Annual Report 2023

THANKS ANNUAL REPORT 2023 OLIVET NAZARENE UNIVERSITY

ANNUAL REPORT 2023

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A NNUA L REP ORT

CONTENTS OLIVET NAZARENE UNIVERSITY

President’s Message

Solo Dios!

Dr. Gregg Chenoweth

Angel and Naomi Colón

The Power of Music

The Olivet Foundation

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Katelynn Roscioli

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Ways to Give The Olivet Fund Your Legacy: Estate & Planned Giving

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Financial Overview University Budget Summary Combined Gift Revenue

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Board Members

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Strength & Hope The Campaign for Olivet

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PRESIDENT’S MESSAGE Dr. Gregg Chenoweth

What keeps us a university? A unified people is the primacy of Christ in all things. Discipleship, not only diplomas, is our business.

That great cause means we dare not be distracted by limitless “good” things, but serve the “best.” Our five priorities for 2022-2027 already prove fruitful — helping students persist all the way to graduation, assuring Olivet is affordable to populations of greatest need, applying our institutional virtue to moral needs of our time, operating efficiently, and stabilizing through niche enrollment foci.

“

It is difficult to summarize the work of a university.

With more than 100 areas of study and students engaged from doctoral to associates programs, online and onground, why aren’t we a “multi-versity?”

To God be the glory for a year of tremendous blessing.

This 2023 Annual Report is a snapshot of accomplices and resources gathered around Olivet. Thanks to you, the University moves ahead in productivity, not mere activity. To God be the glory for a year of tremendous blessing.

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ST U D E N T ST O RY

The Power of Music KATELYNN ROSCIOLI ’24 Katelynn Roscioli discovered an early affinity for the power of music, joining the school band in fourth grade and choir in sixth in her hometown of Bangor, Pennsylvania. For Katelynn, music provided peace and a spirit of collaboration. So, when she was concluding her high school years and beginning to consider her college plans, she felt confident that music would be an integral part of her academic pursuits.

It was after she had concluded her college search and committed to a school that she received an email from Olivet.

She discovered that Olivet offered both a marching band and the University Honors Program. By the end of her senior year in high school, despite never having visited Olivet, she enrolled at Olivet as a music education student.

From a young age, Katelynn understood the underlying power of music, but, at Olivet, she experienced it with greater clarity. In her freshman year, she immersed herself in the Olivet community by playing clarinet in the ONU Tiger Marching Band, the University Orchestra and the Wind Ensemble and playing saxophone in Jazz Band. During her Olivet tenure, she has also worked in the Office of Admissions, served as a member of the band council and the council for Kappa Delta Pi, and worked as a tutor in the Department of Music.

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ANNUAL REPORT 2023

STORY BY LAUREN BEATTY “Music gives a sense of belonging and provides a natural structure of community,” Katelynn says. “I have found some of my closest friends by playing in different ensembles. We’re always in the same building together, and the professors make an effort to connect with students.”

there are many ways to help dementia patients recall memories with lucidity.

The point of this project is to make the information accessible and interactive so that caregivers, regardless of their own musical talents, can provide some therapeutic benefits to those with dementia.”

Students who are accepted into the University Honors Program enroll in four core classes as a cohort during their freshman and sophomore years and then formulate a topic proposal for a capstone research project to individually explore during their junior and senior years.

Throughout her time at Olivet, Katelynn has learned to trust the process and embrace the sometimes-inconsistent rhythms of life, even when it is difficult to maintain a steady beat.

Katelynn knew before entering the program that she wanted to more deeply examine the power of music — specifically, how music affected elderly dementia patients.

Music is an outlet to authentically express yourself. I am excited to encourage that in others.

The finalized version of her capstone project centers on writing content for caregivers of dementia patients to use as a tool in administering home-based music therapy. She will have multiple opportunities during her senior year to share the research, including at Olivet’s annual Scholar Week.

“I wanted to create a resource that my mom could have used while she cared for my grandpa for six years,” Katelynn says of the personal inspiration for her project. “People don’t realize that

“In music, and in life in general, it is good to embrace challenges,” she reflects. “I hadn’t even visited Olivet when I moved across the country for my freshman year.

But I felt in my heart that I had to come here. Now I understand why. Music is an outlet to very authentically express yourself, and I am excited to be able to encourage that same expression of joy in other people.”

