CASE WESTERN RESERVE 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

1826

Legal Domicile

Phone

2163682126

Tax Period

2024-07-01 to 2025-06-30

CASE WESTERN RESERVE UNIVERSITY, founded in 1826, is a large national nonprofit in the Education sector that reported $1.7B in total revenue in fiscal year 2024. Expenses of $1.7B left a modest 5% surplus.

Mission

Case Western Reserve University is an independent, research-oriented university with broadly based strengths in health, including medicine, nursing and dentistry; in engineering; in the arts and sciences; and in law, management and social work. The University's commitment to excellence in teaching, research and scholarship. The University brings together highly qualified faculty, students and staff to: (1) Offer undergraduate education that preserves the strengths of traditional disciplinary majors while integrating contents and methods from technology, the arts and sciences, and the professions, (2) Prepare students for positions of leadership in professions that are important to society, and (3) Advance, through research and scholarship the understanding of its chosen disciplines and their applications.

Program Service Accomplishments

Program 1

Expenses: $812,032,232 Revenue: $682,911,153

THE ACADEMIC PROGRAMS OF CASE WESTERN RESERVE UNIVERSITY ARE ADMINISTERED THROUGH ITS SCHOOLS AND COLLEGES. CURRENTLY 12,545 STUDENTS ARE ENROLLED IN PROGRAMS LEADING TO UNDERGRADUATE, GRADUATE AND PROFESSIONAL DEGREES ADMINISTERED THROUGH THE UNIVERSITY'S NINE SCHOOLS: THE CASE SCHOOL OF ENGINEERING, THE COLLEGE OF ARTS AND SCIENCES, THE MANDEL SCHOOL OF APPLIED SOCIAL SCIENCES, THE SCHOOL OF DENTAL MEDICINE, THE SCHOOL OF GRADUATE STUDIES, THE SCHOOL OF LAW, THE WEATHERHEAD SCHOOL OF MANAGEMENT, THE SCHOOL OF MEDICINE AND THE FRANCES PAYNE BOLTON SCHOOL OF NURSING.

Program 2

Expenses: $446,760,775

CASE WESTERN RESERVE UNIVERSITY IS CLASSIFIED AS A RESEARCH UNIVERSITY (VERY HIGH RESEARCH ACTIVITY) - EXTENSIVE BY THE CARNEGIE COMMISSION ON HIGHER EDUCATION. THIS CLASSIFICATION IS GIVEN TO THOSE INSTITUTIONS THAT TRAIN THE GREATEST NUMBER OF FUTURE RESEARCHERS (USUALLY MEASURED BY THE NUMBER OF PHD STUDENTS) AND TO THOSE INSTITUTIONS THAT RECEIVE THE MOST FEDERAL FUNDS. IN ADDITION TO FEDERAL SOURCES, RESEARCH IN THE SCIENCES, THE HUMANITIES AND THE HEALTH SCIENCES AREA IS FUNDED BY GIFTS AND GRANTS FROM PRIVATE FOUNDATIONS, CORPORATIONS AND INDIVIDUALS.

Program 3

Expenses: $103,405,524 Revenue: $108,262,146

AUXILIARIES PROVIDES SEVERAL SERVICES WHICH, ALTHOUGH NOT DIRECTLY RELATED TO ITS ACADEMIC MISSION, ARE NEVERTHELESS AN INTEGRAL PART OF THE OVERALL EDUCATIONAL EXPERIENCE OF ITS STUDENTS. THE...

AUXILIARIES PROVIDES SEVERAL SERVICES WHICH, ALTHOUGH NOT DIRECTLY RELATED TO ITS ACADEMIC MISSION, ARE NEVERTHELESS AN INTEGRAL PART OF THE OVERALL EDUCATIONAL EXPERIENCE OF ITS STUDENTS. THE PROVISION OF CAMPUS HOUSING AND BOARD PLANS, AND PHONE SERVICES ARE EXAMPLES OF CURRENT AUXILIARY SERVICES.

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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 $719,312,252

Program Service Revenue $838,372,777

Investment Income $177,688,730

Other Revenue $-20,709

TOTAL REVENUE $1,735,353,050

Expense Breakdown

Grants Paid $332,175,390

Salaries & Benefits $619,485,523

Fundraising Expenses $12,800,051

Program Expenses $1,472,270,826

Other Expenses $699,851,363

TOTAL EXPENSES $1,651,834,029

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,735,353,050	$1,607,017,960	+0.1%
Expenses	$1,651,834,029	$1,539,882,301	+0.1%
Net Income	$83,519,021	$67,135,659	+0.2%

