Civic Intelligence

Bradley University

990 • Fiscal year 2022 • EIN 37-0661494

Jun 01, 2021 to May 31, 2022 • Filed on Apr 11, 2023

1501 W Bradley AvenuePeoria, IL 61625-0001

(309) 677-3117

Siviq Scores

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

Liabilities / Assets

47th percentile

0.28x

Higher debt load relative to assets than 47% of similar nonprofits.

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

Liabilities / Revenue

71st percentile

0.86x

Higher debt load relative to revenue than 71% of similar nonprofits.

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

Net Margin

41st percentile

1.8%

Higher net margin than 41% of similar nonprofits.

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

Top Officer Pay

52nd percentile

$854,836

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

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

Asset Growth

35th percentile

-6.6%

Faster asset growth than 35% of similar nonprofits.

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

Revenue Growth

12th percentile

-21%

Faster revenue growth than 12% of similar nonprofits.

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

Assets

Down

$729,570,257

Down $51,793,310 (-6.6%) from 2021

Net Assets

Down

$525,681,159

Down $34,567,721 (-6.2%) from 2021

Liabilities

Down

$203,889,098

Down $17,225,589 (-7.8%) from 2021

Revenue

Down

$236,435,605

Down $61,667,991 (-21%) from 2021

Expenses

Up

$232,254,906

Up $36,296,492 (+19%) from 2021

Net Income

Down

$4,180,699

Down $97,964,483 (-96%) from 2021

Historical Trend

Balance Sheet Trend

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

$800M$600M$400M$200M$0Assets 2010: $536,685,403Liabilities 2010: $183,484,168Net Assets 2010: $353,201,2352010Assets 2011: $580,145,644Liabilities 2011: $190,784,963Net Assets 2011: $389,360,6812011Assets 2012: $576,492,072Liabilities 2012: $205,661,907Net Assets 2012: $370,830,1652012Assets 2013: $599,386,374Liabilities 2013: $200,231,089Net Assets 2013: $399,155,2852013Assets 2014: $629,084,038Liabilities 2014: $194,892,637Net Assets 2014: $434,191,4012014Assets 2015: $633,456,271Liabilities 2015: $203,646,310Net Assets 2015: $429,809,9612015Assets 2016: $613,652,607Liabilities 2016: $190,553,153Net Assets 2016: $423,099,4542016Assets 2017: $650,240,196Liabilities 2017: $194,490,091Net Assets 2017: $455,750,1052017Assets 2018: $683,160,461Liabilities 2018: $219,158,369Net Assets 2018: $464,002,0922018Assets 2019: $700,074,282Liabilities 2019: $245,924,082Net Assets 2019: $454,150,2002019Assets 2020: $712,945,458Liabilities 2020: $261,387,513Net Assets 2020: $451,557,9452020Assets 2021: $781,363,567Liabilities 2021: $221,114,687Net Assets 2021: $560,248,8802021Assets 2022: $729,570,257Liabilities 2022: $203,889,098Net Assets 2022: $525,681,1592022Assets 2023: $706,507,436Liabilities 2023: $196,037,460Net Assets 2023: $510,469,9762023Assets 2024: $716,974,561Liabilities 2024: $188,574,013Net Assets 2024: $528,400,5482024

Highlighted filing

2022

Assets$729,570,257
Liabilities$203,889,098
Net Assets$525,681,159

Operations Trend

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

$300M$200M$100M$0-$100MExpenses 2010: $172,333,6512010Expenses 2011: $191,464,6772011Expenses 2012: $196,104,7242012Expenses 2013: $203,851,2142013Revenue 2014: $233,822,797Expenses 2014: $203,780,252Net Income 2014: $30,042,5452014Revenue 2015: $215,888,667Expenses 2015: $216,049,059Net Income 2015: -$160,3922015Revenue 2016: $194,784,334Expenses 2016: $187,792,329Net Income 2016: $6,992,0052016Revenue 2017: $230,090,766Expenses 2017: $208,701,976Net Income 2017: $21,388,7902017Revenue 2018: $228,868,237Expenses 2018: $228,723,222Net Income 2018: $145,0152018Revenue 2019: $229,726,295Expenses 2019: $230,634,553Net Income 2019: -$908,2582019Revenue 2020: $238,646,085Expenses 2020: $232,879,867Net Income 2020: $5,766,2182020Revenue 2021: $298,103,596Expenses 2021: $195,958,414Net Income 2021: $102,145,1822021Revenue 2022: $236,435,605Expenses 2022: $232,254,906Net Income 2022: $4,180,6992022Revenue 2023: $223,758,505Expenses 2023: $246,866,454Net Income 2023: -$23,107,9492023Revenue 2024: $226,430,743Expenses 2024: $240,509,240Net Income 2024: -$14,078,4972024

