TY 2023 Form 990

- TIN:

Form990

Department of the TreasuryInternal Revenue Service

Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)

Do not enter social security numbers on this form as it may be made public.

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

OMB No. 1545-0047

2023

Open to Public Inspection

A For the 2023 calendar year, or tax year beginning 06-01-2023 , and ending 05-31-2024

BCheck if applicable: Address change Name change Initial return Final return/terminated Amended return Application pending

CName of organization
BAYLOR UNIVERSITY

Doing business as

Number and street (or P.O. box if mail is not delivered to street address)
ONE BEAR PLACE 97043

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WACO, TX767987043

D Employer identification number

74-1159753

E Telephone number

G Gross receipts $ 1,462,648,642

F Name and address of principal officer:
LINDA LIVINGSTONE
ONE BEAR PLACE 97096
WACO,TX767987096

Tax-exempt status: 501(c)(3) 501(c) ( ) (insert no.) 4947(a)(1) or 527

Website:

WWW.BAYLOR.EDU

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. See instructions.

H(c)

Group exemption number

K Form of organization: Corporation Trust Association Other

L Year of formation: 1845

M State of legal domicile: TX

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: THE MISSION OF BAYLOR UNIVERSITY IS PRESENTED ON SCHEDULE O. THE MISSION OF BAYLOR UNIVERSITY IS TO EDUCATE MEN AND WOMEN FOR WORLDWIDE LEADERSHIP AND SERVICE BY INTEGRATING ACADEMIC EXCELLENCE AND CHRISTIAN COMMITMENT WITHIN A CARING COMMUNITY.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	32
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	26
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	11,236
6	Total number of volunteers (estimate if necessary) .............	6	2,500
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	41,006,841
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	8,045,139

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	168,028,590	94,531,839
9	Program service revenue (Part VIII, line 2g) .........	1,169,082,158	1,229,447,252
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	107,162,532	124,858,026
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	9,838,302	13,659,889
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	1,454,111,582	1,462,497,006
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	406,225,877	429,886,412
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)	496,684,716	558,091,456
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	170,033	214,061
b	Total fundraising expenses (Part IX, column (D), line 25) 17,478,599
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	383,934,730	422,244,480
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	1,287,015,356	1,410,436,409
19	Revenue less expenses. Subtract line 18 from line 12.......	167,096,226	52,060,597
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	4,003,330,584	4,195,534,415
21	Total liabilities (Part X, line 26).............	1,003,941,650	1,023,458,888
22	Net assets or fund balances. Subtract line 21 from line 20.....	2,999,388,934	3,172,075,527

Part II

Signature Block

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name

Firm's EIN

Firm's address

Phone no.

May the IRS discuss this return with the preparer shown above? See Instructions. ..........YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y Form 990 (2023)

Form 990 (2023)

Page 2

Part III

Statement of Program Service Accomplishments

Check if Schedule O contains a response or note to any line in this Part III..............

Briefly describe the organization’s mission: THE MISSION OF BAYLOR UNIVERSITY IS TO EDUCATE MEN AND WOMEN FOR WORLDWIDE LEADERSHIP AND SERVICE BY INTEGRATING ACADEMIC EXCELLENCE AND CHRISTIAN COMMITMENT WITHIN A CARING COMMUNITY.

Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ..................... Yes No

If "Yes," describe these new services on Schedule O.

Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ........................... Yes No

If "Yes," describe these changes on Schedule O.

Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.


4a	(Code: ) (Expenses $ 702,666,933 including grants of $ 396,430,897 ) (Revenue $ 1,026,823,218 )
	INSTRUCTION:BAYLOR UNIVERSITY STANDS AS ONE OF THE PREMIER INSTITUTIONS OF HIGHER EDUCATION IN THE WORLD.CHARTERED IN 1845 BY THE REPUBLIC OF TEXAS AND AFFILIATED WITH THE BAPTIST GENERAL CONVENTION OFTEXAS, THE UNIVERSITY IS THE OLDEST CONTINUOUSLY OPERATING INSTITUTION OF HIGHER LEARNING IN THE STATE OF TEXAS. AS PART OF FULFILLING BAYLOR'S MISSION OF INSTRUCTING AND EDUCATING MEN AND WOMEN FOR WORLDWIDE LEADERSHIP AND SERVICE, BAYLOR PURSUES INITIATIVES SUCH AS LOWER STUDENT-FACULTY RATIO (15:1), SMALLER CLASS SIZE (AVERAGE CLASS SIZE IS 27), RESEARCH OPPORTUNITIES FOR STUDENTS, AND GREAT FACILITIES FOR LEARNING AND LIVING. (CONTINUED ON SCHEDULE O)BAYLOR'S MORE THAN 20,000 STUDENTS TYPICALLY COME FROM ALL 50 STATES, THE DISTRICT OF COLUMBIA, AND OVER 100 COUNTRIES AROUND THE WORLD. THE UNIVERSITY OFFERS 133 BACCALAUREATE, 82 MASTER'S, 50 DOCTORAL, NUMEROUS ONLINE GRADUATE PROFESSIONAL PROGRAMS, THE EDUCATION SPECIALIST AND THE JURIS DOCTOR DEGREE PROGRAMS THROUGH 12 ACADEMIC UNITS. THE UNIVERSITY ALSO EQUIPS STUDENTS WITH BOTH KNOWLEDGE AND EXPERIENCE TO PURSUE GOD'S CALL TO MINISTRY BY OFFERING 7 MASTER DEGREES AND 2 DOCTORATE DEGREES THROUGH TRUETT SEMINARY. ADDITIONALLY, THE UNIVERSITY CONDUCTS GRADUATE PROGRAMS WITH THE U.S. ARMY AT SEVERAL U.S. ARMY LOCATIONS ACROSS THE UNITED STATES. STUDENTS FIND THE BEST OF A LARGE UNIVERSITY THROUGH EXCEPTIONAL BREADTH AND DEPTH OF PROGRAMS ALONG WITH EXTRAORDINARY PERSONAL ATTENTION FOR THE INDIVIDUAL STUDENT. BAYLOR STUDENTS GARNER COMPETITIVE SCHOLARSHIPS SUCH AS FULBRIGHT, TRUMAN, GOLDWATER, ROTARY, CRITICAL LANGUAGE, AND NATIONAL SCIENCE FOUNDATION GRADUATE FELLOWSHIPS. MORE THAN 90% OF BAYLOR UNDERGRADUATE STUDENTS RECEIVE FINANCIAL ASSISTANCE. NAMED ELEVEN TIMES BY THE CHRONICLE OF HIGHER EDUCATION AS A "GREAT COLLEGE TO WORK FOR", BAYLOR CONSISTENTLY RANKS IN THE TOP 100 NATIONAL DOCTORAL GRANTING UNIVERSITIES BY U.S. NEWS & WORLD REPORT, AS A "BEST BUY" BY THE FISKE GUIDE TO COLLEGES, AND A "BEST VALUE" BY KIPLINGER'S PERSONAL FINANCE.

4b	(Code: ) (Expenses $ 201,273,666 including grants of $ 20,606,164 ) (Revenue $ 99,178,718 )
	STUDENT SERVICES:BAYLOR UNIVERSITY'S STUDENT SERVICES AND ACTIVITIES CONTRIBUTE TO STUDENTS' SPIRITUAL, SOCIAL AND PHYSICAL WELL-BEING. STUDENT SERVICES AND ACTIVITIES INCLUDE AREAS SUCH AS CAREER GUIDANCE, JOB PLACEMENT UPON GRADUATION, ENROLLMENT MANAGEMENT, STUDENT FINANCIAL AID, STUDENT ACTIVITIES, STUDENT ORGANIZATIONS, INTRAMURALS, HEALTH CENTER, BEAUCHAMP ADDICTION RECOVERY CENTER, AND INTERCOLLEGIATE ATHLETICS.

4c	(Code: ) (Expenses $ 84,883,315 including grants of $ ) (Revenue $ 33,216,728 )
	ACADEMIC SUPPORT:BAYLOR UNIVERSITY PROVIDES ACADEMIC SUPPORT SERVICES FOR THE PRIMARY MISSIONS OF INSTRUCTION, AS WELL AS RESEARCH AND PUBLIC SERVICE ACTIVITIES. ACADEMIC SUPPORT SERVICES INCLUDE AREAS SUCH AS LIBRARIES, TECHNOLOGY SUPPORT, MUSEUMS AND SERVICES THAT DIRECTLY ASSIST INSTRUCTIONAL ACTIVITIES.

	(Code: ) (Expenses $ 131,648,246 including grants of $ 12,849,351 ) (Revenue $ 67,212,455 )
	(EXPENSES $131,648,246 INCLUDING GRANTS OF $12,849,351)(REVENUE $67,212,455)RESEARCH, PUBLIC SERVICE AND AUXILIARIES:OTHER PROGRAM SERVICE AREAS INCLUDE RESEARCH ACTIVITIES, PUBLIC SERVICE ACTIVITIES AND AUXILIARY ENTERPRISES OPERATED BY THE UNIVERSITY. RESEARCH ACTIVITY INCLUDES GRANTS AND CONTRACTS TO CONDUCT SPONSORED RESEARCH, PRIMARILY IN FIVE KEY INITIATIVES: HEALTH; DATA SCIENCES; MATERIALS SCIENCE; HUMAN FLOURISHING, LEADERSHIP, AND ETHICS; AND LATIN AMERICA. PUBLIC SERVICE INCLUDES ACTIVITIES WHICH PRIMARILY BENEFIT INDIVIDUALS AND ORGANIZATIONS EXTERNAL TO THE UNIVERSITY. AUXILIARY ENTERPRISES ARE COMPRISED GENERALLY OF THE FOLLOWING ITEMS: RESIDENCE HALLS, DINING SERVICES, BOOKSTORE, RENTAL PROPERTIES AND VENDING SERVICES.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 131,648,246 including grants of $ 12,849,351 ) (Revenue $ 67,212,455 )
4e	Total program service expenses1,120,472,160

Form 990 (2023)

Page 3

Part IV

Checklist of Required Schedules

Yes

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A Click to see attachment

List of Attached Documents:

// Content

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

Yes

Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. Click to see attachment

List of Attached Documents:

// Content

...

Yes

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I Click to see attachment

List of Attached Documents:

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

Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II Click to see attachment

List of Attached Documents:

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.........

Yes

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Rev. Proc. 98-19? If "Yes," complete Schedule C, Part III Click to see attachment

List of Attached Documents:

// Content

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I Click to see attachment

List of Attached Documents:

// Content

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

Yes

Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II Click to see attachment

List of Attached Documents:

// Content

....

Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part III Click to see attachment

List of Attached Documents:

// Content

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

Yes

Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV Click to see attachment

List of Attached Documents:

// Content

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

Yes

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi endowments? If "Yes," complete Schedule D, Part V......

Yes

If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X, as applicable.

Did the organization report an amount for land, buildings, and equipment in Part X, line 10? If "Yes," complete
Schedule D, Part VI. Click to see attachment

List of Attached Documents:

// Content

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

11a

Yes

Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII Click to see attachment

List of Attached Documents:

// Content

.......

11b

Yes

Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII Click to see attachment

List of Attached Documents:

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.......

11c

Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX Click to see attachment

List of Attached Documents:

// Content

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

11d

Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11e

Yes

Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X Click to see attachment

List of Attached Documents:

// Content

11f

Yes

12a

Did the organization obtain separate, independent audited financial statements for the tax year? If "Yes," complete
Schedule D, Parts XI and XII Click to see attachment

List of Attached Documents:

// Content

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

12a

Yes

Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment

List of Attached Documents:

// Content

12b

Yes

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E Click to see attachment

List of Attached Documents:

// Content

Yes

14a

Did the organization maintain an office, employees, or agents outside of the United States? .....

14a

Yes

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV......... Click to see attachment

List of Attached Documents:

// Content

14b

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV..... Click to see attachment

List of Attached Documents:

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Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV... Click to see attachment

List of Attached Documents:

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Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I. See instructions. .... Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III................... Click to see attachment

List of Attached Documents:

// Content

20a

Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....

20a

If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?

20b

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II..... Click to see attachment

List of Attached Documents:

// Content

Yes

Form 990 (2023)

Page 4

Part IV

Checklist of Required Schedules (continued)

Yes

Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment

List of Attached Documents:

// Content

Yes

24a

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a............... Click to see attachment

List of Attached Documents:

// Content

24a

Yes

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...

24b

Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? ...............

24c

Yes

Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...

24d

25a

Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I .... Click to see attachment

List of Attached Documents:

// Content

25a

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I....................... Click to see attachment

List of Attached Documents:

// Content

25b

Did the organization report any amount on Part X, line 5 or 22 for receivables from or 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? If "Yes," complete Schedule L, Part II Click to see attachment

List of Attached Documents:

// Content

...........

Yes

Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?

If "Yes," complete

Schedule L, Part III Click to see attachment

List of Attached Documents:

// Content

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

Yes

Was the organization a party to a business transaction with one of the following parties (see the Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):

A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV...................... Click to see attachment

List of Attached Documents:

// Content

28a

A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV..... Click to see attachment

List of Attached Documents:

// Content

28b

Yes

A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................

28c

Yes

Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M.. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M ................. Click to see attachment

List of Attached Documents:

// Content

Yes

Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I............ Click to see attachment

List of Attached Documents:

// Content

Yes

Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1......................... Click to see attachment

List of Attached Documents:

// Content

Yes

35a

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

35a

Yes

If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 ... Click to see attachment

List of Attached Documents:

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35b

Yes

Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2............. Click to see attachment

List of Attached Documents:

// Content

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI Click to see attachment

List of Attached Documents:

// Content

Did the organization complete Schedule O and provide explanations on Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............

Yes

Part V

Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response or note to any line in this Part V...........

Yes

Enter the number reported in box 3 of Form 1096. Enter -0- if not applicable ..

27,499

Enter the number of Forms W-2G included on line 1a. Enter -0- if not applicable .

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................

Yes

Form 990 (2023)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance (continued)

Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................

11,236

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Yes

Did the organization have unrelated business gross income of $1,000 or more during the year?...

Yes

If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...

Yes

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ..

Yes

If "Yes," enter the name of the foreign country: CA , CJ
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions? ...

If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................

Organizations that may receive deductible contributions under section 170(c).

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor? ....................

Yes

If "Yes," did the organization notify the donor of the value of the goods or services provided? .....

Yes

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................

If "Yes," indicate the number of Forms 8282 filed during the year ....

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................

Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........

Sponsoring organizations maintaining donor advised funds.

Did the sponsoring organization make any taxable distributions under section 4966?........

Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on Part VIII, line 12 ...

10a

Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities

10b

Section 501(c)(12) organizations. Enter:

Gross income from members or shareholders .........

11a

Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........

11b

12a

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

12a

If "Yes," enter the amount of tax-exempt interest received or accrued during the year.

12b

Section 501(c)(29) qualified nonprofit health insurance issuers.

Is the organization licensed to issue qualified health plans in more than one state? .........
Note. See the instructions for additional information the organization must report on Schedule O.

13a

Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....

13b

Enter the amount of reserves on hand ............

13c

14a

Did the organization receive any payments for indoor tanning services during the tax year?.....

14a

If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..

14b

Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see the instructions and file Form 4720, Schedule N.

Yes

Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.

Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.

Form 990 (2023)

Page 6

Part VI

Governance, Management, and Disclosure. For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.

Check if Schedule O contains a response or note to any line in this Part VI..............

Section A. Governing Body and Management

Yes

Enter the number of voting members of the governing body at the end of the tax year

If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.

Enter the number of voting members included in line 1a, above, who are independent

Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................

Yes

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .

Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .

Did the organization become aware during the year of a significant diversion of the organization’s assets? .

Did the organization have members or stockholders? ................

Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................

Yes

Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................

Yes

Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:

The governing body? .......................

Yes

Each committee with authority to act on behalf of the governing body? ............

Yes

Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......

Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)

Yes

10a

Did the organization have local chapters, branches, or affiliates? ............

10a

If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?

10b

11a

Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................

11a

Yes

Describe on Schedule O the process, if any, used by the organization to review this Form 990. .....

12a

Did the organization have a written conflict of interest policy? If "No," go to line 13.......

12a

Yes

Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................

12b

Yes

Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe on Schedule O how this was done...................

12c

Yes

Did the organization have a written whistleblower policy? ...............

Yes

Did the organization have a written document retention and destruction policy? .........

Yes

Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

The organization’s CEO, Executive Director, or top management official ...........

15a

Yes

Other officers or key employees of the organization ................

15b

Yes

If "Yes" to line 15a or 15b, describe the process on Schedule O. See instructions.

16a

Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................

16a

Yes

If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............

16b

Yes

Section C. Disclosure

List the states with which a copy of this Form 990 is required to be filed

AK , CO , GA , KY , MD , MI , NH , OH , OK , OR , SC

Section 6104 requires an organization to make its Form 1023 (1024 or 1024-A, if applicable), 990, and 990-T (section 501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.

Own website Another's website Upon request Other (explain in Schedule O)

Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.

State the name, address, and telephone number of the person who possesses the organization's books and records:
SUSAN ANZ700 S UNIVERSITY PARKS DR WACO,TX767061003 (254) 710-8641

Form 990 (2023)

Page 7

Part VII

Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors

Check if Schedule O contains a response or note to any line in this Part VII..............

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet

List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

List all of the organization’s current key employees, if any. See the instructions for definition of "key employee."

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

See the instructions for the order in which to list the persons above.

Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) ALICIA DH MONROE...................................................................... REGENT	2.00 ................. 0.00	X	141	0	0
(2) ANGELIQUE CUNNINGHAM...................................................................... REGENT	4.00 ................. 0.00	X	833	0	0
(3) ASHLEY HOOPER...................................................................... REGENT	4.00 ................. 0.00	X	2,147	0	0
(4) B TODD PATTERSON...................................................................... REGENT	10.00 ................. 0.00	X	161	0	0
(5) BARBARA CARGILL...................................................................... REGENT	4.00 ................. 0.00	X	720	0	0
(6) BRIAN RAINES...................................................................... REGENT	50.00 ................. 0.00	X	208,497	0	52,372
(7) CAREY HENDRICKSON...................................................................... REGENT	8.00 ................. 0.00	X	702	0	0
(8) DAVID BROOKS...................................................................... REGENT	5.00 ................. 0.00	X	70	0	0
(9) DON WILLET...................................................................... REGENT	4.00 ................. 0.00	X	2,612	0	0
(10) GAIL STEWART...................................................................... REGENT	6.00 ................. 0.00	X	173	0	0
(11) JACK HARPER...................................................................... REGENT	10.00 ................. 0.00	X	141	0	0
(12) JAMES JD MCDONALD...................................................................... REGENT	3.00 ................. 0.00	X	939	0	0
(13) JAY A BROWN...................................................................... REGENT	4.00 ................. 0.00	X	141	0	0
(14) JILL MANNING...................................................................... REGENT	4.00 ................. 0.00	X	741	0	0
(15) JULIE HERMANSEN TURNER...................................................................... REGENT	5.00 ................. 0.00	X	121	0	0
(16) KATIE JO LUNINGHAM...................................................................... REGENT	3.00 ................. 0.00	X	1,416	0	0
(17) KIM STEVENS...................................................................... REGENT	2.00 ................. 0.00	X	121	0	0

Form 990 (2023)

Page 8

Part VII

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)					(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) LESLEY MCALLISTER........................................................................ REGENT	40.00 .......................0.00	X					129,770	0	14,246
(19) MANNY RUIZ........................................................................ REGENT	4.00 .......................0.00	X					2,313	0	0
(20) MARK ROUNTREE........................................................................ REGENT	2.00 .......................0.00	X					1,606	0	0
(21) MARTHA DELEHANTY........................................................................ REGENT	1.75 .......................0.00	X					70	0	0
(22) MELISSA PURDY MINES........................................................................ REGENT	2.00 .......................0.00	X					1,059	0	0
(23) MICHAEL MCFARLAND........................................................................ REGENT	1.00 .......................0.00	X					5,141	0	0
(24) MICHAEL P HEISKELL........................................................................ REGENT	2.00 .......................0.00	X					2,325	0	0
(25) PAULA HURD........................................................................ REGENT	4.00 .......................0.00	X					121	0	0
(26) RENE MACIEL........................................................................ REGENT	2.00 .......................0.00	X					766	0	0
(27) SARAH GAHM........................................................................ REGENT	4.00 .......................0.00	X					691	0	0
(28) STEPHEN WELLS........................................................................ REGENT	6.00 .......................0.00	X					2,842	0	0
(29) TODD A REPPERT........................................................................ REGENT	4.00 .......................0.00	X					691	0	0
(30) TYLER C COOPER........................................................................ REGENT	2.00 .......................0.00	X					386	0	0
(31) WILLIAM MEARSE........................................................................ REGENT	8.00 .......................0.00	X					378	0	0
(32) XAVIER DAWES........................................................................ REGENT	8.00 .......................0.00	X					670	0	0
(33) BRETT DALTON........................................................................ CHIEF BUSINESS OFFICER (THRU 06/2023)	60.00 .......................0.00		X				600,256	0	40,649
(34) BRETT POWELL........................................................................ ASSOC VP OF FINANCE & TREASURER	60.00 .......................0.00		X				313,988	0	54,003
(35) CHERYL GOCHIS........................................................................ VP FOR HR AND CHIEF HR OFFICER	55.00 .......................0.00		X				360,914	0	56,514
(36) CHRIS HOLMES........................................................................ GENERAL COUNSEL & CHIEF LEGAL OFFICER	48.00 .......................0.00		X				566,150	0	84,514
(37) CURTIS REYNOLDS........................................................................ VP OF BUSINESS & FINANCE & CFO	50.00 .......................0.00		X				0	0	0
(38) DAVE CLENDENNEN........................................................................ ASST VP FOR FIN SYS & ASST TREASURER	45.00 .......................0.00		X				177,707	0	41,809
(39) DAVE ROSSELLI........................................................................ VP FOR UNIVERSITY DEVELOPMENT	60.00 .......................0.00		X				340,595	0	48,957
(40) FELICIA CRUZ........................................................................ DIR OF LEGAL INTL SERVICES ; AST SEC	40.00 .......................0.00		X				73,097	0	17,389
(41) JASON COOK........................................................................ VP FOR MKT & COMM & CMO	60.00 .......................0.00		X				450,093	0	114,642
(42) JASON DIFFENDERFER........................................................................ VP FOR UNIVERSITY ADVANCEMENT	50.00 .......................0.00		X				0	0	0
(43) TAYLOR J PERRY........................................................................ ASSISTANT TO GENERAL COUNSEL & GVMT RELATIONS	40.00 .......................0.00		X				58,303	0	15,761
(44) KEVIN JACKSON........................................................................ VICE PRESIDENT FOR STUDENT LIFE	60.00 .......................0.00		X				335,965	0	60,982
(45) KRISTY J ORR........................................................................ BOARD PROFESSIONAL	60.00 .......................0.00		X				249,458	0	36,813
(46) LINDA LIVINGSTONE........................................................................ PRESIDENT	75.00 .......................0.00		X				1,695,771	0	151,292
(47) MACK RHOADES........................................................................ VP & DIRECTOR OF ATHLETICS	60.00 .......................0.00		X				3,041,745	0	65,403
(48) MARSHA DUCKWORTH........................................................................ SR DIR FOR BOARD & LEGAL SERVICES; ASST SEC.	50.00 .......................0.00		X				129,644	0	16,355
(49) NANCY BRICKHOUSE........................................................................ VICE PRESIDENT AND PROVOST	60.00 .......................0.00		X				647,153	0	36,328
(50) ROBYN DRISKELL........................................................................ CHIEF OF STAFF TO THE PRES AND VP OF INTERNAL	55.00 .......................0.00		X				347,901	0	89,477
(51) SUSAN ANZ........................................................................ DEPUTY CHIEF BUSINESS OFFICER	55.00 .......................0.00		X				313,647	0	118,018
(52) TIFFANY HOGUE........................................................................ CHIEF OF STAFF TO THE PRESIDENT	50.00 .......................0.00		X				264,235	0	30,131
(53) TOBY BARNETT........................................................................ ASSOC VP & CAMPAIGN DIRECTOR	60.00 .......................0.00		X				282,850	0	56,978
(54) DAVID MOREHEAD........................................................................ CHIEF INVESTMENT OFFICER	60.00 .......................0.00			X			1,299,242	0	60,927
(55) GARY CARINI........................................................................ VICE PROVOST	50.00 .......................0.00			X			420,566	0	116,582
(56) LEE NORDT........................................................................ DEAN OF ARTS & SCIENCES	40.00 .......................0.00			X			314,672	0	53,335
(57) AJ STEWARD........................................................................ ASSISTANT HEAD COACH	40.00 .......................0.00				X		1,270,692	0	59,031
(58) DAVE ARANDA........................................................................ FOOTBALL HEAD COACH	40.00 .......................0.00				X		4,644,744	0	57,826
(59) JEFF GRIMES........................................................................ FOOTBALL OC (THRU 11/2023)	70.00 .......................0.00				X		1,833,638	0	78,151
(60) NICKI COLLEN........................................................................ HEAD WOMEN'S BASKETBALL COACH	65.00 .......................0.00				X		1,185,132	0	92,224
(61) SCOTT DREW........................................................................ HEAD MEN'S BASKETBALL COACH	70.00 .......................0.00				X		5,361,887	0	112,403
(62) ANDREA DIXON........................................................................ REGENT (THRU 05/2019)	40.00 .......................0.00					X	306,226	0	46,945
(63) GAYNOR YANCEY........................................................................ REGENT (THRU 05/2020)	40.00 .......................0.00					X	139,870	0	24,754
(64) SARA L DOLAN........................................................................ REGENT (THRU 05/2023)	40.00 .......................0.00					X	183,254	0	39,029
(65) DARIN DAVIS........................................................................ VP FOR UNIV MISSION (THRU 06/2019)	40.00 .......................0.00					X	149,740	0	93,749
(66) GARY MORTENSON........................................................................ VICE PROVOST (THRU 04/2019)	40.00 .......................0.00					X	230,644	0	45,271

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	27,958,284	0	2,082,860

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 1,029

Yes

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............

Yes

For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such
individual...........................

Yes

Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........

Section B. Independent Contractors

Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.

(A) Name and business address	(B) Description of services	(C) Compensation
AUSTIN COMMERCIAL LP 3535 TRAVIS ST DALLAS,TX75204	CONSTRUCTION SERVICES	87,285,953
JE DUNN CONSTRUCTION COMPANY 1001 LOCUST ST KANSAS CITY,MO64106	CONSTRUCTION SERVICES	74,943,889
ARAMARK FACILITY SERVICES 24818 NETWORK PLACE CHICAGO,IL60673	FACILITY MAINTENANCE	49,905,899
ARAMARK EDUCATIONAL 24818 NETWORK PLACE CHICAGO,IL60673	EDUCATIONAL SERVICES	22,579,675
2U INC 7900 HARKINS ROAD LANHAM,MD20706	ONLINE ADADEMIC PROGRAM MANAGEMENT	20,698,579
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 360

Form 990 (2023)

Page 9

Part VIII

Statement of Revenue

Check if Schedule O contains a response or note to any line in this Part VIII.............

(A)
Total revenue

(B)
Related or
exempt
function
revenue

(D)
Revenue
excluded from
tax under sections
512 - 514

1a	Federated campaigns..		1a
b	Membership dues..		1b	18,968,060
c	Fundraising events..		1c	192,410
d	Related organizations		1d
e	Government grants (contributions)		1e	15,828,437

f	All other contributions, gifts, grants, and similar amounts not included above		1f	59,542,932

g	Noncash contributions included in lines 1a - 1f:$		1g	4,707,946

h Total. Add lines 1a-1f.......		94,531,839

		Business Code
2a	TUITION AND FEES	611310	1,026,823,218	1,026,823,218
b	GOVERNMENT CONTRACTS	611310	55,867,146	55,867,146
c	ATHLETICS	611310	53,746,162	51,561,428	963,618	1,221,116
d	ROOM AND BOARD	611310	47,617,290	47,617,290
e	EDUCATIONAL REVENUE	611310	33,216,728	33,216,728
f	All other program service revenue.		12,176,708	11,345,309	831,399
g	Total. Add lines 2a–2f .....		1,229,447,252

3 Investment income (including dividends, interest, and othersimilar amounts) ......			119,535,094		38,933,563	80,601,531
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			9,137,753			9,137,753
			(i) Real	(ii) Personal
6a	Gross rents	6a	4,543,141
b	Less: rental expenses	6b	0
c	Rental income or (loss)	6c	4,543,141
d	Net rental income or (loss).......			4,543,141			4,264,880
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	5,322,932
b	Less: cost or other basis and sales expenses	7b	0
c	Gain or (loss)	7c	5,322,932
d	Net gain or (loss).........			5,322,932			5,322,932
8a	Gross income from fundraising events (not including $ 192,410of contributions reported on line 1c). See Part IV, line 18 ....
			8a	130,631
b	Less: direct expenses ...		8b	151,636
c	Net income or (loss) from fundraising events..			-21,005			-21,005
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
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......
12	Total revenue. See instructions.....			1,462,497,006	1,226,431,119	41,006,841	100,527,207

Form 990 (2023)

Page 10

Part IX

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX..............

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	12,693,668	12,693,668
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	417,068,724	417,068,724
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	124,020	124,020
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	13,590,693	2,793,780	8,957,608	1,839,305
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	798,596	503,138	295,458
7	Other salaries and wages........	415,399,138	376,755,257	31,082,455	7,561,426
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	35,069,000	2,223,506	32,845,494
9	Other employee benefits .......	68,204,851	16,268,072	49,313,610	2,623,169
10	Payroll taxes ...........	25,029,178	2,462,659	22,566,519
11	Fees for services (non-employees):
a	Management ......	6,637,049	3,099,650	3,396,515	140,884
b	Legal .........	3,582,492		3,582,492
c	Accounting ...........	297,656		297,656
d	Lobbying ...........	389,527		389,527
e	Professional fundraising services. See Part IV, line 17	214,061			214,061
f	Investment management fees ......	9,438,853		9,438,853
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	54,975,263	26,665,458	27,142,488	1,167,317
12	Advertising and promotion ....	7,318,959	3,790,867	3,377,459	150,633
13	Office expenses .......	37,682,873	32,610,634	4,040,079	1,032,160
14	Information technology ......	22,685,999	19,764,176	2,655,532	266,291
15	Royalties ..	270,481	270,481
16	Occupancy ...........	69,423,083	44,603,070	24,310,419	509,594
17	Travel ............	38,243,908	34,957,825	2,200,680	1,085,403
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	12,360,462	11,554,348	614,578	191,536
20	Interest ...........	24,475,112	20,852,258	3,622,854
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	66,509,352	60,840,214	5,669,138
23	Insurance ...	5,468,979	5,461,160	7,819
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	SPONSORED PROJECT SUBCO	13,989,826	12,660,746	1,329,080
b	NON-CAPITALIZED MINOR A	6,843,854	5,553,861	1,221,387	68,606
c	EXCISE TAX	2,903,427		2,903,427
d	BAD DEBTS	2,526,098	853,601	1,672,497
e	All other expenses	36,221,227	6,040,987	29,552,026	628,214
25	Total functional expenses. Add lines 1 through 24e	1,410,436,409	1,120,472,160	272,485,650	17,478,599
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).

Form 990 (2023)

Page 11

Part X

Balance Sheet

Check if Schedule O contains a response or note to any line in this Part IX..............

				(A) Beginning of year		(B) End of year

1	Cash–non-interest-bearing ........			690,247	1	943,436
2	Savings and temporary cash investments .........			265,404,117	2	224,987,432
3	Pledges and grants receivable, net ......			98,766,918	3	91,404,296
4	Accounts receivable, net .............			90,866,861	4	84,114,322
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 .......
				1,249,876	5	1,294,373
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) ...
				0	6
7	Notes and loans receivable, net ...........			219,947	7	238,036
8	Inventories for sale or use ............			639,764	8	693,362
9	Prepaid expenses and deferred charges ......			47,769,036	9	60,376,381
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	2,238,765,669
b	Less: accumulated depreciation	10b	799,033,399	1,250,783,934	10c	1,439,732,270
11	Investments—publicly traded securities .			14,044,629	11	16,892,760
12	Investments—other securities. See Part IV, line 11 .....			2,229,748,551	12	2,273,156,100
13	Investments—program-related. See Part IV, line 11 ..			3,146,704	13	1,701,647
14	Intangible assets ...............			0	14
15	Other assets. See Part IV, line 11 ...........			0	15
16	Total assets. Add lines 1 through 15 (must equal line 33)...			4,003,330,584	16	4,195,534,415

17	Accounts payable and accrued expenses .....	116,243,590	17	155,014,664
18	Grants payable ...		18
19	Deferred revenue .........	112,435,104	19	100,467,029
20	Tax-exempt bond liabilities .........	192,599,825	20	187,374,378
21	Escrow or custodial account liability. Complete Part IV of Schedule D	20,060	21	20,060
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 ..	1,063,418	23	467,095
24	Unsecured notes and loans payable to unrelated third parties ..	0	24	0
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	581,579,653	25	580,115,662
26	Total liabilities. Add lines 17 through 25..	1,003,941,650	26	1,023,458,888

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	1,142,505,614	27	1,304,899,330
28	Net assets with donor restrictions ...........	1,856,883,320	28	1,867,176,197
	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 ...........	2,999,388,934	32	3,172,075,527
33	Total liabilities and net assets/fund balances ........	4,003,330,584	33	4,195,534,415

Form 990 (2023)

Page 12

Part XI

Reconcilliation of Net Assets

Check if Schedule O contains a response or note to any line in this Part XI..............

Total revenue (must equal Part VIII, column (A), line 12) ............

1,462,497,006

Total expenses (must equal Part IX, column (A), line 25) ............

1,410,436,409

Revenue less expenses. Subtract line 2 from line 1 ..............

52,060,597

Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..

2,999,388,934

Net unrealized gains (losses) on investments ...............

119,488,318

Donated services and use of facilities .................

Investment expenses .....................

Prior period adjustments .....................

Other changes in net assets or fund balances (explain in Schedule O) ........

1,137,678

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))

3,172,075,527

Part XII

Financial Statements and Reporting

Check if Schedule O contains a response or note to any line in this Part XII.............

Yes

Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain on
Schedule O.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

Were the organization’s financial statements audited by an independent accountant?

Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?

Yes

If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?

Yes

If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.

Yes

Form 990 (2023)

Additional Data

Software ID:
Software Version:

Form 990, Special Condition Description:

Special Condition Description

- 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.
right arrow

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

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

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) 2023

Page 2

Part II

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

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..	167,770,978	130,926,620	153,185,668	168,028,590	94,531,839	714,443,695
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	167,770,978	130,926,620	153,185,668	168,028,590	94,531,839	714,443,695
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) ..						66,418,228
6	Public support. Subtract line 5 from line 4.						648,025,467

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2019	(b) 2020	(c) 2021	(d) 2022	(e) 2023	(f) Total
7	Amounts from line 4..	167,770,978	130,926,620	153,185,668	168,028,590	94,531,839	714,443,695
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	85,510,771	84,307,738	88,555,531	111,600,189	130,205,739	500,179,968
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.)..	1,389,837	1,054,542	1,148,696	84,620	1,351,747	5,029,442
11	Total support. Add lines 7 through 10						1,219,653,105

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

6,064,204,498

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

Section C. Computation of Public Support Percentage

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

53.130 %

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

54.350 %

16a

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

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

17a

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

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

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

Schedule A (Form 990) 2023

Page 3

Part III

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

Section A. Public Support

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

Section B. Total Support

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

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

Section C. Computation of Public Support Percentage

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

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

Section D. Computation of Investment Income Percentage

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

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

19a

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

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

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

Schedule A (Form 990) 2023

Page 4

Part IV

Supporting Organizations

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

Section A. All Supporting Organizations

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10a

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

10a

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

10b

Schedule A (Form 990) 2023

Page 5

Part IV

Supporting Organizations (continued)

Yes

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

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

11a

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

11b

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

11c

Section B. Type I Supporting Organizations

Yes

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

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

Section C. Type II Supporting Organizations

Yes

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

Section D. All Type III Supporting Organizations

Yes

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

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) 2023

Page 6

Part V

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

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

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

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

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

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

Schedule A (Form 990) 2023

Page 7

Part V

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

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

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

Schedule A (Form 990) (2023)

Schedule A (Form 990) 2023

Page 8

Part VI

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

Facts And Circumstances Test

Return Reference	Explanation
Schedule A, Part II, Line 10, Explanation of Other Income:	SPONSORSHIP INCOME - 2019 Amount: $ 1,075,260. 2020 Amount: $ 864,853. 2021 Amount: $ 885,623. 2022 Amount: $ 0. 2023 Amount: $ 1,221,116. INCOME FROM FUNDRAISING EVENTS - 2019 Amount: $ 187,047. 2020 Amount: $ 189,689. 2021 Amount: $ 263,073. 2022 Amount: $ 84,620. 2023 Amount: $ 130,631. COMMISSIONS - 2019 Amount: $ 127,530. 2020 Amount: $ 0. 2021 Amount: $ 0. 2022 Amount: $ 0. 2023 Amount: $ 0.
SCHEDULE A, PART I - SELECTION OF LINE 2	BAYLOR UNIVERSITY HAS BEEN RECOGNIZED AS A SCHOOL DESCRIBED IN SECTION 170(B)(1)(A)(II), AND AS SUCH, BAYLOR HAS CHECKED BOX 2 ON SCHEDULE A, PART I AND COMPLETED SCHEDULE E. BAYLOR UNIVERSITY ALSO SATISFIES THE PUBLIC SUPPORT TEST AS DESCRIBED UNDER BOX 7 ON SCHEDULE A, PART I. BAYLOR HAS ELECTED TO COMPLETE SCHEDULE A, PART II IN ORDER TO QUALIFY FOR THE SPECIAL RULE FOR REPORTING CONTRIBUTIONS ON SCHEDULE B.

