WILMINGTON UNIVERSITY INC (EIN 510107088) - 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

1968

Legal Domicile

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

ESTABLISHED IN 1968, WILMINGTON UNIVERSITY, INC. IS AN OPEN ACCESS PRIVATE INSTITUTION OF HIGHER EDUCATION WITH LOCATIONS IN DELAWARE OFFERING UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES.

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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 $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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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

2030

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

$2,082,168

Total Directors

Key Employees

$1,074,295

Highest Compensated

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

WILMINGTON UNIVERSITY INC