Civic Intelligence

Ashland University

990 • Fiscal year 2022 • EIN 34-0714626

Jun 01, 2021 to May 31, 2022 • Filed on Apr 06, 2023

Refreshing map…

401 College AvenueAshland, OH 44805

(419) 289-5011

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

50th percentile

0.30x

Higher debt load relative to assets than 50% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

52nd percentile

0.53x

Higher debt load relative to revenue than 52% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Net Margin

78th percentile

19%

Higher net margin than 78% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

31st percentile

$518,641

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

76th percentile

5.4%

Faster asset growth than 76% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

80th percentile

18%

Faster revenue growth than 80% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Assets

Up

$314,084,834

Up $16,019,599 (+5.4%) from 2021

Net Assets

Up

$218,783,861

Up $25,163,492 (+13%) from 2021

Liabilities

Down

$95,300,973

Down $9,143,893 (-8.8%) from 2021

Revenue

Up

$179,414,778

Up $27,997,016 (+18%) from 2021

Expenses

Up

$144,817,759

Up $14,250,372 (+11%) from 2021

Net Income

Up

$34,597,019

Up $13,746,644 (+66%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400M$300M$200M$100M$0Assets 2010: $219,715,948Liabilities 2010: $96,190,044Net Assets 2010: $123,525,9042010Assets 2011: $234,107,402Liabilities 2011: $101,669,234Net Assets 2011: $132,438,1682011Assets 2013: $232,711,030Liabilities 2013: $103,054,679Net Assets 2013: $129,656,3512013Assets 2014: $224,344,692Liabilities 2014: $92,999,175Net Assets 2014: $131,345,5172014Assets 2015: $218,579,779Liabilities 2015: $85,876,093Net Assets 2015: $132,703,6862015Assets 2017: $237,970,573Liabilities 2017: $99,479,557Net Assets 2017: $138,491,0162017Assets 2018: $243,939,498Liabilities 2018: $94,948,662Net Assets 2018: $148,990,8362018Assets 2019: $246,551,900Liabilities 2019: $97,680,956Net Assets 2019: $148,870,9442019Assets 2020: $260,209,950Liabilities 2020: $96,907,823Net Assets 2020: $163,302,1272020Assets 2021: $298,065,235Liabilities 2021: $104,444,866Net Assets 2021: $193,620,3692021Assets 2022: $314,084,834Liabilities 2022: $95,300,973Net Assets 2022: $218,783,8612022

Highlighted filing

2022

Assets$314,084,834
Liabilities$95,300,973
Net Assets$218,783,861

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Expenses 2010: $119,196,9922010Expenses 2011: $130,247,9762011Expenses 2013: $131,960,0792013Revenue 2014: $129,606,708Expenses 2014: $126,840,278Net Income 2014: $2,766,4302014Revenue 2015: $107,034,069Expenses 2015: $105,037,211Net Income 2015: $1,996,8582015Revenue 2017: $121,322,622Expenses 2017: $115,922,451Net Income 2017: $5,400,1712017Revenue 2018: $127,696,622Expenses 2018: $118,774,329Net Income 2018: $8,922,2932018Revenue 2019: $127,622,235Expenses 2019: $126,232,400Net Income 2019: $1,389,8352019Revenue 2020: $143,121,550Expenses 2020: $130,432,488Net Income 2020: $12,689,0622020Revenue 2021: $151,417,762Expenses 2021: $130,567,387Net Income 2021: $20,850,3752021Revenue 2022: $179,414,778Expenses 2022: $144,817,759Net Income 2022: $34,597,0192022

Highlighted filing

2022

Revenue$179,414,778
Expenses$144,817,759
Net Income$34,597,019
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 6, 2023
Return Version
2021v4.2
Gross Receipts
$205,859,593
Mission and Program Overview

Mission

Ashland university, guided by our christian heritage, is a comprehensive, private university that provides a transformative learning experience, shaping graduates who work, serve and lead with integrity in their local, national, and global communities.

