Aquinas College INC EIN 38-1367080

Aquinas College INC

EIN  38-1367080 Higher education institution Grand Rapids, MI Founded 1892
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/8/26 · see original filing: IRS
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Size
$10–100M
What they do
Prepares students for purposeful, successful lives through Catholic higher education.
Leadership
Alicia Cordoba · President (left 04/25) · $297K
Money in and out
$59.6M revenue, $61.1M expenses
Bottom line
-3% operating surplus

Prepares students for purposeful, successful lives through Catholic higher education. For fiscal year 2024 it reported $59.6M in revenue, $61.1M in expenses, and $86.1M in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$59.6M
Pt VIII · Ln 12
Total expenses
$61.1M
Pt IX · Ln 25
Net assets
$86.1M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$1.5M
Where spending went · Part IX cols B–D
Program services $0.84 Management & general $0.14 Fundraising $0.02
Operating surplus
-3%
revenue over expenses, this legal entity▲ +65% vs prior filing year
Payroll share
31%
of this entity's spending is salaries & benefits▲ +4% vs prior filing year
Program spending
84%
of expenses reach program services▼ -4% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$59.6M
FY2024▲ +4%
Expenses
$61.1M
FY2024▼ -1%
Total assets
$126.7M
FY20240%
Total liabilities
$40.7M
FY2024▲ +2%
Total revenue
$59.6M
Pt VIII · Ln 12
Total expenses
$61.1M
Pt IX · Ln 25
Net assets
$86.1M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$1.5M
Total assetsPt X · Ln 16$126.7M
Program-expense ratioPt IX · col B84%
Voting members of governing bodyPt I · Ln 313
Independent voting membersPt I · Ln 413
Mission & Programs · Part III

Where the work happens

1 program service account for $51.5M of program spending, described in the organization's own filed words · FY2024.
01

Aquinas college serves undergraduate and graduate students. The college strives to provide a liberal arts education with a global perspective, emphasizing career preparation focused on leadership and service to others, rooted in the catholic dominican tradition.

$51.5Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CAquinas College INC
EINHdr · item D38-1367080
Principal addressHdr · item CGrand Rapids, MI
WebsiteHdr · item Jwww.aquinas.edu
Year of formationHdr · item L1892
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B430)
Ruling yearIRS BMFMar 1946

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a13
Independent voting membersPt VI · Ln 1b13
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President (left 04/25)
$296,877Pt VII · Sec A
Director, Netvue
$157,239Pt VII · Sec A
Associate Professor Business Administration
$136,701Pt VII · Sec A
Vice President for Enrollment Management
$123,440Pt VII · Sec A
Vice President for Finance
$123,440Pt VII · Sec A
Avp for Finance and Human Resources
$120,348Pt VII · Sec A
Vice President for Advancement
$106,934Pt VII · Sec A
$89,585Pt VII · Sec A

Alicia Cordoba’s $297K as President (left 04/25) is at the 64th percentile of top reported officer pay among 3682 $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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Alicia Cordoba$296,877$310,509
Kevin Quinn$291,566$268,620$265,948
Stephen Germic$152,961$205,634$170,786
Erin Craig$199,560$184,742$102,045
Kevin Quinn Left 1221$193,787
Lisa Vandeweert$166,239$157,766$144,433
Lisa Vandeweert Left 012022$166,239
David Cunningham$157,239$146,512

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$47.5M · 80%
Contributions & grants$8.3M · 14%
Investment income$3.4M · 6%
Other revenue$392K · 1%
Program service revenue80%$47.5M
Contributions & grants14%$8.3M
Investment income6%$3.4M
Other revenue1%$392K
— government grantsLn 1e$536K
Total revenueLn 12$59.6M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.84 Management & general $0.14 Fundraising $0.02
Program services84%$51.5M
Management & general14%$8.6M
Fundraising2%$941K
Total functional expensesLn 25$61.1M

Balance Sheet

Part X · end of year
CashLn 1$3.9M
Total assetsLn 16$126.7M
Total liabilitiesLn 26$40.7M
Total net assetsLn 32$86.1M
Months of cash on handcomputed0.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $51.4M · Operating expenses (Pt IX) $61.1M · Less non-cash grants $127K · Cash operating expenses/yr $61.0M
10.1 months
Where the money goes
Program services
Program services $51.5M · Total expenses $61.1M
84%
Management & General
Management & general $8.6M · Total expenses $61.1M
14%
Fundraising
Fundraising $941K · Total expenses $61.1M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $866K · Solicited contributions (3-yr avg) $4.8M
$0.18 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $8.3M · Total revenue $59.6M
14%
Government reliance
Government grants $536K · Total revenue $59.6M
1%
Earned-income share
Program service revenue $47.5M · Total revenue $59.6M
80%
Investment reliance
Investment income $3.4M · Total revenue $59.6M
+6%
Program self-sufficiency
Program service revenue $47.5M · Total expenses $61.1M
78%
Growth & trend
Revenue growth (YoY)
This year $59.6M · Prior year $57.2M
+4%
Revenue CAGR
FY2019 $57.9M · FY2024 $59.6M
+1%
Net-asset trend (YoY)
End of year $86.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $59.6M · Expenses $61.1M
-3%
Liabilities-to-Assets
Total liabilities — · Total assets $126.7M
Net-asset ratio
Net assets $86.1M · Total assets $126.7M
68%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $40.9M · Other securities (Pt X, ln 12) $6.6M · Total assets (Pt X, ln 16) $126.7M
37%
People & payroll
Highest Reported Total Compensation
Individual Alicia Cordoba · Reported title PRESIDENT (LEFT 04/25) · Highest reported compensation $297K · Total expenses $61.1M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $18.7M · Total expenses $61.1M
31%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 84%
Overhead ratio 14%
Fundraising cost ratio 11%
Revenue growth 4%

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
Total grants receivedfrom 1 funder$8K
Grants paid · 11 grants · $143.8M · 2019–2024
Unitemized GrantFY2024$24,910,790
Unitemized GrantFY2023$26,051,600
Unitemized GrantFY2022$23,145,177
TalentfirstMI · FY2022$6,000
Unitemized GrantFY2021$23,177,211
Unitemized GrantFY2020$22,958,476
Unitemized GrantFY2019$23,472,302

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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$57.2M revenue · ⤓ 990 PDF
FY2023$52.3M revenue · ⤓ 990 PDF
FY2022$60.6M revenue · ⤓ 990 PDF
FY2021$65.3M revenue · ⤓ 990 PDF
FY2020$57.9M 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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