Civic Intelligence

Millikin University

990 • Fiscal year 2018 • EIN 37-0706154

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 09, 2018

1184 West Main StreetDecatur, IL 62522-2084

(217) 424-6313

Siviq Scores

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

Liabilities / Assets

35th percentile

0.21x

Higher debt load relative to assets than 35% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Liabilities / Revenue

60th percentile

0.65x

Higher debt load relative to revenue than 60% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Net Margin

20th percentile

-1.1%

Higher net margin than 20% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Top Officer Pay

10th percentile

$307,707

Higher top officer pay than 10% of similar nonprofits.

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

2018 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2018

Asset Growth

46th percentile

2.8%

Faster asset growth than 46% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Revenue Growth

63rd percentile

8.2%

Faster revenue growth than 63% of similar nonprofits.

2018 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Assets

Up

$264,213,239

Up $7,308,580 (+2.8%) from 2017

Net Assets

Down

$208,370,632

Down $893,180 (-0.4%) from 2017

Liabilities

Up

$55,842,607

Up $8,201,760 (+17%) from 2017

Revenue

Up

$85,967,411

Up $6,546,544 (+8.2%) from 2017

Expenses

Up

$86,906,712

Up $5,571,241 (+6.8%) from 2017

Net Income

Up

-$939,301

Up $975,303 (+51%) from 2017

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $235,403,666Liabilities 2011: $45,931,742Net Assets 2011: $189,471,9242011Assets 2012: $236,231,085Liabilities 2012: $47,242,667Net Assets 2012: $188,988,4182012Assets 2013: $246,290,883Liabilities 2013: $44,984,088Net Assets 2013: $201,306,7952013Assets 2014: $255,630,774Liabilities 2014: $42,973,454Net Assets 2014: $212,657,3202014Assets 2015: $267,584,496Liabilities 2015: $51,690,139Net Assets 2015: $215,894,3572015Assets 2016: $258,187,658Liabilities 2016: $50,319,179Net Assets 2016: $207,868,4792016Assets 2017: $256,904,659Liabilities 2017: $47,640,847Net Assets 2017: $209,263,8122017Assets 2018: $264,213,239Liabilities 2018: $55,842,607Net Assets 2018: $208,370,6322018Assets 2019: $261,428,136Liabilities 2019: $56,501,232Net Assets 2019: $204,926,9042019Assets 2020: $256,486,891Liabilities 2020: $55,690,770Net Assets 2020: $200,796,1212020Assets 2021: $270,927,180Liabilities 2021: $50,266,143Net Assets 2021: $220,661,0372021Assets 2022: $267,089,881Liabilities 2022: $46,694,946Net Assets 2022: $220,394,9352022Assets 2023: $248,601,205Liabilities 2023: $35,100,505Net Assets 2023: $213,500,7002023Assets 2024: $241,732,894Liabilities 2024: $33,494,126Net Assets 2024: $208,238,7682024

Highlighted filing

2018

Assets$264,213,239
Liabilities$55,842,607
Net Assets$208,370,632

Operations Trend

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

$150M$100M$50M$0-$50MExpenses 2011: $75,537,6532011Expenses 2012: $78,360,8662012Expenses 2013: $81,477,9672013Revenue 2014: $82,581,692Expenses 2014: $78,061,945Net Income 2014: $4,519,7472014Revenue 2015: $86,496,062Expenses 2015: $79,018,462Net Income 2015: $7,477,6002015Revenue 2016: $80,159,977Expenses 2016: $79,356,876Net Income 2016: $803,1012016Revenue 2017: $79,420,867Expenses 2017: $81,335,471Net Income 2017: -$1,914,6042017Revenue 2018: $85,967,411Expenses 2018: $86,906,712Net Income 2018: -$939,3012018Revenue 2019: $91,638,396Expenses 2019: $91,268,817Net Income 2019: $369,5792019Revenue 2020: $94,750,823Expenses 2020: $94,628,725Net Income 2020: $122,0982020Revenue 2021: $97,576,221Expenses 2021: $95,543,605Net Income 2021: $2,032,6162021Revenue 2022: $103,526,342Expenses 2022: $99,372,847Net Income 2022: $4,153,4952022Revenue 2023: $94,490,294Expenses 2023: $96,433,548Net Income 2023: -$1,943,2542023Revenue 2024: $88,431,281Expenses 2024: $89,945,665Net Income 2024: -$1,514,3842024

Highlighted filing

2018

Revenue$85,967,411
Expenses$86,906,712
Net Income-$939,301
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 9, 2018
Return Version
2017v2.3
Gross Receipts
$121,623,863
Mission and Program Overview

Mission

Millikin's mission is to offer an education that integrates the traditional liberal arts and the practical arts of the professions.

