Mount Vernon Nazarene University
- Assets
- $102.8m
- Revenue
- $63.5m
- Investments
- $0.0
- Employees
- 1,190
- Location
- Mount Vernon, OH
- Founding
- 07/1963
- Data as of
- 06/2022
- EIN
- 31-0725957
Organization Overview
Mount Vernon Nazarene University is located in Mount Vernon, OH. The organization was established in 1963. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Mount Vernon Nazarene University employed 1,190 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mount Vernon Nazarene University is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Mount Vernon Nazarene University generated $63.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $64.7m during the year ending 06/2022. While expenses have increased by 3.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MOUNT VERNON NAZARENE UNIVERSITY IS AN ACCREDITED FOUR YEAR LIBERAL ARTS UNIVERSITY THAT CONFERS TWO AND FOUR YEAR DEGREES AND GRADUATE DEGREES IN A VARIETY OF ACADEMIC DISCIPLINES. IN ADDITION, IT PROVIDES LOGISTICAL SUPPORT FOR THE EDUCATIONAL AND THEOLOGICAL EFFORTS OF THE CHURCH OF THE NAZARENE AND OTHER LIKE-MINDED RELIGIOUS AND EDUCATIONAL ORGANIZATIONS.
Describe the Organization's Program Activity:
THE UNIVERSITY IS A FOUR-YEAR INSTITUTION OF HIGHER EDUCATION OFFERING THE DEGREES OF ASSOCIATE IN ARTS, ASSOCIATE IN APPLIED SCIENCE, BACHELOR OF ARTS, BACHELOR OF SCIENCE, MASTERS OF BUSINESS ADMINISTRATION, MASTERS OF SCIENCE IN MANAGEMENT, MASTER OF ARTS IN EDUCATION AND SUCH OTHER BACCALAUREATE AND GRADUATE DEGREES AS MAY BE AUTHORIZED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY, AND PERMITTED BY THE STATE OF OHIO, AND THE HIGHER LEARNING COMMISSION; MEMBER - NORTH CENTRAL ASSOCIATION. FOR THE YEAR ENDED JUNE 30, 2022 THE UNIVERSITY CONFERRED 517 UNDERGRADUATE AND GRADUATE DEGREES. AVERAGE INSTITUTION-BASED FINANCIAL AID FOR TRADITIONAL STUDENTS WAS $19,859 COMPARED WITH TOTAL DIRECT COSTS OF $42,110. AVERAGE ENROLLMENT HEAD COUNT WAS 1,985 STUDENTS.
THE UNIVERSITY PROVIDES LOGISTICAL, AND FACILITY SUPPORT FOR LIKE-MINDED RELIGIOUS AND EDUCATIONAL ORGANIZATIONS. ORGANIZATIONS HISTORICALLY SERVED INCLUDE THE NORTH CENTRAL OHIO DISTRICT CHURCH OF THE NAZARENE, THE NATIONAL CHRISTIAN SCHOOL ATHLETIC ASSOCIATION, THE YMCA GREAT LAKES LEADERS TRAINING SCHOOL, AREA PRIMARY AND SECONDARY SCHOOLS, AND MANY OTHERS. DURING THE YEAR ENDED JUNE 30, 2022, THE UNIVERSITY'S EFFORTS IN THIS PROGRAM SERVICE AREA WERE SLOWLY RETURNING TO PRIOR YEARS' LEVEL DUE TO THE ON-GOING IMPACT BY COVID-19 PANDEMIC. IT IS ANTICIPATED THAT SUCH ACTIVITY WILL RETURN TO PRIOR YEARS' LEVELS OVER THE NEXT FISCAL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chairman, Board Of Trustees | OfficerTrustee | 3 | $0 |
Name Not Listed Secretary, Board Of Trustees | OfficerTrustee | 2 | $0 |
Name Not Listed Vice-Chair, Board Of Trustees | OfficerTrustee | 2 | $70 |
Name Not Listed Member, Board Of Trustees | Trustee | 1 | $0 |
Name Not Listed Member, Board Of Trustees | Trustee | 1 | $0 |
Name Not Listed Member, Board Of Trustees | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pioneer College Caterers Food Services | 6/29/22 | $1,834,597 |
Umr Inc Employee Health Plan Tpa Services | 6/29/22 | $496,774 |
Ruffalo Noel Levitz Llc Enrollment Marketing & Consulting | 6/29/22 | $266,281 |
Linked In Marketing Services | 6/29/22 | $159,202 |
Carnegie Dartlet Llc Marketing Services | 6/29/22 | $158,663 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,925,287 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,267,176 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,192,463 |
| Total Program Service Revenue | $54,426,317 |
| Investment income | $694,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$8,873 |
| Net Gain/Loss on Asset Sales | $1,021,342 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,465,382 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,988 |
| Grants and other assistance to domestic individuals. | $28,042,590 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $562,494 |
| Compensation of current officers, directors, key employees. | $426,054 |
| Compensation to disqualified persons | $498,547 |
| Other salaries and wages | $15,734,337 |
| Pension plan accruals and contributions | $244,574 |
| Other employee benefits | $3,542,439 |
| Payroll taxes | $1,104,990 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,152 |
| Fees for services: Accounting | $121,958 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $86,131 |
| Fees for services: Other | $1,672,729 |
| Advertising and promotion | $1,164,993 |
| Office expenses | $2,025,282 |
| Information technology | $949,026 |
| Royalties | $0 |
| Occupancy | $1,716,285 |
| Travel | $849,614 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $119,647 |
| Interest | $272,067 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,097,959 |
| Insurance | $466,505 |
| All other expenses | $112,531 |
| Total functional expenses | $64,716,074 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,134 |
| Savings and temporary cash investments | $14,566,313 |
| Pledges and grants receivable | $689,624 |
| Accounts receivable, net | $889,218 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $716,781 |
| Inventories for sale or use | $126,874 |
| Prepaid expenses and deferred charges | $751,338 |
| Net Land, buildings, and equipment | $59,910,009 |
| Investments—publicly traded securities | $25,142,160 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,625 |
| Total assets | $102,841,076 |
| Accounts payable and accrued expenses | $2,882,180 |
| Grants payable | $0 |
| Deferred revenue | $1,678,532 |
| Tax-exempt bond liabilities | $7,200,233 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $246,465 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $655,808 |
| Total liabilities | $12,663,218 |
| Net assets without donor restrictions | $68,203,147 |
| Net assets with donor restrictions | $21,974,711 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $102,841,076 |
Grants Awarded
Over the last fiscal year, Mount Vernon Nazarene University has awarded $44,337 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE LUKE COMMISSION INC PURPOSE: FURTHERANCE OF ITS MISSION TO PROVIDE SAFE DRINKING WATER TO IMPOVERISHED PEOPLE | $36,558 |
FOOD FOR THE HUNGRY INC PURPOSE: FURTHERANCE OF ITS MISSION TO PROVIDE FOOD FOR THE HUNGREY IN THE KNOX COUNTY OHIO AREA | $7,779 |