Friends University 
The information in this column was provided to MinistryWatch by the ministry itself. It was last updated 10/26/2020. To update the information in this column, please email: info@ministrywatch.com
Summary
At Friends University, we believe higher education has a higher purpose. A community that fosters personal growth and personal achievement. For a better you and a brighter future.
Contact information
Mailing address:
Friends University
2100 W. University Ave.
Wichita, KS 67213
Website: friends.edu
Phone: 316-295-5000
Email: https://www.friends.edu/contact/
Organization details
EIN: 480547702
CEO/President: Dr. Amy Bragg Carey
Chairman: Dr. John Lewis
Board size: 6
Founder: James M. Davis, Edmund L. Stanley
Year founded: 1924
Tax deductible: Yes
Fiscal year end: 06/30
Member of ECFA: No
Member of ECFA since:
Purpose
Friends University will provide a high quality learning experience with nationally recognized programs and a focus on transformative education that places special value on each individual, shining the light of God's love to our community and world. As searchers and learners, we support curiosity and research, and assign great value to diversity of experience. As people who value such diversity and openness, we approach new situations and people with good will and humility. We believe in equity and in the dignity of all people. As a community, we accept and cherish our responsibility to care for one another in our learning and working relationships. We understand that a part of that care must be to become better stewards of what we have been given. We take care of the future as if we already are there.
Mission statement
Friends University, a Christian University of Quaker heritage, equips students to honor God and serve others by integrating their intellectual, spiritual and professional lives.
Statement of faith
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 | | 295 of 913 | 25 of 111 |
| Fund acquisition rating | | 487 of 915 | 56 of 111 |
| Resource allocation rating | | 120 of 915 | 1 of 111 |
| Asset utilization rating | | 536 of 913 | 70 of 111 |
Financial ratios
| Funding ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 15% | 16% | 10% | 12% | 8% | 31% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 1% | 1% | 1% | 1% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 13% | 7% | 11% | 11% | 11% | 5% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 1% | 1% | 1% | 1% | 2% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 87% | 93% | 89% | 89% | 89% | 95% |
| Operating ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 92% | 92% | 92% | 93% | 91% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 102% | 98% | 101% | 104% | 102% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 94% | 90% | 93% | 96% | 93% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | -2% | 2% | -1% | -4% | -2% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 3% | -1% | 1% | 0% | -1% | -1% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 13% | 6% | 7% | 6% | 6% | 7% |
| Investing ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.51 | 0.37 | 0.35 | 0.35 | 0.34 | 0.35 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 1.89 | 1.98 | 1.97 | 1.94 | 1.98 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.62 | 0.70 | 0.70 | 0.69 | 0.67 | 0.70 |
| Liquidity ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Current ratio Current ratio = Total current assets / Total current liabilities | 6.08 | 25.39 | 28.74 | 31.87 | 24.43 | 26.00 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.16 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 5.95 | 16.39 | 16.64 | 16.94 | 17.26 | 16.52 |
| Solvency ratios | Sector median | 2020 | 2019 | 2018 | 2017 | 2016 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 27% | 10% | 10% | 11% | 12% | 14% |
Debt ratio Debt ratio = Debt / Total assets | 16% | 4% | 6% | 8% | 8% | 10% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 139% | 241% | 255% | 254% | 257% | 244% |
Financials
| Balance sheet | |||||
