TY 2024 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) RODERICK MCDAVIS...................................................................... PRINCIPAL	1.00 ................. 39.00		X		0	370,237	65,185
(2) MARY PAPAZIAN...................................................................... EXECUTIVE VP UNTIL 06/25	40.00 ................. 0.00		X		358,658	0	50,186
(3) PATRICIA KUNKLE...................................................................... SENIOR VICE PRESIDENT	40.00 ................. 0.00		X		353,724	0	40,292
(4) MARIA NAZARETH...................................................................... SENIOR VP & TREASURER	40.00 ................. 0.00		X		319,213	0	75,100
(5) ELLEN CHAFFEE...................................................................... INT. PRESIDENT & CEO UNTIL 08/24	39.00 ................. 1.00		X		315,332	0	0
(6) CHRISTINA JACOBS...................................................................... SENIOR VICE PRESIDENT	40.00 ................. 0.00		X		312,899	0	39,557
(7) CRISTIN J TOUTSI GRIGOS...................................................................... SENIOR VICE PRESIDENT	40.00 ................. 0.00		X		239,018	0	50,969
(8) FRAMROZE VIRJEE...................................................................... PRESIDENT & CEO FROM 08/24-02/25	39.00 ................. 1.00		X		226,647	0	8,625
(9) LARRY ROBERTSON...................................................................... SENIOR VICE PRESIDENT	40.00 ................. 0.00		X		219,960	0	38,169
(10) DAVID BASS...................................................................... VP PROGRAM STRATEGY AS OF 04/25	40.00 ................. 0.00			X	188,600	0	32,100
(11) ANDREW LOUNDER...................................................................... ASSOCIATE VP OF PROGRAMS	40.00 ................. 0.00			X	179,531	0	24,213
(12) MEGAN CLARKE...................................................................... ASSOCIATE VP OF MARKETING & DIGITAL EXP.	40.00 ................. 0.00			X	170,880	0	17,719
(13) GERARD BAYANI...................................................................... DIRECTOR OF ACCOUNTING	40.00 ................. 0.00			X	161,646	0	30,934
(14) NANCY STEELBERG...................................................................... MARKETING DIRECTOR	40.00 ................. 0.00			X	151,889	0	15,570
(15) BEN DAVID ROWE...................................................................... MANAGING DIRECTOR	40.00 ................. 0.00		X		103,141	0	3,048
(16) ROSS A MUGLER...................................................................... CHAIR & CEO AS OF 03/25	7.00 ................. 0.00	X	X		0	0	0
(17) PAUL BRAJCICH...................................................................... VICE CHAIR	5.00 ................. 0.00	X	X		0	0	0

(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)
(18) KATHERINE SAWYER........................................................................ VICE CHAIR	5.00 .......................1.00	X	X	0	0	0
(19) ELEANOR HORNE........................................................................ VICE CHAIR LOA FROM 12/2024	5.00 .......................5.00	X	X	0	0	0
(20) SHAUNA RYDER DIGGS........................................................................ SECRETARY	5.00 .......................5.00	X	X	0	0	0
(21) CATHY HAVENER GREER........................................................................ DIRECTOR	3.00 .......................0.00	X		0	0	0
(22) WILLIAM THOMPSON JR........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(23) NICOLE WASHINGTON........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(24) DAVID WILSON........................................................................ DIRECTOR	1.00 .......................1.00	X		0	0	0
(25) MARIE A SULLIVAN........................................................................ DIRECTOR	1.00 .......................0.00	X		0	0	0
(26) SHANE JACOBSON........................................................................ DIRECTOR	1.00 .......................1.00	X		0	0	0
(27) RONALD C PARKER........................................................................ DIRECTOR UNTIL 02/2025	1.00 .......................1.00	X		0	0	0
(28) CYNTHIA SHAPIRA........................................................................ DIRECTOR UNTIL 05/2025	1.00 .......................1.00	X		0	0	0
(29) E THOMAS SULLIVAN........................................................................ DIRECTOR LOA FROM 03/2025	1.00 .......................1.00	X		0	0	0

(A) Name and business address	(B) Description of services	(C) Compensation
PAUL FRIGA, 126 CRIMSON OAK DR DURHAM,NC27713	CONSULTING	474,608
THOMAS K HYATT PLLC 1717 K ST NW SUITE 900 WASHINGTON,DC20006	LEGAL	226,302
TANYA MARIE SPILOVOY, 3438 CROCUS AVE BISMARCK,ND58501	CONSULTING	167,280
MAH HIGHER EDUCATION CONSULTING LLC 9766 NICKEL RIDGE CIR NAPLES,FL34120	CONSULTING	157,458
FOSS CONSULTING GROUP 10462 RAVEN CT FOLEY,MN56329	CONSULTING	148,500
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 9

- 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.
right arrow

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

2024

Open to Public
Inspection

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

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 ...............................

