UNIVERSITY OF SOUTHERN CALIFORNIA

Financial Trends

Organization Details

UNIVERSITY OF SOUTHERN CALIFORNIA, founded in 1895, is a large national nonprofit in the Education sector that reported $5.1B in total revenue in fiscal year 2022. Revenue decreased 8% compared to the prior year.

Mission

FIRST-CLASS TRAVEL: THE UNIVERSITY OF SOUTHERN CALIFORNIA REQUIRES THAT ECONOMY-CLASS (COACH) TRAVEL BE UTILIZED FOR UNIVERSITY BUSINESS. FIRST AND BUSINESS CLASS AIR TRAVEL IS ONLY ALLOWED WHEN THERE IS ADVANCE WRITTEN APPROVAL, WHEN IT IS NECESSARY FOR MEDICAL REASONS, OR WHEN COACH CLASS IS UNAVAILABLE. THERE IS NO VALUE INCLUDED IN THE INDIVIDUAL'S FORM W-2 AS TAXABLE INCOME AS ONLY BUSINESS TRAVEL EXPENSES ARE PAID. THE INDIVIDUALS LISTED IN FORM 990, PART VII WHO FLEW FIRST CLASS DURING CALENDAR YEAR 2022 INCLUDED THREE OFFICERS AND TWO KEY EMPLOYEES. CHARTER TRAVEL: THE UNIVERSITY OF SOUTHERN CALIFORNIA UTILIZES CHARTER TRAVEL ON OCCASION FOR ATHLETIC TEAM EVENTS FOR CERTAIN INDIVIDUALS AS PART OF THEIR OFFICIAL RESPONSIBILITIES TO THE UNIVERSITY OF SOUTHERN CALIFORNIA. THERE IS NO VALUE IN THE INDIVIDUAL'S FORM W-2 AS TAXABLE INCOME AS ONLY BUSINESS TRAVEL EXPENSES ARE PAID FOR SUCH ATHLETIC TEAM EVENTS. THE INDIVIDUALS LISTED IN FORM 990, PART VII WHO UTILIZED CHARTER TRAVEL FOR ATHLETIC TEAM EVENTS DURING CALENDAR YEAR 2022 INCLUDED TWO HIGHEST COMPENSATED EMPLOYEES. ONE HIGHEST COMPENSATED EMPLOYEE UTILIZED CHARTER TRAVEL DURING CALENDAR YEAR 2022 FOR PERSONAL TRAVEL WHICH WAS PROVIDED FOR IN THEIR EMPLOYMENT CONTRACT AND WAS INCLUDED IN TAXABLE COMPENSATION ON FORM W-2. SUCH AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). TRAVEL FOR COMPANIONS: THE UNIVERSITY OF SOUTHERN CALIFORNIA REQUIRES THAT ECONOMY-CLASS (COACH) TRAVEL BE UTILIZED FOR COMPANIONS. BUSINESS CLASS AIR TRAVEL IS ONLY ALLOWED WHEN THERE IS ADVANCE WRITTEN APPROVAL. THE INDIVIDUALS LISTED IN FORM 990, PART VII WHO UTILIZED TRAVEL FOR A COMPANION FOR BUSINESS PURPOSES DURING CALENDAR YEAR 2022 INCLUDED ONE OFFICER AND ONE HIGHEST COMPENSATED EMPLOYEE. ONE HIGHEST COMPENSATED EMPLOYEE UTILIZED TRAVEL FOR COMPANIONS FOR BUSINESS AND NON-BUSINESS PURPOSES DURING CALENDAR YEAR 2022 WHICH WAS PROVIDED FOR IN THEIR EMPLOYMENT CONTRACT. THE VALUE OF THE NON-BUSINESS TRAVEL WAS INCLUDED IN TAXABLE COMPENSATION ON FORM W-2. SUCH AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). TAX GROSS-UP PAYMENTS: DURING CALENDAR YEAR 2022 ONE OFFICER, TWO HIGHEST COMPENSATED EMPLOYEES AND ONE FORMER HIGHEST COMPENSATED EMPLOYEE RECEIVED TAX GROSS-UP PAYMENTS. THE PAYMENTS ARE REPORTED ON FORM W-2 AS TAXABLE COMPENSATION AND ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B) (III). RESIDENCE FOR PERSONAL USE: ONE OFFICER HAD USE OF A UNIVERSITY OWNED