| Assets | 2020 | 2019 | 2018 | 2017 | 2016 |
| Cash | $3,133,096 | $2,272,047 | $1,266,902 | $7,620,568 | $9,163,783 |
| Receivables, inventories, prepaids | $3,153,563 | $3,512,918 | $4,563,222 | $4,532,314 | $4,354,295 |
| Short-term investments | $52,727,685 | $51,574,903 | $51,473,588 | $45,382,238 | $42,114,078 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $59,014,344 | $57,359,868 | $57,303,712 | $57,535,120 | $55,632,156 |
| Long-term investments | $2,439,905 | $4,972,958 | $4,992,069 | $2,383,861 | $51,609 |
| Fixed assets | $41,630,473 | $42,403,824 | $43,480,711 | $45,010,632 | $47,348,152 |
| Other long-term assets | $8,746,133 | $8,822,406 | $6,829,538 | $6,924,814 | $7,148,195 |
| Total long-term assets | $52,816,511 | $56,199,188 | $55,302,318 | $54,319,307 | $54,547,956 |
| Total assets | $111,830,855 | $113,559,056 | $112,606,030 | $111,854,427 | $110,180,112 |
| Liabilities | 2020 | 2019 | 2018 | 2017 | 2016 |
| Payables and accrued expenses | $1,739,212 | $1,442,583 | $1,057,871 | $1,606,763 | $1,575,856 |
| Other current liabilities | $584,824 | $553,551 | $740,035 | $748,173 | $564,191 |
| Total current liabilities | $2,324,036 | $1,996,134 | $1,797,906 | $2,354,936 | $2,140,047 |
| Debt | $4,430,670 | $7,258,603 | $8,634,881 | $8,532,000 | $10,580,000 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $4,975,061 | $2,536,306 | $2,377,357 | $2,519,637 | $2,673,298 |
| Total long-term liabilities | $9,405,731 | $9,794,909 | $11,012,238 | $11,051,637 | $13,253,298 |
| Total liabilities | $11,729,767 | $11,791,043 | $12,810,144 | $13,406,573 | $15,393,345 |
| Net assets | 2020 | 2019 | 2018 | 2017 | 2016 |
| Without donor restrictions | $52,258,195 | $53,129,760 | $53,924,085 | $56,249,323 | $56,142,331 |
| With donor restrictions | $47,842,893 | $48,638,253 | $45,871,801 | $42,198,531 | $38,644,436 |
| Net assets | $100,101,088 | $101,768,013 | $99,795,886 | $98,447,854 | $94,786,767 |
| Revenues and expenses | |||||
| Revenue | 2020 | 2019 | 2018 | 2017 | 2016 |
| Total contributions | $2,974,972 | $4,519,484 | $4,225,848 | $3,958,376 | $2,011,699 |
| Program service revenue | $33,028,918 | $32,618,846 | $32,239,490 | $31,317,823 | $32,967,812 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $3,212,123 | $2,484,079 | $2,016,339 | $1,347,031 | $3,075,580 |
| Other revenue | $1,451,600 | $1,246,220 | $407,599 | $325,928 | $139,716 |
| Total other revenue | $37,692,641 | $36,349,145 | $34,663,428 | $32,990,782 | $36,183,108 |
| Total revenue | $40,667,613 | $40,868,629 | $38,889,276 | $36,949,158 | $38,194,807 |
| Expenses | 2020 | 2019 | 2018 | 2017 | 2016 |
| Program services | $38,385,865 | $36,714,777 | $36,277,276 | $35,557,990 | $35,540,425 |
| Management and general | $2,635,197 | $2,743,772 | $2,544,832 | $2,475,811 | $2,681,823 |
| Fundraising | $482,277 | $463,794 | $502,751 | $323,960 | $633,005 |
| Total expenses | $41,503,339 | $39,922,343 | $39,324,859 | $38,357,761 | $38,855,253 |
| Change in net assets | 2020 | 2019 | 2018 | 2017 | 2016 |
| Surplus (deficit) | ($835,726) | $946,286 | ($435,583) | ($1,408,603) | ($660,446) |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($835,726) | $946,286 | ($435,583) | ($1,408,603) | ($660,446) |
Compensation
| Name | Title | Compensation |
| Dr Amy Carey | President | $330,330 |
| Jasper Lesage | VP, Academic Affairs | $163,388 |
| Ken Stoltzfus | Dean, Academic Affairs | $158,768 |
| Kelley Williams | VP, HR & Administration | $147,884 |
| Deb Stockman | VP, Enrollment Management | $146,195 |
| Vernon Dolezal | VP, Finance | $140,313 |
Compensation data as of: 6/30/2020
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 10/26/2020. To update the information below, please email: info@ministrywatch.com
History
Although Friends University was officially founded in 1898, our history goes back to the mid-1880s when the Christian Churches of Kansas began to construct a building west of Wichita that would hold more floor space under one roof than any other educational facility west of the Mississippi River.
