Civic Intelligence

Thomas More University Inc

EIN 61-0448560 • 501(c)3 • Crestview Hills, KY

Profile

To develop and sustain challenging undergraduate, graduate, and professional programs of study, marked by superior teaching and scholarship within the catholic intellectual tradition.

333 Thomas More ParkwayCrestview Hills, KY 41017

www.thomasmore.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

66th percentile

0.45x

Higher debt load relative to assets than 66% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

65th percentile

0.69x

Higher debt load relative to revenue than 65% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Net Margin

75th percentile

19%

Higher net margin than 75% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

59th percentile

$577,330

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Asset Growth

82nd percentile

16%

Faster asset growth than 82% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Revenue Growth

86th percentile

44%

Faster revenue growth than 86% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Assets

Up

$108,985,905

Up $17,696,642 (+19%) from 2023

Liabilities

Up

$52,001,105

Up $21,656,711 (+71%) from 2023

Net Assets

Down

$56,984,800

Down $3,960,069 (-6.5%) from 2023

Revenue

Down

$57,634,303

Down $7,916,479 (-12%) from 2023

Expenses

Up

$62,540,787

Up $2,403,287 (+4.0%) from 2023

Net Income

Down

-$4,906,484

Down $10,319,766 (-191%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2010: $36,721,335Liabilities 2010: $14,984,196Net Assets 2010: $21,737,1392010Assets 2011: $39,881,179Liabilities 2011: $13,929,583Net Assets 2011: $25,951,5962011Assets 2012: $38,665,353Liabilities 2012: $13,732,505Net Assets 2012: $24,932,8482012Assets 2013: $39,991,598Liabilities 2013: $13,708,462Net Assets 2013: $26,283,1362013Assets 2014: $40,606,936Liabilities 2014: $15,210,350Net Assets 2014: $25,396,5862014Assets 2015: $44,710,803Liabilities 2015: $15,121,493Net Assets 2015: $29,589,3102015Assets 2016: $43,737,648Liabilities 2016: $16,031,177Net Assets 2016: $27,706,4712016Assets 2017: $45,734,519Liabilities 2017: $14,872,202Net Assets 2017: $30,862,3172017Assets 2018: $58,506,524Liabilities 2018: $21,663,125Net Assets 2018: $36,843,3992018Assets 2019: $59,384,028Liabilities 2019: $21,285,771Net Assets 2019: $38,098,2572019Assets 2020: $61,728,256Liabilities 2020: $21,318,421Net Assets 2020: $40,409,8352020Assets 2021: $73,892,801Liabilities 2021: $18,128,671Net Assets 2021: $55,764,1302021Assets 2022: $76,960,441Liabilities 2022: $19,623,400Net Assets 2022: $57,337,0412022Assets 2023: $91,289,263Liabilities 2023: $30,344,394Net Assets 2023: $60,944,8692023Assets 2024: $108,985,905Liabilities 2024: $52,001,105Net Assets 2024: $56,984,8002024

Highlighted filing

2024

Assets$108,985,905
Liabilities$52,001,105
Net Assets$56,984,800

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0-$20MExpenses 2010: $33,101,5522010Expenses 2011: $34,617,7432011Expenses 2012: $34,466,8232012Expenses 2013: $35,539,0752013Revenue 2014: $34,406,898Expenses 2014: $36,266,438Net Income 2014: -$1,859,5402014Revenue 2015: $45,430,893Expenses 2015: $39,282,336Net Income 2015: $6,148,5572015Revenue 2016: $40,423,631Expenses 2016: $41,695,239Net Income 2016: -$1,271,6082016Revenue 2017: $46,891,522Expenses 2017: $45,084,134Net Income 2017: $1,807,3882017Revenue 2018: $52,891,689Expenses 2018: $46,674,220Net Income 2018: $6,217,4692018Revenue 2019: $54,624,164Expenses 2019: $52,661,072Net Income 2019: $1,963,0922019Revenue 2020: $54,134,088Expenses 2020: $53,987,323Net Income 2020: $146,7652020Revenue 2021: $64,139,475Expenses 2021: $54,079,708Net Income 2021: $10,059,7672021Revenue 2022: $65,917,717Expenses 2022: $59,641,385Net Income 2022: $6,276,3322022Revenue 2023: $65,550,782Expenses 2023: $60,137,500Net Income 2023: $5,413,2822023Revenue 2024: $57,634,303Expenses 2024: $62,540,787Net Income 2024: -$4,906,4842024

