President’s Report
2022 - 2023
North Central College Mission Statement
We are a diverse community of learners dedicated to preparing students to be curious, engaged, ethical, and purposeful citizens and leaders in local, national and global contexts.
DEAR CARDINAL ALUMNI AND FRIENDS,
The 2022-2023 academic year at North Central College was marked by significant achievement during a period of transition.
By the time I began as president on July 1, 2023, an impressive list of board-approved 2022-23 operating priorities had been met. Fall 2023 enrollment was looking strong, as were retention numbers for returning students thanks to relentless work by our enrollment and student support teams. And, the historic Brilliant Future Campaign had come to a successful close after a decade of generosity that reflected the strength and vibrancy of the Cardinal spirit.
The following pages detail those highlights and many more, including the College’s 2022-23 financial summary. I am grateful to my predecessors as well as our dedicated faculty, staff, alumni, donors and friends for preparing such a steady foundation on which we can continue to build and grow.
As we enter our next chapter, the North Central College community will engage in a strategic planning process. I look forward to the collective work ahead and am grateful for your valuable contribution as a member of the Cardinal community.
ANITA THOMAS, PH.D. President and Professor of Psychology
total students
2856 states represented
undergraduate 2,397 graduate 459
83 %
17 % from Illinois
51 from outside Illinois
36 countries represented
live on campus
47%
commute to campus
51%
53% identify as female
49%
identify as male
36%
36% first-generation college students
33% student athletes
identify as students of color
100% of entering students received some form of financial aid
26 intercollegiate sports teams
1,087 rostered athletes
44 Team national championships (all-time)
246 CCIW conference championships (all-time)
68%
of courses taught by full-time faculty
12:1 student-faculty ratio
90+ undergraduate majors
65 undergraduate minors
21 graduate degree programs
29 Named among U.S. News & World Report’s “Best Colleges”
years in a row
For more College facts, visit our website.
NORTH CENTRAL COLLEGE // FALL 2023
HIGHLIGHTS // 2022 - 2023
Some of the biggest news, milestones and moments from the academic year.
Graduate-level Health Sciences Programs Expand
North Central’s School of Education and Health Sciences continued to expand its suite of advanced clinical practice programs. In January 2023, the College welcomed its first cohort of students in the Doctor of Physical Therapy (DPT) degree program. In May 2023, the College launched a Master of Science in Nursing degree program and began recruiting students for the first cohort in the fall of 2023. The program encompasses four graduate nursing tracks and two certificate offerings.
New Parking Pavilion
In August 2022, College leadership made increased parking on campus an administrative operating priority for the academic year. By May 2023, design of a new parking pavilion had been approved and construction was planned. Funding came from a $10 million capital grant provided by the State of Illinois through the Illinois Board of Higher Education. Located on the south end of campus near the intersection of Brainard Street and Highland Avenue, directly north of Merner Field House, the fourlevel facility opened in January 2024.
542 NEW SPACES ADDED North Central College 3
Now open!
A Winning Year in Athletics
From December 2022 to March 2023, North Central’s triathlon team, football team and women’s wrestling team all hoisted national trophies. In April 2023, the men’s volleyball team finished its season as the national runnerup. On June 12, 2023, the Cardinal football team visited the White House for “College Athlete Day” honoring NCAA champions across all three divisions.
NATIONAL CHAMPIONSHIPS
CCIW CONFERENCE TITLES
NATIONAL RUNNER-UP
ALL-AMERICANS NATIONAL ACADEMIC AWARDS
Renovation Appreciation
During the fall 2022 semester, Oesterle Library and Learning Commons hosted an average of 450 people in common spaces during weekdays and taught 1,144 students in 66 research and information literacy sessions led by librarians. The usage patterns reflect how much students and faculty appreciate the newly renovated space.
North Central’s 11th President
On March 21, 2023, North Central College announced the historic appointment of Anita Thomas, Ph.D., as its 11th president. She had been unanimously elected by the Board of Trustees. Dr. Thomas assumed her new role on July 1, 2023, and the College celebrated her inauguration on November 11, 2023. She is the first woman and first person of color to serve as president in the College’s 162-year history.
