WILMINGTON UNIVERSITY INC

EIN: 510107088 501(c)(3) Education

NEW CASTLE, DE

Total Revenue
$142,357,658
Total Expenses
$136,037,155
Total Assets
$384,874,339
Net Assets
$318,553,097
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Financial Trends

Organization Details

Formation Year
1968
Legal Domicile
DE
Principal Officer
LLOYD A RICKETTS
Phone
3023566915
Tax Period
2024-07-01 to 2025-06-30

WILMINGTON UNIVERSITY INC, founded in 1968, is a major nonprofit in the Education sector that reported $142.4M in total revenue in fiscal year 2024. Revenue decreased 9% compared to the prior year. Expenses of $136.0M left a modest 4% surplus.

Mission

WILMINGTON UNIVERSITY IS COMMITTED TO EXCELLENCE IN TEACHING, RELEVANCY OF THE CURRICULUM, AND INDIVIDUAL ATTENTION TO STUDENTS. AS AN INSTITUTION WITH ADMISSIONS POLICIES THAT PROVIDE ACCESS FOR ALL, IT OFFERS OPPORTUNITY FOR HIGHER EDUCATION TO STUDENTS OF VARYING AGES, INTERESTS AND ASPIRATIONS.THE UNIVERSITY PROVIDES A RANGE OF EXEMPLARY CAREER-ORIENTED UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREE PROGRAMS FOR A GROWING AND DIVERSE STUDENT POPULATION. IT DELIVERS THESE PROGRAMS AT LOCATIONS AND TIMES CONVENIENT TO STUDENTS AND AT AN AFFORDABLE PRICE. A HIGHLY QUALIFIED FULL-TIME FACULTY WORKS CLOSELY WITH PART-TIME FACULTY DRAWN FROM THE WORKPLACE TO ENSURE THAT THE UNIVERSITY'S PROGRAMS PREPARE STUDENTS TO BEGIN OR CONTINUE THEIR CAREER, IMPROVE THEIR COMPETITIVENESS IN THE JOB MARKET, AND ENGAGE IN LIFELONG LEARNING.

Program Service Accomplishments

Program 1
Expenses: $106,159,867 Revenue: $114,877,643

WILMINGTON UNIVERSITY IS COMMITTED TO BEING A UNIVERSITY WHERE RESPECT FOR EACH OTHER IS PARAMOUNT, INTEGRITY GUIDES ALL OF OUR CHOICES, PROVIDING EDUCATIONAL OPPORTUNITY IS OUR PRIMARY PURPOSE, AND...

