The mission of Vassar College is to make accessible "the means of a thorough, well-proportioned and liberal education" that inspires each individual to lead a purposeful life. The College makes possible an education that promotes analytical, informed, and independent thinking and sound judgment; encourages articulate expression; and nurtures intellectual curiosity, creativity, respectful debate and engaged citizenship. Vassar supports a high standard of engagement in teaching and learning, scholarship and artistic endeavor; a broad and deep curriculum; and a residential campus that fosters a learning community. Founded in 1861 to provide women an education equal to that once available only to men, Vassar is now open to all and strives to pursue diversity, inclusion, and equity as essential components of a rich intellectual and cultural environment in which all members, including those from underrepresented and marginalized groups, are valued and empowered to thrive.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
$4.2M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · 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 $4.9M a year · 2% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$4.2M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
4 mo
of spending, in cash
Plus $1.08B in investments, Pt X · Ln 11–13
Looks good: 3.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
17
named funders · $868K
Looks good: 17 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$384.3M
23% of total assets
Looks good: liabilities are 23% of assets; 50% or less.
Pt X · Ln 26
Independent board members
29
of 30 voting members
Looks good: 29 of 30 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$260.0M
Spent
$277.2M
To programs
80%
Net assets
$1.3B
By yearFY2020–FY2025
Revenue
$260.0M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$260.0M
FY2021$315.0M
FY2022$307.2M
FY2023$284.4M
FY2024$327.5M
FY2025$371.1M
Expenses
$277.2M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$277.2M
FY2021$284.0M
FY2022$294.8M
FY2023$305.4M
FY2024$321.6M
FY2025$352.9M
Net assets
$1.3B
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$1.3B
FY2021$1.6B
FY2022$1.4B
FY2023$1.5B
FY2024$1.6B
FY2025$1.7B

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1938.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $222.8M Management & general 16% · $43.8M Fundraising 4% · $10.6M

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

48 people listed on the 990; $4.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
President and Trustee
$530,528Pt VII · Sec A
VP for Alumnae Affairs and Dev
$336,464Pt VII · Sec A
$315,255Pt VII · Sec A
$262,803Pt VII · Sec A
Dean of College
$222,146Pt VII · Sec A
Professor of History
$221,609Pt VII · Sec A
Professor of Economics
$220,265Pt VII · Sec A
Professor of Education
$219,831Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Elizabeth Howe Bradley$722,334$673,418$641,989$570,677$545,652$530,528
Timothy Kane$407,033$364,752$352,350$332,982$332,614—
Bryan a Swarthout$370,963$337,048$304,063$287,597$277,255—
Tim Kane—————$336,464
Stephen Dahnert - Through 01 2020————$188,217$315,255
William Hoynes$315,064$289,593$279,365$261,056$255,903—
Carlos Leoncio Garcia - VP for$307,200—————
Carlos Alamo$304,569$279,348$264,129$245,490$229,450$222,146

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 a liberal education to inspire purposeful lives and engaged citizenship.

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3 programs · $206.3M · in their own filed words · FY2019
01

Instruction

Vassar students choose among 30 departments, 5 interdisciplinary programs, 13 multidisciplinary programs, 51 majors, and approximately 1,000 courses to chart a rigorous course of study that explores their most compelling interests.

$154.2Mprogram expense
02

Academic Services

Advising and support services to provide guidance to our students to help them accomplish their goals. The mission of the academic services division is to ensure and to strengthen their fulfilling experience as a Vassar student.

$28.4Mprogram expense
03

Student Services

As a residential college, Vassar is committed to providing support services to help students make the most of their time at Vassar. The Office of the Dean of the College oversees and coordinates services that directly impact the quality of student life, both academic and non-academic.

$23.7Mprogram 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 17 funders →
Grants paid · 45 grants · $440.0M · 2019–2024
Unitemized GrantFY2024$83,027,730
Unitemized GrantFY2024$874,397
Climate Vault INCIL · FY2024$101,230
Unitemized GrantFY2024$38,918
Angels of Light INCNY · FY2024$6,610
Unitemized GrantFY2023$73,557,040
Unitemized GrantFY2023$1,051,176
Unitemized GrantFY2023$142,846
Climate Vault INCIL · FY2023$98,770
Hudson River HousingNY · FY2023$8,568
Community Matters 2 INCNY · FY2023$5,500
Unitemized GrantFY2022$70,422,205
See all 45 grants →