Institution of higher education

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$143,927,017$150,002,824▲ $6,075,807
Investments in Publicly Traded Securities$58,605,080$57,616,763▼ $988,317
Savings and Temporary Cash Investments$55,949,267$49,098,675▼ $6,850,592
Pledges and Grants Receivable$7,181,377$25,555,414▲ $18,374,037
Accounts Receivable$19,448,844$20,605,447▲ $1,156,603
Investments Other Securities$2,947,664$3,474,162▲ $526,498
Other Notes and Loans Receivable, Net$1,566,181$1,433,596▼ $132,585
Prepaid Expenses and Deferred Charges$945,421$1,183,535▲ $238,114
Inventories for Sale or Use$558,347$584,151▲ $25,804
Cash and Non-Interest-Bearing Accounts$9,279$12,446▲ $3,167
Total Assets$298,065,235$314,084,834▲ $16,019,599
Other Assets Total$6,926,758$4,517,821▼ $2,408,937
Liabilities
Tax Exempt Bond Liabilities$61,850,953$60,629,122▼ $1,221,831
Accounts Payable and Accrued Expenses$12,183,336$15,512,394▲ $3,329,058
Deferred Revenue$24,168,123$14,173,332▼ $9,994,791
Other Liabilities$5,861,275$4,741,576▼ $1,119,699
Mortgage Notes Payable Secured by Investment Property$381,179$244,549▼ $136,630
Total Liabilities$104,444,866$95,300,973▼ $9,143,893
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$102,634,221$114,416,549▲ $11,782,328
Net Assets With Donor Restrictions$90,986,148$104,367,312▲ $13,381,164
Total Net Assets Fund Balance$193,620,369$218,783,861▲ $25,163,492
Total Liabilities and Net Assets / Fund Balance$298,065,235$314,084,834▲ $16,019,599

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$114,067,940$81,132,888$195,200,828
Equipment$4,104,023$38,661,334$42,765,357
Other Land Buildings$12,593,373$12,503,924$25,097,297
Land$19,237,488-$19,237,488

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$61,340,051$3,329,715▼ $4,832,437-$58,736,343
2020$47,561,734$2,216,787▲ $12,755,899-$61,340,051
2019$45,330,389$1,283,932▲ $1,801,573-$47,561,734
2018$45,554,224$1,537,067▼ $148,675-$45,330,389
2017$41,288,116$1,691,850▲ $2,949,308-$45,554,224
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Carlos CampoPresidentFT$421,827$96,814$518,641
Elad Granot Dean ofBusiness & EconomicsFT$282,190$37,348$319,538
Jeffrey Sikkenga ExecutiveDirector - Ashbrook CenterFT$187,053$40,847$227,900
Marc PasterisVP of Finance & CFOFT$185,670$38,544$224,214
Sivakumar VenkataramanayProfessorFT$177,038$40,159$217,197
Amiel JarstferProvostFT$189,442$25,892$215,334
Daniel FoxAssociate ProfessorFT$177,323$25,353$202,676
Robert StollAssociate ProfessorFT$176,065$23,754$199,819
Todd Marshall Vp for CorrEducation & InnovationFT$178,475$6,993$185,468
Margaret a Pomfret Vp ofInst. Advancement (exited 02/22)FT$171,577$12,622$184,199
Patrick Ewing Vp ofFacilities Mgmt & PlanningFT$129,920$49,511$179,431
Robert PoolVP of Student AffairsFT$124,832$30,526$155,358
Keith Ramsdell Vp ofEnrollment Mgmt & MarketingFT$113,150$29,404$142,554
John ByronDean of SeminaryFT$115,095$26,285$141,380