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

(i) Name of supported organization	(ii) EIN	(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)


Total

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

Cat. No. 11285F

Schedule A (Form 990) 2024

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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(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 2024 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2023 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2024. 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—2023. 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—2024. 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—2023. 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) 2024

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) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .	952,404	2,467,748	1,823,033	1,636,390	2,184,050	9,063,625
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	11,625,747	12,224,521	12,789,630	13,789,477	13,084,829	63,514,204
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	12,578,151	14,692,269	14,612,663	15,425,867	15,268,879	72,577,829
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons	44,250	24,500	3,500	115,250	2,000	189,500
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.						0
c	Add lines 7a and 7b..	44,250	24,500	3,500	115,250	2,000	189,500
8	Public support. (Subtract line 7c from line 6.)						72,388,329

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2020	(b) 2021	(c) 2022	(d) 2023	(e) 2024	(f) Total
9	Amounts from line 6...	12,578,151	14,692,269	14,612,663	15,425,867	15,268,879	72,577,829
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..	2,078,969	1,114,519	1,488,282	1,164,003	1,366,859	7,212,632
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.	2,078,969	1,114,519	1,488,282	1,164,003	1,366,859	7,212,632
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.) ..		184,487	1,769	39,557	68,863	294,676
13	Total support. (Add lines 9, 10c, 11, and 12.)..	14,657,120	15,991,275	16,102,714	16,629,427	16,704,601	80,085,137

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 2024 (line 8, column (f) divided by line 13, column (f)) .........

90.390 %

Public support percentage from 2023 Schedule A, Part III, line 15 ...............

89.810 %

Section D. Computation of Investment Income Percentage

Investment income percentage for 2024 (line 10c, column (f) divided by line 13, column (f)) ......

9.010 %

Investment income percentage from 2023 Schedule A, Part III, line 17 .............

9.600 %

19a

33 1/3% support tests-2024. 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—2023. 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) 2024

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.

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) 2024

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?

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).

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.

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) 2024

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) 2024

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 2024 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-2024	(iii) Distributable Amount for 2024
1 Distributable amount for 2024 from Section C, line 6
2 Underdistributions, if any, for years prior to 2024 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2024:
a From 2019.......
b From 2020.......
c From 2021.......
d From 2022.......
e From 2023.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2024 distributable amount
i Carryover from 2019 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from line 3f.
4Distributions for 2024 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2024 distributable amount
c Remainder. Subtract lines 4a and 4b from line 4.
5 Remaining underdistributions for years prior to 2024, 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 2024. 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 2025. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2020.....
b Excess from 2021.....
c Excess from 2022.....
d Excess from 2023.....
e Excess from 2024.....

Schedule A (Form 990) (2024)

Schedule A (Form 990) 2024

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
SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME:	OTHER REVENUE - 2021 AMOUNT: $ 184,487. 2022 AMOUNT: $ 1,769. 2023 AMOUNT: $ 39,557. 2024 AMOUNT: $ 68,863.

Schedule A (Form 990) 2024

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990)
(Rev. January 2025)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

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

OMB No. 1545-0047

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

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

Cat. No. 30613XSchedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025) Page 2

Name of organization ASSOCIATION OF GOVERNING BOARDS OF UNIVERSITIES AND COLLEGES

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 3

Name of organization ASSOCIATION OF GOVERNING BOARDS OF UNIVERSITIES AND COLLEGES		Employer identification number 84-0502574

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (Rev. 1-2025)

Schedule B (Form 990) (Rev. 1-2025)

Page 4


Name of organization ASSOCIATION OF GOVERNING BOARDS OF UNIVERSITIES AND COLLEGES			Employer identification number 84-0502574
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c) (7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

right arrow

Complete if the organization is described below. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

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

OMB No. 1545-0047

2024

Open to Public
Inspection

If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

Political campaign activity expenditures. See instructions .................................................................... right arrow

Volunteer hours for political campaign activities. See instructions ..................................................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ................................ right arrow

Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... right arrow

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................

Yes No

Was a correction made? ......................................................................................................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... right arrow

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................ right arrow

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b........... right arrow

Did the filing organization file Form 1120-POL for this year? ...................................................................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6

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

Cat. No. 50084S

Schedule C (Form 990) 2024

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check right arrow

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check right arrow

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................
b	Total lobbying expenditures to influence a legislative body (direct lobbying) ........................
c	Total lobbying expenditures (add lines 1a and 1b) ............................................................
d	Other exempt purpose expenditures ...............................................................................
e	Total exempt purpose expenditures (add lines 1c and 1d) ..................................................
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................................................
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ...................................................................................................................	Yes No

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2021	(b) 2022	(c) 2023	(d) 2024	(e) Total

2a	Lobbying nontaxable amount

b	Lobbying ceiling amount (150% of line 2a, column(e))

c	Total lobbying expenditures

d	Grassroots nontaxable amount

e	Grassroots ceiling amount (150% of line 2d, column (e))

f	Grassroots lobbying expenditures

Schedule C (Form 990) 2024

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? ...........................................................................................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........

Yes

Media advertisements? ...................................................................................................

Mailings to members, legislators, or the public? .............................................................................

Publications, or published or broadcast statements? ...........................................................

Grants to other organizations for lobbying purposes? ..........................................................

Direct contact with legislators, their staffs, government officials, or a legislative body? .......................

Yes

38,890

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................

Other activities? ...................................................................................................................

Yes

18,000

Total. Add lines 1c through 1i ....................................................................................................

56,890

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 ...........................................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ...............................................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................

Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members ......................................................................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).

Current year .............................................................................................................................

Carryover from last year ............................................................................................................

Total ...........................................................................................................................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................

Taxable amount of lobbying and political expenditures. See Instructions .........................................

