Culver Educational Foundation FY2022 filing

Tax-deductible

Culver, IN501(c)(3)Since 1894Education EIN 35-0868071Revenue $229.1M in FY2022Latest return filed May 15, 2026

On file with the IRSculver.org1300 Academy Road No 159, 46511-1234 · Culver, INTax-exempt since Jul 1935School — 170(b)(1)(A)(ii)

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Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, spirit and body - through integrated programs that emphasize the cultivation of character.

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
$1.4M 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

FY2022 · 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
6 of 6
filings with a surplus
Average surplus $71.3M a year · 42% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.4M
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
7 mo
of spending, in cash
Plus $686.6M in investments, Pt X · Ln 11–13
Looks good: 7.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $494K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$82.0M
9% of total assets
Looks good: liabilities are 9% of assets; 50% or less.
Pt X · Ln 26
Independent board members
34
of 34 voting members
Looks good: 34 of 34 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$229.1M
-19% vs prior year
Spent
$88.7M
To programs
82%
Net assets
$836.3M
By yearFY2020–FY2025
Revenue
$229.1M
FY2022▼ -19%
Tap a bar for its year
Revenue by fiscal year
FY2020$82.8M
FY2021$284.2M
FY2022$229.1M
FY2023$96.4M
FY2024$180.4M
FY2025$140.1M
Expenses
$88.7M
FY2022▼ -13%
Tap a bar for its year
Expenses by fiscal year
FY2020$81.2M
FY2021$101.4M
FY2022$88.7M
FY2023$95.9M
FY2024$102.8M
FY2025$115.1M
Net assets
$836.3M
FY2022▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$505.0M
FY2021$807.5M
FY2022$836.3M
FY2023$891.3M
FY2024$979.6M
FY2025$1.1B

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 Jul 1935.

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

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $73.0M Management & general 13% · $11.3M Fundraising 5% · $4.4M

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

41 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Head of Schools
$335,991Pt VII · Sec A
Director of Facilities Thru August 2021
$216,572Pt VII · Sec A
Dean of Faculty
$170,314Pt VII · Sec A
Commandant of Cadets
$168,688Pt VII · Sec A
Chief Advancement Officer Thru October 2021
$167,678Pt VII · Sec A
Chief Financial Officer
$154,244Pt VII · Sec A
Deputy Head of Schools
$151,431Pt VII · Sec A
$0Pt VII · Sec A

Douglas O Bird’s $445K as Head of Schools is at the 31st 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
James P Power————$236,601$667,914
Douglas O Bird$445,422$405,654$374,697$335,991$330,790$257,819
Jeffry Kutch———$216,572$141,549$143,901
Holly Johnson———$167,678$209,232$215,524
Kevin Macneil————$211,102$169,110
Brian R Baker$206,026$183,407$163,315$154,244$127,944—
Joshua Pretzer$203,988$190,711$191,039$170,314$168,648$151,117
Richard J Tompos————$201,003$175,154

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.

See Culver Educational Foundation executive salaries →

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

Nurtures students' minds, spirits, and bodies for leadership and responsible citizenship through character-building programs.

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3 programs · $57.5M · in their own filed words · FY2021
01

Culver promises top academics, competitive athletics and education you need to be a leader and a responsible global citizen in high school, in college and beyond. Culver encourages you to develop your individual interests and talents, all while helping you move beyond self-imposed limitations.

$35.1Mprogram expense
02

Culver Academies understands the financial commitment of an independent school education and focuses on maximizing our resources to provide opportunities to those families who qualify or warrant assistance. Culver offers need based financial aid assistance as well as non-need based awards.

$14.3Mprogram expense
03

Founded in 1902, Culver Summer Schools and Camps is a fun- filled, naturally beautiful 1,800-acre setting where over 1,300 young people from around the world, ages 7-17, develop positive self-esteem through accomplishment and self-discipline.

$8.1Mprogram 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 4 funders →
Grants paid · 11 grants · $98.4M · 2019–2024
Unitemized GrantFY2024$17,260,441
Lowenstine Fund CorporationIN · FY2024$1,600,000
Unitemized GrantFY2023$16,301,931
Lowenstine Fund CorporationIN · FY2023$1,600,000
Unitemized GrantFY2022$15,087,350
Lowenstine Fund CorporationIN · FY2022$1,600,000
Unitemized GrantFY2021$14,281,802
Lowenstine Fund CorporationIN · FY2021$1,600,000
Unitemized GrantFY2020$13,881,131
Lowenstine Fund CorporationIN · FY2020$1,289,500
Unitemized GrantFY2019$13,854,033