Board Members and Trustees

NameTitle
James H HessChair
Joyce Lamb Trustee Thru05/22, Vice Chair Eff. 05/22
Reid Firestone Assit SecThru 05/22, Trustee. Eff. 05/22
Fred B Broad Vice ChairThru. 05/22, Trustee Eff. 05/22
Billie a MassieTrustee
Brenda K DeanTrustee
Daniel CoffeeTrustee
David E GraetzTrustee
David H OverdorfTrustee
David M BushTrustee
Deborah L KarlTrustee
Dr G Emery HurdTrustee
Dustin J NessTrustee
James SmailTrustee
John DenmanTrustee
Mark E CampTrustee
Patricia M GravattTrustee
Paul E McknightTrustee
Robert G Ward IiTrustee
Robert M ArcherTrustee
Robyn C MinnearTrustee
Ronald B AlfordTrustee
Scott WilliamsTrustee
Terry a HofeckerTrustee
Timothy L SolomonTrustee
Fred MillerTrustee (entered 10/21)
Neil GuptaTrustee (entered 10/21)
Rebeccah HeinrichsTrustee (entered 10/21)
Rickey BoldenTrustee (entered 10/21)
P Thomas Murray JrTrustee (exited 05/22)
Thomas Minnich Trustee Thru05/22, Assist. Sec. Eff. 05/22
Steven ColeSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Vivid Front LLC (inc)Advertising And Marketing1340 SUMMER AVENUE, Cleveland, OH 44115$1,412,398
Jpay INCAcademic Technology Resources10981 MARKS WAY, Miramar, FL 33025$1,228,923
Simonson Construction Services INCConstruction2112 TROY ROAD, Ashland, OH 44805$1,119,793
Vinyl MarketingAdvertising And Marketing17 E MAIN STREET, Ashland, OH 44805$987,186
Motz Group LLCConstruction3607 CHURCH STREET, Cincinnati, OH 45244$943,792
Revenue and Support

Revenue Composition

Contributions and Grants
$66,347,850
Program Service Revenue
$109,621,447
Investment Income
$3,841,080
Other Revenue
$-395,599
All Other Contributions
$46,596,431
Change in Net Assets
$34,597,019

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded16$1,853,836Fair Market Value
Total Noncash Contributions16$1,853,836-

Audited Revenue Reconciliation

Revenue per Audited Statements
$184,167,522
Revenue Not Reported on Financial Statements
$-4,752,744
Revenue Not Reported on Form 990
$-38,906,184
Other Revenue Adjustments
$-4,871,014
Total Revenue per Audited Statements
$145,261,338
Total Revenue per Form 990
$179,414,778
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$65,237,726
Other Expenses$40,812,210
Grants and Similar Amounts Paid$38,334,196
Total Fundraising Expense$2,549,574
Professional Fundraising Fees$433,627

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$46,376,350$2,579,799$934,617$49,890,766
Grants to Domestic Individuals$38,334,196--$38,334,196
Other Employee Benefits$8,331,995$513,594$115,925$8,961,514
Fees for Services Other$6,346,968$537,080$234,752$7,118,800
Depreciation Depletion$6,667,161--$6,667,161
Advertising$4,769,931$40,919$79,709$4,890,559
All Other Expenses$3,741,458$141,402$49,983$3,932,843
Occupancy$3,794,948$18,489-$3,813,437
Interest$3,782,257--$3,782,257
Payroll Taxes$3,235,894$431,715$67,779$3,735,388
Office Expenses$2,961,161$610,796$64,121$3,636,078
Current Officers, Directors, Trustees, and Key Employees$703,188$744,106$348,557$1,795,851
Travel$1,665,995$35,641$87,252$1,788,888
Insurance$989,918$453,752-$1,443,670
Pension Plan Contributions$777,246$54,484$22,477$854,207
Fees for Services Professional Fundraising--$433,627$433,627
Information Technology$267,282$79,660$36,509$383,451
Other Expenses$111,162$174,762$5,232$291,156
Fees for Services Legal-$203,208-$203,208
Fees for Services Accounting-$118,611-$118,611
Fees for Service Investment Mgmnt Fees-$118,270-$118,270
Conferences and Meetings$79,721$2,986$4,430$87,137
Total Functional Expenses$135,328,470$6,939,715$2,549,574$144,817,759

