Davenport University
- Assets
- $149.4m
- Revenue
- $130.0m
- Investments
- $231.2k
- Employees
- 1,521
- Location
- Grand Rapids, MI
- Founding
- 11/1971
- Data as of
- 06/2022
- EIN
- 38-1945965
Organization Overview
Davenport University is located in Grand Rapids, MI. The organization was established in 1971. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Davenport University employed 1,521 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Davenport 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, Davenport University generated $130.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $129.1m during the year ending 06/2022. While expenses have increased by 0.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
POST-SECONDARY EDUCATIONAL INSTITUTION PREPARING STUDENTS FOR CAREERS IN BUSINESS, HEALTH, AND TECHNOLOGY. QUALITY, CAREER-ORIENTED ACADEMIC PROGRAMS ARE OFFERED THROUGHOUT THE MAIN CAMPUS IN GRAND RAPIDS AND OTHER CAMPUSES THROUGHOUT MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATION TO APPROXIMATELY 5,000 STUDENTS AT LOCATIONS THROUGHOUT MICHIGAN, INCLUDING OVER 3,000 COURSES AT THE UNDERGRADUATE AND GRADUATE LEVELS OF POST-SECONDARY EDUCATION IN BUSINESS, HEALTH, AND TECHNOLOGY.
EDUCATING BUSINESS PROFESSIONALS THROUGH NON-CREDIT COURSES IN VARIOUS AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Pappas President | OfficerTrustee | 40 | $611,327 |
Kenneth Yerrick Chairman | OfficerTrustee | 1 | $0 |
Paula Cunningham Vice-Chairman | OfficerTrustee | 1 | $0 |
Rami Fawaz Trustee | Trustee | 1 | $0 |
Peter Hahn Trustee | Trustee | 1 | $0 |
Doyle Hayes Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kraft 60th Llc Building Rent | 6/29/23 | $994,950 |
Ruffalo Noel Levitz Llc Student Enrollment Services | 6/29/23 | $851,707 |
Sachse Construction And Development Comp Building Renovations | 6/29/23 | $808,491 |
Du Apartments Llc Building Rent | 6/29/23 | $775,501 |
Ascend Learning Holdings Llc Health Profession Certification Study Ma | 6/29/23 | $502,930 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,534,646 |
| Government grants | $16,062,056 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,687,986 |
| Noncash contributions included in lines 1a–1f | $2,045,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,284,688 |
| Total Program Service Revenue | $101,718,886 |
| Investment income | $466,404 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $69,300 |
| Net Gain/Loss on Asset Sales | $989,629 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,369,798 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $130,003,886 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $40,111,309 |
| Grants and other assistance to Foreign Orgs/Individuals | $1,706,001 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,976,789 |
| Compensation of current officers, directors, key employees. | $2,976,789 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,584,623 |
| Pension plan accruals and contributions | $2,549,198 |
| Other employee benefits | $4,599,274 |
| Payroll taxes | $2,571,822 |
| Fees for services: Management | $431,907 |
| Fees for services: Legal | $25,942 |
| Fees for services: Accounting | $143,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $94,676 |
| Fees for services: Other | $3,451,004 |
| Advertising and promotion | $4,338,807 |
| Office expenses | $916,459 |
| Information technology | $3,332,301 |
| Royalties | $0 |
| Occupancy | $5,717,708 |
| Travel | $2,043,126 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $309,208 |
| Interest | $1,189,843 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,930,821 |
| Insurance | $1,232,273 |
| All other expenses | $1,638,914 |
| Total functional expenses | $129,091,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,700,258 |
| Savings and temporary cash investments | $806,820 |
| Pledges and grants receivable | $2,149,142 |
| Accounts receivable, net | $4,276,525 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $75,627 |
| Prepaid expenses and deferred charges | $3,136,979 |
| Net Land, buildings, and equipment | $105,650,111 |
| Investments—publicly traded securities | $23,558,427 |
| Investments—other securities | $231,164 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,862,564 |
| Total assets | $149,447,617 |
| Accounts payable and accrued expenses | $6,843,696 |
| Grants payable | $0 |
| Deferred revenue | $5,790,732 |
| Tax-exempt bond liabilities | $35,202,105 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,600,000 |
| Unsecured mortgages and notes payable | $315,385 |
| Other liabilities | $7,452,774 |
| Total liabilities | $59,204,692 |
| Net assets without donor restrictions | $88,324,543 |
| Net assets with donor restrictions | $1,918,382 |
| 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 | $149,447,617 |