Midwestern University Foundation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
TO BENEFIT MIDWESTERN UNIVERSITY BY PROVIDING FUNDING FOR PRIVATE LOANS TO STUDENTS OF THE UNIVERSITY.
- Income
- $4.3 million
- Spending
- $2.5 million
- Spent on programs
- 88%
- Reserves
- 63.5 months of spending
- Largest source of income
- fees for its services, 93%
- Employees
- 0
- Volunteers
- 11
- Highest pay
- $2.0 million, president, ceo, director, retired may 19, 2025
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 77 out of 100.
Reserves
35 of 35Spendable reserves would cover 63.5 months of spending.
Debt
2 of 20It owes 88% of what it owns.
Living within its means
15 of 15Income exceeded spending by 42% of income.
Income trend
10 of 15Income fell 1% on the year before.
Spending floor
15 of 1588% of spending went to programs.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Good: 85 out of 100.
Independent board
25 of 259 of 10 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $2.2 million spent. 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 $132,800,000 as of June 30, 2025. 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.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since July 1994.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Could it be confused with another charity? Worth knowing.
A much larger organization has a similar name: Midwestern University (Downers Grove, IL), EIN 36-3377698. If that is the one you meant, check the EIN before giving.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.