Midwestern University FY2024 filing

Tax-deductible

Downers Grove, IL501(c)(3)Since 1900Colleges & UniversitiesEIN 36-3377698Revenue $537.5M in FY2024

On file with the IRS555 31st St, 60515-1235 · Downers Grove, ILTax-exempt since Sep 1996School — 170(b)(1)(A)(ii)

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Midwestern university's historical and sustaining philosophy dedicates the institution and its resources to the highest standards of academic excellence to meet the educational needs of the health care community.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
$11.3M 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

FY2024 · 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
6 of 6
filings with a surplus
Average surplus $125.4M a year · 24% of revenue · last 6 filings
Looks good: a surplus in 6 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
$11.3M
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
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $25K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$279.1M
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 16 voting members
Looks good: 14 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$537.5M
+4% vs prior year
Spent
$422.8M
To programs
93%
Net assets
$1.8B
By yearFY2020–FY2025
Revenue
$537.5M
FY2024▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2020$479.8M
FY2021$501.5M
FY2022$519.5M
FY2023$518.1M
FY2024$537.5M
FY2025$555.7M
Expenses
$422.8M
FY2024▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$358.6M
FY2021$364.3M
FY2022$379.8M
FY2023$393.7M
FY2024$422.8M
FY2025$440.8M
Net assets
$1.8B
FY2024▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2B
FY2021$1.4B
FY2022$1.5B
FY2023$1.7B
FY2024$1.8B
FY2025$2.0B

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2024 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 Sep 1996.

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% · $392.1M Management & general 7% · $29.9M Fundraising 0% · $733K

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

35 people listed on the 990; $11.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President, CEO, Trustee
$1,826,086Pt VII · Sec A
SR. Vice President & Chief Academic Officer
$904,333Pt VII · Sec A
Assistant Treasurer, CFO, Vice President
$708,646Pt VII · Sec A
SR. Vice President Administration and Communications
$661,285Pt VII · Sec A
Dean Student Services - Last Day of Work Dec 15, 2023
$650,853Pt VII · Sec A
Vice President & Chief Academic Officer - Last Day of Work June 30, 2023
$624,693Pt VII · Sec A
Vice President & General Counsel
$608,699Pt VII · Sec A
Vice President, Chief Academic Officer
$573,326Pt 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
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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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

Educates healthcare professionals to the highest academic standards.

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Provided by the organization

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1 program · $392.1M · in their own filed words · FY2023
01

Description of program service accomplishments during the fiscal year ended june 30, 2024, midwestern university provided health sciences education services to approximately 6,470 pre-doctoral students. These student services are located on three campuses, two in illinois and one in arizona.

