Civic Intelligence

Midway University Inc Fka Midway College

990 • Fiscal year 2014 • EIN 61-0444708

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 26, 2015

512 East Stephens Street40347

(859) 846-5701

Siviq Scores

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

Liabilities / Assets

49th percentile

0.31x

Higher debt load relative to assets than 49% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

63rd percentile

0.67x

Higher debt load relative to revenue than 63% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Net Margin

64th percentile

9.0%

Higher net margin than 64% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

38th percentile

$266,448

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2014

Asset Growth

51st percentile

5.4%

Faster asset growth than 51% of similar nonprofits.

2014 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$50,167,716

Up $2,558,215 (+5.4%) from 2013

Net Assets

Up

$34,812,124

Up $3,338,582 (+11%) from 2013

Liabilities

Down

$15,355,592

Down $780,367 (-4.8%) from 2013

Revenue

$22,806,237

No earlier filing loaded for comparison.

Expenses

Down

$20,763,807

Down $3,174,808 (-13%) from 2013

Net Income

$2,042,430

No earlier filing loaded for comparison.

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: $47,917,422Liabilities 2010: $15,220,610Net Assets 2010: $32,696,8122010Assets 2011: $54,929,924Liabilities 2011: $18,033,439Net Assets 2011: $36,896,4852011Assets 2012: $52,989,353Liabilities 2012: $17,032,963Net Assets 2012: $35,956,3902012Assets 2013: $47,609,501Liabilities 2013: $16,135,959Net Assets 2013: $31,473,5422013Assets 2014: $50,167,716Liabilities 2014: $15,355,592Net Assets 2014: $34,812,1242014Assets 2015: $55,556,600Liabilities 2015: $22,969,472Net Assets 2015: $32,587,1282015Assets 2016: $51,003,502Liabilities 2016: $21,639,106Net Assets 2016: $29,364,3962016Assets 2017: $57,443,853Liabilities 2017: $23,089,367Net Assets 2017: $34,354,4862017Assets 2018: $60,655,435Liabilities 2018: $24,617,466Net Assets 2018: $36,037,9692018Assets 2019: $63,152,434Liabilities 2019: $25,251,929Net Assets 2019: $37,900,5052019Assets 2020: $64,125,796Liabilities 2020: $26,178,618Net Assets 2020: $37,947,1782020Assets 2021: $72,211,387Liabilities 2021: $24,266,887Net Assets 2021: $47,944,5002021Assets 2022: $66,224,424Liabilities 2022: $23,167,266Net Assets 2022: $43,057,1582022Assets 2023: $76,025,348Liabilities 2023: $26,609,372Net Assets 2023: $49,415,9762023

Highlighted filing

2014

Assets$50,167,716
Liabilities$15,355,592
Net Assets$34,812,124

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $19,732,2792010Expenses 2011: $24,417,7932011Expenses 2012: $26,873,6612012Expenses 2013: $23,938,6152013Revenue 2014: $22,806,237Expenses 2014: $20,763,807Net Income 2014: $2,042,4302014Revenue 2015: $20,118,116Expenses 2015: $20,194,962Net Income 2015: -$76,8462015Revenue 2016: $17,670,273Expenses 2016: $19,558,437Net Income 2016: -$1,888,1642016Revenue 2017: $25,100,084Expenses 2017: $21,758,144Net Income 2017: $3,341,9402017Revenue 2018: $25,194,306Expenses 2018: $23,379,932Net Income 2018: $1,814,3742018Revenue 2019: $26,986,291Expenses 2019: $25,606,344Net Income 2019: $1,379,9472019Revenue 2020: $27,563,917Expenses 2020: $27,566,187Net Income 2020: -$2,2702020Revenue 2021: $33,455,208Expenses 2021: $28,960,130Net Income 2021: $4,495,0782021Revenue 2022: $32,615,868Expenses 2022: $31,366,941Net Income 2022: $1,248,9272022Revenue 2023: $36,181,711Expenses 2023: $33,040,442Net Income 2023: $3,141,2692023

Highlighted filing

2014

Revenue$22,806,237
Expenses$20,763,807
Net Income$2,042,430
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 26, 2015
Return Version
2013v4.0
Gross Receipts
$22,894,578
Mission and Program Overview

Mission

Midway university is an accredited institution of higher education located in midway, kentucky, founded in 1847 as the kentucky female orphan school. The institution offers traditional programs as well as accelerated programs in the evening and online. Degrees offered include associate, baccalaureate and master's degrees.

