Central Methodist University: FY2023 Nonprofit Profile & Form 990 (EIN 43-0654854)

Revenue by fiscal year
FY2020	$55.3M
FY2021	$65.8M
FY2022	$63.2M
FY2023	$57.5M
FY2024	$56.3M
FY2025	$62.1M

Expenses by fiscal year
FY2020	$51.9M
FY2021	$53.5M
FY2022	$58.5M
FY2023	$57.8M
FY2024	$58.2M
FY2025	$61.7M

Net assets by fiscal year
FY2020	$123.8M
FY2021	$150.3M
FY2022	$146.7M
FY2023	$150.6M
FY2024	$154.1M
FY2025	$160.1M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1976.

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

Where the money goes

90 cents of each dollar spent went to programs.

90%

Program services 90% · $51.9M Management & general 9% · $5.0M Fundraising 2% · $877K

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

51 people listed on the 990; $2.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Roger Drake

President/Trustee

$319,212Pt VII · Sec A

Rita Gulstad

Vice President/Provost

$275,886Pt VII · Sec A

Julee Sherman

VP for Finance & Administr

$207,500Pt VII · Sec A

Joe Parisi

Vice President/Provost

$201,957Pt VII · Sec A

Chad Gaines

Vice President/Provost

$180,755Pt VII · Sec A

William Sheehan

Vice President/Provost

$169,306Pt VII · Sec A

Stephanie Brink

Administrator

$145,678Pt VII · Sec A

Sally Hackman

Administrator

$125,616Pt VII · Sec A

Roger Drake’s $342K as President/Trustee is at the 72nd 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	FY2020
Roger Drake	$342,170	$334,545	$319,212	$361,030	$305,001	$301,141
Rita Gulstad	$300,032	$287,198	$275,886	$277,886	$278,489	$255,674
William Sheehan	$232,624	$211,883	$169,306	$155,777	$132,514	—
Stephanie Brink	$215,000	$198,293	$145,678	$140,496	$156,206	$154,565
Julee Sherman	$202,367	$198,376	$207,500	$170,962	$169,795	$152,403
Joe Parisi	—	—	$201,957	$173,721	$170,199	$172,863
Chad Gaines	$188,869	$186,552	$180,755	$167,814	$163,995	$164,646
David Gorton	$169,707	$177,026	—	—	—	—

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

Empowers students through diverse community and academic excellence for a complex world.

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Provided by the organization

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3 programs · $47.3M · in their own filed words · FY2022

01

Higher education instruction and research expenditures to operate institution for over 3,800 students

$20.7Mprogram expense

02

Scholarship Programs and Student Financial Assistance

Scholarships are awarded to over 90% of full-time students

$19.3Mprogram expense

03

Higher education student services for activities that contribute to the student experience

