DOANE 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

1872

Legal Domicile

Principal Officer

ROGER HUGHES

Phone

4028262161

Tax Period

2024-07-01 to 2025-06-30

DOANE UNIVERSITY, founded in 1872, is a mid-sized nonprofit in the Education sector that reported $67.4M in total revenue in fiscal year 2024. Expenses of $80.2M exceeded revenue, resulting in a 19% operating deficit.

Mission

DOANE UNIVERSITY CREATES DISTINCTIVE EDUCATIONAL EXPERIENCES, IMMERSED IN THE LIBERAL ARTS, TO PREPARE OUR STUDENTS FOR CAREERS AND LIVES GROUNDED IN INQUIRY, ETHICS, AND A COMMITMENT TO LEAD AND SERVE IN THE GLOBAL COMMUNITY.

Program Service Accomplishments

Program 1

Expenses: $53,656,773 Revenue: $48,903,877

INSTRUCTIONAL SERVICES: DOANE UNIVERSITY PROVIDES INSTRUCTIONAL SERVICES THROUGH UNDERGRADUATE, PRE-PROFESSIONAL, GRADUATE AND ADVANCED DEGREES THROUGH ITS COLLEGE OF ARTS AND SCIENCES, COLLEGE OF...

INSTRUCTIONAL SERVICES: DOANE UNIVERSITY PROVIDES INSTRUCTIONAL SERVICES THROUGH UNDERGRADUATE, PRE-PROFESSIONAL, GRADUATE AND ADVANCED DEGREES THROUGH ITS COLLEGE OF ARTS AND SCIENCES, COLLEGE OF BUSINESS, COLLEGE OF EDUCATION, ONLINE LEARNING ACADEMY & ONLINE CLASSES OFFERED THROUGH THE ONLINE ACADEUM PLATFORM. DURING THE ACADEMIC YEAR 2024-2025, THE COLLEGE OF ARTS AND SCIENCES AND UNDECLARED MAJORS ENROLLED 798 STUDENTS, THE COLLEGE OF BUSINESS ENROLLED 330 STUDENTS, THE COLLEGE OF EDUCATION ENROLLED 901 STUDENTS. 235 STUDENTS WERE ENROLLED IN ONLINE LEARNING CLASSES. 2,390 (987 FTE) STUDENTS WERE ENROLLED IN EXTENDED LEARNING. DURING THE YEAR, DOANE AWARDED 440 DEGREES, 217 UNDERGRADUATE AND 223 GRADUATE.

Program 2

Expenses: $13,009,940 Revenue: $1,473,044

STUDENT SERVICES: INCLUDES ADMISSIONS, REGISTRAR, STUDENT HEALTH, COUNSELING, FINANCIAL AID, CAREER DEVELOPMENT, ATHLETICS AND RECREATION, AND STUDENT LEADERSHIP. IN THE 2024-25 ACADEMIC YEAR, THE...

STUDENT SERVICES: INCLUDES ADMISSIONS, REGISTRAR, STUDENT HEALTH, COUNSELING, FINANCIAL AID, CAREER DEVELOPMENT, ATHLETICS AND RECREATION, AND STUDENT LEADERSHIP. IN THE 2024-25 ACADEMIC YEAR, THE UNIVERSITY SERVED 906 UNDERGRADUATE, RESIDENTIAL STUDENTS, WITH 71.3% (646) PARTICIPATING IN ATHLETICS. OF THESE STUDENT-ATHLETES, 96.59% (624) RECEIVED ATHLETIC SCHOLARSHIPS. ADDITIONALLY, APPROXIMATELY 98% OF ALL STUDENT-ATHLETES RECEIVED SOME FORM OF ACADEMIC SCHOLARSHIP AID. ON AVERAGE, 52.1% OF STUDENT-ATHLETES GRADUATE WITHIN FOUR YEARS AND 55.3% IN SIX YEARS. IN ADDITION, THE RESIDENCE HALLS ARE UTILIZED BY APPROXIMATELY 732 STUDENTS OF ANOTHER INSTITUTION OF HIGHER EDUCATION.

Program 3

Expenses: $6,023,778 Revenue: $6,755,478

AUXILIARY ENTERPRISES: THE UNIVERSITY RESIDENCE HALLS, DINING HALL, CAMPUS ACTIVITY CENTER, AND BOOKSTORE ARE THE PRIMARY AUXILIARY ENTERPRISES SERVING THE RESIDENTIAL CAMPUS. FIVE RESIDENCE HALLS...

AUXILIARY ENTERPRISES: THE UNIVERSITY RESIDENCE HALLS, DINING HALL, CAMPUS ACTIVITY CENTER, AND BOOKSTORE ARE THE PRIMARY AUXILIARY ENTERPRISES SERVING THE RESIDENTIAL CAMPUS. FIVE RESIDENCE HALLS PROVIDE HOUSING FOR APPROXIMATELY 732 CRETE CAMPUS 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 $8,024,032

Program Service Revenue $57,132,499

Investment Income $2,292,243

Other Revenue $-37,590

TOTAL REVENUE $67,411,184

Expense Breakdown

Grants Paid $26,106,908

Salaries & Benefits $29,663,597

Fundraising Expenses $1,440,041

Program Expenses $72,690,491

Other Expenses $24,350,108

TOTAL EXPENSES $80,241,313

Year-over-Year Comparison

	2024	2023	Change
Revenue	$67,411,184	$63,136,619	+0.1%
Expenses	$80,241,313	$75,367,459	+0.1%
Net Income	$-12,830,129	$-12,230,840	+0.0%

