Hanover 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

1885

Legal Domicile

Phone

8128667000

Tax Period

2024-07-01 to 2025-06-30

Hanover College, founded in 1885, is a major nonprofit in the Education sector that reported $113.9M in total revenue in fiscal year 2024. Revenue surged 44% from the prior year, signaling strong growth momentum. The organization ran a surplus of $22.9M, a strong 20% operating margin.

Mission

SINCE ITS FOUNDING IN 1827, HANOVER COLLEGE HAS BEEN COMMITTED TO PROVIDING A TRUE LIBERAL ARTS EDUCATION. HANOVER COLLEGE OFFERS 35 MAJORS OF STUDY AS WELL AS THE OPPORTUNITY FOR STUDENTS TO SELF-DESIGN THEIR OWN MAJOR. HANOVER ALSO OFFERS 8 PRE-PROFESSIONAL PATHWAYS AND A GRADUATE PROGRAM, THE GRADUATE PROGRAM DOCTOR OF PHYSICAL THERAPY WHICH CURRENTLY HAS AN ENROLLMENT OF 107 FOR FALL 2025. THE GRADUATE PROGRAM DOCTOR OF OCCUPATIONAL THERAPY HAS AN ENROLLMENT OF 101 FOR FALL 2025.

Program Service Accomplishments

Program 1

Expenses: $73,175,580 Revenue: $54,573,455

COLLEGE: INSTRUCTIONAL SALARIES, STUDENT FINANCIAL AID AND OTHER COSTS WHICH ARE INCURRED TO PROVIDE EDUCATIONAL OPPORTUNITIES FOR THE STUDENTS. APPROXIMATELY 1,028 STUDENTS ATTENDED HANOVER DURING THE YEAR. FOR FY25, THE DOCTOR OF PHYSICAL THERAPY (DPT) PROGRAM HAD 107 STUDENTS. FOR FY25, THE DOCTOR OF OCCUPATIONAL THERAPY (OTD) PROGRAM HAD 101 STUDENTS.

Program 2

Expenses: $9,907,395 Revenue: $13,154,752

AUXILIARY ACTIVITIES: EXPENSES INCURRED FOR RESIDENTIAL HALLS, DINING HALL, CAMPUS CENTER AND VARIOUS ENTERPRISES WHICH PROVIDE GOODS AND SERVICES TO THE 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 (2024)

Revenue Breakdown

Contributions & Grants $41,909,008

Program Service Revenue $67,376,389

Investment Income $4,226,164

Other Revenue $351,818

TOTAL REVENUE $113,863,379

Expense Breakdown

Grants Paid $31,960,401

Salaries & Benefits $25,863,138

Fundraising Expenses $2,075,663

Program Expenses $83,082,975

Other Expenses $33,176,148

TOTAL EXPENSES $90,999,687

Year-over-Year Comparison

	2024	2023	Change
Revenue	$113,863,379	$78,898,162	+0.4%
Expenses	$90,999,687	$85,928,515	+0.1%
Net Income	$22,863,692	$-7,030,353	-4.3%

