TRUSTEES OF CLARK UNIVERSITY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1887

Legal Domicile

Principal Officer

DAVID FITHIAN

Phone

5087937455

Tax Period

2024-06-01 to 2025-05-31

TRUSTEES OF CLARK UNIVERSITY, founded in 1887, is a major nonprofit in the Education sector that reported $235.5M in total revenue in fiscal year 2024. Revenue decreased 6% compared to the prior year. Expenses of $266.5M exceeded revenue, resulting in a 13% operating deficit.

Mission

CLARK UNIVERSITY'S MISSION IS TO EDUCATE UNDERGRADUATE AND GRADUATE STUDENTS TO BE IMAGINATIVE AND CONTRIBUTING CITIZENS OF THE WORLD, AND TO ADVANCE THE FRONTIERS OF KNOWLEDGE AND UNDERSTANDING THROUGH RIGOROUS SCHOLARSHIP AND CREATIVE EFFORT. (CONTINUED ON SCHEDULE O)

Program Service Accomplishments

Program 1

Expenses: $96,484,251 Revenue: $180,194,289

INSTRUCTION AND ACADEMIC SUPPORT: CLARK'S FALL 2024 ENROLLMENT CONSISTED OF 2,266 UNDERGRADUATES AND 1,665 GRADUATE STUDENTS. OUR MOTTO - AND MISSION - IS "CHALLENGE CONVENTION; CHANGE OUR WORLD"...

INSTRUCTION AND ACADEMIC SUPPORT: CLARK'S FALL 2024 ENROLLMENT CONSISTED OF 2,266 UNDERGRADUATES AND 1,665 GRADUATE STUDENTS. OUR MOTTO - AND MISSION - IS "CHALLENGE CONVENTION; CHANGE OUR WORLD", AND OUR FACULTY MEMBERS WORK TO INSPIRE THEIR STUDENTS TO UTILIZE THEIR LIBERAL ARTS BASED EDUCATION TO MAKE A REAL DIFFERENCE IN THE COMMUNITIES IN WHICH THEY LIVE AND WORK. WE ALSO HAVE STRONG GRADUATE PROGRAMS, WHICH INCLUDE MASTERS' LEVEL DEGREES AND EIGHT PHD PROGRAMS.

Program 2

Expenses: $93,812,751 Revenue: $0

FINANCIAL AID: CLARK IS COMMITTED TO BEING AFFORDABLE TO THOSE STUDENTS ABLE TO MEET THE HIGH ACADEMIC EXPECTATIONS OF OUR FACULTY. APPROXIMATELY 97% OF ALL UNDERGRADUATE STUDENTS RECEIVE SOME LEVEL OF FINANCIAL ASSISTANCE, WHICH IS DISTRIBUTED ON THE BASIS OF BOTH MERIT AND FINANCIAL NEED.

Program 3

Expenses: $14,835,698 Revenue: $0

RESEARCH: CLARK IS COMMITTED TO A PROGRAM OF RESEARCH AND HAS A VERY PROFESSIONALLY ACTIVE FACULTY, VIRTUALLY ALL OF WHOM ARE ENGAGED IN SPONSORED OR UNSPONSORED RESEARCH AND CREATIVE ACTIVITY...

RESEARCH: CLARK IS COMMITTED TO A PROGRAM OF RESEARCH AND HAS A VERY PROFESSIONALLY ACTIVE FACULTY, VIRTUALLY ALL OF WHOM ARE ENGAGED IN SPONSORED OR UNSPONSORED RESEARCH AND CREATIVE ACTIVITY. UNDERGRADUATE AND GRADUATE STUDENTS PARTICIPATE EXTENSIVELY IN FACULTY-DIRECTED RESEARCH. RESEARCH IS FUNDED BY BOTH PRIVATE AND PUBLIC GRANTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $26,229,045

Program Service Revenue $197,424,296

Investment Income $6,760,533

Other Revenue $5,124,288

TOTAL REVENUE $235,538,162

Expense Breakdown

Grants Paid $96,570,559

Salaries & Benefits $99,021,089

Fundraising Expenses $6,742,217

Program Expenses $245,415,262

Other Expenses $70,726,321

TOTAL EXPENSES $266,488,619

Year-over-Year Comparison

	2024	2023	Change
Revenue	$235,538,162	$249,568,152	-0.1%
Expenses	$266,488,619	$258,888,264	+0.0%
Net Income	$-30,950,457	$-9,320,112	+2.3%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