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation
FORM 990, SCHEDULE C, PART 1-A, LINE 1:	AGB CLOSELY MONITORED A WIDE RANGE OF ISSUES DURING THE PAST FISCAL YEAR PARTICULARLY THOSE WITH DIRECT IMPLICATIONS FOR THE FIDUCIARY RESPONSIBILITIES OF GOVERNING BOARDS OF COLLEGES, UNIVERSITIES, AND THEIR RELATED FOUNDATIONS. AGB'S ADVOCACY EFFORTS, IN COLLABORATION WITH THE HIGHER EDUCATION COMMUNITY, FOCUSED ON THE EVOLVING FEDERAL LANDSCAPE RELATED TO NEW POLICY CHANGES IMPLEMENTED BY THE U.S. DEPARTMENT OF EDUCATION AND THE PASSAGE OF THE BUDGET RECONCILIATION LEGISLATION ALSO KNOWN AS THE "ONE BIG BEAUTIFUL BILL (OBBB)." AGB ENGAGED ITS MEMBERS AND PARTNERS ON OTHER REGULATORY ACTIONS INITIATED BY THE DEPARTMENT OF EDUCATION AND PROVIDED GUIDANCE TO BOARDS NAVIGATING SHIFTING POLICIES IN THE HIGHER EDUCATION SECTOR. THE ASSOCIATION ALSO CONTINUED ITS EDUCATION EFFORTS WITH ITS PARTNERS AND MEMBERS ON THE FAST-MOVING CHANGES TO THE FEDERAL POLICY LANDSCAPE.

Return Reference

Explanation

FORM 990, SCHEDULE C, PART 1-A, LINE 1:

AGB CLOSELY MONITORED A WIDE RANGE OF ISSUES DURING THE PAST FISCAL YEAR PARTICULARLY THOSE WITH DIRECT IMPLICATIONS FOR THE FIDUCIARY RESPONSIBILITIES OF GOVERNING BOARDS OF COLLEGES, UNIVERSITIES, AND THEIR RELATED FOUNDATIONS. AGB'S ADVOCACY EFFORTS, IN COLLABORATION WITH THE HIGHER EDUCATION COMMUNITY, FOCUSED ON THE EVOLVING FEDERAL LANDSCAPE RELATED TO NEW POLICY CHANGES IMPLEMENTED BY THE U.S. DEPARTMENT OF EDUCATION AND THE PASSAGE OF THE BUDGET RECONCILIATION LEGISLATION ALSO KNOWN AS THE "ONE BIG BEAUTIFUL BILL (OBBB)." AGB ENGAGED ITS MEMBERS AND PARTNERS ON OTHER REGULATORY ACTIONS INITIATED BY THE DEPARTMENT OF EDUCATION AND PROVIDED GUIDANCE TO BOARDS NAVIGATING SHIFTING POLICIES IN THE HIGHER EDUCATION SECTOR. THE ASSOCIATION ALSO CONTINUED ITS EDUCATION EFFORTS WITH ITS PARTNERS AND MEMBERS ON THE FAST-MOVING CHANGES TO THE FEDERAL POLICY LANDSCAPE.

Schedule C (Form 990) 2024

Additional Data

Software ID:
Software Version:

- TIN:

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

Open to Public Inspection

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

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) (Rev. 1-2025)

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 ....	9,723,190	8,944,679	8,397,769	10,512,731	8,244,932
b	Contributions ...
c	Net investment earnings, gains, and losses	1,161,702	1,183,511	936,910	-1,739,962	2,632,799
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...	415,000	405,000	390,000	375,000	365,000
f	Administrative expenses ....
g	End of year balance ......	10,469,892	9,723,190	8,944,679	8,397,769	10,512,731

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

Board designated or quasi-endowment right arrow

100.000 %

Permanent endowment right arrow

0 %

Term endowment right arrow

0 %

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 .....
b	Buildings ....
c	Leasehold improvements	1,586,046	334,991	1,251,055
d	Equipment ....	264,846	172,372	92,474
e	Other .....	176,521	153,312	23,209
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				1,366,738

Schedule D (Form 990) (Rev. 1-2025)

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)DEFERRED COMP. INVEST. ACCT				346,842
(2)GUARANTY AND SECURITY DEPOSITS				144,885
(3)RIGHT OF USE ASSET				3,039,839
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				3,531,566

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 COMP. LIABILITY ACCT	346,842
RIGHT OF USE LIABILITY	5,273,058







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	5,619,900
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) (Rev. 1-2025)

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	17,521,071
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	772,959
b	Donated services and use of facilities .........	2b	44,250
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................			2e	817,209
3	Subtract line 2e from line 1..................			3	16,703,862
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	30,000
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................			4c	30,000
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	16,733,862

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	15,824,758
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a	44,250
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................			2e	44,250
3	Subtract line 2e from line 1...................			3	15,780,508
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	30,000
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	30,000
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	15,810,508

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

PART X, LINE 2:

THE ASSOCIATION DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. AGB HAS FILED FOR INCOME TAX EXEMPTIONS IN THE JURISDICTIONS WHERE IT IS REQUIRED TO DO SO. ADDITIONALLY, AGB FILES INTERNAL REVENUE FORM 990 TAX RETURNS AS REQUIRED AND ALL APPLICABLE RETURNS IN THOSE JURISDICTIONS WHERE IT IS REQUIRED. THE ASSOCIATION BELIEVES THAT THEY ARE NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL, OR NON-U.S. INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2019. FOR THE YEARS ENDED JUNE 30, 2025 AND 2024, THERE WERE NO INTEREST OR PENALTIES RECORDED IN THE CONSOLIDATED STATEMENTS OF ACTIVITIES.

