Carleton College FY2022 filing

Tax-deductible

Northfield, MN501(c)(3)Since 1866Colleges & UniversitiesEIN 41-0694747

To provide an exceptional undergraduate liberal arts education.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
$4.7M 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 $58.4M a year · 20% 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
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
$4.7M
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
Cash reserves
2 mo
of spending, in cash
Fine: 1.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
9
named funders · $117K
Looks good: 9 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$167.3M
10% of total assets
Looks good: liabilities are 10% of assets; 50% or less.
Pt X · Ln 26
Independent board members
31
of 33 voting members
Looks good: 31 of 33 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$281.0M
-12% vs prior year
Spent
$223.8M
To programs
86%
Net assets
$1.5B
By yearFY2020–FY2025
Revenue
$281.0M
FY2022▼ -12%
Revenue by fiscal year
FY2020$240.3M
FY2021$320.8M
FY2022$281.0M
FY2023$296.5M
FY2024$279.0M
FY2025$315.1M
Expenses
$223.8M
FY2022▲ +10%
Expenses by fiscal year
FY2020$199.4M
FY2021$203.4M
FY2022$223.8M
FY2023$240.0M
FY2024$254.0M
FY2025$261.2M
Net assets
$1.5B
FY2022▼ -4%
Net assets by fiscal year
FY2020$1.2B
FY2021$1.6B
FY2022$1.5B
FY2023$1.6B
FY2024$1.7B
FY2025$1.8B

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 Jun 1938.

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% · $192.0M Management & general 11% · $24.9M Fundraising 3% · $6.9M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

46 people listed on the 990; $4.7M 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
$929,007Pt VII · Sec A
Chief Investment Officer
$682,497Pt VII · Sec A
Director of Investments
$446,348Pt VII · Sec A
VP for External Relations
$412,431Pt VII · Sec A
Dean of the College (former)
$337,224Pt VII · Sec A
President
$309,081Pt VII · Sec A
VP and Treasurer
$288,080Pt VII · Sec A
VP and Dean of Admissions and Financial Aid
$258,214Pt VII · Sec A

Kelsey Deshler’s $926K as Chief Investment Officer is at the 71st 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
Steven G Poskanzer$191,161$186,576$371,884$929,007$490,860$501,366
Kelsey Deshler$925,537$928,506$789,397$682,497$524,127$662,584
Alison Byerly$736,099$700,689$669,567$309,081——
Timothy Griffeth$508,373$597,384$514,098$446,348$362,832$342,367
Thomas Bonner—$437,791$365,733$412,431$343,358$348,313
Eric Runestad$368,659$333,913$315,339$288,080$137,094—
Frederick a Rogers————$345,305$352,662
Beverly Nagel——$335,585$337,224$320,902$324,466

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 Carleton 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 an exceptional undergraduate liberal arts education alongside residential student services, co-curricular activities, and recreational opportunities for over 2,000 students.

Provided by the organization

This section is blank until Carleton College claims this page.

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3 program services account for $166.3M of program spending, described in the organization's own filed words · FY2021.
01

Instruction

Carleton college exists to provide an exceptional liberal arts education for students, preparing them for leadership in their communities, countries and the world (1,969 students). A student-faculty ratio of 9:1 supports classroom, laboratory, off-campus study and research opportunities. Average class size is 16.

$122.2Mprogram expense
02

Academic Support

Programs to enhance the carleton liberal arts experience with library and information technology resources (1,969 students)

$24.4Mprogram expense
03

Auxiliary Enterprises

Carleton college maintains a rural residential campus to enhance the educational experience of the student body with room and board programs designed to encourage a spirit of collegiality and conversation beyond the classroom and laboratory (1,822 students)

$19.7Mprogram expense

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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 9 funders →
Grants paid · 39 grants · $337.3M · 2019–2024
Unitemized GrantFY2024$68,060,091
Northfield Public SchoolsFY2024$1,000,000
University of ConnecticutFY2024$227,555
University of Wisconsin - MadisonFY2024$159,981
BiodiversityME · FY2024$110,594
University of California - DavisFY2024$90,117
City of NorthfieldFY2024$85,000
University of WashingtonFY2024$41,251
University of San DiegoCA · FY2024$35,547
Unitemized GrantFY2023$61,540,680
University of ConnecticutFY2023$200,180
University of Wisconsin - MadisonFY2023$127,156
City of NorthfieldFY2023$80,000
University of WashingtonFY2023$27,119
University of California - DavisFY2023$24,206
BiodiversityME · FY2023$23,613
Unitemized GrantFY2022$56,677,887
City of NorthfieldFY2022$80,000
See all 39 grants →