$392.1Mprogram expense

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
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
Islamic Center of NapervilleIL · FY2024$10,000
Unitemized GrantFY2023$4,386,185
Unitemized GrantFY2023$259,543
Unitemized GrantFY2023$25,579
Unitemized GrantFY2022$2,637,423
Unitemized GrantFY2022$778,917
Unitemized GrantFY2022$31,002
Indian American Medical Association Charitable FoundationFY2022$20,000
See all 32 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$537.5M
Ln 12
Fees for servicesLn 2g$488.9M
Investment incomeLn 3$39.6M
Gifts and grantsLn 1h$7.4M
Money outPt IX
$422.8M
Ln 25
Programscol B$392.1M
Managementcol C$29.9M
Fundraisingcol D$733K
Owns and owesPt X
$1.8B
net assets · Ln 32
Cash and savingsLn 1–2$28.3M
Total assetsLn 16$2.1B
LiabilitiesLn 26$279.1M
PeoplePt VI, VII
35
listed · VII A
PaidVII A18
Voting boardVI 1a16
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$7.4M
Government grantsLn 1e$4.6M
Noncash giftsLn 1g$17K
Fundraising eventsLn 1c$155K
Fees for servicesLn 2g$488.9M
Investment incomeLn 3$39.6M
Other incomeLn 4–11$1.6M
Gains on assetsLn 7−$2.7M
Total revenueLn 12$537.5M
Assets in detailPt X, end of year
CashLn 1$28.3M
Cash and savings togetherLn 1–2$28.3M
InvestmentsLn 11–13$1.22B
Land, buildings, equipmentLn 10c$788.4M
Other assetsLn 15$36.1M
Total assetsLn 16$2.1B
LiabilitiesLn 26$279.1M
Net assetsLn 32$1.8B
OperationsPt I, VI
EmployeesI 54,322
VolunteersI 62,876
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 FY24End FY24
Cash and savingsLn 1–2$26.1M$28.3M
InvestmentsLn 11–13$1.14B$1.22B
Land, buildings, equipmentLn 10c$736.2M$788.4M
Total assetsLn 16$1.94B$2.09B
LiabilitiesLn 26$280.1M$279.1M
Net assetsLn 32$1.66B$1.81B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$73K$73K
Grants to domestic individualsLn 2$4.7M$4.7M
Pay of current officers, directors and key staffLn 5$8.1M$4.4M$3.7M
Other salaries and wagesLn 7$200.2M$190.9M$9.0M$371K
Pension plan contributionsLn 8$17.1M$16.1M$903K$27K
Other employee benefitsLn 9$29.6M$28.2M$1.4M$41K
Payroll taxesLn 10$13.6M$12.8M$801K$24K
Legal feesLn 11b$4.6M$2.7M$2.0M
Accounting feesLn 11c$726K$73K$653K
Lobbying feesLn 11d$245K$245K
Investment management feesLn 11f$2.2M$199K$2.0M
Other fees for servicesLn 11g$18.1M$16.2M$1.9M$1K
Advertising and promotionLn 12$1.5M$1.0M$309K$172K
Office expensesLn 13$21.6M$19.8M$1.8M$4K
Information technologyLn 14$4.5M$4.4M$127K
OccupancyLn 16$8.8M$8.3M$432K
TravelLn 17$1.7M$1.5M$187K
Conferences, conventions and meetingsLn 19$1.7M$1.6M$34K
InterestLn 20$3.0M$2.9M$103K
Depreciation, depletion and amortizationLn 22$42.2M$41.3M$918K
InsuranceLn 23$4.2M$2.3M$1.9M
Other expenses (24a–d)Ln 24$22.8M$22.0M$793K
All other expensesLn 24e$11.5M$10.7M$745K$94K
Total functional expensesLn 25$422.8M$392.1M$29.9M$733K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $555.7M$440.8M$114.9M$2.0B 990 PDF
FY2024 Viewing $537.5M$422.8M$114.7M$1.8B 990 PDF
FY2023 $518.1M$393.7M$124.4M$1.7B 990 PDF
FY2022 $519.5M$379.8M$139.8M$1.5B 990 PDF
FY2021 $501.5M$364.3M$137.2M$1.4B 990 PDF
FY2020 $479.8M$358.6M$121.2M$1.2B 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $537,500,528 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $8,137,080$7,422,721
I-9 Program service revenuePrior year $486,419,994$488,935,905
I-10 Investment incomePrior year $22,069,324$39,562,726
I-11 Other revenuePrior year $1,464,835$1,579,176
I-12 Total revenuePrior year $518,091,233$537,500,528
I-13 Grants and similar amounts paidPrior year $3,491,338$4,744,257
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $254,761,474$268,576,212
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $135,414,702$149,439,309
I-18 Total expensesPrior year $393,667,514$422,759,778
I-19 Revenue less expensesPrior year $124,423,719$114,740,750
Part VI · Governance 14 of 16 board members independent, 1 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members14
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 $537,500,528 across 11 lines filed
Lines not itemized here account for $458,956 of total revenue; see the IRS return.
VIII-1c Fundraising events$155,100
VIII-1e Government grants$4,573,959
VIII-1f All other contributions, gifts and grants$2,693,662
VIII-1g Noncash contributions (included above)$16,906
VIII-1h Total contributions, gifts and grants$7,422,721
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $488,935,905$488,935,905
VIII-3 Investment incomeUnrelated business $75,633 · Excluded from tax $42,187,120$42,262,753
