Trustees of Dartmouth College
Trustees of Dartmouth College reported $2.26 billion in revenue and $1.62 billion in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $85.57 went to program services, $10.88 to management and general costs and $3.55 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 31.0% of the total. Government grants made up 6.4%. The highest compensation it reported for one person was $5,113,351 (Chief Executive Officer - Investment Office). 1,516 people received more than $100,000 in reportable compensation. Revenue rose 43% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $1.62BFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $2.26BThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 85.6% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 10.9% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 3.5% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.09 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 29.2% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 6.4% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 31.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $5,113,351 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.32% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 1,516 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 84.2 | 13.3 |
| Independent voting board members Part VI 1a–1b | 26 of 27 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseEducation and Academic Support: A Dartmouth education is unlike any other. Through person-to-person teaching and opportunities to create and apply knowledge on campus and across the globe, we instill a love of learning and a passion for success. We educate global citizens, gifted writers and artists, wise business leaders, thoughtful doctors, and compassionate engineers. Our faculty are deeply invested in nurturing creativity as well as critical thinking. Our students can explore the cultural underpinnings and economic impacts of great works while creating their own masterpieces, all with the…
Campus Life: Our close-knit community is a distinctive and enduring feature of the Dartmouth experience. For students, the process of joining and adapting to a new community can be as educationally significant as their academic work. For this reason, Dartmouth invests resources in creating a community that is both stimulating and nurturing. Approximately 90% of Dartmouth undergraduates lived on campus and Dartmouth's diverse dining facilities are an important part of campus life. Athletics at Dartmouth compliment the overall academic and intellectual growth of Dartmouth students, with more…
Research & Research Support: At Dartmouth, teaching and research are inextricably linked. Dartmouth offers undergraduate students a rigorous curriculum at the forefront of higher education and Dartmouth faculty pursue research at the highest levels of their disciplines. Students conduct independent study through one-on-one supervision with a faculty member or work as a member of a research group in state-of-the-art facilities. Dartmouth is home to world-class scholars in the Faculty of Arts & Sciences, the Guarini School of Graduate and Advanced Studies, the Thayer School of Engineering, the…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| Chief Executive Officer - Investment Office Key employee, 40.0 hrs/week | $5,064,645 | $0 | $48,706 | $5,113,351 |
| President and Trustee Ex-Officio Director/trustee, officer, 40.0 hrs/week | $1,597,733 | $0 | $511,104 | $2,108,837 |
| Chief Investment Officer Highest compensated employee, 40.0 hrs/week | $2,036,422 | $0 | $51,321 | $2,087,743 |
| Managing Director, Investment Office Highest compensated employee, 40.0 hrs/week | $1,624,253 | $0 | $51,456 | $1,675,709 |
| Managing Director, Investment Office Highest compensated employee, 39.8 hrs/week | $1,290,212 | $0 | $51,207 | $1,341,419 |
| EVP for Strategy, Special Counsel to the President & Secretary to the Board Officer, 40.0 hrs/week | $1,064,056 | $0 | $53,677 | $1,117,733 |
| Director, Dartmouth Cancer Center Highest compensated employee, 40.0 hrs/week | $1,063,449 | $0 | $36,108 | $1,099,557 |
| Managing Director, Investment Office Highest compensated employee, 39.8 hrs/week | $1,044,402 | $0 | $39,754 | $1,084,156 |
1,516 people received more than $100,000 in reportable compensation from Trustees of Dartmouth College (Part VII, line 2). Compensation of current officers, directors and key employees totaled $13M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b27 · 26 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 510,631
- Volunteers Part I, line 611,000
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| Consigli Construction Co Inc Construction and contracting services | $33,003,343 |
| North Branch Construction Inc Construction and contracting services | $19,419,920 |
| RH White Construction Co Inc Construction and contractor services | $19,410,662 |
| Dew Construction Construction and contractor services | $10,073,466 |
Individuals listed as contractors are left out. 236 contractors were paid more than $100,000 in all.
Private foundation grants it received
289 private foundations reported grants to Trustees of Dartmouth College totaling $39M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Trustees of Dartmouth College's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Trustees of Dartmouth College, you can publish a response that is linked from this page.
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Of every $100 Trustees of Dartmouth College spent in FY2025, $85.57 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- The George Washington UniversityAshburn, VA · revenue $2.04B · programs 90.9% · FY2025
- Georgetown UniversityWashington, DC · revenue $2.30B · programs 88.9% · FY2025
- Grand Canyon UniversityPhoenix, AZ · revenue $2.01B · programs 97.7% · FY2025
- Carnegie Mellon UniversityPittsburgh, PA · revenue $2.50B · programs 88.7% · FY2025
- Harvard Management Private Equity CorpBoston, MA · revenue $2.00B · programs 100.0% · FY2025
All education charities · Largest charities in New Hampshire
Questions people ask
How much of Trustees of Dartmouth College's spending goes to programs?
In the fiscal year ending June 30, 2025, Trustees of Dartmouth College reported that 85.6% of its $1.62 billion in expenses went to program services, 10.9% to management and general and 3.5% to fundraising (Form 990, Part IX).
How much does Trustees of Dartmouth College pay its top executive?
The largest total compensation Trustees of Dartmouth College reported for one person in the fiscal year ending June 30, 2025 was $5,113,351, for the role of Chief Executive Officer - Investment Office (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Trustees of Dartmouth College get its money?
Of $2.26 billion in revenue in the fiscal year ending June 30, 2025, 29.2% came from contributions and grants (including 6.4% from government grants) and 31.0% from program service revenue (Form 990, Part VIII).
Is Trustees of Dartmouth College a registered charity?
The IRS lists EIN 02-0222111 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202631339349300048 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202501339349306270 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441359349306269 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311329349301631 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202211339349300541 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202111329349300341 · read the filing
All filings for EIN 02-0222111: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.