Wesleyan University

Tax-deductible

Middletown, CT501(c)(3)Since 1831Colleges & UniversitiesEIN 06-0646959Revenue $443.2M in FY2025

On file with the IRSwesleyan.edu55 High St, 06457-3741 · Middletown, CTTax-exempt since Apr 1943School — 170(b)(1)(A)(ii)

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Wesleyan University is dedicated to providing an education in liberal arts by building a diverse, energetic community of students, faculty, and staff who value independence of mind and generosity of spirit. See additional description in schedule o.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Run by 967 volunteers and 3,631 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $14.9M a year · 4% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$7.9M
to officers and key staff · 2% of spending
Top officer’s pay higher than 82% of similar orgs
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
11
named funders · $384K
Looks good: 11 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$525.1M
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
39
of 40 voting members
Looks good: 39 of 40 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$443.2M
-1% vs prior year
Spent
$403.5M
To programs
87%
Net assets
$2.0B
By yearFY2020–FY2025
Revenue
$443.2M
FY2025▼ -1%
Tap a bar for its year
Revenue by fiscal year
FY2020$326.6M
FY2021$329.5M
FY2022$301.4M
FY2023$289.4M
FY2024$449.0M
FY2025$443.2M
Expenses
$403.5M
FY2025▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$291.2M
FY2021$294.1M
FY2022$334.8M
FY2023$352.2M
FY2024$373.7M
FY2025$403.5M
Net assets
$2.0B
FY2025▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.3B
FY2021$1.9B
FY2022$1.8B
FY2023$1.8B
FY2024$1.9B
FY2025$2.0B

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1943.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $351.2M Management & general 10% · $39.7M Fundraising 3% · $12.6M

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

60 people listed on the 990; $7.9M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Chief Investment Officer
$1,270,452Pt VII · Sec A
President and Trustee
$887,679Pt VII · Sec A
Director of Investments
$609,745Pt VII · Sec A
Director Investment Office
$504,776Pt VII · Sec A
SVP, Chief Admin Off. & Tr
$371,228Pt VII · Sec A
VP for Advancement
$358,283Pt VII · Sec A
Director, Ops & Invest
$339,572Pt VII · Sec A
General Counsel/Secretary
$325,482Pt VII · Sec A

Anne Martin’s $1.3M as Chief Investment Officer is at the 82nd 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Michael S Roth$887,679$2,403,635$808,144$811,961$685,168$761,912
Anne Martin$1,270,452$1,335,882$1,261,392$1,028,314$902,344$878,928
Jonathan Don Farrar$609,745$625,059$548,746$395,156$329,805$290,888
Matthew Magenheim$504,776$475,348$365,983$313,842$236,170—
Andrew Tanaka$371,228$388,023$331,944$313,296$260,255$256,594
Frantz Williams JR$358,283$345,428$318,137$270,117$258,353$229,843
Brett a Salafia$339,572$339,118$303,552$272,685——
David Stuart Winakor$325,482$287,486$291,789$262,575$255,590$258,875

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

Provides library services and resources to support learning, teaching, and research for a university community.

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Provided by the organization

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3 programs · $339.0M · in their own filed words · FY2024
01

Instruction and researchwesleyan university offers more than 900 courses in 47 major fields of study, 32 minor fields of study, and 2 certificate programs, and awards the bachelor of arts, a master of arts and a doctor of philosophy.

$258.0Mprogram expense
02

Auxiliary services and otherauxiliary services include the costs of room and board for approximately 3,000 students residing on a 316 acre campus. There are 8 residence halls, 7 apartment complexes and over 25 program houses in addition to over 140 house units on campus for upper-class students.

$66.8Mprogram expense
03

Librarieslibrary expenses include acquisition of books, periodicals and other materials, compensation of staff, and other expenditures in support of the library. The mission of the library is to provide the information services and resources required to support the learning, teaching, and research of the wesleyan COMMUNITY.TO carry out…

