Mount Vernon Nazarene 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

1968

Legal Domicile

Phone

7403979000

Tax Period

2024-07-01 to 2025-06-30

Mount Vernon Nazarene University, founded in 1968, is a mid-sized nonprofit in the Education sector that reported $69.2M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion.

Mission

Mount Vernon Nazarene University is an accredited four-year liberal arts University that confers two- and four-year degrees and graduate degrees in a variety of academic disciplines. In addition, it provides logistical support for the educational and theological efforts of the Church of the Nazarene and other like-minded religious and educational organizations.

Program Service Accomplishments

Program 1

Expenses: $62,491,943 Revenue: $59,852,888

The University is a four-year institution of higher education offering the degrees of Associate in Arts, Associate in Applied Science, Bachelor of Arts, Bachelor of Science, Masters of Business...

The University is a four-year institution of higher education offering the degrees of Associate in Arts, Associate in Applied Science, Bachelor of Arts, Bachelor of Science, Masters of Business Administration, Masters of Science in Management, Master of Arts in Education, and such other Baccalaureate and Graduate degrees as may be authorized by the Board of Trustees of the University, and permitted by the State of Ohio and the Higher Learning Commission; Member - North Central Association. For the year ended June 30, 2025, the University conferred 395 undergraduate and graduate degrees. Average enrollment head count was 2,048 students.

Program 2

Expenses: $74,117 Revenue: $65,695

The University provides logistical and facility support for like-minded religious and educational organizations. Organizations historically served include The North Central Ohio District Church of...

The University provides logistical and facility support for like-minded religious and educational organizations. Organizations historically served include The North Central Ohio District Church of the Nazarene, the National Christian School Athletic Association, the YMCA Great Lakes Leaders Training School, area primary and secondary schools, local first responder organizations and many others.

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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 $5,606,062

Program Service Revenue $59,685,037

Investment Income $3,488,615

Other Revenue $454,763

TOTAL REVENUE $69,234,477

Expense Breakdown

Grants Paid $31,799,219

Salaries & Benefits $24,025,599

Fundraising Expenses $1,113,997

Program Expenses $62,566,060

Other Expenses $16,155,526

TOTAL EXPENSES $71,980,344

Year-over-Year Comparison

	2024	2023	Change
Revenue	$69,234,477	$60,940,732	+0.1%
Expenses	$71,980,344	$65,171,011	+0.1%
Net Income	$-2,745,867	$-4,230,279	-0.4%

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

1181

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

$675,935

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD J PHILLIPS	CHAIRPERSON, BOARD OF TRUSTEES	3.0	Officer Director	$0	$0	$0
LARRY J HAMMOND	SECRETARY, BOARD OF TRUSTEES	2.0	Officer Director	$0	$0	$0
ROBERT J MAHAFFEY	VICE-CHAIR, BOARD OF TRUSTEES	2.0	Officer Director	$0	$0	$0
ADAM M CARR	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
ANDREW J MONNIN	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
BRET M LAYTON	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
CATHY M MANSON	MEMBER, BOARD OF TRUSTEES (THRU 8-2024)	1.0	Director	$0	$0	$0
CHRISTOPHER M WEGHORST	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
DAVID B LUTZ	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
DOUGLAS S WYATT	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
DOUGLAS W BOQUIST	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
DWAYNE P MILLS	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
EDWARD L ESTEP	MEMBER, BOARD OF TRUSTEES (BEG 10-2024)	1.0	Director	$0	$0	$0
J KEVIN DENNIS	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
JAMES D RADCLIFFE	MEMBER, BOARD OF TRUSTEES (THRU 1-2025)	1.0	Director	$0	$0	$0
KARI D TAYLOR	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
KATHY G GREENICH	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
KIMBERLY A STOCK	MEMBER, BOARD OF TRUSTEES (BEG 8-2024)	1.0	Director	$0	$0	$0
LAURA E CROUCH	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
MARK MADDUX	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
PAIGE M GRAVES	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
PHILLIP E GRATE	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
ROBERT S MAHAFFEY	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
RUSSELL T BAILEY	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
SAMUEL S BARBER	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
TERRY R BLOSSER	MEMBER, BOARD OF TRUSTEES (BEG 8-2024)	1.0	Director	$0	$0	$0
THOMAS G MESSENGER	MEMBER, BOARD OF TRUSTEES (THRU 8-2024)	1.0	Director	$0	$0	$0
WENDELL D BROWN	MEMBER, BOARD OF TRUSTEES	1.0	Director	$0	$0	$0
AMY KOVACH	VP FOR ACADEMIC AFFAIRS, CAO (THRU 1-2025)	40.0	Officer	$125,769	$22,196	$147,965
CARSON CASTLEMAN	PRESIDENT, CEO	40.0	Officer	$293,309	$34,890	$328,199
COLLEEN DERR	VP FOR ACADEMIC AFFAIRS, CAO (BEG 2-2025)	40.0	Officer	$0	$0	$0
DAVID WILSON	INTERIM TRANSITIONAL LEADER (THRU 9-2024)	40.0	Officer	$0	$0	$0
SCOTT L CAMPBELL	VP FOR FINANCE, CFO (THRU 1-2025)	40.0	Officer	$138,058	$25,713	$163,771
Steve Storck	Interim CFO	40.0	Officer	$36,000	$0	$36,000
ERIC STETLER III	VP of Academic Affairs	40.0	Highest	$129,085	$34,041	$163,126
JOHNNA VANOVER	VP of University Marketing & CAPS Enrollment	40.0	Highest	$114,007	$14,868	$128,875
JOSE OOMMEN KOCKALUMMOOTTIL	Professor of Electrical & Computer Engineering	40.0	Highest	$100,116	$28,929	$129,045
KEVIN CHANEY	Director of Academic and Curriculum Services	40.0	Highest	$103,121	$1,862	$104,983
STEPHEN SPRAKER	VP for Student Life	40.0	Highest	$100,880	$27,327	$128,207

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	$69,234,477	$71,980,344	$98,370,027	$-2,745,867
2024	No data	No data	No data	No data
2023	$65,850,690	$64,990,645	$104,873,942	$860,045
2022	$63,465,382	$64,716,074	$102,841,076	$-1,250,692
2021	$70,192,718	$61,289,266	$109,148,001	$8,903,452
2020	$60,602,306	$59,542,938	$101,311,381	$1,059,368
2019	$57,452,734	$56,021,425	$96,959,177	$1,431,309
2018	$57,023,867	$55,849,314	$97,976,778	$1,174,553