Schedule D (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

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 .....

Yes

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? ....

Yes

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? .............

Yes

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) (Rev. 1-2025)

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)
1RODERICK MCDAVIS PRINCIPAL	(i) (ii)	0 ------------- 367,951	0 ------------- 0	0 ------------- 2,286	0 ------------- 38,115	0 ------------- 27,070	0 ------------- 435,422	0 ------------- 0
2MARY PAPAZIAN EXECUTIVE VP UNTIL 06/25	(i) (ii)	342,926 ------------- 0	15,000 ------------- 0	732 ------------- 0	34,836 ------------- 0	15,350 ------------- 0	408,844 ------------- 0	0 ------------- 0
3PATRICIA KUNKLE SENIOR VICE PRESIDENT	(i) (ii)	232,505 ------------- 0	120,500 ------------- 0	719 ------------- 0	25,403 ------------- 0	14,889 ------------- 0	394,016 ------------- 0	0 ------------- 0
4MARIA NAZARETH SENIOR VP & TREASURER	(i) (ii)	303,348 ------------- 0	15,000 ------------- 0	865 ------------- 0	58,860 ------------- 0	16,240 ------------- 0	394,313 ------------- 0	0 ------------- 0
5ELLEN CHAFFEE INT. PRESIDENT & CEO UNTIL 08/24	(i) (ii)	315,332 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	315,332 ------------- 0	0 ------------- 0
6CHRISTINA JACOBS SENIOR VICE PRESIDENT	(i) (ii)	296,680 ------------- 0	15,500 ------------- 0	719 ------------- 0	36,306 ------------- 0	3,251 ------------- 0	352,456 ------------- 0	0 ------------- 0
7CRISTIN J TOUTSI GRIGOS SENIOR VICE PRESIDENT	(i) (ii)	223,356 ------------- 0	15,000 ------------- 0	662 ------------- 0	25,695 ------------- 0	25,274 ------------- 0	289,987 ------------- 0	0 ------------- 0
8FRAMROZE VIRJEE PRESIDENT & CEO FROM 08/24-02/25	(i) (ii)	200,216 ------------- 0	0 ------------- 0	26,431 ------------- 0	8,625 ------------- 0	0 ------------- 0	235,272 ------------- 0	0 ------------- 0
9LARRY ROBERTSON SENIOR VICE PRESIDENT	(i) (ii)	204,241 ------------- 0	15,000 ------------- 0	719 ------------- 0	22,601 ------------- 0	15,568 ------------- 0	258,129 ------------- 0	0 ------------- 0
10DAVID BASS VP PROGRAM STRATEGY AS OF 04/25	(i) (ii)	184,479 ------------- 0	3,500 ------------- 0	621 ------------- 0	18,661 ------------- 0	13,439 ------------- 0	220,700 ------------- 0	0 ------------- 0
11ANDREW LOUNDER ASSOCIATE VP OF PROGRAMS	(i) (ii)	138,667 ------------- 0	0 ------------- 0	40,864 ------------- 0	12,941 ------------- 0	11,272 ------------- 0	203,744 ------------- 0	0 ------------- 0
12MEGAN CLARKE ASSOCIATE VP OF MARKETING & DIGITAL	(i) (ii)	165,351 ------------- 0	5,000 ------------- 0	529 ------------- 0	16,535 ------------- 0	1,184 ------------- 0	188,599 ------------- 0	0 ------------- 0
13GERARD BAYANI DIRECTOR OF ACCOUNTING	(i) (ii)	153,160 ------------- 0	8,000 ------------- 0	486 ------------- 0	15,365 ------------- 0	15,569 ------------- 0	192,580 ------------- 0	0 ------------- 0
14NANCY STEELBERG MARKETING DIRECTOR	(i) (ii)	146,363 ------------- 0	5,000 ------------- 0	526 ------------- 0	14,636 ------------- 0	934 ------------- 0	167,459 ------------- 0	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

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
PART I, LINE 1A	TRAVEL FOR COMPANIONS - AGB'S PAST PRESIDENT, FRAMROZE VIRJEE, HAD A CONTRACT WITH AGB. THE TERMS OF THE CONTRACT ALLOWED FOR REIMBURSEMENT OF TRAVEL EXPENSES TO MEETINGS AND EVENTS WHERE THE SPOUSE'S PARTICIPATION WAS DIRECTLY RELATED TO THE WORK OF THE ASSOCIATION. PERSONAL SPOUSAL TRAVEL WAS NOT REIMBURSED.
PART I, LINE 4A	HENRY STOEVER, FORMER PRESIDENT AND CEO, RECEIVED $80,726 IN SEVERANCE DURING CALENDAR YEAR 2024. HE SEPARATED FROM AGB ON SEPTEMBER 1, 2023. IN CALENDAR YEAR 2024, BEN DAVID ROWE, MANAGING DIRECTOR, RECEIVED A SEVERANCE PAYMENT OF $92,308. HE SEPARATED FROM AGB ON JANUARY 1, 2024.