$14.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 11 funders →
Grants paid · 30 grants · $543.9M · 2019–2024
Unitemized GrantFY2024$99,200,000
Unitemized GrantFY2023$85,911,000
Unitemized GrantFY2022$70,435,992
Unitemized GrantFY2022$5,498,000
Unitemized GrantFY2022$837,500
City of MiddletownFY2022$49,199
Unitemized GrantFY2021$69,497,205
Unitemized GrantFY2021$5,221,000
Unitemized GrantFY2021$2,936,000
Unitemized GrantFY2021$846,500
Unitemized GrantFY2021$97,000
City of MiddletownFY2021$39,721
Unitemized GrantFY2020$62,538,454
Unitemized GrantFY2020$4,873,000
Unitemized GrantFY2020$1,632,716
Unitemized GrantFY2020$860,000
Unitemized GrantFY2020$91,000
City of MiddletownFY2020$44,529
See all 30 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$443.2M
Ln 12
Fees for servicesLn 2g$296.3M
Investment incomeLn 3$79.1M
Gifts and grantsLn 1h$56.8M
Money outPt IX
$403.5M
Ln 25
Programscol B$351.2M
Managementcol C$39.7M
Fundraisingcol D$12.6M
Owns and owesPt X
$2.0B
net assets · Ln 32
Cash and savingsLn 1–2$176.5M
Total assetsLn 16$2.5B
LiabilitiesLn 26$525.1M
PeoplePt VI, VII
60
listed · VII A
PaidVII A21
Voting boardVI 1a40
IndependentVI 1b39
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$56.8M
Government grantsLn 1e$8.3M
Noncash giftsLn 1g$7.6M
Fees for servicesLn 2g$296.3M
Investment incomeLn 3$79.1M
Other incomeLn 4–11$11.0M
Gains on assetsLn 7$70.3M
Total revenueLn 12$443.2M
Assets in detailPt X, end of year
CashLn 1$36.9M
SavingsLn 2$139.6M
Cash and savings togetherLn 1–2$176.5M
InvestmentsLn 11–13$1.67B
Land, buildings, equipmentLn 10c$646.3M
Other assetsLn 15$4.0M
Total assetsLn 16$2.5B
LiabilitiesLn 26$525.1M
Net assetsLn 32$2.0B
OperationsPt I, VI
EmployeesI 53,631
VolunteersI 6967
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$229.4M$176.5M
InvestmentsLn 11–13$1.61B$1.67B
Land, buildings, equipmentLn 10c$556.6M$646.3M
Total assetsLn 16$2.43B$2.52B
LiabilitiesLn 26$534.7M$525.1M
Net assetsLn 32$1.90B$1.99B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$99.2M$99.2M
Pay of current officers, directors and key staffLn 5$6.0M$1.1M$4.1M$783K
Pay of disqualified personsLn 6$1.8M$1.7M$111K
Other salaries and wagesLn 7$121.0M$103.0M$12.4M$5.7M
Pension plan contributionsLn 8$11.2M$9.3M$1.3M$564K
Other employee benefitsLn 9$22.3M$18.8M$2.4M$1.1M
Payroll taxesLn 10$9.1M$7.6M$990K$459K
Management feesLn 11a$16.6M$13.9M$744K$1.9M
Legal feesLn 11b$309K$91K$217K$1K
Accounting feesLn 11c$349K$349K
Investment management feesLn 11f$6.8M$6.8M
Advertising and promotionLn 12$4.8M$4.6M$129K$31K
Office expensesLn 13$6.9M$4.8M$1.3M$747K
Information technologyLn 14$4.2M$1.5M$2.7M$32K
OccupancyLn 16$14.3M$12.7M$1.1M$466K
TravelLn 17$5.6M$4.9M$273K$405K
Conferences, conventions and meetingsLn 19$1.4M$1.2M$103K$63K
InterestLn 20$14.2M$13.8M$426K
Depreciation, depletion and amortizationLn 22$15.8M$15.3M$473K
InsuranceLn 23$3.3M$29K$3.3M
Other expenses (24a–d)Ln 24$38.5M$37.6M$549K$353K
Total functional expensesLn 25$403.5M$351.2M$39.7M$12.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $443.2M$403.5M$39.7M$2.0B 990 PDF
FY2024 $449.0M$373.7M$75.2M$1.9B 990 PDF
FY2023 $289.4M$352.2M−$62.8M$1.8B 990 PDF
FY2022 $301.4M$334.8M−$33.4M$1.8B 990 PDF
FY2021 $329.5M$294.1M$35.4M$1.9B 990 PDF
FY2020 $326.6M$291.2M$35.4M$1.3B 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $443,190,970 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $51,437,000$56,754,970
I-9 Program service revenuePrior year $278,387,000$296,294,000
I-10 Investment incomePrior year $112,802,000$79,122,000
I-11 Other revenuePrior year $6,369,000$11,020,000
I-12 Total revenuePrior year $448,995,000$443,190,970
I-13 Grants and similar amounts paidPrior year $85,955,088$99,200,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $161,252,915$171,359,791
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $126,538,997$132,915,209
I-18 Total expensesPrior year $373,747,000$403,475,000
I-19 Revenue less expensesPrior year $75,248,000$39,715,970
Part VI · Governance 39 of 40 board members independent, no flags
VI-1a Voting members of the governing body40
VI-1b Independent voting members39
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $443,190,970 across 10 lines filed
Lines not itemized here account for $1,144,000 of total revenue; see the IRS return.
VIII-1e Government grants$8,346,000
VIII-1f All other contributions, gifts and grants$48,408,970
VIII-1g Noncash contributions (included above)$7,575,396
VIII-1h Total contributions, gifts and grants$56,754,970
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $296,294,000$296,294,000
VIII-3 Investment incomeUnrelated business $291,899 · Excluded from tax $8,480,101$8,772,000
