Mary Baldwin University: Nonprofit Profile, Financials & Form 990 (EIN 54-0506319)

Revenue by fiscal year
FY2020	$55.7M
FY2021	$65.7M
FY2022	$83.2M
FY2023	$60.2M
FY2024	$56.7M
FY2025	$60.2M

Expenses by fiscal year
FY2020	$63.6M
FY2021	$58.2M
FY2022	$66.9M
FY2023	$67.2M
FY2024	$66.1M
FY2025	$60.3M

Net assets by fiscal year
FY2020	$40.7M
FY2021	$50.2M
FY2022	$63.2M
FY2023	$59.4M
FY2024	$52.8M
FY2025	$52.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1933.

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

Where the money goes

84 cents of each dollar spent went to programs.

84%

14%

Program services 84% · $50.6M Management & general 14% · $8.6M Fundraising 2% · $1.2M

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

35 people listed on the 990; $2.4M 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

Jeffrey Stein

President

$324,904Pt VII · Sec A

Jennifer McPherson

Program Director-Nap Program

$275,414Pt VII · Sec A

William Webb

Chief Growth Officer/SVP & Dean, Palmer College

$260,707Pt VII · Sec A

Paul Menzer

Provost

$249,137Pt VII · Sec A

Todd Telemeco

VP and Dean of Mdchs

$228,884Pt VII · Sec A

Mary Harvey

VP of Advancement

$211,114Pt VII · Sec A

Liesel Crosier

VP for Oic/Interim Vpem

$184,706Pt VII · Sec A

Amy Diduch

VP and Dean of College of Arts & Sciences

$181,919Pt VII · Sec A

Jeffrey Stein’s $325K as President is at the 69th percentile of top reported officer pay among 3683 $10–100M 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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Pamela Fox	—	$406,209	$434,380	$339,978	$315,432	$319,543
Jeffrey Stein	$324,904	$200,258	—	—	—	—
Sean Simplicio	—	$299,779	$277,306	$229,677	$53,612	—
William Webb	$260,707	$280,621	$244,658	—	—	—
Jennifer McPherson	$275,414	—	—	—	—	—
Jennifer Sauer	—	—	—	—	—	$267,060
Deborah Greubel	—	—	$201,923	$215,852	$207,318	$253,119
Paul Menzer	$249,137	$206,813	—	—	—	—

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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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

Educates diverse students for purposeful lives through liberal arts and professional programs.

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Provided by the organization

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2 programs · $50.6M · in their own filed words · FY2024

01

Instructional

Various programs such as traditional degrees, continuing education, summer programs, consortium and studies abroad to approximately 2,167 students.

$33.7Mprogram expense

02

Scholarships and Fellowships

The univesity awarded approximately 1,085 students financial aid assistance through insitutional means. Financial aid is funded by federal, state, private and institutional means.

