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Nonprofiteer
← WILMINGTON UNIVERSITY INC

Form 990 for tax year 2022

Filed by WILMINGTON UNIVERSITY INC.

Totals

Total revenue
$123,946,874
Total expenses
$121,397,331
Contributions and grants received
$12,260,950
Grants paid
$18,039,247
Program service revenue
$115,261,431
Investment income
-$3,679,222
Other revenue
$103,715
Total assets, end of year
$357,282,631
Total liabilities, end of year
$68,390,456
Net assets or fund balances, end of year
$288,892,175
Program services expenses (Part IX)
$99,411,823
Management and general expenses
$21,631,669
Fundraising expenses
$353,839
Program service expenses (Part III)
$99,411,823

Program services were 81.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • MELISSA ZEBLEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ROBERT C COLE JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • IRENE DU PONT JR

    TRUSTEE (UNTIL 1/16/23)

    Total calculated
    $0
    Hours/week
    1

  • ALAN D ELLINGSWORTH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL FARNAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LARRY D GEHRKE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID F MARVIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LAWARENCE H MILLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • EDMUND PRIBITKIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN RAY III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DANA P ROBINSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ALLEN SAMUELS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRACY WOODSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SUE ROBINSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • THOMAS S SHAW

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • THOMAS E LEIPOLD PHD

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH J FARNAN JR

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • LAVERNE T HARMON

    PRESIDENT

    Total calculated
    $1,190,652
    From this org
    $1,141,657
    From related orgs
    $0
    Other
    $48,995
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $508,686
    Bonus
    $620,600
    Other
    $12,371
    Deferred
    $18,300
    Nontaxable benefits
    $30,695
    Filer's total
    $1,190,652

  • HEATHER A O'CONNELL

    CFO (UNTIL 10/15/22), VICE PRESIDENT

    Total calculated
    $525,783
    From this org
    $487,235
    From related orgs
    $0
    Other
    $38,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,909
    Bonus
    $194,530
    Other
    $14,796
    Deferred
    $0
    Nontaxable benefits
    $38,548
    Filer's total
    $525,783

  • LLOYD RICKETS

    VICE PRESIDENT & CFO (FROM 10/17/22)

    Total calculated
    $68,364
    From this org
    $62,798
    From related orgs
    $0
    Other
    $5,566
    Hours/week
    40

  • ERIN DIMARCO

    VICE PRESIDENT

    Total calculated
    $657,533
    From this org
    $615,320
    From related orgs
    $0
    Other
    $42,213
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $328,178
    Bonus
    $259,280
    Other
    $27,862
    Deferred
    $0
    Nontaxable benefits
    $42,213
    Filer's total
    $657,533

  • JAMES WILSON JR

    VICE PRESIDENT

    Total calculated
    $470,393
    From this org
    $407,949
    From related orgs
    $0
    Other
    $62,444
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,957
    Bonus
    $143,340
    Other
    $20,652
    Deferred
    $27,329
    Nontaxable benefits
    $35,115
    Filer's total
    $470,393

  • CAROLE D PITCHER

    VICE PRESIDENT (UNTIL 1/15/23)

    Total calculated
    $519,368
    From this org
    $418,083
    From related orgs
    $0
    Other
    $101,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,767
    Bonus
    $150,840
    Other
    $14,476
    Deferred
    $84,824
    Nontaxable benefits
    $16,461
    Filer's total
    $519,368

  • JACQUELINE VARSALONA

    VICE PRESIDENT

    Total calculated
    $412,708
    From this org
    $383,442
    From related orgs
    $0
    Other
    $29,266
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,305
    Bonus
    $135,360
    Other
    $17,777
    Deferred
    $14,154
    Nontaxable benefits
    $15,112
    Filer's total
    $412,708

  • CHRISTIAN TROWBRIDGE

    VICE PRESIDENT

    Total calculated
    $401,728
    From this org
    $386,131
    From related orgs
    $0
    Other
    $15,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,900
    Bonus
    $135,360
    Other
    $14,871
    Deferred
    $14,154
    Nontaxable benefits
    $1,443
    Filer's total
    $401,728

  • EILEEN DONNELLY

    VICE PRESIDENT (UNTIL 4/30/22)

    Total calculated
    $396,983
    From this org
    $388,170
    From related orgs
    $0
    Other
    $8,813
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $76,420
    Bonus
    $290,304
    Other
    $21,446
    Deferred
    $4,648
    Nontaxable benefits
    $4,165
    Filer's total
    $396,983

  • DAVID LEWIS

    ASSISTANT VICE PRESIDENT

    Total calculated
    $311,043
    From this org
    $285,549
    From related orgs
    $0
    Other
    $25,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,614
    Bonus
    $73,600
    Other
    $10,335
    Deferred
    $12,285
    Nontaxable benefits
    $13,209
    Filer's total
    $311,043

