Macalester is a four-year highly-selective liberal arts College.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
Run by 1,800 volunteers and 2,823 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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
5 of 6
filings with a surplus
Average surplus $23.7M a year · 10% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$4.1M
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
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $114K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$93.1M
8% of total assets
Looks good: liabilities are 8% of assets; 50% or less.
Pt X · Ln 26
Independent board members
27
of 28 voting members
Looks good: 27 of 28 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$328.5M
+46% vs prior year
Spent
$226.1M
To programs
86%
Net assets
$1.1B
By yearFY2020–FY2025
Revenue
$328.5M
FY2025▲ +46%
Tap a bar for its year
Revenue by fiscal year
FY2020$194.6M
FY2021$186.1M
FY2022$244.1M
FY2023$186.4M
FY2024$224.7M
FY2025$328.5M
Expenses
$226.1M
FY2025▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$183.0M
FY2021$183.7M
FY2022$205.4M
FY2023$207.5M
FY2024$216.5M
FY2025$226.1M
Net assets
$1.1B
FY2025▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$887.9M
FY2021$1.1B
FY2022$1.1B
FY2023$1.0B
FY2024$1.1B
FY2025$1.1B

From the FY2025 Form 990 (year ending May 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1936.

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

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $193.8M Management & general 11% · $25.6M Fundraising 3% · $6.7M

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

43 people listed on the 990; $4.1M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$603,731Pt VII · Sec A
Chief Investment Officer
$519,637Pt VII · Sec A
Dir of Alt Investments (end 8/30/24)
$269,275Pt VII · Sec A
Executive VP and Provost
$260,661Pt VII · Sec A
VP for Advancement
$259,196Pt VII · Sec A
VP of Admin and Finance
$253,086Pt VII · Sec A
VP for Admiss & Fin. Aid
$221,278Pt VII · Sec A
VP for Instiutional Equity
$212,669Pt VII · Sec A

Suzanne M Rivera’s $604K as President is at the 52nd 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
Brian Rosenberg———$381,890$632,019$2,152,966
Suzanne M Rivera$603,731$550,511—$585,522$335,957—
Suzanne Rivera——$550,853———
Gary Martin End 83024$519,637—————
Gary Martin—$396,796$378,393$362,620$349,775$360,292
David Wheaton———$363,040$290,179$295,270
Karine Moe——$197,263$279,433$245,942$250,354
David a Brown——$274,274$272,241$265,731$270,601

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 Macalester College executive salaries →

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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 highly selective, four-year liberal arts education on a residential campus focused on community, diverse living-learning programs, and sustainability.

Questions for Macalester College

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Provided by the organization

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3 programs · $191.3M · in their own filed words · FY2024
01

Instruction of Students and Academic Support of Instruction

Students from across the united states and 107 countries experience an academic program that prepares them for world citizenship. The student faculty ratio is 10:1, with an average class size of 16. Students can choose from 41 majors and 42 minors.

$150.1Mprogram expense
02

Student Services

The co-curricular student experience is critical to every student. To support a vibrant student experience, macalester provides a range of student services and support. With more than 100 student-run clubs and organizations, macalester students have significant leadership opportunities.

$28.8Mprogram expense
03

Residence and Dining Halls

Macalester is a residential campus, located on 53 acres in the center of a major metropolitan area. Two-thirds of students live on campus. Macalester has 10 residence halls and a variety of living learning communities, including 8 language houses, cultural house, the layover: a study away community, perspectives in leadership, eco house…

