Milligan University: FY2023 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 · $40.0M · in their own filed words · FY2022

01

Operation of christian liberal arts university

$40.0Mprogram 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 FY2023 990, line by line.

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1The main four

Money inPt VIII

$48.7M

Ln 12

Fees for servicesLn 2g$38.7M

Gifts and grantsLn 1h$7.0M

Investment incomeLn 3$2.9M

Money outPt IX

$47.5M

Ln 25

Programscol B$40.0M

Managementcol C$6.3M

Fundraisingcol D$1.2M

Owns and owesPt X

$106.6M

net assets · Ln 32

Cash and savingsLn 1–2$12.8M

Total assetsLn 16$119.6M

LiabilitiesLn 26$13.0M

PeoplePt VI, VII

41

listed · VII A

PaidVII A13

Voting boardVI 1a23

IndependentVI 1b19

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.0M

Noncash giftsLn 1g$1.1M

Fundraising eventsLn 1c$19K

Fees for servicesLn 2g$38.7M

Investment incomeLn 3$2.9M

Other incomeLn 4–11$100K

Gains on assetsLn 7$1.6M

Total revenueLn 12$48.7M

Assets in detailPt X, end of year

CashLn 1$6.3M

SavingsLn 2$6.5M

Cash and savings togetherLn 1–2$12.8M

InvestmentsLn 11–13$56.8M

Land, buildings, equipmentLn 10c$39.4M

Other assetsLn 15$3.8M

Total assetsLn 16$119.6M

LiabilitiesLn 26$13.0M

Net assetsLn 32$106.6M

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 FY23	End FY23
Cash and savingsLn 1–2	$17.2M	$12.8M
InvestmentsLn 11–13	$55.8M	$56.8M
Land, buildings, equipmentLn 10c	$40.8M	$39.4M
Total assetsLn 16	$122.1M	$119.6M
LiabilitiesLn 26	$13.8M	$13.0M
Net assetsLn 32	$108.3M	$106.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$30K	$30K
Grants to domestic individualsLn 2	$17.2M	$17.2M
Grants and assistance to foreign recipientsLn 3	$16K	$16K
Pay of current officers, directors and key staffLn 5	$1.1M	$378K	$588K	$158K
Other salaries and wagesLn 7	$13.5M	$10.8M	$2.3M	$425K
Pension plan contributionsLn 8	$699K	$585K	$89K	$25K
Other employee benefitsLn 9	$1.0M	$797K	$178K	$37K
Payroll taxesLn 10	$949K	$728K	$184K	$37K
Legal feesLn 11b	$4K		$4K
Accounting feesLn 11c	$78K		$78K
Investment management feesLn 11f	$150K		$150K
Other fees for servicesLn 11g	$1.9M	$1.6M	$237K	$11K
Advertising and promotionLn 12	$385K	$235K	$150K
Office expensesLn 13	$1.1M	$658K	$333K	$81K
Information technologyLn 14	$906K	$425K	$438K	$44K
OccupancyLn 16	$1.4M	$1.3M	$98K	$6K
TravelLn 17	$1.3M	$1.2M	$43K	$70K
Conferences, conventions and meetingsLn 19	$14K	$9K	$5K
InterestLn 20	$254K	$254K
Depreciation, depletion and amortizationLn 22	$2.3M	$2.1M	$143K	$12K
InsuranceLn 23	$437K	$72K	$365K
Other expenses (24a–d)Ln 24	$2.8M	$1.6M	$955K	$286K
Total functional expensesLn 25	$47.5M	$40.0M	$6.3M	$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 Viewing	$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	$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 FY2023 990 (6 parts)

Part I · Summary $48,728,165 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $12,542,747$7,042,966

I-9 Program service revenuePrior year $37,756,163$38,699,530

I-10 Investment incomePrior year $6,798,337$2,885,916

I-11 Other revenuePrior year $87,721$99,753

I-12 Total revenuePrior year $57,184,968$48,728,165

I-13 Grants and similar amounts paidPrior year $16,235,521$17,206,914

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

I-15 Salaries and benefitsPrior year $16,890,747$17,304,884

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

I-17 Other expensesPrior year $13,319,735$13,012,087

I-18 Total expensesPrior year $46,446,003$47,523,885

I-19 Revenue less expensesPrior year $10,738,965$1,204,280

Part VI · Governance 19 of 23 board members independent, 1 to look at

VI-1a Voting members of the governing body23

VI-1b Independent voting members19

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 $48,728,165 across 9 lines filed

Lines not itemized here account for $197,000 of total revenue; see the IRS return.