Midway college shapes and inspires the lives of students in kentucky's only college for women and in coeducational undergraduate and graduate programs through a student-centered, global education that leads to rewarding careers and responsible citizenship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$23,641,332$27,123,399▲ $3,482,067
Land, Buildings, and Equipment, Net$20,043,114$18,562,015▼ $1,481,099
Pledges and Grants Receivable$21,580$1,351,000▲ $1,329,420
Investments Other Securities$1,218,307$1,202,863▼ $15,444
Receivables From Officers Etc$564,734$493,634▼ $71,100
Cash and Non-Interest-Bearing Accounts$1,363,838$436,621▼ $927,217
Accounts Receivable$515,710$291,511▼ $224,199
Prepaid Expenses and Deferred Charges$91,904$194,429▲ $102,525
Savings and Temporary Cash Investments$107,687$169,100▲ $61,413
Total Assets$47,609,501$50,167,716▲ $2,558,215
Other Assets Total$41,295$343,144▲ $301,849
Liabilities
Tax Exempt Bond Liabilities$9,688,348$9,272,336▼ $416,012
Other Liabilities$3,771,667$3,796,570▲ $24,903
Accounts Payable and Accrued Expenses$2,161,523$1,415,569▼ $745,954
Deferred Revenue$514,421$871,117▲ $356,696
Total Liabilities$16,135,959$15,355,592▼ $780,367
Net Assets / Fund Balance
Unrestricted Net Assets$15,548,529$16,496,267▲ $947,738
Permanently Rstr Net Assets$9,236,521$9,557,279▲ $320,758
Temporarily Rstr Net Assets$6,688,492$8,758,578▲ $2,070,086
Total Net Assets Fund Balance$31,473,542$34,812,124▲ $3,338,582
Total Liabilities and Net Assets / Fund Balance$47,609,501$50,167,716▲ $2,558,215

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,626,196$12,267,172$27,893,368
Equipment$1,172,168$3,340,209$4,512,377
Other Land Buildings$276,827$1,276,419$1,553,246
Land$1,486,824-$1,486,824

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$24,913,995$223,917▲ $3,952,630$648,612$28,441,930
2012$22,463,422$191,605▲ $3,208,656$949,688$24,913,995
2011$23,254,482$2,768,406▲ $841,664$4,401,130$22,463,422
2010$18,762,497$3,958,713▲ $3,355,835$2,822,563$23,254,482
2009$16,715,097$774,029▲ $1,882,998$609,627$18,762,497
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr John P MarsdenPresidentFT$202,640$63,808$266,448
Lyen Crews Ii Until 53113VP Business AffairsFT$134,308$9,864$144,172
Barbara KitchenDean Health SciencesFT$115,500$19,860$135,360
Marlene M HelmFaculty-mat Program - Until 12/15/13FT$123,994$10,912$134,906
William G BrownAssociate ProvostFT$115,500$17,275$132,775
Eric BollandFaculty-businessFT$104,053$25,299$129,352
Johnie DeanDirector Compliance & ResearchFT$106,139$11,132$117,271
Ellen GregoryVP of Marketing & College CommunicationsFT$105,000$11,550$116,550
Laura ArmestoProvostFT$80,000$26,000$106,000
Karen L PetkoAssis VP of StudentsFT$81,394$9,256$90,650
Roy MundyVP of Development - Until 5/17/13FT$65,485$2,619$68,104
Robert VogelInterim President - Until 1/31/13FT$44,933$10,025$54,958
Scott FitzpatrickVP of AdvancementFT$33,423$5,543$38,966

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Learning HouseOnline Course Delivery-$848,790
Hamburg Properties LLCBuilding Rent-$185,952
Plattform AdvertisingAdvertising-$169,402
ElluciandatatelSoftware Installation & Maintenance-$156,943
Lexington Herald LeaderAdvertising-$138,939
Revenue and Support

Revenue Composition

Contributions and Grants
$3,002,008
Program Service Revenue
$16,474,339
Investment Income
$2,953,059
Other Revenue
$376,831
All Other Contributions
$2,983,752
Change in Net Assets
$2,042,430