W AYS T O G I V E

THE OLIVET FUND

CREATING OPPORTUNITIES

Faithful, annual gifts encourage students and bolster confidence across campus to ensure Olivet excellence. Your support awards scholarships based on merit and financial need. You strengthen academic resources for faculty to develop relevant curricula.

You provide student athletes with exceptional opportunities.

Isabelle, Class of 2024, says, “I am so thankful for the opportunities I have been given to lead and encourage the ONU Cheerleading team through athletics, as well as be a representative for our school. I know this will help to further my career and personal growth. I am excited to see what the future brings!”

LEGACY GIVING

ESTATE PLANNING FULFILLS GOALS

Many of Olivet’s alumni and friends have discovered they can realize personal benefits while they support the mission they love. Explore estate and planned giving options through Olivet!

Pastor Phil ’83 and Brenda ’82 Kizzee explored and committed. Phil says, “A legacy commitment says a lot about what you value. We decided to make a statement through our estate and membership in the Olivet Heritage Society — to make a difference for the next generation.”

Please contact Walter “Woody” Webb for a no-obligation conversation: 815-939-5171 or development@olivet.edu.

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F I N A N C I A L OV E RV I E W

UNIVERSITY BUDGET SUMMARY July 1, 2022 – June 30, 2023 Dr. Gregg Chenoweth recently shared, “A mature University knows what it is doing, has good reasons for doing it, and has the will to do it through difficult times.” We are committed and intentional to serve with continued transparency and careful stewardship.

We present this summary of financial operations to you, the mission investors of Olivet Nazarene University, with sincere appreciation for your generous gifts, influence and prayers.

REVENUE Tuition & Fees

$97,909,046

Room & Board

20,523,248

Gifts & Grants

25,919,246

Miscellaneous

7,150,296

Auxiliary

1,372,694

Total

$152,874,530

EXPENSES Scholarships

$54,650,892

Instruction

31,614,130

12.53%

Student Services

17,969,088

10.33%

Institutional Support

14,822,049

6.63%

Operation/Maintenance

9,515,274

7.99%

Auxiliary

11,464,545

Interest Expense

3,402,362

38.11% 22.04%

2.37%

Total

Net Revenue Balance

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$143,438,340

$9,436,190

64.05% 13.42% 16.95% 4.68% 0.90%

F I N A N C I A L OV E RV I E W

COMBINED GIFT REVENUE University and The Olivet Foundation July 1, 2022 – June 30, 2023 (restricted and unrestricted)

Corporate Matching Funds

0.58% | $107,042 Bequests

2.81% | $527,650

Parents & Friends

42.59% | $7,904,942

Foundations

7.57% | $1,404,533 Alumni (General Sources)

7.66% | $1,420,832

Churches & Religious Organizations

11.75% | $2,180,526

TOTAL GIFTS

$18,563,808

Corporations and Businesses

11.91% | $2,210,551

Trustees, Foundation Board, Alumni Board, Faculty & Staff

15.13% | $2,807,732

Olivet designates approximately 90% of all revenue received toward instruction, scholarships, student services, institutional support, and operations/maintenance.

Olivet Nazarene University is a 501(c)(3) public charity. The University’s Form 990 is available upon request through the Accounting Office.

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D O N O R ST O RY

Solo Dios!

ANGEL AND NAOMI COLÓN Angel Colón ’90 arrived at ONU with one suitcase, one baseball bag and an English-Spanish dictionary in 1986. He came from Puerto Rico on a baseball scholarship. “Students, teammates and ONU leaders loved and cared for me as I learned to adjust to a new culture,” he says.

While at Olivet, he met Naomi (Ritchie) ’88/’18 M.S.N., a nursing major from Kentucky. “Naomi invited me to attend a campus revival with her,” he recalls. “I accepted Christ that night, October 15, 1987. That decision transformed my life from being all about me to being all about serving others. Naomi discipled and mentored me, and she still does today.”

They have been married for 34 years and are the parents of three adult children.

Olivet gave me the foundation and tools I needed to succeed personally and professionally.

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ANNUAL REPORT 2023

Angel says, “Olivet gave me the foundation and tools I needed to succeed personally and professionally.”

