Civic Intelligence

Marshall B Ketchum University

990 • Fiscal year 2017 • EIN 95-1644593

Jul 01, 2016 to Jun 30, 2017 • Filed on Apr 28, 2018

2575 Yorba Linda BlvdFullerton, CA 92831

(714) 870-7226

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.54x

Higher debt load relative to assets than 72% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

80th percentile

1.55x

Higher debt load relative to revenue than 80% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

50th percentile

3.1%

Higher net margin than 50% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

66th percentile

$456,225

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

28th percentile

0.7%

Faster asset growth than 28% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

69th percentile

13%

Faster revenue growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Up

$95,767,916

Up $690,835 (+0.7%) from 2016

Net Assets

Up

$44,489,315

Up $2,036,461 (+4.8%) from 2016

Liabilities

Down

$51,278,601

Down $1,345,626 (-2.6%) from 2016

Revenue

Up

$33,117,855

Up $3,739,333 (+13%) from 2016

Expenses

Up

$32,077,750

Up $4,003,516 (+14%) from 2016

Net Income

Down

$1,040,105

Down $264,183 (-20%) from 2016

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $65,135,418Liabilities 2010: $32,298,081Net Assets 2010: $32,837,3372010Assets 2011: $69,535,326Liabilities 2011: $31,935,388Net Assets 2011: $37,599,9382011Assets 2012: $69,112,139Liabilities 2012: $31,429,726Net Assets 2012: $37,682,4132012Assets 2013: $70,749,174Liabilities 2013: $30,566,186Net Assets 2013: $40,182,9882013Assets 2014: $74,227,166Liabilities 2014: $30,386,891Net Assets 2014: $43,840,2752014Assets 2015: $93,847,531Liabilities 2015: $52,286,263Net Assets 2015: $41,561,2682015Assets 2016: $95,077,081Liabilities 2016: $52,624,227Net Assets 2016: $42,452,8542016Assets 2017: $95,767,916Liabilities 2017: $51,278,601Net Assets 2017: $44,489,3152017Assets 2018: $94,710,971Liabilities 2018: $50,908,963Net Assets 2018: $43,802,0082018Assets 2019: $95,024,266Liabilities 2019: $50,957,275Net Assets 2019: $44,066,9912019Assets 2020: $96,735,688Liabilities 2020: $49,967,334Net Assets 2020: $46,768,3542020Assets 2021: $105,970,455Liabilities 2021: $46,589,025Net Assets 2021: $59,381,4302021Assets 2022: $104,882,934Liabilities 2022: $46,440,692Net Assets 2022: $58,442,2422022Assets 2023: $107,650,928Liabilities 2023: $44,891,181Net Assets 2023: $62,759,7472023

Highlighted filing

2017

Assets$95,767,916
Liabilities$51,278,601
Net Assets$44,489,315

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $19,292,5392010Expenses 2011: $20,179,3482011Expenses 2012: $21,919,5552012Revenue 2013: $21,901,296Expenses 2013: $21,390,834Net Income 2013: $510,4622013Revenue 2014: $22,110,863Expenses 2014: $21,716,985Net Income 2014: $393,8782014Revenue 2015: $24,197,795Expenses 2015: $25,822,633Net Income 2015: -$1,624,8382015Revenue 2016: $29,378,522Expenses 2016: $28,074,234Net Income 2016: $1,304,2882016Revenue 2017: $33,117,855Expenses 2017: $32,077,750Net Income 2017: $1,040,1052017Revenue 2018: $33,926,809Expenses 2018: $35,041,110Net Income 2018: -$1,114,3012018Revenue 2019: $37,247,945Expenses 2019: $36,610,645Net Income 2019: $637,3002019Revenue 2020: $42,456,242Expenses 2020: $39,186,694Net Income 2020: $3,269,5482020Revenue 2021: $47,583,305Expenses 2021: $39,415,280Net Income 2021: $8,168,0252021Revenue 2022: $42,566,228Expenses 2022: $40,395,622Net Income 2022: $2,170,6062022Revenue 2023: $44,264,355Expenses 2023: $41,255,903Net Income 2023: $3,008,4522023

Highlighted filing

2017

Revenue$33,117,855
Expenses$32,077,750
Net Income$1,040,105
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Apr 28, 2018
Return Version
2016v3.0
Gross Receipts
$34,742,607
Mission and Program Overview

Mission

To educate caring, inspired health care professionals who are prepared to deliver collaborative, patient-centric health care in an interprofessional environment.

