UNIVERSITY OF DENVER

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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

1864

Legal Domicile

Principal Officer

JEREMY HAEFNER

Phone

3038712000

Tax Period

2023-07-01 to 2024-06-30

UNIVERSITY OF DENVER, founded in 1864, is a major nonprofit in the Education sector that reported $834.9M in total revenue in fiscal year 2023. Net assets of $1.9B represent 27 months of operating reserves.

Mission

THE UNIVERSITY OF DENVER (DU) IS A HIGHER EDUCATIONAL INSTITUTION, PROVIDING BOTH UNDERGRADUATE AND GRADUATE DEGREES - THE MISSION OF THE UNIVERSITY OF DENVER IS TO PROMOTE LEARNING BY ENGAGING WITH STUDENTS (CONTINUED ON SCHEDULE O)IN ADVANCING SCHOLARLY INQUIRY, CULTIVATING CRITICAL AND CREATIVE THOUGHT AND GENERATING KNOWLEDGE. OUR ACTIVE PARTNERSHIPS WITH LOCAL AND GLOBAL COMMUNITIES CONTRIBUTE TO A SUSTAINABLE COMMON GOOD.

Program Service Accomplishments

Program 1

Expenses: $230,203,973 Revenue: $608,995,730

INSTRUCTION 2023-2024: UNDERGRADUATE 6,412, GRADUATE AND PROFESSIONAL 6,972, TOTAL FALL ENROLLMENT 13,384. DEGREES CONFERRED (2023-2024): BACCALAUREATE 1,810, MASTER'S 2,494, FIRST PROFESSIONAL 264, DOCTORAL 138. TOTAL DEGREES CONFERRED 4,706. UNDERGRADUATE STUDENTS CAN SELECT FROM MORE THAN 100 UNDERGRADUATE PROGRAMS, INCLUDING TRADITIONAL MAJORS AND DUAL DEGREE PROGRAMS THAT SPAN A VARIETY OF DISCIPLINES, INCLUDING BUSINESS, EDUCATION, SOCIAL WORK, ART HISTORY, GEOGRAPHIC INFORMATION SCIENCE, INTERNATIONAL STUDIES, PUBLIC POLICY AND ENGINEERING. GRADUATE STUDENTS CAN SELECT FROM MORE THAN 120 GRADUATE DEGREE PROGRAMS THAT WILL CHALLENGE, INSPIRE, AND PREPARE THEM TO ACHIEVE THEIR HIGHEST ACADEMIC AND PROFESSIONAL GOALS. EACH DU GRADUATE PROGRAM COMBINES (CONTINUED ON SCHEDULE O)RIGOROUS STUDY WITH CRITICAL THINKING COLLABORATION AND APPLIED LEARNING EXPERIENCES THAT WILL ENABLE STUDENTS TO EXPAND THEIR SKILLS, DEEPEN THEIR EXPERTISE AND APPLY THEIR KNOWLEDGE TO BENEFIT THEMSELVES AND THE WORLD.

Program 2

Expenses: $249,704,747 Revenue: $0

STUDENT SCHOLARSHIP 2023-2024 ACADEMIC YEAR: THE UNIVERSITY OF DENVER STUDENT CAN APPLY FOR FINANCIAL AID TO ASSIST THEM AND THEIR FAMLLY IN COVERING THE COST OF THEIR EDUCATION. SCHOLARSHIPS AND...

STUDENT SCHOLARSHIP 2023-2024 ACADEMIC YEAR: THE UNIVERSITY OF DENVER STUDENT CAN APPLY FOR FINANCIAL AID TO ASSIST THEM AND THEIR FAMLLY IN COVERING THE COST OF THEIR EDUCATION. SCHOLARSHIPS AND GRANTS ARE AVAILABLE TO STUDENTS FROM FEDERAL, STATE AND INSTITUTIONAL PROGRAMS. INSTITUTIONAL SCHOLARSHIP, WAIVERS AND CASH ASSISTANCE PROGRAMS FOR THE 2023-2024 ACADEMIC YEAR EQUALED $218,285,052, ENDOWED AND GIFT SUPPORT SCHOLARSHIP PROGRAMS FUNDED $27,635,708 AND THE FEDERAL AND STATE PROGRAMS FUNDED $3,783,987. UP TO 80% OF THE STUDENTS AT THE UNIVERSITY RECEIVE SOME FINANCIAL AID.

Program 3

Expenses: $188,545,714 Revenue: $18,344,313

2023-2024 ACADEMIC YEAR: ACADEMIC SUPPORT INCLUDES THE ADMINISTRATIVE SUPPORT FOR 12 GRADUATE SCHOOLS AND PROFESSIONAL PROGRAMS AND 7 UNDERGRADUATE SCHOOLS AND COLLEGES. ACADEMIC SUPPORT ALSO...