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$260.0M
Ln 12
Fees for servicesLn 2g$177.8M
Gifts and grantsLn 1h$39.7M
Investment incomeLn 3$39.7M
Money outPt IX
$277.2M
Ln 25
Programscol B$222.8M
Managementcol C$43.8M
Fundraisingcol D$10.6M
Owns and owesPt X
$1.3B
net assets · Ln 32
Cash and savingsLn 1–2$82.0M
Total assetsLn 16$1.7B
LiabilitiesLn 26$384.3M
PeoplePt VI, VII
48
listed · VII A
PaidVII A19
Voting boardVI 1a30
IndependentVI 1b29
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$39.7M
Government grantsLn 1e$3.5M
Noncash giftsLn 1g$5.5M
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$177.8M
Investment incomeLn 3$39.7M
Other incomeLn 4–11$2.7M
Gains on assetsLn 7$26.0M
Total revenueLn 12$260.0M
Assets in detailPt X, end of year
CashLn 1$12.8M
SavingsLn 2$69.1M
Cash and savings togetherLn 1–2$82.0M
InvestmentsLn 11–13$1.08B
Land, buildings, equipmentLn 10c$463.8M
Other assetsLn 15$8.6M
Total assetsLn 16$1.7B
LiabilitiesLn 26$384.3M
Net assetsLn 32$1.3B
OperationsPt I, VI
EmployeesI 53,715
VolunteersI 61,425
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 FY20End FY20
Cash and savingsLn 1–2$64.1M$82.0M
InvestmentsLn 11–13$1.09B$1.08B
Land, buildings, equipmentLn 10c$470.4M$463.8M
Total assetsLn 16$1.66B$1.66B
LiabilitiesLn 26$349.1M$384.3M
Net assetsLn 32$1.32B$1.28B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$113K$113K
Grants to domestic individualsLn 2$70.6M$70.6M
Grants and assistance to foreign recipientsLn 3$915K$915K
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$4.3M$2.6M$1.1M$618K
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$83.9M$67.1M$12.6M$4.2M
Pension plan contributionsLn 8$6.9M$5.7M$860K$344K
Other employee benefitsLn 9$22.1M$18.2M$2.8M$1.1M
Payroll taxesLn 10$6.6M$5.3M$989K$330K
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$654K$0$654K$0
Accounting feesLn 11c$297K$0$297K$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$118K$118K
Investment management feesLn 11f$11.0M$0$11.0M$0
Other fees for servicesLn 11g$4.5M$2.7M$224K$1.6M
Advertising and promotionLn 12$35K$25K$2K$8K
Office expensesLn 13$6.4M$3.9M$2.2M$294K
Information technologyLn 14$3.6M$3.6M$972$188
RoyaltiesLn 15$10K$5K$5K$0
OccupancyLn 16$8.2M$5.1M$3.0M$82K
TravelLn 17$3.1M$1.9M$341K$837K
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$1.4M$569K$470K$311K
InterestLn 20$11.1M$8.8M$2.0M$224K
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$18.9M$15.1M$3.4M$382K
InsuranceLn 23$971K$285K$559K$127K
Other expenses (24a–d)Ln 24$10.7M$9.4M$1.3M$22K
All other expensesLn 24e$987K$955K$12K$21K
Total functional expensesLn 25$277.2M$222.8M$43.8M$10.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $371.1M$352.9M$18.1M$1.7B 990 PDF
FY2024 $327.5M$321.6M$5.9M$1.6B 990 PDF
FY2023 $284.4M$305.4M−$20.9M$1.5B 990 PDF
FY2022 $307.2M$294.8M$12.4M$1.4B 990 PDF
FY2021 $315.0M$284.0M$31.0M$1.6B 990 PDF
FY2020 Viewing $260.0M$277.2M−$17.3M$1.3B 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign M · Noncash J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $259,994,278 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $65,871,979$39,748,818
I-9 Program service revenuePrior year $177,537,440$177,846,880
I-10 Investment incomePrior year $54,298,579$39,677,356
I-11 Other revenuePrior year $3,796,174$2,721,224
I-12 Total revenuePrior year $301,504,172$259,994,278
I-13 Grants and similar amounts paidPrior year $71,275,524$71,644,010
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $120,892,401$123,714,818
I-16a Professional fundraising feesPrior year $39,526$118,472
I-17 Other expensesPrior year $85,527,071$81,768,288
I-18 Total expensesPrior year $277,734,522$277,245,588
I-19 Revenue less expensesPrior year $23,769,650−$17,251,310
Part VI · Governance 29 of 30 board members independent, no flags
VI-1a Voting members of the governing body30
VI-1b Independent voting members29
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 $259,994,278 across 16 lines filed
Lines not itemized here account for $298,223 of total revenue; see the IRS return.
VIII-1a Federated campaigns$70,335
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$3,493,612
VIII-1f All other contributions, gifts and grants$36,184,871
VIII-1g Noncash contributions (included above)$5,511,309
VIII-1h Total contributions, gifts and grants$39,748,818
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $177,846,880 · Unrelated business $0 · Excluded from tax $0$177,846,880
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $385,130 · Excluded from tax $13,341,627$13,726,757
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $1,031,780$1,031,780
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $347,388 · Excluded from tax $25,603,211$25,950,599
