Mid-continent University

Nonprofit profile at a glance

EIN
610673582
IRS 990 coverage
2010–2017
Forms available
Form 990 2017
Location
Mayfield, KY, USA
Phone
2702478521
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community or Junior Colleges

Official website

Reported finances

Revenue
$-158,244
Expenses
$640,930
Assets
$8,114,569
Liabilities
$1,153,879

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

18 people listed

Highest reported compensation

  • WALKER TIM E (VP FOR FINANCE & ADMINISTR): $46,807 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Mid-continent university filed for chapter 11 bankruptcy on september 30, 2014 and is currently actively managing their own liquidation plan approved by and under the direction of thomas h. Fulton, chief judge, united states bankruptcy court, louisville, ky (502)627-5550. Mcu ceased instruction of students as of june 30, 2014 and is now managing its liquidation plan approved by the us bankruptcy court, western division of Kentucky.

What it reported doing in 2017

Mid-continent university filed for chapter 11 bankruptcy on september 30, 2014 and is currently actively managing its own liquidation plan under the direction of thomas h. Fulton, chief judge, united states bankruptcy court, louisville, ky (502)627-5550. Mcu ceased instruction of students as of june 30, 2014.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 87% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. A relatively small share of total spending goes to programs and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 93
  • Accountability: 79
  • Sustainability: 28
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 23.5%; rating input score 23
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -505%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 12.66; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: -87.5% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -41.3% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -16.2% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 23.5% of spending went to programs
  • Governance: 17 of 17 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $150K in reported program spending
  • Leadership: top reported pay $47K · 18 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 8 filing years from 2010 to 2017
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Program expense ratio scored 23/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.