, SACRAMENTO. FACULTY MEMBER SELECTION: EACH FACULTY MEMBER POSITION SHALL BE FILLED BY DIRECT APPOINTMENT OF THE PRESIDENT OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO AND SHALL SERVE A TWO (2) YEAR TERM ON THE BOARD. SACRAMENTO STATE'S FACULTY SENATE MAY IDENTIFY FACULTY NOMINEES FOR THE PRESIDENT'S CONSIDERATION. ONCE A FACULTY MEMBER NOMINATED BY SACRAMENTO STATE'S FACULTY SENATE HAS BEEN APPOINTED TO THE BOARD, NO FURTHER NOMINATION OR RE-NOMINATION BY THE FACULTY SENATE IS REQUIRED FOR THE FACULTY MEMBER TO BE RE-APPOINTED TO THE BOARD. ADMINISTRATIVE SELECTION: THE PRESIDENT OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO, OR HIS/HER DESIGNEE, AND THE VICE PRESIDENT FOR ADMINISTRATION FOR CALIFORNIA STATE UNIVERSITY, SACRAMENTO, OR HIS/HER DESIGNEE, SHALL HAVE CONTINUOUS APPOINTMENT ON THE BOARD. THE REMAINING ADMINISTRATIVE POSITION ON THE BOARD SHALL BE FILLED BY THE DIRECT APPOINTMENT OF THE PRESIDENT OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO AND SHALL SERVE A TWO (2) YEAR TERM ON THE BOARD. COMMUNITY MEMBER SELECTION: EACH COMMUNITY MEMBER POSITION SHALL BE FILLED BY DIRECT APPOINTMENT OF THE PRESIDENT OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. EACH COMMUNITY MEMBER SHALL SERVE A TWO (2) YEAR TERM. COMMUNITY MEMBERS APPOINTED PRIOR TO JULY 1, 2012 SHALL SERVE A THREE (3) YEAR TERM. STUDENT MEMBER SELECTION: EACH STUDENT MEMBER POSITION SHALL BE FILLED BY DIRECT APPOINTMENT OF THE PRESIDENT OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. EACH STUDENT MEMBER SHALL SERVE A ONE (1) YEAR TERM.
FORM 990, PART VI, SECTION B, LINE 11B	UEI'S FEDERAL FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM. THIS PROCESS INCLUDES A REQUEST FOR INFORMATION FROM THE ORGANIZATION, A COMPILATION OF DATA BY THE ORGANIZATION'S MANAGEMENT IN THE BUSINESS SERVICES DIVISION (I.E. FINANCE DIRECTOR, CONTROLLER, ETC.), MULTIPLE LAYERS OF REVIEW BY THE CERTIFIED PUBLIC ACCOUNTING FIRM AND REVIEW OF THE FINAL RETURN BY THE ORGANIZATION'S MANAGEMENT (EXECUTIVE DIRECTOR, FINANCE DIRECTOR AND CONTROLLER). REVIEW BY THE FINANCE DIRECTOR AND CONTROLLER CONSISTS OF TYING OUT INFORMATION ON THE FINAL TAX RETURN TO INTERNAL FINANCIAL AND CORPORATE RECORDS TO ENSURE ACCURACY AS WELL AS A COMPREHENSIVE REVIEW OF ALL OTHER CONTENT. THE EXECUTIVE DIRECTOR PERFORMS A HIGHER LEVEL REVIEW FOR REASONABLENESS OF FINANCIAL INFORMATION AND ACCURACY OF CORPORATE GOVERNANCE ITEMS. THIS REVIEW MAY INCLUDE MEETINGS WITH THE FINANCE DIRECTOR, CONTROLLER OR EXTERNAL TAX PREPARERS AS NEEDED. PRIOR TO FILING, AN ELECTRONIC VERSION OF THE FINAL FEDERAL FORM 990 IS TRANSMITTED TO ALL VOTING MEMBERS OF THE BOARD OF DIRECTORS VIA EMAIL. THERE ARE NO FORMAL PROCEDURES ESTABLISHED FOR BOARD REVIEW, AND BOARD REVIEW OF THE RETURN IS NOT REQUIRED PRIOR TO FILING. THE EXECUTIVE DIRECTOR RESPONDS TO ANY QUESTIONS OR COMMENTS FROM THE BOARD.
FORM 990, PART VI, SECTION B, LINE 12C	ANNUAL SIGNED CONFLICT OF INTEREST FORMS ARE SIGNED AND COLLECTED AT THE FIRST BOARD MEETING OF THE YEAR BY ALL BOARD MEMBERS. AT THIS TIME, IT IS THE DUTY OF THE INTERESTED PARTIES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AS WELL AS IF THEY ARISE THROUGHOUT THE YEAR. AFTER DISCLOSURE OF A POTENTIAL CONFLICT OF INTEREST, IT IS UP TO THE REMAINING BOARD MEMBERS TO DETERMINE IF A CONFLICT IS PRESENT. IF A CONFLICT OF INTEREST IS FOUND, THE INTERESTED PARTY IS EXCUSED FROM THE MEETING AND NOT ABLE TO PARTICIPATE IN DISCUSSION OR VOTING ON THE RELATED TRANSACTIONS. THIS DISCUSSION AND DECISION IS DOCUMENTED IN THE BOARD MEETING MINUTES. KEY EMPLOYEES ARE ALSO REQUIRED TO SIGN AND DISCLOSE ANNUALLY, AND ANY CONFLICTS THAT ARISE WILL BE DETERMINED BY THE EMPLOYEES DIRECT SUPERVISOR, AND PROPERLY DOCUMENTED. IF A CONFLICT IS FOUND, IT IS ADDRESSED AS APPROPRIATE BY THE DIRECT SUPERVISOR, DEPARTMENT DIRECTOR, HUMAN RESOURCES, OR EXECUTIVE DIRECTOR.
FORM 990, PART VI, SECTION B, LINE 15A	THE EXECUTIVE DIRECTOR'S COMPENSATION IS SET BY THE PRESIDENT OF THE UNIVERSITY WHO IS ALSO CHAIR OF THE UEI BOARD OF DIRECTORS. THE CHAIR OF THE BOARD, WHO IS ALSO CHAIR OF THE EXECUTIVE COMMITTEE, CONSULTS WITH THE CHAIR OF THE PERSONNEL COMMITTEE REGARDING CEO COMPENSATION AND PERFORMANCE EVALUATIONS. DISCUSSION OF CEO COMPENSATION IS CONDUCTED IN CLOSED SESSION OF THE FULL BOARD OF DIRECTORS. PERIODIC SALARY SURVEYS THAT INCLUDE CEO COMPENSATION FOR OTHER CSU AUXILIARY ORGANIZATIONS ARE REVIEWED FOR COMPARISON PURPOSES. DOCUMENTATION OF THE DELIBERATION AND DECISION IS RECORDED IN THE BOARD MINUTES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024.
FORM 990, PART VI, SECTION C, LINE 19	GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART XII, LINE 2C:	THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