Return Reference

Explanation

Schedule A, Part II, Line 10, Explanation of Other Income:

SPONSORSHIP INCOME - 2019 Amount: $ 1,075,260. 2020 Amount: $ 864,853. 2021 Amount: $ 885,623. 2022 Amount: $ 0. 2023 Amount: $ 1,221,116. INCOME FROM FUNDRAISING EVENTS - 2019 Amount: $ 187,047. 2020 Amount: $ 189,689. 2021 Amount: $ 263,073. 2022 Amount: $ 84,620. 2023 Amount: $ 130,631. COMMISSIONS - 2019 Amount: $ 127,530. 2020 Amount: $ 0. 2021 Amount: $ 0. 2022 Amount: $ 0. 2023 Amount: $ 0.

SCHEDULE A, PART I - SELECTION OF LINE 2

BAYLOR UNIVERSITY HAS BEEN RECOGNIZED AS A SCHOOL DESCRIBED IN SECTION 170(B)(1)(A)(II), AND AS SUCH, BAYLOR HAS CHECKED BOX 2 ON SCHEDULE A, PART I AND COMPLETED SCHEDULE E. BAYLOR UNIVERSITY ALSO SATISFIES THE PUBLIC SUPPORT TEST AS DESCRIBED UNDER BOX 7 ON SCHEDULE A, PART I. BAYLOR HAS ELECTED TO COMPLETE SCHEDULE A, PART II IN ORDER TO QUALIFY FOR THE SPECIAL RULE FOR REPORTING CONTRIBUTIONS ON SCHEDULE B.

Schedule A (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990)

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

2023

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

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 ......... Arrow Bullet

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) (2023)

Schedule B (Form 990) (2023) Page 2

Name of organization BAYLOR UNIVERSITY

Part I Contributors	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) (2023)

Schedule B (Form 990) (2023)

Page 3

Name of organization BAYLOR UNIVERSITY		Employer identification number 74-1159753

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) (2023)

Schedule B (Form 990) (2023)

Page 4


Name of organization BAYLOR UNIVERSITY			Employer identification number 74-1159753
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) (2023)

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

2022

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

BAYLOR UNIVERSITY

Employer identification number

74-1159753

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) 2022

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) 2019	(b) 2020	(c) 2021	(d) 2022	(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) 2022

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|No

(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? ...........................................................................................................

Yes

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

Yes

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

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

Yes

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

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

Yes

394,488

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

Yes

344,798

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

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

Yes

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

739,286

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
Part II-B, Line 1:	INSTITUTIONAL LOBBYING ACTIVITIES WERE DIRECTED BOTH INTERNALLY AND BY AN OUTSIDE GOVERNMENTAL RELATIONS FIRM AND THREE INDEPENDENT CONTRACTORS. THE OFFICE OF GOVERNMENTAL RELATIONS MAINTAINED CONTACT WITH LOCAL, STATE, AND FEDERAL OFFICIALS THROUGH MEETINGS IN WACO, AUSTIN, AND WASHINGTON DC TO DISCUSS MATTERS RELATING TO HIGHER EDUCATION, INCLUDING STUDENT FINANCIAL AID, TAX POLICY, FEDERAL RESEARCH FUNDING, POVERTY AND HUNGER, STATE FUNDING FOR DEVELOPMENT OF TECHNOLOGICAL INFRASTRUCTURE, AND MISCELLANEOUS LOCAL MATTERS. A VOLUNTEER STUDENT ORGANIZATION, THE BAYLOR AMBASSADORS, WORKED CLOSELY WITH THE OFFICE OF GOVERNMENTAL RELATIONS AND ASSISTED IN ADVOCATING TO THE STATE LEGISLATURE AND U.S. CONGRESS ON ISSUES BENEFICIAL TO BAYLOR STUDENTS, SUCH AS FINANCIAL AID PROGRAMS. THE UNIVERSITY ALSO HIRED AN OUTSIDE REGISTERED GOVERNMENTAL RELATIONS REPRESENTATIVE IN WASHINGTON DC. THIS REPRESENTATIVE ENGAGED IN SIMILAR ACTIVITIES AS NOTED ABOVE. THE UNIVERSITY RESPONDED "YES" ON LINE 1D BUT REPORTED ZERO EXPENSE AS THE UNIVERSITY DID SEND EMAILS BUT WAS NOT ABLE TO APPORTION THE INSIGNIFICANT COSTS ASSOCIATED WITH SUCH EMAILS. SIMILARLY, THE UNIVERSITY RESPONDED "YES" ON LINE 1L BUT REPORTED ZERO RELATED EXPENSES AS BAYLOR PAID MEMBERSHIP DUES TO THE INDEPENDENT COLLEGES AND UNIVERSITIES OF TEXAS, THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES, THE AMERICAN COUNCIL ON EDUCATION, AND THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS. THESE ORGANIZATIONS MAY HAVE ENGAGED IN LOBBYING ACTIVITIES; HOWEVER, NO DUES WERE SPECIFICALLY ALLOCATED TO LOBBYING COSTS. THE TOTAL AMOUNT SPENT BY BAYLOR ON LOBBYING ACTIVITIES REPRESENTS AN INSIGNIFICANT PORTION OF THE UNIVERSITY'S TOTAL EXPENSES.

Return Reference

Explanation

Part II-B, Line 1:

INSTITUTIONAL LOBBYING ACTIVITIES WERE DIRECTED BOTH INTERNALLY AND BY AN OUTSIDE GOVERNMENTAL RELATIONS FIRM AND THREE INDEPENDENT CONTRACTORS. THE OFFICE OF GOVERNMENTAL RELATIONS MAINTAINED CONTACT WITH LOCAL, STATE, AND FEDERAL OFFICIALS THROUGH MEETINGS IN WACO, AUSTIN, AND WASHINGTON DC TO DISCUSS MATTERS RELATING TO HIGHER EDUCATION, INCLUDING STUDENT FINANCIAL AID, TAX POLICY, FEDERAL RESEARCH FUNDING, POVERTY AND HUNGER, STATE FUNDING FOR DEVELOPMENT OF TECHNOLOGICAL INFRASTRUCTURE, AND MISCELLANEOUS LOCAL MATTERS. A VOLUNTEER STUDENT ORGANIZATION, THE BAYLOR AMBASSADORS, WORKED CLOSELY WITH THE OFFICE OF GOVERNMENTAL RELATIONS AND ASSISTED IN ADVOCATING TO THE STATE LEGISLATURE AND U.S. CONGRESS ON ISSUES BENEFICIAL TO BAYLOR STUDENTS, SUCH AS FINANCIAL AID PROGRAMS. THE UNIVERSITY ALSO HIRED AN OUTSIDE REGISTERED GOVERNMENTAL RELATIONS REPRESENTATIVE IN WASHINGTON DC. THIS REPRESENTATIVE ENGAGED IN SIMILAR ACTIVITIES AS NOTED ABOVE. THE UNIVERSITY RESPONDED "YES" ON LINE 1D BUT REPORTED ZERO EXPENSE AS THE UNIVERSITY DID SEND EMAILS BUT WAS NOT ABLE TO APPORTION THE INSIGNIFICANT COSTS ASSOCIATED WITH SUCH EMAILS. SIMILARLY, THE UNIVERSITY RESPONDED "YES" ON LINE 1L BUT REPORTED ZERO RELATED EXPENSES AS BAYLOR PAID MEMBERSHIP DUES TO THE INDEPENDENT COLLEGES AND UNIVERSITIES OF TEXAS, THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES, THE AMERICAN COUNCIL ON EDUCATION, AND THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS. THESE ORGANIZATIONS MAY HAVE ENGAGED IN LOBBYING ACTIVITIES; HOWEVER, NO DUES WERE SPECIFICALLY ALLOCATED TO LOBBYING COSTS. THE TOTAL AMOUNT SPENT BY BAYLOR ON LOBBYING ACTIVITIES REPRESENTS AN INSIGNIFICANT PORTION OF THE UNIVERSITY'S TOTAL EXPENSES.

Schedule C (Form 990) 2022

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

2022

Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

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.

		(b) Funds and other accounts
1	Total number at end of year .........	7
2	Aggregate value of contributions to (during year)	6,847
3	Aggregate value of grants from (during year)	153,463
4	Aggregate value at end of year ........	3,700,784

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

$ 67,875

(ii)

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

$ 17,331,580

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

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

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

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

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

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

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

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

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

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

Yes No

Part IV

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

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

Yes No


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

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

Yes No

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

Part V

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

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

1a	Beginning of year balance ....	1,961,763,008	1,993,616,602	1,829,449,463	1,381,438,203	1,322,821,444
b	Contributions ...	31,354,693	48,176,376	45,014,379	35,647,488	30,499,130
c	Net investment earnings, gains, and losses	200,709,951	1,970,824	191,747,006	483,615,079	99,732,103
d	Grants or scholarships ...	39,584,106	34,716,517	30,577,331	29,949,805	29,810,345
e	Other expenditures for facilities and programs ...	51,186,363	47,284,277	42,016,915	41,301,502	41,804,129
f	Administrative expenses ....	0	0	0	0	0
g	End of year balance ......	2,103,057,183	1,961,763,008	1,993,616,602	1,829,449,463	1,381,438,203

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

Board designated or quasi-endowment right arrow

19.000 %

Permanent endowment right arrow

51.000 %

Term endowment right arrow

30.000 %

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)

Yes

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

3a(ii)

Yes

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

Yes

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 .....	95,215,719		95,215,719
b	Buildings ....	1,886,693,610	658,074,083	1,228,619,527
c	Leasehold improvements	1,400,267	1,158,230	242,037
d	Equipment ....	229,047,576	134,930,362	94,117,214
e	Other .....	26,408,497	4,870,724	21,537,773
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				1,439,732,270

Schedule D (Form 990) 2022

Page 3

Part VII

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

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........	1,173,072	F
(3) Other (A) HIGH GROUND MANAGED FUNDS	199,562,680	F
(B) ASSETS HELD BY OTHERS	52,866,672	F
(C) BAYLOR UNIVERSITY FUND	1,969,833,034	F
(D) REAL ESTATE & OTHER	971,274	F
(E) CP LONG-TERM INVESTMENTS	14,722,370	F
(F) BOND PROCEEDS HELD BY TRUSTEES	11,850,666	F
(G) OPPENHEIMER LONG-TERM INVESTMENTS	22,176,332	F
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	2,273,156,100

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)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

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
CONDITIONAL ASSET RETIREMENT OBLIGATION	4,802,508
ANNUITES PAYABLE	6,317,288
ACCRUED POSTRETIREMENT BENEFITS	38,914,812
TAXABLE BONDS	527,885,082
FEDERAL LOAN FUNDS REFUNDABLE	2,025,023
LEASE LIABILITY	170,949



Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	580,115,662
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2022

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	1,585,905,079
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	119,488,318
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d	3,919,755
e	Add lines 2a through 2d .....................			2e	123,408,073
3	Subtract line 2e from line 1..................			3	1,462,497,006
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
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................			4c	0
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	1,462,497,006

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	1,413,552,610
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d	3,116,201
e	Add lines 2a through 2d....................			2e	3,116,201
3	Subtract line 2e from line 1...................			3	1,410,436,409
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
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	0
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	1,410,436,409

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 IV, Line 2b:	SEE STATEMENT
Part X, Line 2:	SEE STATEMENT
Part XI, Line 2d - Other Adjustments:	INCOME FROM SUBSIDIARY 826,353. ADJUSTMENT FOR LIFE EXPECTANCY 2,941,773. FUNDRAISING EXPENSES PREVIOUSLY NETTED 151,636. ROUNDING -7.
Part XII, Line 2d - Other Adjustments:	EXPENSES FROM SUBSIDIARY 1,160,469. FUNDRAISING EXPENSES PREVIOUSLY NETTED 151,636. POST RETIREMENT BENEFIT CHANGE 1,804,095. ROUNDING 1.
SCHEDULE D, PART III, LINE 4	BAYLOR CURRENTLY HOLDS COLLECTIONS OF ART, BOOKS, AND OTHER MEMORABILIA FOR EDUCATIONAL PURPOSES, INCLUDING PUBLIC EXHIBITION AND SCHOLARLY RESEARCH.
SCHEDULE D, PART IV, LINE 2B	THE FUNDS HELD REPRESENT THE UNIVERSITY ACTING IN AN AGENCY CAPACITY FOR VARIOUS STUDENT AND PROFESSIONAL ORGANIZATIONS, AS WELL AS OUTSIDE SCHOLARSHIPS.
SCHEDULE D, PART V, LINE 4	THE PRIMARY OBJECTIVE OF THE ENDOWMENT PORTFOLIO IS TO PRESERVE AND ENHANCE THE REAL PURCHASING POWER OF THE PORTFOLIO ASSETS TO HELP MAINTAIN INTERGENERATIONAL EQUITY OF THE CORPUS. THIS WILL OCCUR WHILE ALSO PROVIDING REASONABLE ANNUAL SUPPORT TO BAYLOR.
SCHEDULE D, PART X, LINE 2	TAX STATUS & ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THE UNIVERSITY IS EXEMPT FROM INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE ("IRC") OF 1986, AS AMENDED, AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE IRC AS EVIDENCED BY ITS MOST RECENT DETERMINATION LETTER DATED MAY 23, 2002. THE UNIVERSITY HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION BECAUSE IT QUALIFIES UNDER SECTION 509(A)(1) AS AN EDUCATIONAL INSTITUTION, AND DONATIONS TO IT QUALIFY FOR DEDUCTION AS CHARITABLE CONTRIBUTIONS. HOWEVER, INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE UNIVERSITY'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER IRC SECTION 511. THE UNIVERSITY FILES UNRELATED BUSINESS INCOME TAX AND OTHER RETURNS AS REQUIRED BY GOVERNMENT AUTHORITIES. TAX POSITIONS TAKEN RELATING TO THE UNIVERSITY'S TAX-EXEMPT STATUS, UNRELATED BUSINESS INCOME ACTIVITIES TAXABLE INCOME AND DEDUCTIBILITY OF EXPENSES, AND OTHER MISCELLANEOUS TAX POSITIONS TAKEN BY THE UNIVERSITY WOULD MORE LIKELY THAN NOT BE SUSTAINED BY EXAMINATION. ACCORDINGLY, THE UNIVERSITY HAS NOT RECORDED AN INCOME TAX LIABILITY FOR UNCERTAIN TAX BENEFITS. AS OF MAY 31, 2024, THE UNIVERSITY'S TAX YEARS ENDED MAY 31, 2021 THROUGH 2024, GENERALLY, REMAIN SUBJECT TO EXAMINATION.

Schedule D (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE E(Form 990)

Department of the Treasury
Internal Revenue Service

Schools

Complete if the organization answered "Yes" on Form 990,
Part IV, line 13, or Form 990-EZ, Part VI, line 48.
Right pointing arrow large image

Attach to Form 990 or Form 990-EZ.
Right pointing arrow large image

Go to www.irs.gov/Form990EZ for the latest information.

OMB No. 1545-0047 2023Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

YES

Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws,

other governing instrument, or in a resolution of its governing body? . . . . . . . . . . . . . . . . . .

Yes

Does the organization include a statement of its racially nondiscriminatory policy toward students in all its

brochures, catalogues, and other written communications with the public dealing with student admissions,

programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Has the organization publicized its racially nondiscriminatory policy on its primary publicly accessible Internet homepage at

all times during its taxable year in a manner reasonably expected to be noticed by visitors to the homepage, or through

newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no

solicitation program, in a way that makes the policy known to all parts of the general community it serves? If "Yes," please

describe. If "No," please explain. If you need more space use Part II. . . . . . . . . . . . . . . . . . .

Yes

Does the organization maintain the following?

Records indicating the racial composition of the student body, faculty, and administrative staff? . . . . . . . . .

Yes

Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

with student admissions, programs, and scholarships? . . . . . . . . . . . . . . . . . . . . . . .

Yes

Copies of all material used by the organization or on its behalf to solicit contributions? . . . . . . . . . . . .

Yes

If you answered "No" to any of the above, please explain. If you need more space, use Part II.

Does the organization discriminate by race in any way with respect to:

Students' rights or privileges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . . . . . . . .

Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . . . . . . . .

Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Use of facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Athletic programs? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

If you answered "Yes" to any of the above, please explain. If you need more space, use Part II.

Does the organization receive any financial aid or assistance from a governmental agency? . . . . . . . . . .

Yes

Has the organization's right to such aid ever been revoked or suspended? . . . . . . . . . . . . . . . .

If you answered "Yes" to either line 6a or line 6b, explain on Part II.

Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4.05

of Rev. Proc. 75-50, 1975-2 C.B. 587, as modified by Rev. Proc. 2019-22, 2019-22 I.R.B. 1260, covering racial nondiscrimination? If "No," explain on Part II. . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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

Cat. No. 50085D

Schedule E (Form 990) (2023)

Page 2

Part II

Supplemental Information. Provide the explanations required by Part I, lines 3, 4d, 5h, 6b, and 7, as applicable. Also provide
any other additional information. See instructions.