CONDOMINIUM DURING CALENDAR YEAR 2022 WHICH WAS PROVIDED FOR IN THAT OFFICER'S EMPLOYMENT CONTRACT AND THE IMPUTED VALUE WAS INCLUDED IN TAXABLE COMPENSATION ON FORM W-2. SUCH AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). AS THE UNIVERSITY DOES NOT HAVE ON-CAMPUS HOUSING AVAILABLE FOR THE PRESIDENT'S USE BUT REQUIRES THE PRESIDENT TO LIVE IN A PRESIDENTIAL HOME AS A CONDITION OF EMPLOYMENT, THE PRESIDENT (DR. FOLT) WAS PROVIDED WITH OFF CAMPUS HOUSING PURSUANT TO HER EMPLOYMENT AGREEMENT. BECAUSE THE PROVISION OF OFF-CAMPUS HOUSING IS TAXABLE, THE BOARD DETERMINED IT WAS APPROPRIATE TO GROSS UP THE HOUSING BENEFIT. THE GROSSED UP BENEFIT WAS NOT DIRECTLY PROVIDED TO THE PRESIDENT AS CASH COMPENSATION BUT WAS INSTEAD REPORTED ON FORM W-2 AS TAXABLE INCOME AND IS REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: PAYMENT TO OR REIMBURSEMENT FOR AN INDIVIDUAL'S MEMBERSHIP IN, OR DUES TO, A PRIVATE CLUB FOR BUSINESS PURPOSES IS MADE AVAILABLE IN CERTAIN EMPLOYMENT CONTRACTS OR IS OTHERWISE APPROVED BY THE APPLICABLE SENIOR VICE PRESIDENT OR THE PRESIDENT. THE VALUE OF MEMBERSHIPS PROVIDED FOR BUSINESS PURPOSES IS NOT INCLUDED IN AN INDIVIDUAL'S FORM W-2 AS TAXABLE INCOME. ANY PERSONAL USE OF THESE MEMBERSHIPS IS PAID FOR BY THE INDIVIDUAL. THE INDIVIDUALS LISTED IN FORM 990, PART VII WHO WERE PROVIDED WITH MEMBERSHIP IN, OR DUES TO, A PRIVATE CLUB DURING CALENDAR YEAR 2022 INCLUDED FOUR OFFICERS, ONE KEY EMPLOYEE, TWO HIGHEST COMPENSATED EMPLOYEES, ONE FORMER OFFICER AND ONE FORMER KEY EMPLOYEE. PERSONAL SERVICES: CERTAIN INDIVIDUALS RECEIVED PERSONAL SERVICES, INCLUDING FINANCIAL PLANNING. SUCH SERVICES ARE MADE AVAILABLE IN EMPLOYMENT CONTRACTS AND THE VALUE OF THE SERVICES, IF USED, WAS INCLUDED IN THE INDIVIDUAL'S FORM W-2 AS TAXABLE INCOME AND IS REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). THE LISTED INDIVIDUALS WHO RECEIVED SUCH BENEFIT DURING CALENDAR YEAR 2022 INCLUDED FOUR OFFICERS, ONE HIGHEST COMPENSATED EMPLOYEE, AND ONE FORMER OFFICER. THE PRESIDENT RECEIVED HOUSE MANAGEMENT SERVICES PURSUANT TO HER CONTRACT. THE VALUE OF THE SERVICES NOT RELATED TO UNIVERSITY BUSINESS WAS REPORTED ON FORM W-2 AS TAXABLE INCOME AND IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). ONE OFFICER, ONE HIGHEST COMPENSATED EMPLOYEE, AND ONE FORMER OFFICER RECEIVED THE SERVICES OF A CAR AND DRIVER. SUCH SERVICES WERE APPROVED AS PART OF THE INDIVIDUALS' EMPLOYMENT CONTRACTS, AND THE VALUES OF TAXABLE SERVICES WERE INCLUDED IN THE INDIVIDUALS' FORM W-2 AS TAXABLE INCOME AND ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III).

Financial Overview (2022)

Year-over-Year Comparison

Governance

Special Practices & Reported Activities

Compensation of Officers, Directors & Key Employees

Historical Data