KENYON 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

1824

Legal Domicile

Principal Officer

JULIE KORNFELD

Phone

7404275181

Tax Period

2023-07-01 to 2024-06-30

KENYON COLLEGE, founded in 1824, is a major nonprofit in the Education sector that reported $253.8M in total revenue in fiscal year 2023. Revenue grew 16% year-over-year, indicating healthy expansion. The organization ran a surplus of $52.2M, a strong 21% operating margin.

Mission

FINANCIAL STATEMENT FOOTNOTE REGARDING ART COLLECTION: COLLECTION AND WORKS OF ART - COLLECTIONS ARE NOT CAPITALIZED UNDER THE PROVISIONS OF ASC 958-605, REVENUE RECOGNITION - CONTRIBUTIONS RECEIVED. ALL WORKS OF ART AND COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION, OR RESEARCH; ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR AND PRESERVED; AND ARE SUBJECT TO POLICIES GOVERNING THEIR USE. PRIOR TO ASC 958-605 ADOPTION, THE COLLEGE DID CAPITALIZE WORKS OF ART AND COLLECTIONS. AT JUNE 30, 2023 AND 2022, THE NET BOOK VALUE OF THESE ITEMS IS $1,862,696 AND IS REFLECTED IN THE EQUIPMENT SECTION OF THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION.

Program Service Accomplishments

Program 1

Expenses: $180,214,549 Revenue: $157,852,843

THE COLLEGE OFFERS 26 MAJORS LEADING TO A BACHELOR'S DEGREE WITH A STUDENT-TO-FACULTY RATIO OF 10 TO 1. IN ADDITION, THE COLLEGE OFFERS 10 CONCENTRATIONS; PRE-PROFESSIONAL ADVISING FOR GRADUATE OR...

THE COLLEGE OFFERS 26 MAJORS LEADING TO A BACHELOR'S DEGREE WITH A STUDENT-TO-FACULTY RATIO OF 10 TO 1. IN ADDITION, THE COLLEGE OFFERS 10 CONCENTRATIONS; PRE-PROFESSIONAL ADVISING FOR GRADUATE OR PROFESSIONAL SCHOOL IN BUSINESS, EDUCATION, ENGINEERING, LAW, AND MEDICINE; AND A NUMBER OF COOPERATIVE PROGRAMS INVOLVING OTHER INSTITUTIONS. STUDENT LIFE IS ACTIVE AND MULTIFACETED INCLUDING INTERCOLLEGIATE AND INTRAMURAL ATHLETICS, PERFORMING ARTS GROUPS, SORORITIES AND FRATERNITIES, AND EDUCATIONAL OPPORTUNITIES IN SEVERAL FOREIGN COUNTRIES. THE COLLEGE'S ON-CAMPUS ENROLLMENT IS APPROXIMATELY 1,800 STUDENTS.

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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 $56,265,114

Program Service Revenue $153,571,429

Investment Income $39,129,698

Other Revenue $4,855,125

TOTAL REVENUE $253,821,366

Expense Breakdown

Grants Paid $59,908,950

Salaries & Benefits $72,362,404

Fundraising Expenses $5,228,639

Program Expenses $180,214,549

Other Expenses $69,346,778

TOTAL EXPENSES $201,618,132

Year-over-Year Comparison

	2023	2022	Change
Revenue	$253,821,366	$218,784,013	+0.2%
Expenses	$201,618,132	$189,634,848	+0.1%
Net Income	$52,203,234	$29,149,165	+0.8%

