Northern State University Foundation (EIN 237002314) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1968

Legal Domicile

Principal Officer

Zach Flakus

Phone

6056262550

Tax Period

2024-07-01 to 2025-06-30

Northern State University Foundation, founded in 1968, is a mid-sized nonprofit that reported $21.5M in total revenue in fiscal year 2017. Revenue fell 56% from the prior year — a significant decline worth monitoring. Expenses of $28.7M exceeded revenue, resulting in a 34% operating deficit.

Mission

To solicit, administer funds & pursue other activities dedicated to securing the future of NSU.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $8,684,023

Program Service Revenue $916,961

Investment Income $2,885,657

Other Revenue $108,661

TOTAL REVENUE $12,595,302

Expense Breakdown

Grants Paid $6,968,682

Salaries & Benefits $1,141,357

Fundraising Expenses $804,824

Program Expenses $7,148,380

Other Expenses $1,138,985

TOTAL EXPENSES $9,305,024

Year-over-Year Comparison

	2024	2023	Change
Revenue	$12,595,302	$13,460,719	-0.1%
Expenses	$9,305,024	$8,534,566	+0.1%
Net Income	$3,290,278	$4,926,153	-0.3%

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

Volunteers

191

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

$310,200

Total Directors

$4,592

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dr Neal Schnoor to May 2025	Non-Voting Director	2.00	Director	$4,592	$0	$4,592
Megan Biegler	Chair	2.00	Officer Director	$0	$0	$0
Mike Bockorny to Sep 2024	Past-Chair	2.00	Officer Director	$0	$0	$0
Jared Jacobson	Chair-Elect	2.00	Officer Director	$0	$0	$0
Alex Grieben	Secretary	2.00	Officer Director	$0	$0	$0
Greg Wieker	Treasurer	2.00	Officer Director	$0	$0	$0
Jess Koehler	Director	1.00	Director	$0	$0	$0
Kila LeGrand	Director	0.50	Director	$0	$0	$0
Mark McNeary	Director	0.50	Director	$0	$0	$0
Eric Payne from Oct 2024	Director	0.50	Director	$0	$0	$0
Jennifer Ring	Director	0.50	Director	$0	$0	$0
Allie Ryckman	Director	0.50	Director	$0	$0	$0
Arthur Russo	Director	0.50	Director	$0	$0	$0
Kyle Schwan	Director	0.50	Director	$0	$0	$0
Steve Stickelmyer	Director	0.50	Director	$0	$0	$0
Sandy Vosika from Oct 2024	Director	1.00	Director	$0	$0	$0
Ric Dias	Director	0.50	Director	$0	$0	$0
Chad Bergan to Sep 2024	Director	0.50	Director	$0	$0	$0
Laurie Nichols from Jun 2025	Non-Voting Director	2.00	Director	$0	$0	$0
Zach FlakusPresident	CEO/Non-Voting Director	40.00	Officer	$195,916	$11,851	$207,767
Kaylee Babcock to Apr 2025	CFO	40.00	Officer	$90,582	$11,851	$102,433

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	$12,595,302	$9,305,024	$76,245,269	$3,290,278
2024	$13,460,719	$8,534,566	$70,844,993	$4,926,153
2023	$8,393,561	$7,737,550	$63,521,925	$656,011
2022	$9,430,075	$11,162,432	$67,511,706	$-1,732,357
2021	$9,521,879	$35,860,604	$76,382,947	$-26,338,725
2020	$23,577,331	$24,671,520	$84,974,607	$-1,094,189
2019	$20,453,197	$29,763,238	$87,128,155	$-9,310,041
2018	$21,459,598	$28,714,385	$83,229,575	$-7,254,787

Northern State University Foundation