The Mind Trust
The Mind Trust reported $57.9 million in revenue and $35.6 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $94.25 went to program services, $4.28 to management and general costs and $1.47 to fundraising. Its largest source of revenue was contributions and grants: 61.6% of the total. The highest compensation it reported for one person was $417,980 (CEO). 12 people received more than $100,000 in reportable compensation. Revenue rose 186% 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 $36MFor 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 $58M- Contributions & grants (non-government)$61.56 $36M
- Program service revenue$36.45 $21M
- Investment income$1.99 $1.2M
Other revenue was negative: −$45,361. The bar shows the positive sources only.
The 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 94.3% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 4.3% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 1.5% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.01 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 61.6% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 36.5% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $417,980 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.17% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 12 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 18.3 | 13.3 |
| Independent voting board members Part VI 1a–1b | 10 of 10 | 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 expenseThe Mind Trust's indianapolis-based team is passionate about improving education and life outcomes for k-12 students in indianapolis and beyond. The Mind Trust achieves its goals by executing on work in the following areas: growing great schools: the Mind Trust has supported the launch of over 50 high-quality public schools in indianapolis. The Mind Trust continues to support the growth of high-quality public schools through fellowships and investments in schools and networks that have proven results for students. Supporting existing schools: the Mind Trust manages investments and…
The Mind Trust's team is focused on creating and managing innovative programs. The Mind Trust has helped develop and manage transformative programs that enhance student learning through partnerships with the indiana department of education, including indiana learns, indy summer learning labs, and expanding what works. In addition, the Mind Trust supports indianapolis partners to improve the city's education ecosystem and national partners in the development of other city proof points for education transitions. In FY25, the Mind Trust managed the indiana learns, indy summer learning labs, and…
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 |
|---|---|---|---|---|
| CEO Officer, 40.00 hrs/week | $363,128 | $0 | $54,852 | $417,980 |
| EXECUTIVE VP AND COO Key employee, 40.00 hrs/week | $257,084 | $0 | $53,383 | $310,467 |
| CHIEF STRATEGY OFFICER Key employee, 40.00 hrs/week | $219,436 | $0 | $50,457 | $269,893 |
| SVP OF FINANCE Officer, 40.00 hrs/week | $200,639 | $0 | $51,337 | $251,976 |
| SVP LEADERSHIP & EQUITY Key employee, 40.00 hrs/week | $191,784 | $0 | $46,239 | $238,023 |
| SVP OF SCHOOLS Key employee, 40.00 hrs/week | $183,202 | $0 | $25,662 | $208,864 |
| SVP OF POLICY Key employee, 40.00 hrs/week | $182,540 | $0 | $21,728 | $204,268 |
| SD OF FINANCE AND OPERATION Highest compensated employee, 40.00 hrs/week | $126,343 | $0 | $45,792 | $172,135 |
12 people received more than $100,000 in reportable compensation from The Mind Trust (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.9M (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–1b10 · 10 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 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 543
- Volunteers Part I, line 610
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| QUAD C LE HOLDINGS LLC DBA LAVINIA GROUP Consulting for professional development | $512,915 |
| OAK ROSE GROUP LLC Consulting services for local education | $272,000 |
| ELMCO LLC DBA HUNTINGTON LEARNING CENTER Tutoring for eligible students through t | $266,178 |
| ROUTE TO READING LTD Tutoring for eligible students through t | $167,702 |
| BILINGUAL BRIDGES Tutoring for eligible students through t | $165,096 |
Individuals listed as contractors are left out. 10 contractors were paid more than $100,000 in all.
Private foundation grants it received
11 private foundations reported grants to The Mind Trust totaling $5.5M 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 The Mind Trust's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for The Mind Trust, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 The Mind Trust spent in FY2025, $94.25 went to programs. The full breakdown, from its IRS Form 990:
Embed on your site
Similar-sized charities in this cause
- Digital Harbor FoundationBaltimore, MD · revenue $58M · programs 94.2% · 2024
- Goshen CollegeGoshen, IN · revenue $58M · programs 88.6% · FY2025
- Waynesburg UniversityWaynesburg, PA · revenue $58M · programs 87.6% · FY2025
- Johnson C Smith UniversityCharlotte, NC · revenue $58M · programs 77.6% · FY2025
- California Virtual Academy San DiegoSimi Valley, CA · revenue $58M · programs 83.6% · FY2025
Questions people ask
How much of The Mind Trust's spending goes to programs?
In the fiscal year ending June 30, 2025, The Mind Trust reported that 94.3% of its $35.6 million in expenses went to program services, 4.3% to management and general and 1.5% to fundraising (Form 990, Part IX).
How much does The Mind Trust pay its top executive?
The largest total compensation The Mind Trust reported for one person in the fiscal year ending June 30, 2025 was $417,980, for the role of CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Mind Trust get its money?
Of $57.9 million in revenue in the fiscal year ending June 30, 2025, 61.6% came from contributions and grants and 36.5% from program service revenue (Form 990, Part VIII).
Is The Mind Trust a registered charity?
The IRS lists EIN 20-4560286 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), 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 202503429349300905 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202520799349300512 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202400819349301205 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202213419349300131 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202123269349300207 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202033389349300103 · read the filing
All filings for EIN 20-4560286: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.