Indiana Wesleyan University 
The information on this page was last updated 2/23/2026. If you see errors or omissions, please email: [email protected]
Summary
Indiana Wesleyan University is an evangelical Christian comprehensive university that is committed to liberal arts and professional education. U.S. News & World Report ranks Indiana Wesleyan University as "one of the best Master's universities in the Midwest." IWU has been Indiana's fastest-growing University for the past two years. The University's total enrollment, which now exceeds 15,000 students, makes IWU the largest private university in Indiana. One result of this growth has been the establishment of the IWU School of Nursing, a premier nursing school in its own right.
Contact information
Mailing address:
Indiana Wesleyan University
4201 S Washington St.
Marion, IN 46953
Website: indwes.edu
Phone: 866-468-6498
Email: [email protected]
Organization details
EIN: 350885591
CEO/President: Dr. Jonathan Kulaga
Chairman: Carl Shepherd
Board size: 25
Founder:
Ruling year: 1951
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: Yes
Member of ECFA since: 2025
Purpose
IWU's purpose is to search for truth, by study in liberal arts and in professional education within the framework of Christian faith and philosophy so that the person is developed for service to God and man in the church and in society.
Mission statement
Indiana Wesleyan University is a Christ-centered academic community committed to changing the world by developing students in character, scholarship, and leadership.
Statement of faith
We believe in one God, who is Father, Son, and Holy Spirit, the Savior of all persons who put their faith in Him alone for eternal life.
We believe those who receive new life in Christ are called to be holy in character and conduct, and can only live this way by being filled with the Lord's Spirit.
We believe in the Bible and seek to establish our faith and actions on its teachings.
We believe God wants people everywhere to know Him and that the purpose of the church is to tell the world about Christ through its worship, witness, and loving deeds.
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 361 of 1423 | 35 of 155 |
| Fund acquisition rating | | 331 of 1423 | 38 of 155 |
| Resource allocation rating | | 438 of 1423 | 38 of 155 |
| Asset utilization rating | | 777 of 1424 | 98 of 155 |
According to the organization's Form 990, it received $4,447,796 in government grants in 2025.
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 6% | 16% | 13% | 8% | 10% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 1% | 1% | 1% | 1% | 1% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 17% | 7% | 8% | 15% | 10% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 1% | 1% | 1% | 1% | 1% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 83% | 93% | 92% | 85% | 90% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 89% | 89% | 89% | 89% | 88% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 83% | 94% | 101% | 101% | 97% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 73% | 84% | 90% | 89% | 86% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 17% | 6% | -1% | -1% | 3% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 7% | 2% | -1% | 0% | 1% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 10% | 10% | 10% | 10% | 11% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 0.33 | 0.35 | 0.35 | 0.40 | 0.36 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 1.55 | 1.63 | 1.73 | 1.88 | 1.82 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 0.50 | 0.57 | 0.61 | 0.75 | 0.65 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 12.72 | 11.13 | 12.40 | 11.39 | 13.08 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.08 | 0.09 | 0.08 | 0.09 | 0.08 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.99 | 21.95 | 19.30 | 18.15 | 14.56 | 17.10 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 9% | 10% | 9% | 9% | 9% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 2% | 2% | 3% | 3% | 3% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | 280% | 261% | 259% | 227% | 256% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $43,813,621 | $10,701,681 | $10,827,851 | $10,407,596 | $12,640,794 |