UNIVERSITY ENTERPRISES INC

Employer identification number

94-1337638

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)AUXILIARIES MULTIPLE EMPLOYER VEBA 2355 CRENSHAW BLVD SUITE 200 TORRANCE,CA90501 27-3301107	INVEST POST-EMPLOYMENT BENEFIT CONTRIBUTIONS FROM EMPLOYERS	CA	501(C)(9)		N/A		No
(2)CALIFORNIA STATE UNIVERSITY SACRAMENTO 6000 J STREET SACRAMENTO,CA98519 68-0365325	UNIVERSITY CAMPUS	CA			N/A		No
(3)UNIVERSITY FOUNDATION AT SACRAMENTO STATE 6000 J STREET SACRAMENTO,CA98519 94-3001359	AUXILIARY ORGANIZATION OF THE UNIVERSITY CAMPUS	CA	501(C)(3)	LINE 7	N/A		No
(4)UNIVERSITY UNION OPERATION OF CSU SACRAMENTO 6000 J STREET SACRAMENTO,CA98519 51-0140156	AUXILIARY ORGANIZATION OF THE UNIVERSITY CAMPUS	CA	501(C)(3)	LINE 10	N/A		No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No

Schedule R (Form 990) 2023

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

b Gift, grant, or capital contribution to related organization(s) ............................

Yes

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

Yes

e Loans or loan guarantees by related organization(s) ............................

Yes

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

Yes

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

Yes

m Performance of services or membership or fundraising solicitations by related organization(s) .................

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

o Sharing of paid employees with related organization(s) ............................

p Reimbursement paid to related organization(s) for expenses ............................

Yes

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) CALIFORNIA STATE UNIVERSITY SACRAMENTO	D	6,431,040	EOY AP BALANCE
(2) CALIFORNIA STATE UNIVERSITY SACRAMENTO	E	897,878	EOY AR BALANCE

Schedule R (Form 990) 2023

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2023

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference	Explanation

Schedule R (Form 990) 2023

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: PROVIDE PROGRAMS & SERVICES THAT ENRICH & SUPPORT THE EVOLVING NEEDS OF THE UNIVERSITY COMMUNITY.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	15
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	8
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	3,297
6	Total number of volunteers (estimate if necessary) .............	6	6
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	58,868,632	73,038,569
9	Program service revenue (Part VIII, line 2g) .........	40,525,362	45,672,423
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	3,560,028	5,312,941
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	12,213,068	12,244,785
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	115,167,090	136,268,718
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	2,531,553	3,904,906
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	54,273,758	65,950,914
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	55,631,363	60,412,516
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	112,436,674	130,268,336
19	Revenue less expenses. Subtract line 18 from line 12.......	2,730,416	6,000,382
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	291,821,752	305,117,835
21	Total liabilities (Part X, line 26).............	241,227,658	248,288,522
22	Net assets or fund balances. Subtract line 21 from line 20.....	50,594,094	56,829,313

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 123,695,135 including grants of $ 3,904,906 ) (Revenue $ 45,765,192 )
	FEDERALLY FUNDED PROGRAMS:- U.S. DEPARTMENT OF EDUCATION FUNDING SUPPORTS A VARIETY OF PROJECTS BENEFITING SACRAMENTO STATE STUDENTS INCLUDING THE COLLEGE ASSISTANCE MIGRANT PROGRAM (CAMP) WHICH IS DESIGNED TO ENCOURAGE THE CHILDREN OF MIGRANT FARM WORKERS TO ATTEND UNIVERSITY; THE INSTITUTIONAL NETWORKS FOR (STUDENT) SUCCESS (PEER) PROGRAMS AND INSTRUCTIONAL REDESIGN EFFORTS (INSPIRE) PROJECT WHICH SEEKS TO INCREASE THE NUMBER OF GRADUATES FROM UNDERREPRESENTED GROUPS; THE COMPROMETIDS PROGRAM WHICH AIMS TO INCREASE THE NUMBER OF CULTURALLY AND LINGUISTICALLY COMPETENT TEACHERS BY CREATING A CLEAR AND COORDINATED PATH TO RECRUIT, SUPPORT, AND ADVANCE LATINX AND BILINGUAL TEACHERS, AND THE ASIAN AMERICAN NATIVE AMERICAN PACIFIC ISLANDER (AANAPISI) FUNDING WHICH FUNDS ASSISTANCE AND SERVICES TO STUDENTS AND LOW INCOME INDIVIDUALS.