Milligan University: FY2020 Nonprofit Profile & Form 990 (EIN 62-0535755)

William B Greer’s $226K as Chancellor is at the 46th 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
William B Greer	$225,562	$291,496	$286,961	$231,607	$231,483	$227,110
Andrew Hull	$154,227	$148,721	$141,938	$138,180	$138,345	$135,246
Jacqueline Smith	$145,772	$137,904	$126,193	$117,331	—	—
Stephen Waers	$122,745	—	—	—	—	—
Jacqueline R Steadman	—	—	—	—	$120,106	$116,498
Christopher Layne	$108,243	$106,121	$116,040	$102,000	$102,500	—
Maureen Knechtel	$113,062	$110,822	$100,155	—	—	—
Greg Harrell	$108,922	$108,355	$103,459	$101,619	—	—

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 students in Christian liberal arts.

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1 program · $37.0M · in their own filed words · FY2019

01

Operation of christian liberal arts college

$37.0Mprogram 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

Charles and Carolyn Newman Charitable Foundation INCFY2025$5K

Total grants receivedfrom 2 funders$11K

Grants paid · 8 grants · $71.6M · 2019–2024

Unitemized GrantFY2024$22,032,602

Unitemized GrantFY2022$17,177,148

Basketball Hall of FameFY2022$21,800

International Conference on MissionsFY2022$6,700

Unitemized GrantFY2020$16,831,872

Etsu FoundationFY2020$20,000

Unitemized GrantFY2019$15,538,249

East Tennessee State UniversityFY2019$20,000

By the numbers

The FY2020 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$46.5M

Ln 12

Fees for servicesLn 2g$38.4M

Gifts and grantsLn 1h$5.8M

Investment incomeLn 3$2.4M

Money outPt IX

$44.0M

Ln 25

Programscol B$37.0M

Managementcol C$5.8M

Fundraisingcol D$1.2M

Owns and owesPt X

$92.1M

net assets · Ln 32

Cash and savingsLn 1–2$13.9M

Total assetsLn 16$111.5M

LiabilitiesLn 26$19.3M

PeoplePt VI, VII

37

listed · VII A

PaidVII A8

Voting boardVI 1a24

IndependentVI 1b20

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$5.8M

Noncash giftsLn 1g$365K

Fees for servicesLn 2g$38.4M

Investment incomeLn 3$2.4M

Total revenueLn 12$46.5M

Assets in detailPt X, end of year

CashLn 1$9.2M

SavingsLn 2$4.7M

Cash and savings togetherLn 1–2$13.9M

InvestmentsLn 11–13$47.0M

Land, buildings, equipmentLn 10c$41.3M

Other assetsLn 15$1.7M

Total assetsLn 16$111.5M

LiabilitiesLn 26$19.3M

Net assetsLn 32$92.1M

OperationsPt I, VI

EmployeesI 5839

VolunteersI 61

Fiscal year endsHeaderMay

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 FY20	End FY20
Cash and savingsLn 1–2	$11.8M	$13.9M
InvestmentsLn 11–13	$45.0M	$47.0M
Land, buildings, equipmentLn 10c	$42.9M	$41.3M
Total assetsLn 16	$107.8M	$111.5M
LiabilitiesLn 26	$18.1M	$19.3M
Net assetsLn 32	$89.7M	$92.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$26K	$26K
Grants to domestic individualsLn 2	$15.5M	$15.5M
Grants and assistance to foreign recipientsLn 3	$39K	$39K
Pay of current officers, directors and key staffLn 5	$830K	$174K	$489K	$168K
Other salaries and wagesLn 7	$12.4M	$9.9M	$2.1M	$406K
Pension plan contributionsLn 8	$638K	$536K	$78K	$24K
Other employee benefitsLn 9	$884K	$699K	$150K	$35K
Payroll taxesLn 10	$887K	$683K	$166K	$38K
Legal feesLn 11b	$8K		$8K
Accounting feesLn 11c	$81K		$81K
Investment management feesLn 11f	$119K		$119K
Other fees for servicesLn 11g	$1.5M	$1.3M	$185K	$5K
Advertising and promotionLn 12	$211K	$107K	$104K
Office expensesLn 13	$997K	$562K	$356K	$79K
Information technologyLn 14	$748K	$302K	$405K	$41K
OccupancyLn 16	$1.1M	$1.0M	$61K	$5K
TravelLn 17	$851K	$738K	$55K	$58K
Travel and entertainment for public officialsLn 18	$19K	$16K	$3K
InterestLn 20	$545K	$545K
Depreciation, depletion and amortizationLn 22	$2.5M	$2.3M	$152K	$12K
InsuranceLn 23	$360K	$24K	$336K
Other expenses (24a–d)Ln 24	$3.8M	$2.5M	$959K	$287K
Total functional expensesLn 25	$44.0M	$37.0M	$5.8M	$1.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$61.4M	$57.1M	$4.3M	$122.5M	990 PDF
FY2024	$58.3M	$52.0M	$6.3M	$116.0M	990 PDF
FY2023	$48.7M	$47.5M	$1.2M	$106.6M	990 PDF
FY2022	$57.2M	$46.4M	$10.7M	$108.3M	990 PDF
FY2021	$47.4M	$45.4M	$2.0M	$106.5M	990 PDF
FY2020 Viewing	$46.5M	$44.0M	$2.6M	$92.1M	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 F · Foreign M · Noncash J · Pay O · Explanations

See the full FY2020 990 (6 parts)

Part I · Summary $46,547,624 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,194,870$5,807,942

I-9 Program service revenuePrior year $35,998,969$38,385,465

I-10 Investment incomePrior year $2,669,285$2,354,217

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $44,863,124$46,547,624

I-13 Grants and similar amounts paidPrior year $14,104,813$15,603,072

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

I-15 Salaries and benefitsPrior year $15,143,256$15,675,495

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

I-17 Other expensesPrior year $12,174,461$12,701,641

I-18 Total expensesPrior year $41,422,530$43,980,208

I-19 Revenue less expensesPrior year $3,440,594$2,567,416

Part VI · Governance 20 of 24 board members independent, 1 to look at

VI-1a Voting members of the governing body24

VI-1b Independent voting members20

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 $46,547,624 across 6 lines filed

Lines not itemized here account for $140,297 of total revenue; see the IRS return.