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

1093

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

$627,796

Total Directors

Key Employees

$367,097

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TONI GANZEL	TRUSTEE - CHAIR	2.00	Officer Director	$0	$0	$0
SUSAN FRITZ	TRUSTEE - VICE CHAIR	2.00	Officer Director	$0	$0	$0
STEPHEN C JOEL	TRUSTEE - SECRETARY	2.00	Officer Director	$0	$0	$0
ALLEN MOORE	TRUSTEE	1.00	Director	$0	$0	$0
AMY GODBEY DEARKING	TRUSTEE	1.00	Director	$0	$0	$0
AMY VERTIN	TRUSTEE	1.00	Director	$0	$0	$0
BARBARA COLE	TRUSTEE	1.00	Director	$0	$0	$0
BETSY TONNIGES	TRUSTEE	1.00	Director	$0	$0	$0
BILL PALLETT	TRUSTEE	1.00	Director	$0	$0	$0
BRIDGET KRUKOWSKI	TRUSTEE	1.00	Director	$0	$0	$0
BRUCE BERGLUND	TRUSTEE	1.00	Director	$0	$0	$0
CARRIE MORTON	TRUSTEE	1.00	Director	$0	$0	$0
CRAIG COPPERSMITH	TRUSTEE	1.00	Director	$0	$0	$0
DICK HELD	TRUSTEE	1.00	Director	$0	$0	$0
DICK SHOEMAKER	TRUSTEE	1.00	Director	$0	$0	$0
DONALD M CAMPBELL	TRUSTEE	1.00	Director	$0	$0	$0
DOUG ESTRADA	TRUSTEE	1.00	Director	$0	$0	$0
ELIZABETH J BETTY MASON	TRUSTEE	1.00	Director	$0	$0	$0
ENRIQUE SANCHEZ	TRUSTEE	1.00	Director	$0	$0	$0
JIHAD SHOSHARA MD	TRUSTEE	1.00	Director	$0	$0	$0
JILL SMITH	TRUSTEE	1.00	Director	$0	$0	$0
JODY KING	TRUSTEE	1.00	Director	$0	$0	$0
JOHN ALLBERY	TRUSTEE	1.00	Director	$0	$0	$0
KENNETH E FRIDRICH	TRUSTEE	1.00	Director	$0	$0	$0
KIM HEIER	TRUSTEE	1.00	Director	$0	$0	$0
LONNIE MAHRT	TRUSTEE	1.00	Director	$0	$0	$0
MARK CHRISTENSEN	TRUSTEE	1.00	Director	$0	$0	$0
MARK MULKEY	TRUSTEE	1.00	Director	$0	$0	$0
PATRICK BEANS	TRUSTEE	1.00	Director	$0	$0	$0
PAUL SCHELSTRAETE	TRUSTEE	1.00	Director	$0	$0	$0
REVEREND JIM KECK	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD BARTLETT	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN A RASMUSSEN SR	TRUSTEE	1.00	Director	$0	$0	$0
TERRI VRTISKA MD	TRUSTEE	1.00	Director	$0	$0	$0
TIMOTHY WILSON	TRUSTEE	1.00	Director	$0	$0	$0
TONY SORRENTINO JD	TRUSTEE	1.00	Director	$0	$0	$0
TROY KANTER	TRUSTEE	1.00	Director	$0	$0	$0
ROGER HUGHES PHD	PRESIDENT	60.00	Officer	$326,077	$55,199	$381,276
LINDA SCHOLTING CPA	CFO, TREASURER	60.00	Officer	$220,850	$25,670	$246,520
LORIE COOK-BENJAMIN	CHIEF ACADEMIC OFFICER	60.00	Key Emp	$174,420	$16,126	$190,546
DEREK BIERMAN	CHIEF INFORMATION OFFICER	60.00	Key Emp	$166,400	$10,151	$176,551
MARTY FYE	VP FOR INSTITUTIONAL ADVANCEMENT	60.00	Highest	$153,000	$19,495	$172,495
JOHN FROST	VP OF ENROLLMENT MANAGEMENT	60.00	Highest	$153,000	$187	$153,187
JUDY KAWAMOTO	VP FOR STUDENT AFFAIRS	40.00	Highest	$137,676	$11,750	$149,426
JENNIFER BOSSARD	DEAN/PROFESSOR	60.00	Highest	$159,227	$18,158	$177,385
PEDRO MALIGO DEAN	OF COLLEGE OF ARTS AND SCIENCES	40.00	Highest	$136,578	$18,355	$154,933

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	$67,411,184	$80,241,313	$251,161,384	$-12,830,129
2024	$63,136,619	$75,367,459	$254,240,227	$-12,230,840
2023	$86,192,324	$70,404,366	$245,398,818	$15,787,958
2022	$62,886,591	$70,341,481	$210,004,462	$-7,454,890
2021	$66,548,317	$66,565,866	$228,017,136	$-17,549
2020	$82,544,350	$66,084,139	$195,656,301	$16,460,211
2019	$70,565,237	$63,731,371	$198,061,374	$6,833,866