- NATIONAL SCIENCE FOUNDATION FUNDING SUPPORTS TECHNOLOGY AND SCIENTIFIC RELATED RESEARCH AND EDUCATIONAL PROJECTS. FOR EXAMPLE, THE "CYBERCORPS SCHOLARSHIP FOR SERVICE (SFS)" GRANT WHICH SUPPORTS THE DEVELOPMENT OF A CYBERSECURITY WORKFORCE AT SACRAMENTO STATE, THE "BUILDING CAPACITY: STEM FACULTY PROFESSIONAL LEARNING IN THE ZONE OF PROXIMAL DEVELOPMENT PROGRAM" WHICH SUPPORTS THE EFFORTS TO IMPROVE THE TEACHING EFFECTIVENESS OF STEM FACULTY, AND THE "LOUIS STOKES STEM PATHWAYS AND RESEARCH ALLIANCE PROGRAM" WHICH AIMS TO INCREASE THE NUMBER OF UNDERREPRESENTED MINORITY STUDENTS GRADUATING WITH DEGREES IN STEM, AND TO CONTRIBUTE TO SCHOLARLY RESEARCH IN BROADENING PARTICIPATION IN STEM.- FUNDING FROM THE ENVIRONMENTAL PROTECTION AGENCY SUPPORTS THE OPERATIONS OF THE REGION 9 ENVIRONMENTAL FINANCE CENTER (EFC) AT SACRAMENTO STATE. THE EFC IS OPERATED BY SAC STATE'S OFFICE OF WATER PROGRAMS WITH THE GOAL OF PROVIDING ENVIRONMENTAL SERVICES TO REGION 9 COMMUNITIES.- GRANTS FROM THE NATIONAL INSTITUTE OF GENERAL MEDICAL SCIENCES SUPPORT BASIC RESEARCH, INCLUDING RESEARCH ON ANTI-HIV MICROBICIDE AGENTS, AND RESEARCH TRAINING ACTIVITIES FOR STUDENTS FROM GROUPS UNDERREPRESENTED IN THE BIOMEDICAL SCIENCES.- A COLLABORATION WITH THE U.S. GEOLOGICAL SURVEY TO DEVELOP SUMMARIES OF OIL AND GAS WELL LOGS FROM PUBLICLY AVAILABLE WELL LOGS TO ASSIST IN THE DEVELOPMENT OF CONCEPTUAL MODELS OF HYDROGEOLOGIC SYSTEMS AND IDENTIFY THE POTENTIAL LOCATION OF TRANSPORT PATHWAYS.STATE & LOCALLY FUNDED PROGRAMS:- FUNDING PROVIDED FOR THE EMPLOYMENT OF STUDENTS WITHIN STATE AGENCIES AND LOCAL GOVERNMENTS FOR THE PURPOSE OF FURTHERING THE STUDENTS' AREA OF STUDY AND PROVIDING THEM WITH VALUABLE ON-THE-JOB TRAINING.- CONTRACT SERVICES PROVIDED BY SACRAMENTO STATE FACULTY TO THE STATE OF CALIFORNIA AND LOCAL GOVERNMENT AGENCIES SUCH AS ASSESSMENT SURVEYS AND STUDIES, APPLIANCE TESTING, AND PROFESSIONAL DEVELOPMENT FOR SCHOOL TEACHERS.- IN COLLABORATION WITH THE STATE WATER RESOURCES CONTROL BOARD, THE OFFICE OF WATER PROGRAMS PROVIDES TECHNICAL, MANAGEMENT, AND FINANCIAL SERVICES TO SMALL DISADVANTAGED COMMUNITIES IN CALIFORNIA TO RETROFIT OR REPLACE A DRINKING WATER SYSTEM.OTHER EXTERNALLY FUNDED PROGRAMS:- UNIVERSITY ENTERPRISES, INC'S PROGRAM SERVICES BENEFITS MORE THAN 33,300 FACULTY, STAFF, AND STUDENTS OF SACRAMENTO STATE AS WELL AS THE GENERAL POPULACE.- DEVELOP AND IMPLEMENT PROGRAMS AND PUBLISH TRAINING MATERIALS FOR OPERATORS OF WATER TREATMENT PLANTS, WATER DISTRIBUTION SYSTEMS, WASTEWATER COLLECTION SYSTEMS, AND MUNICIPAL AND INDUSTRIAL WASTEWATER TREATMENT AND RECLAMATION FACILITIES.- THE INSTITUTE FOR SOCIAL RESEARCH RECEIVE STATE OF CALIFORNIA, LOCAL GOVERNMENT, AND NON-PROFIT FUNDING FOR CUSTOMIZED PROJECTS INCLUDING COMMUNITY LISTENING SESSIONS, TECHNICAL SUPPORT, PROGRAM/POLICY EVALUATION, AND SURVEY RESEARCH SERVICES.- THE POPULATION RESEARCH CENTER PROVIDES RESEARCH SERVICES INCLUDING PROJECT DEVELOPMENT, DATA COLLECTION, AND DATA ANALYSIS TO STATE AND LOCAL GOVERNMENT ENTITIES.- THE TITLE IV-E STIPEND PROGRAM PREPARES BOTH MSW AND BSW STUDENTS FOR SOCIAL WORK CAREERS IN PUBLIC CHILD WELFARE SERVICES AND OFFERS STIPENDS AND REIMBURSEMENT SUPPORT FOR TUITION, FEES, AND BOOKS.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses123,695,135

