Civic Intelligence

Rockford University

990 • Fiscal year 2017 • EIN 36-2167842

Jul 01, 2016 to Jun 30, 2017 • Filed on May 14, 2018

5050 East State StreetRockford, IL 61108

(815) 226-4093

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.28x

Higher debt load relative to assets than 53% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

51st percentile

0.32x

Higher debt load relative to revenue than 51% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Net Margin

74th percentile

14%

Higher net margin than 74% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

52nd percentile

$252,119

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Asset Growth

83rd percentile

18%

Faster asset growth than 83% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

69th percentile

13%

Faster revenue growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Assets

Up

$48,222,454

Up $7,212,785 (+18%) from 2016

Net Assets

Up

$34,513,910

Up $7,451,483 (+28%) from 2016

Liabilities

Down

$13,708,544

Down $238,698 (-1.7%) from 2016

Revenue

Up

$43,409,723

Up $5,063,166 (+13%) from 2016

Expenses

Up

$37,176,763

Up $2,171,626 (+6.2%) from 2016

Net Income

Up

$6,232,960

Up $2,891,540 (+87%) from 2016

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2010: $21,404,539Liabilities 2010: $12,389,784Net Assets 2010: $9,014,7552010Assets 2011: $23,610,308Liabilities 2011: $10,602,068Net Assets 2011: $13,008,2402011Assets 2012: $26,364,664Liabilities 2012: $10,488,844Net Assets 2012: $15,875,8202012Assets 2013: $30,258,918Liabilities 2013: $9,571,530Net Assets 2013: $20,687,3882013Assets 2015: $38,340,383Liabilities 2015: $14,107,640Net Assets 2015: $24,232,7432015Assets 2016: $41,009,669Liabilities 2016: $13,947,242Net Assets 2016: $27,062,4272016Assets 2017: $48,222,454Liabilities 2017: $13,708,544Net Assets 2017: $34,513,9102017Assets 2018: $50,639,315Liabilities 2018: $12,444,693Net Assets 2018: $38,194,6222018Assets 2019: $51,881,842Liabilities 2019: $13,522,519Net Assets 2019: $38,359,3232019Assets 2020: $53,702,064Liabilities 2020: $15,285,813Net Assets 2020: $38,416,2512020Assets 2021: $59,292,959Liabilities 2021: $12,291,771Net Assets 2021: $47,001,1882021Assets 2022: $55,724,524Liabilities 2022: $12,418,701Net Assets 2022: $43,305,8232022Assets 2023: $59,570,964Liabilities 2023: $11,591,560Net Assets 2023: $47,979,4042023Assets 2024: $65,210,087Liabilities 2024: $12,284,328Net Assets 2024: $52,925,7592024

Highlighted filing

2017

Assets$48,222,454
Liabilities$13,708,544
Net Assets$34,513,910

Operations Trend

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

$60M$40M$20M$0Expenses 2010: $28,569,5882010Expenses 2011: $29,371,8092011Expenses 2012: $30,389,3742012Expenses 2013: $30,979,2402013Revenue 2015: $35,234,481Expenses 2015: $33,621,966Net Income 2015: $1,612,5152015Revenue 2016: $38,346,557Expenses 2016: $35,005,137Net Income 2016: $3,341,4202016Revenue 2017: $43,409,723Expenses 2017: $37,176,763Net Income 2017: $6,232,9602017Revenue 2018: $39,268,224Expenses 2018: $36,574,859Net Income 2018: $2,693,3652018Revenue 2019: $38,346,195Expenses 2019: $36,554,419Net Income 2019: $1,791,7762019Revenue 2020: $37,742,717Expenses 2020: $37,570,754Net Income 2020: $171,9632020Revenue 2021: $42,582,169Expenses 2021: $39,679,836Net Income 2021: $2,902,3332021Revenue 2022: $42,847,892Expenses 2022: $42,286,245Net Income 2022: $561,6472022Revenue 2023: $43,718,754Expenses 2023: $41,286,522Net Income 2023: $2,432,2322023Revenue 2024: $45,836,998Expenses 2024: $43,902,307Net Income 2024: $1,934,6912024

Highlighted filing

2017

Revenue$43,409,723
Expenses$37,176,763
Net Income$6,232,960
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 14, 2018
Return Version
2016v3.1
Gross Receipts
$43,705,633
Mission and Program Overview

Mission

To educate men & women to lead responsible lives by means of a curriculum grounded in liberal arts learning and complemented and extended by professional and practical experience. Through the total academic and co-curricular experience, (mission continued on sch. O) rockford university strives to prepare students for fulfilling lives, careers and participation in a modern and changing global society.