  • PETER BAILEY

    VICE PRESIDENT (UNTIL 6/30/22)

    Total calculated
    $1,259,153
    From this org
    $1,234,651
    From related orgs
    $0
    Other
    $24,502
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,509
    Bonus
    $149,700
    Other
    $966,442
    Deferred
    $7,485
    Nontaxable benefits
    $17,017
    Filer's total
    $1,259,153

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
EFFECTIVE JULY 1, 2003, THE UNIVERSITY ADOPTED THE SUPPLEMENTAL RETENTION AND RETIREMENT PLAN (SERRP), AN UNFUNDED DEFINED BENEFIT RETIREMENT PLAN FOR SENIOR EXECUTIVES. THE PURPOSE OF THE PLAN IS TO REWARD PERFORMANCE, LOYALTY AND CONTINUOUS SERVICE OF THOSE INDIVIDUALS SELECTED AS PARTICIPANTS IN THE PLAN. UNDER THE TERMS OF THE PLAN, THE UNIVERSITY WILL PAY PARTICIPANTS THE LUMP SUM EQUIVALENT VALUE OF A LIFE ANNUITY PAYING 60% OF THE AVERAGE OF THE PARTICIPANT'S THREE FINAL CALENDAR YEARS OF BASE SALARY AND ANNUAL INCENTIVE COMPENSATION. THE BENEFIT IS OFFSET FOR EMPLOYER CONTRIBUTIONS (AND RELATED EARNINGS) TO THE 403(B) SAVINGS PLAN AS WELL AS THE EMPLOYER-PROVIDED PORTION OF SOCIAL SECURITY. SERRP BENEFITS VEST UPON A PARTICIPANT ATTAINING AGE 65 WITH 25 YEARS OF SERVICE. ANY PARTICIPANT WHO LEAVES THE SERVICE OF THE UNIVERSITY BEFORE REACHING BOTH OF THESE MILESTONES IS NOT ELIGIBLE TO RECEIVE A BENEFIT FROM THE PLAN. EFFECTIVE DECEMBER 31, 2014, THE ACTUARIAL EQUIVALENT LUMP SUM BENEFIT PAYABLE AT AGE 65 WAS SET AT A FIXED AMOUNT. WHILE THE CHANGE IN THE PRESENT VALUE INCLUDES CHANGES IN THE DISCOUNT RATE USED FOR ACCOUNTING PURPOSES, THE ACTUAL LUMP SUM IS BASED ON A FIXED INTEREST RATE OF 6%. THE AMOUNTS REPORTED IN THIS FORM 990 REPRESENT THE INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT (WITHOUT REGARD TO VESTING). THE NET INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT BY PARTICIPANTS INCLUDED ON SCHEDULE J IS: HEATHER A. O'CONNELL,$(33,937); CAROLE D. PITCHER, $69,290; ERIN DIMARCO, $(59,780) AND JAMES WILSON, JR. $12,041. PETER BAILEY PARTICIPATED IN THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RECEIVED $934,356 DURING CALENDAR YEAR 2022, THE VESTED AMOUNT IS REPORTED IN COL. B(III).
PART I, LINE 7
THE UNIVERSITY PROVIDES BONUSES TO THE INDIVIDUALS LISTED ON SCHEDULE J. IT UTILIZES A NUMBER OF PERFORMANCE OBJECTIVES TO DETERMINE THE BONUS AMOUNTS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS TO SPECIFICALLY DISCUSS EXECUTIVE BONUS AMOUNTS. THE COMMITTEE UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT THAT PROVIDES INFORMATION FROM A VARIETY OF COMPENSATION STUDIES AND SURVEYS INCLUDING 990'S. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. ONCE ALL OF THIS INFORMATION IS GATHERED AND REVIEWED, THE COMMITTEE APPROVES THE BONUS FOR EACH EXECUTIVE. ALL COMPENSATION, INCLUDING COMPENSATION COMMITTEE APPROVED BONUSES, ARE REPORTED TO THE FULL BOARD OF TRUSTEES.
PART II, COLUMN C:
IN COLUMN (C) THERE ARE TWO INDIVIDUALS IN WHICH ZERO WAS REPORTED AS DEFERRED COMPENSATION. THIS IS DUE TO A DECREASE IN ACTUARIAL VALUE IN THEIR SERRP PLAN. THE BREAKDOWN IS AS FOLLOWS: HEATHER A. O'CONNELL, $(33,937) NET DECREASE IN THE SERRP PLAN AND $17,430 FOR 403(B) RETIREMENT PLAN; ERIN DIMARCO $(59,780) NET DECREASE IN THE SERRP PLAN AND $18,300 FOR 403(B) RETIREMENT PLAN.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
24 April 2024
IRS schema version
2022v5.0
Source object
202411209349301456

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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