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$229.1M
Ln 12
Gifts and grantsLn 1h$96.4M
Investment incomeLn 3$73.7M
Fees for servicesLn 2g$55.7M
Money outPt IX
$88.7M
Ln 25
Programscol B$73.0M
Managementcol C$11.3M
Fundraisingcol D$4.4M
Owns and owesPt X
$836.3M
net assets · Ln 32
Cash and savingsLn 1–2$53.0M
Total assetsLn 16$918.3M
LiabilitiesLn 26$82.0M
PeoplePt VI, VII
41
listed · VII A
PaidVII A7
Voting boardVI 1a34
IndependentVI 1b34
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$96.4M
Noncash giftsLn 1g$8.3M
Fees for servicesLn 2g$55.7M
Investment incomeLn 3$73.7M
Other incomeLn 4–11$3.3M
Gains on assetsLn 7$64.6M
Total revenueLn 12$229.1M
Assets in detailPt X, end of year
CashLn 1$102K
SavingsLn 2$52.9M
Cash and savings togetherLn 1–2$53.0M
Pledges and grants receivableLn 3$50.3M
Accounts receivableLn 4$343K
Inventories for sale or useLn 8$2.2M
Prepaid expenses and deferred chargesLn 9$2.7M
Land, buildings, equipmentLn 10c$115.5M
InvestmentsLn 11–13$686.6M
Other assetsLn 15$7.6M
Total assetsLn 16$918.3M
LiabilitiesLn 26$82.0M
Net assetsLn 32$836.3M
OperationsPt I, VI
EmployeesI 51,094
VolunteersI 61,000
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$38.3M
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$8.3M
Investment feesPt IX, Sch D
Investment fees, as reportedPt IX 11f$3.3M
Share of the $546.6M endowmentSch D 1g0.60%
Typical, median of 1,806 orgs0.44%
EndowmentSch D · Pt V
LineFY22FY21FY20FY19FY18
End of yearLn 1g$546.6M$587.1M$452.5M$464.3M$445.9M
Given inLn 1b$9.6M$47.4M$7.5M$7.6M$13.9M
SpentLn 1d–1f$23.2M$45.3M$22.2M$22.1M$25.3M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$32.0M$53.0M
InvestmentsLn 11–13$741.4M$686.6M
Land, buildings, equipmentLn 10c$102.6M$115.5M
Total assetsLn 16$893.7M$918.3M
LiabilitiesLn 26$86.1M$82.0M
Net assetsLn 32$807.5M$836.3M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.6M$1.6M
Grants to domestic individualsLn 2$14.3M$14.3M
Pay of current officers, directors and key staffLn 5$535K$160K$160K$214K
Other salaries and wagesLn 7$25.3M$20.7M$2.4M$2.2M
Pension plan contributionsLn 8$1.2M$937K$182K$80K
Other employee benefitsLn 9$10.6M$8.9M$1.2M$517K
Payroll taxesLn 10$2.1M$1.7M$229K$101K
Legal feesLn 11b$160K$160K
Accounting feesLn 11c$145K$145K
Investment management feesLn 11f$3.3M$3.3M
Other fees for servicesLn 11g$8.2M$6.5M$1.6M$105K
Advertising and promotionLn 12$538K$58K$39K$441K
Office expensesLn 13$852K$474K$139K$240K
Information technologyLn 14$1.1M$568K$284K$284K
OccupancyLn 16$2.6M$2.4M$134K
TravelLn 17$426K$297K$57K$71K
Conferences, conventions and meetingsLn 19$93K$74K$20K
InterestLn 20$1.5M$1.4M$79K
Depreciation, depletion and amortizationLn 22$6.2M$5.9M$324K
InsuranceLn 23$860K$815K$45K
Other expenses (24a–d)Ln 24$5.9M$5.3M$643K$14K
All other expensesLn 24e$1.2M$864K$219K$159K
Total functional expensesLn 25$88.7M$73.0M$11.3M$4.4M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 15, 2026 $140.1M$115.1M$25.0M$1.1B 990 PDF
FY2024Filed with the IRS May 7, 2025 $180.4M$102.8M$77.6M$979.6M 990 PDF
FY2023Filed with the IRS Apr 11, 2024 $96.4M$95.9M$421K$891.3M 990 PDF
FY2022 ViewingFiled with the IRS May 11, 2023 $229.1M$88.7M$140.4M$836.3M 990 PDF
FY2021Filed with the IRS May 10, 2022 $284.2M$101.4M$182.8M$807.5M 990 PDF
FY2020Filed with the IRS May 10, 2021 $82.8M$81.2M$1.7M$505.0M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $229,060,025 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $197,774,033$96,372,772
I-9 Program service revenuePrior year $45,751,362$55,694,010
I-10 Investment incomePrior year $38,818,310$73,708,124
I-11 Other revenuePrior year $1,889,224$3,285,119
I-12 Total revenuePrior year $284,232,929$229,060,025
I-13 Grants and similar amounts paidPrior year $35,830,263$15,881,802
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $35,451,515$39,674,700
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $30,104,235$33,139,569
I-18 Total expensesPrior year $101,386,013$88,696,071
I-19 Revenue less expensesPrior year $182,846,916$140,363,954
Part VI · Governance 34 of 34 board members independent, no flags
VI-1a Voting members of the governing body34
VI-1b Independent voting members34
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 $229,060,025 across 9 lines filed
Lines not itemized here account for $2,117,218 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$96,372,772
VIII-1g Noncash contributions (included above)$8,302,821
VIII-1h Total contributions, gifts and grants$96,372,772
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $55,694,010$55,694,010