2023-2024 ACADEMIC YEAR: ACADEMIC SUPPORT INCLUDES THE ADMINISTRATIVE SUPPORT FOR 12 GRADUATE SCHOOLS AND PROFESSIONAL PROGRAMS AND 7 UNDERGRADUATE SCHOOLS AND COLLEGES. ACADEMIC SUPPORT ALSO INCLUDES THE UNIVERSITY'S LIBRARIES, MEDIA AND INFORMATION TECHNOLOGY SUPPORT AND OTHER SUPPORT FUNCTIONS FOR THE UNIVERSITY'S PRIMARY MISSIONS. STUDENT SERVICES - CONSISTS OF THE ACTIVITIES OF THE ADMISSIONS, REGISTRAR AND FINANCIAL RESOURCES OFFICES AS WELL AS ACTIVITIES THAT CONTRIBUTE TO THE STUDENTS DEVELOPMENT OUTSIDE THE FORMAL INSTRUCTION PROGRAM THAT INCLUDE INTERCOLLEGIATE ATHLETIC PROGRAMS AND SPORTS AND WELLNESS RECREATION PROGRAMS. INCLUDED IN THESE ACTIVITIES ARE CAMPUS LIFE, CAREER AND COUNSELING CENTERS, LEADERSHIP PROGRAMS AND OTHER CAMPUS ACTIVITIES THAT CONTRIBUE TO THE STUDENTS' EMOTIONAL AND PHYSICAL WELL-BEING AND INTELLECTUAL, CULTURAL AND SOCIAL DEVELOPMENT.

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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 (2023)

Revenue Breakdown

Contributions & Grants $34,772,314

Program Service Revenue $772,627,218

Investment Income $22,935,440

Other Revenue $4,568,628

TOTAL REVENUE $834,903,600

Expense Breakdown

Grants Paid $249,704,747

Salaries & Benefits $379,075,837

Fundraising Expenses $20,596,729

Program Expenses $771,850,515

Other Expenses $228,885,253

TOTAL EXPENSES $857,665,837

Year-over-Year Comparison

	2023	2022	Change
Revenue	$834,903,600	$807,273,223	+0.0%
Expenses	$857,665,837	$816,071,421	+0.1%
Net Income	$-22,762,237	$-8,798,198	+1.6%

