Finlandia University
- Assets
- $36.2m
- Revenue
- $18.1m
- Investments
- $4.5m
- Employees
- 254
- Location
- Hancock, MI
- Founding
- 06/1953
- Data as of
- 06/2021
- EIN
- 38-1359570
Organization Overview
Finlandia University is located in Hancock, MI. The organization was established in 1953. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Finlandia University employed 254 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Finlandia University 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, Finlandia University generated $18.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $17.6m during the year ending 06/2021. While expenses have increased by 1.9% per year over the past 7 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
A LEARNING COMMUNITY DEDICATED TO ACADEMIC EXCELLENCE AND SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION DELIVERED COURSES OF STUDY IN BUSINESS, ARTS, AND SCIENCES, HEALTH SCIENCES, AND ART AND DESIGN TO APPROXIMATELY 400 STUDENTS DURING THE ACADEMIC YEAR OF 2020/21. IT ALSO CONDUCTED CO-CURRICULAR, COMMUNITY, AND OTHER AUXILIARY SERVICES THAT SUPPORT ITS MISSION TO ACCOMANY THE WHOLE STUDENT TOWARD A WHOLE LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Philip Johnson President | $105,128 | ||
Glenn Anderson Trustee | Trustee | $0 | |
Shelby Hamar Trustee | Trustee | $0 | |
Mr Michael A Lahti Trustee | Trustee | $0 | |
Tiger Marcotte Trustee | Trustee | $0 | |
Michael Nakkula Trustee | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,662,531 |
| Investment income | $4,213 |
| 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 | $18,081,025 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $32,500 |
| 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 to disqualified persons | $0 |
| Other salaries and wages | $4,495,073 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,002,036 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $803,546 |
| Advertising and promotion | $49,126 |
| Office expenses | $97,302 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $461,407 |
| Travel | $165,822 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,675 |
| Interest | $758,308 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $785,043 |
| Insurance | $142,917 |
| All other expenses | $0 |
| Total functional expenses | $17,581,030 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $925,184 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $5,305,495 |
| Accounts receivable, net | $1,283,712 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $202,967 |
| Prepaid expenses and deferred charges | $253,196 |
| Investments—publicly traded securities | $407,059 |
| Investments—other securities | $4,546,412 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $349,155 |
| Total assets | $36,184,751 |
| Accounts payable and accrued expenses | $432,531 |
| Grants payable | $204,802 |
| Deferred revenue | $26,721 |
| Tax-exempt bond liabilities | $0 |
| 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 | $16,290,024 |
| Total liabilities | $16,954,078 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $19,230,673 |