VIII-3 Investment incomeUnrelated business −$36,654 · Excluded from tax $9,143,062$9,106,408
VIII-6 Net rental income or lossRelated to mission $43,795 · Excluded from tax $144,212$188,007
VIII-7 Net gain or loss on sales of assetsExcluded from tax $64,601,716$64,601,716
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $979,894$979,894
VIII-12 Total revenueRelated to mission $58,152,154 · Unrelated business −$7,121 · Excluded from tax $74,542,220$229,060,025
Part IX · Statement of functional expenses $88,696,071 across 22 lines filed
IX-1 Grants to domestic organizationsPrograms $1,600,000$1,600,000
IX-2 Grants to domestic individualsPrograms $14,281,802$14,281,802
IX-5 Pay of current officers, directors and key staffPrograms $160,440 · Management $160,440 · Fundraising $213,920$534,800
IX-7 Other salaries and wagesPrograms $20,727,975 · Management $2,379,361 · Fundraising $2,212,355$25,319,691
IX-8 Pension plan contributionsPrograms $937,227 · Management $182,441 · Fundraising $80,332$1,200,000
IX-9 Other employee benefitsPrograms $8,869,646 · Management $1,173,480 · Fundraising $516,707$10,559,833
IX-10 Payroll taxesPrograms $1,730,596 · Management $228,963 · Fundraising $100,817$2,060,376
IX-11b Legal feesManagement $159,883$159,883
IX-11c Accounting feesManagement $144,908$144,908
IX-11f Investment management feesManagement $3,287,670$3,287,670
IX-11g Other fees for servicesPrograms $6,533,915 · Management $1,583,084 · Fundraising $104,767$8,221,766
IX-12 Advertising and promotionPrograms $57,944 · Management $39,216 · Fundraising $441,247$538,407
IX-13 Office expensesPrograms $473,640 · Management $138,708 · Fundraising $239,595$851,943
IX-14 Information technologyPrograms $568,207 · Management $284,104 · Fundraising $284,104$1,136,415
IX-16 OccupancyPrograms $2,426,502 · Management $134,180$2,560,682
IX-17 TravelPrograms $297,116 · Management $57,475 · Fundraising $71,268$425,859
IX-19 Conferences, conventions and meetingsPrograms $73,624 · Management $19,819$93,443
IX-20 InterestPrograms $1,430,992 · Management $79,130$1,510,122
IX-22 Depreciation, depletion and amortizationPrograms $5,866,451 · Management $324,401$6,190,852
IX-23 InsurancePrograms $815,228 · Management $45,080$860,308
IX-24 Other expenses (24a–d)Programs $5,257,853 · Management $643,168 · Fundraising $14,330$5,915,351
IX-24e All other expensesPrograms $864,096 · Management $219,027 · Fundraising $158,837$1,241,960
IX-25 Total functional expensesPrograms $72,973,254 · Management $11,284,538 · Fundraising $4,438,279$88,696,071
Part X · Balance sheet $918,253,821 assets, 23 lines filed
X-1 Cash, non-interest-bearingStart of year $49,970$101,832
X-2 Savings and temporary cash investmentsStart of year $31,910,073$52,873,495
X-3 Pledges and grants receivableStart of year $4,176,271$50,323,467
X-4 Accounts receivableStart of year $493,437$343,269
X-5 Loans to officers and key peopleStart of year $0$0
X-6 Loans to other insidersStart of year $0$0
X-8 Inventories for sale or useStart of year $1,886,715$2,200,275
X-9 Prepaid expenses and deferred chargesStart of year $2,650,420$2,676,636
X-10c Land, buildings and equipment, netStart of year $102,554,255$115,476,882
X-11 Publicly traded securitiesStart of year $211,734,306$152,595,506
X-12 Other securitiesStart of year $529,631,006$534,030,428
X-15 Other assetsStart of year $8,566,321$7,632,031
X-16 Total assetsStart of year $893,652,774$918,253,821
X-17 Accounts payable and accrued expensesStart of year $5,395,187$5,911,564
X-19 Deferred revenueStart of year $19,441,764$22,726,634
X-20 Tax-exempt bond liabilitiesStart of year $38,300,000$38,300,000
X-22 Loans from officers and insidersStart of year $0$0
X-25 Other liabilitiesStart of year $22,991,201$15,018,130
X-26 Total liabilitiesStart of year $86,128,152$81,956,328
X-27 Net assets without donor restrictionsStart of year $261,446,563$263,858,046
X-28 Net assets with donor restrictionsStart of year $546,078,059$572,439,447
X-32 Total net assets or fund balancesStart of year $807,524,622$836,297,493
X-33 Total liabilities and net assetsStart of year $893,652,774$918,253,821
Part XI · Reconciliation of net assets $836,297,493 net assets at year end
XI-1 Total revenue$229,060,025
XI-2 Total expenses$88,696,071
XI-3 Revenue less expenses$140,363,954
XI-4 Net assets at start of year$807,524,622
XI-5 Net unrealized gains (losses) on investments−$118,491,070
XI-9 Other changes in net assets$6,899,987
XI-10 Net assets at end of year$836,297,493

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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