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WILMINGTON UNIVERSITY IS COMMITTED TO BEING A UNIVERSITY WHERE RESPECT FOR EACH OTHER IS PARAMOUNT, INTEGRITY GUIDES ALL OF OUR CHOICES, PROVIDING EDUCATIONAL OPPORTUNITY IS OUR PRIMARY PURPOSE, AND RESPONSIVENESS TO COMMUNITY NEEDS IS KEY. IN DESIGNING ACADEMIC PROGRAMS AND STUDENT SERVICES, WE SUPPORT INNOVATION AND ACTIVELY SEEK FACULTY WITH EXPERIENCE IN THEIR FIELDS WHO CAN PROVIDE STUDENTS WITH AN EDUCATION FOCUSED ON PRACTICAL APPLICATION.WILMINGTON UNIVERSITY IS CLASSIFIED BY THE CARNEGIE COMMISSION AS A DOCTORAL/RESEARCH UNIVERSITY. THE UNIVERSITY OFFERS DEGREE PROGRAMS AT THE ASSOCIATE'S, BACHELOR'S, MASTER'S AND DOCTORAL LEVELS. THE UNIVERSITY OFFERS DEGREE PROGRAMS IN THE COLLEGE OF BUSINESS, THE COLLEGE OF EDUCATION AND LIBERAL ARTS, THE COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES, THE COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES, THE COLLEGE OF TECHNOLOGY AND THE SCHOOL OF LAW. THE UNIVERSITY SERVED 18,982 (UNDUPLICATED) STUDENTS DURING FISCAL 2025, OFFERING PROGRAMS AT MULTIPLE LOCATIONS THROUGHOUT DELAWARE AS WELL AS PROVIDING AN ONLINE MODALITY.THE UNIVERSITY'S ACADEMIC ACCOMPLISHMENTS DURING FISCAL 24/25 WERE AS FOLLOWS:WILMINGTON UNIVERSITY HAS BEEN RECOGNIZED BY THE CARNEGIE FOUNDATION AND THE AMERICAN COUNCIL ON EDUCATION AS AN OPPORTUNITY COLLEGE AND UNIVERSITY. THIS INSTITUTIONAL CLASSIFICATION REFLECTS THAT WE ARE THE ONLY INSTITUTE OF HIGHER EDUCATION IN THE STATE OF DELAWARE THAT AFFORDS "HIGH ACCESS AND HIGH EARNINGS" TO FOSTER STUDENT SUCCESS. WE REFLECT THE COMMUNITY WE SERVE AND OUR GRADUATES EXPERIENCE COMPETITIVE WAGES. WE JOIN 479 INSTITUTIONS NATIONALLY WHO HAVE EARNED THIS DESIGNATION AND NOW SERVE AS A MODEL TO OTHER COLLEGES AND UNIVERSITIES.IN COLLABORATION WITH THE DEPARTMENT OF EDUCATION, THESCHOOLHOUSE302, PARTNERSHIPS AND COMMUNITY AFFAIRS, AND PROFESSIONAL AND CONTINUING EDUCATION, THE COLLEGE SUCCESSFULLY LAUNCHED THE SECOND ANNUAL NEW SCHOOL ADMINISTRATOR INDUCTION PROGRAM TO SUPPORT NEWLY APPOINTED PUBLIC SCHOOL PRINCIPALS.THE COUNCIL ON ACCREDITATION OF NURSE ANESTHESIA EDUCATIONAL PROGRAMS (COA) CONDUCTED AN ONSITE CAPABILITY/ACCREDITATION REVIEW OF THE DELAWARE NURSE ANESTHESIOLOGY PROGRAM AT CHRISTIANACARE AND WILMINGTON UNIVERSITY. THE REVIEW TEAM COMMENDED THE HIGH-QUALITY SELF-STUDY AND ROBUST EVIDENCE OF COMPLIANCE. ALL EIGHT STANDARDS, INCLUSIVE OF 156 CRITERIA WERE FOUND TO BE "IN COMPLIANCE." PENDING AN OFFICIAL ACCREDITATION DECISION IN OCTOBER 2025, THE FIRST COHORT BEGINS IN JANUARY 2026.FORBES ADVISOR EDUCATION RECOGNIZED WILMINGTON UNIVERSITY'S WELL-ROUNDED BIOLOGY DEGREE PROGRAM AS A TOP 10 BEST ONLINE BIOLOGY DEGREE PROGRAM. STUDENTS CAN EARN THEIR DEGREE IN PERSON AT BRANDYWINE AND NEW CASTLE LOCATIONS OR 100% ONLINE USING INNOVATIVE AT-HOME LAB KITS.THE LEGAL STUDIES CONCENTRATION IN THE LAW POLICY AND POLICY AND POLITICAL SCIENCE DEGREE EARNED A FAVORABLE AMERICAN BAR ASSOCIATION RECOMMENDED APPROVAL.THE COLLEGE OF TECHNOLOGY LAUNCHED A NEW MASTER OF SCIENCE IN COMPUTER SCIENCE PROGRAM WITH AN INAUGURAL COHORT OF 25 STUDENTS. WE ARE ESPECIALLY COMMITTED TO CARING FOR OUR STUDENTS AS CUSTOMERS AND PARTNERS AS SUCH THE UNIVERSITY SERVED A TOTAL OF 18,982 STUDENTS INCLUDING 12,265 UNDERGRADUATE, 6,017 GRADUATE, 654 DOCTORAL STUDENTS, AND 46 SCHOOL OF LAW STUDENTS DURING FISCAL 2025. THE UNIVERSITY AWARDED 3,972 TOTAL DEGREES, INCLUDING 1,703 UNDERGRADUATE, 2,106 GRADUATE AND 163 DOCTORAL DEGREES DURING FISCAL 2025.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $15,534,034
Program Service Revenue $118,633,466
Investment Income $8,090,549
Other Revenue $99,609
TOTAL REVENUE $142,357,658