He graduated with a degree in business administration and a solid faith in Jesus Christ as his Lord and Savior. He received his MBA from Cardinal Stritch University and holds a Diversity, Equity, and Inclusion certification from Cornell University.

Today, Angel is the head of Diversity, Equity and Inclusion with Designer Brands in Columbus, Ohio. To honor his commitment to serving others, Angel also helps teach English as a Second Language to immigrants in Cincinnati.

His Christian faith and education continue to influence how he carries himself at work, interacts with others and lives his life. “To succeed in the business world, you have to have a great balance of integrity, resilience and education,” Angel says.

Naomi’s perspective regarding giving back began when she was a young girl. “I grew up as a Nazarene preacher’s kid and I saw firsthand the joy my family received in giving to others. We didn’t have much money, but our time and talents could always help those we served. I live by the motto, ‘We are blessed to bless again.’”

When Naomi was a sophomore at Olivet, her father was killed in an automobile accident. She experienced the Olivet community come alongside her emotionally, spiritually and monetarily. “The people of Olivet supported me so that I could finish my degree in nursing. Today it’s a joy to give back so that other students may be blessed to fulfill their calling!”

it’s a joy to give back so that other students may be blessed to fulfill their calling!

Angel agrees, saying, “Anytime you have an opportunity to make a difference in this world and you don’t, then you are wasting your time on Earth.” Inspired by his hero, outstanding Major League Baseball player Roberto Clemente, Angel has established an ONU baseball scholarship for Puerto Rican students. He summarizes his story in two words: “Only God. Solo Dios in Spanish."

Olivet Foundation: Fiscal Year 2023 Total Gifts:

$3,488,429 Net Assets:

$58,927,663

New Endowments Established in Fiscal Year 2023: The Wilfred Wentworth Scholarship

THE OLIVET FOUNDATION The Olivet Foundation exists to secure, manage and distribute funds that assist ONU students. Your investments from endowed gifts — and funds from other planned giving instruments — advance Olivet’s mission today and will benefit future generations of world-changers.

Please ask us about these endowed fund opportunities: 1. Faculty Chairs & Professorships 2. Academic Programs 3. Classrooms & Lab Technologies 4. Capital Projects 5. Student Scholarships Every endowed gift is directed by a Gift Agreement between the University and you, the investor.

The Richard and Debbie Dykhouse Endowed Chair for the Dean of Student Persistence in the Center for Academic Excellence Fund The Ovid Young Memorial Organ Concert Series Fund The Ellen Herrmann Scholarship The K. Lowell Short, Jr. Accounting Scholarship The Stimson Family Scholarship The Mary "Sharon" Young Nursing Program Fund The Accounting Student Scholarship The Madeline Grace Bloom Music Scholarship The Rebecca Belcher-Rankin Scholarship The Barbara Morrison Nursing Scholarship The Dr. Harold and Mrs. Henderson Ministry Scholarship The Rev. Jim & Rosemary Green Scholarship The Foundation Matching Funds Account (non-endowed)

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BOARD MEMBERS

We are grateful for the commitment of those who serve on the Board of Trustees, the Foundation Board and the Alumni Board. Their prayerful governance — along with the exemplary leadership of our administrative team — guides the University with integrity.

Olivet Nazarene University

BOARD OF TRUSTEES Dr. Gregg Chenoweth University President

Dr. Timothy Crump Chairman

Rev. Tim Kellerman Vice Chairman

Dr. Mark Hostetler Secretary

Rev. Andy Albright Rev. David Anderson Rev. Terry Armstrong Rev. Wesley Ball Dr. David Bartley Dr. Cheri Betz Dr. Steven Bohall Rev. Lloyd Brock Mr. Darin Brown Rev. Ken Bushey Mrs. Jennifer Caplinger Dr. Bill Clark Dr. Jeff Crowder Rev. Chris DeMott Mr. DeWayne Doty Rev. Rodney Durr Rev. Brad Dyrness Rev. Phil Edwards Rev. Tim Fisher Rev. Jim Frye Mr. Daniel Garde Mrs. Lisa Garvin Mrs. Phyllis German Rev. Daniel Gilmore Rev. Nathan Gray Rev. Aaron Gregory

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ANNUAL REPORT 2023 2023 ANNUAL REPORT

