2015 Annual Report

ANNUAL REPORT 2015

THANKS

CONTENTS

2 President’s Message

3 Thanks to YOU …

2

ANNUAL REPORT 20 1 5

PRESIDENT’SMESSAGE

6 Impact of Your Gift: One Student’s Story

8 Scholarship Impact

9 Benefits of Planned Gifts

10 Joy of Giving: One Donor’s Story

12 Financial Overview

14 A Hope-Filled Future

It is always a fascinating study to examine how God works. Certainly, He worked in many powerful ways throughout 2015, and He directed a multitude of the right people to work in the right way at the right time. You are part of a great, far-reaching family of people working to accomplish Olivet Nazarene University’s mission. You’ll see evidence of that reality throughout this annual report. I’m grateful for the commitment of those who serve on the Board of Trustees, the Foundation Board and the Alumni Board. Their prayerful governance and the exemplary leadership of our

administrative team guide the University with integrity. We appreciate faithful mission investors who step up and lean in to assist students in meaningful ways. We strive to practice the best possible stewardship of your gifts and participation. Thank you for being part of transformation that you can see today and that will impact many tomorrows.

Sincerely,

John C. BowlingUniversity President

CONTINUED >

3

OLIVET NAZARENE UN IVERS I TY

THANKSTO YOU … 2015–2016

NURSINGMAJORS364

received Olivet funds

undergraduates received need-based

GRANTS

559ATHLETIC

SCHOLARSHIPSundergraduates

received

Thanks to your generous support in 2015, you made Olivet a reality for thousands of students this school year.

4


FRESHMENreceived academic and need-based grants

undergraduates received252MUSIC

SCHOLARSHIPS

CONTINUED

THANKSTO YOU … 2015–2016

5

OLIVET NAZARENE UN IVERS I TY

410BUSINESSSTUDENTS

2,886

232

FOUNDATIONSCHOLARSHIPS

UNDERGRADUATESreceived Olivet funds

ENGINEERINGstudents received Olivet funds

undergraduates received ONU

received Olivet funds

6


IMPACT OF YOUR GIFT:ONE STUDENT’S STORY

Senior Daniel E. Kwak, 21, could not have attended Olivet without financial assistance through need-based grants. When Daniel was six years old, he and his family — father, Hokyung; mother, Insuk; and brother, Sam — left their native Korea and settled in the Chicago area. Daniel describes his family as “impoverished” during his youth. Yet he and Sam, who is two years older, were motivated to go to college. Sam enrolled at an Illinois state school, and Daniel thought he would take a similar path. Then, right after high school graduation, “God got my attention,” Daniel says. He explains: “I developed stomach ulcers, and the

I gasped at the cost of college. But what really took my breath

away was learning about Olivet donors who give not only their money but their prayers, both symbols of where their hearts are. They are obedient to what the Lord is doing here. I look at donors as an example of what I hope to be one day.”

physical and psychological effects made me start thinking differently. A friend told me that college is the time you get to know yourself — to clarify God’s calling. It’s the groundwork for what God has planned. “So I decided to spend these years investing in myself and making sure the Lord could do His work in me. I was terrified of going to college, and the Lord said, ‘you know it’s not going to be easy.’ I know He was telling me to look into Olivet.” As a young teen, Daniel had visited Olivet with his youth pastor, Keith Davenport ’08. Davenport made the three-hour round-trip drive to Daniel’s church every Saturday to work with the youth group and again on Sunday for services

— even though he didn’t understand Korean. “Keith was the first of many Olivet examples for me,” Daniel says. “Whenever I feel lost or have setbacks, there are people who pray for me and help me pick myself up and go on. Guys like me who have crazy dreams know there’s a spiritual community behind us. Just being here is awesome.” Daniel, a nonprofit business major, makes the most of his time at Olivet. He is a musician and singer. Individually and in partnership with Sam — who transferred to Olivet — he is already a student entrepreneur. He works with mentors who are successful business people. In his future, he sees limitless opportunities for success in music and business. He wants to build hospitals and schools that have Christ at their core. He aspires to financial health that will allow him to make major gifts to his alma mater for needy students, emulating the donors who blessed him. “My time at Olivet is the platform where I turned from an 18-year-old boy to a man of God. Could that have happened anywhere else? Maybe. The Holy Spirit is powerful. But for me, this has been the perfect place. God speaks here.”