Highlighted filing

2024

Revenue$57,634,303
Expenses$62,540,787
Net Income-$4,906,484

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$109$52.0$57.0$57.6$62.5$4.91
2023Detailed filing. Detailed filing data is available for this year.$91.3$30.3$60.9$65.6$60.1$5.41
2022Detailed filing. Detailed filing data is available for this year.$77.0$19.6$57.3$65.9$59.6$6.28
2021Detailed filing. Detailed filing data is available for this year.$73.9$18.1$55.8$64.1$54.1$10.1
2020Detailed filing. Detailed filing data is available for this year.$61.7$21.3$40.4$54.1$54.0$0.15
2019Detailed filing. Detailed filing data is available for this year.$59.4$21.3$38.1$54.6$52.7$1.96
2018Detailed filing. Detailed filing data is available for this year.$58.5$21.7$36.8$52.9$46.7$6.22
2017Detailed filing. Detailed filing data is available for this year.$45.7$14.9$30.9$46.9$45.1$1.81
2016Detailed filing. Detailed filing data is available for this year.$43.7$16.0$27.7$40.4$41.7$1.27
2015Detailed filing. Detailed filing data is available for this year.$44.7$15.1$29.6$45.4$39.3$6.15
2014Detailed filing. Detailed filing data is available for this year.$40.6$15.2$25.4$34.4$36.3$1.86
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.0$13.7$26.3$35.5
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.7$13.7$24.9$34.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.9$13.9$26.0$34.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.7$15.0$21.7$33.1
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jun 1, 2023 to May 31, 2024
Signed
Apr 7, 2025
Return Version
2023v6.0
Gross Receipts
$67,985,606
Mission and Program Overview

Mission

Thomas more university is the catholic liberal arts university of the diocese of covington, kentucky. Inspired by the catholic intellectual tradition, we challenge students of all faiths to examine the ultimate meaning of life, their place in the world, and their responsibility to others.

To develop and sustain challenging undergraduate, graduate, and professional programs of study, marked by superior teaching and scholarship within the catholic intellectual tradition.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$30,295,236$47,025,699▲ $16,730,463
Investments in Publicly Traded Securities$31,907,622$35,824,802▲ $3,917,180
Investments Other Securities$11,028,447$10,693,111▼ $335,336
Pledges and Grants Receivable$5,779,346$5,263,550▼ $515,796
Accounts Receivable$2,832,307$3,597,095▲ $764,788
Cash and Non-Interest-Bearing Accounts$1,911,329--
Prepaid Expenses and Deferred Charges$1,711,886$843,302▼ $868,584
Other Notes and Loans Receivable, Net$266,286$103,205▼ $163,081
Receivables From Officers Etc-$100,000-
Total Assets$91,289,263$108,985,905▲ $17,696,642
Other Assets Total$5,556,804$5,535,141▼ $21,663
Liabilities
Mortgage Notes Payable Secured by Investment Property$20,109,453$37,785,909▲ $17,676,456
Other Liabilities$6,178,348$6,644,086▲ $465,738
Accounts Payable and Accrued Expenses$3,138,632$5,628,227▲ $2,489,595
Deferred Revenue$917,961$1,942,883▲ $1,024,922
Total Liabilities$30,344,394$52,001,105▲ $21,656,711
Net Assets / Fund Balance
Net Assets With Donor Restrictions$33,349,719$41,582,251▲ $8,232,532
Net Assets Without Donor Restrictions$27,595,150$15,402,549▼ $12,192,601
Total Net Assets Fund Balance$60,944,869$56,984,800▼ $3,960,069
Total Liabilities and Net Assets / Fund Balance$91,289,263$108,985,905▲ $17,696,642