VIII-1c Fundraising events$18,955

VIII-1f All other contributions, gifts and grants$7,024,011

VIII-1g Noncash contributions (included above)$1,074,228

VIII-1h Total contributions, gifts and grants$7,042,966

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $38,243,199 · Excluded from tax $360,845$38,604,044

VIII-3 Investment incomeExcluded from tax $1,269,189$1,269,189

VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,616,727$1,616,727

VIII-8 Net income from fundraising eventsExcluded from tax −$1,761−$1,761

VIII-12 Total revenueRelated to mission $38,440,199 · Unrelated business $0 · Excluded from tax $3,245,000$48,728,165

Part IX · Statement of functional expenses $47,523,885 across 22 lines filed

IX-1 Grants to domestic organizationsPrograms $29,766$29,766

IX-2 Grants to domestic individualsPrograms $17,161,148$17,161,148

IX-3 Grants and assistance to foreign recipientsPrograms $16,000$16,000

IX-5 Pay of current officers, directors and key staffPrograms $378,351 · Management $587,685 · Fundraising $157,862$1,123,898

IX-7 Other salaries and wagesPrograms $10,797,989 · Management $2,297,612 · Fundraising $424,929$13,520,530

IX-8 Pension plan contributionsPrograms $585,055 · Management $89,222 · Fundraising $24,835$699,112

IX-9 Other employee benefitsPrograms $796,904 · Management $178,235 · Fundraising $37,034$1,012,173

IX-10 Payroll taxesPrograms $727,680 · Management $184,345 · Fundraising $37,146$949,171

IX-11b Legal feesManagement $3,585$3,585

IX-11c Accounting feesManagement $77,771$77,771

IX-11f Investment management feesManagement $149,928$149,928

IX-11g Other fees for servicesPrograms $1,602,409 · Management $237,308 · Fundraising $11,400$1,851,117

IX-12 Advertising and promotionPrograms $234,624 · Management $150,206$384,830

IX-13 Office expensesPrograms $658,106 · Management $332,717 · Fundraising $80,992$1,071,815

IX-14 Information technologyPrograms $424,531 · Management $437,534 · Fundraising $43,834$905,899

IX-16 OccupancyPrograms $1,331,506 · Management $98,131 · Fundraising $6,082$1,435,719

IX-17 TravelPrograms $1,177,631 · Management $42,971 · Fundraising $70,388$1,290,990

IX-19 Conferences, conventions and meetingsPrograms $9,310 · Management $4,731$14,041

IX-20 InterestPrograms $253,555$253,555

IX-22 Depreciation, depletion and amortizationPrograms $2,147,386 · Management $142,699 · Fundraising $11,508$2,301,593

IX-23 InsurancePrograms $72,019 · Management $365,274$437,293

IX-24 Other expenses (24a–d)Programs $1,592,955 · Management $955,203 · Fundraising $285,793$2,833,951

IX-25 Total functional expensesPrograms $39,996,925 · Management $6,335,157 · Fundraising $1,191,803$47,523,885

Part X · Balance sheet $119,604,397 assets, 19 lines filed

Asset lines not itemized here account for $318,309; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $8,448,108$6,300,434

X-2 Savings and temporary cash investmentsStart of year $8,737,935$6,519,182

X-3 Pledges and grants receivableStart of year $4,141,553$4,114,994

X-4 Accounts receivableStart of year $1,774,281$2,083,807

X-8 Inventories for sale or useStart of year $276,737$260,720

X-9 Prepaid expenses and deferred chargesStart of year $24,858$46,892

X-10c Land, buildings and equipment, netStart of year $40,770,037$39,394,122

X-13 Program-related investmentsStart of year $55,760,148$56,787,187

X-15 Other assetsStart of year $1,714,501$3,778,750

X-16 Total assetsStart of year $122,087,054$119,604,397

X-17 Accounts payable and accrued expensesStart of year $1,846,668$2,341,881

X-19 Deferred revenueStart of year $2,383,280$2,304,700

X-20 Tax-exempt bond liabilitiesStart of year $6,363,233$5,660,793

X-25 Other liabilitiesStart of year $790,705$487,126

X-26 Total liabilitiesStart of year $13,791,722$12,976,514

X-27 Net assets without donor restrictionsStart of year $47,391,121$44,628,615

X-28 Net assets with donor restrictionsStart of year $60,904,211$61,999,268

X-32 Total net assets or fund balancesStart of year $108,295,332$106,627,883

X-33 Total liabilities and net assetsStart of year $122,087,054$119,604,397

Part XI · Reconciliation of net assets $106,627,883 net assets at year end

XI-1 Total revenue$48,728,165

XI-2 Total expenses$47,523,885

XI-3 Revenue less expenses$1,204,280

XI-4 Net assets at start of year$108,295,332

XI-5 Net unrealized gains (losses) on investments−$2,981,369

XI-9 Other changes in net assets$109,640

XI-10 Net assets at end of year$106,627,883

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

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Milligan University FY2023 filing

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