Millikin University: Nonprofit Profile, Financials & Form 990 (EIN 37-0706154)

James M Reynolds’s $320K as President (thru 06/30/25) is at the 68th percentile of top reported officer pay among 3683 $10–100M 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

Name	FY2025	FY2024	FY2023	FY2022	FY2021
Reynolds James M	—	$390,918	—	—	—
James M Reynolds	$319,740	—	—	—	—
Patrick White	—	—	—	—	$293,595
James Reynolds	—	—	$282,436	$279,937	$147,559
Kottich Sarah M	—	$253,824	—	—	—
Sarah M Kottich	$243,925	—	—	—	—
Ruby James End 41523	—	—	$163,943	—	—
Ruby James	—	—	—	$160,187	$158,228

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 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates students in liberal and practical arts for professional careers.

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3 programs · $65.8M · in their own filed words · FY2024

01

Instruction

Cost of all instructional activities, including scholarships and grants, faculty salaries and fringe benefits, classroom supplies and equipment, and other instructional expenses.

$44.4Mprogram expense

02

Student Services

Cost of student development office, admissions, registrar, financial aid, chaplain, choir, band, kirkland fine arts center programs, and intercollegiate athletics. Number of persons served during the year for program services equals approximately 1,949 students.

$13.4Mprogram expense

03

Auxiliary Expenses

Cost of dining services and residence hall operations.

$8.1Mprogram 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

The Community Foundation of Macon CountyFY2025$103K

College Sports Communicators INCFY2025$9K

Total grants receivedfrom 2 funders$111K

Grants paid · 5 grants · $179.9M · 2020–2024

Unitemized GrantFY2024$20,004,599

Unitemized GrantFY2023$37,112,504

Unitemized GrantFY2022$40,650,827

Unitemized GrantFY2021$40,107,689

Unitemized GrantFY2020$41,989,972

By the numbers

The FY2025 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$69.8M

Ln 12

Fees for servicesLn 2g$44.0M

Gifts and grantsLn 1h$14.3M

Investment incomeLn 3$11.1M

Money outPt IX

$74.8M

Ln 25

Programscol B$65.8M

Managementcol C$7.9M

Fundraisingcol D$1.2M

Owns and owesPt X

$197.8M

net assets · Ln 32

Cash and savingsLn 1–2$11.8M

Total assetsLn 16$241.0M

LiabilitiesLn 26$43.2M

PeoplePt VI, VII

38

listed · VII A

PaidVII A13

Voting boardVI 1a25

IndependentVI 1b25

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$14.3M

Government grantsLn 1e$3.2M

Noncash giftsLn 1g$906K

Fundraising eventsLn 1c$91K

Fees for servicesLn 2g$44.0M

Investment incomeLn 3$11.1M

Other incomeLn 4–11$425K

Gains on assetsLn 7$3.4M

Total revenueLn 12$69.8M

Assets in detailPt X, end of year

CashLn 1$733K

SavingsLn 2$11.1M

Cash and savings togetherLn 1–2$11.8M

InvestmentsLn 11–13$86.5M

Land, buildings, equipmentLn 10c$124.5M

Other assetsLn 15$10.5M

Total assetsLn 16$241.0M

LiabilitiesLn 26$43.2M

Net assetsLn 32$197.8M

OperationsPt I, VI

EmployeesI 51,157

VolunteersI 61,000

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$13.0M	$11.8M
InvestmentsLn 11–13	$91.7M	$86.5M
Land, buildings, equipmentLn 10c	$122.3M	$124.5M
Total assetsLn 16	$241.7M	$241.0M
LiabilitiesLn 26	$33.5M	$43.2M
Net assetsLn 32	$208.2M	$197.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$20.0M	$20.0M
Pay of current officers, directors and key staffLn 5	$1.4M		$1.2M	$138K
Other salaries and wagesLn 7	$17.6M	$15.1M	$1.9M	$528K
Pension plan contributionsLn 8	$685K	$536K	$123K	$26K
Other employee benefitsLn 9	$5.7M	$4.5M	$1.0M	$214K
Payroll taxesLn 10	$1.5M	$1.2M	$248K	$52K
Investment management feesLn 11f	$173K		$173K
Other fees for servicesLn 11g	$145K		$145K
Advertising and promotionLn 12	$735K	$365K	$341K	$28K
Office expensesLn 13	$1.7M	$1.1M	$631K	$29K
Information technologyLn 14	$1.3M	$1.0M	$325K
OccupancyLn 16	$2.4M	$2.3M	$107K
TravelLn 17	$1.3M	$1.1M	$147K	$36K
InterestLn 20	$872K	$813K	$58K
Depreciation, depletion and amortizationLn 22	$6.2M	$5.8M	$415K
InsuranceLn 23	$341K	$318K	$23K
Other expenses (24a–d)Ln 24	$8.6M	$8.2M	$394K	$39K
All other expensesLn 24e	$4.2M	$3.5M	$531K	$96K
Total functional expensesLn 25	$74.8M	$65.8M	$7.9M	$1.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$69.8M	$74.8M	−$5.0M	$197.8M	990 PDF
FY2024	$88.4M	$89.9M	−$1.5M	$208.2M	990 PDF
FY2023	$94.5M	$96.4M	−$1.9M	$213.5M	990 PDF
FY2022	$103.5M	$99.4M	$4.2M	$220.4M	990 PDF
FY2021	$97.6M	$95.5M	$2.0M	$220.7M	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 FY2025 990 (6 parts)

Part I · Summary $69,821,809 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $11,330,024$14,269,570

I-9 Program service revenuePrior year $63,922,261$43,983,794

I-10 Investment incomePrior year $12,592,826$11,143,470

I-11 Other revenuePrior year $586,170$424,975

I-12 Total revenuePrior year $88,431,281$69,821,809

I-13 Grants and similar amounts paidPrior year $37,112,504$20,004,599

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $25,017,128$26,797,841

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $27,816,033$28,038,587

I-18 Total expensesPrior year $89,945,665$74,841,027

I-19 Revenue less expensesPrior year −$1,514,384−$5,019,218

Part VI · Governance 25 of 25 board members independent, no flags

VI-1a Voting members of the governing body25

VI-1b Independent voting members25

VI-2 Family or business relationship among officers or directorsNo

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 $69,821,809 across 12 lines filed

Lines not itemized here account for $211,735 of total revenue; see the IRS return.