The Mission of Marshall B. Ketchum University is to educate caring, inspired health care professionals who are prepared to deliver collaborative, patient-centric health care in an interprofessional environment. MBKU is home to the Southern California College of Optometry, the School of PA Studies and College of Pharmacy. The Southern California College of Optometry confers a Doctor of Optometry and a Master of Science in Vision Science degree. The School of PA Studies awards a Master of Medical Sciences degree. The College of Pharmacy welcomed its first class in the fall of 2017 and will award a Doctor of Pharmacy degree. MBKU owns and operates two eye and vision care centers: the University Eye Center at Ketchum Health Anaheim and the University Eye Center at Ketchum Health Los Angeles.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$48,437,384$50,580,618▲ $2,143,234
Investments in Publicly Traded Securities$18,090,491$20,070,034▲ $1,979,543
Other Notes and Loans Receivable, Net$8,729,379$8,522,404▼ $206,975
Savings and Temporary Cash Investments$10,176,137$8,425,874▼ $1,750,263
Cash and Non-Interest-Bearing Accounts$3,084,721$2,675,506▼ $409,215
Investments Other Securities$2,537,154$2,103,158▼ $433,996
Accounts Receivable$624,394$739,947▲ $115,553
Pledges and Grants Receivable$628,987$343,583▼ $285,404
Prepaid Expenses and Deferred Charges$404,293$333,348▼ $70,945
Inventories for Sale or Use$235,316$252,631▲ $17,315
Intangible Assets-$226,926-
Total Assets$95,077,081$95,767,916▲ $690,835
Other Assets Total$2,128,825$1,493,887▼ $634,938
Liabilities
Tax Exempt Bond Liabilities$35,922,750$35,476,750▼ $446,000
Other Liabilities$9,303,613$9,354,220▲ $50,607
Accounts Payable and Accrued Expenses$4,991,592$4,121,931▼ $869,661
Deferred Revenue$2,406,272$2,325,700▼ $80,572
Total Liabilities$52,624,227$51,278,601▼ $1,345,626
Net Assets / Fund Balance
Unrestricted Net Assets$25,946,092$27,638,848▲ $1,692,756
Permanently Rstr Net Assets$9,203,721$9,411,895▲ $208,174
Temporarily Rstr Net Assets$7,303,041$7,438,572▲ $135,531
Total Net Assets Fund Balance$42,452,854$44,489,315▲ $2,036,461
Total Liabilities and Net Assets / Fund Balance$95,077,081$95,767,916▲ $690,835

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$35,240,142$18,707,226$53,947,368
Equipment$5,613,031$11,014,210$16,627,241
Land$6,771,257-$6,771,257
Other Land Buildings$2,956,188-$2,956,188

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$19,679,573$2,817,149▲ $1,400,084-$23,634,869
2015$20,336,981$322,891▼ $190,907$516,441$19,679,573
2014$20,278,302$97,613▲ $824,582$595,266$20,336,981
2013$19,451,132$79,196▲ $2,819,202$495,000$20,278,302
2012$22,194,032$23,185▲ $2,974,510$1,413,748$19,451,132
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin AlexanderPresidentFT$304,431$151,794$456,225
Edward FisherDean of PharmacyFT$265,003$52,100$317,103
Stanley WooDean of OptometryFT$225,836$58,174$284,010
Julie SchornackSenior VP & Chief of StaffFT$232,160$45,740$277,900
Shawn McCownCFOFT$196,383$46,805$243,188
Judy OrtizDean of Health SciencesFT$190,645$48,882$239,527
Arjun DuttaAssoc Dean of PharmacyFT$189,428$36,352$225,780
Gail DeutschVP of Human ResourcesFT$152,865$61,523$214,388

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Snyder Langston LPConstruction - General Contractor17962 Cowan, Irvine, CA 92614$9,790,522
Meridian Sports Club Fullerton LLCFitness Facility: Parking structure rent1101 Fifth Ave Suite 205, San Rafael, CA 94901$124,500
PPCN Investment LLCLessor for rental located at 2501 E. Cha17528 Rowland Street, City of Industry, CA 91748$119,870
Revenue and Support

