2024-05-15T10:52:47+00:00 2023-06-30 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2022-07-01 363955804 MIDWESTERN UNIVERSITY FOUNDATION MIDW 6305157145 555 31st Street Downers Grove IL 60515 Kathleen D GOEPPINGER PHD, President & CEO 2024-05-15 true KATHLEEN GOEPPINGER 999009999 Jennifer Burke P01342224 3128997000 2022 2023-04-26 12:10:37Z Kathleen H Goeppinger PHD 555 31st Street Downers Grove IL 60515 3845183 false X N/A X 1994 IL TO BENEFIT MIDWESTERN UNIVERSITY BY PROVIDING FUNDING FOR PRIVATE LOANS TO STUDENTS OF THE UNIVERSITY. 8 7 0 7 0 0 0 2048186 2466273 224353 1378910 0 2272539 3845183 0 0 0 0 0 3131353 3114899 3131353 3114899 -858814 730284 93580538 88680176 86134018 80360212 7446520 8319964 TO BENEFIT MIDWESTERN UNIVERSITY BY PROVIDING FUNDING FOR PRIVATE LOANS TO STUDENTS OF THE UNIVERSITY. false false 2920067 0 3496831 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 $86,461,000 as of June 30, 2023. 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. 2920067 true false false false false false false false false false false false false true false true true false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 8 7 false false false false true true true true true false false false true true true true true false false false IL X MATTHEW SWEENEY CPA 6305157145 555 31st Street Downers Grove IL 60515 JEAN L BAXTER JD VICE CHAIRPERSON/DIRECTOR 1.0 1.0 X X 0 0 0 KATHLEEN H GOEPPINGER PHD PRESIDENT/CEO/DIRECTOR 1.0 40.0 X X 0 2994092 49892 KENNETH R HERLIN CPA Secretary/Treasurer/DIRECTOR 1.0 1.0 X X 0 0 0 KEVIN D LEAHY CHAIRPERSON/DIRECTOR 1.0 1.0 X X 0 0 0 Gregory J Gaus DIRECTOR 1.0 1.0 X 0 0 0 MADELINE R LEWIS DO DIRECTOR 1.0 1.0 X 0 0 0 THOMAS EGGLESTON DIRECTOR 1.0 0.0 X 0 0 0 WARREN B GRAYSON JD DIRECTOR 1.0 1.0 X 0 0 0 DEAN P MALONE VP, SPECIAL ASSISTANT FOR FINANCE, LAST DAY OF WORK 7/1/2022 1.0 40.0 X 0 566438 46690 GREGORY L O'COYNE VP FINANCE 1.0 40.0 X 0 428688 54030 MATTHEW J SWEENEY ASSISTANT TREASURER/CFO/VP 1.0 40.0 X 0 560154 59606 0 4549372 210218 0 false true false 0 0 INTEREST ON STUDENT LOANS 611710 2466273 2466273 0 0 0 0 2466273 232576 232576 1146334 1030558 115776 0 0 0 0 0 0 0 0 0 3845183 3496831 0 348352 25000 25000 143160 143160 26672 0 26672 0 2868653 2868653 BAD DEBT EXPENSE 51414 51414 0 0 0 0 3114899 2920067 194832 0 455257 5257 49105275 34750955 0 0 0 0 43857847 53459380 51574 51550 0 0 0 0 0 0 110585 413034 93580538 88680176 1479567 1437926 82252197 78917915 0 0 2402254 4371 86134018 80360212 X 7446520 8319964 7446520 8319964 93580538 88680176 X 730284 143160 X false true X true false X 0 0 0 0 0 0 1264617 1165004 995797 2048186 2466273 7939877 133554 1030558 1164112 0 0 1264617 1165004 995797 2181740 3496831 9103989 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9103989 248677 578563 133452 90799 348352 1399843 0 248677 578563 133452 90799 348352 1399843 0 15663 0 0 0 0 15663 1528957 1743567 1129249 2272539 3845183 10519495 0.8654 0.8623 0.13 0.14 X Schedule A, Part III, Line 12 Other Income DESCRIPTION - REDUCTION OF BAD DEBT, COLUMN A - 15663.