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$42,561,707$28,758,232$71,319,939
Equipment$2,732,492$11,916,515$14,649,007
Land$1,675,908-$1,675,908
Other Land Buildings$55,592$440,117$495,709
Other Assets Org$299,701--
Other Securities$10,693,111--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$33,220,333$265,357▲ $4,315,694$1,350,126$36,451,258
2022$34,267,985$826,335▼ $726,000$553,359$33,220,333
2021$36,775,629$1,123,962▼ $2,565,125$542,422$34,267,985
2020$28,354,894$1,943,590▲ $7,436,904$959,759$36,775,629
2019$26,483,288$358,521▲ $2,422,662$909,577$28,354,894
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Joseph L ChilloPresidentFT$476,833$55,801$532,634
Dr Kevin ReynoldsVP Institutional AdvancementFT$168,846$25,644$194,490
Dr Bruce RosenthalDean College of BusinessFT$112,373$58,025$170,398
Mark GoshornCFO (left 04/19/24)FT$127,391$15,967$143,358
Dr Jerome LangguthVP & Chief Academic OfficerFT$122,988$15,081$138,069
Kelly FrenchVP Strategy & ImpactFT$111,635$18,148$129,783
Dr James CampTrustee/professorFT$79,966$13,406$93,372
Dr Jyoti SaraswatTrustee/professorFT$55,092$19,677$74,769
Charlene K BarlowSec/assistant to PresidentFT$53,029$14,616$67,645

Highest Paid Contractors

ContractorServicesLocationCompensation
Turner Construction CompanyBuilding/construction375 HUDSON ST, New York, NY 10014$12,983,535
Aramark CorporationFood ServicesPO BOX 7548, Philadelphia, PA 19101$2,455,470
United HealthcareHealth InsurancePO BOX 94017, Palatine, IL 60094$2,148,550
National Management Resources CorpMaintenance Services113 CORPORATE PARK EAST DR, Lagrange, GA 30241$1,342,535
Jenzabar INCIt Service/software101 HUNTINGTON AVE, Boston, MA 02199$1,039,046
Revenue and Support

Revenue Composition

Contributions and Grants
$3,076,771
Program Service Revenue
$53,057,850
Investment Income
$1,115,535
Other Revenue
$384,147
All Other Contributions
$2,984,540
Change in Net Assets
$-4,906,484

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$85,649Fair Market Value
Other Non Cash Contri Table3$7,604Fair Market Value
Total Noncash Contributions6$93,253-

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,603,352
Revenue Not Reported on Financial Statements
$27,030,951
Revenue Not Reported on Form 990
$3,999,543
Other Revenue Adjustments
$26,790,617
Total Revenue per Audited Statements
$34,602,895
Total Revenue per Form 990
$57,634,303
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$26,790,617
Salaries, Compensation, and Employee Benefits$18,813,814
Other Expenses$16,936,356
Total Fundraising Expense$1,129,407
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$26,790,617--$26,790,617
Other Salaries and Wages$9,297,589$3,746,397$641,576$13,685,562
Other Employee Benefits$2,010,632$810,170$138,743$2,959,545
Fees for Services Other$1,092,301$933,842$150,773$2,176,916
Travel$1,323,044$515,016$43,065$1,881,125
Depreciation Depletion$1,570,509$248,145$15,900$1,834,554
Occupancy$41,208$1,729,177-$1,770,385
Payroll Taxes$935,085$376,786$64,525$1,376,396
Interest$781,561$258,328$3,965$1,043,854
Other Expenses$739,326$179,283$13,555$932,164
Advertising$534,626$340,999-$875,625
Current Officers, Directors, Trustees, and Key Employees$538,274$216,894$37,143$792,311
All Other Expenses$598,175$120,838$12,000$731,013
Insurance$329,225$372,848-$702,073
Information Technology$120,524$539,051-$659,575
Total Functional Expenses$50,041,406$11,369,974$1,129,407$62,540,787