President’s Report // 20222023 4
MBA Program Earns National Ranking
For the first time, North Central’s Master of Business Administration program was ranked among 2023 U.S. News & World Report’s Best Online MBA Programs. The program offers a general MBA and specializations in Financial Management, Human Resource Management or International Business.
More Students Go Global
During the spring 2023 semester, 33 Cardinals studied abroad in 16 programs in 13 countries — more than double the number of students abroad during the spring 2022 semester. Also, in May, four Cardinal Destination Courses Abroad supported 64 students who traveled to England, Ireland, Japan and the Galapagos Islands in Ecuador.
Back in the Spotlight
Cardinal musicians, actors and other artists performed live over the entire academic year — a first since the pandemic began in March 2020.
HIGHLIGHTS // 2022 - 2023
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Grants Fund New Programs
» The Teagle Foundation awarded the Shimer Great Books School a $300,000 grant to launch the Civic Humanities Project, a residential humanities camp that brings low-income high school students to campus.
» A $750,000 grant from the National Science Foundation’s Scholarship in STEM program is funding the Leadership Experience and Advancement Program in STEM, which provides scholarships and support to low-income, high-achieving transfer students majoring in environmental science, biology, computer science, mathematics, and neuroscience.
» A $35,000 National Endowment for the Humanities grant is funding “Building a Community of Care Through an Interdisciplinary Health Humanities Minor” — a faculty research project to lay groundwork for a new undergraduate minor that will connect the humanities to matters of medicine and human health.
$698199 RAISED
2,500 donors made a gift to fund scholarships, financial aid, student organizations, academic departments, athletic teams and more.
Caring for Our Students
» 32.4% increase in total dollars over 2022
» 667 new donors in 2023
» The Class of 1967 led with gifts totaling $41,696
Thank you!
The Dyson Wellness Center is an integral part of North Central’s holistic approach to student support, providing comprehensive care for physical and emotional health as well as access to a wealth of support resources on campus and in the community. During the 2022-2023 academic year, Dyson Wellness Center saw increases in demand for its services and support over the previous year:
1,600 total medical services appointments (up 23%)
1,758 total counseling services appointments (up 19.8%)
2,000+ students participated in health education and outreach offerings such as stress management and healthy relationship events, suicide prevention training, and alcohol and drug prevention programs.
President’s Report // 20222023 6
Honors Day – April 20, 2023
On Honors Day, the North Central community gathered to celebrate our students’ commitment to their intellectual pursuits.
The day included the Annual Rall Symposium for Student Research, where students from all majors present their original scholarship in a professional forum. For the first time, the 2023 Rall Symposium invited graduate research as well as undergraduate research. The day concluded with Honors Convocation, where faculty representatives presented awards to more than 50 outstanding students across all undergraduate academic majors — while demonstrating, often poignantly, how well they had come to know those students.
The pride we all feel in recognizing you today is what makes teaching so worthwhile.”
DR. ABIÓDÚN G ÒK È-PARIOL Á Provost and Vice President for Academic Affairs Professor of English
Class of 2023 Outcomes Report
Prepared by the Center for Career and Professional Development, the First Destination Report contains collected and reported information on the post-graduation outcomes of North Central baccalaureate degree graduates shortly after completing their degree programs.
81%
of respondents agreed or strongly agreed with the statement:
“I am satisfied with my educational experience.”
Among the 42 institutions where graduates are continuing their education:
» Indiana University
» North Central College
» Northwestern University
» University of Iowa
» Washington University
76%
of respondents agreed or strongly agreed with the statement:
“I am satisfied with my current career path.”
79%
of respondents agreed or strongly agreed with the statement:
“My current career or education path is related to my major/program.”
HIGHLIGHTS // 2022 - 2023
Full-Time Employment (72.6%) Military Service (0.5%) Part-Time Employment (8.6%) Seeking Employment (18.3%)
Employment
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Graduates, as you cross this stage today and begin the next stage of your life, I hope that your North Central education has expanded both your curiosity and your compassion. I hope that it has sparked in you a concern for the common good, as well as a drive to be successful professionally. And, most important, I hope that the learning process has left you restless — seeking to create a more just, humane and sustainable world.”
DONNA M. CARROLL Interim President
Professor Emeritus
During the ceremony, Dr. Robert “Tad” Lehe, professor of philosophy, was awarded emeritus status upon his retirement after 40 years of service to North Central College.
