NATIONAL UNIVERSITY (EIN 237172306) - Form 990 Financial Analysis & Trantor Score

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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

1971

Legal Domicile

Principal Officer

KAREN WHITNEY

Phone

8586428100

Tax Period

2024-07-01 to 2025-06-30

NATIONAL UNIVERSITY, founded in 1971, is a major nonprofit in the Education sector that reported $555.8M in total revenue in fiscal year 2024.

Mission

NATIONAL UNIVERSITY IS A POST SECONDARY LEVEL EDUCATIONAL INSTITUTION.

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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 $14,552,396

Program Service Revenue $431,211,964

Investment Income $107,701,734

Other Revenue $2,382,606

TOTAL REVENUE $555,848,700

Expense Breakdown

Grants Paid $59,244,776

Salaries & Benefits $278,100,635

Fundraising Expenses $408,697

Program Expenses $281,399,137

Other Expenses $236,769,330

TOTAL EXPENSES $574,114,741

Year-over-Year Comparison

	2024	2023	Change
Revenue	$555,848,700	$544,171,192	+0.0%
Expenses	$574,114,741	$609,351,264	-0.1%
Net Income	$-18,266,041	$-65,180,072	-0.7%

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

5322

Volunteers

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

$1,957,003

Total Directors

$1,053,175

Key Employees

$3,515,376

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK MILLIRON	PRESIDENT/CEO	45.00	Officer Director	$992,000	$61,175	$1,053,175
DR RUTHANN HEINRICH	CHAIR	3.00	Officer Director	$0	$0	$0
E LEE RICE DO	VICE CHAIR	3.00	Officer Director	$0	$0	$0
RICHARD CHISHOLM	TREASURER THRU 4/25	3.00	Officer Director	$0	$0	$0
HIEP QUACH	TREASURER AS OF 4/25	3.00	Officer Director	$0	$0	$0
LEE WILLS-IRVINE	SECRETARY	3.00	Officer Director	$0	$0	$0
MARIA L AGUAYO	TRUSTEE AS OF 6/25	3.00	Director	$0	$0	$0
STACY ALLISON	TRUSTEE	3.00	Director	$0	$0	$0
JENNIFER BUCKNER	TRUSTEE AS OF 6/25	3.00	Director	$0	$0	$0
TOM CLEVINGER	TRUSTEE	3.00	Director	$0	$0	$0
JEANNE CONNELLY	TRUSTEE	3.00	Director	$0	$0	$0
KIM FOLSOM	TRUSTEE THRU 8/24	3.00	Director	$0	$0	$0
DR VIRGINIA FRAIRE	TRUSTEE AS OF 1/25	3.00	Director	$0	$0	$0
HAROLD GREENBERG	TRUSTEE	3.00	Director	$0	$0	$0
DR ERLINDA MARTINEZ	TRUSTEE	3.00	Director	$0	$0	$0
MICHAEL R MCGILL	TRUSTEE	3.00	Director	$0	$0	$0
JOANNE PASTULA	TRUSTEE	3.00	Director	$0	$0	$0
DAN PITTARD	TRUSTEE	3.00	Director	$0	$0	$0
RICHARD RHODES	TRUSTEE AS OF 1/25	3.00	Director	$0	$0	$0
CARLOS RODRIGUEZ	TRUSTEE	3.00	Director	$0	$0	$0
THOMAS TOPUZES	TRUSTEE	3.00	Director	$0	$0	$0
KAREN WHITNEY	EVP, SSS&ADMIN/CFO	45.00	Officer	$448,500	$61,878	$510,378
MICHELLE BELLO	SVP, ADMIN & FINANCE/ASST SECRETARY	45.00	Officer	$356,315	$37,135	$393,450
CAREY HILDERBRAND	EVP, CHIEF MARKETING OFFICER	45.00	Key Emp	$448,500	$63,177	$511,677
THOMAS STEWART	EVP, CAUSE RESEARCH INSTITUTE	45.00	Key Emp	$379,858	$62,141	$441,999
CHRIS RUSSO	EVP, CHIEF OF STAFF	45.00	Key Emp	$347,288	$58,490	$405,778
JOHN CICERO	PROVOST/CHIEF ACADEMIC OFFICER	45.00	Key Emp	$352,878	$41,641	$394,519
PAT PENDLETON	CHIEF INFO OFFICER	45.00	Key Emp	$313,250	$56,351	$369,601
SCOTT PAGE	SVP, NU ACADEMIES	45.00	Key Emp	$312,455	$45,493	$357,948
SANDI BEST	SVP, CHIEF HUMAN RESOUCES OFFICER	45.00	Key Emp	$313,885	$37,674	$351,559
NANCY ROHLAND	EVP, COMMUNITY ENGAGEMENT	45.00	Key Emp	$304,081	$44,380	$348,461
CHRISTOPHER GRAHAM	EVP, WORKFORCE & COMMUNITY EDUCATION	45.00	Key Emp	$301,813	$32,021	$333,834
JOSEPH HOEY	VP, ACCREDITATION & ASSESS. THRU 8/24	45.00	Highest	$282,375	$31,264	$313,639
IAN COOPER	SVP, STUDENT SUCCESS SERVICES	45.00	Highest	$248,503	$52,374	$300,877
ANGELA BALDASARE	DEPUTY CHIEF OF STAFF/SVP RESEARCH	45.00	Highest	$257,913	$41,874	$299,787
DAREN UPHAM	SVP, ENROLLMENT	45.00	Highest	$252,425	$40,618	$293,043
DAVE LAWRENCE	FORMER CFO THRU 4/24	45.00		$419,271	$48,384	$467,655
STEVE JOHNSON	ED STRATEGIC PARTNERSHIPS THRU 6/24	45.00		$252,256	$26,418	$278,674

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	$555,848,700	$574,114,741	$1,182,750,065	$-18,266,041
2024	$544,171,192	$609,351,264	$1,238,112,709	$-65,180,072
2023	$400,167,179	$535,882,865	$1,312,305,943	$-135,715,686
2022	$352,936,286	$375,144,846	$1,323,083,804	$-22,208,560
2021	$391,699,793	$428,475,327	$1,578,654,080	$-36,775,534
2020	$550,478,609	$241,601,300	$1,273,278,667	$308,877,309
2019	$259,021,429	$249,240,733	$977,804,219	$9,780,696
2018	$254,658,255	$283,411,961	$907,296,672	$-28,753,706

NATIONAL UNIVERSITY