To educate men & women to lead responsible lives by means of a curriculum grounded in liberal arts learning & complemented & extended by professional & practical experience through the total academic & co-curricular experience. Rockford university strives to prepare students for fulfilling lives, careers & participation in a modern & changing global society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$16,757,169$16,419,188▼ $337,981
Investments Other Securities$6,956,742$8,137,558▲ $1,180,816
Other Notes and Loans Receivable, Net$3,912,759$5,430,942▲ $1,518,183
Cash and Non-Interest-Bearing Accounts$4,796,065$4,642,389▼ $153,676
Accounts Receivable$1,175,592$1,117,448▼ $58,144
Prepaid Expenses and Deferred Charges$440,639$276,184▼ $164,455
Pledges and Grants Receivable$150,194$191,638▲ $41,444
Total Assets$41,009,669$48,222,454▲ $7,212,785
Other Assets Total$6,820,509$12,007,107▲ $5,186,598
Liabilities
Other Liabilities$4,783,948$4,807,130▲ $23,182
Tax Exempt Bond Liabilities$4,712,039$4,379,800▼ $332,239
Mortgage Notes Payable Secured by Investment Property$3,441,468$3,300,232▼ $141,236
Accounts Payable and Accrued Expenses$609,537$916,132▲ $306,595
Deferred Revenue$400,250$305,250▼ $95,000
Total Liabilities$13,947,242$13,708,544▼ $238,698
Net Assets / Fund Balance
Permanently Rstr Net Assets$14,819,706$20,767,834▲ $5,948,128
Temporarily Rstr Net Assets$16,197,548$16,875,131▲ $677,583
Unrestricted Net Assets$-3,954,827$-3,129,055▲ $825,772
Total Net Assets Fund Balance$27,062,427$34,513,910▲ $7,451,483
Total Liabilities and Net Assets / Fund Balance$41,009,669$48,222,454▲ $7,212,785

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$38,797,546-$38,797,546
Equipment$17,732,072-$17,732,072
Land$5,332,947-$5,332,947
Other Land Buildings$-45,443,377$46,535,781$1,092,404
Other Assets Org$542,704--
Other Securities$137,405--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$6,828,258$593,899▲ $647,443$69,447$8,000,153
2015$6,882,586$894,824▼ $9,233$939,919$6,828,258
2014$5,910,826$855,926▲ $194,529$78,695$6,882,586
2013$4,493,377$695,771▲ $757,828$36,120$5,910,826
2012$3,291,354$782,823▲ $446,953$27,753$4,493,377
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert HeadPresident EmFT$232,327$19,792$252,119
Robert HeadPresident Emeritus-$232,327$19,792$252,119
Eric FulcomerPresidentFT$177,178$24,230$201,408
Christina AndersonSr VP BusineFT$126,216$13,321$139,537
Belinda WholebenVP AcademicFT$122,576$12,904$135,480
Bern SundstedtVP InstitutiFT$104,959$5,884$110,843
Matt PhillipsInterim VP EFT$94,807$12,482$107,289

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo (facilities)Campus Maint4880 PAYSPHERE CIRCLE, Chicago, IL 60674$1,532,668
Royall And CompanyEnrollment Serv1920 W PARHAM ROAD, Richmond, VA 23228-2206$351,262
Ringland-johnson ConstructionConstruction1725 HUNTWOOD DR, Cherry Valley, IL 61016$163,817
Ellucian Company LPSoftware Maint4 COUNTRY VIEW ROAD, Malvern, PA 19355$122,658
John Widell Construction INCConstruction11766 LERWICH ROAD, Caledonia, IL 61011$116,865
Revenue and Support

Revenue Composition

Contributions and Grants
$7,657,772
Program Service Revenue
$34,734,193
Investment Income
$835,375
Other Revenue
$182,383
All Other Contributions
$7,584,360
Change in Net Assets
$6,232,960

Audited Revenue Reconciliation

Revenue per Audited Statements
$32,642,284
Revenue Not Reported on Financial Statements
$10,767,439
Revenue Not Reported on Form 990
$1,263,992
Other Revenue Adjustments
$10,767,439
Total Revenue per Audited Statements
$33,906,276
Total Revenue per Form 990
$43,409,723
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,927,787
Other Expenses$12,481,537
Grants and Similar Amounts Paid$10,767,439
Total Fundraising Expense$786,293
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$10,767,439--$10,767,439
Other Salaries and Wages$9,993,790$333,662$311,853$10,639,305
All Other Expenses$1,837,411$829,629$225,780$2,892,820
Fees for Services Other$1,791,507$110,506$16,499$1,918,512
Depreciation Depletion$1,579,528--$1,579,528
Other Employee Benefits$1,255,952$32,189$52,983$1,341,124
Payroll Taxes$770,272$25,565$23,857$819,694
Current Officers, Directors, Trustees, and Key Employees$289,476$397,714$110,824$798,014
Office Expenses$634,996$39,169$5,848$680,013
Other Expenses$541,385$33,394$4,986$579,765
Interest$371,413--$371,413
Pension Plan Contributions$300,921$13,635$15,094$329,650
Information Technology$268,594$16,568$2,474$287,636
Travel$268,194$16,543$2,470$287,207
Insurance$216,826$13,375$1,997$232,198
Advertising$176,633$10,895$1,627$189,155
Occupancy$114,987$7,093$1,059$123,139
Fees for Services Accounting-$99,301-$99,301
Conferences and Meetings$84,493$5,212$778$90,483
Fees for Services Legal-$56,315-$56,315
Total Functional Expenses$34,295,022$2,095,448$786,293$37,176,763

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$37,176,763
Total Expenses per Audited Statements$26,454,793
Expenses per Audited Statements$26,409,324
Expenses Not Reported on Financial Statements$10,767,439
Other Expense Adjustments$10,767,439
Expenses Not Reported on Form 990$45,469
International Activity

International Summary

Spending
$50,369

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeProgram ServicesStudying Abroad--$25,186
East AsiaProgram ServicesRecruiting--$25,183
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$38,593
Fundraising Gross Income$10,400
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
2016 Gala$66,722$10,400$38,593$-28,193
Total Events$66,722$10,400$38,593$-28,193
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Governmental Loan Payable$1,698,700
Accrued Payroll & Payroll Taxes$1,402,411
Student Credit Balance Payable$788,803
Interest Rate Swap Liability$326,488
Asset Retirement Obligation - Fin 47$208,080
Other Claims Payable$124,010
Accrued Deferred Comp$114,104
Acc Post-retirement Healh Benefits$63,436
Other Liabilities$63,013
Accrued Interest$10,782
Annuities Payable$7,303

Bond Issues

BondIssuerIssuedIssue PricePurpose
AVillage of Machesney Park Il2013-10-09$5,000,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$5,000,000--$100,000

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
Yes
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 family members
No
Business relationship with organization members
No
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

Business relationships between board of trustee members: several of our board trustees have business relationships with each other locally.

Form 990, Page 6, Part VI, Line 2

SEE EXPLANATION ABOVE

Form 990, Page 6, Part VI, Line 11B

The 990 is reviewed by the finance committee of the board of trustees in detail and approved by the full board of trustees upon recommendation from the finance committee

Form 990, Page 6, Part VI, Line 12C

Conflict of interest statements are signed annually by the board of trustees, officers and key employees. The statements are then reviewed by the university's cfo.