Schedule J (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)
(Rev. January 2025)
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 instructions and the latest information.

OMB No. 1545-0047

Open to Public
Inspection

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 1A	COMMITTEES. THE BOARD OF DIRECTORS, BY RESOLUTION ADOPTED BY A MAJORITY OF THE ENTIRE BOARD OF DIRECTORS, MAY DESIGNATE FROM AMONG ITS MEMBERS ONE OR MORE COMMITTEES, EACH COMMITTEE TO CONSIST OF NO FEWER THAN THREE (3) NOR MORE THAN EIGHT (8) DIRECTORS, UNLESS OTHERWISE SPECIFIED HEREIN. COMMITTEES MAY BE STANDING OR MAY BE FORMED ON AN AD HOC BASIS FOR A DEFINED PERIOD OF TIME OR EFFORT AS PROVIDED FOR IN THE RESOLUTION. THE BOARD MAY ALSO ESTABLISH SUCH PROJECT TEAMS, WORKING GROUPS, AND SIMILAR BODIES AS IT DEEMS USEFUL, AND SHALL PROVIDE FOR THE DUTIES AND RESPONSIBILITIES OF SUCH BODIES IN A RESOLUTION OR POLICY. THE BOARD CHAIR SHALL SELECT AND APPOINT THE MEMBERS AND THE CHAIR OF ALL COMMITTEES, UNLESS OTHERWISE SPECIFIED HEREIN. THE BOARD CHAIR SHALL SERVE AS AN EX OFFICIO MEMBER OF ALL COMMITTEES BUT SHALL NOT BE COUNTED FOR PURPOSES OF A QUORUM UNLESS THE BOARD CHAIR ATTENDS THE COMMITTEE MEETING. THE BOARD CHAIR MAY ALSO FROM TIME TO TIME APPOINT ONE OR MORE PERSONS AS CONSULTING, NON-VOTING MEMBERS OF A BOARD COMMITTEE TO SERVE AT THE PLEASURE OF THE BOARD AND SUCH PERSONS NEED NOT BE DIRECTORS AND SHALL NOT COUNT TOWARDS THE COMMITTEE SIZE PERMITTED BY THIS SECTION. DIRECTORS WHO ARE NOT MEMBERS OF A COMMITTEE MAY ATTEND AND PARTICIPATE IN SUCH COMMITTEE'S MEETINGS AT THE PREROGATIVE OF THE COMMITTEE CHAIR BUT SHALL NOT HAVE A VOTE ON SUCH COMMITTEE. THE PROVISIONS OF THESE BYLAWS REGARDING MEETINGS, ACTION WITHOUT MEETINGS, NOTICE AND WAIVER OF NOTICE, AND QUORUM AND VOTING REQUIREMENTS OF THE BOARD OF DIRECTORS, SHALL APPLY TO COMMITTEES AND THEIR MEMBERS AS WELL. THE PRESIDENT SHALL ARRANGE FOR THE STAFF OF THE ASSOCIATION TO PROVIDE SUFFICIENT SUPPORT FOR EACH COMMITTEE TO ENABLE IT TO DISCHARGE ITS DUTIES. EACH COMMITTEE SHALL EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS TO THE EXTENT AUTHORIZED BY THE BOARD OF DIRECTORS. STANDING COMMITTEES SHALL INCLUDE AN AUDIT AND ERM COMMITTEE; A FINANCE COMMITTEE; A COMPENSATION COMMITTEE; A POLICY INITIATIVES COMMITTEE; A GOVERNANCE COMMITTEE; AND AN EXECUTIVE COMMITTEE. DUTIES AND RESPONSIBILITIES OF THESE AND ANY COMMITTEES OF THE BOARD SHALL BE SET FORTH IN A CHARTER, SUBJECT TO THE APPROVAL OF THE BOARD.
FORM 990, PART VI, SECTION B, LINE 11B	THE FINANCE OFFICE TRANSMITS SCHEDULES AND CHECKLISTS TO THE RETURN PREPARER TWO MONTHS BEFORE THE DUE DATE. THE PRESIDENT, AND SENIOR VICE PRESIDENT FOR FINANCE, CONDUCT AN INTERNAL REVIEW OF DRAFT FORMS 990 IN THE THIRD WEEK OF OCTOBER. THE SENIOR VICE PRESIDENT FOR FINANCE TRANSMITS THE DRAFT FORM 990 TO AGB'S AUDIT AND ERM COMMITTEE AND THE BOARD OF DIRECTORS AFTER THE INTERNAL REVIEW IS CONDUCTED. THE MEMBERS OF THE AUDIT AND ERM COMMITTEE HAVE A WEEK FOR REVIEW, COMMENTS AND QUESTIONS AFTER WHICH THE COMMITTEE MEETS ON A CONFERENCE CALL. ALL MEMBERS OF THE BOARD ARE INVITED TO JOIN THE CALL SCHEDULED IN THE FIRST WEEK OF NOVEMBER. THE REVIEW OF FORM 990 IS CONDUCTED BY THE AUDIT AND ERM COMMITTEE. PARTICIPATION OF ALL DIRECTORS IS WELCOME AND ENCOURAGED. THE REVIEW BEGINS WITH THE PRESENTATION OF DATA TO THE COMMITTEE BY THE SENIOR VICE PRESIDENT FOR