Cedarville 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

Phone

9377667818

Tax Period

2024-07-01 to 2025-06-30

Cedarville University, founded in 1887, is a major nonprofit in the Education sector that reported $240.8M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $211.0M left a modest 12% surplus.

Mission

CEDARVILLE UNIVERSITY TRANSFORMS LIVES THROUGH EXCELLENT EDUCATION AND INTENTIONAL DISCIPLESHIP IN SUBMISSION TO BIBLICAL AUTHORITY. THE UNIVERSITY ACHIEVES ITS MISSION BY ACCOMPLISHING PORTRAIT STATEMENTS WHICH REFLECT CHARACTERISTICS OF A CEDARVILLE UNIVERSITY GRADUATE.

Program Service Accomplishments

Program 1

Expenses: $80,073,202 Revenue: $0

STUDENT AID: EXCELLENCE IS EXPECTED FROM EVERYONE AT CEDARVILLE. WE PROVIDE STUDENTS IN EACH OF OUR 175 AREAS OF STUDY THE RESOURCES AND SUPPORT NECESSARY TO MEET OUR COMMUNITY'S HIGH STANDARDS FOR ACADEMIC ACHIEVEMENT. GRADUATES EMERGE FROM CEDARVILLE WELL-PREPARED TO SUCCEED IN A HIGHLY COMPETITIVE PROFESSIONAL ENVIRONMENT. AS A RESULT, WE ARE TAKING OUR WELL-EARNED PLACE AS ONE OF THE NATION'S BEST COLLEGES.

Program 2

Expenses: $75,339,051 Revenue: $166,937,036

INSTRUCTION AND ACADEMIC SUPPORT: LOCATED IN SOUTHWEST OHIO, CEDARVILLE UNIVERSITY IS AN ACCREDITED, CHRIST-CENTERED, BAPTIST INSTITUTION WITH AN ENROLLMENT OF 7,265 UNDERGRADUATE, GRADUATE AND...

INSTRUCTION AND ACADEMIC SUPPORT: LOCATED IN SOUTHWEST OHIO, CEDARVILLE UNIVERSITY IS AN ACCREDITED, CHRIST-CENTERED, BAPTIST INSTITUTION WITH AN ENROLLMENT OF 7,265 UNDERGRADUATE, GRADUATE AND ONLINE STUDENTS IN MORE THAN 175 AREAS OF STUDY. FOUNDED IN 1887, CEDARVILLE IS RECOGNIZED NATIONALLY FOR ITS AUTHENTIC CHRISTIAN COMMUNITY, RIGOROUS ACADEMIC PROGRAMS, STRONG GRADUATION AND RETENTION RATES, ACCREDITED PROFESSIONAL AND HEALTH SCIENCE OFFERINGS AND HIGH STUDENT ENGAGEMENT RANKING.

Program 3

Expenses: $20,904,628 Revenue: $37,520,418

AUXILIARY SERVICES: CEDARVILLE IS COMMITTED TO THE DEVELOPMENT OF THE WHOLE PERSON. FROM OUR STUDENT LIFE INITIATIVES TO OUR CURRICULUM DESIGN, ALL OF OUR STRUCTURES AND STRATEGIES HAVE BEEN...

AUXILIARY SERVICES: CEDARVILLE IS COMMITTED TO THE DEVELOPMENT OF THE WHOLE PERSON. FROM OUR STUDENT LIFE INITIATIVES TO OUR CURRICULUM DESIGN, ALL OF OUR STRUCTURES AND STRATEGIES HAVE BEEN DEVELOPED TO PRODUCE GRADUATES WHO WILL POSSESS THE EXPERTISE AND CHARACTER NEEDED TO ENGAGE THEIR PROFESSIONAL, SOCIAL AND POLITICAL SPHERES-OF-INFLUENCE WITH TRUTH FROM GOD'S UNCHANGING WORD.

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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 $30,148,770

Program Service Revenue $204,457,454

Investment Income $6,153,957

Other Revenue $5,651

TOTAL REVENUE $240,765,832

Expense Breakdown

Grants Paid $80,073,202

Salaries & Benefits $69,703,193

Fundraising Expenses $3,084,078

Program Expenses $188,523,317

Other Expenses $61,191,703

TOTAL EXPENSES $210,980,598

Year-over-Year Comparison

	2024	2023	Change
Revenue	$240,765,832	$206,749,413	+0.2%
Expenses	$210,980,598	$188,591,934	+0.1%
Net Income	$29,785,234	$18,157,479	+0.6%