Return Reference	Explanation
Schedule E, Part I, Line 3	THE UNIVERSITY'S NONDISCRIMINATION POLICY IS DISCLOSED IN THE ADMISSIONS APPLICATION AND MATERIALS PROVIDED TO EACH PROSPECTIVE STUDENT, AS WELL AS IN PUBLICLY AVAILABLE STUDENT POLICIES AND PROCEDURES DOCUMENTS.
Schedule E, Part I, Line 6	THE UNIVERSITY IS A PARTICIPANT IN STUDENT FINANCIAL AID PROGRAMS SUCH AS FEDERAL PELL GRANT, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, FEDERAL MCNAIR SCHOLARS, FEDERAL WORK STUDY, TEXAS TUITION EQUALIZATION GRANT, RECEIVES FEDERAL AND STATE FUNDING FOR RESEARCH GRANTS AND CONTRACTS.

Schedule E (Form 990) (2023)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16. Right arrow

Attach to Form 990. Right arrow

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

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization
BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in the region	(f) Total expenditures for and investments in the region
	Central America and the Caribbean	PROGRAM SERVICES	ATHLETIC TRAVEL	47
	Central America and the Caribbean	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	39,159
	Central America and the Caribbean	PROGRAM SERVICES	MISSION TRIPS	35,073
	Central America and the Caribbean	PROGRAM SERVICES	RESEARCH	12,818
	Central America and the Caribbean	PROGRAM SERVICES	STUDENT RECRUITMENT	4,022
	Central America and the Caribbean	PROGRAM SERVICES	STUDY ABROAD	15,860
	Central America and the Caribbean	Investments		85,000,000
	East Asia and the Pacific	PROGRAM SERVICES	ATHLETIC TRAVEL	4,941
	East Asia and the Pacific	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	106,067
	East Asia and the Pacific	PROGRAM SERVICES	MISSION TRIPS	22,867
	East Asia and the Pacific	PROGRAM SERVICES	RESEARCH	48,622
	East Asia and the Pacific	PROGRAM SERVICES	STUDENT RECRUITMENT	26,240
	East Asia and the Pacific	PROGRAM SERVICES	STUDY ABROAD	55,255
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	ATHLETIC TRAVEL	22,314
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	552,422
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	MISSION TRIPS	26,513
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	RESEARCH	95,364
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	STUDENT RECRUITMENT	16,976
	Europe (Including Iceland & Greenland)	PROGRAM SERVICES	STUDY ABROAD	233,123
	Europe (Including Iceland & Greenland)	Investments		1,400,887
	Middle East and North Africa	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	13,963
	Middle East and North Africa	PROGRAM SERVICES	MISSION TRIPS	175
	Middle East and North Africa	PROGRAM SERVICES	RESEARCH	750
	Middle East and North Africa	PROGRAM SERVICES	STUDENT RECRUITMENT	5,021
	Middle East and North Africa	Investments		1,733,314
	North America	PROGRAM SERVICES	ATHLETIC TRAVEL	3,303
	North America	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	68,263
	North America	PROGRAM SERVICES	MISSION TRIPS	1,422
	North America	PROGRAM SERVICES	RESEARCH	1,081
	North America	PROGRAM SERVICES	STUDENT RECRUITMENT	2,217
	North America	PROGRAM SERVICES	STUDY ABROAD	2,927
	Russia and Neighboring States	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	1,888
	Russia and Neighboring States	PROGRAM SERVICES	RESEARCH	1,000
	South America	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	17,086
	South America	PROGRAM SERVICES	MISSION TRIPS	396
	South America	PROGRAM SERVICES	RESEARCH	19,949
	South America	PROGRAM SERVICES	STUDENT RECRUITMENT	2,604
	South America	PROGRAM SERVICES	STUDY ABROAD	49,498
	South Asia	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	17,702
	South Asia	PROGRAM SERVICES	RESEARCH	532
	South Asia	PROGRAM SERVICES	STUDENT RECRUITMENT	2,709
	South Asia	PROGRAM SERVICES	STUDY ABROAD	6,552
	Sub-Saharan Africa	PROGRAM SERVICES	COURSE/CONFERENCE TRAVEL	39,859
	Sub-Saharan Africa	PROGRAM SERVICES	MISSION TRIPS	3,091
	Sub-Saharan Africa	PROGRAM SERVICES	RESEARCH	33,863
	Sub-Saharan Africa	PROGRAM SERVICES	STUDENT RECRUITMENT	3,722
	Sub-Saharan Africa	PROGRAM SERVICES	STUDY ABROAD	120
3a	Sub-total ....			85,111,920
b	Total from continuation sheets to Part I ...			4,639,657
c	Totals (add lines 3a and 3b)			89,751,577

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2023

Schedule F (Form 990) 2023

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(g) Amount of noncash assistance
South Asia	CONSTRUCTION OF EDUCATION AND RESEARCH	7,376	0
Europe (Including Iceland & Greenland)	RESEARCH	24,067	0
South America	RESEARCH	5,995	0
North America	RESEARCH	53,017	0
Europe (Including Iceland & Greenland)	RESEARCH	15,324	0
Europe (Including Iceland & Greenland)	RESEARCH	14,151	0

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......	6
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) 2023

Schedule F (Form 990) 2023Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

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

Schedule F (Form 990) 2023

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2023

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation
SCHEDULE F, PART I, LINE 2	THE UNIVERSITY ENTERS INTO A SUBAWARD AGREEMENT WITH THE GRANT RECIPIENT THAT DESCRIBES THE RECIPIENT'S RESPONSIBILITIES FOR THE USE OF THE GRANT FUNDS. UNDER THE TERMS OF THE SUBAWARD AGREEMENT, THE RECIPIENT IS USUALLY REQUIRED TO SUBMIT QUARTERLY AND FINAL WRITTEN PROGRESS REPORTS TO THE PRINCIPAL INVESTIGATOR ("PI") OR PROJECT DIRECTOR FOR THE GRANT, AND FUNDS ARE NORMALLY PAID TO THE RECIPIENT ON A COST REIMBURSABLE BASIS. WHEN THE GRANT RECIPIENT SUBMITS AN INVOICE FOR REIMBURSEMENT, THE PI IS RESPONSIBLE FOR REVIEWING THE INVOICE TO ENSURE THE EXPENDITURES ARE CONSISTENT WITH THE ESTABLISHED BUDGET AND WITH THE WORK COMPLETED TO DATE, PRIOR TO APPROVING THE AMOUNT FOR PAYMENT. GRANT RECIPIENTS SUBJECT TO THE U.S. OFFICE OF MANAGEMENT AND BUDGET UNIFORM GRANT GUIDANCE ARE ALSO REQUIRED TO PROVIDE CERTIFICATION OF THEIR COMPLIANCE WITH THE FINANCIAL AUDIT REQUIREMENTS OF THOSE GUIDELINES PRIOR TO RECEIVING FUNDS. THEREAFTER, THE UNIVERSITY REQUESTS AN ANNUAL CERTIFICATION OF CONTINUING COMPLIANCE AND A COPY OF THEIR MOST RECENT AUDIT REPORT. IF ANY OF THE ABOVE PROCESSES INDICATE AN AREA OF CONCERN, SITE VISITS MAY BE CONDUCTED BY THE UNIVERSITY TO REVIEW THE PROGRAMMATIC AND/OR FINANCIAL RECORDS. IN SOME SITUATIONS, THE UNIVERSITY WILL PROVIDE AN ADVANCEMENT OF FUNDS TO GRANT RECIPIENT. THE GRANT RECIPIENT THEN SUBMITS A MONTHLY EXPENSE PACKET TO THE PI WHICH THE OFFICE OF THE VICE PROVOST FOR RESEARCH REVIEWS FOR REASONABLENESS AND RECOGNIZES THE MONTH'S EXPENSE ACTIVITY ACCORDINGLY. ADDITIONALLY, THE UNIVERSITY CONTRACTED WITH AN OUTSIDE ACCOUNTING FIRM TO CONDUCT A REVIEW OF FOREIGN EXPENSES INCURRED UNDER THE GRANT.
SCHEDULE F, PART I, LINE 3	CENTRAL AMERICA AND THE CARIBBEAN -ACCRUAL EAST ASIA AND THE PACIFIC -ACCRUAL EUROPE (INCLUDING ICELAND AND GREENLAND) -ACCRUAL MIDDLE EAST AND NORTH AFRICA -ACCRUAL NORTH AMERICA (CANADA & MEXICO ONLY) -ACCRUAL RUSSIA AND NEIGHBORING STATES -ACCRUAL SOUTH AMERICA -ACCRUAL SOUTH ASIA -ACCRUAL SUB-SAHARAN AFRICA -ACCRUAL
SCHEDULE F, PART II, LINE 1	EAST ASIA AND THE PACIFIC -ACCRUAL EUROPE (INCLUDING ICELAND AND GREENLAND) -ACCRUAL SOUTH ASIA -ACCRUAL SUB-SAHARAN AFRICA -ACCRUAL

Schedule F (Form 990) 2023

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SCHEDULE G (Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information Regarding
Fundraising or Gaming Activities

Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a. 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

2023

Open to Public Inspection

Name of the organization
BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

Fundraising Activities.Complete if the organization answered "Yes" on Form 990, Part IV, line 17.

Form 990-EZ filers are not required to complete this part.

Indicate whether the organization raised funds through any of the following activities. Check all that apply.

a	Mail solicitations	e	Solicitation of non-government grants
b	Internet and email solicitations	f	Solicitation of government grants
c	Phone solicitations	g	Special fundraising events
d	In-person solicitations

Did the organization have a written or oral agreement with any individual (including officers, directors, trustees

or key employees listed in Form 990, Part VII) or entity in connection with professional fundraising services?

YesNo

If "Yes," list the 10 highest paid individuals or entities (fundraisers) pursuant to agreements under which the fundraiser is
to be compensated at least $5,000 by the organization.

(i) Name and address of individual or entity (fundraiser)		(ii) Activity	(iii) Did fundraiser have custody or control of contributions?		(iv) Gross receipts from activity	(v) Amount paid to (or retained by) fundraiser listed in col. (i)	(vi) Amount paid to (or retained by) organization
			Yes	No
	RUFFALO NOEL LEVITZ 65 KIRKWOOD N RD SW PO BOX 3018 CEDAR RAPIDS, IA52406	(SEE STATEMENT)		No	826,508	374,259	452,248









Total . . . . . . . . . . . . . . . . . . . .					826,508	374,259	452,248

List all states in which the organization is registered or licensed to solicit contributions or has been notified it is exempt from registration or licensing.

AL, AK, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

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

Cat. No. 50083H

Schedule G (Form 990) 2023

Page 2

Part II

Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraising event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events with gross receipts greater than $5,000.

		(a) Event #1 ORANAMENT FUNDRAISER (event type)	(b) Event #2 FIGHTIN' BEAR GOLF CLASSIC (event type)	(c) Other events 1 (total number)	(d) Total events (add col. (a) through col. (c))
1	Gross receipts . . . . .	190,341	69,930	62,770	323,041
2	Less: Contributions . . . .	95,341	51,715	45,354	192,410
3	Gross income (line 1 minus line 2) . . . . . .	95,000	18,215	17,416	130,631

4	Cash prizes . . . . .
5	Noncash prizes . . . .
6	Rent/facility costs . . . .
7	Food and beverages . . .
8	Entertainment . . . .
9	Other direct expenses . . .	101,570	20,523	29,543	151,636
10	Direct expense summary. Add lines 4 through 9 in column (d) . . . . . . . . . .				151,636
11	Net income summary. Subtract line 10 from line 3, column (d). . . . . . . . . .				-21,005

Part III

Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a.

		(a) Bingo	(b) Pull tabs/Instant bingo/progressive bingo	(c) Other gaming	(d) Total gaming (add col.(a) through col.(c))
1	Gross revenue . . . . .

2	Cash prizes . . . . .
3	Noncash prizes . . . .
4	Rent/facility costs . . . .
5	Other direct expenses . . .

Volunteer labor . . . .

	Yes %
	No

	Yes %
	No

	Yes %
	No

Direct expense summary. Add lines 2 through 5 in column (d) . . . . . . . . . . right arrow

Net gaming income summary. Subtract line 7 from line 1, column (d). . . . . . . . . right arrow

Enter the state(s) in which the organization conducts gaming activities:

Is the organization licensed to conduct gaming activities in each of these states? . . . . . . . .

YesNo

If "No," explain:

10a

Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? . . .

YesNo

If "Yes," explain:

Schedule G (Form 990) 2023

Page 3

Does the organization conduct gaming activities with nonmembers? . . . . . . . . . . .

YesNo

Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity

formed to administer charitable gaming? . . . . . . . . . . . . . . . . .

YesNo

Indicate the percentage of gaming activity conducted in:

The organization's facility . . . . . . . . . . . . . . . . . .

13a

An outside facility . . . . . . . . . . . . . . . . . . . .

13b

Enter the name and address of the person who prepares the organization's gaming/special events books and records:

Name

Address

15a

Does the organization have a contract with a third party from whom the organization receives gaming

revenue? . . . . . . . . . . . . . . . . . . . . . . . .

YesNo

If "Yes," enter the amount of gaming revenue received by the organization right arrow

$ and the

amount of gaming revenue retained by the third party right arrow

$ .

If "Yes," enter name and address of the third party:

Name

Address

Gaming manager information:

Name

Gaming manager compensation right arrow

Description of services provided right arrow

Director/officer Employee Independent contractor

Mandatory distributions:

Is the organization required under state law to make charitable distributions from the gaming proceeds to

retain the state gaming license? . . . . . . . . . . . . . . . . . . .

YesNo

Enter the amount of distributions required under state law distributed to other exempt organizations or spent

in the organization's own exempt activities during the tax year right arrow

Part IV

Supplemental Information. Provide the explanations required by Part I, line 2b, columns (iii) and (v); and Part III, lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also provide any additional information. See instructions.

Return Reference	Explanation
SCHEDULE G, PART I, LINE 2B(II)	MULTICHANNEL FUNDRAISING SERVICES
SCHEDULE G, PART I, LINE 2B(V)	BAYLOR DID NOT ENTER INTO ANY ARRANGEMENTS IN WHICH PAYMENTS WERE MADE EXCLUSIVELY FOR FUNDRAISING EXPENSES.