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$144,817,759
Total Expenses per Audited Statements$120,097,846
Expenses per Audited Statements$115,226,832
Expenses Not Reported on Financial Statements$29,590,927
Other Expense Adjustments$29,472,657
Expenses Not Reported on Form 990$4,871,014
International Activity

International Summary

Offices
0
Employees
0
Spending
$2,852,870

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,InvestmentsN/a00$2,270,805
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram ServicesStudy Abroad00$232,155
North America - Canada and Mexico, But Not the United StatesProgram ServicesMarketing/web Design00$216,417
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Program ServicesStudent Recruitment00$38,500
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram ServicesAnnual Computer Software License00$37,448
South AsiaProgram ServicesStudent Recruitment00$30,000
North America - Canada and Mexico, But Not the United StatesProgram ServicesAnnual Computer Software License00$19,921
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Program ServicesStudy Abroad00$3,402
South AsiaProgram ServicesStudy Abroad00$2,250
North America - Canada and Mexico, But Not the United StatesProgram ServicesStudent Recruitment00$1,500
North America - Canada and Mexico, But Not the United StatesProgram ServicesConsulting00$472
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$433,627
Fundraising Direct Expenses$138,267
Fundraising Gross Income$86,480

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Eagler Golf Outing$110,230$67,730$23,783$43,947
Memorial Dinner$208,950$18,750$41,110$-22,360
Total Events$319,180$86,480$138,267$-51,787
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Scott WilliamsAU TRUSTEE - CEO & 100% OWNER OF VINYL MARKETINGAdvertising, Marketing, and Web DesignNo$942,769
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Charitable Gift Annuity$1,876,412
Advances From Federal Government$1,459,659
Capital Lease Obligations$1,405,505

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEconomic Development and Finance Alliance of Tuscarawas County2015-07-29$67,355,000Payoff previous debt & capital improvements
CEconomic Development and Finance Alliance of Tuscarawas County2015-07-29$54,085,000Payoff previous debt & capital improvements
BEconomic Development and Finance Alliance of Tuscarawas County2015-07-29$13,270,000Payoff previous debt & capital improvements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$67,355,000$52,011,841$5,775,000$1,341,412
C$54,085,000$41,764,686-$1,077,133
B$13,270,000$10,247,155$5,775,000$264,279

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 1A

When the board of trustees is not in session, the executive committee shall have the authority to exercise all the functions of the board of trustees. The committee may not hire or remove the president, change the by-laws of this policy and procedure manual, make changes to the mission, approve major construction projects, incur debt financing, sell or acquire major assets or elect board members. Minutes of the execuive committee shall be presented to the full board for their approval at the next board meeting.

Form 990, Part VI, Section B, Line 11B

The form 990 was prepared by the controller and their staff with the assistance of an independent tax preparation firm. University management reviews the form 990 for completeness and accuracy. The audit and compliance committee of the board of trustees reviews and accepts the form 990 prior to e-filing. The entire board of trustees are provided access to the filing copy, given the opportunity to ask management questions and review and accept the form 990 prior to issuance.

Form 990, Part VI, Section B, Line 12C

All board members and officers sign a conflict of interest disclosure form annually. Staff in the president's office review the signed forms for completeness and disclosure of conflicts. Any member who has a conflict recuses himself or herself from the discussion and voting topics at board meetings. All interested persons, including board members, officers, key employees and highly compensated individuals also complete an annual questionnaire regarding potential conflicts which might exist. The responses to this questionare are reviewed by the office of business affairs. The employee handbook has a conflict of interest statement that covers all employees of the university. The audit and compliance committee of the board of trustees is provided a summary of any conflicts that exists.

