MARSHALL UNIVERSITY FOUNDATION INCORPORATED (EIN 556011111) - 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

1947

Legal Domicile

Principal Officer

R Scott Anderson

Phone

3046966264

Tax Period

2024-07-01 to 2025-06-30

MARSHALL UNIVERSITY FOUNDATION INCORPORATED, founded in 1947, is a mid-sized nonprofit in the Education sector that reported $85.1M in total revenue in fiscal year 2024. Revenue surged 284% from the prior year, signaling strong growth momentum. The organization ran a surplus of $65.3M, a strong 77% operating margin.

Mission

The Marshall University Foundation was chartered on January 3, 1947 as an independent non-profit organization to receive, invest, administer and disburse private resources on behalf of Marshall University.

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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 $74,526,148

Program Service Revenue $41,912

Investment Income $10,450,686

Other Revenue $42,407

TOTAL REVENUE $85,061,153

Expense Breakdown

Grants Paid $8,762,801

Salaries & Benefits $3,440,801

Fundraising Expenses $2,217,370

Program Expenses $14,824,127

Other Expenses $7,597,967

TOTAL EXPENSES $19,801,569

Year-over-Year Comparison

	2024	2023	Change
Revenue	$85,061,153	$22,167,378	+2.8%
Expenses	$19,801,569	$50,037,003	-0.6%
Net Income	$65,259,584	$-27,869,625	-3.3%

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

Volunteers

100

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

Total Directors

Key Employees

$316,353

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dr Ronald Area	CEO (Retired)	40		$276,390	$58,480	$334,870
Mr R Scott Anderson	CFO	40	Key Emp Highest	$152,951	$37,021	$189,972
Mr Nicolas Karagosian	CEO/Foundation President	40	Key Emp Highest	$99,748	$26,633	$126,381
Mr Bernard Coston	First Vice Chair	2.00	Officer Director	$0	$0	$0
Mrs Nancy E Campbell	Board Chair	3.00	Officer Director	$0	$0	$0
Mrs Carol J Hartley	Director	2.00	Officer Director	$0	$0	$0
Mrs Sharon D Shaffer	Immediate Past Chair	2.00	Director	$0	$0	$0
Mr Barry Burgess	Director	2.00	Director	$0	$0	$0
Mr William W Carter	Director	2.00	Director	$0	$0	$0
Mr Mark A Chandler	Director	2.00	Director	$0	$0	$0
Ms Kathy Eddy	Director	2.00	Director	$0	$0	$0
Ms Diane Ramy Faulconer	Director	2.00	Director	$0	$0	$0
Mrs Verna K Gibson	Director	2.00	Director	$0	$0	$0
Dr Robert Hess	Director	2.00	Director	$0	$0	$0
Mr William V Jackson	Director	2.00	Director	$0	$0	$0
Mr Rex W Johnson	Director	2.00	Director	$0	$0	$0
Mr Max Lederer	Director	2.00	Director	$0	$0	$0
Mr Norman Mosrie	Director	2.00	Director	$0	$0	$0
Mr Charles W Pace	Director	2.00	Director	$0	$0	$0
Dr Joseph Touma	Director	2.00	Director	$0	$0	$0
Mr Danny Vance	Secretary	2.00	Officer Director	$0	$0	$0
Mr Steven Wellman	Director	2.00	Director	$0	$0	$0
Mr Marc Williams	Director	2.00	Director	$0	$0	$0
Mrs A Sue Zemba	Treasurer	2.0	Officer Director	$0	$0	$0
Mr Steve Rubin	Director	2.00	Director	$0	$0	$0
Mr Robert Simpson	Director	2.00	Director	$0	$0	$0
Ms Elizabeth Weisberg	Director	2	Director	$0	$0	$0
Mr Louis Costanzo III	Director	2	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	$85,061,153	$19,801,569	$441,956,283	$65,259,584
2024	$22,167,378	$50,037,003	$343,852,369	$-27,869,625
2023	$48,068,529	$18,321,336	$387,058,001	$29,747,193
2022	$28,228,020	$15,991,740	$344,717,415	$12,236,280
2021	$39,444,191	$13,848,567	$365,151,220	$25,595,624
2020	$32,818,668	$14,771,440	$297,189,135	$18,047,228
2019	$50,987,540	$16,820,028	$304,781,369	$34,167,512
2018	$13,272,805	$16,493,967	$258,659,897	$-3,221,162

MARSHALL UNIVERSITY FOUNDATION INCORPORATED