Garfield University opened its doors for classes in 1887. The University had 500 students enrolled for the first year and 1,070 for the second year. After graduating its first and only senior class, Garfield University closed its doors in 1890 due to financial difficulties. The school was reorganized and opened again in March 1892 as Garfield Central Memorial University. It closed for good on Nov. 18, 1893.
For five years, the building was a haven for owls, birds and bats until James M. Davis, a businessman from St. Louis, saw an advertisement in a St. Louis paper and purchased the building and surrounding lots. He immediately offered the entire holding to the Kansas Society of Friends (better known as the Quakers) on the condition that the group raise $50,000 for the permanent endowment of the college. The conditions were accepted, and Friends University officially opened its doors in September 1898. The enrollment for the first fall was 52 students; it would grow to 102 students during the first year.
President Edmund L. Stanley shared the vision and future he saw for the University during the opening meeting:
The purpose of this school shall be to give to the world and to give our country a class of citizens that will be in every sense loyal citizens. Loyalty has in it more than we often think ... Loyalty means that mental training and discipline which makes the child think - the development which makes him strong in mind and body; strong in his moral nature; a full man in that intelligence which should direct the efforts of all men for conscientious, honorable and successful private life and citizenship.
Friends University continued operating as a Quaker institution until the 1930s when governance of the school was vested in an independent board of trustees. Since then, the University has continued to operate in an amicable but independent relationship with the Society of Friends. The University continues to reflect much of our Quaker founders' vision and values. This includes offering a transformative education that honors God and places special value on each individual, shining the light of God's love to our community and world.
In 1985, Friends University began offering a new degree completion program for adults wishing to complete their bachelor's degree while maintaining their busy lives. In 1986, the University received approval to offer two new master's programs. Two years after degree completion programs began, the University began offering these programs in other locations across Kansas, including Hutchinson, Dodge City and Iola.
In 1989, Friends University opened its first Kansas City site to serve adult students in the area. After 15 years at several different locations (including a secondary site in Independence, Missouri, from 1995 to 2005), the University moved to a location in Lenexa from 2004 to 2015. In 2015 the current location in Overland Park opened with facilities for the Master of Science in Family Therapy program and teacher education workshops.
The University operated a site in Topeka from 1993 to 2016 that focused on adults seeking bachelor's and master's degrees. Friends began offering a few online programs for adults in the mid-2000s and has continued to expand our online program offerings.
Throughout its history, the University has remained committed to our central core: the arts and sciences. A broad-based education - one that truly expands the horizons and frees the mind - is our purpose for every student. This is also expressed in our commitment to teaching and to the personal growth of every Friends University student. We uphold the following values within our learning community: Respect - integrity, civility in our words and actions, and regard for others; Inclusion - a spirit of cooperation and equality; Service - a commitment to servant leadership, caring for each other and our community; and Excellence - giving our best to our students at all times (student focused), that we may walk truly in the light of our faith (honor God).
Friends University has continued to grow and develop throughout the years. From 52 students in 1898 to approximately 2,000 students today, Friends University is a strong, vital, independent university for Wichita, the region, our nation, and the world.
Program accomplishments
The wonderful students, faculty and staff who comprise our campus community have helped Friends University earn several awards and accolades, including 2015 - 2016 College of Distinction, College of Christian Distinction and College of Kansas Distinction, 2015 Military Friendly School, Council for Christian Colleges & Universities Affiliate Campus and Foundations of Excellence First Year.