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 Traded4$610,195Market Value
Other Non Cash Contri Table3$18,500Fair Market Value
Other Non Cash Contri Table1$380Fair Market Value
Other Non Cash Contri Table1$141Fair Market Value
Total Noncash Contributions9$629,216-

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,457,478
Revenue Not Reported on Financial Statements
$3,348,759
Revenue Not Reported on Form 990
$1,409,732
Other Revenue Adjustments
$3,170,192
Total Revenue per Audited Statements
$20,867,210
Total Revenue per Form 990
$22,806,237
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,292,161
Other Expenses$8,422,697
Grants and Similar Amounts Paid$3,048,949
Total Fundraising Expense$298,198
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,347,820$1,532,846$193,255$7,073,921
Grants to Domestic Individuals$3,048,949--$3,048,949
Depreciation Depletion$1,315,534$157,527-$1,473,061
Fees for Services Other$875,938$149,906$6,774$1,032,618
All Other Expenses$573,257$456,118-$1,029,375
Advertising$636,789$245,577$6,741$889,107
Other Employee Benefits$569,527$215,454$17,125$802,106
Current Officers, Directors, Trustees, and Key Employees$598,379$174,490$21,427$794,296
Occupancy$202,377$518,137-$720,514
Payroll Taxes$430,316$129,015$15,624$574,955
Interest-$532,167-$532,167
Other Expenses$3,142$287,108$31,945$290,250
Travel$194,908$8,158$3,888$206,954
Fees for Services Legal$7,475$180,331$437$188,243
Insurance$11,953$173,394-$185,347
Fees for Service Investment Mgmnt Fees-$178,567-$178,567
Office Expenses$28,996$20,187$82$49,265
Pension Plan Contributions$55,875$-9,892$900$46,883
Total Functional Expenses$15,084,747$5,380,862$298,198$20,763,807

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$20,763,807
Total Expenses per Audited Statements$17,520,365
Expenses per Audited Statements$17,415,048
Expenses Not Reported on Financial Statements$3,348,759
Other Expense Adjustments$3,170,192
Expenses Not Reported on Form 990$105,317
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$22,280
Fundraising Direct Expenses$15,311
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$40,536$22,280$15,311$6,969
Total Events$40,536$22,280$15,311$6,969
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$564,734$493,634▼ $71,100
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$3,250,000
Annuities Payable$500,241
Interest Rate Swap Agreement$46,329

Bond Issues

BondIssuerIssuedIssue PricePurpose
A61-60018712009-11-30$10,500,000Refund prior bonds, construct classroom building, purchase software system

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,500,000--$41,295

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 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
No
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 11

Policy for reviewing 990: the board reviewed the 990 at a meeting prior to filing the 990.

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

A conflict of interest form is completed annually and monitored by the president's office in conjunction with the chairman of the board of trustees.

Form 990, Part VI, Section B, Line 15A

The president's compensation is determined by the executive committee of the board of trustees. Annually at the may meeting of the board of trustees the executive committee deliberates upon their evaluation of the president's performance and presidential compensation data. All other executives and key employee's compensation is determined by the president. Performance evaluations are conducted annually by department directors and vice-president in-charge. The evaluations including compensation increases are then forwarded to the president. The president reviews the evaluations and suggested compensation increases then determines each employee's compensation increase.

Form 990, Part VI, Section C, Line 19

The organization's 990,990t, and governing documents may be available upon request. The financial statements are not available to the public.

Form 990, Part VII

The amounts of other compensation from the organization in column (f) include a non-taxable housing benefit for president dr. John p. Marsden of $43,212 and former president dr. Robert vogel of $3,928. This value represents their applicable percentage of the annual fair rental value of the property per irc section 119(d) plus direct utilities of the property.

Filing and Contact Details

Filer

EIN
61-0444708
Phone
8598465701

Signing Officer

Name
Dr John P Marsden
Title
President
Phone
8598465701
Signed
2015-02-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr John P Marsden
Formed
1865
Legal Domicile
Ky
Voting Board Members
19
Independent Board Members
19
Employees
558
Volunteers
34

Preparer

Preparer
Leigh Mckee
Phone
8592552341
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

Midway college offered a non-credit college readiness program based on a contract with the panamanian government. High school graduates from panama participated in a nine month program consisting of courses in english conversation, leadership and cultural activities, and weekend excursions.

