Overview
What is Midwestern University Foundation?
Midwestern University Foundation is a nonprofit organization situated in Downers Grove, Illinois. Its primary mission is to support Midwestern University by offering private loans to its students and providing need-based scholarship assistance. The foundation raises funds through various means, including the sale of bonds and the creation of a private loan program called the Midwestern University Private Loan Program (MPL Program). The MPL Program, funded by internal equity and tax-exempt debt, functions similarly to both the federally guaranteed loan program and other private loan programs. Unlike the federally guaranteed loans, the MPL Program loans are directly issued by the foundation to students without government backing. Since its inception, the MPL Program has awarded over $71 million in loans as of June 2022.
Is Midwestern University Foundation legitimate?
Midwestern University Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Midwestern University Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Midwestern University Foundation?
The Midwestern University Foundation's mission is centered around benefiting the Midwestern University by providing funding for private loans and scholarship assistance to its students. This financial aid aim is twofold, with the foundation offering loans that were previously funded through bond sales and also providing need-based scholarship assistance. After the Federal Guaranteed Loan Program ended in 2010, the foundation continued to manage the loans, distribute funds for university scholarships, and oversee funds generated from the terminated student loan financing program. In 2014, the foundation introduced a new private loan program called the Midwestern University Private Loan Program (MPL Program), which is funded through internal equity and tax-exempt debt. The MPL Program functions differently from the Federal Guaranteed Loans, as the loans are made directly by the foundation to students and are not guaranteed by the federal government.
Who is the CEO of Midwestern University Foundation?
Unavailable The CEO's salary of Midwestern University Foundation is $0 and their total compensation is $1,973,189.
What is the revenue of Midwestern University Foundation?
Midwestern University Foundation's revenue in 2022 was $2,272,539.
Who are the executives of Midwestern University Foundation and what are their salaries?
There 6 volunteers at Midwestern University Foundation.
Here are 11 key members and their salaries (Midwestern University Foundation's CEO's salary is $0 and their total compensation is $1,973,189):
- Compensation: $0
- Related: $1,093,811
- Other: $37,672
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $1,758,242
- Other: $214,947
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $549,683
- Other: $57,545
- Compensation: $0
- Related: $264,792
- Other: $45,966
- Compensation: $0
- Related: $344,909
- Other: $54,819
Where can I find the form 990 for Midwestern University Foundation?
Midwestern University Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Midwestern University Foundation
Midwestern University Foundation, a nonprofit organization, is dedicated to supporting Midwestern University by providing financing options for its students. This is achieved through two main avenues: private loans and need-based scholarship assistance. The foundation funds private loans for students, utilizing proceeds from prior bond issues and selling these securities at a premium to a loan purchaser. The sales proceeds are then utilized to grant more loans to students.
After the termination of the federally guaranteed loan program in 2010, the foundation continued its mission by winding down the Federal Family Education Loan (FFEL) program loans, making periodic scholarship distributions for students in need, and managing funds from the terminated student loan financing program. In 2014, the foundation introduced a new private loan program called the Midwestern University Private Loan Program (MPL Program). This program, funded through a combination of internal equity and tax-exempt debt, functions similarly to the FFEL program loans in some respects, but unlike FFEL loans, loans under the MPL Program are issued directly by the foundation to students and are not guaranteed by the federal government. Since its inception, the MPL Program has awarded loans totaling $71,524,000 as of June 30, 2022.
In summary, Midwestern University Foundation's mission revolves around benefiting Midwestern University by offering private student loans and need-based scholarship assistance. The organization has a history of funding federally guaranteed loans and transitioned to a private loan program after 2010, providing an alternative to government-backed loans for students at Midwestern University.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Midwestern University Foundation plays a crucial role in enhancing educational opportunities at Midwestern University by providing vital financial support to its students. It facilitates access to funding through private loans and need-based scholarships, significantly impacting students' financial burdens.
The foundation initially focused on federally guaranteed loans but transitioned to its own private loan program after the federal loan program concluded in 2010. The Midwestern University Private Loan Program, launched in 2014, has since awarded over $71 million in loans, empowering students to pursue their academic goals without the overwhelming stress of financial constraints.
Through the combination of internal equity and tax-exempt debt issuance, the foundation continues to manage its financial resources effectively, ensuring that students receive the assistance they need. By offering direct loans and facilitating scholarship distributions, the Midwestern University Foundation directly contributes to the educational success and well-being of the student body, fostering a supportive learning environment at Midwestern University.
This information is meant to be a general summary of Midwestern University Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $224,353
- Program Service Revenue: $2,048,186
- Gross Receipts: $2,272,539
Assets and Liabilities:
- Total Assets: $93,580,538
- Total Liabilities: $86,134,018
- Net Assets: $7,446,520
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON STUDENT LOANS
Revenue
$2,048,186
Organization Details
Founding Year
1994
Phone
(630) 515-7145Main Address
555 31st Street, Downers Grove, IL, 60515
NTEE Category
Code: B82 - Education
If you are a representative of Midwestern University Foundation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.