Highlighted filing

2022

Revenue$236,435,605
Expenses$232,254,906
Net Income$4,180,699
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 11, 2023
Return Version
2021v4.2
Gross Receipts
$241,116,978
Mission and Program Overview

Mission

Bradley university empowers students for immediate and sustained success in their personal and professional endeavors by combining professional preparation, liberal arts and sciences, and co-curricular experiences. Alongside our dedication to students, we embrace the generation, application, and interpretation of knowledge.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$351,066,755$340,956,123▼ $10,110,632
Investments in Publicly Traded Securities$257,496,448$228,346,707▼ $29,149,741
Investments Other Securities$122,282,197$117,458,561▼ $4,823,636
Cash and Non-Interest-Bearing Accounts$35,443,506$29,926,664▼ $5,516,842
Accounts Receivable$3,223,823$5,076,955▲ $1,853,132
Pledges and Grants Receivable$3,265,695$3,675,630▲ $409,935
Prepaid Expenses and Deferred Charges$1,313,522$1,665,744▲ $352,222
Investments Program Related$4,598,375$103,818▼ $4,494,557
Other Notes and Loans Receivable, Net-$27,418-
Total Assets$781,363,567$729,570,257▼ $51,793,310
Other Assets Total$2,673,246$2,332,637▼ $340,609
Liabilities
Tax Exempt Bond Liabilities$150,425,746$144,911,154▼ $5,514,592
Other Liabilities$35,405,716$28,887,132▼ $6,518,584
Accounts Payable and Accrued Expenses$25,561,278$23,104,174▼ $2,457,104
Unsecured Notes Loans Payable$4,046,073$3,171,213▼ $874,860
Deferred Revenue$4,079,596$2,586,909▼ $1,492,687
Mortgage Notes Payable Secured by Investment Property$1,596,278$1,228,516▼ $367,762
Total Liabilities$221,114,687$203,889,098▼ $17,225,589
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$429,835,741$389,438,702▼ $40,397,039
Net Assets With Donor Restrictions$130,413,139$136,242,457▲ $5,829,318
Total Net Assets Fund Balance$560,248,880$525,681,159▼ $34,567,721
Total Liabilities and Net Assets / Fund Balance$781,363,567$729,570,257▼ $51,793,310

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$294,135,805$147,768,793$441,904,598
Equipment$11,710,402$70,688,678$82,399,080
Other Land Buildings$9,944,971$21,383,071$31,328,042
Land$25,164,945-$25,164,945
Other Securities$1,187,459--
Closely Held Equity Interests$35,016,364--
Financial Derivatives$59,182,971--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$395,562,588$4,333,808▼ $31,406,622$8,218,811$353,099,209
2020$312,877,645$4,650,075▲ $91,694,274$7,332,341$395,562,588
2019$308,398,725$11,416,273▲ $4,998,917$5,772,939$312,877,645
2018$313,641,208$5,239,666▲ $2,913,687$7,407,220$308,398,725
2017$299,257,226$4,205,899▲ $23,564,600$7,383,342$313,641,208
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian WardleHEAD MEN'S BASKETBALL COACHFT$733,389$121,447$854,836
Stephen StandifirdPresidentFT$373,794$182,555$556,349
Ralph Christopher ReynoldsVP AthleticsFT$286,169$135,880$422,049
Walter ZakahiSenior VP Academic AffairsFT$253,534$40,096$293,630
William McdowellExec/academic Director Turner SchoolFT$199,876$72,807$272,683
Joseph ChenChair, Industrial & Manufacturing EngineeringFT$231,916$30,475$262,391
Joseph ChenChair, Industrial & Manufacturing En-$177,280$85,111$262,391
Erin KastbergVP Legal AffairsFT$209,593$46,796$256,389
MATTHEW O'BRIENInterim Dean, College of BusinessFT$202,369$38,973$241,342
Sheryl CoxCOO/CFOFT$232,653$8,367$241,020
Erin GenoveseVP AdvancementFT$201,183$24,403$225,586
Christopher JonesVP Strategy & InnovationFT$204,209$16,165$220,374
Justin BallVP Enrollment ManagementFT$168,902$44,541$213,443
Kelly McconnaughayInterim Dean, Liberal Arts & SciencesFT$177,374$35,393$212,767
Kelly McconnaughayInterim Dean, Liberal Arts & Science-$177,374$35,393$212,767
Nathan ThomasVP for Student AffairsFT$188,857$15,545$204,402
Jacob HeuserFormer VP Advancement-$97,207$15,926$113,133
Jeffrey BladeFormer CFO/COO-$34,444$12,654$47,098

Highest Paid Contractors

ContractorServicesLocationCompensation
Nepc LLCInvestment ServicesPO BOX 4110, Woburn, MA 01888$273,296
Bb FlooringConstruction - FlooringPO BOX 8118, East Peoria, IL 61611$218,078
Cassidy & Associates INCLobbying Services607 14TH STREET NW SUITE 400, Washington, DC 20005$210,000
Cliftonlarsonallen LLPAudit & Tax Services301 SW ADAMS ST STE 1000, Peoria, IL 61602$165,979
Shefftech Productions LLCSporting Event Production150 DETROIT AVE STE B, Morton, IL 61550$157,080
Revenue and Support

Revenue Composition

Contributions and Grants
$22,673,041
Program Service Revenue
$202,356,077
Investment Income
$11,292,232
Other Revenue
$114,255
All Other Contributions
$8,585,188
Change in Net Assets
$4,180,699

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 Traded28$396,868Fair Market Value
Other Non Cash Contri Table5$21,566Fair Market Value (FMV)
Other Non Cash Contri Table29$7,548Receipts
Food Inventory1$150Receipts
Total Noncash Contributions63$426,132-

Audited Revenue Reconciliation

Revenue per Audited Statements
$235,373,787
Revenue Not Reported on Financial Statements
$1,061,818
Revenue Not Reported on Form 990
$-117,395,795
Total Revenue per Audited Statements
$117,977,992
Total Revenue per Form 990
$236,435,605
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$84,552,709
Grants and Similar Amounts Paid$78,842,946
Other Expenses$68,859,251
Total Fundraising Expense$5,745,101
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$78,842,946--$78,842,946
Other Salaries and Wages$55,200,434$7,944,294$2,469,976$65,614,704
Occupancy$12,958,041$2,499,778$813$15,458,632
Depreciation Depletion$14,950,351--$14,950,351
Office Expenses$10,537,264$615,577$703,703$11,856,544
Other Employee Benefits$6,126,949$1,033,568$291,214$7,451,731
Information Technology$3,878,821$1,468,832$92,739$5,440,392
Payroll Taxes$4,055,077$684,059$192,738$4,931,874
Interest$4,586,555$34,487-$4,621,042
Current Officers, Directors, Trustees, and Key Employees$1,605,177$1,638,364$230,000$3,473,541
Fees for Services Management$1,865,318$413,969$1,068,260$3,347,547
Pension Plan Contributions$2,533,139$427,320$120,400$3,080,859
Travel$2,572,289$160,180$167,022$2,899,491
Insurance$587,709$1,244,656-$1,832,365
Other Expenses$1,952,743$1,163,676$171,587$1,163,676
Fees for Service Investment Mgmnt Fees-$1,061,818-$1,061,818
Advertising$290,456$2,536$231,826$524,818
Fees for Services Legal-$341,684-$341,684
Conferences and Meetings$173,065$12,040$4,823$189,928
Fees for Services Accounting-$129,150-$129,150
Fees for Services Other$68,937--$68,937
Total Functional Expenses$204,811,715$21,698,090$5,745,101$232,254,906

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$232,254,906
Total Expenses per Audited Statements$152,545,712
Expenses per Audited Statements$152,350,142
Expenses Not Reported on Financial Statements$79,904,764
Other Expense Adjustments$78,842,946
Expenses Not Reported on Form 990$195,570
International Activity

International Summary

Offices
0
Employees
0
Spending
$125,910

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeProgram ServicesStudy Abroad00$125,910
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$88,157
Fundraising Direct Expenses$36,050
Gaming Gross Income$28,842
Gaming Direct Expenses$19,258
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$65,785$65,785$11,608$54,177
Golf Outing$22,372$22,372$12,956$9,416
Total Events$88,157$88,157$36,049$52,108
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Post-retirement Benefits Other Than Pensions$23,604,618
Leased Liabilities$2,324,386
Student Deposits$1,482,040
Swap Contract$1,476,088

Bond Issues

BondIssuerIssuedIssue PricePurpose
DIllnois Finance Authority Series 2021 A&b2021-10-28$99,065,000Refund bonds issued 3/25/08 & 9/19/17
AIllinois Finance Authority Series 2008 A&b2008-03-25$63,775,000Refund bonds issued on 2/19/02 and 4/17/07
BIllinois Finance Authority Series 2017a & B2017-09-19$50,000,000Construction on instructional building
CIllinois Finance Authority Series 2017c2017-09-19$39,500,000Refund bonds issued on 4/17/07

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$99,065,000--$564,094
A$63,775,000-$63,775,000$564,514
B$50,000,000-$50,000,000$326,351
C$39,500,000--$157,599

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 35% controlled entity
No
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, Section B, Line 11B

The form 990 detail is prepared by the associate controller and assistant controller. The entire form is then reviewed and approved by the chief operations officer. Thereafter, the form 990 is provided to the entire board of trustees for review prior to submission.