Mr. John Harris Mr. Daniel Hirst Mr. Douglas Jones Dr. Michael Kitsko Rev. Phil Kizzee Mrs. Elizabeth Kring Rev. Garrett Lee Mr. Stephen Lyle Mr. Matt McBurnie Rev. Mark McCall Dr. Larry McKain Rev. Travis Myers Rev. Darin Nossett Mr. Rick Parks Rev. Michael Postell Rev. Rob Prince Mrs. Jill Rice Mr. Ken Roat Mr. Mel Sayes Mr. Ken Schmidt Dr. Stacey Schmidt Mrs. Cheryl Seymour Mrs. Cheryl Sherwood Mr. Lowell Short Mr. Ben Smidt Rev. H. Gordon Smith Dr. Brian Wangler Rev. Francis Warren Rev. Josh Woods Olivet Nazarene University

Mr. Mel Sayes

Mrs. Lisa Garvin ‘90

Dr. Dan Rexroth

Mr. Ryan Walker '90

Mr. Barry Huebner

Mr. Tim Alderson '75

Chairman

Vice Chairman Secretary

Dr. Jeriel Beard Dr. Jill Bowling Mr. Richard Dykhouse, Sr. Mr. Harvey Gifford Mr. George Kalemkarian Rev. David McCool Mr. Michael McGraw Mrs. Beth Pennington Mr. Chris Shride Mr. Kevin Sims Dr. William Slattery III Mr. Don Walker Dr. John Workman Ex-Officio Members Dr. Brian Allen Dr. Timothy Crump Mr. Matthew Foor

Olivet Nazarene University

ALUMNI BOARD

Dr. Gregg Chenoweth ‘90 University President

Dr. Brian Allen ‘82

FOUNDATION BOARD

Vice President for Institutional Advancement

Dr. Gregg Chenoweth

Mr. Erinn Proehl ’13

University President

Dr. Walter “Woody” Webb Executive Director

Director of Alumni, Church & Constituent Relations

Alumni Association President Alumni Association Vice President Alumni Association Historian/ Secretary

Rev. Phil Kizzee ’83

Trustee Ministerial Representative

Mr. Ben Smidt ’07

Trustee Lay Representative

Mrs. Karen Bontrager ’86 Mr. Matthew Buller ’10 Mr. LaMorris Crawford ’06 Mrs. Lisa Evans ’90 Mr. Jordan Gallup ’06 Mrs. Melissa Guerdan ’97 Mrs. Katie Jimenez ’06 Dr. Eric Johnson ‘94 Mr. Scott Lingle ’90 Mr. Matt Lyle ’09 Dr. Cassie Mecklenburg ’03 Dr. Chris Peal ’86 Mr. Bill Religo ’67 Mrs. Jordan Schriver ’15 Dr. Jessica Swanson ’06 Mr. Gordon Tommy ’97 Dr. Amy Williams ’90

A Year of Impact The Campaign for Olivet Nazarene University has united all members of the Olivet community in a commitment to the priorities most relevant for our time. Thank you for leaning in through your prayers and gifts!

OUR COMMITMENT PERSISTENCE:

supporting student success

AFFORDABILITY:

PROGRESS AND HIGHLIGHTS thanks to you...

Enrollment growth broke a six-year negative trend. This includes the largest undergraduate student body in four years.

Affordability is in-reach for target populations. The average educational cost to students was reduced from the previous year for the first time in memory. Average college debt was one-quarter less than the national average.

Mental health counseling waiting lists have been reduced from 100 to zero. More than 100 students use self-paced online-format mental health modules.

We’re increasing discipleship initiatives. Olivet encourages worship, prayer, Scripture reading, bearing witness, displaying stewardship, service and fellowship in the Body of Christ.

Operational efficiencies will result in significant cost reduction.

For example, Olivet will see $3.9M of energy and software savings over these Campaign years.

increasing student access

VIRTUE:

preparing thought leaders

EFFECTIVE STEWARDSHIP:

securing Olivet’s future

RECRUITMENT:

expanding Olivet’s influence

A FUTURE OF CONTINUED IMPACT With gratitude, we joyfully share this progress in our shared mission. We value your partnership in opportunities to ensure the accessibility, vibrancy and sustainability of Olivet for the next generation and beyond. Thank you!

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O LIVE T.E DU