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

3324

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

$2,232,262

Total Directors

$174,575

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR COREY ABNEY	TRUSTEE - SECRETARY	1.0	Officer Director	$37,404	$0	$37,404
MR DANIEL PETEK	TRUSTEE - CHAIRMAN	1.0	Officer Director	$17,939	$0	$17,939
MR KENNETH DAVID BANE	TRUSTEE - TREASURER	1.0	Officer Director	$0	$0	$0
MR ROBERT WYNALDA	TRUSTEE-VICE CHAIRMAN	1.0	Officer Director	$0	$0	$0
DR DEFORIA LANE	TRUSTEE	1.0	Director	$0	$0	$0
DR DOMINIC MCKINLEY	TRUSTEE	1.0	Director	$1,110	$0	$1,110
DR DON LOUGH	TRUSTEE	1.0	Director	$0	$0	$0
DR HAYES WICKER	TRUSTEE	1.0	Director	$0	$0	$0
DR JAMES HILTON	TRUSTEE	1.0	Director	$17,798	$0	$17,798
DR JASON DUESING	TRUSTEE	1.0	Director	$21,828	$0	$21,828
LT COL DAVID CARR	TRUSTEE	1.0	Director	$0	$0	$0
MR DANIEL GREEN	TRUSTEE	1.0	Director	$0	$0	$0
MR DAVID DYKEMA	TRUSTEE	1.0	Director	$0	$0	$0
MR EVAN ENGLISH	TRUSTEE	1.0	Director	$0	$0	$0
MR JONATHAN PRICE	TRUSTEE	1.0	Director	$0	$0	$0
MR NATHAN LINO	TRUSTEE	1.0	Director	$41,803	$0	$41,803
MR PAUL DAVIS	TRUSTEE	1.0	Director	$0	$0	$0
MR TIMOTHY KNIGHT	TRUSTEE	1.0	Director	$0	$0	$0
MR WARREN JENKINS	TRUSTEE	1.0	Director	$0	$0	$0
MRS CONNIE JENKINS	TRUSTEE	1.0	Director	$0	$0	$0
REV BRIAN WHITE	TRUSTEE	1.0	Director	$9,804	$0	$9,804
REV JEFFORY WILLETTS	TRUSTEE	1.0	Director	$0	$0	$0
REV JOEL WAYNE	TRUSTEE	1.0	Director	$26,889	$0	$26,889
REV RANDY PATTEN	TRUSTEE	1.0	Director	$0	$0	$0
REV WILLIAM BERNHARD	TRUSTEE	1.0	Director	$0	$0	$0
CHRISTOPHER CROSS	VP OF ATHLETICS	40.0	Officer	$116,342	$23,376	$139,718
CHRISTOPHER SOHN	VP OF BUSINESS CFO	40.0	Officer	$232,372	$45,325	$277,697
JANICE SUPPLEE	VP MARKETING	40.0	Officer	$171,401	$24,109	$195,510
JONATHAN WOOD	VP STUDENT LIFE	40.0	Officer	$143,011	$85,528	$228,539
ROBERT LUTZ	VP FOR STRATEGIC INITIATIVES (BEGAN 9/30/24)	40.0	Officer	$39,686	$10,445	$50,131
SCOTT VAN LOO	VP ENROLLMENT MGMT	40.0	Officer	$224,254	$54,055	$278,309
THOMAS MACH	VP ACADEMICS	40.0	Officer	$230,416	$45,062	$275,478
THOMAS WHITE	PRESIDENT	40.0	Officer	$390,172	$88,358	$478,530
WILLIAM SMALLWOOD	VP ADVANCEMENT	40.0	Officer	$212,518	$40,489	$253,007
ALEDA CHEN	PROFESSOR OF PHARMACY SCIENCE	40.0	Highest	$159,359	$19,091	$178,450
JASON GRAHAME	DIRECTOR OF PA PROGRAM	40.0	Highest	$157,455	$89,790	$247,245
JEFFERY BATES	PROF OF PHARM SCIENCE	40.0	Highest	$182,272	$48,457	$230,729
JUSTIN COLE	PROF OF PHARM SCIENCE	40.0	Highest	$155,101	$42,064	$197,165
SETH HAMMAN	PROF OF CYBER OPERATIONS	40.0	Highest	$198,761	$50,587	$249,348

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	$240,765,832	$210,980,598	$365,354,316	$29,785,234
2024	$206,749,413	$188,591,934	$337,905,658	$18,157,479
2023	$209,565,667	$180,785,406	$321,440,523	$28,780,261
2022	$195,000,873	$168,808,042	$285,598,850	$26,192,831
2021	$182,725,706	$152,487,858	$257,715,774	$30,237,848
2020	$159,289,322	$140,318,406	$224,265,347	$18,970,916
2019	$149,267,481	$131,470,776	$204,944,554	$17,796,705
2018	$135,023,913	$122,316,519	$188,794,214	$12,707,394