MUHLENBERG COLLEGE

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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

1848

Legal Domicile

Principal Officer

KATHLEEN HARRING

Phone

4846643140

Tax Period

2023-07-01 to 2024-06-30

MUHLENBERG COLLEGE, founded in 1848, is a major nonprofit in the Education sector that reported $149.6M in total revenue in fiscal year 2023. Net assets of $481.1M represent 39 months of operating reserves.

Mission

MUHLENBERG AIMS TO HELP STUDENTS BECOME INDEPENDENT THINKERS WHO ARE INTELLECTUALLY AGILE, CHARACTERIZED BY A ZEST FOR REASONED AND CIVIL DEBATE, KNOWLEDGEABLE ABOUT THE ACHIEVEMENTS AND TRADITIONS OF DIVERSE CIVILIZATIONS AND CULTURES, ABLE TO EXPRESS IDEAS WITH CLARITY AND GRACE, COMMITTED TO LIFE-LONG LEARNING, EQUIPPED WITH ETHICAL AND CIVIC VALUES AND PREPARED FOR LIVES OF LEADERSHIP AND SERVICE.

Program Service Accomplishments

Program 1

Expenses: $41,135,536 Revenue: $102,536,223

INSTRUCTION AND RESEARCH EXPENDITURES FOR 2,063 FULL-TIME UNDERGRADUATE STUDENTS. THE COLLEGE OFFERS 40 MAJORS IN THE HUMANITIES, FINE ARTS, SOCIAL SCIENCES AND NATURAL SCIENCES, IN ADDITION TO...

INSTRUCTION AND RESEARCH EXPENDITURES FOR 2,063 FULL-TIME UNDERGRADUATE STUDENTS. THE COLLEGE OFFERS 40 MAJORS IN THE HUMANITIES, FINE ARTS, SOCIAL SCIENCES AND NATURAL SCIENCES, IN ADDITION TO STRONG PRE-PROFESSIONAL PROGRAMS IN SUCH AREAS AS PRE-HEALTH, PRE-LAW, PRE-THEOLOGY, BUSINESS AND EDUCATION. MUHLENBERG PROFESSORS ARE EXPERTS IN THEIR FIELDS. THEY CONDUCT CUTTING-EDGE RESEARCH, PUBLISH BOOKS AND ARTICLES, ARE QUOTED IN THE MEDIA, PRESENT AT CONFERENCES, AND WIN AWARDS. MUHLENBERG PROFESSORS ARE THE FORCE BEHIND THE COLLEGE'S UNMATCHED CONNECTIVITY. THEY DRIVE THE RICH AND REWARDING CURRICULUM, WHICH CONNECTS AND COMBINES CLASSICAL LIBERAL ARTS WITH OUTSTANDING PRE-PROFESSIONAL STUDY.

Program 2

Expenses: $85,800,037

OTHER PROGRAM SERVICES: LIBRARY, DEPRECIATION, INTEREST, NON-CASH FINANCIAL AID, AMORTIZATION OF BOND SETTLEMENT COSTS (2,063 FULL-TIME UNDERGRADUATE STUDENTS). STUDENT SERVICES INCLUDING RECRUITMENT FOR ADMISSION, COUNSELING, A NATIONALLY RECOGNIZED PEER TUTORING PROGRAM, CAREER DEVELOPMENT, FINANCIAL AID ADMINISTRATION, AND STUDENT RECORD ADMINISTRATION. ALL OF THESE SERVICES CONTRIBUTE TO THE SENSE OF CONNECTIVITY EXPERIENCED BY MUHLENBERG STUDENTS WHILE INTERACTING IN THE CAMPUS COMMUNITY.

Program 3

Expenses: $18,069,347 Revenue: $23,531,310

AUXILIARY SERVICES: HOUSING OF 1,750 STUDENTS; MEALS FOR APPROXIMATELY 1,625 STUDENTS; AND A BOOKSTORE FOR APPROXIMATELY 2,063 STUDENTS AND 808 EMPLOYEES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $8,768,109

Program Service Revenue $124,067,533

Investment Income $15,234,060

Other Revenue $1,496,203

TOTAL REVENUE $149,565,905

Expense Breakdown

Grants Paid $61,758,375

Salaries & Benefits $56,266,637

Fundraising Expenses $4,182,812

Program Expenses $145,004,920

Other Expenses $42,151,632

TOTAL EXPENSES $160,176,644

Year-over-Year Comparison

	2023	2022	Change
Revenue	$149,565,905	$150,243,432	0.0%
Expenses	$160,176,644	$160,599,197	0.0%
Net Income	$-10,610,739	$-10,355,765	+0.0%

