Randolph-Macon College: Nonprofit Profile, Financials & Form 990 (EIN 54-0505940)

Revenue by fiscal year
FY2020	$95.3M
FY2021	$119.2M
FY2022	$106.4M
FY2023	$107.7M
FY2024	$101.9M
FY2024	$126.1M

Expenses by fiscal year
FY2020	$93.0M
FY2021	$94.6M
FY2022	$96.6M
FY2023	$101.5M
FY2024	$108.2M
FY2024	$117.1M

Net assets by fiscal year
FY2020	$289.2M
FY2021	$344.2M
FY2022	$319.6M
FY2023	$334.1M
FY2024	$341.3M
FY2024	$356.9M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 1923.

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

Where the money goes

92 cents of each dollar spent went to programs.

92%

Program services 92% · $107.4M Management & general 6% · $7.0M Fundraising 2% · $2.7M

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

56 people listed on the 990; $2.4M paid to officers and key staff.

Part VII, Section A · reportable compensation

Robert R Lindgren ESQ.

President

$334,191Pt VII · Sec A

Brenda Poggendorf

VP Enrollment

$235,186Pt VII · Sec A

Cynthia Rubenstein

Founding Chair of Nursing

$232,553Pt VII · Sec A

Mark G Malvasi

Professor of History

$231,603Pt VII · Sec A

Alisa J Rosenthal

Provost

$221,678Pt VII · Sec A

Paul T Davies

Former VP Admin & Finance

$189,630Pt VII · Sec A

Diane M Lowder ESQ.

VP Advancement

$186,128Pt VII · Sec A

Robert G Young

VP Admin & Finance

$176,109Pt VII · Sec A

Robert R Lindgren ESQ’s $334K as President is at the 17th 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

Name	FY2024	FY2024	FY2023	FY2022	FY2021	FY2020
Robert R Lindgren ESQ	$334,191	$410,505	$298,751	$298,751	$286,849	$289,466
Diane M Lowder ESQ	$186,128	$180,784	$295,676	$295,676	$161,870	$166,514
Paul T Davies	$189,630	$257,432	$173,012	$173,012	$165,741	$173,367
Brenda Poggendorf	$235,186	$152,428	—	—	—	—
Cynthia Rubenstein	$232,553	$178,668	$148,202	$148,202	$147,516	$148,715
Mark G Malvasi	$231,603	—	—	—	—	—
Alisa J Rosenthal	$221,678	$189,133	$169,198	$169,198	$171,993	$94,988
William T Franz PHD	—	—	—	—	—	$178,989

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 Randolph-Macon 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

Develops minds and character through a liberal arts education.

Provided by the organization

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1 program · $107.4M · in their own filed words · FY2024

01

Randolph-macon college is an institution of higher education providing a four year liberal arts curriculum to approximately 1,843 students.