$7.3Mprogram 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

Folds of Honor FoundationFY2025$6K

Roy Creadey TrFY2025$2K

Total grants receivedfrom 2 funders$8K

Grants paid · 10 grants · $113.8M · 2019–2024

Unitemized GrantFY2024$19,454,540

Unitemized GrantFY2023$18,497,152

Unitemized GrantFY2022$18,266,225

Unitemized GrantFY2022$1,035,898

Unitemized GrantFY2021$18,405,151

Unitemized GrantFY2021$2,662,548

Unitemized GrantFY2020$17,424,607

Unitemized GrantFY2020$1,132,369

Unitemized GrantFY2019$16,423,064

Unitemized GrantFY2019$532,891

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$57.5M

Ln 12

Fees for servicesLn 2g$48.1M

Gifts and grantsLn 1h$7.6M

Investment incomeLn 3$1.3M

Money outPt IX

$57.8M

Ln 25

Programscol B$51.9M

Managementcol C$5.0M

Fundraisingcol D$877K

Owns and owesPt X

$150.6M

net assets · Ln 32

Cash and savingsLn 1–2$31.4M

Total assetsLn 16$162.2M

LiabilitiesLn 26$11.6M

PeoplePt VI, VII

51

listed · VII A

PaidVII A11

Voting boardVI 1a41

IndependentVI 1b40

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.6M

Government grantsLn 1e$2.4M

Noncash giftsLn 1g$154K

Fees for servicesLn 2g$48.1M

Investment incomeLn 3$1.3M

Other incomeLn 4–11$626K

Gains on assetsLn 7$26K

Total revenueLn 12$57.5M

Assets in detailPt X, end of year

SavingsLn 2$31.4M

Cash and savings togetherLn 1–2$31.4M

InvestmentsLn 11–13$76.8M

Land, buildings, equipmentLn 10c$46.3M

Other assetsLn 15$3.3M

Total assetsLn 16$162.2M

LiabilitiesLn 26$11.6M

Net assetsLn 32$150.6M

OperationsPt I, VI

EmployeesI 5894

VolunteersI 670

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 FY23	End FY23
Cash and savingsLn 1–2	$37.1M	$31.4M
InvestmentsLn 11–13	$70.4M	$76.8M
Land, buildings, equipmentLn 10c	$43.3M	$46.3M
Total assetsLn 16	$157.1M	$162.2M
LiabilitiesLn 26	$10.4M	$11.6M
Net assetsLn 32	$146.7M	$150.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$19.3M	$19.3M
Pay of current officers, directors and key staffLn 5	$1.5M	$938K	$416K	$153K
Other salaries and wagesLn 7	$17.9M	$16.2M	$1.3M	$405K
Pension plan contributionsLn 8	$887K	$643K	$221K	$24K
Other employee benefitsLn 9	$2.9M	$2.6M	$202K	$90K
Payroll taxesLn 10	$1.2M	$1.1M	$70K	$30K
Legal feesLn 11b	$17K	$6K	$11K
Accounting feesLn 11c	$98K		$98K
Investment management feesLn 11f	$38K		$38K
Other fees for servicesLn 11g	$70K	$42K	$19K	$9K
Advertising and promotionLn 12	$289K	$131K	$147K	$11K
Office expensesLn 13	$1.1M	$893K	$154K	$51K
OccupancyLn 16	$1.6M	$1.4M	$219K	$848
TravelLn 17	$1.9M	$1.5M	$319K	$81K
InterestLn 20	$103K	$103K
Depreciation, depletion and amortizationLn 22	$2.9M	$2.5M	$370K
InsuranceLn 23	$532K		$532K
Other expenses (24a–d)Ln 24	$5.3M	$4.5M	$831K	$20K
All other expensesLn 24e	$160K	$79K	$79K	$2K
Total functional expensesLn 25	$57.8M	$51.9M	$5.0M	$877K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$62.1M	$61.7M	$351K	$160.1M	990 PDF
FY2024	$56.3M	$58.2M	−$2.0M	$154.1M	990 PDF
FY2023 Viewing	$57.5M	$57.8M	−$299K	$150.6M	990 PDF
FY2022	$63.2M	$58.5M	$4.6M	$146.7M	990 PDF
FY2021	$65.8M	$53.5M	$12.3M	$150.3M	990 PDF
FY2020	$55.3M	$51.9M	$3.4M	$123.8M	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 FY2023 990 (6 parts)

Part I · Summary $57,521,736 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $11,199,187$7,560,079

I-9 Program service revenuePrior year $48,813,128$48,053,537

I-10 Investment incomePrior year $2,190,862$1,281,883

I-11 Other revenuePrior year $956,409$626,237

I-12 Total revenuePrior year $63,159,586$57,521,736

I-13 Grants and similar amounts paidPrior year $21,067,699$19,302,123

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

I-15 Salaries and benefitsPrior year $23,018,444$24,398,241

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

I-17 Other expensesPrior year $14,454,682$14,119,888

I-18 Total expensesPrior year $58,540,825$57,820,252

I-19 Revenue less expensesPrior year $4,618,761−$298,516

Part VI · Governance 40 of 41 board members independent, no flags

VI-1a Voting members of the governing body41

VI-1b Independent voting members40

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 $57,521,736 across 10 lines filed

VIII-1e Government grants$2,398,203

VIII-1f All other contributions, gifts and grants$5,161,876

VIII-1g Noncash contributions (included above)$153,922

VIII-1h Total contributions, gifts and grants$7,560,079

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $47,894,828 · Unrelated business $158,709$48,053,537

VIII-3 Investment incomeExcluded from tax $1,256,382$1,256,382

VIII-6 Net rental income or lossRelated to mission $42,700$42,700

VIII-7 Net gain or loss on sales of assetsExcluded from tax $25,501$25,501

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $583,537$583,537

VIII-12 Total revenueRelated to mission $48,521,065 · Unrelated business $158,709 · Excluded from tax $1,281,883$57,521,736