OL IVET NAZARENE UN IVERS I TY

Daniel E. Kwak

WES

TAY

LOR

8

The Olivet Nazarene University Foundation serves as a conduit of resources to benefit ONU students. Endowed gifts and funds from other planned giving instruments are carefully invested to advance Olivet’s mission today — and to benefit future generations.

We express our appreciation to those who take advantage of the following options:

•Gifts of cash, property, stock or other securities •Gifts in memory or in honor of a loved one •Gift Annuities, Bequests, Life Insurance and other

retirement assets

Every endowed gift is directed by a Gift Agreement between the University and you, the investor. Last year, more than 800 students received Foundation scholarships. Average GPA of the recipients was 3.33.

•More than $138,000 awarded to ministerial students•More than $38,000 to education students•More than $44,000 to fine arts students

NEW ENDOWMENTS established during the

2015 calendar year

Oliver I. and Dorothy L. Bashore Scholarship from the estate

of Oliver and Dorothy Bashore____

Class of ’65 Scholarship by members of the Class of ’65

____Class of ’69 Scholarship

by members of the Class of ’69____

Charles Earl and Rosellen Bradbury Oswalt Scholarship by Rosellen Oswalt

____Robert “Bob” Rector Scholarship

by Donald and Kathy (Rector) Clark____

Richardson Memorial Scholarshipfrom the estate of Harold and

Etta Richardson


SCHOLARSHIPIMPACT

SCHOLARSHIPS AWARDED July 1, 2014 – June 30, 2015

Scholarships represent a significant portion of the financial aid awarded by the University to 99% of students in fiscal year 2015. A component of the scholarship total — ONU Foundation scholarships — is highlighted below.


BENEFITS OF PLANNED GIFTS

HERITAGE SOCIETY: AN ENDURING LEGACY

The Olivet Nazarene University Heritage Society recognizes those who have invested in Olivet’s future through a Bequest in their Wills or in other planned giving instruments. We sincerely thank those who desire to leave an enduring legacy — all to assist more students.

A Bequest of any amount qualifies you for Heritage Society membership. If you have made a provision for Olivet in your Will or through a different estate gift and are not yet a Heritage Society member, please notify the Office of Development so we can recognize you, too.

9

PLANNED GIFTS HELP GENERATIONS OF STUDENTS

We are grateful for faithful friends’ annual support that assists so many students. Still, many donors are left wishing they could contribute even more. Life income gifts and other planned gifts provide benefits to you — and to Olivet’s current and future students.

Bequests, Charitable Gift Annuities, Trusts, life insurance beneficiary designations and more planned gift options allow you to create a legacy and do more than you might imagine to advance Olivet’s mission. Our planned giving staff is available to help explore the best options for you.

W. Eugene (’55) and Donna K. (’59) Anderson, Heritage Society members, recently took advantage of Olivet’s Charitable Gift Annuity (CGA). The Andersons had funds in an investment account that was not performing well for them. They learned they could generate a CGA, take a tax deduction and enjoy a better interest rate. Now they receive guaranteed, fixed payments for life. Funds left after their lifetime will benefit generations of students to come, and Heritage Society membership fits their stewardship desires.

For a no-obligation, helpful discussion, please call 815-939-5171.

10


JOY OF GIVING:ONE DONOR’S STORY

I’ve had lifetime friends from Olivet. I could go across the

country and encounter people I know from being an Olivet student and teacher. Students today have even greater opportunities if they get the help they need to go to Olivet. I give because I hope they will have a wonderful experience there like I had.”In 2015, Rosellen Bradbury

Oswalt marked her 95th birthday with a gift to others.She endowed the Charles Earl and Rosellen Bradbury Oswalt Scholarship, a need-based award for students of Olivet Nazarene University. “I am so thankful for the people who helped me go to Olivet,” Rosellen says. “We had wonderful friends and experiences that came from there. It brings me great joy to know I can help make those experiences possible for young people today.” Rosellen and Charles Oswalt met when they were Olivet undergrads. They married in 1941, and she graduated in 1944. He interrupted college to serve as an infantryman in Gen. George S. Patton’s Third Army during World War II, when he was injured and

received the Purple Heart. He completed his degree in 1948. Both Oswalts became teachers, beginning their careers on the Olivet faculty. Rosellen is proud that as a married student, she worked in the University’s business office and helped pay her way through school. The Oswalts went on to complete graduate degrees, and they built careers as teachers and administrators at high schools and colleges in Illinois and Indiana, as well as Florida, where the couple retired. The Oswalts were married 64 years by the time Charles, 86, died in 2005. Their family includes their son, Kim, and their daughter, Deborah; four grandchildren; and four great-grandchildren. Despite the challenges of arthritis and impaired mobility, Rosellen remains active as a resident of a retirement community in suburban Chicago. She uses her computer to correspond with family and friends. She participates in music groups and continues to nurture her lifelong love of reading. “The Lord provides, and I thank Him every day,” Rosellen says. Her calling to give to Olivet seems to be inspired by Jeremiah 29:11, the Bible verse that was a favorite of her and her husband: “For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you hope and a future.”