Schedule G (Form 990) 2023

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

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

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

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

Attach to Form 990.
lBullet

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

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
BAYLOR UNIVERSITY

Employer identification number
74-1159753

Part I

General Information on Grants and Assistance

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

Yes No

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

Part II

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

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

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) Colorado School of Mines 1500 Illinois St Golden,CO80401	84-6000551	STATE OF COLORADO	209,156	SUBCONTRACT- RESEARCH
(2) University of Texas SW Medical Center PO Box 841765 Dallas,TX75284	75-6002868	STATE OF TEXAS	206,881	SUBCONTRACT- RESEARCH
(3) Mayo Clinic 200 First Street SW Rochester,MN55905	41-6011702	501(C)3	12,946	SUBCONTRACT- RESEARCH
(4) University of Texas At Austin PO Box 7159 Austin,TX787137159	74-6000203	STATE OF TEXAS	34,255	SUBCONTRACT- RESEARCH
(5) Delta G Design 100 Research Pkwy Suite 3287-b Waco,TX76704	20-5780352		100,000	SUBCONTRACT- RESEARCH
(6) Boston University 881 Commonwealth Boston,MA02215	04-2103547	501(C)3	47,138	SUBCONTRACT- RESEARCH
(7) Michigan Technological University 1400 Townsend Drive Houghton,MI499311295	38-6005955	STATE OF MICHIGAN	79,678	SUBCONTRACT- RESEARCH
(8) Brazos Innovation Partners 100 Research Parkway Bellmead,TX76704	88-3492941		156,250	SUBCONTRACT- RESEARCH
(9) Baylor Scott & White Research Institute 1950 N Stemmons Fwy Ste 5010 Dallas,TX75207	75-1921898	501(C)3	19,857	SUBCONTRACT- RESEARCH
(10) University of Nebraska Medical Center 987835 Nebraska Medical Center Academic and Research Services Bldg Omaha,NE681987835	47-0049123	STATE OF NEBRASKA	59,960	SUBCONTRACT- RESEARCH
(11) University of Texas At Austin 3925 W Braker Ln Suite 3340 Austin,TX78759	74-6000203	STATE OF TEXAS	171,041	SUBCONTRACT- RESEARCH
(12) Wayne State University 5057 Woodward Avenue Suite13001 - 13th Floor Detroit,MI48202	38-6028429	STATE OF MICHIGAN	27,838	SUBCONTRACT- RESEARCH
(13) Center for Open Science 210 Ridge McIntire Rd Suite 500 Charlottesville,VA22903	46-1496217	501(C)3	369,393	SUBCONTRACT- RESEARCH
(14) Gallup Inc PO Box 310284 Des Moines,IA50331	21-0699771		4,948,807	SUBCONTRACT- RESEARCH
(15) Harvard University 6 Appian Way Cambridge,MA02138	04-2103580	501(C)3	506,394	SUBCONTRACT- RESEARCH
(16) Texas A&M Sponsored Research Services 400 Harvey Mitchell Parkway S Suite 300 College Station,TX77845	74-1974733	STATE OF TEXAS	208,851	SUBCONTRACT- RESEARCH
(17) UTSA 6900 N Loop 1604 West San Antonio,TX78249	74-1717115	STATE OF TEXAS	33,925	SUBCONTRACT- RESEARCH
(18) Texas A&M Sponsored Research Services 400 Harvey Mitchell Parkway S Suite 300 College Station,TX77845	74-1974733	STATE OF TEXAS	63,315	SUBCONTRACT- RESEARCH
(19) UTSA 6900 N Loop 1604 West San Antonio,TX78249	74-1717115	STATE OF TEXAS	29,352	SUBCONTRACT- RESEARCH
(20) Anselm House 1337 Cleveland Ave N St Paul,MN55108	41-1428036	501(C)3	44,159	SUBCONTRACT- RESEARCH
(21) Chesterton House Inc 115 The Knoll Ithaca,NY14850	16-1600224	501(C)3	23,000	SUBCONTRACT- RESEARCH
(22) Collegium Institute PO Box 30730 Philadelphia,PA19104	46-3047945	501(C)3	23,000	SUBCONTRACT- RESEARCH
(23) Consortium of Christian Study Centers 485 Hillsdale Dr Suite 112 Charlottesville,VA22901	26-3864831	501(C)3	23,000	SUBCONTRACT- RESEARCH
(24) Loyola Marymount University One LMU Drive Los Angeles,CA90045	95-1643334	501(C)3	24,419	SUBCONTRACT- RESEARCH
(25) Lumen Christi Institute 1220 E 58th St Chicago,IL60637	36-4191992	501(C)3	11,500	SUBCONTRACT- PUBLIC SERVICE
(26) North Carolina Study Center 203 Battle Ln Chapel Hill,NC27154	46-5216355	501(C)3	23,000	SUBCONTRACT- RESEARCH
(27) University of Notre Dame 1124 Flanner Hall Notre Dame,IN46556	35-0868188	501(C)3	42,025	SUBCONTRACT- RESEARCH
(28) Lousiana State University 240 Thomas Boyd Hall Baton Rouge,LA70803	72-6000848	STATE OF LOUISIANA	20,777	SUBCONTRACT- RESEARCH
(29) ScanLogX Inc 1205 s 8th St 122 Waco,TX76706	87-1615784		9,375	SUBCONTRACT- RESEARCH
(30) Trustees Univ of Pennsylvania 3451 Walnut Street 5th floor Franklin Building Philadelphia,PA191046205	23-1352685	STATE OF PENNSYLVANI	51,827	SUBCONTRACT- RESEARCH
(31) Washington University in St Louis 680 South Euclid St Louis,MO63110	43-0653611	501(C)3	85,048	SUBCONTRACT- RESEARCH
(32) Northeastern University 360 Huntington Ave 540-177 Boston,MA02115	04-1679980	501(C)3	19,174	SUBCONTRACT- RESEARCH
(33) University Enterprises Corp at CSUSB 5500 University Parkway SH-134K San Bernardino,CA92407	95-6067343	501(C)3	29,696	SUBCONTRACT- RESEARCH
(34) University of North Texas 1155 Union Circle 311397 Denton,TX76203	75-6002149	STATE OF TEXAS	11,953	SUBCONTRACT- RESEARCH
(35) Wake Forest University 1834 Wake Forest Rd Winston Salem,NC27109	56-0532138	501(C)3	24,590	SUBCONTRACT- RESEARCH
(36) The Urban Institute 500 LEnfant Plaza SW Washington,DC20024	52-0880375	501(C)3	349,662	SUBCONTRACT- PUBLIC SERVICE
(37) PepsiCo Foundation Inc 1152 Lake Haven Dr Little Elm,TX75068	13-6163174	501(C)3	3,026,018	SUBCONTRACT- PUBLIC SERVICE
(38) University of California Davis AR LockboxPO Box 741816 Los Angeles,CA90074	94-6036494	STATE OF CALIFORNIA	64,722	SUBCONTRACT- RESEARCH
(39) University of California Davis AR LockboxPO Box 741816 Los Angeles,CA90074	94-6036494	STATE OF CALIFORNIA	5,224	SUBCONTRACT- RESEARCH
(40) University of California Davis AR LockboxPO Box 741816 Los Angeles,CA90074	94-6036494	STATE OF CALIFORNIA	16,968	SUBCONTRACT- RESEARCH
(41) Georgia Tech Research Corp 926 Dalney Street NW Atlanta,GA30318	58-0603146	501(C)3	54,859	SUBCONTRACT- RESEARCH
(42) Trustees Univ of Pennsylvania 3451 Walnut Street 5th floor Franklin Building Philadelphia,PA191046205	23-1352685	STATE OF PENNSYLVANI	78,042	SUBCONTRACT- RESEARCH
(43) Montana State University 309 Montana Hall Bozeman,MT59717	81-6010045	STATE OF MONTANA	47,198	SUBCONTRACT- RESEARCH
(44) University of Virginia PO Box 400825 Charlottesville,VA22904	54-6001796	STATE OF VIRGINIA	23,220	SUBCONTRACT- RESEARCH
(45) University of Maryland College Park 1700 E Cold Spring Ln Baltimore,MD21251	52-6002033	STATE OF MARYLAND	48,769	SUBCONTRACT- RESEARCH
(46) The Howard University 2244 10th St NW Ste 300 Washington,DC20059	53-0204707	501(C)3	103,997	SUBCONTRACT- RESEARCH
(47) Hawaii Pacific University 500 Ala Moana Blvd Suite 6420 Honolulu,HI96813	99-0113930	501(C)3	31,345	SUBCONTRACT- RESEARCH
(48) The Queens Medical Center 1301 Punchbowl St Honolulu,HI96813	99-0073524	501(C)3	42,871	SUBCONTRACT- RESEARCH
(49) Wake Forest University 1834 Wake Forest Rd Winston Salem,NC27109	56-0532138	501(C)3	16,627	SUBCONTRACT- RESEARCH
(50) University of Texas At Austin 3925 W Braker Ln Suite 3340 Austin,TX78759	74-6000203	STATE OF TEXAS	91,897	SUBCONTRACT- RESEARCH
(51) American Institute of Pakistan Studies 705 Langdon St L50 Madison,WI53706	71-0762618	501(C)3	31,075	SUBCONTRACT- PUBLIC SERVICE
(52) University of North Carolina Wilmington 601 S College Rd Wilmington,NC28403	56-1258660	STATE OF NORTH CAROL	18,349	SUBCONTRACT- RESEARCH
(53) BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION ONE BEAR PLACE 97296 WACO,TX76798	74-2674611	501(C)3	110,000	PROGRAMMING AND PRODUCTION COST ASSISTANCE
(54) American Cancer Society 3380 Chastain Meadows PKY NW 200 Kennesaw,GA30144	13-1788491	501(C)3	6,000	Event Sponsorship
(55) Fuzzy Friends PO Box 2028 Waco,TX76703	75-2699210	501(C)3	5,500	Event Sponsorship
(56) Intercollegiate Press Association of Texas 101 Baldwin Blvd Corpus Christi,TX78404	20-2121596	501(C)3	10,000	Event Sponsorship
(57) Creative Waco PO BOX 1104 Waco,TX76703	47-3755745	501(C)3	16,000	Grant to Support Non-Profit Organization Activites
(58) Keep Waco Beautiful PO BOX 1493 Waco,TX76703	74-2164352	501(C)3	7,000	Grant to Support Non-Profit Organization Activites
(59) Waco Entrepreneurial Ecosystem Collaborative 605 Austin Ave Waco,TX76701	82-2094253	501(C)3	600,000	Grant to Support Non-Profit Organization Activites
(60) Waco Chamber PO BOX 1220 Waco,TX76703	74-0967440	501(C)3	66,900	Grant to Support Non-Profit Organization Activites
(61) Waco Family Medicine 1600 Providence Dr Waco,TX76707	74-2446071	501(C)3	50,000	Grant to Support Non-Profit Organization Activites
(62) YMCA of Central Texas PO BOX 819 Round Rock,TX78680	74-2668685	501(C)3	10,000	Grant to Support Non-Profit Organization Activites

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

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

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

Cat. No. 50055P

Schedule I (Form 990) 2023

Page 2

Part III

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

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

(1) SCHOLARSHIP AND FELLOWSHIPS	17486	414,856,056
(2) RESEARCH GRANTS	9	155,685
(3) STUDENT AWARDS	2357	1,892,875	164,108	FMV	(SEE STATEMENT)
(3)
(4)
(5)
(6)
(7)

Part IV

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

Return Reference

Explanation

SCHEDULE I, PART I, LINE 2

GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS IN THE UNITED STATES: SCHOLARSHIPS AND FELLOWSHIPS THAT ARE AWARDED TO STUDENTS ARE PAID THROUGH THE STUDENTS' ACCOUNTS, AND/OR ACCOUNTS PAYABLE OFFICE AND ARE ADMINISTERED BASED UPON MERIT AND/OR NEED. BAYLOR'S FINANCIAL AID OFFICE REVIEWS THE STUDENTS' CUMULATIVE GRADE POINT AVERAGES EVERY YEAR AND AWARDS/REVIEWS ACADEMIC SCHOLARSHIPS AND FELLOWSHIPS IF THE REQUIRED GRADE POINT AVERAGE LEVEL IS SATISFIED. SCHOLARSHIPS FOR FINANCIAL NEED ARE AWARDED ANNUALLY BASED UPON THE NEED CRITERION/LEVEL ESTABLISHED OR MAINTAINED PER THE COMPLETED APPLICATION FOR FEDERAL STUDENT AID. THE SCHOLARSHIP AWARDS THAT ARE INCLUDED IN THE COST OF ATTENDANCE ARE REVIEWED SO AS NOT TO EXCEED THE COST OF A STUDENT TO ATTEND THE UNIVERSITY. SCHOLARSHIPS AND/OR FELLOWSHIPS ARE ALSO AWARDED TO COVER STUDENT EMERGENCY SITUATIONS. STUDENTS MUST COMPLETE AN APPLICATION DESCRIBING THE EMERGENCY SITUATION. THE UNIVERSITY REVIEWS EACH APPLICATION TO DETERMINE IF SUCH SCHOLARSHIPS/FELLOWSHIPS WILL BE AWARDED. TRAVEL GRANTS - TRAVEL GRANTS ARE AWARDED TO STUDENTS TO OFFSET TRAVEL EXPENSES USED FOR EDUCATIONAL PURPOSES SUCH AS ATTENDING A CONFERENCE, PRESENTING A PAPER, ETC. THE AWARDING OF TRAVEL GRANTS IS BASED UPON AN APPLICATION PROCESS AND MEETING A SET OF CRITERIA THAT ESTABLISH THE BENEFITS TO THE STUDENTS' EDUCATIONAL ENDEAVORS. RESEARCH GRANTS - THE OFFICE OF THE VICE PROVOST FOR RESEARCH (OVPR) PUBLISHES GUIDELINES FOR EACH OF THE INTERNAL GRANT PROGRAMS THAT PROVIDE THE GENERAL CONDITIONS OF THE AWARD, AS WELL AS GUIDANCE ON THE EXPENSES THAT MAY BE CHARGED TO THE AWARD. EACH GRANT IS SET UP AS A SEPARATE PROJECT IN THE UNIVERSITY'S FINANCIAL SYSTEM BASED ON THE AWARD AMOUNT AND BUDGET CATEGORIES APPROVED BY THE OVPR. THE FINANCIAL SYSTEM PROVIDES REAL TIME ACCESS TO A BUDGET SUMMARY REPORT FOR THE PROJECT THAT PROVIDES A COMPARISON OF BUDGETED EXPENDITURES TO CUMULATIVE ACTUAL EXPENDITURES BY EXPENDITURE CATEGORY. THIS REPORT CAN BE ACCESSED BY THE PROJECT MANAGER AND OTHERS WITH ADMINISTRATIVE AND FINANCIAL OVERSIGHT RESPONSIBILITIES. EXPENDITURE TRANSACTIONS UNDER INTERNAL GRANT PROGRAMS ARE SUBJECT TO INTERNAL CONTROLS FOR APPROVAL AND PROCESSING SIMILAR TO OTHER UNIVERSITY EXPENDITURE TRANSACTIONS. THE SYSTEM DOES NOT ALLOW EXPENDITURES TO BE PROCESSED IN EXCESS OF OR OUTSIDE OF THE APPROVED BUDGET CATEGORIES. STUDENT AWARDS - THESE AWARDS ARE PROVIDED TO STUDENTS FOR WINNING EDUCATIONAL COMPETITIONS. THE PURPOSE OF THE COMPETITIONS IS TO FURTHER THE EDUCATION OF STUDENTS. GRANTS AND OTHER ASSISTANCE TO GOVERNMENTS AND ORGANIZATIONS IN THE UNITED STATES - THE UNIVERSITY ENTERS INTO A CONTRACT WITH THE GRANT RECIPIENT THAT DESCRIBES THE RECIPIENT'S RESPONSIBILITIES FOR THE USE OF THE GRANT FUNDS. UNDER THE TERMS OF THE CONTRACT, RECIPIENTS ARE REQUIRED TO SUBMIT QUARTERLY AND FINAL WRITTEN PROGRESS REPORTS TO THE PRINCIPAL INVESTIGATOR ("PI") OR PROJECT DIRECTOR FOR THE GRANT, AND FUNDS ARE PAID TO THE RECIPIENT ON A COST REIMBURSABLE BASIS. WHEN THE GRANT RECIPIENT SUBMITS AN INVOICE FOR REIMBURSEMENT, THE PI REVIEWS THE INVOICE TO ENSURE THE EXPENDITURES ARE CONSISTENT WITH THE ESTABLISHED BUDGET AND WITH THE WORK COMPLETED TO DATE, PRIOR TO APPROVING THE AMOUNT FOR PAYMENT. GRANT RECIPIENTS SUBJECT TO THE UNIFORM GUIDANCE (2 CFR PART 200) AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS ARE ALSO REQUIRED TO PROVIDE CERTIFICATION OF THEIR COMPLIANCE WITH THE FINANCIAL AUDIT REQUIREMENTS OF THOSE GUIDELINES PRIOR TO RECEIVING FUNDS. THEREAFTER, THE UNIVERSITY REQUIRES AN ANNUAL CERTIFICATION OF CONTINUING COMPLIANCE AND A COPY OF THEIR MOST RECENT AUDIT REPORT. IF ANY OF THE ABOVE PROCESSES INDICATE AN AREA OF CONCERN, SITE VISITS MAY BE CONDUCTED BY THE UNIVERSITY TO REVIEW THE PROGRAMMATIC AND/OR FINANCIAL RECORDS. CHARITABLE ORGANIZATIONS THAT RECEIVE CONTRIBUTIONS FROM THE UNIVERSITY ARE CAREFULLY SELECTED AND MUST BE APPROVED THROUGH THE CHIEF OF STAFF TO THE PRESIDENT & VICE PRESIDENT FOR BOARD RELATIONS. STUDENT ORGANIZATIONS THAT ARE PROVIDED UNIVERSITY GRANTS MUST COMPLETE AN APPLICATION DESCRIBING THE NEED FOR THE GRANT. UNIVERSITY CONTRIBUTIONS MUST SUPPORT THE UNIVERSITY'S INTEREST AND BE CONSISTENT WITH THE UNIVERSITY'S CORE VALUES.

SCHEDULE I, PART II, COLUMN F

STUDENT AWARDS: BOOKS, ON-CAMPUS ROOM AND BOARD, AND OTHER STUDENT EXPENSES SUCH AS CLOTHING, TRANSPORTATION, ETC.

Schedule I (Form 990) 2023

Additional Data

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Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

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

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

Attach to Form 990.
medium right arrow graphic

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

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

Questions Regarding Compensation

Yes

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

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

Travel for companions Payments for business use of personal residence

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

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

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

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

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? .........