VIII-1f All other contributions, gifts and grants$5,807,942

VIII-1g Noncash contributions (included above)$365,484

VIII-1h Total contributions, gifts and grants$5,807,942

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $37,977,818 · Excluded from tax $267,350$38,245,168

VIII-3 Investment incomeExcluded from tax $2,354,217$2,354,217

VIII-12 Total revenueRelated to mission $38,118,115 · Unrelated business $0 · Excluded from tax $2,621,567$46,547,624

Part IX · Statement of functional expenses $43,980,208 across 22 lines filed

IX-1 Grants to domestic organizationsPrograms $25,823$25,823

IX-2 Grants to domestic individualsPrograms $15,538,249$15,538,249

IX-3 Grants and assistance to foreign recipientsPrograms $39,000$39,000

IX-5 Pay of current officers, directors and key staffPrograms $173,661 · Management $489,063 · Fundraising $167,506$830,230

IX-7 Other salaries and wagesPrograms $9,949,714 · Management $2,079,621 · Fundraising $406,329$12,435,664

IX-8 Pension plan contributionsPrograms $536,120 · Management $78,259 · Fundraising $24,096$638,475

IX-9 Other employee benefitsPrograms $698,771 · Management $150,355 · Fundraising $34,852$883,978

IX-10 Payroll taxesPrograms $683,375 · Management $166,118 · Fundraising $37,655$887,148

IX-11b Legal feesManagement $7,675$7,675

IX-11c Accounting feesManagement $80,750$80,750

IX-11f Investment management feesManagement $118,654$118,654

IX-11g Other fees for servicesPrograms $1,262,653 · Management $184,880 · Fundraising $5,300$1,452,833

IX-12 Advertising and promotionPrograms $106,802 · Management $104,063$210,865

IX-13 Office expensesPrograms $561,874 · Management $356,243 · Fundraising $78,642$996,759

IX-14 Information technologyPrograms $301,740 · Management $405,355 · Fundraising $40,799$747,894

IX-16 OccupancyPrograms $1,030,846 · Management $61,260 · Fundraising $4,940$1,097,046

IX-17 TravelPrograms $737,514 · Management $54,564 · Fundraising $58,435$850,513

IX-18 Travel and entertainment for public officialsPrograms $15,978 · Management $3,336$19,314

IX-20 InterestPrograms $544,582$544,582

IX-22 Depreciation, depletion and amortizationPrograms $2,288,297 · Management $152,063 · Fundraising $12,263$2,452,623

IX-23 InsurancePrograms $23,973 · Management $336,265$360,238

IX-24 Other expenses (24a–d)Programs $2,515,458 · Management $959,412 · Fundraising $287,025$3,761,895

IX-25 Total functional expensesPrograms $37,034,430 · Management $5,787,936 · Fundraising $1,157,842$43,980,208

Part X · Balance sheet $111,462,499 assets, 19 lines filed

Asset lines not itemized here account for $713,656; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $5,963,832$9,185,650

X-2 Savings and temporary cash investmentsStart of year $5,801,823$4,745,703

X-3 Pledges and grants receivableStart of year $4,313,316$4,253,822

X-4 Accounts receivableStart of year $755,971$2,058,844

X-8 Inventories for sale or useStart of year $306,468$277,827

X-9 Prepaid expenses and deferred chargesStart of year $82,895$113,233

X-10c Land, buildings and equipment, netStart of year $42,949,691$41,347,951

X-12 Other securitiesStart of year $44,987,868$47,043,499

X-15 Other assetsStart of year $1,712,447$1,722,314

X-16 Total assetsStart of year $107,758,792$111,462,499

X-17 Accounts payable and accrued expensesStart of year $1,544,039$1,935,826

X-19 Deferred revenueStart of year $1,519,301$1,300,087

X-20 Tax-exempt bond liabilitiesStart of year $8,336,824$7,702,714

X-25 Other liabilitiesStart of year $1,781,690$1,163,151

X-26 Total liabilitiesStart of year $18,090,181$19,338,014

X-27 Net assets without donor restrictionsStart of year $35,692,670$35,233,507

X-28 Net assets with donor restrictionsStart of year $53,975,941$56,890,978

X-32 Total net assets or fund balancesStart of year $89,668,611$92,124,485

X-33 Total liabilities and net assetsStart of year $107,758,792$111,462,499

Part XI · Reconciliation of net assets $92,124,485 net assets at year end

XI-1 Total revenue$46,547,624

XI-2 Total expenses$43,980,208

XI-3 Revenue less expenses$2,567,416

XI-4 Net assets at start of year$89,668,611

XI-5 Net unrealized gains (losses) on investments−$74,447

XI-9 Other changes in net assets−$37,095

XI-10 Net assets at end of year$92,124,485

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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Milligan University FY2020 filing

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