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

On an annual basis, the trustees of the board complete conflict of interest forms. Forms are reviewed and disclosed to the executive committee as appropriate. Conflict of interest forms are also completed annually by officers and key employees. Forms are reviewed by the president. The president's conflict of interest form is reviewed by the compensation committee of the board of trusteees. Faculty must certify to their department chairs on an annual basis their compliance with the university's conflict of commitment and conflict of interest policies by completing a form. The department chair forwards these certifications to the provost. If there is a conflict, an ad hoc disclosure form is completed. After department chair reviews, this form is forwarded to the dean, then provost for approval of determination. Certain administrative and professional staff at the university are also required to complete conflict of interest forms. These forms are then reviewed by their directors and forwarded to the appropriate vice president for review, approval, and determination.

Form 990, Part VI, Section B, Line 15

The compensation committee of the board of trustees reviews the president's compensation based upon form 990 of other organizations and compensation surveys. A written employment contract is issued. The university president determines compensation of the other officers and key employees based upon compensation surveys. This is then submitted to the compensation committee of the board of trustees for review. A written employment contract is issued.

Form 990, Part VI, Section C, Line 19

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Bradley University
EIN
37-0661494
Phone
3096773117
Address
1501 W BRADLEY AVENUE, PEORIA, IL 61625-0001

Signing Officer

Name
Sheryl Cox
Title
COO/CFO
Phone
3096773117
Signed
2023-04-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Standifird
Formed
1897
Legal Domicile
Il
Voting Board Members
20
Independent Board Members
19
Employees
2,856
Volunteers
480

Preparer

Firm
Cliftonlarsonallen Llp
Address
301 SW ADAMS STREET SUITE 1000, PEORIA, IL 61602
Preparer
Samuel a Cigelnik
Phone
3096714500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Swap contract gain 1,714,933. Changes in split dollar interest -195,571.

Form 990, Part XII, Line 2C

The organization did not change its oversight process or selection process during the tax year.

Financial Statement Notes

PART III, LINE 4:

Collection of art and other historical treasures include various sculptures, paintings, and other works of art; sea chart; historical maps of america; antique watch from when the university was a college of horology; and historical books. These items are on display in the library and other parts of campus and serve to further the university's educational purpose in the arts, history, and the humanities in general.

PART V, LINE 4:

The university endowment serves to support the educational mission of the university by providing substantial and sustainable flow of funds to the operating budget and restricted funds in order to support the long-term goals of the university.

PART X, LINE 2:

The university is exempt from federal and state income taxes under the applicable u.s. And illinois internal revenue codes for related income. No provision has been made in the accompanying financial statements as the university believes there is no significant unrelated business income.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Financial aid -78,842,946. Swap contract gain 1,714,933.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid 78,842,946.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt20COO/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP LEGAL AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt22SENIOR VP ACADEMIC AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP ATHLETICS
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP FOR STUDENT AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP ENROLLMENT MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26VP ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27VP STRATEGY & INNOVATION
IRS990/Form990PartVIISectionAGrp/TitleTxt28HEAD MEN'S BASKETBALL COACH
IRS990/Form990PartVIISectionAGrp/TitleTxt29EXEC/ACADEMIC DIRECTOR TURNER SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt30INTERIM DEAN, COLLEGE OF BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt31CHAIR, INDUSTRIAL & MANUFACTURING ENGINEERING
IRS990/Form990PartVIISectionAGrp/TitleTxt32INTERIM DEAN, LIBERAL ARTS & SCIENCES
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IRS990/Form990PartVIISectionAGrp/TitleTxt34FORMER VP ADVANCEMENT
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$717$189$528$226$241$14.1
2023Detailed filing. Detailed filing data is available for this year.$707$196$510$224$247$23.1
2022Detailed filing. Detailed filing data is available for this year.$730$204$526$236$232$4.18
2021Detailed filing. Detailed filing data is available for this year.$781$221$560$298$196$102
2020Detailed filing. Detailed filing data is available for this year.$713$261$452$239$233$5.77
2019Detailed filing. Detailed filing data is available for this year.$700$246$454$230$231$0.91
2018Detailed filing. Detailed filing data is available for this year.$683$219$464$229$229$0.15
2017Detailed filing. Detailed filing data is available for this year.$650$194$456$230$209$21.4
2016Detailed filing. Detailed filing data is available for this year.$614$191$423$195$188$6.99
2015Detailed filing. Detailed filing data is available for this year.$633$204$430$216$216$0.16
2014Detailed filing. Detailed filing data is available for this year.$629$195$434$234$204$30.0
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$599$200$399$204
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$576$206$371$196
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$580$191$389$191
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$537$183$353$172