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

9142

Volunteers

3000

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

$3,607,725

Total Directors

$23,000

Key Employees

$5,107,636

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEREMY HAEFNER	CHANCELLOR	40.00	Officer	$1,127,479	$145,058	$1,272,537
DAVID CARLE	HEAD COACH	40.00	Highest	$602,807	$52,745	$655,552
MARY CLARK - PROVOST	EXECUTIVE VICE CHANCELLOR	40.00	Officer	$577,051	$27,266	$604,317
VIVEK CHOUDHURY	DEAN	40.00	Key Emp	$494,239	$49,057	$543,296
VALERIE OTTEN	SENIOR VICE CHANCELLOR	40.00	Officer	$483,517	$52,970	$536,487
JOSHUA BERLO	VICE CHANCELLOR	40.00	Key Emp	$389,971	$105,472	$495,443
BRUCE SMITH	DEAN	40.00	Highest	$390,651	$46,286	$436,937
ELIZABETH BULLOCK	SECRETARY & UNIVERSITY COUNSEL	40.00	Officer	$372,818	$59,917	$432,735
RUSSELL KAURLOTO	VICE CHANCELLOR	40.00	Key Emp	$371,220	$57,589	$428,809
TODD ADAMS	VICE CHANCELLOR	40.00	Key Emp	$321,669	$102,496	$424,165
JEFFREY WULBURN	HEAD COACH	40.00	Key Emp	$361,096	$53,058	$414,154
NANCY NICELY - FORMER	SECRETARY & CHIEF OF STAFF	40.00		$398,160	$14,980	$413,140
CORINNE LENGSFELD	SENIOR VICE PROVOST	40.00	Highest	$345,643	$26,519	$372,162
ANDREI KUTATELADZE	DEAN	40.00	Highest	$333,194	$27,266	$360,460
TODD RINEHART	VICE CHANCELLOR	40.00	Key Emp	$298,419	$50,904	$349,323
RHONDA GONZALES	DEAN	40.00	Key Emp	$288,023	$54,487	$342,510
RENEA MORRIS	VICE CHANCELLOR (THROUGH 8/15/23)	40.00	Key Emp	$308,198	$29,974	$338,172
JEFFREY BANKS	VICE CHANCELLOR	40.00	Key Emp	$291,899	$42,661	$334,560
LINDA KOSTEN - SENIOR	VICE PROVOST	40.00	Key Emp	$282,631	$49,659	$332,290
STUART HALSALL	ASSOCIATE VICE CHANCELLOR	40.00	Key Emp	$252,343	$51,624	$303,967
CHRISTOPHER WHITT	VICE CHANCELLOR	40.00	Key Emp	$246,944	$47,080	$294,024
ALLAN WILSON	ASSOCIATE VICE CHANCELLOR	40.00	Key Emp	$230,015	$36,082	$266,097
ANDREW CULLEN - ASSISTANT	TREASURER & CONTROLLER	40.00	Officer	$226,814	$19,217	$246,031
STEPHANIE O'MALLEY	ASSOCIATE VICE CHANCELLOR	40.00	Key Emp	$212,675	$28,151	$240,826
LESLIE BRUNELLI - FORMER	TREASURER & SENIOR VICE CHANCELLOR	40.00		$208,293	$23,823	$232,116
MARK DELORENZO - TREASURER	& SENIOR VICE CHANCELLOR	40.00	Officer	$217,235	$14,249	$231,484
ALLISON RIOLA	CHIEF OF STAFF	40.00	Highest	$146,327	$29,034	$175,361
ROSALYN FEAGINS	ASSISTANT TREASURER	40.00	Officer	$127,560	$19,703	$147,263
CLAIRE BROWNELL	ASSISTANT SECRETARY	40.00	Officer	$100,915	$35,956	$136,871
GEORGE CASEY	TRUSTEE - PROFESSOR	11.00	Director	$23,000	$0	$23,000
JOHN A MILLER	TRUSTEE - CHAIR	1.00	Officer Director	$0	$0	$0
DEBORAH DEHAAS	TRUSTEE - VICE CHAIR	1.00	Officer Director	$0	$0	$0
KEVIN C GALLAGHER	TRUSTEE - VICE CHAIR	1.00	Officer Director	$0	$0	$0
GREGORY L MOORE	TRUSTEE - VICE CHAIR	1.00	Officer Director	$0	$0	$0
DOUGLAS G SCRIVNER	TRUSTEE - VICE CHAIR	1.00	Officer Director	$0	$0	$0
EDWARD T ANDERSON	TRUSTEE	1.00	Director	$0	$0	$0
JOHN BUCKSBAUM	TRUSTEE	1.00	Director	$0	$0	$0
PETER BURWELL	TRUSTEE	1.00	Director	$0	$0	$0
SUSANA CORDOVA	TRUSTEE	1.00	Director	$0	$0	$0
NAVIN DIMOND	TRUSTEE	1.00	Director	$0	$0	$0
MARGOT GILBERT FRANK	TRUSTEE	1.00	Director	$0	$0	$0
PETER A GILBERTSON	TRUSTEE	1.00	Director	$0	$0	$0
JAMES GRIESEMER	TRUSTEE	1.00	Director	$0	$0	$0
CRAIG HARRISON	TRUSTEE	1.00	Director	$0	$0	$0
BRANDON C JOHNSON	TRUSTEE	1.00	Director	$0	$0	$0
TAYLOR KIRKPATRICK	TRUSTEE	1.00	Director	$0	$0	$0
JAMES LENTZ	TRUSTEE	1.00	Director	$0	$0	$0
WADE LOO	TRUSTEE	1.00	Director	$0	$0	$0
DONNA LYNNE	TRUSTEE	1.00	Director	$0	$0	$0
TRYGVE E MYHREN	TRUSTEE	1.00	Director	$0	$0	$0
DENISE M O'LEARY	TRUSTEE	1.00	Director	$0	$0	$0
CATHERINE C SHOPNECK	TRUSTEE	1.00	Director	$0	$0	$0
STEPHEN STURM	TRUSTEE	1.00	Director	$0	$0	$0
OTTO TSCHUDI	TRUSTEE	1.00	Director	$0	$0	$0
FREDERICK T WALDECK	TRUSTEE	1.00	Director	$0	$0	$0
MICHAEL D WEST	TRUSTEE	1.00	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	No data	No data	No data	No data
2024	$834,903,600	$857,665,837	$2,249,044,545	$-22,762,237
2023	$807,273,223	$816,071,421	$2,173,355,537	$-8,798,198
2022	$842,965,887	$771,738,479	$2,179,482,499	$71,227,408
2021	$784,521,739	$707,236,209	$2,188,001,504	$77,285,530
2020	$716,746,092	$727,948,933	$1,851,080,134	$-11,202,841
2019	$696,496,787	$685,199,852	$1,870,633,591	$11,296,935
2018	$654,200,758	$638,788,838	$1,817,594,486	$15,411,920