Faulkner University: FY2024 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 · $60.6M · in their own filed words · FY2023

01

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

$44.8Mprogram expense

02

Student Service

Other non-instructional services provided for students

$10.6Mprogram expense

03

Auxiliary Enterprises

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

$5.2Mprogram 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 FY2024 990, line by line.

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from philanthropy.org

1The main four

Money inPt VIII

$83.6M

Ln 12

Fees for servicesLn 2g$59.7M

Gifts and grantsLn 1h$22.0M

Investment incomeLn 3$1.3M

Money outPt IX

$71.3M

Ln 25

Programscol B$60.6M

Managementcol C$9.4M

Fundraisingcol D$1.3M

Owns and owesPt X

$72.2M

net assets · Ln 32

Cash and savingsLn 1–2$8.7M

Total assetsLn 16$115.3M

LiabilitiesLn 26$43.2M

PeoplePt VI, VII

42

listed · VII A

PaidVII A10

Voting boardVI 1a33

IndependentVI 1b30

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$22.0M

Government grantsLn 1e$3.1M

Noncash giftsLn 1g$71K

Fundraising eventsLn 1c$217K

Fees for servicesLn 2g$59.7M

Investment incomeLn 3$1.3M

Other incomeLn 4–11$537K

Gains on assetsLn 7$101K

Total revenueLn 12$83.6M

Assets in detailPt X, end of year

CashLn 1$8.7M

Cash and savings togetherLn 1–2$8.7M

InvestmentsLn 11–13$36.5M

Land, buildings, equipmentLn 10c$62.4M

Other assetsLn 15$1.2M

Total assetsLn 16$115.3M

LiabilitiesLn 26$43.2M

Net assetsLn 32$72.2M

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 FY24	End FY24
Cash and savingsLn 1–2	$8.3M	$8.7M
InvestmentsLn 11–13	$23.0M	$36.5M
Land, buildings, equipmentLn 10c	$61.5M	$62.4M
Total assetsLn 16	$100.5M	$115.3M
LiabilitiesLn 26	$42.8M	$43.2M
Net assetsLn 32	$57.7M	$72.2M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$15.4M	$15.4M
Pay of current officers, directors and key staffLn 5	$848K	$26K	$643K	$180K
Other salaries and wagesLn 7	$23.4M	$20.4M	$2.3M	$606K
Other employee benefitsLn 9	$3.3M	$2.7M	$433K	$118K
Payroll taxesLn 10	$1.7M	$1.4M	$221K	$60K
Management feesLn 11a	$22K		$22K
Accounting feesLn 11c	$73K		$73K
Other fees for servicesLn 11g	$139K	$139K
Advertising and promotionLn 12	$1.6M	$347K	$1.2M
Office expensesLn 13	$1.2M	$787K	$341K	$24K
Information technologyLn 14	$1.4M	$1.1M	$225K	$16K
OccupancyLn 16	$3.4M	$2.8M	$555K	$40K
TravelLn 17	$1.1M	$1.0M	$52K	$21K
Conferences, conventions and meetingsLn 19	$342K	$187K	$153K	$3K
Depreciation, depletion and amortizationLn 22	$3.7M	$3.1M	$610K	$44K
InsuranceLn 23	$231K	$231K
Other expenses (24a–d)Ln 24	$12.8M	$10.5M	$2.1M	$170K
All other expensesLn 24e	$770K	$393K	$377K	$666
Total functional expensesLn 25	$71.3M	$60.6M	$9.4M	$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 Viewing	$83.6M	$71.3M	$12.3M	$72.2M	990 PDF
FY2023	$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 FY2024 990 (6 parts)

Part I · Summary $83,641,697 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $8,127,255$22,021,271

I-9 Program service revenuePrior year $55,649,974$59,733,725

I-10 Investment incomePrior year $1,011,784$1,349,674

I-11 Other revenuePrior year $835,100$537,027

I-12 Total revenuePrior year $65,624,113$83,641,697

I-13 Grants and similar amounts paidPrior year $14,125,214$15,412,600

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

I-15 Salaries and benefitsPrior year $26,416,672$29,167,428

I-16a Professional fundraising feesPrior year $19,600$0

I-17 Other expensesPrior year $25,038,891$26,720,160

I-18 Total expensesPrior year $65,600,377$71,300,188

I-19 Revenue less expensesPrior year $23,736$12,341,509

Part VI · Governance 30 of 33 board members independent, 1 to look at

VI-1a Voting members of the governing body33

VI-1b Independent voting members30

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 $83,641,697 across 12 lines filed