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 15663.0; DUE TO AFFILIATE - MIDWESTERN UNIVERSITY Origin Fee Payable 4371 4371 3845183 0 0 3845183 0 0 3845183 3114899 0 0 3114899 0 0 3114899 false true false false false false false false false KATHLEEN H GOEPPINGER PHD PRESIDENT/CEO/DIRECTOR 0 897118 0 650905 0 1446069 0 30500 0 19392 0 3043984 0 668000 MATTHEW J SWEENEY ASSISTANT TREASURER/CFO/VP 0 406091 0 132443 0 21620 0 30500 0 29106 0 619760 0 0 DEAN P MALONE VP, SPECIAL ASSISTANT FOR FINANCE, LAST DAY OF WORK 7/1/2022 0 410027 0 123438 0 32973 0 30500 0 16190 0 613128 0 0 GREGORY L O'COYNE VP FINANCE 0 319061 0 104163 0 5464 0 25640 0 28390 0 482718 0 0 Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation THE FOUNDATION RELIES ON MIDWESTERN UNIVERSITY TO DETERMINE COMPENSATION OF THE ORGANIZATION'S CEO. MIDWESTERN UNIVERSITY USED THE FOLLOWING METHODS TO DETERMINE COMPENSATION OF THE CEO: COMPENSATION COMMITTEE INDEPENDENT COMPENSATION CONSULTANT COMPENSATION SURVEY OR STUDY APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE MIDWESTERN UNIVERSITY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II (THE "PLAN"), EFFECTIVE JUNE 30, 2017, WAS ESTABLISHED FOR THE BENEFIT OF DR. KATHLEEN GOEPPINGER, THE PRESIDENT AND CHIEF EXECUTIVE OFFICER ("CEO") OF THE UNIVERSITY. DURING CALENDAR YEAR ENDED DECEMBER 31, 2022, DR. GOEPPINGER VESTED AND WAS TAXED ON THE FINAL INSTALLMENT PAYABLE UNDER HER SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN THE AMOUNT OF $1,203,421 OF WHICH $668,000 IS ALSO REPORTED ON SCHEDULE J, PART II, COLUMN F, COMPENSATION REPORTED AS DEFERRED ON PRIOR FORM 990. THE CONSULTING FIRM OF KORN FERRY HAY GROUP WAS RETAINED TO CONSTRUCT A PROPOSAL TO ESTABLISH THE PLAN AND TO REVIEW THE PRESIDENT AND CEO'S TOTAL COMPENSATION, THE RESULTS OF WHICH WERE REVIEWED AND APPROVED BY BOTH THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND THE FULL BOARD OF TRUSTEES. A GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY 521767454 378286HW1 2015-06-24 14939619 See Statement false false false B ILLINOIS FINANCE AUTHORITY 861091967 45203H2R2 2015-06-24 14826286 SEE STATEMENT false false false C GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY 521767454 378286KA5 2019-06-20 24999741 SEE STATEMENT false false false D Illinois Finance Authority 861091967 45204E3J5 2019-06-20 14997864 SEE STATEMENT false false false A 13000000 0 14998060 321547 423371 298790 13954352 2019 false false true true B 12640000 0 14875873 321712 222125 14332036 2019 false false true true C 0 0 25599433 493559 1012377 95000 23998497 2021 false false true true D 0 0 15267730 767396 204300 14296034 2021 false false true true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true C false false false false 0.0 0.0 0.0 false false true D false false false false 0.0 0.0 0.0 false false true A false false false true false true ROYAL BANK OF CANADA 20.0 false true false false true B false false false true false true ROYAL BANK OF CANADA 20.0 false true false false true C false false false true false false false false true D false false false true false false false false true A true B true C true D true Schedule K, Part II, Line 3 ALL BONDS TOTAL AMOUNT OF BOND PROCEEDS IS DIFFERENT FROM THE BOND ISSUE PRICE REPORTED ON SCHEDULE K, PART I, COLUMN (E) BECAUSE OF THE ADDITION OF INVESTMENT EARNINGS. Schedule K, Part I, Column (f) ALL BONDS The proceeds from the sale of these bonds (collectively, the Series 2015 Bonds), together with other available funds, were used to: (i) finance student loans made by the Foundation to certain qualified graduate and professional students attending the University, (ii) fund a capitalized interest fund, (iii) fund a debt service reserve fund, (iv) fund a trustee contingency fund, and (v) pay the costs of issuing the bonds. The proceeds from the sale of these bonds (collectively, the Series 2019 Bonds) together with the Series 2015 Foundation Bonds and other available funds, were or will be used for the same use as the Series 2015 Foundation Bonds. The proceeds from the sale of these bonds (collectively, the Series 2021 Bonds) together with the Series 2019, and Series 2015 Bonds, the Bonds and other available funds, were or will be used for the same uses as the Series 2019 Bonds and Series 2015 Bonds. Schedule K, Part IV, Line 2c COLUMN A Issuer name: GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY The calculation for computing no rebate due was performed on 07/16/2023 Schedule K, Part IV, Line 2c COLUMN B Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 07/16/2023 Schedule K, Part IV, Line 2c COLUMN C Issuer name: GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY The calculation for computing no rebate due was performed on 08/07/2023 Schedule K, Part IV, Line 2c COLUMN D Issuer name: Illinois Finance Authority The calculation for computing no rebate due was performed on 08/08/2023 Schedule K, Part IV, Line 2c COLUMN A Issuer name: GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY The calculation for computing no rebate due was performed on 09/18/2023 Schedule K, Part IV, Line 2c COLUMN B Issuer name: Illinois Finance Authority The calculation for computing no rebate due was performed on 09/20/2023 A GLENDALE AZ INDUSTRIAL DEVELOPMENT AUTHORITY 521767454 378286KU1 2021-07-22 21601560 SEE STATEMENT false false false B Illinois Finance Authority 861091967 45204FKF1 2021-07-22 16326758 SEE STATEMENT false false false A 0 0 22166064 2053087 432149 19680828 2022 false false true true B 0 0 16736092 1538681 326610 14870801 2022 false false true true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true A false false false true false false false false true B false false false true false false false false true A true B true Form 990, Part I, Line 5 TOTAL NUMBER OF INDIVIDUALS EMPLOYED IN CALENDAR YEAR FOR THE YEAR ENDED JUNE 30, 2023 THE EMPLOYEES OF MIDWESTERN UNIVERSITY FOUNDATION ARE INCLUDED ON THE FORM 941 FILED BY MIDWESTERN UNIVERSITY, FEIN: 36-3377698 Form 990, Part VI, Line 13 WHISTLEBLOWER POLICY THE UNIVERSITY BOARD OF TRUSTEES ANNUALLY APPROVE THE WRITTEN WHISTLEBLOWER POLICY THAT IS IN PLACE. THE UNIVERSITY HAS IMPLEMENTED POLICIES AND PROCEDURES ENCOURAGING EMPLOYEES TO COME FORWARD (WHETHER THROUGH AN OPEN DOOR POLICY OR A CONFIDENTIAL PHONE LINE IN THE PRESIDENT AND CEO OFFICES) WITH INFORMATION ON VARIOUS IMPROPER ACTIVITIES. THE POLICY SPECIFIES THAT THE INDIVIDUALS WILL BE PROTECTED FROM RETALIATION, IDENTIFIES STAFF AND MANAGEMENT PERSONNEL TO WHOM SUCH INFORMATION CAN BE REPORTED, AND ASSURES THAT SUCH INFORMATION WILL BE REVIEWED AND ACTED UPON BY MANAGEMENT AS APPROPRIATE. Form 990, Part VI, Line 14 DOCUMENT RETENTION AND DESTRUCTION POLICY MIDWESTERN UNIVERSITY HAS A BOARD OF TRUSTEE APPROVED WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY. Form 