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,202,704 · Unrelated business $0 · Excluded from tax $188,517$1,391,221
VIII-12 Total revenueRelated to mission $179,347,807 · Unrelated business $732,518 · Excluded from tax $40,165,135$259,994,278
Part IX · Statement of functional expenses $277,245,588 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $112,805$112,805
IX-2 Grants to domestic individualsPrograms $70,616,027$70,616,027
IX-3 Grants and assistance to foreign recipientsPrograms $915,178$915,178
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $2,572,943 · Management $1,078,534 · Fundraising $618,428$4,269,905
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $67,129,596 · Management $12,586,799 · Fundraising $4,195,600$83,911,995
IX-8 Pension plan contributionsPrograms $5,673,958 · Management $859,691 · Fundraising $343,876$6,877,525
IX-9 Other employee benefitsPrograms $18,202,769 · Management $2,757,996 · Fundraising $1,103,198$22,063,963
IX-10 Payroll taxesPrograms $5,273,144 · Management $988,714 · Fundraising $329,572$6,591,430
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $654,396 · Fundraising $0$654,396
IX-11c Accounting feesPrograms $0 · Management $297,445 · Fundraising $0$297,445
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $118,472$118,472
IX-11f Investment management feesPrograms $0 · Management $11,010,492 · Fundraising $0$11,010,492
IX-11g Other fees for servicesPrograms $2,684,818 · Management $223,735 · Fundraising $1,566,144$4,474,697
IX-12 Advertising and promotionPrograms $25,411 · Management $1,765 · Fundraising $8,117$35,293
IX-13 Office expensesPrograms $3,919,236 · Management $2,218,231 · Fundraising $293,765$6,431,232
IX-14 Information technologyPrograms $3,565,934 · Management $972 · Fundraising $188$3,567,094
IX-15 RoyaltiesPrograms $5,249 · Management $5,110 · Fundraising $0$10,359
IX-16 OccupancyPrograms $5,071,336 · Management $3,026,442 · Fundraising $81,796$8,179,574
IX-17 TravelPrograms $1,922,935 · Management $341,166 · Fundraising $837,407$3,101,508
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $569,103 · Management $470,305 · Fundraising $310,845$1,350,253
IX-20 InterestPrograms $8,843,426 · Management $2,014,776 · Fundraising $223,864$11,082,066
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $15,074,070 · Management $3,434,168 · Fundraising $381,574$18,889,812
IX-23 InsurancePrograms $284,597 · Management $559,277 · Fundraising $127,045$970,919
IX-24 Other expenses (24a–d)Programs $9,406,529 · Management $1,297,513 · Fundraising $21,775$10,725,817
IX-24e All other expensesPrograms $954,745 · Management $11,913 · Fundraising $20,673$987,331
IX-25 Total functional expensesPrograms $222,823,809 · Management $43,839,440 · Fundraising $10,582,339$277,245,588
Part X · Balance sheet $1,663,039,023 assets, 24 lines filed
Asset lines not itemized here account for $2,381,161; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $5,274,481$12,819,582
X-2 Savings and temporary cash investmentsStart of year $58,781,193$69,133,148
X-3 Pledges and grants receivableStart of year $16,296,800$13,838,558
X-4 Accounts receivableStart of year $227,593$369,699
X-8 Inventories for sale or useStart of year $742,762$914,599
X-9 Prepaid expenses and deferred chargesStart of year $7,690,498$7,680,960
X-10c Land, buildings and equipment, netStart of year $470,359,111$463,836,370
X-11 Publicly traded securitiesStart of year $308,127,378$268,367,717
X-12 Other securitiesStart of year $785,842,672$815,123,177
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $8,804,184$8,574,052
X-16 Total assetsStart of year $1,664,684,555$1,663,039,023
X-17 Accounts payable and accrued expensesStart of year $24,509,756$22,501,414
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $2,599,864$3,870,594
X-20 Tax-exempt bond liabilitiesStart of year $247,220,054$269,929,969
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $74,775,262$87,991,665
X-26 Total liabilitiesStart of year $349,104,936$384,293,642
X-27 Net assets without donor restrictionsStart of year $292,934,612$261,041,062
X-28 Net assets with donor restrictionsStart of year $1,022,645,007$1,017,704,319
X-32 Total net assets or fund balancesStart of year $1,315,579,619$1,278,745,381
X-33 Total liabilities and net assetsStart of year $1,664,684,555$1,663,039,023
Part XI · Reconciliation of net assets $1,278,745,381 net assets at year end
XI-1 Total revenue$259,994,278
XI-2 Total expenses$277,245,588
XI-3 Revenue less expenses−$17,251,310
XI-4 Net assets at start of year$1,315,579,619
XI-5 Net unrealized gains (losses) on investments−$8,143,499
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$11,439,429
XI-10 Net assets at end of year$1,278,745,381

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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