To offer an education that integrates the liberal and practical arts of the professions.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$112,704,203$113,039,172▲ $334,969
Investments in Publicly Traded Securities$78,040,616$78,454,700▲ $414,084
Investments Program Related$23,009,901$23,038,020▲ $28,119
Cash and Non-Interest-Bearing Accounts$5,500,859$14,521,323▲ $9,020,464
Savings and Temporary Cash Investments$19,538,518$13,775,171▼ $5,763,347
Pledges and Grants Receivable$1,289,162$7,379,657▲ $6,090,495
Other Notes and Loans Receivable, Net$2,915,312$3,003,026▲ $87,714
Accounts Receivable$3,783,142$1,160,128▼ $2,623,014
Prepaid Expenses and Deferred Charges$61,988$37,834▼ $24,154
Total Assets$256,904,659$264,213,239▲ $7,308,580
Other Assets Total$10,060,958$9,804,208▼ $256,750
Liabilities
Tax Exempt Bond Liabilities$26,350,000$34,675,000▲ $8,325,000
Other Liabilities$12,323,434$12,082,467▼ $240,967
Accounts Payable and Accrued Expenses$5,294,423$3,626,387▼ $1,668,036
Deferred Revenue$1,453,379$3,231,108▲ $1,777,729
Grants Payable$2,219,611$2,227,645▲ $8,034
Total Liabilities$47,640,847$55,842,607▲ $8,201,760
Net Assets / Fund Balance
Unrestricted Net Assets$99,423,208$96,142,756▼ $3,280,452
Permanently Rstr Net Assets$61,088,042$63,728,317▲ $2,640,275
Temporarily Rstr Net Assets$48,752,562$48,499,559▼ $253,003
Total Net Assets Fund Balance$209,263,812$208,370,632▼ $893,180
Total Liabilities and Net Assets / Fund Balance$256,904,659$264,213,239▲ $7,308,580

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$87,002,566$60,170,741$147,173,307
Other Land Buildings$11,251,205$4,696,609$15,947,814
Land$11,539,922-$11,539,922
Equipment$3,245,479$4,418,891$7,664,370
Investment Program Related Org$23,038,020--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$110,522,907$2,207,185▲ $7,384,085$9,564,687$110,549,490
2016$117,124,576$733,922▲ $9,731,633$17,067,224$110,522,907
2015$123,959,168$4,412,204▼ $2,082,792$9,164,004$117,124,576
2014$126,575,558$1,907,670▲ $2,916,714$7,440,774$123,959,168
2013$115,267,790$3,637,727▲ $13,347,243$5,677,202$126,575,558
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick WhitePresidentFT$271,392$36,315$307,707
Jeffery AperProvostFT$142,646$21,794$164,440
Ruby JamesVP FinanceFT$138,625$20,802$159,427
Charles HahnVP DevelopmentFT$137,341$9,399$146,740
Randy BrooksDeanFT$122,564$17,225$139,789
Anthony LiberatoreMba Director/assoc ProfessorFT$123,665$12,419$136,084
Najiba BenabessDeanFT$115,328$16,849$132,177
Sarah ShupenusVP EnrollmentFT$111,358$18,361$129,719
Craig WhiteDirector of AthleticsFT$105,458$17,940$123,398
Deborah SlaytonDeanFT$104,545$16,422$120,967
Laura LedfordDeanFT$108,373$11,510$119,883