VIII-1c Fundraising events$216,854

VIII-1e Government grants$3,105,132

VIII-1f All other contributions, gifts and grants$18,699,285

VIII-1g Noncash contributions (included above)$71,486

VIII-1h Total contributions, gifts and grants$22,021,271

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $59,733,725$59,733,725

VIII-3 Investment incomeExcluded from tax $1,249,039$1,249,039

VIII-6 Net rental income or lossUnrelated business −$141,981−$141,981

VIII-7 Net gain or loss on sales of assetsExcluded from tax $100,635$100,635

VIII-8 Net income from fundraising eventsExcluded from tax −$462,353−$462,353

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,134,461 · Unrelated business $6,900$1,141,361

VIII-12 Total revenueRelated to mission $60,868,186 · Unrelated business −$135,081 · Excluded from tax $887,321$83,641,697

Part IX · Statement of functional expenses $71,300,188 across 18 lines filed

IX-2 Grants to domestic individualsPrograms $15,412,600$15,412,600

IX-5 Pay of current officers, directors and key staffPrograms $25,671 · Management $642,606 · Fundraising $179,816$848,093

IX-7 Other salaries and wagesPrograms $20,433,545 · Management $2,338,629 · Fundraising $605,601$23,377,775

IX-9 Other employee benefitsPrograms $2,720,119 · Management $432,862 · Fundraising $118,054$3,271,035

IX-10 Payroll taxesPrograms $1,389,359 · Management $220,868 · Fundraising $60,298$1,670,525

IX-11a Management feesManagement $21,921$21,921

IX-11c Accounting feesManagement $73,125$73,125

IX-11g Other fees for servicesPrograms $138,841$138,841

IX-12 Advertising and promotionPrograms $346,577 · Management $1,231,735$1,578,312

IX-13 Office expensesPrograms $787,431 · Management $341,060 · Fundraising $23,715$1,152,206

IX-14 Information technologyPrograms $1,141,566 · Management $225,133 · Fundraising $16,180$1,382,879

IX-16 OccupancyPrograms $2,836,424 · Management $555,298 · Fundraising $39,909$3,431,631

IX-17 TravelPrograms $1,010,406 · Management $51,990 · Fundraising $21,489$1,083,885

IX-19 Conferences, conventions and meetingsPrograms $186,561 · Management $152,960 · Fundraising $2,683$342,204

IX-22 Depreciation, depletion and amortizationPrograms $3,091,766 · Management $609,739 · Fundraising $43,820$3,745,325

IX-23 InsurancePrograms $231,372$231,372

IX-24 Other expenses (24a–d)Programs $10,494,015 · Management $2,104,486 · Fundraising $169,676$12,768,177

IX-24e All other expensesPrograms $392,932 · Management $376,684 · Fundraising $666$770,282

IX-25 Total functional expensesPrograms $60,639,185 · Management $9,379,096 · Fundraising $1,281,907$71,300,188

Part X · Balance sheet $115,341,167 assets, 16 lines filed

X-1 Cash, non-interest-bearingStart of year $8,336,024$8,737,811

X-3 Pledges and grants receivableStart of year $1,827,341$1,323,766

X-4 Accounts receivableStart of year $4,918,867$5,126,821

X-10c Land, buildings and equipment, netStart of year $61,466,091$62,376,181

X-11 Publicly traded securitiesStart of year $22,964,059$36,534,425

X-15 Other assetsStart of year $945,532$1,242,163

X-16 Total assetsStart of year $100,457,914$115,341,167

X-17 Accounts payable and accrued expensesStart of year $5,101,029$5,925,079

X-19 Deferred revenueStart of year $6,301,876$6,310,188

X-20 Tax-exempt bond liabilitiesStart of year $30,452,598$29,640,135

X-25 Other liabilitiesStart of year $902,308$1,276,218

X-26 Total liabilitiesStart of year $42,772,777$43,161,551

X-27 Net assets without donor restrictionsStart of year $38,876,819$36,354,828

X-28 Net assets with donor restrictionsStart of year $18,808,318$35,824,788

X-32 Total net assets or fund balancesStart of year $57,685,137$72,179,616

X-33 Total liabilities and net assetsStart of year $100,457,914$115,341,167

Part XI · Reconciliation of net assets $72,179,616 net assets at year end

XI-1 Total revenue$83,641,697

XI-2 Total expenses$71,300,188

XI-3 Revenue less expenses$12,341,509

XI-4 Net assets at start of year$57,685,137

XI-5 Net unrealized gains (losses) on investments$2,152,970

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$72,179,616

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Faulkner University FY2024 filing

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