Wheaton College EIN 04-2103638

Wheaton College

EIN  04-2103638 Higher education institution Norton, MA Founded 1834
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/6/26 · see original filing: IRS
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Size
$100M+
What they do
Offers a transformative liberal arts education, blending theory and practice, for curious students.
Leadership
Michaele Whelan · President and Ex Officio Trustee · $540K
Money in and out
$171.4M revenue, $175.5M expenses
Bottom line
-2% operating surplus

Offers a transformative liberal arts education, blending theory and practice, for curious students. For fiscal year 2024 it reported $171.4M in revenue, $175.5M in expenses, and $363.4M in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$171.4M
Pt VIII · Ln 12
Total expenses
$175.5M
Pt IX · Ln 25
Net assets
$363.4M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$4.1M
Where spending went · Part IX cols B–D
Program services $0.90 Management & general $0.08 Fundraising $0.02
Operating surplus
-2%
revenue over expenses, this legal entity▲ +79% vs prior filing year
Payroll share
29%
of this entity's spending is salaries & benefits▲ +3% vs prior filing year
Program spending
90%
of expenses reach program services0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$171.4M
FY2024▲ +14%
Expenses
$175.5M
FY2024▲ +5%
Total assets
$458.3M
FY2024▲ +3%
Total liabilities
$94.9M
FY2024▼ -2%
Total revenue
$171.4M
Pt VIII · Ln 12
Total expenses
$175.5M
Pt IX · Ln 25
Net assets
$363.4M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$4.1M
Total assetsPt X · Ln 16$458.3M
Program-expense ratioPt IX · col B90%
Voting members of governing bodyPt I · Ln 328
Independent voting membersPt I · Ln 427
Mission & Programs · Part III

Where the work happens

1 program service account for $158.6M of program spending, described in the organization's own filed words · FY2024.
01

To provide a transformative liberal arts education, combining theory and practice, for intellectually curious students within a collaborative and vibrant extended community and network that values and strives to create an equitable and just world.

$158.6Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CWheaton College
EINHdr · item D04-2103638
Principal addressHdr · item CNorton, MA
WebsiteHdr · item Jwheatoncollege.edu
Year of formationHdr · item L1834
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B420)
Ruling yearIRS BMFMay 1950

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a28
Independent voting membersPt VI · Ln 1b27
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President and Ex Officio Trustee
$539,558Pt VII · Sec A
Administration/Board Treasurer
$320,832Pt VII · Sec A
VP for College Advancement
$240,200Pt VII · Sec A
Dean of Admission & Student Aid
$238,893Pt VII · Sec A
VP for Marketing & Communications
$236,511Pt VII · Sec A
Student Affairs & Dean of Students
$205,757Pt VII · Sec A
Associate VP of Human Resources
$181,009Pt VII · Sec A
Of Facilities & Business Services
$177,162Pt VII · Sec A

Michaele Whelan’s $540K as President and Ex Officio Trustee is at the 44th 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Michaele Whelan$539,558$501,545$499,393
Dennis Hanno Former$502,205
Dennis Hanno$390,884$410,473
Dennis M Hanno President Ex$391,623
Roger Stackpoole VP for Fin$320,832$324,119$210,322
Renee White$232,852$248,262
Merritt Crowley$240,200$232,499$221,191$207,095
Walter Caffey VP Enrollment$238,893$239,906$236,956$233,117

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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Statement of Revenue

Part VIII
Program service revenue$136.8M · 80%
Contributions & grants$19.4M · 11%
Investment income$13.8M · 8%
Other revenue$1.3M · 1%
Program service revenue80%$136.8M
Contributions & grants11%$19.4M
Investment income8%$13.8M
Other revenue1%$1.3M
— government grantsLn 1e$462K
Total revenueLn 12$171.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.90 Management & general $0.08 Fundraising $0.02
Program services90%$158.6M
Management & general8%$13.4M
Fundraising2%$3.5M
Total functional expensesLn 25$175.5M

Balance Sheet

Part X · end of year
CashLn 1$19.9M
Total assetsLn 16$458.3M
Total liabilitiesLn 26$94.9M
Total net assetsLn 32$363.4M
Months of cash on handcomputed1.4

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $314.1M · Operating expenses (Pt IX) $175.5M · Less non-cash grants $8.1M · Cash operating expenses/yr $167.4M
22.5 months
Where the money goes
Program services
Program services $158.6M · Total expenses $175.5M
90%
Management & General
Management & general $13.4M · Total expenses $175.5M
8%
Fundraising
Fundraising $3.5M · Total expenses $175.5M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $3.2M · Solicited contributions (3-yr avg) $14.7M
$0.22 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $19.4M · Total revenue $171.4M
11%
Government reliance
Government grants $462K · Total revenue $171.4M
0%
Earned-income share
Program service revenue $136.8M · Total revenue $171.4M
80%
Investment reliance
Investment income $13.8M · Total revenue $171.4M
+8%
Program self-sufficiency
Program service revenue $136.8M · Total expenses $175.5M
78%
Growth & trend
Revenue growth (YoY)
This year $171.4M · Prior year $150.3M
+14%
Revenue CAGR
FY2019 $134.7M · FY2024 $171.4M
+5%
Net-asset trend (YoY)
End of year $363.4M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $171.4M · Expenses $175.5M
-2%
Liabilities-to-Assets
Total liabilities — · Total assets $458.3M
Net-asset ratio
Net assets $363.4M · Total assets $458.3M
79%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $152.6M · Other securities (Pt X, ln 12) $141.6M · Total assets (Pt X, ln 16) $458.3M
64%
People & payroll
Highest Reported Total Compensation
Individual Michaele Whelan · Reported title PRESIDENT AND EX OFFICIO TRUSTEE · Highest reported compensation $540K · Total expenses $175.5M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $51.5M · Total expenses $175.5M
29%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 90%
Overhead ratio 8%
Fundraising cost ratio 18%
Revenue growth 14%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$100K
Grants paid · 8 grants · $4.2M · 2019–2024
Unitemized GrantFY2024$344,500
Unitemized GrantFY2023$389,130
Unitemized GrantFY2022$285,000
Unitemized GrantFY2021$1,750,961
Unitemized GrantFY2021$294,000
Unitemized GrantFY2020$669,257
Unitemized GrantFY2020$302,080
Unitemized GrantFY2019$210,038

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$150.3M revenue · ⤓ 990 PDF
FY2023$154.3M revenue · ⤓ 990 PDF
FY2022$180.2M revenue · ⤓ 990 PDF
FY2021$148.8M revenue · ⤓ 990 PDF
FY2020$134.7M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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