North Central 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

1930

Legal Domicile

Phone

6123434464

Tax Period

2024-06-01 to 2025-05-31

North Central University, founded in 1930, is a mid-sized nonprofit in the Education sector that reported $32.3M in total revenue in fiscal year 2024. Revenue decreased 8% compared to the prior year.

Mission

NORTH CENTRAL UNIVERSITY IS A CHRISTIAN UNIVERSITY WITH A COMMITMENT TO ACADEMIC EXCELLENCE.

Program Service Accomplishments

Program 1

Expenses: $28,485,593 Revenue: $29,823,770

NORTH CENTRAL UNIVERSITY (THE UNIVERSITY) IS A CHRISTIAN UNIVERSITY, WITH AN URBAN AND INTERNATIONAL FOCUS, WHOSE PURPOSE IS TO PREPARE PENTECOSTAL LEADERS TO SERVE GOD IN THE CHURCH, THEIR...

NORTH CENTRAL UNIVERSITY (THE UNIVERSITY) IS A CHRISTIAN UNIVERSITY, WITH AN URBAN AND INTERNATIONAL FOCUS, WHOSE PURPOSE IS TO PREPARE PENTECOSTAL LEADERS TO SERVE GOD IN THE CHURCH, THEIR COMMUNITY, AND THE WORLD. THE UNIVERSITY OFFERS ABOUT SIXTY AREAS OF STUDY THROUGH ITS COLLEGE OF ARTS AND SCIENCES, COLLEGE OF FINE ARTS, AND COLLEGE OF CHURCH LEADERSHIP. THE CURRICULUM IS SUPPORTED WITH A CHRISTIAN WORLD VIEW DEVELOPED THROUGH A MEANINGFUL, INTEGRATED GENERAL EDUCATION CORE PROGRAM. THE UNIVERSITY TRAINS STUDENTS TO SERVE GOD IN A VARIETY OF WAYS ACCORDING TO THEIR VOCATION AND GIFTS. PROGRAM FOCUS AT NORTH CENTRAL IS PARTICULARLY UPON URBAN AND INTERNATIONAL SETTINGS, UTILIZING THE METROPOLITAN CONTEXT OF THE MINNEAPOLIS-ST. PAUL AREA AS LABORATORY FOR EFFECTIVE MINISTRY AND WORK IN THE MARKETPLACE, IN ADDITION TO PROVIDING A FULL ARRAY OF CREATIVE INTERNATIONAL LEARNING OPPORTUNITIES. NORTH CENTRAL IS A COEDUCATIONAL, PRIMARILY UNDERGRADUATE RESIDENTIAL UNIVERSITY, OPERATED BY 11 ASSEMBLIES OF GOD DISTRICTS OF THE UPPER MIDWEST. FOUNDED IN 1930, THE UNIVERSITY CURRENTLY SERVES A POPULATION OF ABOUT 1,100 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 $1,538,919

Program Service Revenue $29,823,770

Investment Income $1,029,601

Other Revenue $-45,791

TOTAL REVENUE $32,346,499

Expense Breakdown

Grants Paid $11,625,852

Salaries & Benefits $9,959,399

Fundraising Expenses $308,385

Program Expenses $28,485,593

Other Expenses $10,920,759

TOTAL EXPENSES $32,506,010

Year-over-Year Comparison

	2024	2023	Change
Revenue	$32,346,499	$35,319,667	-0.1%
Expenses	$32,506,010	$36,667,729	-0.1%
Net Income	$-159,511	$-1,348,062	-0.9%

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

644

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

$568,246

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Brad Trask	Vice Chair	2.0	Officer Director	$0	$0	$0
Kathy Madson	Secretary	2.0	Officer Director	$0	$0	$0
Shawn Dockter	BOARD Chair	2.0	Officer Director	$0	$0	$0
Aaron Hlavin	REGENT	2.0	Director	$0	$0	$0
Bill Svoboda	REGENT	2.0	Director	$0	$0	$0
Chad McAtee	REGENT	2.0	Director	$0	$0	$0
Fred Washington	REGENT	2.0	Director	$0	$0	$0
Gary Denbow	REGENT	2.0	Director	$0	$0	$0
Gary Grogan	REGENT	2.0	Director	$0	$0	$0
John Davis	REGENT	2.0	Director	$0	$0	$0
Julie Boynton	REGENT	2.0	Director	$0	$0	$0
Linda Collins	REGENT	2.0	Director	$0	$0	$0
Mark Dean	REGENT	2.0	Director	$0	$0	$0
Nate Ruch	REGENT	2.0	Director	$0	$0	$0
Patrick Guire	REGENT	2.0	Director	$0	$0	$0
Peggy Dunston	REGENT	2.0	Director	$0	$0	$0
Phil Schneider	REGENT	2.0	Director	$0	$0	$0
Rob Ketterling	REGENT	2.0	Director	$0	$0	$0
Steve Schaible	REGENT	2.0	Director	$0	$0	$0
Steve Tripp	REGENT	2.0	Director	$0	$0	$0
Toby Schneckloth	REGENT	2.0	Director	$0	$0	$0
Winston Titus	REGENT	2.0	Director	$0	$0	$0
Bethany Harshbarger	VP of Enrollment & Student Devel	40.0	Officer	$96,864	$14,999	$111,863
Darnell Williams Sr	FORMER FACULTY / PRESIDENT (START 05/2025)	40.0	Officer	$111,299	$17,543	$128,842
Douglas Graham	Interim President (LEFT 05/2025)	40.0	Officer	$194,438	$16,401	$210,839
Katherine Ketterling	VP Operations & HR	40.0	Officer	$92,729	$23,973	$116,702
Adam Sikorski	Faculty	40.0	Highest	$108,098	$6,648	$114,746
Desiree Libengood	Provost	40.0	Highest	$100,633	$8,978	$109,611

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	$32,346,499	$32,506,010	$49,269,358	$-159,511
2024	$35,319,667	$36,667,729	$50,696,042	$-1,348,062
2023	$35,126,055	$37,098,682	$47,336,353	$-1,972,627
2022	$37,778,406	$37,591,907	$48,028,269	$186,499
2021	$37,016,349	$37,492,544	$51,515,208	$-476,195
2020	$37,937,562	$36,226,026	$50,459,831	$1,711,536
2019	$33,919,324	$33,626,791	$44,847,970	$292,533
2018	$31,680,939	$31,573,739	$44,994,374	$107,200