Revenue Composition

Contributions and Grants
$3,659,019
Program Service Revenue
$26,410,988
Investment Income
$2,418,286
Other Revenue
$629,562
All Other Contributions
$2,122,580
Change in Net Assets
$1,040,105

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
Other Non Cash Contri Table1$60,738Fair Market Value (FMV)
Other Non Cash Contri Table1$6,000Fair Market Value (FMV)
Total Noncash Contributions2$66,738-

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,856,190
Revenue Not Reported on Financial Statements
$1,261,665
Revenue Not Reported on Form 990
$11,882,291
Other Revenue Adjustments
$1,261,665
Total Revenue per Audited Statements
$43,738,481
Total Revenue per Form 990
$33,117,855
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$20,348,943
Other Expenses$11,437,202
Total Fundraising Expense$608,011
Grants and Similar Amounts Paid$288,105
Professional Fundraising Fees$3,500

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,357,080$3,573,484$238,973$15,169,537
Depreciation Depletion$2,001,629$371,472-$2,373,101
Occupancy$1,860,553$195,067$26,600$2,082,220
Other Employee Benefits$1,268,791$481,987$69,566$1,820,344
Office Expenses$1,066,512$575,735$152,260$1,794,507
Pension Plan Contributions$1,022,133$321,614$21,508$1,365,255
Interest-$1,317,000-$1,317,000
Fees for Services Other$655,755$507,434$53,155$1,216,344
Payroll Taxes$766,899$295,986$16,137$1,079,022
Current Officers, Directors, Trustees, and Key Employees-$914,785-$914,785
Information Technology$102,453$250,321-$352,774
Conferences and Meetings$123,286$199,490$16,363$339,139
Grants to Domestic Individuals$288,105--$288,105
Advertising$8,219$265,886$1,070$275,175
Insurance-$239,342-$239,342
Travel$121,499$20,973$8,879$151,351
Fees for Services Legal$9,375$107,113-$116,488
Fees for Services Accounting-$100,575-$100,575
Other Expenses$11,820--$11,820
Fees for Services Management$4,928--$4,928
Fees for Services Professional Fundraising--$3,500$3,500
Fees for Service Investment Mgmnt Fees-$3,084-$3,084
Total Functional Expenses$21,728,391$9,741,348$608,011$32,077,750

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$41,702,020
Total Expenses per Form 990$32,077,750
Expenses per Audited Statements$30,816,085
Expenses Not Reported on Form 990$10,885,935
Expenses Not Reported on Financial Statements$1,261,665
Other Expense Adjustments$1,261,665
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,580,724

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
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investment-00$1,580,724
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$66,804
Fundraising Gross Income$36,155
Professional Fundraising Fees$3,500

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
gala$87,870$36,155$31,348$4,807
Total Events$87,870$36,155$66,804$-30,649
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
federal advances for student loans$8,351,242
annuities payable$1,002,978

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Fullerton Public Financing Authority Tax-Exempt Bond2015-01-23$25,536,000See Part VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$25,536,000$6,327,149$455,000$512,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The board of trustees finance committee reviews and approves the form 990. Prior to submitting to irs, the final form 990 is sent to the entire board of trustees.

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

A conflict of interest questionnaire is distributed to the board of directors to be completed annually. Upon the disclosure of any conflict of interest, the matter is discussed with the chairman of the board.

Form 990, Part VI, Section B, line 15

University president salary is reviewed annually by the executive committee of the board of trustees. In addition, the president's contract is established and reviewed by the executive committee of the board of trustees. Other officers and key employees salaries are determined and approved by the university president.

Form 990, Part VI, Section C, line 19

The determination letter, articles of incorporation, by-laws, and form 990 are available for public inspection upon request at the marshall b. Ketchum university 95-1644593 university's main office.

Filing and Contact Details

Filer

Filer Name
Marshall B Ketchum University
EIN
95-1644593
Phone
7148707226
Address
2575 Yorba Linda Blvd, Fullerton, CA 92831

Signing Officer

Name
shawn k mccown mba cpa
Title
VP Admin & Finance, CFO
Phone
7144497466
Signed
2018-04-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
dr KEVIN ALEXANDER
Formed
1904
Legal Domicile
CA
Voting Board Members
20
Independent Board Members
19
Employees
262
Volunteers
20

Preparer

Firm
Baker Tilly Virchow Krause LLP
Address
225 S 6th St 2300, Minneapolis, MN 55402
Preparer
Troy Marine CPA
Phone
6128764500
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

change in value of annuities -18,154.

