Carleton College
Carleton College reported $315.1 million in revenue and $261.2 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $88.84 went to program services, $8.51 to management and general costs and $2.65 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 56.0% of the total. The highest compensation it reported for one person was $997,616 (CHIEF INVESTMENT OFFICER). 239 people received more than $100,000 in reportable compensation. Revenue rose 31% 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 $261MFor 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 $315MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 88.8% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 8.5% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 2.7% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.17 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 13.1% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 2.5% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 56.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $997,616 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.38% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 239 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 81.3 | 13.3 |
| Independent voting board members Part VI 1a–1b | 33 of 34 | 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 expenseInstruction - Carleton College exists to provide an exceptional liberal arts education for students, preparing them for leadership in their communities, countries and the world (2,086 students). A student - faculty ratio of 8:1 supports classroom, laboratory, off-campus study and research opportunities, average class size is 16, student financial aid programs - carleton meets 100% of the demonstrated financial need of all admitted students (1,165 students)
Academic support - programs to enhance the carleton liberal arts experience with library and information technology resources (2,086 students)
Student services programs - programs designed to support the residential Carleton College student life experience including co-curricular and recreational opportunities (2,086 students)
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 INVESTMENT OFFICER Key employee, 60.00 hrs/week | $925,537 | $0 | $72,079 | $997,616 |
| PRESIDENT Director/trustee, officer, 60.00 hrs/week | $736,099 | $0 | $127,105 | $863,204 |
| DIRECTOR OF INVESTMENTS Highest compensated employee, 60.00 hrs/week | $508,373 | $0 | $68,478 | $576,851 |
| VP AND TREASURER Officer, 60.00 hrs/week | $368,659 | $0 | $67,432 | $436,091 |
| PROVOST & VP OF ACADEMIC AFFAIRS Officer, 60.00 hrs/week | $326,550 | $0 | $45,614 | $372,164 |
| VP FOR STUDENT LIFE & DEAN OF STUDENTS Key employee, 60.00 hrs/week | $249,000 | $0 | $107,582 | $356,582 |
| VP & DEAN OF ADMISSIONS & FINANCIAL AID Key employee, 60.00 hrs/week | $278,981 | $0 | $64,956 | $343,937 |
| VP OF DEVELOPMENT & ALUMNI RELATIONS Officer, 60.00 hrs/week | $304,142 | $0 | $39,097 | $343,239 |
239 people received more than $100,000 in reportable compensation from Carleton College (Part VII, line 2). Compensation of current officers, directors and key employees totaled $3.1M (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–1b34 · 33 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 14bYes
- Employees Part I, line 53,072
- Volunteers Part I, line 62,985
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| BON APPETIT Dining services | $11,845,233 |
| INCLINE ALCHEMY INC It consultant | $1,015,258 |
| JE DUNN CONSTRUCTION COMPANY General construction | $945,471 |
| RIVER CITY BUILDERS General construction | $917,818 |
Individuals listed as contractors are left out. 52 contractors were paid more than $100,000 in all.
Private foundation grants it received
66 private foundations reported grants to Carleton College totaling $5.2M 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 Carleton 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 Carleton College, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Carleton College spent in FY2025, $88.84 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Temple University Health SystemPhiladelphia, PA · revenue $313M · programs 4.7% · FY2025
- Aspire Public SchoolsOakland, CA · revenue $315M · programs 92.9% · FY2025
- Catawba CollegeSalisbury, NC · revenue $311M · programs 70.3% · FY2025
- Morehouse School of MedicineAtlanta, GA · revenue $318M · programs 67.3% · FY2025
- Edward Via Virginia College of Osteopathic MedicineBlacksburg, VA · revenue $310M · programs 89.6% · FY2025
Questions people ask
How much of Carleton College's spending goes to programs?
In the fiscal year ending June 30, 2025, Carleton College reported that 88.8% of its $261.2 million in expenses went to program services, 8.5% to management and general and 2.7% to fundraising (Form 990, Part IX).
How much does Carleton College pay its top executive?
The largest total compensation Carleton College reported for one person in the fiscal year ending June 30, 2025 was $997,616, for the role of CHIEF INVESTMENT OFFICER (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Carleton College get its money?
Of $315.1 million in revenue in the fiscal year ending June 30, 2025, 13.1% came from contributions and grants (including 2.5% from government grants) and 56.0% from program service revenue (Form 990, Part VIII).
Is Carleton College a registered charity?
The IRS lists EIN 41-0694747 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 202640989349301954 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202541029349300719 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202401039349301245 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202341339349300034 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202211109349301526 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202130979349300303 · read the filing
All filings for EIN 41-0694747: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.