Form 990, Page 6, Part VI, Line 15A

Employee salaries in totality are reviewed and approved by the board of trustees finance committee each year as part of the budget approval process. The board approves the president's compensation. The president approves the vice president's compensation, with review of the board. All other executive salaries are approved by the president. All employee salaries are compared against the industry averages per the cupa survey data. This data compares the salaries of comparable private higher education institutions with similar sized budgets, based on job title and duties (for staff) and based on rank, specialty, and sub-specialty (for faculty).

Form 990, Page 6, Part VI, Line 15B

Employee salaries in totality are reviewed and approved by the board of trustees finance committee each year as part of the budget approval process. The board approves the president's compensation. The president approves the vice president's compensation, with review of the board. All other executive salaries are approved by the president. All employee salaries are compared against the industry averages per the cupa survey data. This data compares the salaries of comparable private higher education institutions with similar sized budgets, based on job title and duties (for staff) and based on rank, specialty, and sub-specialty (for faculty).

Form 990, Page 6, Part VI, Line 19

Available upon request to the public and many are posted on the rockford university website

Filing and Contact Details

Filer

Filer Name
Rockford University
EIN
36-2167842
Phone
8152264093
Address
5050 EAST STATE STREET, ROCKFORD, IL 61108

Signing Officer

Name
Eric Fulcomer
Title
President
Phone
8153944388
Signed
2018-05-14

Organization Details

Principal Officer
Eric Fulcomer
Formed
1942
Legal Domicile
Il
Voting Board Members
28
Independent Board Members
28
Employees
764
Volunteers
151

Preparer

Firm
Benning Group LLC
Address
6815 WEAVER RD STE 300, ROCKFORD, IL 61114-8056
Preparer
Curtis D Kleckler
Phone
8153162375
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

To educate men & women to lead responsible lives by means of a curriculum grounded in liberal arts learning & complemented & extended by professional & practical experience through the total academic & co-curricular experience. Rockford university strives to prepare students for fulfilling lives, careers & participation in a modern & changing global society.

Form 990, Part XI, Line 9

Special events expenses 38,593 financial aid netted with revenue on f/s -10,767,439 special events expenses -38,593 financial aid netted with revenue on f/s 10,767,439

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

Endowment funds will be used for their specific purposes

Schedule D, Page 3, Part X

Income taxes: the internal revenue service has determined that the university is exempt from federal income tax under section 501(c)(3) of the internal revenue code. It is also exempt from state income tax. However, any unrelated business income may be subject to taxation. The university follows the accounting standards for contingencies in evaluating uncertain tax positions. This guidance prescribes recognition threshold principles for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. No liability has been recognized by the university for uncertain tax positions as of june 30, 2017 and 2016. The universitys tax returns are subject to review and examination by federal and state authorities.

Schedule D, Page 4, Part XI, Line 2D

Special events expenses 38,593

Schedule D, Page 4, Part XI, Line 4B

Financial aid netted with revenue on f/s 10,767,439

Schedule D, Page 4, Part XII, Line 2D

Special events expenses 38,593

Schedule D, Page 4, Part XII, Line 4B

Financial aid netted with revenue on f/s 10,767,439

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IRS990/Form990PartVIISectionAGrp/TitleTxt30VP ACADEMIC
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP INSTITUTI
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$65.2$12.3$52.9$45.8$43.9$1.93
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.6$11.6$48.0$43.7$41.3$2.43
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$55.7$12.4$43.3$42.8$42.3$0.56
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$59.3$12.3$47.0$42.6$39.7$2.90
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$53.7$15.3$38.4$37.7$37.6$0.17
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.9$13.5$38.4$38.3$36.6$1.79
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.6$12.4$38.2$39.3$36.6$2.69
2017Detailed filing. Detailed filing data is available for this year.$48.2$13.7$34.5$43.4$37.2$6.23
2016Detailed filing. Detailed filing data is available for this year.$41.0$13.9$27.1$38.3$35.0$3.34
2015Detailed filing. Detailed filing data is available for this year.$38.3$14.1$24.2$35.2$33.6$1.61
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.3$9.57$20.7$31.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.4$10.5$15.9$30.4
2011XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.6$10.6$13.0$29.4
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.4$12.4$9.01$28.6