| Receivables, inventories, prepaids | $21,962,689 | $18,042,982 | $16,606,888 | $17,311,365 | $17,972,565 |
| Short-term investments | $377,093,568 | $347,693,787 | $302,349,203 | $256,429,571 | $287,122,818 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $442,869,878 | $376,438,450 | $329,783,942 | $284,148,532 | $317,736,177 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $227,281,947 | $222,129,210 | $231,640,817 | $239,717,802 | $245,446,949 |
| Other long-term assets | $15,534,036 | $16,027,847 | $10,644,256 | $11,212,121 | $13,705,358 |
| Total long-term assets | $242,815,983 | $238,157,057 | $242,285,073 | $250,929,923 | $259,152,307 |
| Total assets | $685,685,861 | $614,595,507 | $572,069,015 | $535,078,455 | $576,888,484 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $24,660,510 | $23,257,343 | $16,948,618 | $17,112,503 | $16,738,043 |
| Other current liabilities | $10,154,711 | $10,562,178 | $9,639,025 | $7,825,279 | $7,546,944 |
| Total current liabilities | $34,815,221 | $33,819,521 | $26,587,643 | $24,937,782 | $24,284,987 |
| Debt | $14,978,762 | $14,966,020 | $14,953,277 | $14,953,368 | $14,989,840 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $10,217,194 | $10,519,879 | $10,899,317 | $10,054,415 | $10,134,153 |
| Total long-term liabilities | $25,195,956 | $25,485,899 | $25,852,594 | $25,007,783 | $25,123,993 |
| Total liabilities | $60,011,177 | $59,305,420 | $52,440,237 | $49,945,565 | $49,408,980 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $476,628,158 | $443,861,795 | $416,903,742 | $390,151,653 | $422,169,251 |
| With donor restrictions | $149,046,526 | $111,428,292 | $102,725,036 | $94,981,237 | $105,310,253 |
| Net assets | $625,674,684 | $555,290,087 | $519,628,778 | $485,132,890 | $527,479,504 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $46,026,574 | $15,552,084 | $15,690,230 | $31,493,322 | $21,649,627 |
| Program service revenue | $209,483,591 | $197,491,436 | $174,903,737 | $173,877,299 | $184,704,472 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $12,641,321 | $12,303,726 | $7,205,782 | $6,900,791 | $4,542,899 |
| Other revenue | $939,490 | $701,810 | $28,584 | ($70,354) | $356,301 |
| Total other revenue | $223,064,402 | $210,496,972 | $182,138,103 | $180,707,736 | $189,603,672 |
| Total revenue | $269,090,976 | $226,049,056 | $197,828,333 | $212,201,058 | $211,253,299 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $197,437,231 | $190,169,830 | $177,726,965 | $189,816,428 | $181,138,164 |
| Management and general | $22,982,144 | $20,357,261 | $20,649,802 | $21,397,634 | $22,694,780 |
| Fundraising | $2,664,669 | $2,490,580 | $2,078,061 | $2,464,075 | $2,098,788 |
| Total expenses | $223,084,044 | $213,017,671 | $200,454,828 | $213,678,137 | $205,931,732 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $46,006,932 | $13,031,385 | ($2,626,495) | ($1,477,079) | $5,321,567 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $46,006,932 | $13,031,385 | ($2,626,495) | ($1,477,079) | $5,321,567 |
Compensation
| Name | Title | Compensation |
| Jonathan S Kulaga | University President | $454,547 |
| Tod Dalberg | EVP/Chief Innovation & Strategy Officer | $245,528 |
| Wayne Schmidt | Trustee | $238,785 |
| Greg Tonagel | Head Coach, Men's Basketball | $202,496 |
| Eulala Eileen Hulme | Chancellor of National Global | $201,982 |
| Robert Friberg | Professor/Program Director, DPT | $198,651 |
| Karen Dowling | Exec VP/Chief People & Culture Officer | $179,821 |
| Warren Rogers | Professor, Blanchard Endowed Chair | $169,431 |
| Tiffany Lewis | Interim CFO (End 7/7/24) | $153,541 |
| Johanna Rugh | Trustee | $133,388 |
| Jeff Rayis | CFO (Beg 7/8/24) | $131,206 |
Compensation data as of: 6/30/2025
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 2/23/2026. To update the information below, please email: [email protected]
History
https://www.indwes.edu/about/iwu-profile/iwu-story