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

879

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

$543,430

Total Directors

Key Employees

$201,870

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTOPHER WELKER	BOARD VICE CHAIR	1.0	Officer Director	$0	$0	$0
ELAINE KOPS-BEDEL	BOARD CHAIR	1.0	Officer Director	$0	$0	$0
MICHAEL B ZEDDIES	BOARD SECRETARY	1.0	Officer Director	$0	$0	$0
ALICIA HOPKINS	BOARD MEMBER	1.0	Director	$0	$0	$0
ALLI LINDENSCHMIDT	BOARD MEMBER	1.0	Director	$0	$0	$0
AMANDA BLACK	BOARD MEMBER	1.0	Director	$0	$0	$0
BRYAN RUDER	BOARD MEMBER	1.0	Director	$0	$0	$0
CAMERON TRACHTMAN	BOARD MEMBER	1.0	Director	$0	$0	$0
COURTNEY KINGERY	BOARD MEMBER	1.0	Director	$0	$0	$0
D WADE CLAPP	BOARD MEMBER	1.0	Director	$0	$0	$0
DANIEL ABRELL	BOARD MEMBER	1.0	Director	$0	$0	$0
DAVE A CHROBACK	BOARD MEMBER	1.0	Director	$0	$0	$0
DR BRIAN HAAG	BOARD MEMBER	1.0	Director	$0	$0	$0
ERIC A HAAS	BOARD MEMBER	1.0	Director	$0	$0	$0
GLEN L FLANINGHAM	BOARD MEMBER	1.0	Director	$0	$0	$0
JAMES JAMIE ANDERSON	BOARD MEMBER	1.0	Director	$0	$0	$0
JAMES P FADLEY	BOARD MEMBER	1.0	Director	$0	$0	$0
JEFFREY A BLAIR	BOARD MEMBER	1.0	Director	$0	$0	$0
JOHN TRIMBLE	BOARD MEMBER	1.0	Director	$0	$0	$0
LINDA C BARON	BOARD MEMBER	1.0	Director	$0	$0	$0
LISA L FLEMING	BOARD MEMBER	1.0	Director	$0	$0	$0
MARK KLEIMAN	BOARD MEMBER	1.0	Director	$0	$0	$0
MARK WHITTENBURG	BOARD MEMBER	1.0	Director	$0	$0	$0
MARY BURCH RATLIFF	BOARD MEMBER	1.0	Director	$0	$0	$0
NELSON E CLEMMONS	BOARD MEMBER	1.0	Director	$0	$0	$0
PHILIPPE PHIL SALSBERY	BOARD MEMBER	1.0	Director	$0	$0	$0
REV DR FELIPE N MARTINEZ	BOARD MEMBER	1.0	Director	$0	$0	$0
RICK A SHEARER	BOARD MEMBER	1.0	Director	$0	$0	$0
SARA ROSS	BOARD MEMBER	1.0	Director	$0	$0	$0
SCOTT PEARSON	BOARD MEMBER	1.0	Director	$0	$0	$0
TIM MCGEATH	BOARD MEMBER	1.0	Director	$0	$0	$0
WILEY KITE	BOARD MEMBER	1.0	Director	$0	$0	$0
DR LAKE LAMBERT	PRESIDENT	50.0	Officer	$305,727	$51,652	$357,379
VINCENT MORRIS	VP FOR BUSINESS AFFAIRS	50.0	Officer	$167,409	$18,642	$186,051
MELBA RODRIGUEZ	VP FOR ADVANCEMENT	50.0	Key Emp	$173,352	$28,518	$201,870
CAREY ADAMS	PROVOST AND VP FOR ACADEMIC AFFAIRS	50.0	Highest	$176,880	$25,599	$202,479
CHRISTINA TRAN	FOUNDING DEAN AND CLINICAL PROFESSOR SCHOOL OF VET MEDICINE	50.0	Highest	$229,167	$8,333	$237,500
Jeffrey Phillips	Professor Emeritus of Engineering	50.0	Highest	$152,345	$12,224	$164,569
KERRY VOLANSKY	ASSOCIATE PROVOST FOR GRADUATE STUDIES	50.0	Highest	$166,501	$25,183	$191,684
Peter Ashley	Vice President for Enrollment and Marketing	50.0	Highest	$162,142	$22,279	$184,421

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	$113,863,379	$90,999,687	$291,648,740	$22,863,692
2024	$78,898,162	$85,928,515	$253,267,397	$-7,030,353
2023	$70,572,166	$78,645,915	$245,224,388	$-8,073,749
2022	$66,713,330	$77,613,685	$246,034,374	$-10,900,355
2021	$65,984,419	$70,078,600	$272,442,286	$-4,094,181
2020	$70,232,539	$66,715,574	$236,094,942	$3,516,965
2019	$61,991,856	$67,072,746	$219,005,337	$-5,080,890
2018	$56,110,448	$63,608,865	$216,600,028	$-7,498,417