MINERVA 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

2013

Legal Domicile

Principal Officer

MICHAEL MAGEE

Phone

4153252059

Tax Period

2023-07-01 to 2024-06-30

MINERVA UNIVERSITY, founded in 2013, is a mid-sized nonprofit in the Education sector that reported $33.0M in total revenue in fiscal year 2023. Revenue fell 34% from the prior year — a significant decline worth monitoring. Expenses of $41.6M exceeded revenue, resulting in a 26% operating deficit.

Mission

STIMULATING MEANINGFUL INNOVATION BY SUPPORTING THE DEVELOPMENT OF, AND ACCESS TO, TRANSFORMATIVE EDUCATIONAL PROGRAMS; BY WORKING TO IDENTIFY AND SUPPORT THE MOST PROMISING POTENTIAL STUDENTS REGARDLESS OF LOCATION OR CIRCUMSTANCES.

Program Service Accomplishments

Program 1

Expenses: $36,787,055 Revenue: $18,787,056

OPERATE AFFORDABLE, HIGH QUALITY EDUCATIONAL PROGRAMS LEADING TO AN UNDERGRADUATE DEGREE. TO ACCOMPLISH THIS, THE INSTITUTE IDENTIFIES STUDENTS, AWARDS SCHOLARSHIPS AND OTHER DIRECT AID, PROVIDES...

OPERATE AFFORDABLE, HIGH QUALITY EDUCATIONAL PROGRAMS LEADING TO AN UNDERGRADUATE DEGREE. TO ACCOMPLISH THIS, THE INSTITUTE IDENTIFIES STUDENTS, AWARDS SCHOLARSHIPS AND OTHER DIRECT AID, PROVIDES INSTRUCTION USING HIGH QUALITY, SCAFFOLDED CURRICULA ON AN INNOVATE LIVE VIDEO-BASED PLATFORM AND IMMERSIVE RESIDENTIAL SERVICES IN SEVEN GLOBAL LOCATIONS.

Program 2

Expenses: $808,170 Revenue: $890,981

OPERATE HIGH QUALITY EDUCATIONAL PROGRAMS LEADING TO A GRADUATE DEGREE. TO ACCOMPLISH THIS, THE INSTITUTE IDENTIFIES STUDENTS AND PROVIDES INSTRUCTION USING HIGH QUALITY, SCAFFOLDED CURRICULA ON AN...

Program 3

Expenses: $19,000 Revenue: $196,510

OPERATE HIGH QUALITY EDUCATIONAL NON-DEGREE PROGRAMS WITH A DURATION OF A FEW WEEKS OR UP TO A YEAR. TO ACCOMPLISH THIS, THE INSTITUTE IDENTIFIES STUDENTS AND PROVIDES INSTRUCTION USING HIGH QUALITY...

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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 $12,524,187

Program Service Revenue $19,861,267

Investment Income $614,606

Other Revenue $41,654

TOTAL REVENUE $33,041,714

Expense Breakdown

Grants Paid $9,349,582

Salaries & Benefits $16,881,050

Fundraising Expenses $181,619

Program Expenses $37,614,225

Other Expenses $15,343,705

TOTAL EXPENSES $41,574,337

Year-over-Year Comparison

	2023	2022	Change
Revenue	$33,041,714	$49,762,971	-0.3%
Expenses	$41,574,337	$32,023,798	+0.3%
Net Income	$-8,532,623	$17,739,173	-1.5%

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

651

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

$1,028,386

Total Directors

Key Employees

$884,837

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL MAGEE	PRESIDENT	40.00	Officer	$556,667	$19,263	$575,930
VICKI CHANDLER	CHIEF ACADEMIC OFFICER, PROVOST	40.00	Key Emp	$279,300	$17,559	$296,859
NIKOLAUS PELKA	CFO (UNTIL 09/2023)	40.00	Officer	$225,292	$17,398	$242,690
NISHA CHARKRAVARTY	COO (STARTED 09/2023)	40.00	Officer	$209,766	$0	$209,766
JUNKO GREEN	CHIEF DISCOVERY AND COMM. OFFICER	40.00	Key Emp	$202,125	$0	$202,125
DOLLIE DAVIS	ASSOCIATE DEAN OF FACULTY	40.00	Key Emp	$188,450	$12,803	$201,253
KAYLA DORA KRUPNICK WALSH	DEAN OF STUDENT	40.00	Key Emp	$184,600	$0	$184,600
MARK SHESKIN	PROFESSOR	40.00	Highest	$175,084	$7,229	$182,313
MARIANNA PANOSSI	GLOBAL DIRECTOR OF STUDENT SERVICES	40.00	Highest	$155,000	$12,832	$167,832
THERESE CANNON	FORMER SR. ADVISOR	40.00		$157,500	$9,162	$166,662
ANDREW DOSMANN	PROFESSOR	40.00	Highest	$153,177	$12,661	$165,838
NIKHIL MATHUR	PROFESSOR	40.00	Highest	$150,404	$6,578	$156,982
JOHN LEVITT	PROFESSOR	40.00	Highest	$145,834	$9,420	$155,254
BOB KERREY	CHAIR	2.50	Officer Director	$0	$0	$0
STACEY CHILDRESS	VICE CHAIR	1.50	Officer Director	$0	$0	$0
BEN NELSON	FOUNDER & DIRECTOR	1.50	Director	$0	$0	$0
BERTIL ANDERSON	DIRECTOR	1.50	Director	$0	$0	$0
ROBIN GOLDBERG	DIRECTOR	1.50	Director	$0	$0	$0
MICHAEL HORN	DIRECTOR	1.50	Director	$0	$0	$0
RICHARD MELNICK	DIRECTOR	1.50	Director	$0	$0	$0
WENDELL PRITCHETT	DIRECTOR	1.50	Director	$0	$0	$0
DR VENKI RAMAKRISHNAN	DIRECTOR	1.00	Director	$0	$0	$0
RANDY SCHEKMAN	DIRECTOR	1.50	Director	$0	$0	$0
DIANE TAVENNER	DIRECTOR	1.50	Director	$0	$0	$0
ZHANG YIMING	DIRECTOR	1.50	Director	$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	$33,041,714	$41,574,337	$43,055,956	$-8,532,623
2023	$49,762,971	$32,023,798	$57,538,847	$17,739,173
2022	$46,783,165	$31,743,682	$14,539,633	$15,039,483
2021	$22,500,060	$29,523,937	$24,774,247	$-7,023,877
2020	$54,176,732	$30,852,434	$33,231,547	$23,324,298