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) HASHIM RAZA RIZVI........................................................................ DIRECTOR	1.00 .......................40.00	X		0	14,434	0
(19) NATALY ANDRADE-DOMINQUEZ........................................................................ STUDENT REPRESENTATIVE	1.00 .......................1.00	X		0	1,097	0
(20) RODNEY BARBOUR........................................................................ VICE CHAIR	1.00 .......................0.00	X	X	0	0	0
(21) MARCO RODRIGUEZ........................................................................ SECRETARY/TREASURER	1.00 .......................0.00	X	X	0	0	0
(22) JERRY AZEVEDO........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(23) VERONICA BOULOS........................................................................ STUDENT REPRESENTATIVE	1.00 .......................0.00	X		0	0	0
(24) NICHOLAS HAYSTINGS........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(25) BINDU JADURAM........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(26) MICHAEL LYNCH........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	1,886,856	1,170,427	1,141,901

(A) Name and business address	(B) Description of services	(C) Compensation
ROO SERVICES 614 MAIN AVE SACRAMENTO,CA95838	PAINTING SERVICES	100,246




2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 1

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e	73,038,569

f	All other contributions, gifts, grants, and similar amounts not included above		1f

g	Noncash contributions included in lines 1a - 1f:$		1g

h Total. Add lines 1a-1f.......		73,038,569

		Business Code
2a	SALES & SERVICES OF ED	611710	20,489,222	20,489,222
b	COMMISSIONS	611710	14,879,640	14,879,640
c	ADMINISTRATIVE FEES	611710	10,303,561	10,303,561
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		45,672,423

3 Investment income (including dividends, interest, and othersimilar amounts) ......			3,785,058			3,785,058
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			146,400			146,400
			(i) Real	(ii) Personal
6a	Gross rents	6a	12,005,616
b	Less: rental expenses	6b	0
c	Rental income or (loss)	6c	12,005,616
d	Net rental income or (loss).......			12,005,616			12,005,616
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	9,604,816	1,875
b	Less: cost or other basis and sales expenses	7b	8,078,808	0
c	Gain or (loss)	7c	1,526,008	1,875
d	Net gain or (loss).........			1,527,883			1,527,883
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a
b	Less: cost of goods sold ..		10b
c	Net income or (loss) from sales of inventory..

Business Code
11a	MISCELLANEOUS FEES		900099	92,769	92,769
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			92,769
12	Total revenue. See instructions.....			136,268,718	45,765,192	0	17,464,957

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	853,436	853,436
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	3,051,470	3,051,470
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	1,695,088	578,028	1,117,060
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	52,576,826	49,607,287	2,969,539
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	5,416,594	4,706,014	710,580
9	Other employee benefits .......	3,755,145	3,203,989	551,156
10	Payroll taxes ...........	2,507,261	2,209,780	297,481
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	224,306	198,412	25,894
c	Accounting ...........	274,993	274,993
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	27,810		27,810
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	12,053,252	11,930,213	123,039
12	Advertising and promotion ....	32,412	20,705	11,707
13	Office expenses .......	1,258,033	1,178,115	79,918
14	Information technology ......	323,524	164,462	159,062
15	Royalties ..
16	Occupancy ...........	7,919,006	7,775,447	143,559
17	Travel ............	1,297,450	1,254,383	43,067
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	11,084	11,048	36
20	Interest ...........	2,940,647	2,940,647
21	Payments to affiliates .......	5,208,642	5,148,045	60,597
22	Depreciation, depletion, and amortization ..	6,430,820	6,430,820
23	Insurance ...	1,479,545	1,388,476	91,069
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	INDIRECT COST ALLOC	10,013,983	10,013,983
b	PROJECT EXPENSE	9,481,122	9,476,382	4,740
c	OTHER EXPENSES	1,244,241	1,109,278	134,963
d	DUES AND SUBSCRIPTIONS	191,646	169,722	21,924
e	All other expenses
25	Total functional expenses. Add lines 1 through 24e	130,268,336	123,695,135	6,573,201	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			2,822,811	1	2,590,864
2	Savings and temporary cash investments .........			13,363,718	2	18,732,987
3	Pledges and grants receivable, net ......			40,096,685	3	38,910,785
4	Accounts receivable, net .............			1,715,702	4	1,678,856
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
					6
7	Notes and loans receivable, net ...........			1,055,000	7	844,000
8	Inventories for sale or use ............				8
9	Prepaid expenses and deferred charges ......			11,156,113	9	11,295,835
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	171,765,534
b	Less: accumulated depreciation	10b	55,338,468	95,155,950	10c	116,427,066
11	Investments—publicly traded securities .			13,183,705	11	10,303,211
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			113,272,068	15	104,334,231
16	Total assets. Add lines 1 through 15 (must equal line 33)...			291,821,752	16	305,117,835

17	Accounts payable and accrued expenses .....	20,044,057	17	20,137,669
18	Grants payable ...		18
19	Deferred revenue .........	15,510,270	19	13,944,491
20	Tax-exempt bond liabilities .........	8,640,000	20	8,070,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..	50,686,448	23	66,393,410
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	146,346,883	25	139,742,952
26	Total liabilities. Add lines 17 through 25..	241,227,658	26	248,288,522

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........		27
28	Net assets with donor restrictions ...........		28
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....	15,145,986	29	17,224,976
30	Paid-in or capital surplus, or land, building or equipment fund ...	35,448,108	30	39,604,337
31	Retained earnings, endowment, accumulated income, or other funds	0	31	0
32	Total net assets or fund balances ...........	50,594,094	32	56,829,313
33	Total liabilities and net assets/fund balances ........	291,821,752	33	305,117,835