$107.4Mprogram 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

Folds of Honor FoundationFY2025$22K

Randolph Ph-Macon College-Asheland Tr UwFY2025$6K

Bayport FoundationFY2025$4K

Total grants receivedfrom 3 funders$31K

See all 3 funders →

Grants paid · 21 grants · $283.2M · 2019–2024

Unitemized GrantFY2024$43,921,446

Unitemized GrantFY2024$3,532,893

Unitemized GrantFY2024$126,104

Unitemized GrantFY2023$39,378,174

Unitemized GrantFY2023$2,596,147

Unitemized GrantFY2023$194,600

Unitemized GrantFY2022$36,632,584

Unitemized GrantFY2022$2,431,518

Unitemized GrantFY2022$239,837

Unitemized GrantFY2021$36,554,105

Unitemized GrantFY2021$2,021,331

Unitemized GrantFY2021$244,250

Unitemized GrantFY2020$36,402,980

Unitemized GrantFY2020$2,699,470

Unitemized GrantFY2020$273,153

See all 21 grants →

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$126.1M

Ln 12

Fees for servicesLn 2g$97.7M

Gifts and grantsLn 1h$11.7M

Investment incomeLn 3$11.3M

Money outPt IX

$117.1M

Ln 25

Programscol B$107.4M

Managementcol C$7.0M

Fundraisingcol D$2.7M

Owns and owesPt X

$356.9M

net assets · Ln 32

Cash and savingsLn 1–2$35.5M

Total assetsLn 16$444.1M

LiabilitiesLn 26$87.3M

PeoplePt VI, VII

56

listed · VII A

PaidVII A12

Voting boardVI 1a45

IndependentVI 1b44

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$11.7M

Government grantsLn 1e$1.2M

Noncash giftsLn 1g$2.3M

Fees for servicesLn 2g$97.7M

Investment incomeLn 3$11.3M

Other incomeLn 4–11$5.4M

Gains on assetsLn 7$5.7M

Total revenueLn 12$126.1M

Assets in detailPt X, end of year

CashLn 1$28.6M

SavingsLn 2$6.9M

Cash and savings togetherLn 1–2$35.5M

InvestmentsLn 11–13$225.1M

Land, buildings, equipmentLn 10c$169.8M

Other assetsLn 15$2.2M

Total assetsLn 16$444.1M

LiabilitiesLn 26$87.3M

Net assetsLn 32$356.9M

OperationsPt I, VI

EmployeesI 51,346

VolunteersI 68

Fiscal year endsHeaderDecember

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

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$26.8M	$35.5M
InvestmentsLn 11–13	$218.3M	$225.1M
Land, buildings, equipmentLn 10c	$157.2M	$169.8M
Total assetsLn 16	$412.1M	$444.1M
LiabilitiesLn 26	$70.8M	$87.3M
Net assetsLn 32	$341.3M	$356.9M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$47.6M	$47.6M
Pay of current officers, directors and key staffLn 5	$1.0M	$451K	$301K	$251K
Other salaries and wagesLn 7	$30.5M	$26.5M	$2.6M	$1.4M
Pension plan contributionsLn 8	$1.3M	$1.1M	$107K	$66K
Other employee benefitsLn 9	$5.3M	$4.5M	$503K	$284K
Payroll taxesLn 10	$2.2M	$1.9M	$184K	$113K
Legal feesLn 11b	$164K	$88K	$74K	$972
Accounting feesLn 11c	$79K	$72K	$6K	$793
Lobbying feesLn 11d	$3K	$3K
Investment management feesLn 11f	$1.2M		$1.2M
Other fees for servicesLn 11g	$2.1M	$1.9M	$189K	$100K
Advertising and promotionLn 12	$1.6M	$1.6M	$20K	$13K
Office expensesLn 13	$2.2M	$1.8M	$102K	$232K
Information technologyLn 14	$1.9M	$1.7M	$190K	$64K
OccupancyLn 16	$3.5M	$3.4M	$158K	$21K
TravelLn 17	$317K	$235K	$19K	$63K
Conferences, conventions and meetingsLn 19	$1.2M	$1.0M	$80K	$74K
InterestLn 20	$1.3M	$1.2M	$69K	$3K
Depreciation, depletion and amortizationLn 22	$6.4M	$5.8M	$513K	$64K
InsuranceLn 23	$720K	$670	$719K	$7
Other expenses (24a–d)Ln 24	$6.7M	$6.7M	$695	$695
Total functional expensesLn 25	$117.1M	$107.4M	$7.0M	$2.7M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024	$101.9M	$108.2M	−$6.2M	$341.3M	990 PDF
FY2023	$107.7M	$101.5M	$6.1M	$334.1M	990 PDF
FY2022	$106.4M	$96.6M	$9.8M	$319.6M	990 PDF
FY2021	$119.2M	$94.6M	$24.6M	$344.2M	990 PDF
FY2020	$95.3M	$93.0M	$2.3M	$289.2M	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 FY2024 990 (5 parts)

Part I · Summary $126,051,166 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $7,368,318$11,714,048

I-9 Program service revenuePrior year $86,811,659$97,668,719

I-10 Investment incomePrior year $5,505,966$11,313,282

I-11 Other revenuePrior year $2,263,789$5,355,117

I-12 Total revenuePrior year $101,949,732$126,051,166

I-13 Grants and similar amounts paidPrior year $42,168,921$47,580,443

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $36,498,472$40,206,906

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $29,509,191$29,337,008

I-18 Total expensesPrior year $108,176,584$117,124,357

I-19 Revenue less expensesPrior year −$6,226,852$8,926,809

Part VIII · Statement of revenue $126,051,166 across 10 lines filed

Lines not itemized here account for −$56,947 of total revenue; see the IRS return.