FINANCE. UNDERLYING DATA THAT SUPPORTS THE RETURNS MAY BE REQUESTED BY THE COMMITTEE. THE COMMITTEE REVIEWS THE RETURNS TO ENSURE THEY ARE CONSISTENT WITH THE FINANCIAL STATEMENTS, THE GOVERNANCE QUESTIONS ARE ANSWERED CORRECTLY, THE DESCRIPTIVE INFORMATION REFLECTS THE POSITION OF AGB, DESCRIPTION OF THE PROGRAMS ARE ACCURATE, AND THE RETURN IS COMPLETE. THE RETURN IS FINALIZED NO LATER THAN A WEEK BEFORE THE TAX DEADLINE, AND INCLUDES ANY CHANGES SUGGESTED BY THE AUDIT AND ERM COMMITTEE. DIRECTORS RECEIVE AN EXECUTIVE SUMMARY OF CHANGES (IF ANY) ELECTRONICALLY PRIOR TO FILING OF THE FINAL FORM 990. THE CHAIR OF THE AUDIT AND ERM COMMITTEE PROVIDES A REPORT ON THE REVIEW OF THE COMPLETED FORM 990 TO THE AGB BOARD AT ITS NEXT SCHEDULED MEETING.
FORM 990, PART VI, SECTION B, LINE 12C	STAFF: AGB REQUIRES THAT OFFICERS AND EMPLOYEES WILL PERFORM THEIR DUTIES CONSCIENTIOUSLY, HONESTLY, AND IN ACCORDANCE WITH THE BEST INTERESTS OF THE ASSOCIATION. AGB OFFICERS AND EMPLOYEES MUST NOT USE THEIR POSITION OR THE KNOWLEDGE GAINED AS A RESULT OF THEIR POSITION FOR PRIVATE OR PERSONAL ADVANTAGE. REGARDLESS OF THE CIRCUMSTANCES, IF OFFICERS OR EMPLOYEES SENSE THAT A COURSE OF ACTION THEY HAVE PURSUED, ARE CURRENTLY PURSUING, OR ARE CONTEMPLATING PURSUING MAY INVOLVE THEM IN A CONFLICT OF INTEREST WITH AGB, THEY SHOULD IMMEDIATELY COMMUNICATE ALL THE FACTS TO HIS OR HER SUPERVISOR. ALL STAFF MEMBERS WILL BE ASKED TO COMPLETE AND SIGN THEDISCLOSURE FORM ON AN ANNUAL BASIS. BOARD OF DIRECTORS: THE DIRECTOR HAVING SUCH CONFLICT SHALL NOT PARTICIPATE OR USE ANY PERSONAL INFLUENCE IN THE DISCUSSION OF THE SUBJECT OR MAKE ANY RECOMMENDATIONS REGARDING THE SUBJECT. HOWEVER, THE DIRECTOR WILL BRIEFLY STATE THE NATURE OF THE CONFLICT AND WILL BE EXPECTED TO ANSWER PERTINENT QUESTIONS FROM THE OTHER DIRECTORS WHEN THE DIRECTOR'S KNOWLEDGE OF THE SUBJECT WILL ASSIST THE BOARD. THE MINUTES OF ANY MEETING AT WHICH THE SUBJECT INVOLVING THE CONFLICT IS DISCUSSED SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE CONFLICTED DIRECTOR REFRAINED FROM DISCUSSION, EXCEPT TO THE EXTENT PROVIDED ABOVE, AND DID NOT VOTE ON THE SUBJECT. THE SECRETARY ANNUALLY, AND AT OTHER TIMES ON REQUEST FROM ANY MEMBER OF THE BOARD, SHALL MAKE AVAILABLE TO THE MEMBERS OF THE BOARD COPIES OF THIS POLICY AND THE STATEMENT FOR DISCLOSING CONFLICTS. ANY BOARD MEMBER MAY REQUEST A DETERMINATION FROM THE BOARD AS TO THE EXISTENCE OF A CONFLICT OF INTEREST. THE BOARD'S DECISION, BY MAJORITY VOTE, SHALL BIND THE BOARD MEMBER AND THE BOARD.
FORM 990, PART VI, SECTION B, LINE 15	PROCESS TO DETERMINE COMPENSATION OF THE PRESIDENT: PRESIDENTIAL COMPENSATION IS DETERMINED WITH THE USE OF COMPARABILITY DATA RESEARCHED BY A MANAGEMENT/HR CONSULTING FIRM AND DISCUSSED BY AGB'S COMPENSATION COMMITTEE AND GENERAL COUNSEL. PROCESS TO DETERMINE COMPENSATION OF OFFICERS: COMPENSATION IS DETERMINED WITH THE USE OF COMPARABILITY DATA RESEARCHED BY A MANAGEMENT/HR CONSULTING FIRM. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025.
FORM 990, PART VI, SECTION C, LINE 19	GOVERNING DOCUMENTS: OWN WEBSITE AND ALSO PROVIDED UPON REQUEST CONFLICT OF INTEREST POLICY: OWN WEBSITE AND ALSO PROVIDED UPON REQUEST FINANCIAL STATEMENTS: PROVIDED UPON REQUEST.
FORM 990, PART IX, LINE 11G	CONSULTANT FEES: PROGRAM SERVICE EXPENSES 2,336,432. MANAGEMENT AND GENERAL EXPENSES 336,867. FUNDRAISING EXPENSES 202,137. TOTAL EXPENSES 2,875,436.