Part IX · Statement of functional expenses $57,820,252 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $19,302,123$19,302,123

IX-5 Pay of current officers, directors and key staffPrograms $937,590 · Management $415,782 · Fundraising $153,246$1,506,618

IX-7 Other salaries and wagesPrograms $16,196,651 · Management $1,301,542 · Fundraising $405,006$17,903,199

IX-8 Pension plan contributionsPrograms $642,724 · Management $220,988 · Fundraising $23,697$887,409

IX-9 Other employee benefitsPrograms $2,589,620 · Management $201,875 · Fundraising $89,806$2,881,301

IX-10 Payroll taxesPrograms $1,119,982 · Management $69,738 · Fundraising $29,994$1,219,714

IX-11b Legal feesPrograms $5,840 · Management $11,204$17,044

IX-11c Accounting feesManagement $98,252$98,252

IX-11f Investment management feesManagement $37,553$37,553

IX-11g Other fees for servicesPrograms $41,599 · Management $18,702 · Fundraising $9,215$69,516

IX-12 Advertising and promotionPrograms $131,186 · Management $147,482 · Fundraising $10,817$289,485

IX-13 Office expensesPrograms $893,374 · Management $154,344 · Fundraising $51,330$1,099,048

IX-16 OccupancyPrograms $1,420,194 · Management $219,405 · Fundraising $848$1,640,447

IX-17 TravelPrograms $1,474,583 · Management $318,738 · Fundraising $80,964$1,874,285

IX-20 InterestPrograms $102,944$102,944

IX-22 Depreciation, depletion and amortizationPrograms $2,494,080 · Management $370,410$2,864,490

IX-23 InsuranceManagement $531,840$531,840

IX-24 Other expenses (24a–d)Programs $4,484,067 · Management $830,883 · Fundraising $19,856$5,334,806

IX-24e All other expensesPrograms $78,621 · Management $79,328 · Fundraising $2,229$160,178

IX-25 Total functional expensesPrograms $51,915,178 · Management $5,028,066 · Fundraising $877,008$57,820,252

Part X · Balance sheet $162,211,399 assets, 18 lines filed

X-2 Savings and temporary cash investmentsStart of year $37,076,559$31,401,625

X-3 Pledges and grants receivableStart of year $2,864,433$3,119,221

X-4 Accounts receivableStart of year $597,546$961,608

X-8 Inventories for sale or useStart of year $193,673$238,296

X-10c Land, buildings and equipment, netStart of year $43,326,084$46,309,728

X-11 Publicly traded securitiesStart of year $51,048,439$60,544,585

X-12 Other securitiesStart of year $19,394,953$16,291,130

X-15 Other assetsStart of year $2,608,705$3,345,206

X-16 Total assetsStart of year $157,110,392$162,211,399

X-17 Accounts payable and accrued expensesStart of year $2,346,688$3,507,082

X-19 Deferred revenueStart of year $3,116,065$2,974,224

X-20 Tax-exempt bond liabilitiesStart of year $4,540,000$4,085,000

X-25 Other liabilitiesStart of year $377,622$1,080,099

X-26 Total liabilitiesStart of year $10,380,375$11,646,405

X-27 Net assets without donor restrictionsStart of year $90,331,405$91,807,300

X-28 Net assets with donor restrictionsStart of year $56,398,612$58,757,694

X-32 Total net assets or fund balancesStart of year $146,730,017$150,564,994

X-33 Total liabilities and net assetsStart of year $157,110,392$162,211,399

Part XI · Reconciliation of net assets $150,564,994 net assets at year end

XI-1 Total revenue$57,521,736

XI-2 Total expenses$57,820,252

XI-3 Revenue less expenses−$298,516

XI-4 Net assets at start of year$146,730,017

XI-5 Net unrealized gains (losses) on investments$4,288,001

XI-9 Other changes in net assets−$154,508

XI-10 Net assets at end of year$150,564,994

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Central Methodist University FY2023 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

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

Questions the 990 asks

Programs and updates

Questions for Central Methodist University

Scholarship Programs and Student Financial Assistance

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV