Faulkner University: FY2023 Nonprofit Profile & Form 990 (EIN 63-0329409)

D Mitchell Henry’s $292K as University President is at the 63rd 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
D Mitchell Henry	$292,157	$292,897	$178,821	—	—
Dr Michael D Williams	—	—	$132,889	$279,320	$278,601
Dave Khadanga	—	—	$273,671	$220,564	$196,651
Rosie Khadanga	—	$205,230	$206,214	$169,275	$132,582
Richard Boutwell	$195,053	—	—	—	—
Justin Bond	$177,528	$180,269	$147,548	—	—
Charles Campbell	$169,292	$168,232	$166,117	$164,555	$164,456
Leah Fullman	—	—	$166,269	$134,753	$151,080

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 15aNo

Programs and updates

Provides education and related services to students and the campus community.

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3 programs · $56.3M · in their own filed words · FY2022

01

Instruction, public service and academic support-educational courses leading to a college degree

$40.6Mprogram expense

02

Student Service

Other non-instructional services provided for students

$10.8Mprogram expense

03

Auxiliary Enterprises

Provided lodging, board, books and related supplies and needs for students and the campus community.

$5.0Mprogram 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

Jay & Corrine Tuthill Memorial Scholarship TrustFY2025$13K

Folds of Honor FoundationFY2025$10K

Total grants receivedfrom 2 funders$23K

Grants paid · 24 grants · $77.3M · 2020–2024

Unitemized GrantFY2024$13,713,942

Unitemized GrantFY2024$1,040,065

Unitemized GrantFY2024$350,432

Unitemized GrantFY2024$76,181

Unitemized GrantFY2023$13,997,940

Unitemized GrantFY2023$746,062

Unitemized GrantFY2023$431,902

Unitemized GrantFY2023$236,696

Unitemized GrantFY2022$12,944,494

Unitemized GrantFY2022$683,959

Unitemized GrantFY2022$399,385

Unitemized GrantFY2022$83,797

Unitemized GrantFY2022$13,579

Unitemized GrantFY2021$12,828,320

Unitemized GrantFY2021$3,903,635

Unitemized GrantFY2021$461,668

Unitemized GrantFY2021$267,855

Unitemized GrantFY2021$51,750

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By the numbers

The FY2023 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$65.6M

Ln 12

Fees for servicesLn 2g$55.6M

Gifts and grantsLn 1h$8.1M

Investment incomeLn 3$1.0M

Money outPt IX

$65.6M

Ln 25

Programscol B$56.3M

Managementcol C$8.0M

Fundraisingcol D$1.3M

Owns and owesPt X

$57.7M

net assets · Ln 32

Cash and savingsLn 1–2$8.3M

Total assetsLn 16$100.5M

LiabilitiesLn 26$42.8M

PeoplePt VI, VII

44

listed · VII A

PaidVII A12

Voting boardVI 1a33

IndependentVI 1b29

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$8.1M

Government grantsLn 1e$2.1M

Noncash giftsLn 1g$55K

Fundraising eventsLn 1c$452K

Fees for servicesLn 2g$55.6M

Investment incomeLn 3$1.0M

Other incomeLn 4–11$835K

Gains on assetsLn 7$63K

Total revenueLn 12$65.6M

Assets in detailPt X, end of year

CashLn 1$8.3M

Cash and savings togetherLn 1–2$8.3M

InvestmentsLn 11–13$23.0M

Land, buildings, equipmentLn 10c$61.5M

Other assetsLn 15$946K

Total assetsLn 16$100.5M

LiabilitiesLn 26$42.8M

Net assetsLn 32$57.7M

OperationsPt I, VI

EmployeesI 5951

VolunteersI 6200

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	$6.7M	$8.3M
InvestmentsLn 11–13	$23.7M	$23.0M
Land, buildings, equipmentLn 10c	$63.9M	$61.5M
Total assetsLn 16	$101.6M	$100.5M
LiabilitiesLn 26	$43.2M	$42.8M
Net assetsLn 32	$58.4M	$57.7M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$14.1M	$14.1M
Pay of current officers, directors and key staffLn 5	$1.0M	$41K	$819K	$179K
Other salaries and wagesLn 7	$20.6M	$18.7M	$1.3M	$613K
Other employee benefitsLn 9	$3.3M	$2.8M	$318K	$123K
Payroll taxesLn 10	$1.5M	$1.3M	$143K	$55K
Management feesLn 11a	$21K		$21K
Legal feesLn 11b	$63K		$63K
Professional fundraising feesLn 11e	$20K			$20K
Other fees for servicesLn 11g	$400K	$399K		$421
Advertising and promotionLn 12	$1.6M	$1.1M	$483K
Office expensesLn 13	$1.1M	$668K	$342K	$46K
Information technologyLn 14	$1.4M	$1.2M	$239K	$16K
OccupancyLn 16	$3.2M	$2.6M	$545K	$37K
TravelLn 17	$659K	$630K	$25K	$4K
Conferences, conventions and meetingsLn 19	$320K	$185K	$132K	$3K
Depreciation, depletion and amortizationLn 22	$3.7M	$3.0M	$626K	$42K
InsuranceLn 23	$301K	$301K
Other expenses (24a–d)Ln 24	$11.4M	$8.8M	$2.4M	$208K
All other expensesLn 24e	$929K	$461K	$467K	$1K
Total functional expensesLn 25	$65.6M	$56.3M	$8.0M	$1.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$84.3M	$74.5M	$9.8M	$82.9M	990 PDF
FY2024	$83.6M	$71.3M	$12.3M	$72.2M	990 PDF
FY2023 Viewing	$65.6M	$65.6M	$24K	$57.7M	990 PDF
FY2022	$70.1M	$66.3M	$3.9M	$58.4M	990 PDF
FY2021	$67.1M	$59.9M	$7.2M	$55.5M	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 $65,624,113 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $15,786,438$8,127,255

I-9 Program service revenuePrior year $52,190,772$55,649,974

I-10 Investment incomePrior year $992,929$1,011,784

I-11 Other revenuePrior year $1,167,621$835,100

I-12 Total revenuePrior year $70,137,760$65,624,113

I-13 Grants and similar amounts paidPrior year $17,513,228$14,125,214

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

I-15 Salaries and benefitsPrior year $24,964,834$26,416,672

I-16a Professional fundraising feesPrior year $30,800$19,600

I-17 Other expensesPrior year $23,750,595$25,038,891

I-18 Total expensesPrior year $66,259,457$65,600,377

I-19 Revenue less expensesPrior year $3,878,303$23,736

Part VI · Governance 29 of 33 board members independent, 1 to look at

VI-1a Voting members of the governing body33

VI-1b Independent voting members29

VI-15a Process for setting top official's payNo

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

Part VIII · Statement of revenue $65,624,113 across 12 lines filed

VIII-1c Fundraising events$451,775

VIII-1e Government grants$2,076,831

VIII-1f All other contributions, gifts and grants$5,598,649

VIII-1g Noncash contributions (included above)$54,945

VIII-1h Total contributions, gifts and grants$8,127,255

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $55,649,974$55,649,974

VIII-3 Investment incomeExcluded from tax $948,975$948,975

VIII-6 Net rental income or lossUnrelated business $58,870$58,870

VIII-7 Net gain or loss on sales of assetsExcluded from tax $62,809$62,809

VIII-8 Net income from fundraising eventsExcluded from tax −$264,090−$264,090

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,016,920 · Unrelated business $23,400$1,040,320

VIII-12 Total revenueRelated to mission $56,666,894 · Unrelated business $82,270 · Excluded from tax $747,694$65,624,113

Part IX · Statement of functional expenses $65,600,377 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $14,125,214$14,125,214

IX-5 Pay of current officers, directors and key staffPrograms $40,964 · Management $818,670 · Fundraising $178,966$1,038,600

IX-7 Other salaries and wagesPrograms $18,684,676 · Management $1,313,801 · Fundraising $612,581$20,611,058

IX-9 Other employee benefitsPrograms $2,848,686 · Management $318,150 · Fundraising $123,215$3,290,051

IX-10 Payroll taxesPrograms $1,278,827 · Management $142,823 · Fundraising $55,313$1,476,963

IX-11a Management feesManagement $21,030$21,030

IX-11b Legal feesManagement $62,570$62,570

IX-11e Professional fundraising feesFundraising $19,600$19,600

IX-11g Other fees for servicesPrograms $399,373 · Fundraising $421$399,794

IX-12 Advertising and promotionPrograms $1,080,258 · Management $483,037$1,563,295

IX-13 Office expensesPrograms $667,745 · Management $341,623 · Fundraising $45,633$1,055,001

IX-14 Information technologyPrograms $1,155,850 · Management $238,504 · Fundraising $16,079$1,410,433

IX-16 OccupancyPrograms $2,642,369 · Management $545,240 · Fundraising $36,758$3,224,367

IX-17 TravelPrograms $629,587 · Management $25,105 · Fundraising $3,900$658,592

IX-19 Conferences, conventions and meetingsPrograms $185,373 · Management $131,650 · Fundraising $3,192$320,215

IX-22 Depreciation, depletion and amortizationPrograms $3,034,815 · Management $626,220 · Fundraising $42,217$3,703,252

IX-23 InsurancePrograms $300,507$300,507

IX-24 Other expenses (24a–d)Programs $8,759,514 · Management $2,423,123 · Fundraising $207,808$11,390,445

IX-24e All other expensesPrograms $461,320 · Management $466,931 · Fundraising $1,139$929,390

IX-25 Total functional expensesPrograms $56,295,078 · Management $7,958,477 · Fundraising $1,346,822$65,600,377

Part X · Balance sheet $100,457,914 assets, 16 lines filed

X-1 Cash, non-interest-bearingStart of year $6,704,312$8,336,024

X-3 Pledges and grants receivableStart of year $1,662,489$1,827,341

X-4 Accounts receivableStart of year $4,911,830$4,918,867

X-10c Land, buildings and equipment, netStart of year $63,901,648$61,466,091

X-11 Publicly traded securitiesStart of year $23,675,518$22,964,059

X-15 Other assetsStart of year $733,409$945,532

X-16 Total assetsStart of year $101,589,206$100,457,914

X-17 Accounts payable and accrued expensesStart of year $5,774,976$5,101,029

X-19 Deferred revenueStart of year $5,526,996$6,301,876

X-20 Tax-exempt bond liabilitiesStart of year $31,186,071$30,452,598

X-25 Other liabilitiesStart of year $679,844$902,308

X-26 Total liabilitiesStart of year $43,187,792$42,772,777

X-27 Net assets without donor restrictionsStart of year $35,885,266$38,876,819

X-28 Net assets with donor restrictionsStart of year $22,516,148$18,808,318

X-32 Total net assets or fund balancesStart of year $58,401,414$57,685,137

X-33 Total liabilities and net assetsStart of year $101,589,206$100,457,914

Part XI · Reconciliation of net assets $57,685,137 net assets at year end

XI-1 Total revenue$65,624,113

XI-2 Total expenses$65,600,377

XI-3 Revenue less expenses$23,736

XI-4 Net assets at start of year$58,401,414

XI-5 Net unrealized gains (losses) on investments−$740,013

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$57,685,137

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

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Faulkner University FY2023 filing

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