Northwestern 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

1851

Legal Domicile

Phone

8474913741

Tax Period

2023-09-01 to 2024-08-31

Northwestern University, founded in 1851, is a large national nonprofit in the Recreation & Sports sector that reported $4.2B in total revenue in fiscal year 2023. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $3.9B left a modest 6% surplus.

Mission

Northwestern is committed to excellent teaching, innovative research and the personal and intellectual growth of its students in a diverse academic community.

Program Service Accomplishments

Program 1

Expenses: $2,649,430,477 Revenue: $1,695,376,481

EDUCATION OF STUDENTS: FOR THE 2024 ACADEMIC YEAR, 8,961 UNDERGRADUATES AND 11,228 GRADUATES AND PROFESSIONAL SCHOOL STUDENTS ENROLLED FULL-TIME AT THE UNIVERSITY. THE EXEMPT PURPOSE OF NORTHWESTERN UNIVERSITY IS TO PROVIDE EDUCATIONAL SERVICES TO ITS STUDENTS. THIS INCLUDES SUPERIOR UNDERGRADUATE EDUCATION FOR A DIVERSE STUDENT BODY IN A COMPREHENSIVE RANGE OF ACADEMIC AND PROFESSIONAL FIELDS. AT THE GRADUATE LEVEL, NORTHWESTERN'S ROLE ENCOMPASSES OFFERINGS IN THE MAJOR ACADEMIC AND PROFESSIONAL FIELDS, CLOSELY RELATED TO RESEARCH, CREATIVE ACTIVITIES, AND CLINICAL SERVICES.

Program 2

Expenses: $703,423,285 Revenue: $968,950,280

RESEARCH ACTIVITIES: THE RESEARCH PROGRAM AT NORTHWESTERN UNIVERSITY IS A MAJOR COMPONENT OF UNIVERSITY EFFORTS, ASSURING INSTITUTIONAL LEADERSHIP IN SCIENTIFIC DISCOVERY, INTELLECTUAL INQUIRY, AND CREATIVE PERFORMANCE. THE CHARACTER OF THIS RESEARCH SHAPES ALL AREAS OF UNIVERSITY ENDEAVOR, ESPECIALLY GRADUATE EDUCATION AS WELL AS UNDERGRADUATE STUDIES.

Program 3

Expenses: $212,981,654 Revenue: $122,392,858

AUXILIARY ENTERPRISES SERVE THE EDUCATIONAL MISSION BY PRIMARILY PROVIDING RESIDENCES AND FOOD SERVICES, AND OTHER VARIOUS GOODS AND SERVICES TO SUPPORT UNIVERSITY STUDENT, FACULTY, AND STAFF...

AUXILIARY ENTERPRISES SERVE THE EDUCATIONAL MISSION BY PRIMARILY PROVIDING RESIDENCES AND FOOD SERVICES, AND OTHER VARIOUS GOODS AND SERVICES TO SUPPORT UNIVERSITY STUDENT, FACULTY, AND STAFF ACTIVITIES.

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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 $500,396,039

Program Service Revenue $2,779,764,340

Investment Income $839,983,033

Other Revenue $57,607,358

TOTAL REVENUE $4,177,750,770

Expense Breakdown

Grants Paid $749,377,157

Salaries & Benefits $1,832,098,020

Fundraising Expenses $68,285,756

Program Expenses $3,565,835,416

Other Expenses $1,352,382,557

TOTAL EXPENSES $3,933,998,499

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,177,750,770	$3,319,115,351	+0.3%
Expenses	$3,933,998,499	$3,655,717,485	+0.1%
Net Income	$243,752,271	$-336,602,134	-1.7%

