Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1997.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
86 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
45 people listed on the 990; $23.0M paid to officers and key staff.
Alice Ruth’s $5.1M as Chief Executive Officer - Investment Office is at the 97th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Alice Ruth | $5,064,645 | $5,050,701 | $4,905,670 | $4,200,901 | $2,332,897 | $2,334,254 |
| Kelsey Morgan | $2,036,422 | $1,954,850 | $1,907,604 | $1,760,273 | $1,603,305 | $1,220,990 |
| Harry Sheehy | — | — | — | $1,721,936 | — | — |
| Philip Hanlon | $844,494 | $1,195,085 | $1,645,360 | $1,403,418 | $1,338,758 | $1,300,825 |
| Michael P Sullivan | $1,624,253 | — | — | — | — | — |
| Sian Beilock | $1,597,733 | $806,199 | — | — | — | — |
| Michael Sullivan | — | $1,542,436 | $1,515,285 | $1,125,311 | $1,085,499 | $989,540 |
| Jessica Jones | $1,290,212 | $1,236,973 | $1,163,510 | $995,467 | $881,591 | $837,041 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Educates undergraduate and graduate students through rigorous academics and collaborative research to prepare them for lifetime learning and responsible leadership.
Questions for Trustees of Dartmouth College
Your first name shows with your question. Trustees of Dartmouth College answers here, for everyone.
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Education 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.
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.
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.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $297.9M | $228.2M |
| InvestmentsLn 11–13 | $9.86B | $10.59B |
| Land, buildings, equipmentLn 10c | $1.36B | $1.53B |
| Total assetsLn 16 | $12.05B | $13.11B |
| LiabilitiesLn 26 | $1.68B | $1.75B |
| Net assetsLn 32 | $10.37B | $11.36B |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $2.2M | $2.2M | ||
| Grants to domestic individualsLn 2 | $288.1M | $288.1M | ||
| Grants and assistance to foreign recipientsLn 3 | $7.1M | $7.1M | ||
| Pay of current officers, directors and key staffLn 5 | $12.9M | $2.5M | $8.8M | $1.6M |
| Pay of disqualified personsLn 6 | $667K | $380K | $287K | $0 |
| Other salaries and wagesLn 7 | $566.1M | $465.6M | $65.6M | $34.9M |
| Pension plan contributionsLn 8 | $36.8M | $30.3M | $5.2M | $1.4M |
| Other employee benefitsLn 9 | $67.8M | $55.4M | $9.8M | $2.7M |
| Payroll taxesLn 10 | $35.2M | $28.7M | $5.1M | $1.4M |
| Management feesLn 11a | $819K | $815K | $2K | $984 |
| Legal feesLn 11b | $7.2M | $1.9M | $5.2M | $1K |
| Accounting feesLn 11c | $733K | $71K | $662K | |
| Lobbying feesLn 11d | $532K | $532K | ||
| Investment management feesLn 11f | $4.1M | $477 | $4.1M | $2 |
| Other fees for servicesLn 11g | $141.6M | $108.3M | $27.9M | $5.4M |
| Advertising and promotionLn 12 | $3.1M | $2.8M | $151K | $174K |
| Office expensesLn 13 | $22.3M | $18.3M | $1.9M | $2.1M |
| Information technologyLn 14 | $26.4M | $9.8M | $15.2M | $1.4M |
| RoyaltiesLn 15 | $88.6M | $88.6M | $3K | $420 |
| OccupancyLn 16 | $50.3M | $48.3M | $1.5M | $517K |
| TravelLn 17 | $35.1M | $30.5M | $1.9M | $2.7M |
| Conferences, conventions and meetingsLn 19 | $2.3M | $2.1M | $188K | $65K |
| InterestLn 20 | $35.6M | $33.6M | $1.9M | $201K |
| Depreciation, depletion and amortizationLn 22 | $77.8M | $74.6M | $2.6M | $593K |
| InsuranceLn 23 | $6.5M | $3.3M | $3.1M | $56K |
| Other expenses (24a–d)Ln 24 | $90.2M | $73.7M | $14.7M | $1.8M |
| All other expensesLn 24e | $8.7M | $8.3M | −$46K | $480K |
| Total functional expensesLn 25 | $1.62B | $1.39B | $176.1M | $57.4M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $2.3B | $1.6B | $643.0M | $11.4B | 990 PDF |
| FY2024 | $1.7B | $1.5B | $237.7M | $10.4B | 990 PDF |
| FY2023 | $1.6B | $1.4B | $191.6M | $10.0B | 990 PDF |
| FY2022 | $2.0B | $1.2B | $751.4M | $9.8B | 990 PDF |
| FY2021 | $1.9B | $1.1B | $767.9M | $10.0B | 990 PDF |
| FY2020 | $1.6B | $1.1B | $490.5M | $7.2B | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $2,261,775,916 revenue, 12 lines filed
Part VI · Governance 26 of 27 board members independent, no flags
Part VIII · Statement of revenue $2,261,775,916 across 13 lines filed
Part IX · Statement of functional expenses $1,618,788,716 across 27 lines filed
Part X · Balance sheet $13,111,675,654 assets, 22 lines filed
Part XI · Reconciliation of net assets $11,357,805,177 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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