Highest Paid Contractors

ContractorServicesLocationCompensation
Sm Wilson & CoConstruction2185 HAMPTON AVE, St Louis, MO 63139-2904$15,815,522
Aramark Dining ServicesCampus Dining Services27310 NETWORK PLACE, Chicago, IL 60673-1273$3,425,589
Aramark Facility ServicesCampus Grounds/facilities2300 WARRENVILLE ROAD, Downers Grove, IL 60515-1765$2,750,201
O'shea BuildersConstruction3401 CONSTITUTION DR, Springfield, IL 62711-7013$1,030,850
Bldd ArchitectsArchitectural Services100 N MERCHANT ST, Decatur, IL 62523-1217$384,970
Revenue and Support

Revenue Composition

Contributions and Grants
$10,133,778
Program Service Revenue
$67,637,838
Investment Income
$6,332,984
Other Revenue
$1,862,811
All Other Contributions
$9,752,441
Change in Net Assets
$-939,301

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 Traded22$785,158Selling Price
Real Estate Residential1$334,500Appraisal Value
Total Noncash Contributions23$1,119,658-

Audited Revenue Reconciliation

Revenue per Audited Statements
$53,739,348
Revenue Not Reported on Financial Statements
$32,228,063
Revenue Not Reported on Form 990
$1,540,058
Other Revenue Adjustments
$32,228,063
Total Revenue per Audited Statements
$55,279,406
Total Revenue per Form 990
$85,967,411
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$32,228,063
Salaries, Compensation, and Employee Benefits$28,851,608
Other Expenses$25,827,041
Total Fundraising Expense$1,487,325
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$32,228,063--$32,228,063
Other Salaries and Wages$17,392,344$2,534,075$876,956$20,803,375
Depreciation Depletion$5,327,416--$5,327,416
Other Employee Benefits$3,754,799$925,953$93,561$4,774,313
Occupancy$2,727,466--$2,727,466
All Other Expenses$1,660,574$367,765$21,688$2,050,027
Office Expenses$1,287,230$285,066$84,570$1,656,866
Travel$1,235,272$247,143$38,587$1,521,002
Payroll Taxes$1,223,752$202,083$74,789$1,500,624
Interest$1,363,650--$1,363,650
Information Technology$1,082,364--$1,082,364
Current Officers, Directors, Trustees, and Key Employees-$932,185$142,781$1,074,966
Pension Plan Contributions$583,209$82,896$32,225$698,330
Advertising$245,117$287,573$55,730$588,420
Other Expenses$144,410$169,512$57,406$371,328
Insurance$183,204--$183,204
Fees for Services Other$70,375--$70,375
Fees for Services Legal$58,941-$9,032$67,973
Total Functional Expenses$79,385,136$6,034,251$1,487,325$86,906,712

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$86,906,712
Total Expenses per Audited Statements$56,172,586
Expenses per Audited Statements$54,678,649
Expenses Not Reported on Financial Statements$32,228,063
Other Expense Adjustments$32,228,063
Expenses Not Reported on Form 990$1,493,937
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,383,000

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$1,383,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,656
Fundraising Gross Income$12,103
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$43,200$12,103$73$12,030
Total Events$43,200$12,103$12,656$-553
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligation$9,927,257
Conditional Asset Retirement Obligation$1,234,046
Student Deposits$474,400
Annuities Payable$330,969
Interest Rate Swap Agreement$115,795

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACounty of Macon Illinois2010-12-01$13,750,000Refinancing of bond issuance for educational facilities
CCounty of Macon Illinois2014-12-01$10,000,000Construction costs of new university center, renovation of residence halls
DCounty of Macon Illinois2017-12-01$10,000,000Construction costs of new center for theatre and dance
BCounty of Macon Illinois2012-12-01$9,680,000Refinancing of bond issuance for educational facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$13,750,000$15,250-$134,750
C$10,000,000---
D$10,000,000---
B$9,680,000--$138,693

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
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Section B, Line 11B

The prepared 990 is reviewed by the vice president of finance and business affairs before it is filed with the irs. It is also distributed to all members of the board of trustees and discussed and accepted by members of the audit committee and governance committee before it is filed with the irs.