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

27279

Volunteers

145

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

$16,248,139

Total Directors

Key Employees

$955,996

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Adam L Hoeflich	Trustee	1.0	Director	$0	$0	$0
Adam R Karr	Trustee	1.0	Director	$0	$0	$0
Brian S Posner	Trustee	1.0	Director	$0	$0	$0
Charles A Tribbett III	Trustee	1.0	Director	$0	$0	$0
Christine E Brennan	Trustee	1.0	Director	$0	$0	$0
D Cameron Findlay	Trustee	1.0	Director	$0	$0	$0
David A Sachs	Trustee	1.0	Director	$0	$0	$0
Deborah L DeHaas	Trustee	1.0	Director	$0	$0	$0
E Scott Santi	Trustee	1.0	Director	$0	$0	$0
Ellen Kullman	Trustee	1.0	Director	$0	$0	$0
Emily Heisley Stoeckel	Trustee	1.0	Director	$0	$0	$0
Frederick H Waddell	Trustee	1.0	Director	$0	$0	$0
Gordon I Segal	Trustee	1.0	Director	$0	$0	$0
Gwynne E Shotwell	Trustee	1.0	Director	$0	$0	$0
Harreld N Kirkpatrick III	Trustee	1.0	Director	$0	$0	$0
Heather B Baker	Trustee	1.0	Director	$0	$0	$0
James A DeNaut	Trustee	1.0	Director	$0	$0	$0
Jane DiRenzo Pigott	Trustee	1.0	Director	$0	$0	$0
Jane S Hoffman	Trustee	1.0	Director	$0	$0	$0
Jay C Hoag	Trustee	1.0	Director	$0	$0	$0
Jennifer Leischner Litowitz	Trustee	1.0	Director	$0	$0	$0
John Z Kukral	Trustee	1.0	Director	$0	$0	$0
Kimberly Querrey	Trustee	1.0	Director	$0	$0	$0
Lynn Hopton Davis	Trustee	1.0	Director	$0	$0	$0
Michael S Shannon	Trustee	1.0	Director	$0	$0	$0
Milton M Morris	Trustee	1.0	Director	$0	$0	$0
Muneer A Satter	Trustee	1.0	Director	$0	$0	$0
Nancy Trienens Kaehler	Trustee	1.0	Director	$0	$0	$0
Patrick G Ryan Jr	Trustee	1.0	Director	$0	$0	$0
Paul J Schneider	Trustee	1.0	Director	$0	$0	$0
Paula Pretlow	Trustee	1.0	Director	$0	$0	$0
Peter J Barris	Trustee	1.0	Director	$0	$0	$0
Purnima Puri	Trustee	1.0	Director	$0	$0	$0
Steven A Cahillane	Trustee	1.0	Director	$0	$0	$0
Tarek Elmasry	Trustee	1.0	Director	$0	$0	$0
Timothy P Sullivan	Trustee	1.0	Director	$0	$0	$0
Virginia Rometty	Trustee	1.0	Director	$0	$0	$0
Wendy M Nelson	Trustee	1.0	Director	$0	$0	$0
Yie-Hsin Hung	Trustee	1.0	Director	$0	$0	$0
Amanda J Distel	VP & Chief Financial Officer	40.0	Officer	$596,647	$126,822	$723,469
Amy Falls	VP & Chief Investment Officer	40.0	Officer	$2,214,318	$683,347	$2,897,665
David A Lively	Interim VP Alumni Relations Development	40.0	Officer	$451,981	$95,779	$547,760
Derrick L Gragg	VP Athletics Rec	40.0	Officer	$1,394,940	$113,740	$1,508,680
Devora Grynspan	VP of International Relations	40.0	Officer	$271,343	$40,405	$311,748
Eric G Neilson	VP Medical Affairs	40.0	Officer	$666,253	$26,743	$692,996
Eric J Perreault	Vice President for Research	40.0	Officer	$359,716	$130,462	$490,178
Jon Yates	VP Global Mkt & Comm	40.0	Officer	$320,293	$68,600	$388,893
Kathleen M Hagerty	Provost	40.0	Officer	$1,028,669	$33,360	$1,062,029