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$62,540,787
Total Expenses per Audited Statements$36,310,858
Expenses per Audited Statements$35,750,170
Expenses Not Reported on Financial Statements$26,790,617
Other Expense Adjustments$26,790,617
Expenses Not Reported on Form 990$560,688
International Activity

International Summary

Offices
0
Employees
1
Spending
$43,682

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
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
South AsiaProgram ServicesStudent Recruitment01$43,682
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$53,188
Fundraising Gross Income$33,771
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Athletic Golf Outing$70,717$20,971$14,945$6,026
Golf Classic$29,210$12,800$4,250$8,550
Total Events$99,927$33,771$53,188$-19,417
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$100,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$5,800,476
Bank Overdraft$682,739
Other Liabilities$160,871
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 5

In march 2024, a management employee in the finance department was the target of a phishing email scam by an individual falsely representing to be an officer of a large vendor of the university. The management employee acted on fraudulent instructions to change the mode of payment to the vendor and diverted $877,455 by an ach transfer to this phishing perpetrator. The university recovered a total of $679,113 from its bank's recapture of a portion of the transferred funds and insurance proceeds. The net loss to the institution was $198,342. The university has annual training and implementing aditional content to prevent successful phishing.

Form 990, Part VI, Section A, Line 7A

Persons nominated for election to the board are selected by the governance committee, approved by the chancellor and elected by the board of trustees.

Form 990, Part VI, Section A, Line 7B

Persons nominated for election to the board are selected by the governance committee, approved by the chancellor and elected by the board of trustees.

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

The 990 is submitted to the finance, business, and capital planning committee for review, then it is forwarded to the board for them to review prior to filing.

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

Thomas more university receives annually an updated conflict of interest form from the entire board. The organization regularly reviews the conflict of interest forms prior to a board vote and if a board member is found to have a conflict of interest they are not permitted to vote on the matter.

Form 990, Part VI, Section B, Line 15

The vice presidents each prepare an assessment of their performance based on goals set the prior year. This assessment is provided to the president. The president prepares his assessment. These assessments are discussed with the board committee chairs with whom each vice president interacts as well as the board chair. Compensation is then determined. The president's compensation is determined by the executive committee after the president's self evalaution and trustee evaluation of the president's performance are completed. The university routinely monitors how thomas more university salaries compare to peer institutions.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Thomas More University Inc
EIN
61-0448560
Phone
8593415800
Address
333 THOMAS MORE PARKWAY, CRESTVIEW HILLS, KY 41017

Signing Officer

Name
Dr Joseph L Chillo
Title
President
Phone
8593443513
Signed
2025-04-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Joseph L Chillo
Formed
1921
Legal Domicile
Ky
Voting Board Members
25
Independent Board Members
21
Employees
798
Volunteers
100

Preparer

Firm
Dean Dorton Allen Ford Pllc
Address
810 WRIGHTS SUMMIT PARKWAY SUITE, 300, FORT WRIGHT, KY 41011
Preparer
Stephanie Allgeyer
Phone
8593313300
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Investment income/loss from subsidiary -84,466.

FORM 990, PART XII, LINE 2C:

The university's finance, business & capital planning committee is responsible for the oversight of the audit of its financial statements. This process has not changed from the prior year.

Financial Statement Notes

PART III, LINE 4:

Art was displayed throughout the university in furtherance of its charitable purposes.

PART V, LINE 4:

Student aid and support of academic programs

PART X, LINE 2:

The university is a kentucky nonprofit organization as described in section 501(c)(3) of the internal revenue code and are exempt from federal and state income taxes on related income pursuant to the internal revenue code. The university has adopted the provisions of the accounting pronouncement related to accounting for uncertainty in income taxes. The university recognized no interest or penalties in the consolidated statements of activities for both the years ended may 31, 2024 and 2023. If the situation arose in which the university would have interest to recognize, it would recognize this as interest expense and penalties would be recognized in other expenses. Currently, the prior three years are open under federal and state statute of limitations and remain subject to review and change. The university is not currently under audit nor has it been contacted by these jurisdictions. Based on the evaluation of the university's tax positions, management believes all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for both the years ended may 31, 2024 and 2023.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising direct expenses 53,188.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

STUDENT AID 26,790,617.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising direct expenses 53,188.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

STUDENT AID 26,790,617.