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

Annually, the president's office sends out a questionaire to all officers, trustees, and key employees in which any potential conflicts of interest are disclosed. The president's office monitors the return of all questionaires and reviews and maintains these records.

Form 990, Part VI, Section B, Line 15

The board's executive comittee has overall responsibility for the compensation review of the president. The purpose of the process is to set the president's annual compensation based on three factors: a. Summative performance appraisal focused on annual goals, with consideration of the results of the evaluation conducted in the previous fall; b. Market analysis, especially peer and benchmark data; c. Institutional needs. The process begins annually in early may with the presiden's submission to the board chair of: first, a status report on the current year's goals that, in many cases, will anticipate year-end results; and second, a set of proposed goals for the upcoming academic year. The board chair will also receive appropriate peer and benchmark data from the human resources office. The executive committee will review the president's performance, with the board chair discussing their conclusions orally with the president to ensure accuracy and fairness of judgements. The executive committee will then discuss its conclusions and compensation recommendation with the president. The board chair will discuss the executive committee's conclusions and compensation recommendation with the full board in executive session, with the president in attendance. The board will then approve the president's compensation for the following year, and the board chair will then prepare the necessary written confirmation. The board chair and president will meet privately to conclude the process. The president has overall responsibility for the compensation review of the vice presidents. A market analysis is done by the hr office that includes peer and benchmark data. This analysis is then used as a tool for determining salary changes.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and audited financial statements are made available to the general public with copies provided upon request.

Filing and Contact Details

Filer

Filer Name
Millikin University
EIN
37-0706154
Phone
2174246313
Address
1184 WEST MAIN STREET, DECATUR, IL 62522-2084

Signing Officer

Name
Ruby James
Title
VP Finance & Business Affairs
Phone
2174246313
Signed
2018-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick White
Formed
1901
Legal Domicile
Il
Voting Board Members
26
Independent Board Members
26
Employees
1,366
Volunteers
26

Preparer

Firm
Sikich Llp
Address
3201 W WHITE OAKS DR STE 102, SPRINGFIELD, IL 62704
Preparer
Jill M Boyle CPA
Phone
2177933363
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Changes in beneficial interest in perpetual trusts 647,170. Change in fair value of interest rate swap agreement 329,519.

Financial Statement Notes

PART X, LINE 2:

The university has a tax determination letter from the internal revenue service stating that it qualifies under the provisions of section 501(c)(3) of the internal revenue code (code) and are exempt from federal income taxes. The university is not classified as a private foundation. As such, the university is subject to federal income taxes only on any net unrelated business income under the provisions of section 511 of the code. The university files a form 990 (return of organization exempt from income tax) annually. When these returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained. Examples of tax positions common to universities include such matters as the following: the tax exempt status of each entity and various positions relative to potential sources of unrelated business taxable income (ubit). Ubit is reported on form 990-t, as appropriate. The benefit of tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the positions will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in beneficial interest in perpetual trusts 647,170. Change in fair value of interest rate swap agreement 329,519. Fundraising expense 12,656. Loss from sale of fixed assets 1,481,281.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Individual scholarships 32,228,063.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 12,656. Loss from sale of fixed assets 1,481,281.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Individual scholarships 32,228,063.

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IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27PROVOST
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt29VP DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP ENROLLMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR OF ATHLETICS
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$242$33.5$208$88.4$89.9$1.51
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$249$35.1$214$94.5$96.4$1.94
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$267$46.7$220$104$99.4$4.15
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$271$50.3$221$97.6$95.5$2.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$256$55.7$201$94.8$94.6$0.12
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$261$56.5$205$91.6$91.3$0.37
2018Detailed filing. Detailed filing data is available for this year.$264$55.8$208$86.0$86.9$0.94
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$257$47.6$209$79.4$81.3$1.91
2016Detailed filing. Detailed filing data is available for this year.$258$50.3$208$80.2$79.4$0.80
2015Detailed filing. Detailed filing data is available for this year.$268$51.7$216$86.5$79.0$7.48
2014Detailed filing. Detailed filing data is available for this year.$256$43.0$213$82.6$78.1$4.52
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$246$45.0$201$81.5
2012XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$236$47.2$189$78.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$235$45.9$189$75.5