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

2029

Volunteers

932

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

$1,921,367

Total Directors

$579,440

Key Employees

$999,485

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AILEEN C HEFFERREN	CHAIR	1.00	Director	$0	$0	$0
SUSAN TOMASKY	VICE CHAIR	1.00	Director	$0	$0	$0
JUDITH GILBERT	SECRETARY	1.00	Director	$0	$0	$0
MIKE ARBOUR	TRUSTEE	1.00	Director	$0	$0	$0
BRACKETT B DENNISTON	TRUSTEE	1.00	Director	$0	$0	$0
DIANE ELAM	TRUSTEE	1.00	Director	$0	$0	$0
ANNIE HANNA ENGEL	TRUSTEE	1.00	Director	$0	$0	$0
ROSE BRINTLINGER FEALY	TRUSTEE	1.00	Director	$0	$0	$0
JAMES FINN	TRUSTEE	1.00	Director	$0	$0	$0
NINA P FREEDMAN	TRUSTEE	1.00	Director	$0	$0	$0
ELISABETTA GHISINI	TRUSTEE	1.00	Director	$0	$0	$0
R TODD GIARDINELLI	TRUSTEE	1.00	Director	$0	$0	$0
HOPE C HARROD	TRUSTEE	1.00	Director	$0	$0	$0
PAMELA FEITLER HOEHN-SARIC	TRUSTEE	1.00	Director	$0	$0	$0
DAVID HORVITZ	TRUSTEE	1.00	Director	$0	$0	$0
MARK ISRAEL	TRUSTEE	1.00	Director	$0	$0	$0
BENITA JACKSON	TRUSTEE	1.00	Director	$0	$0	$0
ANTIONETTE KECK	TRUSTEE	1.00	Director	$0	$0	$0
AASEM G KHALIL	TRUSTEE	1.00	Director	$0	$0	$0
MELZETTA MOODY	TRUSTEE	1.00	Director	$0	$0	$0
LIZ MYERS	TRUSTEE	1.00	Director	$0	$0	$0
JAMES F PARKER	TRUSTEE	1.00	Director	$0	$0	$0
DENSIL PORTEOUS	TRUSTEE	1.00	Director	$0	$0	$0
BRIAN SELDEN	TRUSTEE	1.00	Director	$0	$0	$0
MARALEEN SHIELDS	TRUSTEE	1.00	Director	$0	$0	$0
KARL SLATOFF	TRUSTEE	1.00	Director	$0	$0	$0
D MATTHEW VOORHEES	TRUSTEE	1.00	Director	$0	$0	$0
MATTHEW A WINKLER	TRUSTEE	1.00	Director	$0	$0	$0
ALEXANDER W WRIGHT	TRUSTEE	1.00	Director	$0	$0	$0
JEFFREY BOWMAN	ACTING PRES.(UNTIL 9/23)/PROVOST	40.00	Officer Director	$343,934	$45,241	$389,175
JULIE KORNFELD	PRESIDENT (BEG. 10/23)	40.00	Officer Director	$161,683	$28,582	$190,265
TODD BURSON	VP FOR FINANCE	40.00	Officer	$228,690	$53,295	$281,985
COLLEEN GARLAND	VP FOR ADVANCEMENT	40.00	Officer	$305,133	$82,102	$387,235
SHERYL HEMKIN	ACTING PROVOST(UNTIL 9/23)/ASSOC.PROVOST	40.00	Officer	$203,927	$33,255	$237,182
KATHRYN LAKE	DIR.-BOARD RELATIONS&PRES.EVENTS	40.00	Officer	$74,830	$19,940	$94,770
NICHOLAS NEUERER	CONTROLLER	40.00	Officer	$116,142	$39,205	$155,347
IAN SMITH	VP FACILITIES,PLANNING&SUSTAIN.	40.00	Officer	$166,791	$18,617	$185,408
DIANE ANCI	VP ENROLL.MGMT.&DEAN-ADMISSIONS	40.00	Key Emp	$235,866	$82,057	$317,923
RONALD GRIGGS	VP LIBRARY&INFO.SERVICES	40.00	Key Emp	$181,478	$44,753	$226,231
CELESTINO LIMAS	VP STUDENT AFFAIRS	40.00	Key Emp	$193,108	$46,964	$240,072
JANET MARSDEN	VP COMMUNICATIONS	40.00	Key Emp	$177,740	$37,519	$215,259
RICHARD LOVERING	VP AND GENERAL COUNSEL	40.00	Highest	$204,494	$215	$204,709
SUSAN MORSE	PRESIDENT'S CHIEF OF STAFF	40.00	Highest	$191,640	$32,851	$224,491
SHARON WILLIAMS	ASSOC.VP DEVELOPMENT	40.00	Highest	$186,260	$20,582	$206,842
THEODORE MASON	ASSOC.PROVOST FOR DEI	40.00	Highest	$168,430	$43,948	$212,378
IRA SUKRUNGRUANG	PROFESSOR OF CREATIVE WRITING	40.00	Highest	$166,466	$40,297	$206,763
JOSEPH KLESNER	PROFESSOR OF POLITICAL SCIENCE	40.00		$161,910	$43,872	$205,782

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	$253,821,366	$201,618,132	$1,168,657,456	$52,203,234
2023	$218,784,013	$189,634,848	$1,082,627,140	$29,149,165
2022	$254,673,083	$183,244,124	$1,028,664,563	$71,428,959
2021	$159,022,032	$150,375,116	$1,026,131,356	$8,646,916
2020	$162,469,290	$152,837,510	$912,598,629	$9,631,780
2019	$162,540,034	$157,377,011	$902,863,590	$5,163,023
2018	$224,794,376	$148,162,435	$892,859,197	$76,631,941