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$281.0M
Ln 12
Fees for servicesLn 2g$147.0M
Investment incomeLn 3$81.7M
Gifts and grantsLn 1h$48.9M
Money outPt IX
$223.8M
Ln 25
Programscol B$192.0M
Managementcol C$24.9M
Fundraisingcol D$6.9M
Owns and owesPt X
$1.5B
net assets · Ln 32
Cash and savingsLn 1–2$31.7M
Total assetsLn 16$1.7B
LiabilitiesLn 26$167.3M
PeoplePt VI, VII
46
listed · VII A
PaidVII A13
Voting boardVI 1a33
IndependentVI 1b31
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$48.9M
Government grantsLn 1e$4.9M
Noncash giftsLn 1g$10.1M
Fees for servicesLn 2g$147.0M
Investment incomeLn 3$81.7M
Other incomeLn 4–11$3.4M
Gains on assetsLn 7$63.7M
Total revenueLn 12$281.0M
Assets in detailPt X, end of year
SavingsLn 2$31.7M
Cash and savings togetherLn 1–2$31.7M
InvestmentsLn 11–13$1.23B
Land, buildings, equipmentLn 10c$358.6M
Other assetsLn 15$13.0M
Total assetsLn 16$1.7B
LiabilitiesLn 26$167.3M
Net assetsLn 32$1.5B
OperationsPt I, VI
EmployeesI 52,812
VolunteersI 63,401
Fiscal year endsHeaderJune
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 FY22End FY22
Cash and savingsLn 1–2$182.7M$31.7M
InvestmentsLn 11–13$1.16B$1.23B
Land, buildings, equipmentLn 10c$349.6M$358.6M
Total assetsLn 16$1.74B$1.66B
LiabilitiesLn 26$177.4M$167.3M
Net assetsLn 32$1.56B$1.49B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$156K$156K
Grants to domestic individualsLn 2$53.4M$53.4M
Pay of current officers, directors and key staffLn 5$3.2M$304K$2.3M$560K
Pay of disqualified personsLn 6$375K$75K$300K
Other salaries and wagesLn 7$67.5M$57.9M$5.7M$3.9M
Pension plan contributionsLn 8$6.2M$5.0M$727K$433K
Other employee benefitsLn 9$10.1M$8.5M$918K$724K
Payroll taxesLn 10$4.9M$4.0M$557K$303K
Legal feesLn 11b$152K$152K
Accounting feesLn 11c$93K$93K
Investment management feesLn 11f$9.4M$9.4M
Other fees for servicesLn 11g$7.7M$6.4M$1.1M$174K
Advertising and promotionLn 12$61K$4K$57K
Office expensesLn 13$8.5M$8.1M−$26K$373K
Information technologyLn 14$1.9M$1.8M$100K$3K
OccupancyLn 16$7.2M$7.2M
TravelLn 17$5.7M$5.3M$179K$255K
Conferences, conventions and meetingsLn 19$1.7M$639K$830K$192K
InterestLn 20$5.0M$5.0M
Depreciation, depletion and amortizationLn 22$13.7M$13.5M$117K
InsuranceLn 23$1.4M$695K$677K$30
Other expenses (24a–d)Ln 24$15.6M$13.9M$1.6M$48K
Total functional expensesLn 25$223.8M$192.0M$24.9M$6.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $315.1M$261.2M$53.8M$1.8B 990 PDF
FY2024 $279.0M$254.0M$25.0M$1.7B 990 PDF
FY2023 $296.5M$240.0M$56.5M$1.6B 990 PDF
FY2022 Viewing $281.0M$223.8M$57.1M$1.5B 990 PDF
FY2021 $320.8M$203.4M$117.4M$1.6B 990 PDF
FY2020 $240.3M$199.4M$40.8M$1.2B 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
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $280,959,414 across 11 lines filed
VIII-1e Government grants$4,883,530
VIII-1f All other contributions, gifts and grants$43,973,878
VIII-1g Noncash contributions (included above)$10,065,968
VIII-1h Total contributions, gifts and grants$48,857,408
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $146,966,410$146,966,410
VIII-3 Investment incomeExcluded from tax $18,034,933$18,034,933
VIII-5 RoyaltiesExcluded from tax $184,597$184,597
VIII-6 Net rental income or lossExcluded from tax −$198,982−$198,982
VIII-7 Net gain or loss on sales of assetsExcluded from tax $63,696,077$63,696,077
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $152,620 · Excluded from tax $3,266,351$3,418,971
VIII-12 Total revenueRelated to mission $146,966,410 · Unrelated business $152,620 · Excluded from tax $84,982,976$280,959,414
Part IX · Statement of functional expenses $223,828,854 across 22 lines filed
IX-1 Grants to domestic organizationsPrograms $155,732$155,732
IX-2 Grants to domestic individualsPrograms $53,440,361$53,440,361