Yes

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

Yes

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

Yes

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

Yes

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

Cat. No. 50053T

Schedule J (Form 990) 2023

Page 2

Part II

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

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

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1SCOTT DREW HEAD MEN'S BASKETBALL COACH	(i) (ii)	5,146,390 ------------- 0	152,500 ------------- 0	62,997 ------------- 0	35,640 ------------- 0	76,763 ------------- 0	5,474,290 ------------- 0	0 ------------- 0
2DAVE ARANDA FOOTBALL HEAD COACH	(i) (ii)	3,702,877 ------------- 0	790,866 ------------- 0	151,001 ------------- 0	35,640 ------------- 0	22,186 ------------- 0	4,702,570 ------------- 0	370,556 ------------- 0
3MACK RHOADES VP & DIRECTOR OF ATHLETICS	(i) (ii)	2,632,834 ------------- 0	339,058 ------------- 0	69,853 ------------- 0	35,640 ------------- 0	29,763 ------------- 0	3,107,148 ------------- 0	0 ------------- 0
4JEFF GRIMES FOOTBALL OC (THRU 11/2023)	(i) (ii)	1,094,528 ------------- 0	81,754 ------------- 0	657,356 ------------- 0	35,640 ------------- 0	42,511 ------------- 0	1,911,789 ------------- 0	0 ------------- 0
5LINDA LIVINGSTONE PRESIDENT	(i) (ii)	1,231,842 ------------- 0	416,094 ------------- 0	47,835 ------------- 0	35,640 ------------- 0	115,652 ------------- 0	1,847,063 ------------- 0	0 ------------- 0
6DAVID MOREHEAD CHIEF INVESTMENT OFFICER	(i) (ii)	1,299,242 ------------- 0	0 ------------- 0	0 ------------- 0	35,640 ------------- 0	25,287 ------------- 0	1,360,169 ------------- 0	0 ------------- 0
7AJ STEWARD ASSISTANT HEAD COACH	(i) (ii)	455,557 ------------- 0	85,321 ------------- 0	729,814 ------------- 0	35,640 ------------- 0	23,391 ------------- 0	1,329,723 ------------- 0	0 ------------- 0
8NICKI COLLEN HEAD WOMEN'S BASKETBALL COACH	(i) (ii)	981,750 ------------- 0	152,067 ------------- 0	51,315 ------------- 0	35,640 ------------- 0	56,584 ------------- 0	1,277,356 ------------- 0	0 ------------- 0
9NANCY BRICKHOUSE VICE PRESIDENT AND PROVOST	(i) (ii)	543,109 ------------- 0	81,837 ------------- 0	22,207 ------------- 0	35,640 ------------- 0	688 ------------- 0	683,481 ------------- 0	0 ------------- 0
10CHRIS HOLMES GENERAL COUNSEL & CHIEF LEGAL OFFICE	(i) (ii)	473,401 ------------- 0	69,841 ------------- 0	22,908 ------------- 0	35,640 ------------- 0	48,874 ------------- 0	650,664 ------------- 0	0 ------------- 0
11BRETT DALTON CHIEF BUSINESS OFFICER (THRU 06/2023	(i) (ii)	269,748 ------------- 0	59,294 ------------- 0	271,214 ------------- 0	35,640 ------------- 0	5,009 ------------- 0	640,905 ------------- 0	0 ------------- 0
12JASON COOK VP FOR MKT & COMM & CMO	(i) (ii)	386,819 ------------- 0	47,902 ------------- 0	15,372 ------------- 0	35,640 ------------- 0	79,002 ------------- 0	564,735 ------------- 0	0 ------------- 0
13GARY CARINI VICE PROVOST	(i) (ii)	360,456 ------------- 0	34,000 ------------- 0	26,110 ------------- 0	35,640 ------------- 0	80,942 ------------- 0	537,148 ------------- 0	0 ------------- 0
14ROBYN DRISKELL CHIEF OF STAFF TO THE PRES AND VP OF	(i) (ii)	302,952 ------------- 0	44,337 ------------- 0	612 ------------- 0	35,640 ------------- 0	53,837 ------------- 0	437,378 ------------- 0	0 ------------- 0
15SUSAN ANZ DEPUTY CHIEF BUSINESS OFFICER	(i) (ii)	313,095 ------------- 0	0 ------------- 0	552 ------------- 0	35,226 ------------- 0	82,792 ------------- 0	431,665 ------------- 0	0 ------------- 0
16CHERYL GOCHIS VP FOR HR AND CHIEF HR OFFICER	(i) (ii)	313,559 ------------- 0	46,758 ------------- 0	597 ------------- 0	35,640 ------------- 0	20,874 ------------- 0	417,428 ------------- 0	0 ------------- 0
17KEVIN JACKSON VICE PRESIDENT FOR STUDENT LIFE	(i) (ii)	268,535 ------------- 0	43,968 ------------- 0	23,462 ------------- 0	35,640 ------------- 0	25,342 ------------- 0	396,947 ------------- 0	0 ------------- 0
18DAVE ROSSELLI VP FOR UNIVERSITY DEVELOPMENT	(i) (ii)	273,160 ------------- 0	49,682 ------------- 0	17,753 ------------- 0	35,640 ------------- 0	13,317 ------------- 0	389,552 ------------- 0	0 ------------- 0
19LEE NORDT DEAN OF ARTS & SCIENCES	(i) (ii)	313,910 ------------- 0	0 ------------- 0	762 ------------- 0	34,705 ------------- 0	18,630 ------------- 0	368,007 ------------- 0	0 ------------- 0
20BRETT POWELL ASSOC VP OF FINANCE & TREASURER	(i) (ii)	313,988 ------------- 0	0 ------------- 0	0 ------------- 0	34,566 ------------- 0	19,437 ------------- 0	367,991 ------------- 0	0 ------------- 0
21ANDREA DIXON REGENT (THRU 05/2019)	(i) (ii)	306,120 ------------- 0	0 ------------- 0	106 ------------- 0	33,719 ------------- 0	13,226 ------------- 0	353,171 ------------- 0	0 ------------- 0
22TOBY BARNETT ASSOC VP & CAMPAIGN DIRECTOR	(i) (ii)	273,751 ------------- 0	0 ------------- 0	9,099 ------------- 0	30,651 ------------- 0	26,327 ------------- 0	339,828 ------------- 0	0 ------------- 0
23TIFFANY HOGUE CHIEF OF STAFF TO THE PRESIDENT	(i) (ii)	230,371 ------------- 0	33,540 ------------- 0	324 ------------- 0	28,576 ------------- 0	1,555 ------------- 0	294,366 ------------- 0	0 ------------- 0
24KRISTY J ORR BOARD PROFESSIONAL	(i) (ii)	222,633 ------------- 0	26,465 ------------- 0	360 ------------- 0	27,270 ------------- 0	9,543 ------------- 0	286,271 ------------- 0	0 ------------- 0
25GARY MORTENSON VICE PROVOST (THRU 04/2019)	(i) (ii)	221,614 ------------- 0	7,500 ------------- 0	1,530 ------------- 0	25,660 ------------- 0	19,611 ------------- 0	275,915 ------------- 0	0 ------------- 0
26BRIAN RAINES REGENT	(i) (ii)	208,497 ------------- 0	0 ------------- 0	0 ------------- 0	23,850 ------------- 0	28,522 ------------- 0	260,869 ------------- 0	0 ------------- 0
27DARIN DAVIS VP FOR UNIV MISSION (THRU 06/2019)	(i) (ii)	149,740 ------------- 0	0 ------------- 0	0 ------------- 0	17,349 ------------- 0	76,400 ------------- 0	243,489 ------------- 0	0 ------------- 0
28SARA L DOLAN REGENT (THRU 05/2023)	(i) (ii)	177,468 ------------- 0	5,786 ------------- 0	0 ------------- 0	20,601 ------------- 0	18,428 ------------- 0	222,283 ------------- 0	0 ------------- 0
29DAVE CLENDENNEN ASST VP FOR FIN SYS & ASST TREASURER	(i) (ii)	157,307 ------------- 0	0 ------------- 0	20,400 ------------- 0	20,328 ------------- 0	21,481 ------------- 0	219,516 ------------- 0	0 ------------- 0
30GAYNOR YANCEY REGENT (THRU 05/2020)	(i) (ii)	138,838 ------------- 0	1,032 ------------- 0	0 ------------- 0	15,469 ------------- 0	9,285 ------------- 0	164,624 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2023

Page 3

Part III

Supplemental Information

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

Return Reference	Explanation
Part I, Lines 4a-b	BRETT DALTON RECEIVED A $247,058 SEVERANCE PAYMENT IN 2023. AJ STEWARD RECEIVED A $700,000 SEVERANCE PAYMENT IN 2023. JEFF GRIMES RECEIVED A $613,718 SEVERANCE PAYMENT IN 2023. THESE AMOUNT ARE PROPERLY REPORTED IN COLUMN B(iii)
SCHEDULE J, PART 1, LINE 1A-FIRST CLASS OR CHARTER TRAVEL	FIVE OFFICERS TRAVELED VIA CHARTER FLIGHTS TO ENGAGE IN VARIOUS BUSINESS ACTIVITIES SUCH AS DONOR CULTIVATION ACTIVITIES, MEDIA EVENTS AND RECRUITMENT. CHARTER FLIGHTS WERE USED BY THREE HIGHLY COMPENSATED EMPLOYEES TO ENGAGE IN VARIOUS BUSINESS ACTIVITIES SUCH AS STUDENT ATHLETIC RECRUITING, AND ATTEND MEDIA EVENTS. FIRST-CLASS TRIPS ARE DISALLOWED BY UNIVERSITY POLICY UNLESS APPROVED AS AN EXCEPTION TO POLICY. NO FIRST-CLASS TRAVEL WAS APPROVED DURING THE TAX YEAR.
SCHEDULE J, PART 1, LINE 1A-TRAVEL FOR COMPANIONS	OCCASIONALLY, FAMILY MEMBERS OR GUESTS OF LISTED PERSONS WERE PROVIDED TRAVEL. THE UNIVERSITY POLICY AND PRACTICE IS TO REVIEW TRAVEL ACTIVITIES THAT OCCUR THROUGHOUT THE YEAR AND REPORT THE VALUE OF SUCH TRAVEL AS TAXABLE COMPENSATION TO LISTED PERSONS IF NO BONA FIDE BUSINESS PURPOSE EXISTED OR THE FIFTY PERCENT SEATING CAPACITY RULE IS INAPPLICABLE FOR THE COMPANION TRAVEL.
SCHEDULE J, PART 1, LINE 1A-TAX INDEMNIFICATION AND GROSS-UP PAYMENTS	MEN'S HEAD BASKETBALL COACH, HEAD FOOTBALL COACH AND VICE PRESIDENT & DIRECTOR OF ATHLETICS HAD PERSONAL TRAVEL STIPENDS GROSSED-UP TO PROVIDE CONTRACTUAL AMOUNTS OWED BY THE UNIVERSITY. WOMEN'S HEAD BASKETBALL COACH AND ASSISTANT FOOTBALL COACH (A HIGHEST COMPENSATED EMPLOYEE) RECEIVED GROSS-UP PAYMENTS COVERING THE ADDITIONAL TAXES OWED ON SUPPLEMENTAL PAYMENTS FOR CHILD'S TUITION COSTS. HEAD FOOTBALL COACH WAS PROVIDED A SUITE AND THE VALUE OF THE SUITE WAS GROSSED-UP TO COVER THE TAXES OWED FOR PERSONAL USAGE. ALL ABOVE DESCRIBED PAYMENTS WERE REPORTED AS TAXABLE INCOME, INCLUDING THE TAX ON THE GROSS-UP PAYMENTS. ADDITIONALLY, THE UNIVERSITY MAY OCCASIONALLY GROSS-UP OTHER PAYMENTS, BUT ALL SUCH PAYMENTS ARE INCLUDED IN THE TAXABLE INCOME OF THE APPLICABLE EMPLOYEE.
SCHEDULE J, PART 1, LINE 1A-HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE	BAYLOR, IN SOME INSTANCES, PROVIDES TEMPORARY HOUSING TO EMPLOYEES DURING THEIR TRANSITION TO BEGINNING WORK AT THE UNIVERSITY. THIS TEMPORARY HOUSING IS REPORTED AS TAXABLE INCOME. BAYLOR PROVIDED PRESIDENT WITH A HOUSE LOCATED ON CAMPUS AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE UNIVERSITY. THE PROVISION OF THE HOUSE WAS NOT INCLUDED AS TAXABLE COMPENSATION.
SCHEDULE J, PART 1, LINE 1A-HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES	TWO OFFICERS AND TWO HIGHLY COMPENSATED EMPLOYEES WERE PROVIDED COUNTRY OR SOCIAL CLUB MEMBERSHIPS IN ONE OR MORE LOCAL CLUBS. ALL CLUB MEMBERSHIPS WERE REPORTED AS TAXABLE COMPENSATION.
SCHEDULE J, PART 1, LINE 1A-PERSONAL SERVICES	BAYLOR PROVIDED HOUSEKEEPING SERVICES FOR THE UNIVERSITY HOUSE WHERE THE PRESIDENT RESIDES. THE PORTION OF THE HOUSEKEEPING EXPENSES USED FOR PERSONAL PURPOSES WAS INCLUDED AS TAXABLE INCOME.
SCHEDULE J, PART 1, LINE 1B	THE UNIVERSITY HAS A WRITTEN POLICY FOR THE FOLLOWING BENEFITS: FIRST-CLASS TRAVEL AND CHARTER TRAVEL, AND TRAVEL FOR COMPANIONS. THE BAYLOR AIRCRAFT POLICY IS ONLY APPLICABLE TO BAYLOR-PROVIDED CHARTER TRAVEL. OTHER CHARTER TRAVEL USED BY THE ATHLETIC DEPARTMENT FOR TEAM TRAVEL IS BASED UPON THE NEED OF THE SPORT. CLUB MEMBERSHIPS ARE REPORTED AS TAXABLE INCOME. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE INCLUDED IN CONTRACTUAL ARRANGEMENTS AND/OR REQUIRE BOARD OF REGENTS APPROVAL. THE PRESIDENT'S HOUSING WAS PROVIDED AS A CONDITION OF EMPLOYMENT PER THE TERMS OF CONTRACT, AND THE HOUSE WAS PROVIDED FOR THE CONVENIENCE OF THE UNIVERSITY. HOUSEKEEPING SERVICES ARE HANDLED AS NOTED ABOVE.
SCHEDULE J, PART 1, LINE 4B	BAYLOR UNIVERSITY PRESIDENT PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $300,000 DURING 2023. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE BEGINNING MAY 31, 2021 THROUGH MAY 31, 2030, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH OR DISABILITY. PRESIDENT WILL NOT HAVE RIGHT TO THE FUNDS IF SHE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. BAYLOR UNIVERSITY VICE PRESIDENT FOR ADVANCEMENT PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT ("DEFERRED PLAN") UNDER INTERNAL REVENUE CODE SECTION 457(F) DURING 2023. IF A TARGET FUNDRAISING GOAL IS MET FOR A CORRESPONDING FISCAL YEAR, THEN A SET PERCENTAGE OF ANNUAL BASE SALARY IS CONTRIBUTED TO THE DEFERRED PLAN. FISCAL YEAR CONTRIBUTIONS ARE TO BE CREDITED TO THE VICE PRESIDENT FOR ADVANCEMENT'S ACCOUNT THROUGH FISCAL YEAR ENDING MAY 31, 2023. THESE CONTRIBUTIONS WILL VEST FOLLOWING THE LAST FISCAL YEAR AS LONG AS VICE PRESIDENT FOR ADVANCEMENT REMAINS CONTINUOUSLY EMPLOYED IN THIS POSITION THROUGH THIS VESTING DATE UNLESS UPON TERMINATION WITHOUT CAUSE, DEATH OR DISABILITY. AN ACCRUED BENEFIT OF $32,940 WAS RECEIVED DURING 2023. BAYLOR UNIVERSITY VICE PRESIDENT & DIRECTOR OF ATHLETICS PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $400,000 DURING 2023. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE ON SEPTEMBER 30TH, 2027, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH OR DISABILITY. VICE PRESIDENT & DIRECTOR OF ATHLETICS WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE. THE VICE PRESIDENT & DIRECTOR OF ATHLETICS IS A PARTICIPANT IN A SPLIT-DOLLAR INSURANCE PLAN. THE UNIVERSITY MADE PREMIUM LOAN PAYMENTS ON THE POLICIES OVER THE LAST FIVE YEARS. THERE WERE NO PREMIUM LOAN AMOUNTS PAID IN CALENDAR YEAR 2023. THE VICE PRESIDENT & DIRECTOR OF ATHLETICS IS THE OWNER OF THE POLICIES UTILIZED IN THE ARRANGEMENT, AND THE UNIVERSITY SHALL RECEIVE REPAYMENT OF ALL PREMIUM LOANS, INCLUDING INTEREST, IN ACCORDANCE WITH THE PLAN DOCUMENTS. THE PREMIUMS ARE TREATED FOR TAX PURPOSES AS NONRECOURSE SPLIT-DOLLAR LOANS UNDER 26 CFR 1.7872-15. PAYMENT OF THE AMOUNT DUE THE UNIVERSITY (LENDER) UNDER THE AGREEMENT IS, OR COULD BE CONSIDERED, NONRECOURSE TO THE BORROWER. NOTWITHSTANDING THAT FACT, THE LENDER AND BORROWER REPRESENT THAT A REASONABLE PERSON WOULD EXPECT THAT ALL PAYMENTS DUE THE LENDER UNDER THE AGREEMENT WILL BE MADE. BAYLOR UNIVERSITY FOOTBALL HEAD COACH PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F) AND RECEIVED AN ACCRUED BENEFIT OF $200,000 DURING 2023. AN ADDITIONAL AMOUNT SHALL BE ACCRUED NEXT YEAR. THE ACCRUED DEFERRED COMPENSATION AMOUNTS SHALL VEST AND BE PAYABLE BEGINNING MARCH 31, 2023 THROUGH MARCH 31, 2029, OR IF EARLIER, UPON TERMINATION WITHOUT CAUSE, DEATH, OR DISABILITY. FOOTBALL HEAD COACH WILL NOT HAVE RIGHT TO THE FUNDS IF HE VOLUNTARILY RESIGNS OR IS TERMINATED FOR CAUSE.
SCHEDULE J, PART 1, LINE 7	CHIEF INVESTMENT OFFICER RECEIVED A BONUS CALCULATED USING A PORTION OF BASE PAY AND APPLYING A PERCENTAGE BASED UPON QUALITATIVE ASSESSMENT OF PERFORMANCE PLUS A PERCENTAGE PER THE BENCH-MARKED PERFORMANCE OF BAYLOR'S POOLED INVESTMENT, THE BAYLOR UNIVERSITY FUND. VICE PRESIDENT FOR ADVANCEMENT RECEIVED A BONUS EQUAL TO A PERCENTAGE OF BASE PAY BASED UPON SURPASSING PRODUCTIVITY BENCHMARKS. HIGHLY COMPENSATED COACHES MAY RECEIVE CHAMPIONSHIP RINGS AND/OR GIFT CARDS, WHICH ARE REPORTED AS TAXABLE INCOME. INCENTIVE PAYMENTS TO OFFICERS AND HIGHLY COMPENSATED EMPLOYEES INCLUDE DISCRETIONARY PAYMENTS EARNED THROUGH COMPLETION OF CONDITIONS IDENTIFIED IN EMPLOYMENT CONTRACTS. SCHEDULE J, PART 1, LINE 8 VICE PRESIDENT AND PROVOST, VICE PRESIDENT FOR ADVANCEMENT AND VICE PRESIDENT OF BUSINESS AND FINANCE ARE ALL PART OF THEIR INITIAL EMPLOYMENT CONTRACT. THE TERMS OF THE CONTRACTS WERE NEGOTIATED AT AN ARM'S LENGTH AND THESE OFFICERS WERE NOT A DISQUALIFIED PERSONS IMMEDIATELY PRIOR TO ENTERING INTO THE INITIAL CONTRACT.

