Olivet Nazarene University
- Assets
- $243.5m
- Revenue
- $142.2m
- Investments
- $2.0m
- Employees
- 1,867
- Location
- Bourbonnais, IL
- Founding
- 08/1948
- Data as of
- 06/2022
- EIN
- 36-2191252
Organization Overview
Olivet Nazarene University is located in Bourbonnais, IL. The organization was established in 1948. 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, Olivet Nazarene University employed 1,867 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olivet 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, Olivet Nazarene University generated $142.2m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $143.7m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 8 years. 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
TO PROVIDE HIGH-QUALITY ACADEMIC INSTRUCTION FOR THE PURPOSE OF PERSONAL DEVELOPMENT, CAREER AND PROFESSIONAL READINESS, AND THE PREPARATION OF INDIVIDUALS FOR LIVES OF SERVICE TO GOD AND HUMANITY.
Describe the Organization's Program Activity:
ACADEMIC SUPPORT - AWARDING FINANCIAL AID TO ELIGIBLE STUDENTS.
INSTRUCTION OF STUDENTS IN A PROGRAM OF HIGHER EDUCATION.
AUXILLIARY ENTERPRISES - PROVIDING DORMATORIES, CAFETERIA, CAMPUS COMMUNICATIONS, AND CONFERENCE INCOME FOR STUDENTS AND OTHERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Gregg Chenoweth President | OfficerTrustee | 50 | $199,304 |
Dr Ryan Spittal Vice President | OfficerTrustee | 50 | $173,694 |
Dr David Pickering Vice President | OfficerTrustee | 50 | $171,246 |
Kathleen Lueckeman Chief Strategy Off | 50 | $155,435 | |
Dr Walter Webb VP Student Dev | OfficerTrustee | 50 | $147,445 |
Dr Stephen Lowe Vice President | OfficerTrustee | 50 | $147,223 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Food Service | 6/29/22 | $6,865,232 |
Risk Management Foundation Insurance | 6/29/22 | $990,408 |
Sandy Alexander Inc Printing | 6/29/22 | $845,068 |
Ellucian Inc Information Services | 6/29/22 | $1,135,124 |
989 Group Llc Marketing | 6/29/22 | $1,386,440 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,689,218 |
| Investment income | $801,904 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $251,520 |
| Net Gain/Loss on Asset Sales | $908,895 |
| Net Income from Fundraising Events | -$69,675 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $142,248,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $60,908,833 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,046,603 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $31,697,837 |
| Pension plan accruals and contributions | $1,179,793 |
| Other employee benefits | $8,860,173 |
| Payroll taxes | $2,246,377 |
| Fees for services: Management | $1,941,934 |
| Fees for services: Legal | $145,139 |
| Fees for services: Accounting | $79,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $155,645 |
| Fees for services: Investment Management | $165,118 |
| Fees for services: Other | $723,304 |
| Advertising and promotion | $1,311,373 |
| Office expenses | $5,016,863 |
| Information technology | $2,952,496 |
| Royalties | $0 |
| Occupancy | $6,077,440 |
| Travel | $1,162,422 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,149 |
| Interest | $3,267,393 |
| Payments to affiliates | $9,153 |
| Depreciation, depletion, and amortization | $6,737,165 |
| Insurance | $1,194,402 |
| All other expenses | $0 |
| Total functional expenses | $143,704,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,338 |
| Savings and temporary cash investments | $13,471,335 |
| Pledges and grants receivable | $144,247 |
| Accounts receivable, net | $1,270,113 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,109,407 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,716,002 |
| Investments—publicly traded securities | $28,660,891 |
| Investments—other securities | $2,043,154 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,102 |
| Total assets | $243,527,041 |
| Accounts payable and accrued expenses | $5,343,836 |
| Grants payable | $0 |
| Deferred revenue | $235,944 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $126,720,132 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,504,964 |
| Total liabilities | $140,804,876 |
| Net assets without donor restrictions | $98,293,655 |
| Net assets with donor restrictions | $4,428,510 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $102,722,165 |