IX-5 Pay of current officers, directors and key staffPrograms $303,735 · Management $2,298,652 · Fundraising $559,864$3,162,251
IX-6 Pay of disqualified personsPrograms $75,073 · Management $300,294$375,367
IX-7 Other salaries and wagesPrograms $57,921,418 · Management $5,723,792 · Fundraising $3,853,809$67,499,019
IX-8 Pension plan contributionsPrograms $5,029,047 · Management $727,378 · Fundraising $432,734$6,189,159
IX-9 Other employee benefitsPrograms $8,503,852 · Management $917,576 · Fundraising $723,744$10,145,172
IX-10 Payroll taxesPrograms $4,001,131 · Management $556,910 · Fundraising $303,436$4,861,477
IX-11b Legal feesManagement $152,230$152,230
IX-11c Accounting feesManagement $93,094$93,094
IX-11f Investment management feesManagement $9,398,005$9,398,005
IX-11g Other fees for servicesPrograms $6,396,331 · Management $1,115,774 · Fundraising $174,357$7,686,462
IX-12 Advertising and promotionPrograms $3,905 · Management $57,456$61,361
IX-13 Office expensesPrograms $8,148,868 · Management −$26,230 · Fundraising $372,519$8,495,157
IX-14 Information technologyPrograms $1,839,515 · Management $100,239 · Fundraising $2,715$1,942,469
IX-16 OccupancyPrograms $7,191,948$7,191,948
IX-17 TravelPrograms $5,272,316 · Management $179,486 · Fundraising $255,051$5,706,853
IX-19 Conferences, conventions and meetingsPrograms $638,678 · Management $830,172 · Fundraising $191,789$1,660,639
IX-20 InterestPrograms $4,994,947$4,994,947
IX-22 Depreciation, depletion and amortizationPrograms $13,548,224 · Management $117,013$13,665,237
IX-23 InsurancePrograms $695,373 · Management $676,786 · Fundraising $30$1,372,189
IX-24 Other expenses (24a–d)Programs $13,884,557 · Management $1,647,380 · Fundraising $47,788$15,579,725
IX-25 Total functional expensesPrograms $192,045,011 · Management $24,866,007 · Fundraising $6,917,836$223,828,854
Part X · Balance sheet $1,658,331,169 assets, 20 lines filed
X-2 Savings and temporary cash investmentsStart of year $182,697,855$31,722,733
X-3 Pledges and grants receivableStart of year $22,061,636$19,233,003
X-4 Accounts receivableStart of year $3,237,218$2,431,476
X-8 Inventories for sale or useStart of year $413,666$410,455
X-9 Prepaid expenses and deferred chargesStart of year $1,713,094$2,441,808
X-10c Land, buildings and equipment, netStart of year $349,621,038$358,627,500
X-11 Publicly traded securitiesStart of year $535,944,986$523,491,997
X-12 Other securitiesStart of year $623,226,505$704,700,552
X-13 Program-related investmentsStart of year $2,895,306$2,289,554
X-15 Other assetsStart of year $16,387,355$12,982,091
X-16 Total assetsStart of year $1,738,198,659$1,658,331,169
X-17 Accounts payable and accrued expensesStart of year $21,710,422$19,610,918
X-19 Deferred revenueStart of year $6,251,333$5,882,533
X-20 Tax-exempt bond liabilitiesStart of year $124,457,762$120,161,008
X-25 Other liabilitiesStart of year $23,622,109$21,048,102
X-26 Total liabilitiesStart of year $177,436,100$167,328,120
X-27 Net assets without donor restrictionsStart of year $706,110,094$694,224,045
X-28 Net assets with donor restrictionsStart of year $854,652,465$796,779,004
X-32 Total net assets or fund balancesStart of year $1,560,762,559$1,491,003,049
X-33 Total liabilities and net assetsStart of year $1,738,198,659$1,658,331,169
Part XI · Reconciliation of net assets $1,491,003,049 net assets at year end
XI-1 Total revenue$280,959,414
XI-2 Total expenses$223,828,854
XI-3 Revenue less expenses$57,130,560
XI-4 Net assets at start of year$1,560,762,559
XI-5 Net unrealized gains (losses) on investments−$126,581,688
XI-9 Other changes in net assets−$308,382
XI-10 Net assets at end of year$1,491,003,049

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

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