Capital University transforms lives by empowering an inclusive community of learners through engaging academic, co-curricular, and professional experiences.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
$3.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 6
filings with a surplus
Average deficit $1.8M a year · 1% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$3.7M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
1 mo
of spending, in cash
Plus $150.8M in investments, Pt X · Ln 11–13
Fine: 1.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $39K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$43.9M
15% of total assets
Looks good: liabilities are 15% of assets; 50% or less.
Pt X · Ln 26
Independent board members
23
of 26 voting members
Looks good: 23 of 26 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$141.6M
+9% vs prior year
Spent
$128.6M
To programs
93%
Net assets
$256.7M
By yearFY2020–FY2025
Revenue
$141.6M
FY2021▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$130.4M
FY2021$141.6M
FY2022$132.4M
FY2023$125.1M
FY2024$122.6M
FY2025$121.5M
Expenses
$128.6M
FY2021▼ -5%
Tap a bar for its year
Expenses by fiscal year
FY2020$134.8M
FY2021$128.6M
FY2022$132.1M
FY2023$131.4M
FY2024$130.9M
FY2025$126.3M
Net assets
$256.7M
FY2021▲ +16%
Tap a bar for its year
Net assets by fiscal year
FY2020$221.4M
FY2021$256.7M
FY2022$238.3M
FY2023$241.7M
FY2024$237.7M
FY2025$240.7M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1971.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $119.5M Management & general 5% · $7.0M Fundraising 2% · $2.1M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

44 people listed on the 990; $3.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
President(through 6/30/20)
$600,905Pt VII · Sec A
$223,578Pt VII · Sec A
$208,988Pt VII · Sec A
Former President
$208,643Pt VII · Sec A
$205,804Pt VII · Sec A
VP Marketing & Communication
$205,549Pt VII · Sec A
Faculty
$198,545Pt VII · Sec A
VP Advancement
$194,772Pt VII · Sec A

David Kaufman’s $375K as President is at the 22nd percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Elizabeth Paul————$600,905$375,155
David Kaufman$374,580$370,626$404,489$353,209$157,230—
Dixie Jeffers——$362,921———
Don Howard———$330,161——
Reynaldo Valencia$280,722$276,939$290,489$273,319——
William Mea$253,865$248,114$261,814$265,020$223,578$239,235
Jody Fournier$223,226$221,795$207,329$188,657$184,096$197,533
Denvy Bowman$216,235$214,003$213,771$212,408$208,643$207,641

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides engaging academic, co-curricular, and professional experiences to empower and transform an inclusive community of higher education learners.

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Provided by the organization

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3 programs · $119.5M · in their own filed words · FY2020
01

Capital university provides academic opportunities to 2,200 undergraduate and 700 graduate and professional students. The university offers four undergraduate degrees with more than 70 majors, and seven graduate degrees in law, taxation, business, nursing, music and education taught by approximately 160 full-time graduate and…

$108.3Mprogram expense
02

Auxiliary enterprise operations primarily furnish goods and services to students, faculty and staff. It is managed as a self-supporting activity and consist primarily dining and housing services.

$11.1Mprogram expense
03

Other consists of miscellaneous fees and program revenues.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 6 funders →
Grants paid · 13 grants · $327.5M · 2019–2024
Unitemized GrantFY2024$49,872,486
Unitemized GrantFY2024$664,870
Unitemized GrantFY2023$50,773,286
Unitemized GrantFY2023$639,419
Unitemized GrantFY2022$52,637,786
Unitemized GrantFY2022$614,598
Unitemized GrantFY2021$55,840,986
Unitemized GrantFY2021$1,364,753
Unitemized GrantFY2020$56,264,027
Unitemized GrantFY2020$1,270,994
Unitemized GrantFY2019$55,133,845
Unitemized GrantFY2019$2,096,327
Unitemized GrantFY2019$370,001

