Midwestern University Foundation

Nonprofit profile at a glance

EIN
363955804
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Downers Grove, IL, USA
Phone
6305157145
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$4,300,740
Expenses
$2,479,565
Assets
$108,682,666
Liabilities
$95,551,940

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

Leadership & pay

15 people listed

Executive titles in this filing

  • Joshua C Baker MS (SVP & CHIEF ACADEMIC OFFICER / INTERIM PRESIDENT, CEO, & DIRECTOR (BEG MAY 2025))
  • KATHLEEN H GOEPPINGER PHD (PRESIDENT, CEO, DIRECTOR, RETIRED MAY 19, 2025)
  • GREGORY L O'COYNE CPA (VICE PRESIDENT, FINANCE)
  • MATTHEW J SWEENEY CPA (ASSISTANT TREASURER, CFO, VICE PRESIDENT)

Highest reported compensation

  • KATHLEEN H GOEPPINGER PHD (PRESIDENT, CEO, DIRECTOR, RETIRED MAY 19, 2025): $1,968,182 total reported compensation
  • Joshua C Baker MS (SVP & CHIEF ACADEMIC OFFICER / INTERIM PRESIDENT, CEO, & DIRECTOR (BEG MAY 2025)): $966,981 total reported compensation
  • MATTHEW J SWEENEY CPA (ASSISTANT TREASURER, CFO, VICE PRESIDENT): $806,316 total reported compensation

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

Overview

Mission

To benefit midwestern university by providing funding for private loans to students of the university.

What it reported doing in 2024

Midwestern University Foundation provided funding for federally guaranteed loans for students of the University under the Federal Family Education Loan (FFEL) Program. This program ended in 2010. In 2014, the Foundation created a new private loan program called the Midwestern University Private Loan Program (MPL Program) funded through the combination of equity and tax-exempt debt. The MPL program functions like the FFEL Program loans in some respects and like other private loan programs in other respects. Unlike loans made under the FFEL Program, loans made under the MPL Program are made by the Foundation directly to students and are not guaranteed by the federal government. Since the inception of the MPL Program, there have been loans awarded in the amount of $132,800,000 as of June 30, 2025. Foundation Bonds issued to fund the MPL Program are limited obligations of the Foundation, secured by and payable solely and exclusively from the student loans and related revenues and other assets comprising the trust estates created by the Trust Indentures pursuant to which those Foundation Bonds have been issued. The trust indentures for the Foundation Bonds contain numerous restrictions and requirements applicable to the MPL Program and the assets comprising the trust estates.

Operating model

Revenue model
Other-operating. 97% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 64
  • Accountability: 84
  • Sustainability: 76
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.6%; rating input score 55
  • Program expense ratio: 88.2%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90%; rating input score 90; 21st percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 42.3%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 43.83; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 10.5%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 13.9% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 15.1% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 54.6% of revenue deployed · 88.2% of spending went to programs
  • Governance: 9 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.2M in reported program spending
  • Leadership: top reported pay $2M · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 4 filed related-organization links
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 55/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.