VIII-1c Fundraising events$90,877

VIII-1e Government grants$3,241,816

VIII-1f All other contributions, gifts and grants$10,936,877

VIII-1g Noncash contributions (included above)$906,142

VIII-1h Total contributions, gifts and grants$14,269,570

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $43,983,794$43,983,794

VIII-3 Investment incomeUnrelated business $34,744 · Excluded from tax $7,706,722$7,741,466

VIII-6 Net rental income or lossRelated to mission $17,500$17,500

VIII-7 Net gain or loss on sales of assetsExcluded from tax $3,402,004$3,402,004

VIII-8 Net income from fundraising eventsExcluded from tax −$12,555−$12,555

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $208,295$208,295

VIII-12 Total revenueRelated to mission $44,421,324 · Unrelated business $34,744 · Excluded from tax $11,096,171$69,821,809

Part IX · Statement of functional expenses $74,841,027 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $20,004,599$20,004,599

IX-5 Pay of current officers, directors and key staffManagement $1,237,576 · Fundraising $137,508$1,375,084

IX-7 Other salaries and wagesPrograms $15,080,828 · Management $1,944,410 · Fundraising $527,712$17,552,950

IX-8 Pension plan contributionsPrograms $536,458 · Management $123,246 · Fundraising $25,743$685,447

IX-9 Other employee benefitsPrograms $4,466,407 · Management $1,026,109 · Fundraising $214,325$5,706,841

IX-10 Payroll taxesPrograms $1,177,207 · Management $248,385 · Fundraising $51,927$1,477,519

IX-11f Investment management feesManagement $172,599$172,599

IX-11g Other fees for servicesManagement $145,229$145,229

IX-12 Advertising and promotionPrograms $365,425 · Management $340,902 · Fundraising $28,300$734,627

IX-13 Office expensesPrograms $1,072,819 · Management $631,218 · Fundraising $28,912$1,732,949

IX-14 Information technologyPrograms $1,000,522 · Management $325,070$1,325,592

IX-16 OccupancyPrograms $2,311,745 · Management $106,910$2,418,655

IX-17 TravelPrograms $1,087,076 · Management $147,091 · Fundraising $35,651$1,269,818

IX-20 InterestPrograms $813,373 · Management $58,216$871,589

IX-22 Depreciation, depletion and amortizationPrograms $5,791,954 · Management $414,550$6,206,504

IX-23 InsurancePrograms $318,216 · Management $22,776$340,992

IX-24 Other expenses (24a–d)Programs $8,216,654 · Management $393,917 · Fundraising $39,032$8,649,603

IX-24e All other expensesPrograms $3,543,398 · Management $531,080 · Fundraising $95,952$4,170,430

IX-25 Total functional expensesPrograms $65,786,681 · Management $7,869,284 · Fundraising $1,185,062$74,841,027

Part X · Balance sheet $240,985,427 assets, 20 lines filed

Asset lines not itemized here account for $281,849; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $1,177,754$733,026

X-2 Savings and temporary cash investmentsStart of year $11,780,847$11,084,041

X-3 Pledges and grants receivableStart of year $1,878,328$870,229

X-4 Accounts receivableStart of year $1,572,947$6,383,166

X-9 Prepaid expenses and deferred chargesStart of year $92,350$151,387

X-10c Land, buildings and equipment, netStart of year $122,336,650$124,526,016

X-11 Publicly traded securitiesStart of year $76,474,211$72,054,398

X-13 Program-related investmentsStart of year $15,205,790$14,438,156

X-15 Other assetsStart of year $10,790,455$10,463,159

X-16 Total assetsStart of year $241,732,894$240,985,427

X-17 Accounts payable and accrued expensesStart of year $4,461,971$8,453,886

X-18 Grants payableStart of year $300,135$111,031

X-19 Deferred revenueStart of year $2,777,928$2,573,438

X-20 Tax-exempt bond liabilitiesStart of year $17,700,000$6,950,000

X-25 Other liabilitiesStart of year $8,254,092$25,121,369

X-26 Total liabilitiesStart of year $33,494,126$43,209,724

X-27 Net assets without donor restrictionsStart of year $121,716,852$105,050,328

X-28 Net assets with donor restrictionsStart of year $86,521,916$92,725,375

X-32 Total net assets or fund balancesStart of year $208,238,768$197,775,703

X-33 Total liabilities and net assetsStart of year $241,732,894$240,985,427

Part XI · Reconciliation of net assets $197,775,703 net assets at year end

XI-1 Total revenue$69,821,809

XI-2 Total expenses$74,841,027

XI-3 Revenue less expenses−$5,019,218

XI-4 Net assets at start of year$208,238,768

XI-5 Net unrealized gains (losses) on investments−$5,828,975

XI-9 Other changes in net assets$385,128

XI-10 Net assets at end of year$197,775,703

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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