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

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)
(Rev. January 2025)

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

Open to Public Inspection

Name of the organization

ASSOCIATION OF GOVERNING BOARDS OF
UNIVERSITIES AND COLLEGES

Employer identification number

84-0502574

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

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

Cat. No. 50135Y

Schedule R (Form 990) (Rev. 1-2025)

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
(1) AGB SEARCH LLC 1666 K STREET NW SUITE 1200 WASHINGTON,DC20006 27-1963417	CONDUCT EXECUTIVE LEVEL SEARCHES FOR UNIVERSITIES/COLLEGES	DC	AGB	C	9,140,778	2,788,248	100.000 %	Yes

Schedule R (Form 990) (Rev. 1-2025)

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 .....................

Yes

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

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

Yes

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

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

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) .......................

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) .....................

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 ............................

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

Yes

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

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) AGB SEARCH LLC	A	144,563	FMV
(2) AGB SEARCH LLC	C	50,000	FMV
(3) AGB SEARCH LLC	Q	126,100	FMV

Schedule R (Form 990) (Rev. 1-2025)

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) (Rev. 1-2025)

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) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: PREPARING COLLEGE, UNIVERSITY, AND FOUNDATION GOVERNING BOARDS TO FULFILL THEIR FIDUCIARY DUTIES
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	10
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	9
5	Total number of individuals employed in calendar year 2024 (Part V, line 2a) ......	5	53
6	Total number of volunteers (estimate if necessary) .............	6	497
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	159,563
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) .........	1,636,390	2,184,050
9	Program service revenue (Part VIII, line 2g) .........	13,803,273	13,084,829
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	783,521	850,557
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	601,620	614,426
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	16,824,804	16,733,862
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
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)	7,754,472	7,906,568
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 587,289
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	8,684,583	7,903,940
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	16,439,055	15,810,508
19	Revenue less expenses. Subtract line 18 from line 12.......	385,749	923,354
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	24,371,356	25,643,519
21	Total liabilities (Part X, line 26).............	10,470,294	10,046,144
22	Net assets or fund balances. Subtract line 21 from line 20.....	13,901,062	15,597,375

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 7,500,433 including grants of $ 0 ) (Revenue $ 10,598,613 )
	CONFERENCES, INSTITUTES, CONVENINGS, AND AGB CONSULTING: AGB'S CONFERENCES, INSTITUTES, WEBINARS, AND CONVENINGS PROVIDE CRITICAL EDUCATION AND PROFESSIONAL DEVELOPMENT TO HIGHEREDUCATION GOVERNING BOARDS, SENIOR ADMINISTRATORS, AND KEY STAKEHOLDERS. THESE PROGRAMS EQUIP PARTICIPANTS WITH BEST PRACTICES, EMERGING TRENDS, AND GOVERNANCE STRATEGIES NECESSARY TO ADDRESS COMPLEX CHALLENGES IN HIGHER EDUCATION. AGB OFFERED A RANGE OF VIRTUAL AND IN-PERSON EVENTS, INCLUDING THE FOUNDATION LEADERSHIP FORUM, BOARD PROFESSIONALS CONFERENCE, NATIONAL CONFERENCE ON TRUSTEESHIP, SPECIALIZED INSTITUTES FOR BOARD CHAIRS AND PRESIDENTS, AND VIRTUAL EVENTS FOCUSED ON PRESSING ISSUES LIKE FINANCIAL SUSTAINABILITY AND BOARD ENGAGEMENT. AGB PROACTIVELY CONVENES MEMBERS FOR ADVISORY COUNCILS, CONTENT AND PROGRAM ADVISORY GROUPS, AND EDITORIAL ADVISING. AGB CONSULTING CONTINUED TO DELIVER CUSTOMIZED GUIDANCE AND SUPPORT SERVICES TO INSTITUTIONS AND FOUNDATIONS, HELPING STRENGTHEN GOVERNING BOARDS AND POSITION THEM FOR SUCCESS. SERVICES INCLUDED BOARD ASSESSMENTS, SUCCESSION PLANNING, GOVERNANCE REVIEWS, STRATEGIC PLANNING, AND MERGER AND PARTNERSHIP STRATEGY.

4b	(Code: ) (Expenses $ 1,842,761 including grants of $ 0 ) (Revenue $ 1,646,001 )
	INSIGHTS, RESEARCH, TOOLS AND OTHER RESOURCES: IN ADDITION TO TRUSTEESHIP MAGAZINE PUBLISHED SIX TIMES PER YEAR FOR MEMBERS, AGB PUBLISHES BOOKS, REPORTS, BOARD STATEMENTS, BLOGS, SURVEY FINDINGS, WEBINARS, VIDEOS, PODCASTS, AND OTHER RESOURCES. THESE ARE CONTAINED IN THE AGB KNOWLEDGE CENTER ON AGB.ORG, WHICH SERVES AS A CONTENT HUB FOR BEST PRACTICES, EXPERT INSIGHTS, RESEARCH REPORTS, TOOLS AND TOOLKITS, AND OTHER EDUCATIONAL MATERIALS. ADDITIONALLY, AGB OFFERS NEW BOARD MEMBER ORIENTATION FOR INTRODUCING BOARD MEMBERS TO HIGHER EDUCATION GOVERNANCE, ESSENTIAL BOARD RESPONSIBILITIES, BOARD COMPOSITION, AND BOARDROOM CULTURE, AND A BOARD PROFESSIONAL CERTIFICATE PROGRAM.