$12.3Mprogram 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
Total grants receivedfrom 4 funders$114K
See all 4 funders →
Grants paid · 42 grants · $424.3M · 2019–2024
Unitemized GrantFY2024$77,573,692
University of Wisconsin-River FallsFY2024$50,203
Individual RecipientFY2024$28,200
Augsburg UniversityMN · FY2024$15,000
Unitemized GrantFY2023$75,203,231
Washington UniversityMO · FY2023$54,443
University of Wisconsin-River FallsFY2023$51,141
Individual RecipientFY2023$44,480
Augsburg UniversityMN · FY2023$7,615
Unitemized GrantFY2022$71,845,117
Honor the EarthMT · FY2022$114,810
See all 42 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$328.5M
Ln 12
Fees for servicesLn 2g$161.0M
Investment incomeLn 3$141.7M
Gifts and grantsLn 1h$23.6M
Money outPt IX
$226.1M
Ln 25
Programscol B$193.8M
Managementcol C$25.6M
Fundraisingcol D$6.7M
Owns and owesPt X
$1.1B
net assets · Ln 32
Cash and savingsLn 1–2$41.7M
Total assetsLn 16$1.2B
LiabilitiesLn 26$93.1M
PeoplePt VI, VII
43
listed · VII A
PaidVII A16
Voting boardVI 1a28
IndependentVI 1b27
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$23.6M
Government grantsLn 1e$2.2M
Noncash giftsLn 1g$800K
Fees for servicesLn 2g$161.0M
Investment incomeLn 3$141.7M
Other incomeLn 4–11$2.2M
Gains on assetsLn 7$125.3M
Total revenueLn 12$328.5M
Assets in detailPt X, end of year
SavingsLn 2$41.7M
Cash and savings togetherLn 1–2$41.7M
InvestmentsLn 11–13$901.0M
Land, buildings, equipmentLn 10c$211.3M
Other assetsLn 15$40.5M
Total assetsLn 16$1.2B
LiabilitiesLn 26$93.1M
Net assetsLn 32$1.1B
OperationsPt I, VI
EmployeesI 52,823
VolunteersI 61,800
Fiscal year endsHeaderMay
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 FY25End FY25
Cash and savingsLn 1–2$11.1M$41.7M
InvestmentsLn 11–13$914.9M$901.0M
Land, buildings, equipmentLn 10c$209.2M$211.3M
Total assetsLn 16$1.18B$1.20B
LiabilitiesLn 26$95.0M$93.1M
Net assetsLn 32$1.09B$1.11B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$129K$129K
Grants to domestic individualsLn 2$77.6M$77.6M
Pay of current officers, directors and key staffLn 5$3.6M$1.6M$1.5M$495K
Other salaries and wagesLn 7$65.8M$53.7M$8.6M$3.5M
Pension plan contributionsLn 8$4.6M$3.7M$711K$230K
Other employee benefitsLn 9$11.8M$9.4M$2.0M$444K
Payroll taxesLn 10$4.1M$3.2M$643K$201K
Legal feesLn 11b$844K$470K$363K$11K
Accounting feesLn 11c$167K$603$167K
Investment management feesLn 11f$2.2M$2.2M
Other fees for servicesLn 11g$12.3M$9.4M$2.3M$595K
Advertising and promotionLn 12$336K$206K$120K$10K
Office expensesLn 13$6.3M$4.6M$1.0M$690K
Information technologyLn 14$3.6M$414K$3.2M$82K
OccupancyLn 16$4.4M$4.2M$246K$11K
TravelLn 17$3.0M$2.5M$227K$287K
Conferences, conventions and meetingsLn 19$441K$314K$111K$15K
InterestLn 20$2.2M$2.2M$11K
Depreciation, depletion and amortizationLn 22$10.8M$9.8M$940K
InsuranceLn 23$114K$110K$4K
Other expenses (24a–d)Ln 24$8.4M$7.9M$455K$32K
All other expensesLn 24e$3.3M$2.4M$807K$87K
Total functional expensesLn 25$226.1M$193.8M$25.6M$6.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $328.5M$226.1M$102.3M$1.1B 990 PDF
FY2024 $224.7M$216.5M$8.3M$1.1B 990 PDF
FY2023 $186.4M$207.5M−$21.0M$1.0B 990 PDF
FY2022 $244.1M$205.4M$38.7M$1.1B 990 PDF
FY2021 $186.1M$183.7M$2.4M$1.1B 990 PDF
FY2020 $194.6M$183.0M$11.6M$887.9M 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 M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $328,451,827 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $18,552,870$23,591,959
I-9 Program service revenuePrior year $152,785,364$160,957,977
I-10 Investment incomePrior year $50,743,310$141,693,588
I-11 Other revenuePrior year $2,633,815$2,208,303
I-12 Total revenuePrior year $224,715,359$328,451,827
I-13 Grants and similar amounts paidPrior year $75,480,546$77,702,345
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $86,757,778$89,892,039
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $54,213,199$58,515,977
I-18 Total expensesPrior year $216,451,523$226,110,361
I-19 Revenue less expensesPrior year $8,263,836$102,341,466
Part VI · Governance 27 of 28 board members independent, no flags
VI-1a Voting members of the governing body28
VI-1b Independent voting members27
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 $328,451,827 across 10 lines filed
VIII-1e Government grants$2,221,964
VIII-1f All other contributions, gifts and grants$21,369,995
VIII-1g Noncash contributions (included above)$799,602
VIII-1h Total contributions, gifts and grants$23,591,959
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $160,957,977$160,957,977