Did you receive career advice at North Central College?
Yes (75%)
No (17%)
Unsure (8%)
Did you complete an internship or career-related experience?
Yes (61%)
No (36%)
Unsure (3%)
The Class of 2023
709 degree recipients
583 baccalaureate graduates
271 graduated with honors
master’s degree recipients
258
126 first-generation graduates
Among master’s degree recipients, nearly 40 percent studied in the health sciences and 60 percent studied leadership, whether for education, business, sport or other organizations.
40% Health Sciences
60% Leadership
– May 7, 2023
Commencement
President’s Report // 20222023 8
The Brilliant Future Campaign
On June 30, 2023, North Central College marked an extraordinary achievement: completion of the boldest philanthropic initiative in its history.
A record $150.5 million was raised
Nearly 10,000 alumni made a gift
23,000+ donors
The goal was to bring change and innovation to campus. Today, the impact of donor generosity is seen and felt in significant and lasting ways:
NEW SCHOLARSHIPS
With new avenues for financial support, more students can access a North Central education.
INCREASED ENDOWMENT
The College is better positioned for change and uncertainties.
NEW ACADEMIC PROGRAMS
Expanded undergraduate and graduate opportunities for students also means new horizons for enrollment growth.
A CAMPUS TRANSFORMED
The College modernized 38 percent of its building footprint, constructing 272,000+ square feet of new stateof-the-art facilities and renovating 204,798 square feet of existing space.
The Brilliant Future campaign showed what’s possible when we dream big together. To our alumni, friends, parents, corporate, and foundation partners who gave so generously to ensure our campus meets the needs of a new generation of Cardinals — thank you!”
ADRIAN ALDRICH ’02 Vice President for Institutional AdvancementScan this QR code to view the Honor Roll of Donors online:
HIGHLIGHTS // 2022 - 2023
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Financial Summary 2022-2023
On the following pages are the audited financial statements of the College’s financial position and activities for the fiscal year ended June 30, 2023, along with comparative data from the previous year.
Statement of Financial Position:
» Assets totaled $362.3 million, an increase of $1.4 million compared to the prior year. Investments recorded a net gain of $9.7 million, or 10.1 percent.
» Assets were partially offset by decreased cash held in trust and reduced student receivables, loans and fixed assets.
• Cash held in trust was used to finalize the renovation of the Oesterle Library and Learning Commons.
• Outstanding student receivables and loan balances improved as the College concentrated on improving accounts receivable management.
• Land, buildings and equipment declined as depreciation exceeded new additions and the College prioritized new programs after a decade of construction.
» Liabilities totaled $93.3 million, a decrease of $1.3 million, or 1.4 percent.
» Net assets totaled $268.9 million, an increase of $2.7 million, or 1 percent.
Statement of Activities:
» Total operating revenue, gains and other support totaled $84.2 million, a decrease of $1.5 million, or 1.1 percent, over the year prior. The decline was primarily the result of decreased contributions and grants. Grant income was down $3.7 million due to decreased pandemic-era government funding.
» Net tuition and fees increased by $1.2 million, or 2.5 percent, as the College welcomed new cohorts of students in the graduate health sciences.
» Total operating expenses totaled $88.5 million, an increase of $2.3 million, 2.5 percent. Factors included planned increases in faculty and staff compensation and strategic expenditures, such as program and technology investments.
» Net assets at the end of the year totaled $268.9 million.