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

1810

Volunteers

616

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

$1,985,609

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD C CRIST JR	CHAIRMAN	4.00	Officer Director	$0	$0	$0
RICHARD P ROMEO	SECRETARY	4.00	Officer Director	$0	$0	$0
LANCE BRUCK	FIRST CHAIR	2.00	Officer Director	$0	$0	$0
SANDRA L SMITH BODNYK	VICE CHAIR AT LARGE	2.00	Officer Director	$0	$0	$0
BETH ADDERLY DONALDSON	SECOND VICE CHAIR	2.00	Officer Director	$0	$0	$0
DOUGLAS J PEEBLES	THIRD VICE CHAIR	2.00	Officer Director	$0	$0	$0
JAN JURDEN	ASSISTANT SECRETARY	2.00	Officer Director	$0	$0	$0
LAUREN C ANDERSON	TRUSTEE	2.00	Director	$0	$0	$0
BRUCE BIRD	TRUSTEE	2.00	Director	$0	$0	$0
CHRISTOPHER DEFOREST	TRUSTEE	2.00	Director	$0	$0	$0
DAWN R ELLENBERGER	TRUSTEE	2.00	Director	$0	$0	$0
GERALD GALGANO	TRUSTEE	2.00	Director	$0	$0	$0
VINCENT GALGANO	TRUSTEE	2.00	Director	$0	$0	$0
SHANNON GARY	TRUSTEE	2.00	Director	$0	$0	$0
DAVID P JENKINS	TRUSTEE	2.00	Director	$0	$0	$0
ELMER MOORE JR	TRUSTEE	2.00	Director	$0	$0	$0
TIMOTHY P WALBERT	TRUSTEE	2.00	Director	$0	$0	$0
NANCY HUTTON	TRUSTEE	2.00	Director	$0	$0	$0
LAWRENCE A JACOBS	TRUSTEE	2.00	Director	$0	$0	$0
RAYMON W MCDANIEL JR	TRUSTEE	2.00	Director	$0	$0	$0
HAROLD STOVALL	TRUSTEE	2.00	Director	$0	$0	$0
DAVID SILBER	TRUSTEE	2.00	Director	$0	$0	$0
KIM BLEIMANN	TRUSTEE	2.00	Director	$0	$0	$0
LINDA CENCI	TRUSTEE	2.00	Director	$0	$0	$0
DENNIS WILLIAMS JR	TRUSTEE	2.00	Director	$0	$0	$0
WILMA S KUCHAREK	TRUSTEE	2.00	Director	$0	$0	$0
REV PATRICIA DAVENPORT	TRUSTEE	2.00	Director	$0	$0	$0
LUCY PURYEAR	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL J DOYLE JR	TRUSTEE	2.00	Director	$0	$0	$0
A BENJAMIN MILES III	TRUSTEE	2.00	Director	$0	$0	$0
DR KATHLEEN HARRING	PRESIDENT	40.00	Officer	$458,703	$32,754	$491,457
KENT DYER	CHIEF BUSINESS OFFICER AND	40.00	Officer	$176,287	$9,615	$185,902
REBEKKAH KOJKU	VICE PRESIDENT, ADVANCEMEN	40.00	Officer	$230,290	$33,683	$263,973
LAURA FURGE	PROVOST	40.00	Officer	$213,571	$32,808	$246,379
MEGAN RYAN	VICE PRESIDENT OF ENROLLME	40.00	Officer	$172,146	$31,535	$203,681
ALLISON WILLIAMS	DEAN OF STUDENTS	40.00	Officer	$218,921	$32,866	$251,787
JOSE DIEUDONNE	CHIEF INFORMATION OFFICER	40.00	Officer	$184,653	$10,793	$195,446
CURTIS TOPPER	CFO AND TREASURER	40.00	Officer	$133,748	$13,236	$146,984
DR DANIEL KLEM	PROFESSOR	40.00	Highest	$167,031	$23,623	$190,654
JILL WALSH	VICE PRESIDENT OF HUMAN RE	40.00	Highest	$147,709	$9,253	$156,962
ALEXANDER LEMHENEY	VICE PRESIDENT, GRADUATE &	40.00	Highest	$154,439	$15,886	$170,325
SAMANTHA BROOKE VICK	CHIEF DIVERSITY OFFICER	40.00	Highest	$158,273	$24,017	$182,290
VICTOR D'ASCENZO	ASSOCIATE VP DEVELOPMENT/ADVANCEMENT	40.00	Highest	$156,203	$24,449	$180,652

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	No data	No data	No data	No data
2024	$149,565,905	$160,176,644	$592,248,160	$-10,610,739
2023	$150,243,432	$160,599,197	$554,289,289	$-10,355,765
2022	$176,101,982	$161,439,294	$556,665,533	$14,662,688
2021	$171,294,187	$153,543,953	$587,334,493	$17,750,234
2020	$183,614,616	$161,489,312	$527,977,730	$22,125,304
2019	$176,447,587	$156,755,726	$533,194,400	$19,691,861
2018	$162,882,297	$150,570,915	$528,205,281	$12,311,382