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Kalamazoo College EIN 38-1358014

Kalamazoo College

EIN  38-1358014 Higher education institution Kalamazoo, MI Founded 1833
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/6/26 · see original filing: IRS
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Size
$100M+
What they do
Provides a selective, globally oriented four-year liberal arts education to prepare students for leadership in a diverse and complex world.
Leadership
Jorge G Gonzalez · President · $489K
Money in and out
$122.0M revenue, $130.9M expenses
Bottom line
-7% operating surplus

Provides a selective, globally oriented four-year liberal arts education to prepare students for leadership in a diverse and complex world. For fiscal year 2024 it reported $122.0M in revenue, $130.9M in expenses, and $407.9M in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$122.0M
Pt VIII · Ln 12
Total expenses
$130.9M
Pt IX · Ln 25
Net assets
$407.9M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$8.8M
Where spending went · Part IX cols B–D
Program services $0.82 Management & general $0.16 Fundraising $0.03
Operating surplus
-7%
revenue over expenses, this legal entity▼ -171% vs prior filing year
Payroll share
30%
of this entity's spending is salaries & benefits▲ +1% vs prior filing year
Program spending
82%
of expenses reach program services▲ +1% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$122.0M
FY2024▼ -15%
Expenses
$130.9M
FY2024▲ +2%
Total assets
$509.5M
FY2024▲ +13%
Total liabilities
$101.6M
FY2024▲ +67%
Total revenue
$122.0M
Pt VIII · Ln 12
Total expenses
$130.9M
Pt IX · Ln 25
Net assets
$407.9M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$8.8M
Total assetsPt X · Ln 16$509.5M
Program-expense ratioPt IX · col B82%
Voting members of governing bodyPt I · Ln 332
Independent voting membersPt I · Ln 431
Mission & Programs · Part III

Where the work happens

1 program service account for $107.1M of program spending, described in the organization's own filed words · FY2024.
01

Higher Education

The mission of kalamazoo college is to prepare its graduates to better understand, live successfully within, and provide enlightened leadership to a richly diverse and increasingly complex world.

$107.1Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CKalamazoo College
EINHdr · item D38-1358014
Principal addressHdr · item CKalamazoo, MI
WebsiteHdr · item Jwww.kzoo.edu
Year of formationHdr · item L1833
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B420)
Ruling yearIRS BMFAug 1939

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a32
Independent voting membersPt VI · Ln 1b31
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
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
$489,099Pt VII · Sec A
Karen Isble
VP College Advancement
$251,987Pt VII · Sec A
Lisa Vandeweert
VP for Business and Finance, Assistant Treasurer
$232,660Pt VII · Sec A
$213,506Pt VII · Sec A
J Malcolm Smith
VP for Student Development
$196,548Pt VII · Sec A
Mj Huebner
VP Admission and Financial Aid
$191,977Pt VII · Sec A
Todd Watson
Associate Vice President & Chief Info. Officer
$148,611Pt VII · Sec A
Andy Miller
Associate Vice President for Development
$145,433Pt VII · Sec A

Jorge G Gonzalez’s $489K as President is at the 37th 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Jorge G Gonzalez$489,099$517,616$460,532$449,941$446,200$436,499
Karen Isble$251,987$245,394$238,194$231,846$85,048—
Lisa Vandeweert$232,660$225,436$190,402———
Albert Desimone————$130,186$223,686
Danette Johnson$213,506$202,111$193,056$188,742$187,542$103,720
Karen Sisson———$159,523$197,582—
J Malcolm Smith$196,548$186,650$177,728$90,016——
Mj Huebner$191,977$186,414$183,772$179,653——

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$92.8M · 76%
Contributions & grants$18.8M · 15%
Investment income$10.2M · 8%
Program service revenue76%$92.8M
Contributions & grants15%$18.8M
Investment income8%$10.2M
Other revenue$322K
— government grantsLn 1e$901K
Total revenueLn 12$122.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.82 Management & general $0.16 Fundraising $0.03
Program services82%$107.1M
Management & general16%$20.5M
Fundraising3%$3.3M
Total functional expensesLn 25$130.9M

Balance Sheet

Part X · end of year
CashLn 1$28.7M
Total assetsLn 16$509.5M
Total liabilitiesLn 26$101.6M
Total net assetsLn 32$407.9M
Months of cash on handcomputed2.6

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $380.1M · Operating expenses (Pt IX) $130.9M · Less non-cash grants $261K · Cash operating expenses/yr $130.6M
34.9 months
Where the money goes
Program services
Program services $107.1M · Total expenses $130.9M
82%
Management & General
Management & general $20.5M · Total expenses $130.9M
16%
Fundraising
Fundraising $3.3M · Total expenses $130.9M
3%
Cost to raise $1
Fundraising expense (3-yr avg) $3.4M · Solicited contributions (3-yr avg) $24.6M
$0.14 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $18.8M · Total revenue $122.0M
15%
Government reliance
Government grants $901K · Total revenue $122.0M
1%
Earned-income share
Program service revenue $92.8M · Total revenue $122.0M
76%
Investment reliance
Investment income $10.2M · Total revenue $122.0M
+8%
Program self-sufficiency
Program service revenue $92.8M · Total expenses $130.9M
71%
Growth & trend
Revenue growth (YoY)
This year $122.0M · Prior year $143.1M
-15%
Revenue CAGR
FY2019 $96.8M · FY2024 $122.0M
+5%
Net-asset trend (YoY)
End of year $407.9M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $122.0M · Expenses $130.9M
-7%
Liabilities-to-Assets
Total liabilities — · Total assets $509.5M
—
Net-asset ratio
Net assets $407.9M · Total assets $509.5M
80%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $253.6M · Other securities (Pt X, ln 12) $97.8M · Total assets (Pt X, ln 16) $509.5M
69%
People & payroll
Highest Reported Total Compensation
Individual Jorge G Gonzalez · Reported title PRESIDENT · Highest reported compensation $489K · Total expenses $130.9M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $38.6M · Total expenses $130.9M
30%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 82%——
Overhead ratio 16%——
Fundraising cost ratio 18%——
Revenue growth -15%——

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 · received and paid
Grants received · FY2025
Dorothy Henckley Heyl Irrv Charitable Tr FBO K CollegeFY2025$172K
Myer & Lois Franklin Charitable TrFY2025$4K
Bell TrustFY2025$200
Total grants receivedfrom 3 funders$176K
See all 3 funders →
Grants paid · 12 grants · $306.6M · 2019–2024
Unitemized GrantFY2024$54,679,508
Unitemized GrantFY2024$165,708
Unitemized GrantFY2023$54,423,522
Unitemized GrantFY2023$178,244
Unitemized GrantFY2022$52,418,243
Unitemized GrantFY2022$178,244
Unitemized GrantFY2021$49,488,362
Unitemized GrantFY2021$202,826
Unitemized GrantFY2020$49,233,738
Unitemized GrantFY2020$269,424
Unitemized GrantFY2019$44,979,439
Unitemized GrantFY2019$345,600

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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
FY2024$143.1M revenue · ⤓ 990 PDF
FY2023$123.3M revenue · ⤓ 990 PDF
FY2022$129.8M revenue · ⤓ 990 PDF
FY2021$112.6M revenue · ⤓ 990 PDF
FY2020$96.8M revenue · ⤓ 990 PDF

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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
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