WASHINGTON 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

1853

Legal Domicile

Principal Officer

ANDREW D MARTIN

Phone

3149358283

Tax Period

2022-07-01 to 2023-06-30

WASHINGTON UNIVERSITY, founded in 1853, is a large national nonprofit in the Education sector that reported $5.1B in total revenue in fiscal year 2022. Revenue decreased 9% compared to the prior year. Net assets of $15.4B represent 36 months of operating reserves.

Mission

IN ADDITION TO THE MILDRED LANE KEMPER ART MUSEUM, THE UNIVERSITY ARCHIVES RARE BOOK COLLECTIONS, WORKS OF ART, LITERARY WORKS, HISTORICAL TREASURES AND ARTIFACTS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH AND THE FURTHERANCE OF PUBLIC SERVICE. THEY ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. ACCORDINGLY, SUCH COLLECTIONS ARE NOT RECOGNIZED OR CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES.

Program Service Accomplishments

Program 1

Expenses: $3,081,680,534 Revenue: $3,077,189,271

INSTRUCTION - THIS CATEGORY INCLUDES EXPENDITURES FOR ALL ACTIVITIES THAT ARE PART OF AN INSTITUTION'S INSTRUCTION PROGRAM, WITH THE EXCEPTION OF EXPENDITURES FOR REMEDIAL AND TUTORIAL INSTRUCTION...

INSTRUCTION - THIS CATEGORY INCLUDES EXPENDITURES FOR ALL ACTIVITIES THAT ARE PART OF AN INSTITUTION'S INSTRUCTION PROGRAM, WITH THE EXCEPTION OF EXPENDITURES FOR REMEDIAL AND TUTORIAL INSTRUCTION, WHICH ARE CATEGORIZED AS STUDENT SERVICES. EXPENDITURES FOR CREDIT AND NON-CREDIT COURSES FOR ACADEMIC, OCCUPATIONAL, VOCATIONAL AND MEDICAL CARE INSTRUCTION, AND FOR REGULAR, SPECIAL AND EXTENSION SESSIONS ARE INCLUDED. ATTENDANCE: FALL SEMESTER 17,086 AND SPRING SEMESTER 15,484 APPROXIMATELY 437,562 PATIENTS WERE TREATED BY MEDICAL SCHOOL FACULTY AND STUDENTS.

Program 2

Expenses: $805,043,448 Revenue: $302,276,627

RESEARCH - THIS CATEGORY INCLUDES ALL EXPENDITURES FOR ACTIVITIES SPECIFICALLY ORGANIZED TO PRODUCE RESEARCH OUTCOMES, WHETHER COMMISSIONED BY AN AGENCY EXTERNAL TO THE INSTITUTION OR SEPARATELY...

RESEARCH - THIS CATEGORY INCLUDES ALL EXPENDITURES FOR ACTIVITIES SPECIFICALLY ORGANIZED TO PRODUCE RESEARCH OUTCOMES, WHETHER COMMISSIONED BY AN AGENCY EXTERNAL TO THE INSTITUTION OR SEPARATELY BUDGETED BY AN ORGANIZATIONAL UNIT WITHIN THE INSTITUTION. SUBJECT TO THESE CONDITIONS, IT INCLUDES EXPENDITURES FOR INDIVIDUAL AND/OR PRODUCT RESEARCH AS WELL AS THOSE OF THE INSTITUTES AND RESEARCH CENTERS. REVENUES EXCLUDE GOVERNMENT GRANTS WHICH ARE REPORTED AS CONTRIBUTIONS. DURING FISCAL YEAR 2023, THE UNIVERSITY RECEIVED 6,168 DIRECT AND INDIRECT AWARDS.

Program 3

Expenses: $146,578,514 Revenue: $137,124,289

AUXILIARY AND STUDENT SUPPORT SERVICES - EXPENSES INCURRED ARE PRIMARILY FOR THE SUPPORT OF STUDENTS. AUXILIARY ACTIVITIES INCLUDING STUDENT HOUSING, FOOD SERVICE, TRANSPORTATION AND CAMPUS PARKING. STUDENT SERVICES ARE THOSE ACTIVITIES THAT DIRECTLY SUPPORT THE STUDENTS BUT DO NOT QUALIFY AS MANAGEMENT AND GENERAL COSTS. SIGNIFICANT COMPONENTS INCLUDE CENTRAL AND SCHOOL-SPECIFIC ADMISSIONS, REGISTRARS, CAREER PLANNING AND PLACEMENT OFFICES, STUDENT FINANCIAL AID LOAN OFFICES, STUDENT HEALTH SERVICES, ATHLETICS, STUDENT ACTIVITIES OFFICE, INTERNATIONAL STUDENTS OFFICE, AND THE VICE CHANCELLOR FOR STUDENTS OFFICE.