VIII-1e Government grants$1,198,084

VIII-1f All other contributions, gifts and grants$10,515,964

VIII-1g Noncash contributions (included above)$2,257,573

VIII-1h Total contributions, gifts and grants$11,714,048

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $97,668,719$97,668,719

VIII-3 Investment incomeUnrelated business −$113,055 · Excluded from tax $5,688,269$5,575,214

VIII-6 Net rental income or lossExcluded from tax $865,023$865,023

VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,738,068$5,738,068

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,785,044 · Unrelated business $761,997$4,547,041

VIII-12 Total revenueRelated to mission $101,450,508 · Unrelated business $595,250 · Excluded from tax $12,291,360$126,051,166

Part IX · Statement of functional expenses $117,124,357 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $47,580,443$47,580,443

IX-5 Pay of current officers, directors and key staffPrograms $451,024 · Management $300,683 · Fundraising $250,569$1,002,276

IX-7 Other salaries and wagesPrograms $26,501,302 · Management $2,562,943 · Fundraising $1,397,549$30,461,794

IX-8 Pension plan contributionsPrograms $1,085,606 · Management $106,651 · Fundraising $65,687$1,257,944

IX-9 Other employee benefitsPrograms $4,525,192 · Management $503,075 · Fundraising $283,977$5,312,244

IX-10 Payroll taxesPrograms $1,874,996 · Management $184,202 · Fundraising $113,450$2,172,648

IX-11b Legal feesPrograms $88,427 · Management $74,215 · Fundraising $972$163,614

IX-11c Accounting feesPrograms $72,163 · Management $6,344 · Fundraising $793$79,300

IX-11d Lobbying feesPrograms $3,042$3,042

IX-11f Investment management feesManagement $1,169,892$1,169,892

IX-11g Other fees for servicesPrograms $1,859,293 · Management $188,579 · Fundraising $100,030$2,147,902

IX-12 Advertising and promotionPrograms $1,591,554 · Management $19,598 · Fundraising $13,095$1,624,247

IX-13 Office expensesPrograms $1,827,656 · Management $102,097 · Fundraising $231,954$2,161,707

IX-14 Information technologyPrograms $1,652,081 · Management $190,093 · Fundraising $64,101$1,906,275

IX-16 OccupancyPrograms $3,363,209 · Management $158,456 · Fundraising $20,730$3,542,395

IX-17 TravelPrograms $234,884 · Management $19,018 · Fundraising $62,862$316,764

IX-19 Conferences, conventions and meetingsPrograms $1,020,084 · Management $79,595 · Fundraising $74,480$1,174,159

IX-20 InterestPrograms $1,178,173 · Management $68,910 · Fundraising $2,952$1,250,035

IX-22 Depreciation, depletion and amortizationPrograms $5,792,656 · Management $513,098 · Fundraising $64,053$6,369,807

IX-23 InsurancePrograms $670 · Management $718,879 · Fundraising $7$719,556

IX-24 Other expenses (24a–d)Programs $6,706,923 · Management $695 · Fundraising $695$6,708,313

IX-25 Total functional expensesPrograms $107,409,378 · Management $6,967,023 · Fundraising $2,747,956$117,124,357

Part X · Balance sheet $444,119,591 assets, 20 lines filed

Asset lines not itemized here account for $1,895,602; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $22,799,563$28,592,676

X-2 Savings and temporary cash investmentsStart of year $4,009,826$6,921,173

X-3 Pledges and grants receivableStart of year $3,670,996$4,605,406

X-4 Accounts receivableStart of year $1,506,363$4,770,946

X-8 Inventories for sale or useStart of year $248,672$223,103

X-10c Land, buildings and equipment, netStart of year $157,194,188$169,813,881

X-11 Publicly traded securitiesStart of year $154,879,020$133,821,222

X-12 Other securitiesStart of year $63,403,669$91,288,991

X-15 Other assetsStart of year $2,107,444$2,186,591

X-16 Total assetsStart of year $412,054,904$444,119,591

X-17 Accounts payable and accrued expensesStart of year $6,562,859$7,504,694

X-19 Deferred revenueStart of year $3,812,441$4,420,207

X-20 Tax-exempt bond liabilitiesStart of year $49,540,956$64,086,699

X-24 Unsecured notes and loans payableStart of year $477,012$397,533

X-25 Other liabilitiesStart of year $10,394,030$10,844,706

X-26 Total liabilitiesStart of year $70,787,298$87,253,839

X-27 Net assets without donor restrictionsStart of year $181,755,325$186,676,534

X-28 Net assets with donor restrictionsStart of year $159,512,281$170,189,218

X-32 Total net assets or fund balancesStart of year $341,267,606$356,865,752

X-33 Total liabilities and net assetsStart of year $412,054,904$444,119,591

Part XI · Reconciliation of net assets $356,865,752 net assets at year end

XI-1 Total revenue$126,051,166

XI-2 Total expenses$117,124,357

XI-3 Revenue less expenses$8,926,809

XI-4 Net assets at start of year$341,267,606

XI-5 Net unrealized gains (losses) on investments$6,671,337

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$356,865,752

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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