VIII-3 Investment incomeUnrelated business −$213,748 · Excluded from tax $16,612,883$16,399,135
VIII-6 Net rental income or lossExcluded from tax $681,237$681,237
VIII-7 Net gain or loss on sales of assetsExcluded from tax $125,294,453$125,294,453
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,430,387 · Excluded from tax $96,679$1,527,066
VIII-12 Total revenueRelated to mission $162,388,364 · Unrelated business −$213,748 · Excluded from tax $142,685,252$328,451,827
Part IX · Statement of functional expenses $226,110,361 across 22 lines filed
IX-1 Grants to domestic organizationsPrograms $128,653$128,653
IX-2 Grants to domestic individualsPrograms $77,573,692$77,573,692
IX-5 Pay of current officers, directors and key staffPrograms $1,582,284 · Management $1,478,559 · Fundraising $494,584$3,555,427
IX-7 Other salaries and wagesPrograms $53,704,667 · Management $8,576,278 · Fundraising $3,532,269$65,813,214
IX-8 Pension plan contributionsPrograms $3,698,474 · Management $711,297 · Fundraising $229,907$4,639,678
IX-9 Other employee benefitsPrograms $9,402,899 · Management $1,982,018 · Fundraising $443,887$11,828,804
IX-10 Payroll taxesPrograms $3,210,284 · Management $643,265 · Fundraising $201,367$4,054,916
IX-11b Legal feesPrograms $470,172 · Management $362,631 · Fundraising $10,816$843,619
IX-11c Accounting feesPrograms $603 · Management $166,691$167,294
IX-11f Investment management feesManagement $2,163,974$2,163,974
IX-11g Other fees for servicesPrograms $9,375,862 · Management $2,337,086 · Fundraising $594,902$12,307,850
IX-12 Advertising and promotionPrograms $206,150 · Management $119,690 · Fundraising $9,774$335,614
IX-13 Office expensesPrograms $4,628,972 · Management $1,005,032 · Fundraising $689,500$6,323,504
IX-14 Information technologyPrograms $413,524 · Management $3,152,825 · Fundraising $81,551$3,647,900
IX-16 OccupancyPrograms $4,182,456 · Management $246,331 · Fundraising $11,008$4,439,795
IX-17 TravelPrograms $2,521,053 · Management $227,070 · Fundraising $287,254$3,035,377
IX-19 Conferences, conventions and meetingsPrograms $314,475 · Management $110,677 · Fundraising $15,488$440,640
IX-20 InterestPrograms $2,228,478 · Management $11,160$2,239,638
IX-22 Depreciation, depletion and amortizationPrograms $9,843,076 · Management $940,284$10,783,360
IX-23 InsuranceManagement $110,075 · Fundraising $4,136$114,211
IX-24 Other expenses (24a–d)Programs $7,880,893 · Management $454,591 · Fundraising $32,240$8,367,724
IX-24e All other expensesPrograms $2,411,862 · Management $807,083 · Fundraising $86,532$3,305,477
IX-25 Total functional expensesPrograms $193,778,529 · Management $25,606,617 · Fundraising $6,725,215$226,110,361
Part X · Balance sheet $1,204,649,550 assets, 20 lines filed
X-2 Savings and temporary cash investmentsStart of year $11,091,446$41,707,621
X-3 Pledges and grants receivableStart of year $3,977,467$7,143,444
X-4 Accounts receivableStart of year $1,317,284$1,155,363
X-9 Prepaid expenses and deferred chargesStart of year $1,865,521$1,849,117
X-10c Land, buildings and equipment, netStart of year $209,175,603$211,337,794
X-11 Publicly traded securitiesStart of year $362,618,733$148,643,709
X-12 Other securitiesStart of year $544,348,629$744,513,690
X-13 Program-related investmentsStart of year $7,954,903$7,842,687
X-15 Other assetsStart of year $40,993,369$40,456,125
X-16 Total assetsStart of year $1,183,342,955$1,204,649,550
X-17 Accounts payable and accrued expensesStart of year $14,453,310$14,925,680
X-18 Grants payableStart of year $937,347$679,465
X-19 Deferred revenueStart of year $1,926,577$2,465,563
X-20 Tax-exempt bond liabilitiesStart of year $65,106,505$62,767,799
X-25 Other liabilitiesStart of year $12,284,858$11,869,375
X-26 Total liabilitiesStart of year $95,007,620$93,109,010
X-27 Net assets without donor restrictionsStart of year $222,458,839$225,902,468
X-28 Net assets with donor restrictionsStart of year $865,876,496$885,638,072
X-32 Total net assets or fund balancesStart of year $1,088,335,335$1,111,540,540
X-33 Total liabilities and net assetsStart of year $1,183,342,955$1,204,649,550
Part XI · Reconciliation of net assets $1,111,540,540 net assets at year end
XI-1 Total revenue$328,451,827
XI-2 Total expenses$226,110,361
XI-3 Revenue less expenses$102,341,466
XI-4 Net assets at start of year$1,088,335,335
XI-5 Net unrealized gains (losses) on investments−$80,578,079
XI-9 Other changes in net assets$1,441,818
XI-10 Net assets at end of year$1,111,540,540

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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