Midwestern University Foundation
- Assets
- $61.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Downers Grove, IL
- Founding
- 07/1994
- Data as of
- 06/2021
- EIN
- 36-3955804
Organization Overview
Midwestern University Foundation is located in Downers Grove, IL. The organization was established in 1994. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwestern University Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Midwestern University Foundation generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $2.4m during the year ending 06/2021. While expenses have increased by 8.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BENEFIT MIDWESTERN UNIVERSITY BY PROVIDING FUNDING FOR PRIVATE LOANS TO STUDENTS OF THE UNIVERSITY, AND FOR NEED-BASED SCHOLARSHIP ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDED FUNDS FOR FEDERALLY GUARANTEED LOANS FOR STUDENTS OF THE UNIVERSITY. THESE LOANS WERE FUNDED WITH PROCEEDS FROM PRIOR BONDS ISSUED BY THE FOUNDATION AND WERE SOLD TO A LOAN PURCHASER AT A PREMIUM, WITH THE SALES PROCEEDS BEING USED FOR FURTHER LOANS TO THE UNIVERSITY'S STUDENTS. AFTER THE FEDERALLY GUARANTEED LOAN PROGRAM TERMINATED IN 2010, THE FOUNDATION CONTINUED TO WIND-DOWN THE FFEL PROGRAM LOANS, MAKE PERIODIC DISTRIBUTIONS FOR UNIVERSITY NEED-BASED SCHOLARSHIPS, AND MANAGE FUNDS GENERATED THROUGH THE TERMINATED STUDENT LOAN FINANCING PROGRAM. IN FISCAL YEAR 2014, THE FOUNDATION CREATED A NEW PRIVATE LOAN PROGRAM CALLED THE MIDWESTERN UNIVERSITY PRIVATE LOAN PROGRAM (MPL PROGRAM) THAT HAS BEEN AND WILL CONTINUE TO BE FUNDED THROUGH THE COMBINATION OF INTERNAL EQUITY AND THE ISSUANCE OF 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 $57,854,000 AS OF JUNE 30, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $995,797 |
| Investment income | $133,452 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,129,249 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $109,818 |
| Fees for services: Other | $25,144 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,226,027 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,419,512 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $455,257 |
| Savings and temporary cash investments | $21,589,847 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,508,679 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,421,294 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $86,563 |
| Total assets | $61,061,640 |
| Accounts payable and accrued expenses | $2,311,841 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $48,782,786 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,556,366 |
| Total liabilities | $53,650,993 |
| Net assets without donor restrictions | $7,410,647 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $61,061,640 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Midwestern University Foundation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Celebrity Fight Night Foundation Inc Schaumburg, IL PURPOSE: GENERAL OPERATING EXPENDITURES | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Filene Research Institute Inc Madison, WI | $14,627,615 | $8,184,489 |
American Association Of Individual Investors Chicago, IL | $3,907,493 | $7,934,060 |
Midwestern University Foundation Downers Grove, IL | $61,061,640 | $1,129,249 |
Iowa Independent Bankers Des Moines, IA | $1,000,484 | $761,605 |
Henry Strong Educational Foundation Po Box Chicago, IL | $14,214,951 | $483,093 |
Indiana Mortgage Bankers Inc Lawrenceburg, IN | $139,506 | $269,818 |
Illinois Ventures For Community Action Springfield, IL | $7,084,723 | $38,041 |
Northwest Wisconsin Business Development Corporation Spooner, WI | $4,387,654 | $89,093 |
Kentucky Financial Services Association Inc Frankfort, KY | $45,097 | $0 |
Beyond Housing Nhs Community Lending Corporation St Louis, MO | $1,585,039 | $74,753 |
Contractor Loan Fund Inc Saint Louis, MO | $0 | $5,146 |
Nebraska Medical Education Fund Inc Tabor, IA | $1,016,057 | $61,356 |