2700

Volunteers

366

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,920,349

Total Directors

Key Employees

$2,267,050

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANI APRAHAMIAN	TRUSTEE	2.00	Director	$0	$0	$0
JAY ASH	TRUSTEE (AS OF 07/2024)	2.00	Director	$0	$0	$0
JASON M BARNETT	TRUSTEE (THRU 06/2024)	2.00	Director	$0	$0	$0
TERRI BONOFF	TRUSTEE (AS OF 07/2024)	2.00	Director	$0	$0	$0
DONELLA BROCKINGTON	TRUSTEE	2.00	Director	$0	$0	$0
INGRID BUSSON-HALL	TRUSTEE	2.00	Director	$0	$0	$0
ANTHONY CANNON	TRUSTEE	2.00	Director	$0	$0	$0
KEVIN CHERRY	TRUSTEE	2.00	Director	$0	$0	$0
ROY DINICOLA	TRUSTEE	2.00	Director	$0	$0	$0
MONA DOMOSH	TRUSTEE (THRU 06/2024)	2.00	Director	$0	$0	$0
ERIC EPSTEIN	TRUSTEE (AS OF 07/2024)	2.00	Director	$0	$0	$0
LARRY FRANKS	TRUSTEE	2.00	Director	$0	$0	$0
ROSS GILLMAN	TRUSTEE (THRU 06/2024)	2.00	Director	$0	$0	$0
JANET GOSS	TRUSTEE	2.00	Director	$0	$0	$0
NANCIE M JULIAN	TRUSTEE	2.00	Director	$0	$0	$0
GARY LABOVICH	TRUSTEE/CHAIR	15.00	Officer Director	$0	$0	$0
LAWRENCE LANDRY	TRUSTEE	2.00	Director	$0	$0	$0
CINDY MICHAEL-WOLPERT	TRUSTEE	2.00	Director	$0	$0	$0
ANTONIO MOLESTINA	TRUSTEE	2.00	Director	$0	$0	$0
ARLENE MORRIS	TRUSTEE	2.00	Director	$0	$0	$0
PETER MUGAR	TRUSTEE	2.00	Director	$0	$0	$0
JENNIFER OTTINGER	TRUSTEE	2.00	Director	$0	$0	$0
KAREN PATTERSON GREENE	TRUSTEE	2.00	Director	$0	$0	$0
ERICA PENN	TRUSTEE	2.00	Director	$0	$0	$0
LEE PLAVE	TRUSTEE	2.00	Director	$0	$0	$0
JOSEPH POKU	TRUSTEE	2.00	Director	$0	$0	$0
RON SHAICH	TRUSTEE	2.00	Director	$0	$0	$0
DAVID STRASSLER	TRUSTEE	2.00	Director	$0	$0	$0
BRUCE H WEILLER	TRUSTEE	2.00	Director	$0	$0	$0
MARK WETZEL	TRUSTEE	2.00	Director	$0	$0	$0
SARAH WILLIAMS	TRUSTEE (AS OF 07/2024)	2.00	Director	$0	$0	$0
LORI WITTMAN	TRUSTEE	2.00	Director	$0	$0	$0
BRIAN YEE	TRUSTEE (AS OF 07/2024)	2.00	Director	$0	$0	$0
VICKIE H RICCARDO	TRUSTEE (THRU 06/2024)	2.00	Director	$0	$0	$0
TONY TILTON	TRUSTEE	2.00	Director	$0	$0	$0
WENDI J TRILLING	TRUSTEE (THRU 06/2024)	2.00	Director	$0	$0	$0
DAVID FITHIAN	PRESIDENT	40.00	Officer	$826,486	$107,142	$933,628
DANIELLE MANNING	EVP & TREASURER (THRU 04/2025)	40.00	Officer	$369,581	$51,707	$421,288
KENDALL ISAAC	VP, GEN COUNSEL & SEC. (THRU 09/24)	40.00	Officer	$321,192	$49,690	$370,882
ANNE RANDALL	CONTROLLER AND ASST TREASURER	40.00	Officer	$176,544	$18,007	$194,551
DAN HITCHELL	EVP, CFO & TREASURER (AS OF 04/2025)	40.00	Officer	$0	$0	$0
SEBASTIAN ROYO	PROVOST(THRU 08/2024)/PROFESSOR	40.00	Key Emp	$361,801	$73,136	$434,937
JOE MANOK	VICE PRESIDENT UNIV. ADVANCEMENT	40.00	Key Emp	$325,582	$67,032	$392,614
JILL FRIEDMAN	VP MARKETING & COMMUNICATIONS	40.00	Key Emp	$288,959	$44,243	$333,202
DAVID CHEARO	VP PLANNING & CHIEF OF STAFF	40.00	Key Emp	$260,681	$60,542	$321,223
MARGO FOREMAN	VP & CHIEF DIVERSITY OFFICER	40.00	Key Emp	$225,928	$38,159	$264,087
JOSEPH CORAZZINI	VP GOVT & COMM AFFAIRS	40.00	Key Emp	$223,432	$52,040	$275,472
JOHN MAGEE	INT PROV/PROVOST (AS OF 02/2025)	40.00	Key Emp	$223,135	$22,380	$245,515
ALAN EISNER	PROFESSOR	40.00	Highest	$339,589	$39,787	$379,376
JOHN LABRIE	ASSOC PROVOST/DEAN OF PROF STUDIES	40.00	Highest	$293,053	$69,636	$362,689
DAVID JORDAN	DEAN OF SCHOOL OF BUSINESS	40.00	Highest	$289,443	$580	$290,023
ROBERT JOHNSTON	PROFESSOR	40.00	Highest	$280,452	$55,921	$336,373
NADIA WARD	DIRECTOR MOSAKOWSKI INSTITUTE	40.00	Highest	$268,065	$40,079	$308,144
MATTHEW MALSKY	PROGRAM DIR. MCA SUPPLEMENT	40.00		$144,548	$14,675	$159,223
YUKO AOYAMA	ASSOC PROVOST/DEAN OF RESEARCH	40.00		$140,415	$24,833	$165,248

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$235,538,162	$266,488,619	$770,114,928	$-30,950,457
2024	$249,568,152	$258,888,264	$768,048,176	$-9,320,112
2023	$226,941,247	$248,885,959	$728,511,228	$-21,944,712
2022	$198,442,361	$228,857,031	$757,704,092	$-30,414,670
2021	$181,293,663	$199,499,597	$718,521,244	$-18,205,934
2020	$200,947,598	$197,321,125	$609,464,924	$3,626,473
2019	$174,538,711	$182,160,844	$615,842,769	$-7,622,133
2019	$174,538,711	$182,160,844	$615,842,769	$-7,622,133
2018	$177,774,718	$172,446,611	$631,485,553	$5,328,107