Schedule J (Form 990) 2023

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Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax-Exempt Bonds

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

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization
BAYLOR UNIVERSITY

Employer identification number
74-1159753

Part Ⅰ

Bond Issues

(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	(g) Defeased		(h) On behalf of issuer		(i) Pool financing
(a) Issuer name		(b) Issuer EIN	(c) CUSIP #	(d) Date issued	(e) Issue price	(f) Description of purpose	Yes	No	Yes	No	Yes	No
A	WACO EDUCATION FINANCE CORPORATION	02-0603383	929833CV1	07-08-2021	149,355,559	SEE PART VI		X		X		X
B	WACO EDUCATION FINANCE CORPORATION	02-0603383	929833BM2	08-20-2020	50,142,183	REFUND ISSUE DATED: 05/30/2017		X		X		X

Part Ⅱ

Proceeds

	A		B		C		D
	1 Amount of bonds retired ..................	4,730,000
2 Amount of bonds legally defeased ..............
3 Total proceeds of issue ..................	154,676,193		50,142,183
4 Gross proceeds in reserve funds .............
5 Capitalized interest from proceeds .............
6 Proceeds in refunding escrows ...............
7 Issuance costs from proceeds ...............	811,360		228,991
8 Credit enhancement from proceeds .............
9 Working capital expenditures from proceeds .............
10 Capital expenditures from proceeds .............	142,014,167
11 Other spent proceeds .............			49,913,192
12 Other unspent proceeds .............	11,850,666
13 Year of substantial completion .............	2024
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue of tax-exempt bonds (or, if issued prior to 2020, a current refunding issue)? ........		X	X
15 Were the bonds issued as part of an advance refunding issue of taxable bonds (or, if issued prior to 2020, an advance refunding issue)? ........		X		X
16 Has the final allocation of proceeds been made? ..........		X	X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? ..................	X		X

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

Cat. No. 50193E

Schedule K (Form 990) 2023

Page 2

Part Ⅲ

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............	X			X
3a Are there any management or service contracts that may result in private business use of bond-financed property? .............		X	X
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property?			X
c Are there any research agreements that may result in private business use of bond-financed property? .............		X	X
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property?			X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....	0 %		0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government .........	0 %		0 %
6 Total of lines 4 and 5 .............	0 %		0 %
7 Does the bond issue meet the private security or payment test? ...		X		X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............		X		X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2? ........	X		X

Part Ⅳ

Arbitrage

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

Schedule K (Form 990) 2023

Page 3

Part Ⅳ

Arbitrage (Continued)

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

Part Ⅴ

Procedures To Undertake Corrective Action

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

Part Ⅵ

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

Return Reference	Explanation
PART I BOND A COLUMN (F)	THE PURPOSE OF THE ISSUE IS (i) FINANCE AND REFINANCE THE COSTS OF CERTAIN BUILDINGS, EQUIPMENT, FACILITIES AND OTHER IMPROVEMENTS BENEFITTING BAYLOR, INCLUDING ALL OR A PORTION OF THE COSTS RELATING TO THE CONSTRUCTION AND EQUIPPING OF THE MARK AND PAULA HURD WELCOME CENTER AND THE RENOVATION AND EQUIPPING OF THE COLLINS, MEMORIAL AND ALEXANDER RESIDENCE HALLS.
PART 1, LINE 13, COLUMN B	IT IS THE UNDERSTANDING OF THE UNIVERSITY THE YEAR OF SUBSTANTIAL COMPLETION RELATES TO NON-REFUNDING PROCEEDS, AND THE 2020 ISSUE WAS A REFINANCING ISSUE ONLY. THE REFUNDING WAS COMPLETED IN 2020.
PART II, LINE 3, COLUMN A	THE TOTAL PROCEEDS EXCEEDS THE ISSUE PRICE DUE TO INVESTMENT EARNINGS ON THE PROJECT FUND.
PART II, LINE 11, COLUMN B	THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE THAT ARE NO LONGER IN ESCROW.
PART III, COLUMN A&B, LINE 6	THE BOND FINANCED PROPERTY WHICH HAS PRIVATE BUSINESS USE ALSO HAS QUALIFIED EQUITY WHICH EXCEEDS THE AMOUNT OF ANY PRIVATE BUSINESS USE GENERATED, SO THE RESULTING PERCENTAGE IS 0.
PART V	BAYLOR HAS PROCEDURES THAT IT FOLLOWS FOR TAX-EXEMPT BONDS TO ENSURE COMPLIANCE WITH APPLICABLE FEDERAL REGULATIONS AND TO IDENTIFY ANY POTENTIAL VIOLATIONS OF FEDERAL TAX REQUIREMENTS. BAYLOR'S PROCEDURES HAVE BEEN IN PLACE SINCE THE ISSUANCE OF THE BONDS AND ARE PERIODICALLY REVIEWED AND UPDATED.

Schedule K (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

Schedule L
(Form 990)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b.
Attach to Form 990 or Form 990-EZ.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and section 501(c)(29) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.

1(a) Name of disqualified person	(c) Description of transaction	(d) Corrected?
1(a) Name of disqualified person	(c) Description of transaction	Yes	No

Enter the amount of tax incurred by the organization managers or disqualified persons during the year under section 4958. ........................... $

Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ........ $

Part II

Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26; or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22

(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	(d) Loan to or from the organization?		(e) Original principal amount	(f) Balance due	(g) In default?		(h) Approved by board or committee?		(i) Written agreement?
(a) Name of interested person	(b) Relationship with organization	(c) Purpose of loan	To	From	(e) Original principal amount	(f) Balance due	Yes	No	Yes	No	Yes	No
(1) MACK RHOADES IV	OFFICER	PART V		X	1,200,000	1,294,373		No	Yes		Yes



Total ............... $						1,294,373

Part III

Grants or Assistance Benefiting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of assistance	(d) Type of assistance
(1) NOT REQUIRED	NOT REQUIRED	85,000	ACADEMIC SCHP
(2) NOT REQUIRED	NOT REQUIRED	5,651	NEED-BSD SCHP
(3) NOT REQUIRED	NOT REQUIRED	13,662	GRAD TA

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

Cat. No. 50056A

Schedule L (Form 990) 2023

Page 2

Part IV

Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of transaction	(d) Description of transaction	(e) Sharing of organization's revenues?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) STEVEN CATES	BROTHER-IN-LAW OF CHERYL GOCHIS	119,501	EMPLOYMENT		No
(2) ANDREW CHARBINE	SON-IN-LAW OF OFFICER MACK RHOADES	126,920	EMPLOYMENT		No
(3) CARMEN BENTE	DAUGHTER OF REGENT RENE MACIEL	61,590	EMPLOYMENT		No
(4) TAYLOR BUCHANAN	DAUGHTER OF OFFICER MACK RHOADES	22,396	EMPLOYMENT		No
(5) LEA CAFFEY	FAMILY MEMBER OF REGENT MARK E. LOVVORN	96,686	EMPLOYMENT		No
(6) WILL DRISKELL	SPOUSE OF OFFICER ROBYN DRISKELL	133,072	EMPLOYMENT		No
(7) RICH GOCHIS	SPOUSE OF OFFICER CHERYL GOCHIS	140,547	EMPLOYMENT		No
(8) ANDY HOGUE	FAMILY MEMBER OF OFFICER TIFFANY HOGUE	148,410	EMPLOYMENT		No
(9) SYDNEE HUMPHRIES	DAUGHTER OF OFFICER DAVE ROSSELLI	97,404	EMPLOYMENT		No
(10) BRENDA DAVIS JONES	FAMILY MEMBER OF FORMER OFFICER DARIN DAVIS	103,662	EMPLOYMENT		No

Part V

Supplemental Information
Provide additional information for responses to questions on Schedule L (see instructions).

Return Reference

Explanation

SCHEDULE L, PART I, LINE 1, COLUMN (C) - PART I

BAYLOR UNIVERSITY PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ALTERNATIVE FUNDING ARRANGEMENT THE IRS CALLS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN THE LOAN SECTION OF SCHEDULE L, CASD IS NOT A LOAN BECAUSE NO FUNDS ARE TRANSFERRED TO THE EXECUTIVE. RATHER THE "LOAN" TREATMENT APPLIES BECAUSE AFTER THE EXECUTIVE HAS RECEIVED THE RETIREMENT BENEFITS, THE UNIVERSITY RECOVERS ALL ITS OUTLAYS PLUS INTEREST.THE RECOVERY RIGHT IS A KEY ADVANTAGE OF CASD FOR THE UNIVERSITY. RATHER THAN PAYING RETIREMENT BENEFITS TO THE EXECUTIVE THAT WOULD NEVER BE RECOVERED, UNDER THE CASD, THE UNIVERSITY RECOVERS NOT ONLY ITS OUTLAYS BUT ALSO CONSIDERATION FOR THE TIME VALUE OF MONEY.CASD WORKS AS FOLLOWS. BAYLOR UNIVERSITY DEPOSITS FUNDS INTO CASH VALUE LIFE INSURANCE POLICIES ON THE EXECUTIVE'S LIFE. DURING LIFE, TO THE EXTENT THE EXECUTIVE FULFILLS SERVICE AND VESTING REQUIREMENTS, THE EXECUTIVE CAN BORROW AGAINST THE CASH SURRENDER VALUE TO SUPPLEMENT RETIREMENT INCOME. POLICY PERFORMANCE IS CLOSELY MONITORED. IF POLICY PERFORMANCE LAGS, THE EXECUTIVE'S BORROWING RIGHTS ARE REDUCED TO PROTECT THE UNIVERSITY'S RECOVERY RIGHTS.AT THE EXECUTIVE'S DEATH, THE POLICY DEATH PROCEEDS ARE FIRST USED TO REPAY BAYLOR UNIVERSITY'S DEPOSITS PLUS COMPOUNDED INTEREST (AT THE IRS LONG-TERM APPLICABLE FEDERAL RATE). THE EXECUTIVE'S BENEFICIARY THEN RECEIVES ANY PROJECTED RETIREMENT BORROWING THE EXECUTIVE DID NOT ACCESS DURING LIFE.

SCHEDULE L, PART IV - PART IV

ALL BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS WERE ENTERED INTO ON AN ARM'S LENGTH BASIS WITH THE INTERESTED PARTY HAVING NO INVOLVEMENT IN OR INFLUENCE OVER THE TRANSACTION.

Schedule L (Form 990) 2023

Additional Data

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- TIN:

SCHEDULE M
(Form 990)

Department of the Treasury

Internal Revenue Service

Noncash Contributions

Complete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image

Attach to Form 990.
Right pointing arrow large image

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

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

Part I

Types of Property

	(a) Check if applicable	(b) Number of contributions or items contributed	(c) Noncash contribution amounts reported on Form 990, Part VIII, line 1g	(d) Method of determining noncash contribution amounts
1 Art—Works of art ....	X	2	1,351	OPINIONS OF EXPERT
2 Art—Historical treasures .
3 Art—Fractional interests ..
4 Books and publications ..
5 Clothing and household goods .......
6 Cars and other vehicles ..	X	1	125,940	MARKET VALUE
7 Boats and planes ....
8 Intellectual property ...
9 Securities—Publicly traded .	X	106	3,411,150	AVG OF HIGH AND LOW MKT
10 Securities—Closely held stock .
11 Securities—Partnership, LLC, or trust interests ....
12 Securities—Miscellaneous ..
13 Qualified conservation contribution—Historic structures .....
14 Qualified conservation contribution—Other ...
15 Real estate—Residential .
16 Real estate—Commercial ..
17 Real estate—Other ...	X	1	600,000	MARKET VALUE
18 Collectibles .....
19 Food inventory ...
20 Drugs and medical supplies .
21 Taxidermy ......
22 Historical artifacts ....
23 Scientific specimens ..
24 Archeological artifacts ...
25 Other ( VEHICLE LEASE )	X	1	352,000	MARKET VALUE
26 Other ( HORSE )	X	4	164,500	OPINONS OF EXPERTS
27 Other ( GIFT CARDS )	X	2	20,000	INVOICES/RECEIPTS
28 Other ( MISCELLANEOUS ITEMS )	X	7	17,258	NONE
Other ( EQUIPMENT )	X	1	15,697	MARKET VALUE
Other ( EVENTS )	X	1	50	MARKET VALUE

Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement

Yes

30a

During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................

30a

If "Yes," describe the arrangement in Part II.

Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?

Yes

32a

Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash

contributions? ..........................

32a

Yes

If "Yes," describe in Part II.

If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,

describe in Part II.

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

Cat. No. 51227J

Schedule M (Form 990) (2023)

Page 2

Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.

Return Reference	Explanation
SCHEDULE M, PART I, LINE 1 - COLUMN (B) NUMBER OF CONTRIBUTIONS OR ITEMS CO	BAYLOR REPORTED THE RECEIPT OF THESE NONCASH CONTRIBUTIONS BASED ON THE NUMBER OF CONTRIBUTIONS WHICH AT TIMES ALSO EQUALS THE NUMBER OF ITEMS RECEIVED.
SCHEDULE M, PART I, LINE 32B - THIRD PARTIES USED TO SOLICIT	FOR STOCK GIFTS, THIRD PARTY BROKERS ARE USED TO TRADE THE STOCK AND BROKERS HAVE A STANDING ORDER TO SELL STOCK IMMEDIATELY UPON RECEIPT. SUCH ARRANGEMENTS ARE BASED ON VARYING CENTS-PER-SHARE. THE MAJORITY OF TRADES ARE EXECUTED BY A "MARKET ORDER."
SCHEDULE M, PART I, LINE 33 - EXPLANATION OF REVENUES NOT REPORTED	SOME ITEMS INCLUDED IN SCHEDULE M WERE VALUED AT $1.00. THE DONOR DID NOT PROVIDE THE UNIVERSITY WITH AN APPRAISAL AND THE UNIVERSITY DID NOT HAVE OTHER KNOWLEDGE OF THE VALUATION OF THESE ITEMS. FOR THIS REASON, THE UNIVERSITY DID NOT SHOW REVENUE FOR THESE DONATIONS OTHER THAN $1.00 WHICH REPRESENTS RECEIPT OF THE ITEMS.

Schedule M (Form 990) (2023)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

