Morningside University
- Assets
- $130.0m
- Revenue
- $63.4m
- Investments
- $26.9m
- Employees
- 1,117
- Location
- Sioux City, IA
- Founding
- 06/1950
- Data as of
- 05/2023
- EIN
- 42-0680400
Organization Overview
Morningside University is located in Sioux City, IA. The organization was established in 1950. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2024, Morningside University employed 1,117 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morningside 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 05/2023, Morningside University generated $63.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $64.4m during the year ending 05/2023. While expenses have increased by 2.1% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MORNINGSIDE UNIVERSITY IS A 4 YEAR PRIVATE UNIVERSITY, THAT PROVIDES A LIBERAL ARTS EDUCATION TO FULL AND PART-TIME STUDENTS, INCLUDING CO-CURRICULAR ACTIVITIES (RESIDENCE HALLS, DINING, BOOKSTORE).
Describe the Organization's Program Activity:
PROVIDES GRADUATE AND UNDER GRADUATE CLASSES FOR STUDENTS.
PROVIDES RESIDENCE HALL (LIVING QUARTERS) FOR FULL TIME UNDER GRADUATE STUDENTS.
PROVIDE FOOD SERVICE (CAFETERIA) FOR STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Renee Beaulieu Director | Trustee | 0.5 | $0 |
Michael Bennett Director | Trustee | 0.5 | $0 |
Chad Benson Director | Trustee | 0.5 | $0 |
J Robert Burkhart Director | Trustee | 0.5 | $0 |
Ron Carlson Director | Trustee | 0.5 | $0 |
Dan Cox Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcallister & Quinn Llc Consultant | 5/30/23 | $111,275 |
Sodexo Inc Food Service | 5/30/23 | $2,766,030 |
Daikin Applied Hvac | 5/30/23 | $326,221 |
Wa Klinger Construction Contractor | 5/30/23 | $1,511,773 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,245,807 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,182,664 |
| Noncash contributions included in lines 1a–1f | $210,234 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,428,471 |
| Total Program Service Revenue | $54,984,524 |
| Investment income | $1,539,269 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $205,598 |
| Net Gain/Loss on Asset Sales | $484,739 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,396,838 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $22,518,071 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $894,925 |
| Compensation of current officers, directors, key employees. | $571,519 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,171,419 |
| Pension plan accruals and contributions | $596,096 |
| Other employee benefits | $3,611,468 |
| Payroll taxes | $1,286,587 |
| Fees for services: Management | $521,154 |
| Fees for services: Legal | $16,313 |
| Fees for services: Accounting | $66,541 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $242,497 |
| Fees for services: Other | $0 |
| Advertising and promotion | $227,827 |
| Office expenses | $122,770 |
| Information technology | $575,777 |
| Royalties | $0 |
| Occupancy | $2,188,582 |
| Travel | $927,313 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $101,691 |
| Interest | $877,725 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,909,076 |
| Insurance | $450,681 |
| All other expenses | $1,517,896 |
| Total functional expenses | $64,365,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,697 |
| Savings and temporary cash investments | $2,155,312 |
| Pledges and grants receivable | $1,493,395 |
| Accounts receivable, net | $1,153,430 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,159,206 |
| Inventories for sale or use | $141,565 |
| Prepaid expenses and deferred charges | $41,091 |
| Net Land, buildings, and equipment | $50,109,379 |
| Investments—publicly traded securities | $44,459,046 |
| Investments—other securities | $26,888,643 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,436,703 |
| Total assets | $130,042,467 |
| Accounts payable and accrued expenses | $1,754,433 |
| Grants payable | $0 |
| Deferred revenue | $400,000 |
| Tax-exempt bond liabilities | $23,570,000 |
| Escrow or custodial account liability | $361,687 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $973,533 |
| Other liabilities | $3,042,183 |
| Total liabilities | $30,101,836 |
| Net assets without donor restrictions | $53,625,254 |
| Net assets with donor restrictions | $46,315,377 |
| 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 | $130,042,467 |