Carleton University EIN 23-7088831

Carleton University

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Offers post-secondary education to students. For fiscal year 2025 it reported $586.4M in revenue, $612.6M in expenses, and $853.5M in net assets.Pt I

Founded
1942
Type
Higher education institution · Nonprofit
Location
Canada
Website
www.carleton.ca
Filings
5 on file (2021–2025)
Revenue
$586.4MFY2025
Expenses
$612.6M
Net assets
$853.5M
People
42
Filings
5
Updates
0
More identity details & actions ⌄
EIN  23-7088831 Higher education institution Canada Founded 1942
Form 990 (PDF)
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Figures match the IRS filing checked 7/4/26 · see original: IRS
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Size
$100M+
What they do
Offers post-secondary education to students.
Leadership
Thomas Tomberlin · Member of Board of Governors, Provost Academic · $311K
Money in and out
$586.4M revenue, $612.6M expenses
Bottom line
-4% operating surplus
Financial scale & money flow · FY2025
Total revenue
$586.4M
Pt VIII · Ln 12
Total expenses
$612.6M
Pt IX · Ln 25
Net assets
$853.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$26.2M
Where spending went · Part IX cols B–D
Program services $0.95 Management & general $0.04 Fundraising $0.01
Operating surplus
-4%
revenue over expenses, this legal entity▲ +19% vs prior filing year
Payroll share
61%
of this entity's spending is salaries & benefits▼ -4% vs prior filing year
Program spending
95%
of expenses reach program services+0.2% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$586.4M
FY2025▲ +5%
Expenses
$612.6M
FY2025▲ +4%
Total assets
$1.4B
FY2025-0.5%
Total liabilities
$544.8M
FY2025▼ -3%
Total revenue
$586.4M
Pt VIII · Ln 12
Total expenses
$612.6M
Pt IX · Ln 25
Net assets
$853.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$26.2M
Total assetsPt X · Ln 16$1.4B
Program-expense ratioPt IX · col B95%
Voting members of governing bodyPt I · Ln 333
Independent voting membersPt I · Ln 425
Mission & Programs · Part III

Where the work happens

3 program services account for $584.0M of program spending, described in the organization's own filed words · FY2024.
01

General operations, plant fund, scholarship and bursaries

$422.5Mprogram expense
02

Sponsored and contract research

$117.6Mprogram expense
03

Ancillary operations

$43.9Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CCarleton University
EINHdr · item D23-7088831
Principal addressHdr · item CCanada,
WebsiteHdr · item Jwww.carleton.ca
Year of formationHdr · item L1942
State of legal domicileHdr · item M
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFDec 1970

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a33
Independent voting membersPt VI · Ln 1b25
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
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 · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Member of Board of Governors, Provost Academic
$311,100Pt VII · Sec A
Professor
$245,469Pt VII · Sec A
$235,792Pt VII · Sec A
$228,053Pt VII · Sec A
$211,377Pt VII · Sec A
Provost an Vice President (academic)
$210,473Pt VII · Sec A
Professor
$203,036Pt VII · Sec A
VP Finance & Admin (former)
$199,202Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021
Benoit Antoine Bacon$291,090$311,691$328,628$310,740
Thomas Tomberlin$311,100$231,004$193,959$205,454$197,101
Isaac Otchere$245,469$205,788$207,010
Dana Brown$215,523$227,512$240,261$218,055
Howard Nemiroff$235,792$198,700
Larry Kostiuk$228,053$211,354$212,815$223,412$211,921
Michel Piche$212,975$225,334$215,970
Halim Yanikomeroglu$196,724$217,214

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$368.4M · 63%
Contributions & grants$173.8M · 30%
Investment income$44.2M · 8%
Program service revenue63%$368.4M
Contributions & grants30%$173.8M
Investment income8%$44.2M
— government grantsLn 1e$132.5M
Total revenueLn 12$586.4M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.95 Management & general $0.04 Fundraising $0.01
Program services95%$584.0M
Management & general4%$24.4M
Fundraising1%$4.2M
Total functional expensesLn 25$612.6M

Balance Sheet

Part X · end of year
CashLn 1$445.0M
Total assetsLn 16$1.4B
Total liabilitiesLn 26$544.8M
Total net assetsLn 32$853.5M
Months of cash on handcomputed8.7

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $807.5M · Operating expenses (Pt IX) $612.6M · Less non-cash grants $175K · Cash operating expenses/yr $612.4M
15.8 months
Where the money goes
Program services
Program services $584.0M · Total expenses $612.6M
95%
Management & General
Management & general $24.4M · Total expenses $612.6M
4%
Fundraising
Fundraising $4.2M · Total expenses $612.6M
0.7%
Cost to raise $1
Fundraising expense (3-yr avg) $4.4M · Solicited contributions (3-yr avg) $27.2M
$0.16 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $173.8M · Total revenue $586.4M
30%
Government reliance
Government grants $132.5M · Total revenue $586.4M
23%
Earned-income share
Program service revenue $368.4M · Total revenue $586.4M
63%
Investment reliance
Investment income $44.2M · Total revenue $586.4M
+8%
Program self-sufficiency
Program service revenue $368.4M · Total expenses $612.6M
60%
Growth & trend
Revenue growth (YoY)
This year $586.4M · Prior year $560.4M
+5%
Revenue CAGR
FY2020 $491.2M · FY2024 $586.4M
+5%
Net-asset trend (YoY)
End of year $853.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $586.4M · Expenses $612.6M
-4%
Liabilities-to-Assets
Total liabilities — · Total assets $1.4B
Net-asset ratio
Net assets $853.5M · Total assets $1.4B
61%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $330.7M · Other securities (Pt X, ln 12) $31.8M · Total assets (Pt X, ln 16) $1.4B
26%
People & payroll
Highest Reported Total Compensation
Individual Thomas Tomberlin · Reported title Member of Board of Governors, Provost Academic · Highest reported compensation $311K · Total expenses $612.6M
0.05%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $375.0M · Total expenses $612.6M
61%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 95%
Overhead ratio 4%
Fundraising cost ratio 2%
Revenue growth 5%
Investment management fee ratio 0.04%
Legal fee ratio 0.1%
Accounting fee ratio 0.02%
Fundraising fee ratio 0%

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 · funders on record
Grants received · FY2024
Total grants receivedfrom 3 funders$427K
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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
FY2025 (Latest)$586.4M revenue · viewing · ⤓ 990 PDF
FY2024$560.4M revenue · ⤓ 990 PDF
FY2023$544.5M revenue · ⤓ 990 PDF
FY2022$553.9M revenue · ⤓ 990 PDF
FY2021$491.2M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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