VIII-5 RoyaltiesExcluded from tax $15,000$15,000
VIII-7 Net gain or loss on sales of assetsUnrelated business $2,068,606 · Excluded from tax $68,281,394$70,350,000
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $9,861,000$9,861,000
VIII-12 Total revenueRelated to mission $296,294,000 · Unrelated business $2,360,505 · Excluded from tax $87,781,495$443,190,970
Part IX · Statement of functional expenses $403,475,000 across 21 lines filed
IX-2 Grants to domestic individualsPrograms $99,200,000$99,200,000
IX-5 Pay of current officers, directors and key staffPrograms $1,085,189 · Management $4,115,978 · Fundraising $783,142$5,984,309
IX-6 Pay of disqualified personsPrograms $1,668,969 · Management $111,042$1,780,011
IX-7 Other salaries and wagesPrograms $102,970,980 · Management $12,375,990 · Fundraising $5,664,388$121,011,358
IX-8 Pension plan contributionsPrograms $9,341,191 · Management $1,319,572 · Fundraising $564,237$11,225,000
IX-9 Other employee benefitsPrograms $18,840,314 · Management $2,356,728 · Fundraising $1,076,608$22,273,650
IX-10 Payroll taxesPrograms $7,636,083 · Management $990,434 · Fundraising $458,946$9,085,463
IX-11a Management feesPrograms $13,943,702 · Management $743,612 · Fundraising $1,906,528$16,593,842
IX-11b Legal feesPrograms $90,685 · Management $216,925 · Fundraising $1,393$309,003
IX-11c Accounting feesManagement $349,167$349,167
IX-11f Investment management feesManagement $6,769,850$6,769,850
IX-12 Advertising and promotionPrograms $4,600,691 · Management $129,075 · Fundraising $30,842$4,760,608
IX-13 Office expensesPrograms $4,818,457 · Management $1,313,789 · Fundraising $746,631$6,878,877
IX-14 Information technologyPrograms $1,475,920 · Management $2,681,273 · Fundraising $32,166$4,189,359
IX-16 OccupancyPrograms $12,744,192 · Management $1,127,079 · Fundraising $465,675$14,336,946
IX-17 TravelPrograms $4,918,092 · Management $272,611 · Fundraising $404,946$5,595,649
IX-19 Conferences, conventions and meetingsPrograms $1,206,270 · Management $102,729 · Fundraising $62,664$1,371,663
IX-20 InterestPrograms $13,772,907 · Management $425,966$14,198,873
IX-22 Depreciation, depletion and amortizationPrograms $15,288,271 · Management $472,833$15,761,104
IX-23 InsurancePrograms $28,897 · Management $3,312,424$3,341,321
IX-24 Other expenses (24a–d)Programs $37,557,165 · Management $548,760 · Fundraising $353,022$38,458,947
IX-25 Total functional expensesPrograms $351,187,975 · Management $39,735,837 · Fundraising $12,551,188$403,475,000
Part X · Balance sheet $2,515,092,000 assets, 21 lines filed
Asset lines not itemized here account for $1,465,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $39,671,000$36,913,000
X-2 Savings and temporary cash investmentsStart of year $189,709,000$139,629,000
X-3 Pledges and grants receivableStart of year $21,114,000$15,931,000
X-4 Accounts receivableStart of year $501,000$836,000
X-8 Inventories for sale or useStart of year $1,056,000$737,000
X-9 Prepaid expenses and deferred chargesStart of year $4,392,000$2,214,000
X-10c Land, buildings and equipment, netStart of year $556,606,000$646,317,000
X-11 Publicly traded securitiesStart of year $199,718,000$124,125,000
X-12 Other securitiesStart of year $1,411,827,000$1,542,975,000
X-15 Other assetsStart of year $3,502,000$3,950,000
X-16 Total assetsStart of year $2,429,763,000$2,515,092,000
X-17 Accounts payable and accrued expensesStart of year $41,435,000$31,360,000
X-19 Deferred revenueStart of year $12,466,000$11,461,000
X-20 Tax-exempt bond liabilitiesStart of year $55,495,000$55,495,000
X-24 Unsecured notes and loans payableStart of year $380,520,000$380,520,000
X-25 Other liabilitiesStart of year $44,773,000$46,228,000
X-26 Total liabilitiesStart of year $534,689,000$525,064,000
X-27 Net assets without donor restrictionsStart of year $647,904,000$695,793,000
X-28 Net assets with donor restrictionsStart of year $1,247,170,000$1,294,235,000
X-32 Total net assets or fund balancesStart of year $1,895,074,000$1,990,028,000
X-33 Total liabilities and net assetsStart of year $2,429,763,000$2,515,092,000
Part XI · Reconciliation of net assets $1,990,028,000 net assets at year end
XI-1 Total revenue$443,190,970
XI-2 Total expenses$403,475,000
XI-3 Revenue less expenses$39,715,970
XI-4 Net assets at start of year$1,895,074,000
XI-5 Net unrealized gains (losses) on investments$59,396,000
XI-6 Donated services and use of facilities$49,030
XI-9 Other changes in net assets−$4,207,000
XI-10 Net assets at end of year$1,990,028,000

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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