990, Part VI, Line 15 OFFICERS & POSITIONS FOR WHICH PROCESS WAS USED, & YEAR PROCESS WAS BEGUN MIDWESTERN UNIVERSITY FOUNDATION RELIES ON MIDWESTERN UNIVERSITY TO DETERMINE THE COMPENSATION OF ITS OFFICERS. MIDWESTERN UNIVERSITY ADOPTED A COMPREHENSIVE EXECUTIVE COMPENSATION REVIEW SYSTEM IN 1995 AND HAS FOLLOWED THE POLICY THROUGHOUT THE YEARS. THE POLICIES AND PRACTICES HAVE ENSURED A CONSISTENT METHODOLOGY FOR ALL ACADEMIC DEANS AND OFFICERS OF THE UNIVERSITY AND THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES (THE "COMPENSATION COMMITTEE"). THE COMPENSATION COMMITTEE IS COMPOSED OF TRUSTEES WITHOUT A CONFLICT OF INTEREST WITH RESPECT TO COMPENSATION ARRANGEMENTS WHICH IT APPROVES. THE COMPENSATION COMMITTEE CHAIR ENGAGES AN OUTSIDE COMPENSATION CONSULTANT TO BENCHMARK THE SALARIES AND BENEFITS OF THE ADMINISTRATIVE PERSONNEL OF MIDWESTERN UNIVERSITY. MERIT INCREASES ARE AWARDED BASED ON COMPREHENSIVE WRITTEN PERFORMANCE APPRAISALS, EXTERNAL MARKET AND COMPARABILITY DATA AND INTERNAL EQUITY. THE COMPENSATION COMMITTEE REVIEWS ALL PERFORMANCE APPRAISAL FORMS, INCLUDING A COMPREHENSIVE REVIEW OF THE PERFORMANCE OF THE PRESIDENT, CHIEF EXECUTIVE OFFICER THAT IS DISTRIBUTED TO EVERY MEMBER OF THE BOARD OF TRUSTEES, AND COLLECTED AND EVALUATED BY THE CHAIRMAN OF THE BOARD. THE COMPENSATION COMMITTEE MEETS AT LEAST TWICE A YEAR. ONE MEETING IS HELD EXCLUSIVELY TO REVIEW THE PERTINENT DATA AND PRESIDENT'S PERFORMANCE AND MAY INCLUDE THE EXTERNAL CONSULTANT DURING THE MEETING. THE PRESIDENT IS NOT INCLUDED IN THIS MEETING. MINUTES OF ALL COMPENSATION COMMITTEE MEETINGS ARE WRITTEN AND MAINTAINED IN THE OFFICE OF THE PRESIDENT CEO. BEGINNING IN FISCAL 2018 AND EVERY CONSECUTIVE YEAR, KORN FERRY HAY HAS BEEN ENGAGED TO COMPLETE A COMPREHENSIVE REVIEW OF BOTH TOTAL COMPENSATION AND EXECUTIVE BENEFITS OF ALL SENIOR ADMINISTRATORS OF MIDWESTERN UNIVERSITY. THEIR COMPLETE AND COMPREHENSIVE STUDY WAS PRESENTED TO THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES APPROVES THEIR ANALYSIS AND RECOMMENDATIONS. THIS IS AN ANNUAL PROCESS THAT HAS BEEN IN PLACE FOR THE PAST 29 YEARS. Form 990, Part VI, Line 6 Classes of members or stockholders THE SOLE MEMBER OF THE CORPORATION IS MIDWESTERN UNIVERSITY, AN ILLINOIS NOT-FOR-PROFIT CORPORATION. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE PRESIDENT SHALL BE APPOINTED BY THE CORPORATE MEMBER; THE CORPORATE MEMBER ELECTS/APPROVES DIRECTORS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders THE BOARD OF DIRECTORS SHALL NOT EXERCISE THE FOLLOWING POWERS WITHOUT THE APPROVAL OF THE CORPORATE MEMBER: (I) AMENDMENT, RESTATEMENT, OR REPEAL OF THESE BYLAWS OR THE ARTICLES OF INCORPORATION OF THE CORPORATION. (II) ANY MERGER, CONSOLIDATION OR VOLUNTARY DISSOLUTION, OR THE CREATION OF ANY SUBSIDIARY OR AFFILIATE, OF THE CORPORATION. (III) THE SALE OR TRANSFER OF ANY OF THE ASSETS OR PROPERTY OF THE CORPORATION HAVING A REASONABLE VALUE IN EXCESS OF $25,000 EXCEPT FOR THE TRANSFER OF ASSETS OR PROPERTY TO THE CORPORATE MEMBER. (IV) THE EXPENDITURE, WHETHER BY WAY OF PURCHASE, LEASE, MORTGAGE OR OTHERWISE OF MORE THAN THE AMOUNT SPECIFIED FROM TIME TO TIME BY RESOLUTION OF THE CORPORATE MEMBER, OR THE ENTERING INTO OR EXECUTION OF AN AGREEMENT OR CONTRACT (OR ANY AMENDMENT OF