WESTERN GOVERNORS UNIVERSITY (EIN 474365018) - Form 990 Financial Analysis & Trantor Score

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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

2015

Legal Domicile

Phone

8013233305

Tax Period

2024-07-01 to 2025-06-30

WESTERN GOVERNORS UNIVERSITY, founded in 2015, is a large national nonprofit in the Education sector that reported $1.7B in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $1.5B left a modest 9% surplus.

Mission

TO OPERATE AND ADMINISTER AN INSTITUTION OF HIGHER LEARNING.

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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 $8,017,087

Program Service Revenue $1,676,424,174

Investment Income $51,019

Other Revenue $152,404

TOTAL REVENUE $1,684,644,684

Expense Breakdown

Grants Paid $57,233,590

Salaries & Benefits $716,504,002

Fundraising Expenses $2,412,093

Program Expenses $1,420,239,577

Other Expenses $753,692,894

TOTAL EXPENSES $1,527,430,486

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,684,644,684	$1,462,468,978	+0.2%
Expenses	$1,527,430,486	$1,280,651,233	+0.2%
Net Income	$157,214,198	$181,817,745	-0.1%

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

8454

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

$5,258,431

Total Directors

$2,131,084

Key Employees

$4,264,903

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE FULLER	CHAIR	1.0	Officer Director	$0	$0	$0
LENNY MENDONCA	VICE-CHAIR	1.0	Officer Director	$0	$0	$0
SCOTT PULSIPHER	TRUSTEE/PRESIDENT	2.0	Officer Director	$0	$66,310	$2,131,084
APRIL CHOU	TRUSTEE	1.0	Director	$0	$0	$0
COLE CLARK	TRUSTEE	1.0	Director	$0	$0	$0
DAVID SIMMONS	TRUSTEE (EMERITUS AS OF 11/2024)	1.0	Director	$0	$0	$0
DR HAROLD LEE MARTIN SR	TRUSTEE (AS OF 4/2025)	1.0	Director	$0	$0	$0
DR RUTH WATKINS	TRUSTEE (AS OF 11/2024)	1.0	Director	$0	$0	$0
DWANA FRANKLIN-DAVIS	TRUSTEE	1.0	Director	$0	$0	$0
ELOY ORTIZ OAKLEY	TRUSTEE	1.0	Director	$0	$0	$0
GOV ERIC HOLCOMB	TRUSTEE (THRU 11/2024)	1.0	Director	$0	$0	$0
GOV JARED POLIS	TRUSTEE	1.0	Director	$0	$0	$0
JESSIE WOOLEY-WILSON	TRUSTEE	1.0	Director	$0	$0	$0
JOHN W BLUFORD III	TRUSTEE (THRU 11/2024)	1.0	Director	$0	$0	$0
KERRY HEALY	TRUSTEE (THRU 01/2025)	1.0	Director	$0	$0	$0
TALIA MILGROM-ELCOTT	TRUSTEE	1.0	Director	$0	$0	$0
COURTNEY HILLS MCBETH	CHIEF ACADEMIC OFFICER & PROVOST	2.0	Officer	$0	$52,270	$692,739
DAVID GROW	CHIEF OPERATING OFFICER	2.0	Officer	$0	$75,029	$1,029,671
NADEEM SYED	CFO & TREASURER	2.0	Officer	$0	$54,660	$850,850
ROBERT HUNT	SR VP, GENERAL COUNSEL/SECRETARY	2.0	Officer	$0	$90,310	$554,087
DAVID PERKINSON	SR VP, PROGRAM DEVELOPMENT	40.0	Key Emp	$480,711	$53,993	$534,704
DEBORAH FOWLER	SR VP, ACADEMIC DELIVERY	40.0	Key Emp	$526,828	$67,310	$594,138
GENE HAYES	SR VP, REGIONAL OPERATIONS	40.0	Key Emp	$443,585	$51,566	$495,151
KEITH SMITH	SR VP, LEAVITT SCHOOL OF HEALTH (THRU 8/2024)	40.0	Key Emp	$584,669	$53,993	$638,662
MITSU FRAZIER	SR VP, BUSINESS COLLEGE	40.0	Key Emp	$533,904	$71,140	$605,044
PAUL BINGHAM	SR VP, SCHOOL OF TECHNOLOGY	40.0	Key Emp	$440,619	$30,500	$471,119
SCOTT NEUNER	SR VP, MARKETING	40.0	Key Emp	$396,752	$41,548	$438,300
STACEY LUDWIG JOHNSON	EXECUTIVE DIRECTOR, WORK-BASED PATHWAYS	40.0	Key Emp	$427,145	$60,640	$487,785
JOSEPH DERY	VP, DEAN - SCHOOL OF TECH (THRU 2/2025)	40.0	Highest	$340,344	$18,389	$358,733
KIMBERLY ESTEP	REGIONAL VICE PRESIDENT	40.0	Highest	$326,070	$70,223	$396,293
RICHARD BENBOW	REGIONAL VICE PRESIDENT	40.0	Highest	$358,275	$27,282	$385,557
SARAH DEMARK	VICE PROVOST	40.0	Highest	$360,035	$59,450	$419,485
TONYA DRAKE	REGIONAL VICE PRESIDENT	40.0	Highest	$326,167	$28,453	$354,620

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	$1,684,644,684	$1,527,430,486	$852,320,868	$157,214,198
2024	No data	No data	No data	No data
2023	$654,374,330	$619,062,159	$393,807,673	$35,312,171
2022	$79,386,691	$70,012,401	$30,227,281	$9,374,290
2021	$11,961,161	$28,338,732	$2,449,192	$-16,377,571
2020	$10,328,970	$4,168,618	$18,294,694	$6,160,352
2019	$10,011,771	$1,828,233	$11,457,692	$8,183,538
2018	$867	$312	$3,003,111	$555

WESTERN GOVERNORS UNIVERSITY