Form 990, Part XII, Line 2C

The organization did not change its oversight or selection process for the audit of the financial statements.

Financial Statement Notes

Part III, Line 4:

The library is an essential function of the educational process.

Part V, Line 4:

The university has utilized investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. As a result, the endowment assets are invested in a manner that is intended to produce results that, over the long-term allow it to grow at a rate exceeding expected inflation. This is consistent with the university's objective to maintain the purchasing power of the endowment assets held in perpetuity, as well as, to provide additional real growth through new gifts and investment return.

Part X, Line 2:

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. Accordingly, the University is not subject to federal income taxes except to the extent it derives income from certain activities not substantially related to its tax-exempt purpose (unrelated business trade or business activities). The University is also exempt from state income taxes. 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 University's tax returns are subject to review and examination by federal and state authorities.

Part XI, Line 2D - Other Adjustments:

direct Fundraising expenses 66,804. Direct Rental Expenses 151,567. change in value of annuities -18,154. Cost of Goods Sold 724,564.

Part XI, Line 4B - Other Adjustments:

eye care center expenses 973,560. tuition discounts 288,105.

Part XII, Line 2D - Other Adjustments:

direct rental expenses 151,567. Direct Fundraising Expenses 66,804. COST OF GOODS SOLD 724,564.

Part XII, Line 4B - Other Adjustments:

tuition discounts 288,105. EYE CARE EXPENSES 973,560.

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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/Desc0Graduate Education: The Mission of Marshall B. Ketchum University is to educate caring, inspired health care professionals who are prepared to deliver collaborative, patient-centric health care in an interprofessional environment, and the curriculum has been established to achieve this goal. In addition to the rigorous academic and clinical curriculum on campus, all professional students rotate through several external clinical sites to broaden and diversify their learning experiences to prepare them for careers in health care. In the fall of 2016, our total enrollment was 544 full-time health professional students representing Optometry (399), Physician Assistant (PA) (101), Pharmacy (43), and Master of Vision Science (4). In November of 2016, MBKU conferred 28 Medical Master Science Degrees and PA certificates. In May of 2017, MBKU conferred 98 Doctor of Optometry Degrees and two Master of Science Degrees. Admissions process for fall 2016 enrollment are reported below. At the outset of the application period, the admissions policy committees establish high standards for GPAs, application test scores and academic index point minimums providing thresholds for admissions personnel to carefully screen and select the most qualified applicants to interview.Program: OptometryVerified applications* - 641Interviews conducted - 222Matriculated class - 100Program: Physician AssistantVerified applications* - 1,131Interviews conducted - 177Matriculated class - 40Program: PharmacyVerified applications* - 204Interviews conducted - 107Matriculated class - 43*Verified applications through the centralized application system (i.e., OptomCAS, CASPA, and PharmCAS).
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair Elect
IRS990/Form990PartVIISectionAGrp/TitleTxt2Past Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt19Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt25Assoc Dean of Pharmacy
IRS990/Form990PartVIISectionAGrp/TitleTxt26Dean of Health Sciences
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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.$108$44.9$62.8$44.3$41.3$3.01
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$46.4$58.4$42.6$40.4$2.17
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$46.6$59.4$47.6$39.4$8.17
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$96.7$50.0$46.8$42.5$39.2$3.27
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$95.0$51.0$44.1$37.2$36.6$0.64
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$94.7$50.9$43.8$33.9$35.0$1.11
2017Detailed filing. Detailed filing data is available for this year.$95.8$51.3$44.5$33.1$32.1$1.04
2016Detailed filing. Detailed filing data is available for this year.$95.1$52.6$42.5$29.4$28.1$1.30
2015Detailed filing. Detailed filing data is available for this year.$93.8$52.3$41.6$24.2$25.8$1.62
2014Detailed filing. Detailed filing data is available for this year.$74.2$30.4$43.8$22.1$21.7$0.39
2013Summary only. Only limited summary data is available for this year.$70.7$30.6$40.2$21.9$21.4$0.51
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$69.1$31.4$37.7$21.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$69.5$31.9$37.6$20.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$65.1$32.3$32.8$19.3
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2017 filings • 501(c)3 • $50M-$100M nonprofits