Annual Report 2022

PRESIDENT’S MESSAGE

Here is what one couple recently said: “Continue to love students well, and maintain high fidelity to our Christian purpose.”

Love and fidelity.

Does that resonate with you?

We’re on it.

Friends of Olivet, I remain encouraged and grateful for your partnership in ministry. In fact, because I am a steward of your generosity, I often ask donors, “What do you hope never changes at Olivet?” Go ahead. Answer now, in your mind!

This 2022 Annual Report indicates how you joined thousands of others who commission us to be good stewards on a cause of great consequence to this generation and those they influence for 50 years to come.

Thank you for helping me carry this transformative thing God put in our hands — “Our Olivet.”

Creating Content, Finding Contentment

“This summer, I was the marketing and communications intern for Soul City Church. I provided social media support to the communications coordinator by creating content such as reels, Sunday stories, sermon recap videos and fun posts. I also provided project management support for the Soul City Cafe and bookstore. And I researched and presented branding recommendations for Soul City Worship, as they were preparing to launch a new album in the fall.

“During my internship, I learned how to be a better content creator and leader. I learned that public relations professionals have to advocate for a client, consumer, and designer or contractor and how important it is to foster healthy conversations while doing so. Perhaps most importantly, I learned how to keep Christ at the center of my work. Even if you don’t work in a church, your work can still be ministry if you are using it to glorify God and serve others.

“I wouldn’t have been able to thrive within this internship if it wasn’t for my time at Olivet. My experience

at Olivet was heavily shaped by my peers and professors and the way they encouraged and challenged me. If it wasn’t for my fellow public relations girls encouraging me, I never would’ve been on the executive board for Public Relations Student Society of America (PRSSA) or an account executive in Inspired Strategies Agency (ISA). Both PRSSA and ISA helped to build my resume

with hands on experience and leadership opportunities. Of course, none of this would’ve been possible without my academic and Foundation scholarships. Being raised by a single mom, I wouldn’t have been able to attend Olivet without the generosity of those who donate.

“The internship experience impacted my life by confirming my vocation in the public relations and communication industry. The staff at Soul City was very encouraging and helped me to steward my gifts last summer. It helped me to grow in my faith by being in church more consistently than I have been and helped me to trust God’s plan for me. I stepped into a place where I didn’t know anybody, but where I did know that I was where God wanted me to be.”

“

I learned how to keep Christ at the center of my work. Even if you don’t work in a church, your work can still be ministry.

THE OLIVET FUND COUNTING ON YOU

Your annual giving allows students to thrive in their Olivet journeys and helps fulfill a vital mission — Education With a Christian Purpose. You strengthen the ONU experience through scholarship, academic and athletic support. Jordan, Class of 2025, says: “So many times across campus, I’ve heard, ‘I prayed with my mom or dad: if it’s God’s will for me to go to a Christian University, please let Olivet be affordable.’ I’ve prayed that! So, when you give and respond, you’re quite literally changing a life forever.” Jordan’s experience is one of thousands that is a direct result of your commitment. We are so grateful you continue to choose Olivet Nazarene University. Your investment transforms student lives.

LEGACY GIVING TODAY, TOMORROW— TOGETHER!

Imagine the ability to make your largest-ever gift to advance Olivet’s mission. Many alumni and friends have arranged to do just that through a legacy gift from their estate. Taking this step is not complicated. Walter “Woody” Webb, Director of Planned and Estate Giving, affirms, “Olivet is a part of our plans. For Julie and me, it was a simple act of designating Olivet as a beneficiary to our retirement plan. Generosity makes a difference; it happens every day at Olivet.” Please contact Walter “Woody” Webb for a no-obligation conversation about your estate: 815-939-5171 or development@olivet.edu.

