WGU Corporation

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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

1997

Legal Domicile

Principal Officer

Scott Pulsipher

Tax Period

2023-07-01 to 2024-06-30

WGU Corporation, founded in 1997, is a major nonprofit in the Education sector that reported $264.7M in total revenue in fiscal year 2023. Revenue fell 61% from the prior year — a significant decline worth monitoring.

Mission

The Organization's mission is to operate exclusively for the benefit of, to perform the functions of, and to carry out the purposes of 1) Western Governors University and 2) WGU Academy. Western Governors University is a 501(c)(3) organization, and WGU Academy was a 501(c)(3) organization until converting to a wholly-owned partnership and disregarded entity of the Organization as of June 30, 2024.

Program Service Accomplishments

Program 1

Expenses: $243,064,538 Revenue: $235,123,802

The Organization is a Type III functionally integrated supporting organization whose purpose is to operate to the exclusive benefit of, to perform the functions of, and to carry out the purposes of Western Governors University and WGU Academy. The Organization provides direction over the policies, programs, and activities of these supported organizations in addition to financial support. In FY24, the Organization provided $10.6 million of funding to these supported organizations. The Organization also provides administrative services (accounting, HR, legal, finance, management, procurement, etc.) to these supported organizations.

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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 $503,776

Program Service Revenue $235,123,802

Investment Income $28,712,572

Other Revenue $366,325

TOTAL REVENUE $264,706,475

Expense Breakdown

Grants Paid $0

Salaries & Benefits $160,394,121

Fundraising Expenses $4,024,569

Program Expenses $243,064,538

Other Expenses $112,409,671

TOTAL EXPENSES $272,803,792

Year-over-Year Comparison

	2023	2022	Change
Revenue	$264,706,475	$682,133,952	-0.6%
Expenses	$272,803,792	$693,140,755	-0.6%
Net Income	$-8,097,317	$-11,006,803	-0.3%

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

1154

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

$4,305,291

Total Directors

$2,268,117

Key Employees

$1,225,959

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT PULSIPHER	TRUSTEE/PRESIDENT	41.0	Officer Director	$2,205,837	$62,280	$2,268,117
DAVID GROW	CHIEF OPERATING OFFICER	40.0	Officer	$810,920	$72,690	$883,610
NADEEM SYED	CHIEF FINANCIAL OFFICER	40.0	Officer	$619,771	$51,930	$671,701
DAVID MORALES	SR VP, TECHNOLOGY & CIO	40.0	Key Emp	$616,608	$33,848	$650,456
BONNIE PATTEE	SR VP, PEOPLE & TALENT	40.0	Key Emp	$519,496	$56,007	$575,503
JASON LEVIN	EXECUTIVE DIRECTOR, LABS	40.0	Highest	$458,620	$56,530	$515,150
ROBERT HUNT	SR VP, GENERAL COUNSEL, SECR.	40.0	Officer	$395,333	$86,530	$481,863
ANNALISA HOLCOMBE	PRESIDENT, WGU ADVANCEMENT	40.0	Highest	$388,861	$58,266	$447,127
PATRICIA MOORE	VICE PRESIDENT, ENGINEERING	40.0	Highest	$382,886	$41,579	$424,465
PAUL DROUBAY	VICE PRESIDENT, TOTAL REWARDS	40.0	Highest	$364,531	$56,486	$421,017
HENRY HUMPHREYS	VP, PRODUCT & PORTF. MANAG.	40.0	Highest	$334,965	$46,486	$381,451
DR CHARLES SORENSON	CHAIR (THRU 11/23)	1.0	Director	$0	$0	$0
JOE FULLER	CHAIR	1.0	Director	$0	$0	$0
LENNY MENDONCA	VICE-CHAIR	1.0	Director	$0	$0	$0
JOHN W BLUFORD III	TRUSTEE	1.0	Director	$0	$0	$0
APRIL CHOU	TRUSTEE	1.0	Director	$0	$0	$0
COLE CLARK	TRUSTEE	1.0	Director	$0	$0	$0
DWANA FRANKLIN-DAVIS	TRUSTEE (AS OF 11/23)	1.0	Director	$0	$0	$0
TALIA MILGROM-ELCOTT	TRUSTEE	1.0	Director	$0	$0	$0
THE HONORABLE JIM GERINGER	TRUSTEE (EMERITUS AS OF 11/23)	1.0	Director	$0	$0	$0
KERRY HEALY	TRUSTEE	1.0	Director	$0	$0	$0
ELOY ORTIZ OAKLEY	TRUSTEE (AS OF 11/23)	1.0	Director	$0	$0	$0
DAVID SIMMONS	TRUSTEE	1.0	Director	$0	$0	$0
DR SAMUEL H SMITH	TRUSTEE (EMERITUS AS OF 11/23)	1.0	Director	$0	$0	$0
JESSIE WOOLEY-WILSON	TRUSTEE	1.0	Director	$0	$0	$0
COURTNEY HILLS MCBETH	CAO & PROVOST (AS OF 1/24)	40.0	Officer	$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	$264,706,475	$272,803,792	$945,870,128	$-8,097,317
2023	$682,133,952	$693,140,755	$686,959,304	$-11,006,803
2022	$1,108,132,860	$1,061,166,683	$637,635,637	$46,966,177
2021	$1,020,118,520	$994,721,354	$621,679,021	$25,397,166
2020	$922,496,445	$882,462,909	$519,060,075	$40,033,536
2019	$855,832,070	$793,657,562	$464,419,701	$62,174,508
2018	$669,310,331	$649,596,401	$378,353,509	$19,713,930