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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 (2022)

Revenue Breakdown

Contributions & Grants $964,367,403

Program Service Revenue $3,516,590,186

Investment Income $539,885,674

Other Revenue $65,469,702

TOTAL REVENUE $5,086,312,965

Expense Breakdown

Grants Paid $542,424,837

Salaries & Benefits $2,636,951,264

Fundraising Expenses $53,311,815

Program Expenses $4,640,392,526

Other Expenses $1,832,298,118

TOTAL EXPENSES $5,011,674,219

Year-over-Year Comparison

	2022	2021	Change
Revenue	$5,086,312,965	$5,567,524,594	-0.1%
Expenses	$5,011,674,219	$4,492,247,424	+0.1%
Net Income	$74,638,746	$1,075,277,170	-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

30487

Volunteers

13300

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

$23,730,052

Total Directors

$27,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT WILSON	CHIEF INVESTMENT OFFICER	40.0	Officer	$7,079,955	$58,127	$7,138,082
ANDREW CHOQUETTE	DEP CHIEF INVESTMENT OFFICER	40.0	Highest	$3,741,027	$47,219	$3,788,246
SEAN ARP	COO - INVT MGMT (UNTIL 3/22)	40.0	Highest	$2,749,680	$22,797	$2,772,477
DAVID PERLMUTTER	EXEC VC MEDICAL AFFAIRS	40.0	Officer	$2,011,273	$301,447	$2,312,720
JENNIFER VOELKER	COO - INVESTMENT MGMT	40.0	Highest	$1,979,264	$35,134	$2,014,398
MICHAEL DORE	MANAGING DIR. OF INVESTMENTS	40.0	Highest	$1,859,310	$49,609	$1,908,919
ADAM KURKIEWICZ	MANAGING DIR. OF INVESTMENTS	40.0	Highest	$1,860,829	$44,166	$1,904,995
ANDREW MARTIN	CHANCELLOR	40.0	Officer	$1,244,356	$406,485	$1,650,841
PAUL SCHEEL JR	VC CLINICAL AFFAIRS	40.0	Officer	$1,082,059	$39,770	$1,121,829
BEVERLY WENDLAND	PROVOST & EXEC VC ACAD AFFAIRS	40.0	Officer	$835,604	$49,734	$885,338
RICHARD STANTON	VC MEDI FIN & ADM	40.0	Officer	$752,143	$51,539	$803,682
SHANTAY BOLTON	EXEC VC ADMINISTRATION	40.0	Officer	$698,467	$36,786	$735,253
PAMELLA HENSON	EXEC VC UNIVERSITY ADVANCEMENT	40.0	Officer	$490,008	$239,066	$729,074
KURT DIRKS	INTERIM PROVOST	40.0	Officer	$626,756	$60,934	$687,690
MONICA ALLEN	VC & GENERAL COUNSEL	40.0	Officer	$577,934	$48,867	$626,801
GREG BARRETT	VC BIO MED STY&MKG (ASOF 9/22)	40.0	Officer	$587,989	$26,739	$614,728
PAMELA LOKKEN	VC GOVT & COM REL (UNTIL 9/22)	40.0	Officer	$323,999	$278,347	$602,346
JESSIE MINTON	VC & CIO (ASOF 4/22)	40.0	Officer	$577,441	$13,326	$590,767
MARK LOWE	VC RESEARCH	40.0	Officer	$535,211	$51,830	$587,041
AMY KWESKIN	EXEC VC FINANCE & CFO	40.0	Officer	$485,111	$63,459	$548,570
LEGAIL CHANDLER	FORMER VC HUMAN RESOURCES	40.0		$491,621	$49,306	$540,927
EVA AAGAARD	VC MEDICAL EDUCATION	40.0	Officer	$479,308	$52,347	$531,655
MARION CRAIN	FORMER PROVOST & EXEC VC ACAD.	40.0		$474,194	$46,672	$520,866
WILLIAM STOLL	SR VC UNIVERSITY ADVANCEMENT	40.0	Officer	$449,890	$60,944	$510,834
ANNA GONZALEZ	VC STUDENT AFFAIRS	40.0	Officer	$454,412	$37,389	$491,801
REBECCA BROWN	VC STRATEGIC INITIATIVES & GOV	40.0	Officer	$425,728	$53,469	$479,197
LYNDA HEANEY	VC MEDICAL ADVANCEMENT	40.0	Officer	$412,982	$58,295	$471,277
DEDRIC CARTER	VC INNOVATION & CCO	40.0	Officer	$392,133	$42,889	$435,022
JAMES WERTSCH	FORMER VC INTL AFFAIRS	40.0		$363,943	$63,500	$427,443