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$2,700,027−$2,700,027
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$36,067−$36,067
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $993,087 · Excluded from tax $163,200$1,156,287
VIII-12 Total revenueRelated to mission $490,088,996 · Unrelated business $75,633 · Excluded from tax $39,913,178$537,500,528
Part IX · Statement of functional expenses $422,759,778 across 23 lines filed
IX-1 Grants to domestic organizationsPrograms $72,950$72,950
IX-2 Grants to domestic individualsPrograms $4,671,307$4,671,307
IX-5 Pay of current officers, directors and key staffPrograms $4,403,971 · Management $3,665,665$8,069,636
IX-7 Other salaries and wagesPrograms $190,920,336 · Management $8,954,075 · Fundraising $370,873$200,245,284
IX-8 Pension plan contributionsPrograms $16,130,571 · Management $903,415 · Fundraising $26,543$17,060,529
IX-9 Other employee benefitsPrograms $28,183,217 · Management $1,378,895 · Fundraising $40,520$29,602,632
IX-10 Payroll taxesPrograms $12,773,469 · Management $801,122 · Fundraising $23,540$13,598,131
IX-11b Legal feesPrograms $2,663,038 · Management $1,986,072$4,649,110
IX-11c Accounting feesPrograms $72,567 · Management $653,105$725,672
IX-11d Lobbying feesManagement $245,327$245,327
IX-11f Investment management feesPrograms $198,917 · Management $2,013,209$2,212,126
IX-11g Other fees for servicesPrograms $16,197,280 · Management $1,915,315 · Fundraising $1,160$18,113,755
IX-12 Advertising and promotionPrograms $1,011,535 · Management $308,951 · Fundraising $172,380$1,492,866
IX-13 Office expensesPrograms $19,841,300 · Management $1,765,686 · Fundraising $4,416$21,611,402
IX-14 Information technologyPrograms $4,393,762 · Management $126,957$4,520,719
IX-16 OccupancyPrograms $8,324,464 · Management $431,633$8,756,097
IX-17 TravelPrograms $1,539,245 · Management $186,953$1,726,198
IX-19 Conferences, conventions and meetingsPrograms $1,635,187 · Management $34,470$1,669,657
IX-20 InterestPrograms $2,886,845 · Management $102,940$2,989,785
IX-22 Depreciation, depletion and amortizationPrograms $41,273,609 · Management $918,202$42,191,811
IX-23 InsurancePrograms $2,262,867 · Management $1,948,884$4,211,751
IX-24 Other expenses (24a–d)Programs $22,029,443 · Management $792,934$22,822,377
IX-24e All other expensesPrograms $10,661,663 · Management $744,943 · Fundraising $94,050$11,500,656
IX-25 Total functional expensesPrograms $392,147,543 · Management $29,878,753 · Fundraising $733,482$422,759,778
Part X · Balance sheet $2,090,861,127 assets, 21 lines filed
X-1 Cash, non-interest-bearingStart of year $26,106,722$28,277,783
X-3 Pledges and grants receivableStart of year $2,195,140$2,572,858
X-4 Accounts receivableStart of year $5,413,366$7,664,226
X-8 Inventories for sale or useStart of year $1,709,702$1,755,622
X-9 Prepaid expenses and deferred chargesStart of year $6,608,056$7,418,755
X-10c Land, buildings and equipment, netStart of year $736,184,897$788,449,037
X-11 Publicly traded securitiesStart of year $1,028,592,815$1,089,253,203
X-12 Other securitiesStart of year $79,575,208$103,859,013
X-13 Program-related investmentsStart of year $27,362,214$25,501,555
X-15 Other assetsStart of year $28,361,926$36,109,075
X-16 Total assetsStart of year $1,942,110,046$2,090,861,127
X-17 Accounts payable and accrued expensesStart of year $54,898,242$61,911,542
X-18 Grants payableStart of year $1,393,532$1,174,632
X-19 Deferred revenueStart of year $51,814,834$51,003,513
X-20 Tax-exempt bond liabilitiesStart of year $129,124,636$119,176,621
X-25 Other liabilitiesStart of year $42,881,386$45,874,665
X-26 Total liabilitiesStart of year $280,112,630$279,140,973
X-27 Net assets without donor restrictionsStart of year $1,629,925,670$1,778,154,061
X-28 Net assets with donor restrictionsStart of year $32,071,746$33,566,093
X-32 Total net assets or fund balancesStart of year $1,661,997,416$1,811,720,154
X-33 Total liabilities and net assetsStart of year $1,942,110,046$2,090,861,127
Part XI · Reconciliation of net assets $1,811,720,154 net assets at year end
XI-1 Total revenue$537,500,528
XI-2 Total expenses$422,759,778
XI-3 Revenue less expenses$114,740,750
XI-4 Net assets at start of year$1,661,997,416
XI-5 Net unrealized gains (losses) on investments$32,962,660
XI-9 Other changes in net assets$2,019,328
XI-10 Net assets at end of year$1,811,720,154

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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