FORM 990, PART XI, LINE 9:

Annuity liability adjustment -76,973. Increase in interest in assets held in trust 523,311. Change in fair market value of interest rate swap agreements 106,317.

Form 990, Part XII, Line 2C

The process has not changed from the prior year for oversight of the audit or selection of the auditors.

Financial Statement Notes

PART V, LINE 4:

Endowment funds are held by the college and used for the purpose stipulated by the donor. Currently, the endowment funds of the college are directed by donors to provide tuition scholarships for midway college students and offset compensation expense of midway college faculty. It is midway college's intent to comply with the donors' stipulations for these funds.

PART X, LINE 2:

The college is exempt from income taxes under section 501(c)(3) of the internal revenue code and a similar provision of state law. However, the college is subject to federal income tax on any unrelated business taxable income. The college is not considered to be a private foundation. The college has adopted the provisions of gaap relating to uncertainty in income taxes. The assessment includes evaluating the tax positions taken on all income tax returns that remain open to examination by the respective taxing authorities (returns filed after 2010). The college does not believe that there are any uncertain tax positions on those returns that should be reflected in the financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Expenses netted against revenue on 990 28,344. Increase in interest in assets held in trust by others 523,311. Change in fair market value of interest rate swap 106,317.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Scholarships and fellowships 3,048,949. Revenue netted against expenses on financial statements 121,243.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expenses netted against revenue on 990 28,344. Annuity liability adjustment 76,973.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarships and fellowships 3,048,949. Revenue netted against expenses on financial statements 121,243.

Part V, Line 2C

Term endowment includes temporarily restricted funds.

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IRS990/ActivityOrMissionDesc0MIDWAY COLLEGE SHAPES AND INSPIRES THE LIVES OF STUDENTS IN KENTUCKY'S ONLY COLLEGE FOR WOMEN AND IN COEDUCATIONAL UNDERGRADUATE AND GRADUATE PROGRAMS THROUGH A STUDENT-CENTERED, GLOBAL EDUCATION THAT LEADS TO REWARDING CAREERS AND RESPONSIBLE CITIZENSHIP.
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IRS990/Form990PartVIISectionAGrp/PersonNm17ANITA M BRITTON
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IRS990/Form990PartVIISectionAGrp/PersonNm24ELLEN GREGORY
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IRS990/Form990PartVIISectionAGrp/PersonNm31JOHNIE DEAN
IRS990/Form990PartVIISectionAGrp/PersonNm32BARBARA KITCHEN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0LIFE TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt20PROVOST
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP BUSINESS AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP OF ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt23ASSIS VP OF STUDENTS
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP OF MARKETING & COLLEGE COMMUNICATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP OF DEVELOPMENT - UNTIL 5/17/13
IRS990/Form990PartVIISectionAGrp/TitleTxt26VP OF BUSINESS AFFAIRS & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt27INTERIM PRESIDENT - UNTIL 1/31/13
IRS990/Form990PartVIISectionAGrp/TitleTxt28FACULTY-MAT PROGRAM - UNTIL 12/15/13
IRS990/Form990PartVIISectionAGrp/TitleTxt29FACULTY-BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt30ASSOCIATE PROVOST
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR COMPLIANCE & RESEARCH
IRS990/Form990PartVIISectionAGrp/TitleTxt32DEAN HEALTH SCIENCES
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IRS990/InterestGrp/ManagementAndGeneralAmt0532167
IRS990/InterestGrp/TotalAmt0532167

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$76.0$26.6$49.4$36.2$33.0$3.14
2022Summary only. Only limited summary data is available for this year.$66.2$23.2$43.1$32.6$31.4$1.25
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.2$24.3$47.9$33.5$29.0$4.50
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.1$26.2$37.9$27.6$27.6$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$63.2$25.3$37.9$27.0$25.6$1.38
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$60.7$24.6$36.0$25.2$23.4$1.81
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.4$23.1$34.4$25.1$21.8$3.34
2016Detailed filing. Detailed filing data is available for this year.$51.0$21.6$29.4$17.7$19.6$1.89
2015Summary only. Only limited summary data is available for this year.$55.6$23.0$32.6$20.1$20.2$0.08
2014Detailed filing. Detailed filing data is available for this year.$50.2$15.4$34.8$22.8$20.8$2.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.6$16.1$31.5$23.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.0$17.0$36.0$26.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.9$18.0$36.9$24.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.9$15.2$32.7$19.7