Iowa Wesleyan University
- Assets
- $28.4m
- Revenue
- $28.4m
- Investments
- $0.0
- Employees
- 443
- Location
- Mount Pleasant, IA
- Founding
- 08/1978
- Data as of
- 05/2023
- EIN
- 42-0680332
Organization Overview
Iowa Wesleyan University is located in Mount Pleasant, IA. The organization was established in 1978. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2023, Iowa Wesleyan University employed 443 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Wesleyan 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 05/2023, Iowa Wesleyan University generated $28.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $32.9m during the year ending 05/2023. While expenses have increased by 7.3% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
IOWA WESLEYAN UNIVERSITY IS A TRANSFORMATIONAL LEARNING COMMUNITY WHOSE PASSION IS TO EDUCATE, EMPOWER, AND INSPIRE STUDENTS TO LEAD MEANINGFUL LIVES AND CAREERS. THE UNIVERSITY IS CLOSED AND OPERATIONS CEASED MAY 31, 2023.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAMS FOR SCHOLARSHIP AND GRANTS TO 693 STUDENTS.
THE UNIVERSITY IS ACCREDITED AS A BACCALAUREATE INSTITUTION BY THE HIGHER POWER LEARNING COMMISSION. STUDENT PAYMENTS OF TUITION AND SERVICE FEES ARE USED TO PROVIDE THE HIGHEST POSSIBLE QUALITY EDUCATION AT THE LOWEST POSSIBLE COST. THE UNIVERSITY ENROLLED 874 FULL AND PART-TIME STUDENTS IN THE FALL SEMESTER OF 2022 AND 783 STUDENTS IN THE SPRING SEMESTER OF 2023.THE UNIVERSITY CEASED OPERATIONS ON MAY 31, 2023.
AUXILLARY ENTERPRISES FOR THE BENEFIT OF THE STUDENTS(RESIDENCE HALLS, DINING, ETC.) THE UNIVERSITY HAD 496 STUDENTS LIVING ON CAMPUS DURING THE FALL 2022 SEMESTER. THE UNIVERSITY HAD 432 STUDENTS LIVING ON CAMPUS DURING THE SPRING 2023 SEMESTER. ALL STUDENTS LIVING ON CAMPUS ALSO PURCHASED MEAL PLANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dewayne Frazier University Provost | Officer | 50 | $161,044 |
Meg Richtman VP Of Enrollmentmarketing | 50 | $136,315 | |
Derek Zander VP Of Advancment | 50 | $117,729 | |
Gary Shaw Trustee | Trustee | 1 | $0 |
Robert Meyer Trustee | Trustee | 1 | $0 |
Christopher Van Gels Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Food Service | 5/30/23 | $1,179,642 |
National Managment Resources Maintenance | 5/30/23 | $830,276 |
Registry For College And University Consulting | 5/30/23 | $333,000 |
Sihea Administrative Fee | 5/30/23 | $241,500 |
Eab Consulting | 5/30/23 | $285,835 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $167,222 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,195,543 |
| Noncash contributions included in lines 1a–1f | $64,888 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,362,765 |
| Total Program Service Revenue | $26,859,398 |
| Investment income | $100,385 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $36,432 |
| Net Gain/Loss on Asset Sales | -$2,140 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,356,840 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $14,084,383 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $632,160 |
| Compensation of current officers, directors, key employees. | $171,148 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,516,324 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,384,583 |
| Payroll taxes | $514,012 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,381 |
| Fees for services: Accounting | $82,230 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,242 |
| Advertising and promotion | $68,055 |
| Office expenses | $53,440 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $988,814 |
| Travel | $430,631 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,354 |
| Interest | $404,871 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,097,178 |
| Insurance | $571,480 |
| All other expenses | $894,935 |
| Total functional expenses | $32,856,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $63,161 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $416,071 |
| Accounts receivable, net | $20,660 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,000 |
| Net Land, buildings, and equipment | $18,272,713 |
| Investments—publicly traded securities | $769,285 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,817,740 |
| Total assets | $28,364,630 |
| Accounts payable and accrued expenses | $3,262,400 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $26,033,714 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $110,558 |
| Total liabilities | $29,406,672 |
| Net assets without donor restrictions | -$21,088,573 |
| Net assets with donor restrictions | $20,046,531 |
| 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 | $28,364,630 |