Form 990, Part VI, Section B, Line 15

The board of trustees is responsible for setting compensation for the president. The independent board reviewed and approved the level of compensation for the current president based on various factors, including review of presidential compensation packages at comparable institutions and review of the market of presidents with similar levels of expertise as the president. The presidential assessment committee of the board conducts on-going analysis of presidential compensation and makes adjustments based on performance and market data. The university uses peer data and internal equity considerations to set compensation for all other employees. The president sets compensation for vice presidents using the compensation study, other industry compensation compilations and comparing similarly situated institutions. This process is completed annually.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy and financial statements are kept on-site and are made available upon request.

Filing and Contact Details

Filer

Filer Name
Ashland University
EIN
34-0714626
Phone
4192895011
Address
401 COLLEGE AVENUE, ASHLAND, OH 44805

Signing Officer

Name
Marc Pasteris
Title
Vice President & CFO
Phone
4192895011
Signed
2023-04-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Carlos Campo
Formed
1878
Legal Domicile
Oh
Voting Board Members
31
Independent Board Members
30
Employees
2,517
Volunteers
33

Preparer

Firm
Schneider Downs & Co Inc
Address
ONE PPG PLACE SUITE 1700, PITTSBURGH, PA 15222
Preparer
Sarah R Piot
Phone
4122613644
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of split-interest agreement -737,317.

Form 990, Part XII, Line 2C

The organization has an audit and compliance committee that assumes responsibility for oversight of the audit and the selection of an independent accountant.

Financial Statement Notes

PART II, LINE 9:

Conservation easements are recorded on the statement of financial position at cost if purchased and at fair value as of the date of contribution if received by donation. Major improvements are capitalized at cost. For the statement of activities, no revenues have been generated by conservation easements and, therefore, none recorded. Expenses for upkeep and depreciation, if applicable, are charged to unrestricted expense when incurred.

PART III, LINE 4:

Various paintings and sculptures are held to stimulate artistic appreciation and to enhance the education that the univeristy is seeking to provide.

PART V, LINE 4:

The university's endowment consists of approximately 700 individual funds established for a variety of purposes. Specifically, these purposes include scholarships to students to attend the university as well as supporting the programs and activities of the university.

PART X, LINE 2:

The university is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes has been made in the accompanying financial statements. However, to the extent that certain auxiliary revenues exceed related expenses, they are considered to be unrelated business income and subject to income tax. The university follows the codification topic on income taxes. The topic prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in financial statements. The university's statements of financial position at may 31, 2022 and 2021 do not include any liabilities associated with uncertain tax positions; further, the university has no unrecognized tax benefits. The university is no longer subject to examination of its tax returns for years before 2019.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of split-interest agreements -737,317. Tuition discounts -29,340,007. Bank fees -132,650.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Special event expense -138,267. Cost of goods sold -4,732,747.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Special event expense 138,267. Cost of goods sold 4,732,747.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Tuition discounts 29,340,007. Banking fees 132,650.

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IRS990/Desc0ASHLAND UNIVERSITY OFFERS MORE THAN 65 DIFFERENT ACADEMIC PROGRAMS AT THE BACHELOR'S, MASTER'S, AND DOCTORATE LEVELS. THE ACADEMIC PROGRAMS ARE DIVERSE AND RICH IN OPPORTUNITIES FOR OUR STUDENTS. THE INTEGRATION OF THE LIBERAL ARTS AND CAREER DEVELOPMENT IS A MAJOR STRENGTH OF ASHLAND UNIVERSITY. THE UNIVERSITY CONSISTS OF THE COLLEGE OF ARTS AND SCIENCES, COLLEGE OF BUSINESS AND ECONOMICS, COLLEGE OF EDUCATION, COLLEGE OF NURSING AND HEALTH SCIENCES, AND EASHLAND. THE ACADEMIC AFFAIRS DIVISION ALSO OVERSEES LIBRARY SERVICES, GLOBAL EDUCATION, AND ACADEMIC SUPPORT INCLUDING ADVISING AND TUTORING SERVICES.
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