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$141.6M
Ln 12
Fees for servicesLn 2g$111.3M
Gifts and grantsLn 1h$16.2M
Investment incomeLn 3$13.8M
Money outPt IX
$128.6M
Ln 25
Programscol B$119.5M
Managementcol C$7.0M
Fundraisingcol D$2.1M
Owns and owesPt X
$256.7M
net assets · Ln 32
Cash and savingsLn 1–2$14.4M
Total assetsLn 16$300.7M
LiabilitiesLn 26$43.9M
PeoplePt VI, VII
44
listed · VII A
PaidVII A19
Voting boardVI 1a26
IndependentVI 1b23
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$16.2M
Government grantsLn 1e$8.7M
Noncash giftsLn 1g$973K
Fees for servicesLn 2g$111.3M
Investment incomeLn 3$13.8M
Other incomeLn 4–11$273K
Gains on assetsLn 7$13.4M
Total revenueLn 12$141.6M
Assets in detailPt X, end of year
SavingsLn 2$14.4M
Cash and savings togetherLn 1–2$14.4M
InvestmentsLn 11–13$150.8M
Land, buildings, equipmentLn 10c$115.9M
Other assetsLn 15$11.2M
Total assetsLn 16$300.7M
LiabilitiesLn 26$43.9M
Net assetsLn 32$256.7M
OperationsPt I, VI
EmployeesI 51,455
VolunteersI 621
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$10.8M$14.4M
InvestmentsLn 11–13$118.7M$150.8M
Land, buildings, equipmentLn 10c$122.0M$115.9M
Total assetsLn 16$268.7M$300.7M
LiabilitiesLn 26$47.3M$43.9M
Net assetsLn 32$221.4M$256.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$57.5M$57.5M
Grants and assistance to foreign recipientsLn 3$5K$5K
Pay of current officers, directors and key staffLn 5$2.1M$489K$1.3M$255K
Other salaries and wagesLn 7$30.2M$27.8M$1.4M$1.0M
Pension plan contributionsLn 8$2.0M$1.8M$169K$104K
Other employee benefitsLn 9$6.5M$5.6M$594K$300K
Payroll taxesLn 10$2.2M$2.0M$173K$89K
Legal feesLn 11b$40K$275$40K
Accounting feesLn 11c$64K$64K
Investment management feesLn 11f$603K$603K
Other fees for servicesLn 11g$5.0M$4.5M$476K$40K
Advertising and promotionLn 12$700K$95K$605K$534
Office expensesLn 13$2.5M$2.4M$48K$106K
Information technologyLn 14$1.7M$1.5M$204K$63K
OccupancyLn 16$6.1M$5.7M$394K
TravelLn 17$253K$207K$37K$9K
Conferences, conventions and meetingsLn 19$761K$610K$22K$129K
InterestLn 20$637K$605K$32K
Depreciation, depletion and amortizationLn 22$8.9M$8.4M$455K
InsuranceLn 23$388K$84K$304K
Other expenses (24a–d)Ln 24$256K$248K$8K
Total functional expensesLn 25$128.6M$119.5M$7.0M$2.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $121.5M$126.3M−$4.8M$240.7M 990 PDF
FY2024 $122.6M$130.9M−$8.3M$237.7M 990 PDF
FY2023 $125.1M$131.4M−$6.3M$241.7M 990 PDF
FY2022 $132.4M$132.1M$337K$238.3M 990 PDF
FY2021 Viewing $141.6M$128.6M$13.0M$256.7M 990 PDF
FY2020 $130.4M$134.8M−$4.5M$221.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $141,564,165 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $8,822,821$16,213,591
I-9 Program service revenuePrior year $118,531,134$111,317,474
I-10 Investment incomePrior year $2,965,180$13,759,838
I-11 Other revenuePrior year $45,458$273,262
I-12 Total revenuePrior year $130,364,593$141,564,165
I-13 Grants and similar amounts paidPrior year $57,756,786$57,539,676
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $46,173,143$43,084,792
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $30,885,601$27,962,737
I-18 Total expensesPrior year $134,815,530$128,587,205
I-19 Revenue less expensesPrior year −$4,450,937$12,976,960
Part VI · Governance 23 of 26 board members independent, 1 to look at
VI-1a Voting members of the governing body26
VI-1b Independent voting members23
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $141,564,165 across 9 lines filed
VIII-1e Government grants$8,729,789
VIII-1f All other contributions, gifts and grants$7,483,802
VIII-1g Noncash contributions (included above)$973,247
VIII-1h Total contributions, gifts and grants$16,213,591
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $111,317,474$111,317,474
VIII-3 Investment incomeUnrelated business $2,306 · Excluded from tax $387,974$390,280
VIII-6 Net rental income or lossExcluded from tax $273,262$273,262
VIII-7 Net gain or loss on sales of assetsExcluded from tax $13,369,558$13,369,558