HENRY WEBBER	FORMER EXEC VC ADMINISTRATION	40.0		$378,270	$0	$378,270
JULIE FLORY	VC MARKETING & COMMUNICATIONS	40.0	Officer	$319,543	$47,290	$366,833
DAVID BLASINGAME	FORMER EXEC VC ALUMNI & DEV	40.0		$312,206	$0	$312,206
AMYE KIM	ASSOC VC FIN&TREAS (ASOF 1/22)	40.0	Officer	$298,657	$4,574	$303,231
JENNIFER LODGE	FORMER VC RESEARCH	40.0		$282,926	$18,159	$301,085
ROBERT WILD	FORMER VC STUDENTS	40.0		$239,992	$59,930	$299,922
SCOT BEMIS	VC HUMAN RESOURCES (ASOF 6/22)	40.0	Officer	$265,009	$236	$265,245
ROSE WINDMILLER	INT VC GOVT & COMM (ASOF 9/22)	40.0	Officer	$210,299	$29,896	$240,195
STEPHANIE REEL	FORMER VC & CIO	40.0		$205,805	$8,562	$214,367
STEVEN CASH NICKERSON	TRUSTEE	1.6	Director	$27,000	$0	$27,000
BLACKFORD F BRAUER	TRUSTEE	1.5	Director	$0	$0	$0
ANDREW M BURSKY	TRUSTEE - CHAIR	3.3	Director	$0	$0	$0
HOWARD N CAYNE	TRUSTEE	1.4	Director	$0	$0	$0
CORINNA COTSEN	TRUSTEE	1.0	Director	$0	$0	$0
LORI COULTER	TRUSTEE	1.2	Director	$0	$0	$0
ARNOLD W DONALD	TRUSTEE	1.9	Director	$0	$0	$0
JON H FELTHEIMER	TRUSTEE	0.5	Director	$0	$0	$0
LEE FIXEL	TRUSTEE	0.5	Director	$0	$0	$0
JEFFREY L FOX	TRUSTEE	1.3	Director	$0	$0	$0
GAURAV GARG	TRUSTEE	1.0	Director	$0	$0	$0
AVRAM A GLAZER	TRUSTEE	1.0	Director	$0	$0	$0
STACEY L HIGHTOWER	TRUSTEE	1.4	Director	$0	$0	$0
THOMAS J HILLMAN	TRUSTEE	1.4	Director	$0	$0	$0
LOUIS G HUTT JR	TRUSTEE	0.5	Director	$0	$0	$0
GREGORY L HYSLOP	TRUSTEE	0.5	Director	$0	$0	$0
JAY JACOBS	TRUSTEE	0.5	Director	$0	$0	$0
DONALD A JUBEL	TRUSTEE	1.0	Director	$0	$0	$0
JERALD L KENT	TRUSTEE	1.8	Director	$0	$0	$0
DAVID W KEMPER	TRUSTEE - VICE CHAIR	1.1	Director	$0	$0	$0
RICHARD J LIEKWEG	TRUSTEE	1.0	Director	$0	$0	$0
ALAINA MACIA	TRUSTEE	1.4	Director	$0	$0	$0
VICKI MATCH SUNA	TRUSTEE	1.4	Director	$0	$0	$0
SUSAN B MCCOLLUM	TRUSTEE	1.2	Director	$0	$0	$0
ALICIA MCDONNELL	TRUSTEE	1.3	Director	$0	$0	$0
JAMES M MCKELVEY JR	TRUSTEE	0.5	Director	$0	$0	$0
ANDREW D NEWMAN	TRUSTEE - VICE CHAIR	2.5	Director	$0	$0	$0
JAMES V O'DONNELL	TRUSTEE	1.0	Director	$0	$0	$0
PENELOPE PENNINGTON	TRUSTEE	1.2	Director	$0	$0	$0
LISA ROSENKRANZ	TRUSTEE	1.4	Director	$0	$0	$0
CRAIG D SCHNUCK	TRUSTEE - VICE CHAIR	2.6	Director	$0	$0	$0
ROBERT J SKANDALARIS	TRUSTEE	0.5	Director	$0	$0	$0
NICHOLAS E SOMERS	TRUSTEE	1.3	Director	$0	$0	$0
DAVID L STEWARD	TRUSTEE	0.5	Director	$0	$0	$0
MARY DANFORTH STILLMAN	TRUSTEE	1.1	Director	$0	$0	$0
BARBARA SCHAPS THOMAS	TRUSTEE	2.6	Director	$0	$0	$0
JACK E THOMAS	TRUSTEE	1.0	Director	$0	$0	$0
LAWRENCE E THOMAS	TRUSTEE	2.3	Director	$0	$0	$0
DAVID A ULEVITCH	TRUSTEE	1.0	Director	$0	$0	$0
ERIC UPIN	TRUSTEE	13.0	Director	$0	$0	$0
HENRY D WARSHAW	TRUSTEE	1.3	Director	$0	$0	$0
SUSAN O WARSHAW	TRUSTEE	1.3	Director	$0	$0	$0
JOSEPH F WAYLAND	TRUSTEE	1.8	Director	$0	$0	$0
JD BURTON	VC GOVT & COM REL (AS OF 3/23)	40.0	Officer	$0	$0	$0

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	No data	No data	No data	No data
2023	$5,086,312,965	$5,011,674,219	$19,792,327,000	$74,638,746
2022	$5,567,524,594	$4,492,247,424	$20,436,866,000	$1,075,277,170
2021	$4,891,410,261	$4,080,045,645	$21,212,747,000	$811,364,616
2020	$5,068,168,252	$3,937,259,184	$15,103,569,000	$1,130,909,068
2019	$4,096,488,220	$3,691,900,120	$14,144,232,000	$404,588,100