Midway University Inc
- Assets
- $66.2m
- Revenue
- $32.6m
- Investments
- $99.3k
- Employees
- 502
- Location
- Midway, KY
- Founding
- 09/1955
- Data as of
- 06/2022
- EIN
- 61-0444708
Organization Overview
Midway University Inc is located in Midway, KY. The organization was established in 1955. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Midway University Inc employed 502 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midway University Inc 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, Midway University Inc generated $32.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $31.4m during the year ending 06/2022. While expenses have increased by 7.0% 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
MIDWAY UNIVERSITY ENGAGES AND CHALLENGES STUDENTS TO ACHIEVE INDIVIDUAL GROWTH, RESPONSIBLE CITIZENSHIP, AND MEANINGFUL CAREERS THROUGH PERSONALIZED EDUCATIONAL EXPERIENCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDWAY UNIVERSITY OFFERS A LIBERAL ARTS FOUNDATION THROUGH A GENERAL EDUCATION CURRICULUM AND CAREER FOCUSED PREPARATION THROUGH MAJORS AT THE UNDERGRADUATE LEVEL. IN ADDITION, THE UNIVERSITY PROVIDES COEDUCATIONAL ACCELERATED ADULT UNDERGRADUATE AND GRADUATE PROGRAMS IN THE EVENINGS AT THE MAIN CAMPUS AND ONLINE. ALL PROGRAMS ARE INTENDED TO LEAD TO REWARDING CAREERS AND RESPONSIBLE CITIZENSHIP.
THE UNIVERSITY PROVIDES AUXILIARY SERVICES FOR STUDENTS AND FACULTY. THESE SERVICES INCLUDE FOOD SERVICES AND RESIDENCE HALL ACTIVITIES.
THE UNIVERSITY PROVIDES ACADEMIC SUPPORT TO STUDENTS IN THE FORM OF ACADEMIC ADVISORS, ACADEMIC COUNSELING, AND LIBRARY AND COMPUTER SERVICES. THE UNIVERSITY'S 15 - 1 STUDENT-FACULTY RATIO ENSURES EASY ACCESS TO AND DEVELOPMENT OF GOOD RELATIONSHIPS WITH FACULTY.
THE UNIVERSITY PROVIDES STUDENTS WITH A NUMBER OF OPPORTUNITIES TO BECOME INVOLVED IN SOCIAL, RECREATIONAL, EDUCATIONAL, AND CULTURAL ACTIVITIES. ANNUAL EVENTS INCLUDE NIGHT OF LIGHTS, THE LAST SUPPER, MIDWAY CHRISTMAS VESPERS, AND GRADUATION FESTIVITIES. CHORALE CONCERTS AND STUDENT PRODUCTIONS ADD A CULTURAL DIMENSION TO CAMPUS LIFE. A NUMBER OF STUDENT ACTIVITIES AND ORGANIZATIONS PROVIDE STUDENTS WITH THE OPPORTUNITY TO SUPPLEMENT ACADEMIC LEARNING, SHARPEN LEADERSHIP SKILLS, AND ACTIVELY PARTICIPATE IN THE PROCESS OF PLANNING AND ORGANIZING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr John P Marsden President | Officer | 40 | $499,419 |
Leah Rice Vice President | Officer | 40 | $160,821 |
William Kennedy Vice President | Officer | 40 | $152,223 |
James Timothy Culver Vice President | Officer | 40 | $139,379 |
Diane Chlewbowy Dean | 40 | $123,108 | |
Carrie Christensen Vice President | Officer | 40 | $119,993 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Outsourced Facilities And Dining Service | 6/29/23 | $3,567,387 |
Dean Builds Inc Construction | 6/29/23 | $1,019,665 |
Elite Builders Group Roof Replacement | 6/29/23 | $480,236 |
Vescio's Sportsfields Inc Turf Field Construction | 6/29/23 | $419,771 |
Parker Inc New Barn Construction | 6/29/23 | $249,323 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,285,196 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,722,278 |
| Noncash contributions included in lines 1a–1f | $229,135 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,007,474 |
| Total Program Service Revenue | $26,920,355 |
| Investment income | $192,185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $8,822 |
| Net Gain/Loss on Asset Sales | $1,409,366 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,615,868 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,198,548 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,237,470 |
| Compensation of current officers, directors, key employees. | $242,657 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,628,303 |
| Pension plan accruals and contributions | $223,080 |
| Other employee benefits | $1,080,765 |
| Payroll taxes | $603,635 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,206 |
| Fees for services: Accounting | $73,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $185,420 |
| Fees for services: Other | $2,922,848 |
| Advertising and promotion | $461,673 |
| Office expenses | $95,419 |
| Information technology | $414,462 |
| Royalties | $0 |
| Occupancy | $847,252 |
| Travel | $603,587 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $464,238 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,835,209 |
| Insurance | $295,382 |
| All other expenses | $757,609 |
| Total functional expenses | $31,366,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,804 |
| Savings and temporary cash investments | $1,502,752 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,503,427 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $587,510 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $332,500 |
| Net Land, buildings, and equipment | $22,182,090 |
| Investments—publicly traded securities | $28,827,351 |
| Investments—other securities | $99,318 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $127,672 |
| Total assets | $66,224,424 |
| Accounts payable and accrued expenses | $875,314 |
| Grants payable | $0 |
| Deferred revenue | $12,999,806 |
| 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 | $8,971,013 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $321,133 |
| Total liabilities | $23,167,266 |
| Net assets without donor restrictions | $24,969,305 |
| Net assets with donor restrictions | $18,087,853 |
| 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 | $66,224,424 |