11


Rosellen Bradbury Oswalt ’44

WES

TAY

LOR

12

University Budget SummaryJuly 1, 2014 - June 30, 2015

EXPENSESInstruction . . . . . . . . . . . . . . . . .$ 34,661,671 24.28%Scholarships . . . . . . . . . . . . . . . 50,075,808 35.08%Student Services . . . . . . . . . . . . 15,436,524 10.81%Institutional Support . . . . . . . . . 14,164,501 9.92%Operation and Maintenance . . . 9,621,035 6.74%Auxiliary . . . . . . . . . . . . . . . . . . . 11,244,757 7.88%Capital Improvements and Debt Reduction . . . . . . . 7,556,853 5.29% _____________ ________

Total . . . .$ 142,761,149 100.00%

NET REVENUE BALANCE: $245,468

REVENUETuition and Fees . . . . . . . . . . . $ 109,883,393 76.84%Gifts and Grants . . . . . . . . . . . 11,636,357 8.14%Room and Board . . . . . . . . . . . 18,369,896 12.85%Miscellaneous . . . . . . . . . . . . . 1,404,214 0.98%Auxiliary . . . . . . . . . . . . . . . . . . 1,712,757 1.20% _____________ ________

Total . . . $ 143,006,617 100.00%

Combined Gift Revenue University and ONU FoundationJuly 1, 2014 – June 30, 2015 (both restricted and unrestricted)

Trustees, Foundation Board, Faculty and Staff . . . . . . . . . . . $ 530,884 5.00%Alumni (General Sources) . . . . . . . 1,672,726 15.70%Parents . . . . . . . . . . . . . . . . . . . . . 314,276 2.90%Friends . . . . . . . . . . . . . . . . . . . . . 1,225,636 11.50%Churches and Religious Organizations . . . . . 1,991,249 18.70%Corporations (Matching Funds) . . . . . . . . . . 214,603 2.00%Corporations and Businesses . . . . . . . . . . . . . . . 1,066,029 10.00%Foundations . . . . . . . . . . . . . . . . . 2,110,888 19.80%Bequests . . . . . . . . . . . . . . . . . . . . 1,383,118 13.00%Other . . . . . . . . . . . . . . . . . . . . . . . 161,777 1.50% ____________ ________

Total . . . . $ 10,671,186 100.00%


FINANCIAL OVERVIEW

13


Fiscal Year 2015 ONU Foundation Assets: $40,078,433

Fiscal Year 2015 ONU Foundation Gifts: $1,291,732

14


A HOPE-FILLED FUTURE

SEPTEMBER 16, 2015

Students head to class from Centennial Chapel after Wednesday morning chapel service.

Even with our accomplishments, we cannot ignore the landscape before us. Olivet Nazarene University

has before it a set of opportunities unmatched since its founding in 1907. This is a decisive moment for the University.”

— Dr. John C. Bowling

15


All alumni and friends can join the University in shaping the future — not just waiting for it.

Within our mission of “Education with a Christian Purpose,” we are called to develop students — personally, professionally and for godly lives of significance and service.

OPPORTUNITIES TO ADVANCE THE MISSIONAmong many initiatives in which you can help lead change, we share the following:

The Hope ProjectProviding need-based scholarships to students who are unable to bridge the financial gap to attend Olivet. They go on to deliver hope in multiple arenas around the world.

The Natural and Health SciencesExpanding to better serve students and remain current with today’s professional environments. Those who learn and practice in Reed Hall of Science and Wisner Hall of Nursing will make a world of difference.

ONU GlobalCreating infrastructure for curriculum development, faculty training and new regional facilities. Innovative learners of the future will receive excellent preparation through online and remote locations to expand the footprint of graduate impact.

Thank you for believing that higher education should have a higher purpose.

OFFICE OF DEVELOPMENT ONE UNIVERSITY AVENUE BOURBONNAIS, IL 60914

815-939-5171 [email protected]

WWW.OLIVET.EDU

ANNUAL REPORT 2015

2015 Annual Report

Documents