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

10967

Volunteers

627

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

$4,862,281

Total Directors

$2,406,044

Key Employees

$2,526,805

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Eric Kaler	President, Ex Officio	60.0	Officer Director	$2,096,565	$52,155	$2,148,720
Aarti Chandna	Vice Chair of the Board of Trustees	2.0	Director	$0	$0	$0
Amy G Brady	Trustee	2.0	Director	$0	$0	$0
Anand Swaminathan	Vice Chair of the Board of Trustees	2.0	Director	$0	$0	$0
Celia Weatherhead	Trustee	2.0	Director	$0	$0	$0
Charles Hallberg	Trustee	2.0	Director	$0	$0	$0
Charles J Koch	Trustee	2.0	Director	$0	$0	$0
Colleen Batcheler	Trustee	2.0	Director	$0	$0	$0
David M Carr	Trustee	2.0	Director	$0	$0	$0
Debra Wilfong	Trustee	2.0	Director	$0	$0	$0
Donald J Richards	Trustee	2.0	Director	$0	$0	$0
Frank N Linsalata	Trustee	2.0	Director	$0	$0	$0
Fred Disanto	Trustee	2.0	Director	$0	$0	$0
Geoffrey Duyk MD PhD	Trustee	2.0	Director	$0	$0	$0
Gordon R Daily	Trustee	2.0	Director	$0	$0	$0
J David Heller	Trustee	2.0	Director	$0	$0	$0
Jacquelyn Nance	Trustee	2.0	Director	$0	$0	$0
James A Ratner	Trustee	2.0	Director	$0	$0	$0
James E Fleming Jr MD	Trustee	2.0	Director	$0	$0	$0
James Richman	Trustee	2.0	Director	$0	$0	$0
JoAnn Glick	Trustee	2.0	Director	$0	$0	$0
John Kobs II	Trustee	2.0	Director	$0	$0	$0
Joseph Mandato	Trustee	2.0	Director	$0	$0	$0
Julie Gerberding MD MPH	Chair of the Board of Trustees	2.0	Director	$0	$0	$0
Kathy Magliato	Trustee	2.0	Director	$0	$0	$0
Laura Quatela	Trustee	2.0	Director	$0	$0	$0
Lawrence M Sears	Trustee	2.0	Director	$0	$0	$0
Mark Weinberger	Trustee	2.0	Director	$0	$0	$0
Milton Marquis	Trustee	2.0	Director	$0	$0	$0
Rexford Tibbens	Trustee	2.0	Director	$0	$0	$0
Richard Mueller	Trustee	2.0	Director	$0	$0	$0
Robert Pavey	Trustee	2.0	Director	$0	$0	$0
Roe Green	Trustee	2.0	Director	$0	$0	$0
Ronald Richard	Trustee	2.0	Director	$0	$0	$0
Sara Moll PhD	Trustee	2.0	Director	$0	$0	$0
Scott Cowen	Trustee	2.0	Director	$235,502	$21,822	$257,324
Stephen Hoffman	Trustee	2.0	Director	$0	$0	$0
Susan Mucciarone	Trustee	2.0	Director	$0	$0	$0
Thomas Mandel	Trustee	2.0	Director	$0	$0	$0
Vincent Gaudiani MD	Trustee	2.0	Director	$0	$0	$0
Virginia Barbato	Trustee	2.0	Director	$0	$0	$0
W Craig Bashein	Trustee	2.0	Director	$0	$0	$0
Wael Barsoum MD	Trustee	2.0	Director	$0	$0	$0
William Lewis	Trustee	2.0	Director	$0	$0	$0
Brian D Burnett	Executive Vice President and CFO (Beg 1/1/25)	60.0	Officer	$0	$0	$0
John Sideras	Executive VP for Finance & CFO (End 1/31/25)	60.0	Officer	$1,005,794	$53,084	$1,058,878
Joy Ward	Provost & Executive Vice President	60.0	Officer	$662,215	$46,471	$708,686
Michael Lee	Treasurer	60.0	Officer	$240,885	$35,467	$276,352
Peter Poulos	VP, Gen Counsel, Secretary	60.0	Officer	$617,524	$52,121	$669,645
Carol Moss	Sr. VP for University Relations and Development	60.0	Key Emp	$828,839	$52,812	$881,651
Stanton Gerson	Sr. VP; Dean & Professor	60.0	Key Emp	$1,393,242	$251,912	$1,645,154
Dale Baur	Professor	60.0	Highest	$918,941	$51,847	$970,788
Gary Schwartz	Professor	60.0	Highest	$988,642	$52,155	$1,040,797
Jonathan Haines	Professor	60.0	Highest	$628,257	$53,084	$681,341
Lia Logio	Vice Dean & Professor	60.0	Highest	$576,525	$57,600	$634,125
Tim Milanich	Chief Investment Officer	60.0	Highest	$774,773	$57,151	$831,924
Pamela Davis	Professor	60.0		$511,223	$46,620	$557,843

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	$1,735,353,050	$1,651,834,029	$4,672,650,201	$83,519,021
2024	No data	No data	No data	No data
2023	$1,525,353,038	$1,454,249,380	$4,261,815,292	$71,103,658
2022	$1,531,453,122	$1,292,354,516	$4,006,031,808	$239,098,606
2021	$1,294,878,567	$1,178,356,957	$3,872,986,984	$116,521,610
2020	$1,252,653,848	$1,228,852,196	$3,274,832,322	$23,801,652
2019	$1,217,712,845	$1,205,080,768	$3,217,391,993	$12,632,077
2018	$1,209,098,479	$1,176,074,651	$3,203,367,408	$33,023,828