Raw XML AppendixShowing 400 of 959 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0FOR MORE THAN 100 YEARS, THOMAS MORE HAS CREATED A UNIVERSITY FOR THE STUDENT WHO WANTS TO BE MORE, DO MORE, SEEK MORE, WIN MORE, ACHIEVE MORE, AND CREATE MORE. SINCE ITS FOUNDING IN 1921, THOMAS MORE HAS PROVIDED A MISSION-DRIVEN, LIBERAL ARTS EDUCATION THAT IS BASED IN THE CATHOLIC INTELLECTUAL TRADITION. STUDENTS LEARN TO HARNESS THE POWER OF HUMAN REASON TO SOLVE PROBLEMS AND DISCOVER TRUTH, WHICH ALLOWS THEM TO BEGIN THE JOURNEY TO BECOME THE PERSON THEY WERE CREATED TO BE. ENTERING INTO THE SECOND CENTURY, IT'S TIME FOR MORE. SERVING APPROXIMATELY 2,000 STUDENTS, THOMAS MORE ASPIRES TO BE THE PREMIER CATHOLIC UNIVERSITY IN THE CINCINNATI AND NORTHERN KENTUCKY REGION.
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IRS990/Form990PartVIISectionAGrp/PersonNm0DR JOSEPH L CHILLO
IRS990/Form990PartVIISectionAGrp/PersonNm1DR JAMES CAMP
IRS990/Form990PartVIISectionAGrp/PersonNm2DR JYOTI SARASWAT
IRS990/Form990PartVIISectionAGrp/PersonNm3MOST REV JOHN C IFFERT
IRS990/Form990PartVIISectionAGrp/PersonNm4DR JUDITH A MARLOWE
IRS990/Form990PartVIISectionAGrp/PersonNm5THOMAS LUEKE
IRS990/Form990PartVIISectionAGrp/PersonNm6WILBERT L ZIEGLER
IRS990/Form990PartVIISectionAGrp/PersonNm7DANIEL E TOBERGTE
IRS990/Form990PartVIISectionAGrp/PersonNm8ANDREW SCHAEFFER
IRS990/Form990PartVIISectionAGrp/PersonNm9DR DONALD SAELINGER
IRS990/Form990PartVIISectionAGrp/PersonNm10JOAN M ROBINSON
IRS990/Form990PartVIISectionAGrp/PersonNm11SR LESLIE KEENER CDP
IRS990/Form990PartVIISectionAGrp/PersonNm12MICHAEL DEMPSEY
IRS990/Form990PartVIISectionAGrp/PersonNm13DR LAURA KOEHL
IRS990/Form990PartVIISectionAGrp/PersonNm14CATHERINE T GUILFOYLE
IRS990/Form990PartVIISectionAGrp/PersonNm15THOMAS J DEPENBROCK
IRS990/Form990PartVIISectionAGrp/PersonNm16GARY BLANK
IRS990/Form990PartVIISectionAGrp/PersonNm17KIMBERLY HALBAUER
IRS990/Form990PartVIISectionAGrp/PersonNm18JOHN BANCHY
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IRS990/Form990PartVIISectionAGrp/PersonNm24NIYOKWIZERA EVA
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IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24STUDENT REP
IRS990/Form990PartVIISectionAGrp/TitleTxt25CFO (LEFT 04/19/24)
IRS990/Form990PartVIISectionAGrp/TitleTxt26SEC/ASSISTANT TO PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt27VP INSTITUTIONAL ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt28VP & CHIEF ACADEMIC OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt29DEAN COLLEGE OF BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP STRATEGY & IMPACT
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