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The Rhodes Trust
The Rhodes Trust reported $81.1 million in revenue and $79.3 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $91.72 went to program services, $4.92 to management and general costs and $3.36 to fundraising. Its largest source of revenue was contributions and grants: 56.7% of the total. The highest compensation it reported for one person was $401,067 (SSF Executive Director). 33 people received more than $100,000 in reportable compensation. Revenue fell 46% 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 $79MFor context, the median across 469 covered international, foreign affairs & national security charities: $89.04 programs, $8.28 management, $2.68 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 $81MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 91.7% | 86.1% |
| Management & general Part IX 25(C) ÷ 25(A) | 4.9% | 8.0% |
| Fundraising Part IX 25(D) ÷ 25(A) | 3.4% | 2.6% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.06 | $0.03 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 56.7% | 96.6% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.2% | 0.0% |
| Highest reported compensation Part VII-A, columns D–F | $401,067 | $341,362 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.51% | 1.06% |
| People paid over $100,000 Part VII, line 2 | 33 | 10 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 105.9 | 7.5 |
| Independent voting board members Part VI 1a–1b | 19 of 19 | 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 expenseRhodes Scholarship: This year's key objectives and achievements against those objectives, which further the legal purposes of the Trust are summarised below: The past year saw the continued roll-out of an Operating Model (on a need-based basis) for National Secretariats. New National Secretary has been appointed in Pakistan, taking up the role in 2026. The year saw a continued focus on recruiting new Deputy Secretaries to support the operating model, with 12 Deputies appointed across 6 constituencies including Global, China, East Africa, Saudi Arabia and Zambia. A number of Regional and…
Schmidt Science Fellows: The 2025 Interdisciplinary Science Summit, hosted in association with Caltech in Pasadena, California, built on the success of the previous inaugural year while expanding its scope and deepening collaborations with partner organizations. The event now centres on Fellows, faculty from host institutions, regional scientists, and key stakeholders. In partner institutions. May 2025, the Programme announced its new cohort of Schmidt Science Fellows, with 32 exceptionally talented early-career researchers representing 17 nationalities. The 2025 Fellows were nominated from…
Rise: Approximately 98 2023 Rise Fellows representing more than 39 nationalities attended an 8-day Rise Residential Summit at Rhodes House in early August 2024. The delegates enjoyed a comprehensive programme of events that featured over 37 experts and guests from 16 countries, including 5 from the extended Rhodes Trust partnership programmes network. Supporting the event was a staff of more than 68 facilitators, resident advisors, stewards, medical/wellbeing service providers, 7 of which were Rhodes Scholars. Following a virtual selection process and a candidate final review taking place…
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 |
|---|---|---|---|---|
| SSF Executive Director Key employee, 40.0 hrs/week | $335,693 | $0 | $65,374 | $401,067 |
| Warden and CEO (Through 1/1/25) Officer, 40.0 hrs/week | $318,748 | $0 | $50,835 | $369,583 |
| Atlantic Institute Executive Director (through July 2024) Key employee, 40.0 hrs/week | $293,288 | $0 | $56,959 | $350,247 |
| RISE Director of Selection (through August 2024) Key employee, 40.0 hrs/week | $260,077 | $0 | $55,690 | $315,767 |
| SSF Deputy Executive Director Highest compensated employee, 40.0 hrs/week | $224,457 | $0 | $31,197 | $255,654 |
| Chief Engagement and Development Officer Highest compensated employee, 40.0 hrs/week | $218,592 | $0 | $32,291 | $250,883 |
| Deputy Warden for the Rhodes Scholarship Key employee, 40.0 hrs/week | $217,816 | $0 | $31,715 | $249,531 |
| Director of Development Highest compensated employee, 40.0 hrs/week | $204,143 | $0 | $21,273 | $225,416 |
33 people received more than $100,000 in reportable compensation from The Rhodes Trust (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.7M (Part IX, line 5).
5 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–1b19 · 19 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13No
- 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 4No
- 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 515
- Volunteers Part I, line 6500
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| Wilson Vale Catering Management Catering | $1,624,707 |
| Farrer & Co LLP Legal services | $918,202 |
| E W Beard Ltd Construction services | $871,245 |
| THE World University Insights Ltd University ranking implementation | $860,979 |
| 21 At 12 Ltd Salesforce development | $474,725 |
Individuals listed as contractors are left out. 30 contractors were paid more than $100,000 in all.
Private foundation grants it received
1 private foundation reported grants to The Rhodes Trust totaling $650K 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 Rhodes 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 Rhodes Trust, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 The Rhodes Trust spent in FY2025, $91.72 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Citihope InternationalDelhi, NY · revenue $80M · programs 99.8% · FY2023
- The Central European UniversityNew York, NY · revenue $82M · programs 99.7% · FY2025
- Operation Blessing International Relief and Development CorporationVirginia Beach, VA · revenue $78M · programs 91.1% · FY2025
- Cis Development FoundationEast Brunswick, NJ · revenue $82M · programs 99.7% · FY2025
- Feed My Starving ChildrenCoon Rapids, MN · revenue $78M · programs 82.5% · FY2026
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Questions people ask
How much of The Rhodes Trust's spending goes to programs?
In the fiscal year ending June 30, 2025, The Rhodes Trust reported that 91.7% of its $79.3 million in expenses went to program services, 4.9% to management and general and 3.4% to fundraising (Form 990, Part IX).
How much does The Rhodes Trust pay its top executive?
The largest total compensation The Rhodes Trust reported for one person in the fiscal year ending June 30, 2025 was $401,067, for the role of SSF Executive Director (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Rhodes Trust get its money?
Of $81.1 million in revenue in the fiscal year ending June 30, 2025, 56.7% came from contributions and grants and 0.2% from program service revenue (Form 990, Part VIII).
Is The Rhodes Trust a registered charity?
The IRS lists EIN 98-6000867 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))). Form 990 filings on record here cover tax years 2019, 2020, 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 202631339349300548 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202521339349303247 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441359349312599 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202220979349301507 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202110899349300216 · read the filing
All filings for EIN 98-6000867: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.