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Midwestern University EIN 36-3377698

Midwestern University

EIN  36-3377698 Higher education institution Downers Grove, IL Founded 1900
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/4/26 · see original filing: IRS
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Size
$100M+
What they do
Educates healthcare professionals to the highest academic standards.
Leadership
Kathleen H Goeppinger PhD · President, CEO, Trustee Retired May 19, 2025 · $1.9M
Money in and out
$555.7M revenue, $440.8M expenses
Bottom line
+21% operating surplus

Educates healthcare professionals to the highest academic standards. For fiscal year 2024 it reported $555.7M in revenue, $440.8M in expenses, and $2.0B in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$555.7M
Pt VIII · Ln 12
Total expenses
$440.8M
Pt IX · Ln 25
Net assets
$2.0B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $114.9M
Where spending went · Part IX cols B–D
Program services $0.93 Management & general $0.07 Fundraising $0.00
Operating surplus
+21%
revenue over expenses, this legal entity▼ -3% vs prior filing year
Payroll share
64%
of this entity's spending is salaries & benefits▲ +1% vs prior filing year
Program spending
93%
of expenses reach program services0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$555.7M
FY2024▲ +3%
Expenses
$440.8M
FY2024▲ +4%
Total assets
$2.2B
FY2024▲ +7%
Total liabilities
$269.8M
FY2024▼ -3%
Total revenue
$555.7M
Pt VIII · Ln 12
Total expenses
$440.8M
Pt IX · Ln 25
Net assets
$2.0B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$114.9M
Total assetsPt X · Ln 16$2.2B
Program-expense ratioPt IX · col B93%
Voting members of governing bodyPt I · Ln 315
Independent voting membersPt I · Ln 413
Mission & Programs · Part III

Where the work happens

1 program service account for $409.9M of program spending, described in the organization's own filed words · FY2024.
01

Description of program service accomplishments during the fiscal year ended june 30, 2025, midwestern university provided health sciences education services to approximately 6,308 pre-doctoral students. These student services are located on three campuses, two in illinois and one in arizona.

$409.9Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMidwestern University
EINHdr · item D36-3377698
Principal addressHdr · item CDowners Grove, IL
WebsiteHdr · item Jnone reported
Year of formationHdr · item L1900
State of legal domicileHdr · item MIL
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B500)
Ruling yearIRS BMFSep 1996

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a15
Independent voting membersPt VI · Ln 1b13
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Kathleen H Goeppinger PHD
President, CEO, Trustee Retired May 19, 2025
$1,914,851Pt VII · Sec A
Barbara L McCloud ESQ.
Vice President & General Counsel - Ending September 16, 2024
$1,153,908Pt VII · Sec A
Joshua C Baker Od Ms
SVP & Chief Academic Officer / Interim President, CEO, & Trustee (beg May 2025)
$897,889Pt VII · Sec A
Matthew J Sweeney CPA
Assistant Treasurer, CFO, Vice President
$736,850Pt VII · Sec A
Angela Marty Ma Phr
SR. Vice President Administration and Communications
$702,446Pt VII · Sec A
Melissa a Suckow
Dean of Optometry - Ending October 28, 2024
$653,340Pt VII · Sec A
Kevin McCormick
Director of Construction - Ending June 10, 2024
$635,209Pt VII · Sec A
Yir Gloria Yueh PHD
Vice President, Chief Academic Officer
$616,006Pt VII · Sec A

Kathleen H Goeppinger PHD’s $1.9M as President, CEO, Trustee Retired May 19, 2025 is at the 89th 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Kathleen H Goeppinger PHD$1,914,851$1,826,086$2,994,092$1,758,242$1,702,980$1,536,029
Barbara L McCloud ESQ$1,153,908$608,699$634,203$604,523$565,436$551,234
Gregory J Gaus———$1,093,811$1,019,478$978,541
Joshua C Baker Od Ms$897,889$904,333————
Theresa W Fossum PHD DVM————$902,362$618,721
Joshua C Baker——$781,795$658,317$575,616$440,047
Matthew J Sweeney CPA$736,850$708,646————
Angela Marty Ma Phr$702,446$661,285————