Bequests

COMBINED GIFT REVENUE

University and Foundation (restricted and unrestricted)

July 1, 2021 – June 30, 2022

Corporate Matching Funds

1.25% | $161,869

Parents & Friends

3.04% | $394,023

5.38% | $698,942

Donor Advised Funds

9.33% | $1,210,454

Corporations and Businesses

10.07% | $1,307,582

TOTAL GIFTS

$12,976,954

Foundations

13.16% | $1,708,073

OLIVET DESIGNATES APPROXIMATELY 90% OF ALL REVENUE RECEIVED TOWARD:

• Instruction

• Scholarships

• Student Services

• Institutional Support

• Operations/Maintenance

Alumni (General Sources)

14.70% | $1,907,034

Trustees, Foundation Board, Alumni Board, Faculty & Staff

26.90% | $3,490,960

Churches & Religious Organizations

16.17% | $2,098,017

As we step into 2023 and into the next five years, we will engage an inner core of men and women to provide leadership and support. With great expectancy, we’ll soon share more about opportunities to ensure the accessibility, vibrancy and sustainability of Olivet for the next generation and beyond. Please pray with us. Thank you!

UNIVERSITY BUDGET SUMMARY

We are pleased to present this overview, with sincere appreciation for your generous gifts, influence and prayers.

Your faithfulness assures our mission and ministry success while COVID enrollment losses cycle for several more years (until freshmen graduate and adult students stabilize their households), and the worst stock market in 15 years temporarily depresses the value of the Olivet Foundation.*

We are stewarding your generosity by reducing campus renovation spending and payroll by $5M. We have experienced historically strong gift income, and we’re protecting and increasing cash reserves.

REVENUE

EXPENSES

Meanwhile, altars still fill during Revival Services; nearly 100% of graduates still enjoy job placement or graduate school admission; and our 50,000 alumni now reside in all U.S. states and 64 nations — on every continent except Antarctica!

The report before you reflects a mission-focused, stewardship-minded Olivet community of faculty and staff — and God’s provision over our lives and His work.

The Business of Doing Good

Scott Lingle ’90 chose to attend Olivet because of church friendships, the tennis team and a desire to attend a faith-centered university. However, his time at the University nurtured a faith-based understanding and desire for passionate life-long learning and a growth mindset.

After college, Scott worked for UnitedHealthcare where he spent nearly 20 years learning from industry leaders. In his mid-40s he felt a strong calling to leave the comfort and security of a stable corporate America executive position, taking a massive leap of faith to launch a software startup venture. God was faithful and blessed that bold decision. Eight years ago, Scott launched Remodel Health, a health insurance software company that has an overarching mission to repurpose $1 billion of savings back into ministry for faith-based organizations. The thriving business has employed numerous ONU grads and earned accolades as one of the fastest growing companies on the INC 5,000 list for the past few years as well as Best Christian Workplace.

In 2019, Scott and his middle son, Ryan, a software engineer and Cameron Mason ’15, launched the next generation of business ventures:

Lyrn.Link. What began as a six-page document of Scott’s favorite learning resources was transformed into an app that provides a curated list of books, podcasts, YouTube videos and articles with a sharing community of individuals who want to expand their sources of knowledge and influence; see lyrn.link/scott.

“I have a real heart and passion for future entrepreneurs, and I feel like God has given me specific entrepreneurial gifts,” Scott says. “So many entrepreneurs get burned out being single-minded in their focus. They often build their business at the expense of their marriage or family. I want to encourage people to pursue a thriving life in addition to building a career by sharing resources that may provide support and inspiration.”

In part because of Scott and other alumni entrepreneurs’ commitment to inspiring others through creative ventures, Olivet recently announced the launch of the entrepreneurship program as an extension of the McGraw School of Business. A degree in entrepreneurship is applicable to almost any field as students learn interdisciplinary skills of leadership, professional communication, strategy and business. Olivet’s carefully designed

curriculum integrates cross-listed business courses to make this an ideal area of study in which to double-major.

“At this stage of my life, I feel God’s called me, and my ministry is to raise up future redemptive entrepreneurs,” Scott says. “We believe that entrepreneurship can be redemptive. God has called us all to be a part of His redemptive story, and it doesn’t just mean at church on the weekends. It means whatever we’re building in life, whether our hobbies or businesses, God wants to participate actively in that story.”

“

Whatever we’re building in life, whether our hobbies or businesses, God wants to participate actively in that story.

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.