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

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

Return Reference	Explanation
FORM 990, PART V, LINE 1A	INCLUDED IN THE NUMBER OF FORMS REPORTED IN BOX 3 OF FORM 1096 ARE 24,751 1098-T FORMS, 606 1098-E FORMS; 126 1099-MISC FORMS; 833 1099-NEC FORMS; 0 1099-K FORMS, 0 1099-R FORMS, AND 0 1099-S FORM.
Form 990, Part VI, Section A, line 1a	THE EXECUTIVE COMMITTEE CONSISTED OF THE CHAIR, VICE CHAIRS, THE CHAIRS FROM AMONG THE BOARD'S STANDING COMMITTEES, THE EMERITI CHAIR (SUBJECT TO THE REQUIREMENT CONTAINED IN BOARD POLICY) AND, IF STILL SERVING AS A MEMBER OF THE BOARD, THE IMMEDIATE PAST CHAIR OF THE BOARD. THE PRESIDENT ALSO SERVED AS A NON-VOTING MEMBER OF THE EXECUTIVE COMMITTEE. THE BOARD CHAIR ALSO SERVED AS THE CHAIR OF THE EXECUTIVE COMMITTEE. THIS COMMITTEE HAD FULL AUTHORITY OF THE BOARD TO ACT ON CORPORATE ISSUES BETWEEN MEETINGS WITH THE EXCEPTION OF THE FOLLOWING MATTERS, WHICH MATTERS ARE SPECIFICALLY RESERVED FOR THE BOARD: (1) ANY ACTION REGARDING BAYLOR'S MISSION, VISION OR STRATEGIC PLANS; (2) AMENDMENT OF THE CERTIFICATE OF FORMATION, BYLAWS OR BOARD GUIDELINES; (3) CONFERRAL OF DEGREES; (4) SELECTION, EVALUATION, OR TERMINATION OF THE PRESIDENT; (5) TERMINATION OF A VICE PRESIDENT OR MEMBER OF THE PRESIDENT'S EXECUTIVE COUNCIL; (6) ELECTION OF BAYLOR UNIVERSITY REGENTS AND BOARD OFFICERS; (7) REMOVAL OF A REGENT; (8) ELECTION OF REGENTS TO AFFILIATED ORGANIZATIONS; (9) ANY ACTION INCREASING OR DECREASING THE UNIVERSITY'S ANNUAL BUDGET; (10) ANY ACTION USING BAYLOR CREDIT; (11) DETERMINATION OF REASONABLENESS OF SALARIES, OTHER COMPENSATION AND BENEFITS OF DISQUALIFIED OR HIGHLY COMPENSATED PERSONS; (12) ANY MATTER IN WHICH ANY VOTING OR EX OFFICIO MEMBER OF THE EXECUTIVE COMMITTEE ASKS TO BE CONSIDERED BY THE BOARD; (13) CAPITAL PROJECTS AND REAL PROPERTY TRANSACTIONS.
Form 990, Part VI, Section A, line 2	TODD PATTERSON AND CAREY HENDRICKSON HAVE A BUSINESS RELATIONSHIP JAY BROWN AND GAIL STEWART HAVE EITHER A FAMILIA OR BUSINESS RELATIONSHIP KIM STEVENS AND DAVID BROOKS HAVE A BUSINESS RELATIONSHIP KIM STEVEN AND CAREY HENDRICKSON HAVE A FAMILIA RELATIONSHIP
Form 990, Part VI, Section A, line 7a	THE BAPTIST GENERAL CONVENTION OF TEXAS, A NONPROFIT TEXAS CORPORATION, HAS THE AUTHORITY TO ELECT UP TO 25% OF THE MEMBERS OF BAYLOR UNIVERSITY'S BOARD OF REGENTS.
Form 990, Part VI, Section A, line 7b	BAYLOR UNIVERSITY'S BOARD OF REGENTS MAY BE REQUIRED TO OBTAIN APPROVAL FROM THE BAPTIST GENERAL CONVENTION OF TEXAS REGARDING CERTAIN CHANGES TO ITS GOVERNING DOCUMENTS WHICH ADDRESS BOARD COMPOSITION.
Form 990, Part VI, Section B, line 11b	THE RETURN WAS REVIEWED BY THE UNIVERSITY'S OUTSIDE TAX ACCOUNTANTS. ADDITIONALLY, A COPY OF THE FORM 990 WAS DISTRIBUTED TO ALL REGENTS AND A REVIEW OF THE FORM 990 WAS PERFORMED BY THE REGENT AUDIT COMMITTEE. SENIOR ADMINISTRATION INCLUDING THE PRESIDENT, CHIEF BUSINESS OFFICER, ASSOC. VICE PRESIDENT OF FINANCE/ TREASURER, GENERAL COUNSEL & CHIEF LEGAL OFFICER AND CORPORATE SECRETARY, CHIEF OF STAFF TO THE PRESIDENT AND VICE PRESIDENT FOR BOARD RELATIONS, AND CHIEF AUDIT OFFICER PARTICIPATED IN THE REVIEW AND DISCUSSION REGARDING THE FORM 990 AND ATTACHED SCHEDULES WITH THE REGENT AUDIT COMMITTEE. ALL BOARD MEMBERS WERE INVITED TO PARTICIPATE IN THE AUDIT COMMITTEE MEETING. A FINAL COPY OF THE RETURN WAS PROVIDED TO ALL REGENTS PRIOR TO THE FILING OF THE FORM 990. FORM 990, PART VI, LINE 12A- BAYLOR UNIVERSITY'S POLICIES DETAILED IN LINES 12-15 DO NOT DIRECTLY APPLY TO ITS DISREGARDED ENTITIES.
Form 990, Part VI, Section B, line 12c	BAYLOR UNIVERSITY MAINTAINS THREE SEPARATE CONFLICT OF INTEREST POLICIES APPLICABLE TO THE FOLLOWING GROUPS: (1) BOARD OF REGENTS; (2) ALL FULL-TIME FACULTY AND STAFF, AND SOME PART-TIME EMPLOYEES AS DEEMED NECESSARY; (3) ALL PERSONNEL RESPONSIBLE FOR THE DESIGN, CONDUCT, OR REPORTING OF RESEARCH. EACH GROUP IS REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM OR DUAL INTEREST FORM. REGENTS: INTERNAL AUDIT (IA) REVIEWS ALL COMPLETED REGENT CONFLICT DISCLOSURE FORMS AND CONSULTS WITH THE PRESIDENT, CHIEF BUSINESS OFFICER, GENERAL COUNSEL & CHIEF LEGAL OFFICER, AND OTHER UNIVERSITY ADMINISTRATORS, IF NECESSARY. THE CHIEF AUDIT OFFICER PRESENTS THE RESULTS OF THE REVIEW TO THE BOARD OF REGENTS AUDIT COMMITTEE. A REGENT IS NOT ALLOWED TO BE INVOLVED IN DISCUSSIONS, NOR VOTE ON RELATED MATTERS, SHOULD A CONFLICT OF INTEREST EXIST. CONFLICTS OF INTEREST OF A SEVERE NATURE INVOLVING A REGENT ARE ADDRESSED VIA THE APPROPRIATE BAYLOR UNIVERSITY BOARD OF REGENTS BYLAWS WITH THE ACTION(S) BEING DETERMINED BY THE BOARD THAT COULD INCLUDE REMOVAL OF THAT REGENT AS A MEMBER OF THE BOARD OF REGENTS. FULL-TIME FACULTY AND STAFF, AND SOME PART-TIME EMPLOYEES AS DEEMED NECESSARY: IA INITIALLY REVIEWS ALL COMPLETED DUAL INTEREST FORMS. IF AN ACTUAL OR PERCEIVED CONFLICT EXISTS, THE STATEMENT WILL BE REVIEWED BY THE CONFLICT OF INTEREST REVIEW COMMITTEE (REVIEW COMMITTEE). THE REVIEW COMMITTEE IS MADE UP OF THE CHIEF BUSINESS OFFICER, THE VICE PRESIDENT AND CHIEF HUMAN RESOURCES OFFICER, THE VICE PROVOST FOR ACADEMIC AFFAIRS AND POLICY, A DESIGNATED ATTORNEY FROM THE OFFICE OF GENERAL COUNSEL, THE VICE PRESIDENT AND THE CHIEF COMPLIANCE AND RISK OFFICER, THE VICE PROVOST FOR RESEARCH (OR DESIGNEES), AND THE CHIEF AUDIT OFFICER. THE REVIEW COMMITTEE SHALL TAKE SUCH ACTION AS REASONABLY MAY BE NECESSARY TO ELIMINATE ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST OR OTHERWISE SAFEGUARD THE INTERESTS OF THE UNIVERSITY THROUGH A MANAGEMENT PLAN. FOR POTENTIAL CONFLICTS REPORTED BY THE PRESIDENT, THE REGENT AUDIT COMMITTEE WILL REVIEW THOSE MATTERS AND MAKE THE FINAL DECISION. THE CHIEF AUDIT OFFICER ANNUALLY REPORTS TO THE PRESIDENT THE NUMBER OF EMPLOYEES WHO HAVE REPORTED ACTUAL OR PERCEIVED CONFLICTS AND THE NATURE OF THE CONFLICTS ALONG WITH RECOMMENDED PLANS TO RESOLVE THEM. THE CHIEF AUDIT OFFICER ALSO PRESENTS THE RESULTS OF THE REVIEW TO THE BOARD OF REGENTS AUDIT COMMITTEE. EMPLOYEES ARE RESTRICTED FROM PARTICIPATING IN THE DECISION-MAKING PROCESS FOR THOSE TRANSACTIONS THAT INVOLVE THE ACQUISITION OF GOODS OR SERVICES SHOULD A CONFLICT OF INTEREST EXIST. EMPLOYEES WHO DELIBERATELY OR REPEATEDLY FAIL TO DISCLOSE FULLY AND TRUTHFULLY DUAL INTEREST SITUATIONS OR FAIL TO COMPLY WITH ANY STIPULATED MANAGEMENT PLAN FOR MANAGING THE DISCLOSED CONFLICTS WILL BE SUBJECT TO THE APPLICABLE UNIVERSITY DISCIPLINARY PROCESSES. PERSONNEL RESPONSIBLE FOR THE DESIGN, CONDUCT, OR REPORTING OF RESEARCH: THE OFFICE OF THE VICE PROVOST FOR RESEARCH (OVPR) REVIEWS ALL COMPLETED RESEARCH CONFLICT OF INTEREST DISCLOSURES. IF AN ACTUAL OR PERCEIVED CONFLICT EXIST, THE STATEMENT WILL BE REVIEWED BY THE REVIEW COMMITTEE. THE REVIEW COMMITTEE SHALL TAKE SUCH ACTION AS REASONABLY NECESSARY TO ELIMINATE ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST OR OTHERWISE SAFEGUARD THE INTERESTS OF THE UNIVERSITY THROUGH A MANAGEMENT PLAN. OVPR NOTIFIES GRANTING AGENCIES OF RESEARCH CONFLICTS OF INTEREST THAT ARISE AS REQUIRED AS WELL AS ANY ASSOCIATED MANAGEMENT PLANS. FORM 990, PART VI, LINE 15A BAYLOR'S PROCEDURES AND PRACTICES IN SUPPORT OF THE BOARD OF REGENTS GUIDELINES FOR BOARD OPERATIONS ENSURE THAT COMPENSATION ARRANGEMENTS FOR THE PRESIDENT MUST BE APPROVED BY THE BOARD IN ORDER TO GO INTO EFFECT. A REGENT SUBCOMMITTEE CONDUCTS THE PRESIDENT ASSESSMENT PROCESS AND OBTAINS AND REVIEWS APPROPRIATE COMPARABLE COMPENSATION DATA ANNUALLY AND AS NEEDED IN ORDER TO REVIEW AND APPROVE COMPENSATION ARRANGEMENTS. THE COMPARABILITY DATA COMES FROM A VARIETY OF SOURCES WHICH INCLUDES QUALIFIED, INDEPENDENT OUTSIDE COMPENSATION CONSULTANTS SELECTED BY THE BOARD OF REGENTS, SURVEYS CONDUCTED BY OUTSIDE CONSULTANTS THAT INCLUDES SALARIES AND/OR BENEFITS DATA, FORM 990 DATA FROM OTHER INSTITUTIONS, COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES SURVEYS, AND WESTERN MANAGEMENT GROUP SURVEYS. THE REGENT SUBCOMMITTEE REVIEWS THE REASONABLENESS OF COMPENSATION ARRANGEMENTS AGAINST THE COMPARABILITY DATA AS WELL AS THE PERFORMANCE OF THE PRESIDENT AND DOCUMENTS THE BASIS OF THEIR DETERMINATIONS AND ACTIONS CONCURRENT WITH MAKING THE DETERMINATION. THE DOCUMENTATION INCLUDES THE TERMS OF THE TRANSACTION, THE DATE OF APPROVAL, THE NAMES OF THE REGENT SUBCOMMITTEE MEMBERS PRESENT DURING THE REVIEW AND VOTE ON THE TRANSACTION, THE COMPARABILITY DATA RELIED UPON AND THE BASIS FOR THE DETERMINATION. THE REGENT SUBCOMMITTEE SUBSEQUENTLY PRESENTS ITS RECOMMENDATIONS TO THE FULL REGENT BOARD FOR APPROVAL, WHICH IS CONCURRENTLY DOCUMENTED AS WELL. THIS PROCESS WAS PERFORMED IN 2023-2024.
Form 990, Part VI, Section B, line 15	BAYLOR'S PROCEDURES AND PRACTICES ENSURE THAT COMPENSATION ARRANGEMENTS FOR OTHER OFFICERS AND KEY EMPLOYEES DEEMED TO BE DISQUALIFIED PERSONS AND/OR HIGHLY COMPENSATED MUST BE APPROVED BY THE BOARD OF REGENTS IN ORDER TO GO INTO EFFECT. A REGENT SUBCOMMITTEE OBTAINS AND REVIEWS APPROPRIATE COMPARABLE COMPENSATION DATA ANNUALLY, AND AS NEEDED, IN ORDER TO REVIEW AND APPROVE COMPENSATION ARRANGEMENTS FOR OTHER OFFICERS AND KEY EMPLOYEES DEEMED TO BE DISQUALIFIED PERSONS AND/OR HIGHLY COMPENSATED. THIS INCLUDES THE REVIEW AND APPROVAL OF THE PRESIDENT'S SALARY RECOMMENDATIONS FOR PRESIDENT'S COUNCIL MEMBERS. THE COMPARABILITY DATA IS SOURCED FROM A VARIETY OF SOURCES WHICH INCLUDES QUALIFIED, INDEPENDENT OUTSIDE COMPENSATION CONSULTANTS SELECTED BY THE BOARD OF REGENTS. COMPARABILITY DATA SOURCES CAN VARY DEPENDENT UPON THE TYPE OF POSITION BEING REVIEWED. STANDARD SOURCES OF DATA ARE FORM 990 DATA FROM OTHER INSTITUTIONS, COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES SURVEYS, WESTERN MANAGEMENT GROUP SURVEYS, WINTHROP ATHLETIC DATABASE, AND OTHER INDUSTRY SPECIFIC SURVEYS AS APPLICABLE. THE REGENT SUBCOMMITTEE REVIEWS THE REASONABLENESS OF COMPENSATION ARRANGEMENTS AGAINST THE COMPARABILITY DATA AND DOCUMENTS THE BASIS OF THEIR DETERMINATIONS AND ACTIONS CONCURRENT WITH MAKING THE DETERMINATION. THE DOCUMENTATION INCLUDES THE TERMS OF THE TRANSACTION, THE DATE OF APPROVAL, THE NAMES OF THE REGENT SUBCOMMITTEE MEMBERS PRESENT DURING THE REVIEW AND VOTE ON THE TRANSACTION, THE COMPARABILITY DATA RELIED UPON AND BASIS FOR THE DETERMINATION. THE REGENT SUBCOMMITTEE SUBSEQUENTLY PRESENTS ITS RECOMMENDATIONS TO THE FULL REGENT BOARD FOR APPROVAL, WHICH IS CONCURRENTLY DOCUMENTED AS WELL. THIS OCCURS ANNUALLY AND AS NEEDED. ALL OFFICERS AND KEY EMPLOYEES THAT ARE INCLUDED IN PART VII, SECTION A, WERE REVIEWED UNDER THIS PROCESS IN 2023-2024.
Form 990, Part VI, Section C, line 19	BAYLOR'S CERTIFICATE OF FORMATION, BYLAWS, GUIDELINES FOR BOARD OPERATIONS, STATEMENT OF COMMITMENT AND RESPONSIBILITIES, CONFLICT OF INTEREST POLICIES, AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON BAYLOR'S WEBSITE.
FORM 990, PART VII, SECTION A, LINE 1A, COLUMN B	THE AVERAGE HOURS REPORTED PER WEEK FOR REGENTS BRIAN RAINES, LESLEY MCALLISTER, GAYNOR YANCEY (FORMER REGENT), SARA DOLAN (FORMER REGENT), AND ANDREA DIXON (FORMER REGENT) INCLUDE AVERAGE HOURS IN THEIR ROLES AS BOARD MEMBERS AND EMPLOYEES OF THE UNIVERSITY. TWO FORMER OFFICERS HAVE AVERAGE HOURS REPORTED BECAUSE THESE INDIVIDUALS WERE EMPLOYED DURING ALL OF THE CALENDAR YEAR THAT FELL WITHIN THE CURRENT TAX YEAR BUT NOT IN THE ROLE AS OFFICERS.
FORM 990, PART VII, SECTION A, LINE 1A, COLUMN D	REPORTABLE COMPENSATION FOR REGENT BRIAN RAINES AND LESLEY MCALLISTER INCLUDE COMPENSATION IN THEIR ROLE AS AN EMPLOYEE AND A REGENT OF THE UNIVERSITY. GAYNOR YANCEY, SARA DOLAN, AND ANDREA DIXON ARE REPORTED ON PART VII AS FORMER REGENTS, BUT THEY CONTINUE TO RECEIVE REPORTABLE COMPENSATION IN THEIR ROLES AS EMPLOYEES OF THE UNIVERSITY.
FORM 990, PART VII, SECTION A, LINE 1A, COLUMN E	BAYLOR TRANSMITS AN ANNUAL QUESTIONNAIRE WITH PERTINENT INSTRUCTIONS AND DEFINITIONS TO EACH OF ITS CURRENT AND FORMER REGENTS, OFFICERS, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES LISTED ON PART VII, SECTION A, INQUIRING INTO AMOUNTS OF ANY REPORTABLE COMPENSATION OR OTHER COMPENSATION RECEIVED BY THESE INDIVIDUALS FROM A RELATED ORGANIZATION. THE QUESTIONNAIRE INCLUDES THE NAME, TITLE, DATE, AND SIGNATURE OF EACH PERSON REPORTING THE INFORMATION TO BAYLOR. NO AMOUNTS WERE REPORTED FOR THE FISCAL YEAR ENDING 5/31/24.
FORM 990, PART VIII, LINE 1H	CONTRIBUTIONS AND GRANTS REPORTED IN THE UNIVERSITY'S AUDITED FINANCIAL STATEMENTS AND FORM 990 APPROPRIATELY EXCLUDE INTENTS TO GIVE (PLEDGES) AND REVOCABLE DEFERRED GIVING COMMITMENTS.
Form 990, Part XI, line 9:	PRESENT VALUE ADJUSTMENT TO ANNUITES PAYABLE 2,941,773. CHANGES IN POSTRETIREMENT BENEFIT OBLIGATIONS -1,804,095.

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

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

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

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

BAYLOR UNIVERSITY

Employer identification number

74-1159753

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)	(f) Direct controlling entity
(1) INDEPENDENCE ENTERTAINMENT LLC ONE BEAR PLACE 97041 WACO,TX76798 99-2901035	ENTERTAINMENT SERVICES	TX	BAYLOR UNIVERSITY

Part II

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

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION DBA KWBU-FM ONE BEAR PLACE 97296 WACO,TX76798 74-2674611	PROVIDE AND PROMOTE QUALITY EDUCATIONAL PROGRAMMING	TX	501(C)(3)	7	BAYLOR UNIVERSITY	Yes
(2)FB KIRCHNER SCHOLARSHIP FUND #6886 PO BOX 2950 SAN ANTONIO,TX78299 74-2646348	PROVISION OF SCHOLARSHIPS	TX	501(C)(3)	12 TYPE III-O	BAYLOR UNIVERSITY	Yes
(3)BRYAN NICHOLS SCHOLARSHIP TRUST 332 118 S HOUSTON AVENUE CAMERON,TX76520 74-6438292	PROVISION OF SCHOLARSHIPS	TX	501(C)(3)	PF	BAYLOR UNIVERSITY	Yes
(4)HAROLD E RILEY FOUNDATION PO BOX 149151 AUSTIN,TX78714 30-0181669	SUPPORT OF BAYLOR AND SW THEOLOGICAL SEMINARY	TX	501(C)(3)	12 TYPE I	N/A		No
(5)FLEMING CHURCH LOAN TRUST 1601 ELM STREET SUITE 1700 DALLAS,TX75201 75-6035987	TRUST SUPPORTING BAYLOR, AS WELL AS OTHER ORGS	TX	501(C)(3)	12 TYPE II	N/A		No
(6)KOKERNOT TRSUT 1601 ELM STREET SUITE 1700 DALLAS,TX75201 75-6040747	TRUST WHICH PAYS INCOME IN SUPPORT OF BAYLOR AND OTHER UNIVERSITIES	DE	501(C)(3)	12 TYPE II	BAYLOR UNIVERSITY	Yes
(7)BIG TWELVE CONFERENCE INC 400 E JOHN CARPENTER FREEWAY IRVING,TX75062 75-2604555	ORGANIZE, PROMOTE AND ADMINISTER INTERCOLLEGIATE ATHLETICS AMONG ITS MEMBERS	TX	501(C)(3)	12 TYPE I	N/A		No
(8)THE MARRS MCLEAN TRUST PO BOX 2950 SAN ANTONIO,TX78299 74-6342783	TRUST SUPPORTS BAYLOR AND OTHER COLLEGES	TX	501(C)(3)	12 TYPE III-O	N/A		No
(9)CENTRAL TEXAS TECHNOLOGY AND RESEARCH PARK ONE BEAR PLACE 97043 WACO,TX76798 27-3848177	HOLDING COMPANY	TX	501(C)(2)		BAYLOR UNIVERSITY	Yes
(10)BAYLOR WACO STADIUM AUTHORITY ONE BEAR PLACE 97043 WACO,TX76798	LOCAL GOVERNMENT AUTHORITY CONTRACTED O MANAGE AND OPERATE MCLANE STADIUM	TX			N/A		No

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

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

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

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

Part IV

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

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) CHARITABLE REMAINDER TRUST (49)	CHARITABLE TRUST - SUPPORT	TX	N/A	T	2,676,065	23,536,766		Yes
(2) CHARITABLE LEAD TRUST (1)	CHARITABLE TRUST - SUPPORT	TX	N/A	T			100.000 %	Yes
(3) CHARITABLE LEAD TRUST (1)	CHARITABLE TRUST - SUPPORT	FL	N/A	T			100.000 %	Yes
(4) CHARITABLE REMAINDER TRUST (1)	CHARITABLE TRUST - SUPPORT	CA	N/A	T	8,685	21,527	30.000 %	Yes
(5) CHARITABLE REMAINDER TRUST (1)	CHARITABLE TRUST - SUPPORT	KY	N/A	T	91,307	420,913	100.000 %	Yes
(6) CHARITABLE REMAINDER TRUST (1)	CHARITABLE TRUST - SUPPORT	AR	N/A	T	40,293	205,472		Yes

Schedule R (Form 990) 2023

Page 3

Part V

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

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

Yes

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

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

Yes

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

Yes

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

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

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

Yes

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

Yes

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

Yes

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

Yes

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

Yes

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

Yes

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

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

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

Yes

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) BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION DBA KWBU-FM	B	170,601	CASH
(2) BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION DBA KWBU-FM	M	130,530	COST
(3) BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION DBA KWBU-FM	L	324,758	COST
(4) BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION DBA KWBU-FM	N	77,911	FMV
(5) SCHOLARSHIP TRUST (2)	A	26,529	CASH
(6) KOKERNOT TRUST	S	352,786	CASH
(7) OTHER TRUST (1)	S	43,932	CASH
(8) CRENSHAW CLAT	A	37,436	CASH
(9) GOLDFIELD TRUST MTP	B	146,693	CASH
(10) GREENFIELD TRUST	B	9,848,742	CASH

Schedule R (Form 990) 2023

Page 4

Part VI

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

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

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

Schedule R (Form 990) 2023

Page 5

Part VII

Supplemental Information

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

Return Reference	Explanation

Schedule R (Form 990) 2023

Additional Data

Software ID:
Software Version:

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No