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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Statement of Revenue

Part VIII
Program service revenue$492.7M · 89%
Investment income$52.8M · 10%
Contributions & grants$8.5M · 2%
Program service revenue89%$492.7M
Investment income10%$52.8M
Contributions & grants2%$8.5M
Other revenue$1.7M
— government grantsLn 1e$5.2M
Total revenueLn 12$555.7M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.93 Management & general $0.07 Fundraising $0.00
Program services93%$409.9M
Management & general7%$29.6M
Fundraising$1.3M
Total functional expensesLn 25$440.8M

Balance Sheet

Part X · end of year
CashLn 1$16.9M
Total assetsLn 16$2.2B
Total liabilitiesLn 26$269.8M
Total net assetsLn 32$2.0B
Months of cash on handcomputed0.5

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.3B · Operating expenses (Pt IX) $440.8M · Less non-cash grants $56K · Cash operating expenses/yr $440.7M
34.9 months
Where the money goes
Program services
Program services $409.9M · Total expenses $440.8M
93%
Management & General
Management & general $29.6M · Total expenses $440.8M
7%
Fundraising
Fundraising $1.3M · Total expenses $440.8M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $892K · Solicited contributions (3-yr avg) $3.6M
$0.25 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $8.5M · Total revenue $555.7M
2%
Government reliance
Government grants $5.2M · Total revenue $555.7M
1%
Earned-income share
Program service revenue $492.7M · Total revenue $555.7M
89%
Investment reliance
Investment income $52.8M · Total revenue $555.7M
+10%
Program self-sufficiency
Program service revenue $492.7M · Total expenses $440.8M
112%
Growth & trend
Revenue growth (YoY)
This year $555.7M · Prior year $537.5M
+3%
Revenue CAGR
FY2019 $479.8M · FY2024 $555.7M
+3%
Net-asset trend (YoY)
End of year $2.0B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $555.7M · Expenses $440.8M
+21%
Liabilities-to-Assets
Total liabilities — · Total assets $2.2B
—
Net-asset ratio
Net assets $2.0B · Total assets $2.2B
88%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $1.1B · Other securities (Pt X, ln 12) $134.1M · Total assets (Pt X, ln 16) $2.2B
57%
People & payroll
Highest Reported Total Compensation
Individual Kathleen H Goeppinger PHD · Reported title PRESIDENT, CEO, TRUSTEE retired May 19, 2025 · Highest reported compensation $1.9M · Total expenses $440.8M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $281.4M · Total expenses $440.8M
64%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 93%——
Overhead ratio 7%——
Fundraising cost ratio 15%——
Revenue growth 3%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Bako Medical Education Foundation INCFY2025$25K
Total grants receivedfrom 1 funder$25K
Grants paid · 32 grants · $35.0M · 2019–2024
Unitemized GrantFY2024$7,936,783
Unitemized GrantFY2024$615,739
Unitemized GrantFY2024$143,077
Arizona Veterans Research and Education FoundationAZ · FY2024$35,000
Indian American Medical Association Il Charitable Foundation INCIL · FY2024$20,000
Islamic Center of NapervilleIL · FY2024$10,000
Health and Medicine Policy Research GroupIL · FY2024$7,500
Unitemized GrantFY2023$4,386,185
Unitemized GrantFY2023$259,543
Arizona Veterans Research and Education FoundationAZ · FY2023$35,000
Unitemized GrantFY2023$25,579
Indian American Medical Association Il Charitable Foundation INCIL · FY2023$20,000
Health and Medicine Policy Research GroupIL · FY2023$6,500
Unitemized GrantFY2022$2,637,423
Unitemized GrantFY2022$778,917
Unitemized GrantFY2022$31,002
Indian American Medical Association Charitable FoundationFY2022$20,000
Greater Phoenix Economic CouncilAZ · FY2022$7,500
See all 32 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$537.5M revenue · ⤓ 990 PDF
FY2023$518.1M revenue · ⤓ 990 PDF
FY2022$519.5M revenue · ⤓ 990 PDF
FY2021$501.5M revenue · ⤓ 990 PDF
FY2020$479.8M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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