Olivet Foundation: Fiscal Year 2022

Total Gifts: $3,736,327

Net Assets: $51,744,908

New Endowments Established in Fiscal Year 2022:

The Grace E. Canton Memorial Scholarship

The Royal F. and Marilyn J. David Memorial Scholarship

The Jim and Amy Williams Scholarship

The bKalm Scholarship

The King/Klavohn Family Scholarship

The Keith V. Burba Memorial Scholarship

The Shirlee McGuire Scholarship

The David Charles Huebner Scholarship

The Dr. Jack W. and Mrs. Donna J. Furbee Family Scholarship

The Harold and Ruth Severance Scholarship

The Rev. Larry Hindman Scholarship

The Ross D. and Mary Kay (Blue) Swinehart Scholarship

The Dr. Quen Dickey & Dr. Taylor Dickey Pre-Med Scholarship

BOARD MEMBERS

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. 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

Dr. Bill Clark

Dr. Jeff Crowder

Dr. Mark Davisson

Rev. Chris DeMott

Mrs. Darcy Dill

Dr. Kevin Donley*

Mr. DeWayne Doty

Rev. Brad Dyrness

Rev. Phil Edwards

Rev. Shawn Evans

Rev. Tim Fisher

Rev. Jim Frye

Mr. Daniel Garde

Mrs. Phyllis German

Rev. Daniel Gilmore

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.

Rev. Aaron Gregory

Rev. Tanner Griffin

Mr. John Harris

Mr. Daniel Hirst

Mrs. Lydia Johnson

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. 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. Ben Smidt

Rev. H. Gordon Smith

Mr. Dan Taylor

Dr. Michael Taylor

Dr. Cynthia VanSteenburg

Dr. Brian Wangler

Rev. Francis Warren

Rev. Daniel Wine

Olivet Nazarene University FOUNDATION BOARD

Dr. Gregg Chenoweth University President

Dr. David Pickering Executive Director

Mr. Mel Sayes Chairman

Dr. Dan Rexroth Vice Chairman

Mr. Barry Huebner 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

Olivet Nazarene University ALUMNI BOARD

Dr. Gregg Chenoweth ’90 University President

Dr. Brian Allen ’82

Vice President for Institutional Advancement

Mr. Erinn Proehl ’13

Executive Director of Alumni, Church & Constituent Relations

Mr. Dan Taylor ’79

Alumni Association President

Mrs. Lisa Garvin ’90

Alumni Association Vice President

Mr. Tim Alderson ’75

Secretary/Historian

Rev. Phil Kizzee ’83

Trustee Ministerial Representative

Mr. Ben Smidt ’07

Trustee Lay Representative

Mr. Joe Bowman ’68

Mr. Matthew Buller ’10

Mr. LaMorris Crawford ’06

Mrs. Lisa Evans ’90

Mr. Jordan Gallup ’06

Mrs. Melissa Guerdan ’97

Mrs. Katie Jimenez ’06

Mrs. Lauren Larsen ’08

Mr. Scott Lingle ’90

Mr. Matt Lyle ’09

Dr. Cassie Mecklenburg ’03

Mr. Michael Neal ’80

Dr. Chris Peal ’86

Mr. Bill Religo ’67

Mrs. Jordan Schriver ’15

Dr. Jessica Swanson ’06

Mr. Gordon Tommy ’97

Dr. Amy Williams ’90

Mrs. DeAnn Winter ’89

Each year, Olivet alumni and friends recommend high school students in their circle of influence. We reached our goal of 3,000 high school student recommendations and now have a strong network of more than 500 Olivet Advocates. Nearly 200 current students at Olivet have been recommended through the Great People Know Great People campaign. We have YOU to thank! We recently launched a new campaign and would love for you to recommend a high school senior so that they will have the chance to win a $2,000 scholarship for their Olivet education.

Members of Olivet’s Leadership Society sponsor hope in the lives of students by generously giving $1,000 or more annually. By December 2027, we desire to grow this special giving community to 1,000 people. Please help us achieve the goal behind this initiative:

• Pray for Olivet and its students

• Consider or maintain annual giving of $1,000 or more

• Encourage your friends to join you in supporting Olivet

• Promote the mission of Olivet in your community and circles of influence