Expense Breakdown

Grants Paid $21,364,784
Salaries & Benefits $83,332,222
Fundraising Expenses $386,800
Program Expenses $106,159,867
Other Expenses $31,340,149
TOTAL EXPENSES $136,037,155

Year-over-Year Comparison

2024 2023 Change
Revenue $142,357,658 $156,581,244 -0.1%
Expenses $136,037,155 $133,473,842 +0.0%
Net Income $6,320,503 $23,107,402 -0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
13
Employees
2030
Volunteers
17

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
4
$2,082,168
Total Directors
16
$0
Key Employees
2
$1,074,295
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT C COLE JR TRUSTEE 1.00
Director
$0 $0 $0
ALAN D ELLINGSWORTH TRUSTEE 1.00
Director
$0 $0 $0
MICHAEL J FARNAN TRUSTEE 1.00
Director
$0 $0 $0
LARRY D GEHRKE TRUSTEE 1.00
Director
$0 $0 $0
MARIAM KOOHDARY TRUSTEE (AS OF 2/1/25) 1.00
Director
$0 $0 $0
DAVID F MARVIN TRUSTEE 1.00
Director
$0 $0 $0
LAWRENCE H MILLER TRUSTEE 1.00
Director
$0 $0 $0
EDMUND PRIBITKIN TRUSTEE 1.00
Director
$0 $0 $0
JOHN J RAY III TRUSTEE 1.00
Director
$0 $0 $0
DANA P ROBINSON TRUSTEE 1.00
Director
$0 $0 $0
SUE L ROBINSON TRUSTEE 1.00
Director
$0 $0 $0
ALLEN L SAMUELS TRUSTEE 1.00
Director
$0 $0 $0
TRACY T WOODSON TRUSTEE 1.00
Director
$0 $0 $0
MELISSA A ZEBLEY TRUSTEE 1.00
Director
$0 $0 $0
JOSEPH J FARNAN JR CHAIRMAN 1.00
Officer Director
$0 $0 $0
THOMAS E LEIPOLD VICE CHAIRMAN 1.00
Officer Director
$0 $0 $0
LAVERNE T HARMON PRESIDENT 40.00
Officer
$1,352,188 $62,079 $1,414,267
LLOYD RICKETTS SR. VICE PRESIDENT, CFO & TREASURER 40.00
Officer
$597,481 $70,420 $667,901
ERIN J DIMARCO SR. VICE PRESIDENT & COO 40.00
Key Emp
$661,182 $85,846 $747,028
DENISE WELLS VICE PRESIDENT 40.00
Key Emp
$285,247 $42,020 $327,267
HEATHER O'CONNELL VICE PRESIDENT (THRU 2/29/24) 40.00
Highest
$2,360,641 $23,822 $2,384,463
JAMES WILSON JR PROFESSOR 40.00
Highest
$442,728 $116,992 $559,720
PHILLIP CLOSIUS DEAN 40.00
Highest
$532,336 $64,953 $597,289
CHRISTIAN TROWBRIDGE VICE PRESIDENT 40.00
Highest
$435,817 $26,737 $462,554
JACQUELINE VARSALONA VICE PRESIDENT 40.00
Highest
$406,785 $39,228 $446,013
CAROLE D PITCHER FORMER VICE PRESIDENT 0.00
$592,858 $0 $592,858
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 $142,357,658 $136,037,155 $384,874,339 $6,320,503
2024 $156,581,244 $133,473,842 $371,599,373 $23,107,402
2023 $123,946,874 $121,397,331 $357,282,631 $2,549,543
2022 $129,795,391 $119,415,820 $291,760,814 $10,379,571
2021 $148,642,750 $114,660,396 $306,496,954 $33,982,354
2020 $134,526,149 $121,216,156 $264,863,529 $13,309,993
2019 $123,116,755 $120,242,198 $274,872,284 $2,874,557
2018 $130,894,340 $116,485,812 $265,600,784 $14,408,528
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