The Carle Foundation

Urbana, IL · Supporting organization · Since 1946 · Hospitals

✓ Tax-deductible Latest data FY2024
Revenue
$693.3M
▲ +21% vs prior year
Spent
$641.5M
To programs
44%
Net assets
$1.8B

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).

Figures match the IRS filing checked 7/4/26 · see original: IRS

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Foundation funders?
3 funders, incl. Carle Development Foundation
$813K in the latest grant year.
Spent on programs?
44% to programs
Form 990 Part IX, latest filing.
Size and trend
$100M+
↑ +21% vs prior year
Legal name (IRS)Hdr · item CThe Carle Foundation
EINHdr · item D37-0673465
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFApr 1948
Year of formationHdr · item L1946
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CUrbana, IL
NTEE classificationIRS BMFHospitals (E210)
WebsiteHdr · item Jwww.carle.org

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.44 Management & general $0.56
Program services44%$279.8M
Management & general56%$361.7M
Total functional expensesLn 25$641.5M

Financial health

Revenue & expenses by yearFY2020–FY2024
Revenue
$693.3M
FY2024▲ +21%
Expenses
$641.5M
FY2024▲ +17%
Net inflow
+7%
revenue over expenses, this year▲ +68% vs prior filing year
Pass-through gifts
0.2%
of revenue from contributions▲ +5% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$3.3B
FY2024▲ +10%
Total liabilities
$1.4B
FY2024▲ +3%
Revenue less expensesPt I · Ln 19$51.9M
Total assetsPt X · Ln 16$3.3B
Program-expense ratioPt IX · col B44%
Voting members of governing bodyPt I · Ln 3pending
Independent voting membersPt I · Ln 4pending

Balance Sheet

Part X · end of year
CashLn 1—
Total assetsLn 16$3.3B
Total liabilitiesLn 26$1.4B
Total net assetsLn 32$1.8B

Statement of Revenue

Part VIII
Other revenue100%$692.1M
Contributions & grants$1.3M
Total revenueLn 12$693.3M

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves — · Operating expenses/yr $641.5M
Highly liquid reserves (cash & marketable securities on Pt X) ÷ monthly operating expenses (Pt IX total, less non-cash grants & depreciation when reported).
Where the money goes
Program services
Program services — · Total expenses $641.5M
—
Management & General
Management & general — · Total expenses $641.5M
—
Fundraising
Fundraising — · Total expenses $641.5M
—
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $1.0M
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $1.3M · Total revenue $693.3M
0.2%
Government reliance
Government grants — · Total revenue $693.3M
—
Earned-income share
Program service revenue — · Total revenue $693.3M
—
Investment reliance
Investment income — · Total revenue $693.3M
—
Program self-sufficiency
Program service revenue — · Total expenses $641.5M
—
Growth & trend
Revenue growth (YoY)
This year $693.3M · Prior year $575.4M
+21%
Revenue CAGR
FY2020 $432.4M · FY2024 $693.3M
+13%
Net-asset trend (YoY)
End of year $1.8B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $693.3M · Expenses $641.5M
+7%
Liabilities-to-Assets
Total liabilities — · Total assets $3.3B
—
Net-asset ratio
Net assets $1.8B · Total assets $3.3B
56%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $3.3B
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual — · Reported title — · Highest reported compensation — · Total expenses $641.5M
No individual compensation reported on this filing
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $641.5M
—
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 44%——
Overhead ratio 56%——
Revenue growth 21%——

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.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Ex-Officio, Officer - President & CEO
$5,690,001Pt VII · Sec A
Officer - President, Carle Health Regions // EVP, Chief Operating Officer
$1,567,332Pt VII · Sec A
Officer - EVP, Chief Finance & Strategy Officer
$1,395,995Pt VII · Sec A
Officer - EVP, Chief Human Resources Officer
$945,711Pt VII · Sec A
Officer - EVP, Chief Medical Officer
$940,875Pt VII · Sec A
Officer - EVP, Chief Legal Officer
$926,444Pt VII · Sec A
President, Carle Health - Central Region
$815,721Pt VII · Sec A
President, Carle Health - East Region // Chief Nursing Officer
$722,013Pt VII · Sec A

James C Leonard MD’s $5.7M as Ex-Officio, Officer - President & CEO is at the 97th percentile of top reported officer pay among 1747 $100M+ health care 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

NameFY2023FY2022FY2021FY2020
James C Leonard MD$5,690,001$2,140,109$2,558,835$4,774,129
John Snyder——$1,942,803$1,249,113
Matthew Kolb Jd Mha$1,567,332$1,363,262——
Dennis Hesch$1,395,995$1,286,099$1,566,892$1,470,712
Matthew Kolb——$1,159,563$975,723
Laurence Fallon——$1,071,364$989,186
William Schuh MD———$996,853
Lauren Schmid MBA$945,711$772,322——

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 The Carle Foundation executive salaries →

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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a—
Whistleblower policyPt VI · Ln 13—
Document retention policyPt VI · Ln 14—
CEO/top-official compensation independently reviewedPt VI · Ln 15a—
Family or business relationships among officers/directorsPt VI · Ln 2—

Mission and programs

Provides accessible, world-class healthcare and services to improve health and guide decisions.

Provided by the organization

This section is blank until The Carle Foundation claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service account for $225.2M of program spending, described in the organization's own filed words · FY2023.
01

The carle foundation is organized and at all times operates exclusively for the benefit of, to perform the functions of, and to carry out the purposes of the following healthcare organizations which are affiliated with the corporation through the provision of financial and management assistance: the carle foundation hospital, carle…

$225.2Mprogram expense

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Funders

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

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 3 funders$813K
See all 3 funders →
Grants paid · 13 grants · $12.8M · 2020–2023
Carle Development FoundationIL · FY2023$2,349,329
The Carle Foundation HospitalIL · FY2023$278,340
Carle Bromenn Medical CenterIL · FY2023$12,667
Carle Development FoundationIL · FY2022$2,314,030
The Carle Foundation HospitalIL · FY2022$278,340
Carle Development FoundationIL · FY2021$2,156,837
The Carle Foundation HospitalIL · FY2021$278,340
Carle Development FoundationIL · FY2020$1,582,863
Carle West Physician Group INCIL · FY2020$1,180,330
The Carle Foundation HospitalIL · FY2020$278,340

Filing history

YearRevenueExpensesChangeFiling
FY2024 Latest Viewing $693.3M$641.5M+21% 990 PDF
FY2023 $575.4M$549.8M+19% 990 PDF
FY2022 $481.9M$475.5M-13% 990 PDF
FY2021 $555.7M$455.9M+29% 990 PDF
FY2020 $432.4M$383.6M 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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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
Names, privacy, and removal requests More

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