Regards,
MARYELLEN SKERIK Vice President for Finance
President’s Report // 20222023 10
Liabilities and net assets Liabilities Accounts payable, accrued liabilities and refundable deposits $6,092,203 $6,480,654 Deferred revenue 4,038,320 2,053,870 Split-interest agreements 1,029,370 1,073,894 Refundable loan funds (Perkins loan) 258,401 402,055 Interest rate swap agreement liability - 675,568 Other long-term liabilities - 452,934 Bonds payable 81,921,599 83,519,905 Total liabilities 93,339,893 94,658,880 Net assets Without donor restrictions 176,788,071 180,244,265 With donor restrictions 92,127,993 85,997,519 Total net assets 268,916,064 266,241,784 Total liabilities and net assets $362,255,957 $360,900,664 2023 2022 Assets Total Total Cash and cash equivalents $29,793,557 $29,438,276 Cash held in trust - 4,195,271 Student accounts receivable, net of allowance 1,778,081 1,887,357 Prepaid expense, other receivables and other assets 2,153,611 3,041,122 Pledges receivable, net of allowance 1,148,037 1,779,338 Investments 127,440,737 117,699,348 Interest rate swap agreement 1,402,832Student loans receivable, net of allowance 4,757,500 5,300,420 Beneficial interest in charitable remainder trust 166,735 170,400 Perpetual trust held by a third party 1,179,880 1,100,030 Land, buildings and equipment, net of accumulated depreciation 192,434,987 196,289,102 Total assets $362,255,957 $360,900,664 STATEMENT OF FINANCIAL POSITION // AS OF JUNE 30, 2023 North Central College 11
STATEMENT OF ACTIVITIES // FOR THE FISCAL YEAR ENDED JUNE 30, 2023 2023 2022 Without Donor Restrictions With Donor Restrictions Total Total Revenues Net tuition and fees $47,481,220 - $47,481,220 $46,316,447 Contributions 1,217,862 6,246,186 7,464,048 8,862,697 Grants 1,691,251 1,266,407 2,957,658 6,691,939 Endowment returns designated for spending 2,914,424 3,431,647 6,346,071 5,877,503 Other support Auxiliary enterprises 16,074,460 - 16,074,460 15,681,268 Rental 1,382,110 - 1,382,110 549,611 Other sources 2,503,072 30,713 2,533,785 1,858,066 Net assets released from restrictions and changes in donor restrictions 6,637,414 (6,637,414) -Total revenues and other support 79,901,813 4,337,539 84,239,352 85,837,531 Expenses Instruction 33,543,387 - 33,543,387 30,597,354 Academic support 7,674,546 - 7,674,546 6,595,956 Intercollegiate athletics 6,756,389 - 6,756,389 6,423,266 Student services 9,597,622 - 9,597,622 11,919,124 Institutional support 14,105,658 - 14,105,658 14,139,309 Auxiliary enterprises 16,786,086 - 16,786,086 16,534,889 Total expenses 88,463,688 - 88,463,688 86,209,898 Change in net assets before other changes (8,561,875 4,337,539 (4,224,336) (372,367) Other changes in net assets Investment return 1,953,433 2,303,223 4,256,656 11,590,690, Unrealized investment gain 3,194,364 4,550,233 7,744,597 (31,279,990) Endowment returns designated for spending (2,914,424) (3,431,647) (6,346,071) (5,877,503) Change in fair value of interest rate swap agreement 2,078,400 - 2,078,400 5,658,856 Change in value of split-interest agreements - 245,005 245,005 (791,036) Loss on asset disposal (814,168) (250,000) (1,064,168) 5,993 Net assets released from restrictions - capital 1,623,879 (1,623,879)Other losses (15,803) - (15,803) (26,263) Change in net assets (3,456,194) 6,130,474 2,674,280 (21,091,620) Net assets at beginning of year 180,244,265 85,997,519 266,241,784 287,333,404 Net assets at end of year $176,788,071 $92,127,993 $268,916,064 $266,241,784 President’s Report // 20222023 12
BOARD OF TRUSTEES // FALL 2023
Dr. Holly Humphrey '79 Chair
President; The Josiah Macy Jr. Foundation, New York, New York
Andrea M. Beck '97 Vice Chair, Business Affairs Committee
Independent Financial Consultant, New York, New York
Esther T. Benjamin '90 Vice Chair, Enrollment Management and Marketing Committee CEO & Executive Director; World Education Services, New York, New York