Lorraine A Goffe	VP & Chief HR Officer	40.0	Officer	$515,531	$58,917	$574,448
Luke Figora	VP and Chief Operations Officer	40.0	Officer	$578,885	$146,359	$725,244
Michael H Schill	President	40.0	Officer	$1,367,881	$315,142	$1,683,023
Robert E McQuinn	VP of Alumni Rel & Development	40.0	Officer	$1,476,660	$160,706	$1,637,366
Robin Renee Means Coleman	VP Assoc Prov Div and Inc	40.0	Officer	$380,738	$64,013	$444,751
Sean Brian Reynolds	VP & Chief Information Officer	40.0	Officer	$605,022	$50,512	$655,534
Stacey Kostell	VP and Dean of Enrollment	40.0	Officer	$180,067	$18,588	$198,655
Stephanie Mills Graham	VP & General Counsel	40.0	Officer	$1,089,093	$174,414	$1,263,507
Susan Davis	VP Student Affairs	40.0	Officer	$362,628	$79,565	$442,193
Daniel Lee Durack	Assoc VP Budget & Planning	40.0	Key Emp	$345,253	$55,747	$401,000
Julie Allen	Board Secretary and Advisor to President	40.0	Key Emp	$516,857	$38,139	$554,996
Chad A Mirkin	Professor-Chemistry	40.0	Highest	$1,305,577	$154,135	$1,459,712
Christopher Ryan Collins	Head Coach	40.0	Highest	$3,725,659	$105,866	$3,831,525
Mohanbir S Sawhney	Professor-Kellogg	40.0	Highest	$2,278,357	$114,923	$2,393,280
Patrick William Fitzgerald II	Head Coach	40.0	Highest	$4,101,287	$71,449	$4,172,736
Peter A Belytschko	Managing Dir Absolute Return	40.0	Highest	$1,326,183	$376,035	$1,702,218
Alexander J Darragh	VP of Facilities Management	40.0		$495,968	$62,689	$558,657
Andy Madorsky	Co-interim VP Global Mkt & Comm	40.0		$303,338	$68,583	$371,921
Craig A Johnson	Executive Vice President	40.0		$1,062,156	$419,316	$1,481,472
Harisha Koneru Haigh	Mng Dir Priv Inv & Real Assets	40.0		$1,247,609	$397,507	$1,645,116
Janna V Blais	Assoc Ad Intercollegiate Srvcs Athletics & Former Interim VP Athletics	40.0		$283,597	$102,462	$386,059
Jeri Beth Ward	VP Global Mkt & Comm	40.0		$264,402	$6,230	$270,632
Marilyn McCoy	VP of Admin & Planning	40.0		$709,764	$63,504	$773,268
Mike Polisky	Former VP Athletics	1.0		$306,980	$20,705	$327,685
Milan Mrksich	VP of Research	40.0		$668,540	$132,295	$800,835
Morton O Schapiro	President Emeritus	40.0		$1,802,546	$74,724	$1,877,270
Patricia Lampkin	Interim VP Student Affairs	40.0		$262,982	$67	$263,049
Priya Jenveja Harjani	Assoc VP & Dep General Counsel & Former Interim VP HR	40.0		$508,510	$47,397	$555,907

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	$4,177,750,770	$3,933,998,499	$19,217,819,256	$243,752,271
2023	$3,319,115,351	$3,655,717,485	$18,481,250,303	$-336,602,134
2022	$4,010,424,246	$3,344,228,756	$18,624,987,614	$666,195,490
2021	$3,678,521,388	$3,030,857,470	$19,369,511,926	$647,663,918
2020	$3,140,527,328	$3,013,193,839	$15,846,964,843	$127,333,489
2019	$3,108,297,108	$3,029,156,594	$15,193,337,485	$79,140,514
2018	$3,143,787,745	$2,957,646,868	$15,469,351,745	$186,140,877