VIII-12 Total revenueRelated to mission $111,317,474 · Unrelated business $2,306 · Excluded from tax $14,030,794$141,564,165
Part IX · Statement of functional expenses $128,587,205 across 21 lines filed
IX-2 Grants to domestic individualsPrograms $57,535,021$57,535,021
IX-3 Grants and assistance to foreign recipientsPrograms $4,655$4,655
IX-5 Pay of current officers, directors and key staffPrograms $488,775 · Management $1,306,744 · Fundraising $254,863$2,050,382
IX-7 Other salaries and wagesPrograms $27,778,392 · Management $1,445,970 · Fundraising $1,016,743$30,241,105
IX-8 Pension plan contributionsPrograms $1,755,932 · Management $169,443 · Fundraising $103,565$2,028,940
IX-9 Other employee benefitsPrograms $5,645,242 · Management $593,927 · Fundraising $299,540$6,538,709
IX-10 Payroll taxesPrograms $1,963,582 · Management $172,718 · Fundraising $89,356$2,225,656
IX-11b Legal feesPrograms $275 · Management $40,020$40,295
IX-11c Accounting feesManagement $63,706$63,706
IX-11f Investment management feesManagement $603,415$603,415
IX-11g Other fees for servicesPrograms $4,497,219 · Management $475,930 · Fundraising $39,945$5,013,094
IX-12 Advertising and promotionPrograms $94,636 · Management $604,866 · Fundraising $534$700,036
IX-13 Office expensesPrograms $2,374,113 · Management $48,170 · Fundraising $105,690$2,527,973
IX-14 Information technologyPrograms $1,482,185 · Management $204,292 · Fundraising $62,908$1,749,385
IX-16 OccupancyPrograms $5,700,934 · Management $393,884$6,094,818
IX-17 TravelPrograms $207,497 · Management $36,802 · Fundraising $8,943$253,242
IX-19 Conferences, conventions and meetingsPrograms $609,665 · Management $22,375 · Fundraising $128,529$760,569
IX-20 InterestPrograms $604,826 · Management $31,833$636,659
IX-22 Depreciation, depletion and amortizationPrograms $8,421,502 · Management $454,762$8,876,264
IX-23 InsurancePrograms $84,067 · Management $303,504$387,571
IX-24 Other expenses (24a–d)Programs $247,530 · Management $8,180$255,710
IX-25 Total functional expensesPrograms $119,496,048 · Management $6,980,541 · Fundraising $2,110,616$128,587,205
Part X · Balance sheet $300,691,955 assets, 18 lines filed
Asset lines not itemized here account for $4,211,477; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $10,815,562$14,439,916
X-3 Pledges and grants receivableStart of year $1,366,762$2,818,181
X-8 Inventories for sale or useStart of year $58,546$86,510
X-9 Prepaid expenses and deferred chargesStart of year $1,168,446$1,296,779
X-10c Land, buildings and equipment, netStart of year $121,970,963$115,925,830
X-11 Publicly traded securitiesStart of year $7,306,338$21,859,352
X-12 Other securitiesStart of year $111,370,999$128,896,916
X-15 Other assetsStart of year $9,726,628$11,156,994
X-16 Total assetsStart of year $268,714,019$300,691,955
X-17 Accounts payable and accrued expensesStart of year $9,087,466$8,510,310
X-19 Deferred revenueStart of year $3,592,650$2,911,486
X-20 Tax-exempt bond liabilitiesStart of year $27,531,374$25,812,355
X-25 Other liabilitiesStart of year $5,926,796$5,609,979
X-26 Total liabilitiesStart of year $47,311,753$43,942,258
X-27 Net assets without donor restrictionsStart of year $114,345,426$122,995,675
X-28 Net assets with donor restrictionsStart of year $107,056,840$133,754,022
X-32 Total net assets or fund balancesStart of year $221,402,266$256,749,697
X-33 Total liabilities and net assetsStart of year $268,714,019$300,691,955
Part XI · Reconciliation of net assets $256,749,697 net assets at year end
XI-1 Total revenue$141,564,165
XI-2 Total expenses$128,587,205
XI-3 Revenue less expenses$12,976,960
XI-4 Net assets at start of year$221,402,266
XI-5 Net unrealized gains (losses) on investments$22,183,836
XI-9 Other changes in net assets$186,635
XI-10 Net assets at end of year$256,749,697

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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