Franklin College

Legal name: Franklin College of Indiana

Nonprofit profile at a glance

EIN
350868086
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Franklin, IN, US
Phone
800.852.0232
Rating
83
Verdict
STRONG
Rating confidence
Standard
Sector
Undergraduate College (4-year)

Official website

Reported finances

Revenue
$56,149,658
Expenses
$55,172,563
Assets
$157,442,974
Liabilities
$30,032,242

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

44 people listed

Executive titles in this filing

  • Andrew Jones (Vice President for Student Development & Dean of Students)
  • Kerry Prather (President)
  • Kevin Honigford (Vice President and Chief Financial Officer)
  • Kristin Flora (Vice President for Academic Affairs & Dean of the College)
  • Nora Brems (Vice President of Development and Alumni Engagement)

Highest reported compensation

  • Kerry Prather (President): $397,947 total reported compensation
  • Andrew Hendricks (VP of Enrollment & Marketing): $207,841 total reported compensation
  • Kevin Honigford (Vice President and Chief Financial Officer): $196,697 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Expanding opportunities, fostering passion.

What it reported doing in 2024

Student services - activities related to students' lives outside the classroom. This includes: student affairs, residence life, college chaplain, admissions, financial aid office, academic records, and athletics.

Operating model

Revenue model
Other-operating. 82% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 75
  • Accountability: 95
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.4%; rating input score 95
  • Program expense ratio: 90%; rating input score 90
  • Fundraising efficiency: $5.38 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.7%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 2.85; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 70; 70th percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 20th percentile among comparable filings
  • Revenue growth: 2.6% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 0.9% per year; rating input score 100; 10th percentile among comparable filings

Details

  • What they do: 4 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 95.4% of revenue deployed · 90% of spending went to programs
  • Governance: 33 of 33 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $49.7M in reported program spending
  • Leadership: top reported pay $398K · 44 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.4M reported
  • Consistency: 46 of 46 current checks pass
  • Schedules: 14 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 23/100.
  • Moderate — Sustainability: Operating margin scored 41/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.