4c	(Code: ) (Expenses $ 908,453 including grants of $ 0 ) (Revenue $ 825,215 )
	ADVOCACY AND PUBLIC POLICY: AGB WORKS TO ENSURE THE VIEWS OF OUR MEMBERS ARE AT THE FOREFRONT OF STATE AND FEDERAL POLICY DISCUSSIONS REGARDING BOARD GOVERNANCE, INSTITUTIONAL LEADERSHIP, STUDENT SUCCESS, AND INSTITUTIONAL VITALITY. WE WORK TO IMPROVE SOCIETY'S UNDERSTANDING AND PERCEPTION OF THE VALUE OF HIGHER EDUCATION, AND WE SPONSOR A NUMBER OF OTHER ADVOCACY PROJECTS THAT ADDRESS PRESSING ISSUES IN HIGHER EDUCATION.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses10,251,647

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	3,301,138	370,237	491,667

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d	50,000
e	Government grants (contributions)		1e

f	All other contributions, gifts, grants, and similar amounts not included above		1f	2,134,050

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

h Total. Add lines 1a-1f.......		2,184,050

		Business Code
2a	MEMBERSHIP DUES	900099	7,583,560	7,583,560
b	SEMINARS AND WORKSHOPS	900099	3,187,563	3,187,563
c	AGB CONSULTING	900099	2,221,672	2,221,672
d	PUBLICATION SALES	900099	92,034	77,034	15,000
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		13,084,829

3 Investment income (including dividends, interest, and othersimilar amounts) ......			821,296			821,296
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			401,000			401,000
			(i) Real	(ii) Personal
6a	Gross rents	6a	144,563
b	Less: rental expenses	6b	0
c	Rental income or (loss)	6c	144,563
d	Net rental income or (loss).......			144,563
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	415,000
b	Less: cost or other basis and sales expenses	7b	385,739
c	Gain or (loss)	7c	29,261
d	Net gain or (loss).........			29,261			29,261
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	OTHER REVENUE		900099	68,863			68,863
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			68,863
12	Total revenue. See instructions.....			16,733,862	13,069,829	159,563	1,320,420

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
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 ...........	2,752,571	755,417	1,929,175	67,979
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........	3,871,334	2,666,133	999,523	205,678
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	338,723	229,593	91,201	17,929
9	Other employee benefits .......	477,373	294,117	174,659	8,597
10	Payroll taxes ...........	466,567	262,434	182,204	21,929
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	294,794		294,794
c	Accounting ...........	39,261		39,261
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	30,000		30,000
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	2,875,436	2,336,432	336,867	202,137
12	Advertising and promotion ....	262,118	234,487	27,431	200
13	Office expenses .......	223,341	159,671	62,288	1,382
14	Information technology ......
15	Royalties ..
16	Occupancy ...........	492,949	285,035	190,117	17,797
17	Travel ............	462,781	312,338	128,499	21,944
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	1,861,948	1,856,705		5,243
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	177,657	106,181	64,452	7,024
23	Insurance ...	72,270	55,206	15,277	1,787
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	DUES & SUBSCRIPTIONS	503,313	249,062	249,078	5,173
b	PRINTING & DESIGN	290,938	286,361	4,512	65
c	SPECIAL PROJECT/CONTING	289,302	162,475	124,402	2,425
d
e	All other expenses	27,832		27,832
25	Total functional expenses. Add lines 1 through 24e	15,810,508	10,251,647	4,971,572	587,289
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 ........			1,097,831	1	512,091
2	Savings and temporary cash investments .........			5,398,363	2	6,644,207
3	Pledges and grants receivable, net ......			126,000	3	16,150
4	Accounts receivable, net .............			403,235	4	557,314
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 ...........				7
8	Inventories for sale or use ............			14,202	8	37,018
9	Prepaid expenses and deferred charges ......			422,424	9	425,282
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	2,027,413
b	Less: accumulated depreciation	10b	660,675	1,512,724	10c	1,366,738
11	Investments—publicly traded securities .			11,636,087	11	12,503,153
12	Investments—other securities. See Part IV, line 11 .....			50,000	12	50,000
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			3,710,490	15	3,531,566
16	Total assets. Add lines 1 through 15 (must equal line 33)...			24,371,356	16	25,643,519

17	Accounts payable and accrued expenses .....	601,197	17	515,390
18	Grants payable ...		18
19	Deferred revenue .........	4,112,228	19	3,910,854
20	Tax-exempt bond liabilities .........		20
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 ..		23
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	5,756,869	25	5,619,900
26	Total liabilities. Add lines 17 through 25..	10,470,294	26	10,046,144

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	13,735,698	27	14,517,760
28	Net assets with donor restrictions ...........	165,364	28	1,079,615
	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 .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	13,901,062	32	15,597,375
33	Total liabilities and net assets/fund balances ........	24,371,356	33	25,643,519