SUCH) WHICH, DURING ITS TERM OBLIGATES OR MAY OBLIGATE THE CORPORATION TO EXPEND IN EXCESS OF SAID SPECIFIED AMOUNT EXCEPT WITH RESPECT TO SUCH EXPENDITURES OR TRANSACTIONS PREVIOUSLY APPROVED BY THE CORPORATE MEMBER AS PART OF ANY CAPITAL OR OPERATIONAL BUDGET OR PLAN. (V) ANY BORROWING, REGARDLESS OF THE AMOUNT INVOLVED, EITHER SECURED OR UNSECURED, WHETHER IN THE NATURE OF A MORTGAGE, PLEDGE, ASSIGNMENT OR LIEN ON OR AGAINST ALL OR ANY PORTION OF THE CORPORATION'S REAL PROPERTY, ASSETS OR OTHER PROPERTY, OR IN ANY OTHER FORM. (VI) APPROVAL OF ALL ANNUAL AND LONG-TERM CAPITAL AND OPERATIONAL BUDGETS OR PROGRAMS AND ALL CHANGES TO OR ACTIONS THAT MAY HAVE A SUBSTANTIAL IMPACT UPON SUCH BUDGETS OR PROGRAMS. (VII) ANY GUARANTY OF THE DEBTOR OBLIGATION OF ANOTHER. (VIII) SELECTION OR CHANGE IN THE CORPORATION'S OUTSIDE AUDITORS, LEGAL COUNSELOR, INSURANCE PROGRAMS OR ARRANGEMENTS. Form 990, Part VI, Line 11b Review of form 990 by governing body THE 990 IS PREPARED AND REVIEWED PRIOR TO FILING BY MANAGEMENT OF THE FOUNDATION ALONG WITH ADVICE OF THE UNIVERSITY'S EXTERNAL AUDITORS, ATTORNEYS AND TAX ADVISORS. Form 990, Part VI, Line 12c Conflict of interest policy MIDWESTERN UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY APPROVED BY THE BOARD OF TRUSTEES. FOR THE UNIVERSITY AND ALL OF ITS RELATED ORGANIZATIONS, ALL OFFICERS, TRUSTEES, KEY EMPLOYEES AND ALL FACULTY AND STAFF ARE ANNUALLY REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE AND DISCLOSE ALL CONFLICTS OF INTEREST. QUESTIONNAIRES ARE RETURNED TO THE PRESIDENT OF THE UNIVERSITY, FOR REVIEW AND ANNUAL APPROVAL. A COMMITTEE OF THE BOARD OF TRUSTEES MEETS AS NECESSARY TO REVIEW AND RESOLVE ANY POTENTIAL CONFLICTS OF INTERESTS REPORTED ON THE QUESTIONNAIRES INVOLVING A TRUSTEE, OFFICER, OR CERTAIN KEY EMPLOYEES. THE PRESIDENT, AS DESIGNEE OF THE BOARD COMMITTEE, REVIEWS AND RESOLVES MATTERS INVOLVING OTHER INDIVIDUALS WHO RECEIVE THE QUESTIONNAIRES. PROCEDURES FOR ADDRESSING ACTUAL OR POSSIBLE CONFLICTS ARE SET FORTH IN THE BOARD APPROVED CONFLICTS OF INTEREST POLICY STATEMENT. RECORDS OF ANY PROCEEDINGS ARE KEPT, AND ANNUAL REPORTS OF THE ACTIVITIES, REVIEWS AND RESOLUTIONS REGARDING CONFLICTS OF INTEREST ARE MADE TO THE BOARD OF TRUSTEES. Form 990, Part VI, Line 19 Required documents available to the public GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE GENERAL PUBLIC. THE 990 IS AVAILABLE ON GUIDESTAR.COM AND ALSO AT EACH OF THE UNIVERSITY'S TWO CAMPUSES. THE FINANCIAL STATEMENTS AND PERTINENT OPERATING STATISTICS ARE AVAILABLE AT WWW.DACBOND.COM. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Net asset transfer from affiliates - 143160; MIDWESTERN UNIVERSITY 555 31ST STREET DOWNERS GROVE IL 60515 363377698 HIGHER EDUCATION IL 501(c)(3) 2 NA false MIDWESTERN UNIVERSITY HOSPITALS & MEDICAL CENTERS 555 31ST STREET DOWNERS GROVE IL 60515 362166999 INACTIVE IL 501(c)(3) 3 MIDWESTERN UNIVERSITY false MIDWESTERN UNIVERSITY PROPERTIES CORP 555 31ST STREET DOWNERS GROVE IL 60558 363377699 TITLE HOLDING IL 501(c)(2) MIDWESTERN UNIVERSITY false OSTEOPATHIC MANAGEMENT ENTERPRISES INC 555 31ST STREET DOWNERS GROVE IL 60515 363483456 INACTIVE IL NA C Corporation false false false false false false false false false false false false false false false false true false true true