Erin L. Bishop '93 Vice Chair, Student Affairs and Athletics Committee
Senior Corporate Counsel; Caterpillar Inc., Nashville, Tennessee
John Kaltenmark
Vice Chair, Institutional Advancement Committee
Independent Consultant and Board member (Retired), St. Charles, Illinois
Dr. Maureen Ryan '83 Vice Chair, Academic Affairs Committee
Senior Director; Seattle Genetics, Inc., Bothell, Washington
Kevin M. Gensler
Secretary of the Board and Chair of the Liaison Committee
President; Dommermuth, Cobine, West, Gensler, Philipchuck, Corrigan & Bernhard, Ltd., Naperville, Illinois
Joseph Mallon '80 Chair, Audit Committee Partner (Retired); Deloitte & Touche, LLP, Chicago, Illinois
Dr. Anita Thomas
President; North Central College, Naperville, Illinois
Dr. Kathryn Birkett
Superintendent of Schools (Retired) Indian Prairie School District 204, Aurora, Illinois
Matthew S. Brill '97
Derivatives Trader; Tourmaline Partners, Pottstown, Pennsylvania
Jon DeSouza '98
President & CEO Harting Americas, Harting, Inc., Elgin, Illinois
Dr. Kathy L. Guthrie '98 Professor, Department of Educational Leadership and Policy Studies, Florida State University, Tallahassee, Florida
Nancy Naumann '79 Hanson Former Teacher; Naperville Community Unit District 203, Naperville, Illinois
Kris Hartner Owner; Naperville Running Company, Naperville, Illinois
Dr. InSun Ho '81
Division Lead; RSM & Product Stewardship; Abbott Labs, Abbott Park, Illinois
Steven H. Hoeft '73 Attorney; McDermott, Will & Emery, Chicago, Illinois
Peter P. Jones '76
CEO; Mind Safety Management, LLC, St. Louis, Missouri
Bishop Hee-Soo Jung Bishop; Wisconsin Conference; The United Methodist Church, Sun Prairie, Wisconsin
David W. Kelsch
President & CEO; Advanced Data Technologies, Inc., Naperville, Illinois
Annette Kenney
EVP/Chief Strategy & Marketing Officer; Edward-Elmhurst Health, Naperville, Illinois
Dr. Sanjeeb Khatua Chief Physician Executive, North Shore - EdwardElmhurst Health, Naperville, Illinois
J. Raymond Kinney, III (H) '10 Principal; Blooming Color and Maclyn Group, Naperville, Illinois
North Central College 13
Gerald McCadd ’92 Owner, G. McCadd Insurance & Financial Services, Inc (State Farm), Bolingbrook, Illinois
Connor McGury '18 M '20 North Central College Alumni Board President, Senior CS Strategy & Innovation Consultant, Publicis Sapient, Chicago, Illinois
Tom Miers Market President; Naperville Bank and Trust, a Wintrust Community Bank, Naperville, Illinois
Tracie Morris '02 Chief People Officer, Corewell Health, Grand Rapids, Michigan
Michael R. Naset Senior Partner (Retired); Accenture LLP, Naperville, Illinois
Jeffrey J. Oesterle '76 Owner; Plaza Properties, Schererville, Indiana
Steven Rubin Partner; Kitchens To Go by Mobile Modular, Naperville, Illinois
Rowena Felix-Salas '84 General Manager/ Co-Owner; Hotel Baker, St. Charles, Illinois
Bishop Dan Schwerin Interim Bishop; Northern Illinois Conference; The United Methodist Church, Chicago, Illinois
Donald C. Sharp, President and CEO; Coolfire Solutions, St. Louis, Missouri
Stephen T. Sellers '76 CEO; Applied Noetics, Batavia, Illinois
Dr. Ali Setork President; DynaCom Management, Inc., Naperville, Illinois
Dr. Jeffrey K. Swallow '94 Chairman and CEO (Retired); Magnetrol International Incorporated, Aurora, Illinois
Scott Wehrli '91 Mayor; City of Naperville; Secretary/Treasurer and Partner; Dukane Precast, Inc., Naperville, Illinois
Lee J. Woolley '85 Senior Executive; Metallicus, San Francisco, California
LIFE TRUSTEES
Dr. John D. Bramsen ’60
Donald J. Hackl
James A. McDermet M ‘92
Holly I. Myers ’69
Dr. Richard G. Norenberg ’55
Richard F. Wehrli ’56
Dr. Herman B. White Jr.
Dr. Harold R. Wilde H’15
Robert A. Wislow ’67
Dr. Beth Thomas Zimmermann ’63
HONORARY TRUSTEES
James E. Bramsen ’59
Leota Buss Ester ’51
Dr. John M. Giannini ’84
John L. Novak ’64
William N. Plamondon
Rick Spencer H’22
Dr. Myron W. Wentz ’63
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