$16.8Mprogram 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$15K

Simpson Family Foundation INCFY2025$5K

Total grants receivedfrom 2 funders$20K

Grants paid · 10 grants · $115.3M · 2019–2024

Unitemized GrantFY2024$16,690,056

Unitemized GrantFY2024$137,755

Unitemized GrantFY2023$18,152,092

Unitemized GrantFY2023$286,772

Unitemized GrantFY2022$18,587,137

Unitemized GrantFY2022$209,014

Unitemized GrantFY2021$20,807,101

Unitemized GrantFY2021$115,604

Unitemized GrantFY2020$20,605,288

Unitemized GrantFY2019$19,723,032

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$60.2M

Ln 12

Fees for servicesLn 2g$48.7M

Gifts and grantsLn 1h$7.9M

Investment incomeLn 3$3.5M

Money outPt IX

$60.3M

Ln 25

Programscol B$50.6M

Managementcol C$8.6M

Fundraisingcol D$1.2M

Owns and owesPt X

$52.0M

net assets · Ln 32

Cash and savingsLn 1–2$2.5M

Total assetsLn 16$76.2M

LiabilitiesLn 26$24.3M

PeoplePt VI, VII

35

listed · VII A

PaidVII A11

Voting boardVI 1a26

IndependentVI 1b24

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.9M

Government grantsLn 1e$882K

Noncash giftsLn 1g$6.8M

Fees for servicesLn 2g$48.7M

Investment incomeLn 3$3.5M

Other incomeLn 4–11$109K

Gains on assetsLn 7$2.9M

Total revenueLn 12$60.2M

Assets in detailPt X, end of year

SavingsLn 2$2.5M

Cash and savings togetherLn 1–2$2.5M

InvestmentsLn 11–13$28.4M

Land, buildings, equipmentLn 10c$29.1M

Other assetsLn 15$400K

Total assetsLn 16$76.2M

LiabilitiesLn 26$24.3M

Net assetsLn 32$52.0M

OperationsPt I, VI

EmployeesI 5645

VolunteersI 60

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$2.7M	$2.5M
InvestmentsLn 11–13	$27.2M	$28.4M
Land, buildings, equipmentLn 10c	$31.4M	$29.1M
Total assetsLn 16	$77.9M	$76.2M
LiabilitiesLn 26	$25.2M	$24.3M
Net assetsLn 32	$52.8M	$52.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$16.8M	$16.8M
Pay of current officers, directors and key staffLn 5	$611K		$433K	$178K
Other salaries and wagesLn 7	$20.0M	$16.5M	$2.9M	$589K
Pension plan contributionsLn 8	$45K	$45K
Other employee benefitsLn 9	$3.4M	$2.7M	$621K	$100K
Payroll taxesLn 10	$1.5M	$1.2M	$226K	$54K
Legal feesLn 11b	$43K		$43K
Accounting feesLn 11c	$94K		$94K
Lobbying feesLn 11d	$511		$511
Investment management feesLn 11f	$88K		$88K
Other fees for servicesLn 11g	$5.4M	$4.7M	$663K	$50K
Advertising and promotionLn 12	$115K	$53K	$62K
Office expensesLn 13	$695K	$497K	$158K	$40K
OccupancyLn 16	$2.5M	$2.1M	$337K	$73K
TravelLn 17	$547K	$499K	$39K	$9K
InterestLn 20	$1.1M	$1.1M
Depreciation, depletion and amortizationLn 22	$2.5M	$2.3M	$217K
InsuranceLn 23	$440K		$440K	$873
Other expenses (24a–d)Ln 24	$4.5M	$2.2M	$2.2M	$86K
Total functional expensesLn 25	$60.3M	$50.6M	$8.6M	$1.2M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$60.2M	$60.3M	−$97K	$52.0M	990 PDF
FY2024	$56.7M	$66.1M	−$9.4M	$52.8M	990 PDF
FY2023	$60.2M	$67.2M	−$6.9M	$59.4M	990 PDF
FY2022	$83.2M	$66.9M	$16.3M	$63.2M	990 PDF
FY2021	$65.7M	$58.2M	$7.5M	$50.2M	990 PDF
FY2020	$55.7M	$63.6M	−$7.8M	$40.7M	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 FY2025 990 (6 parts)

Part I · Summary $60,209,727 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $6,140,779$7,870,402

I-9 Program service revenuePrior year $49,367,383$48,732,327

I-10 Investment incomePrior year $1,061,945$3,497,961

I-11 Other revenuePrior year $92,225$109,037

I-12 Total revenuePrior year $56,662,332$60,209,727

I-13 Grants and similar amounts paidPrior year $18,438,864$16,827,811

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

I-15 Salaries and benefitsPrior year $29,312,260$25,548,766

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

I-17 Other expensesPrior year $18,319,531$17,930,138

I-18 Total expensesPrior year $66,070,655$60,306,715

I-19 Revenue less expensesPrior year −$9,408,323−$96,988

Part VI · Governance 24 of 26 board members independent, no flags

VI-1a Voting members of the governing body26

VI-1b Independent voting members24

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 $60,209,727 across 9 lines filed

VIII-1e Government grants$881,848

VIII-1f All other contributions, gifts and grants$6,988,554

VIII-1g Noncash contributions (included above)$6,827,135

VIII-1h Total contributions, gifts and grants$7,870,402

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $48,732,327$48,732,327

VIII-3 Investment incomeUnrelated business −$3,257 · Excluded from tax $620,851$617,594

VIII-7 Net gain or loss on sales of assetsRelated to mission $9,518 · Excluded from tax $2,870,849$2,880,367

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $109,037$109,037

VIII-12 Total revenueRelated to mission $48,850,882 · Unrelated business −$3,257 · Excluded from tax $3,491,700$60,209,727

Part IX · Statement of functional expenses $60,306,715 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $16,827,811$16,827,811

IX-5 Pay of current officers, directors and key staffManagement $433,343 · Fundraising $177,584$610,927

IX-7 Other salaries and wagesPrograms $16,520,258 · Management $2,922,072 · Fundraising $589,108$20,031,438

IX-8 Pension plan contributionsPrograms $45,225$45,225

IX-9 Other employee benefitsPrograms $2,682,680 · Management $621,177 · Fundraising $99,558$3,403,415

IX-10 Payroll taxesPrograms $1,178,476 · Management $225,501 · Fundraising $53,784$1,457,761

IX-11b Legal feesManagement $43,282$43,282

IX-11c Accounting feesManagement $94,236$94,236

IX-11d Lobbying feesManagement $511$511

IX-11f Investment management feesManagement $88,000$88,000

IX-11g Other fees for servicesPrograms $4,717,938 · Management $662,551 · Fundraising $49,534$5,430,023

IX-12 Advertising and promotionPrograms $53,125 · Management $62,052$115,177

IX-13 Office expensesPrograms $497,491 · Management $157,613 · Fundraising $39,617$694,721

IX-16 OccupancyPrograms $2,069,851 · Management $337,074 · Fundraising $72,961$2,479,886

IX-17 TravelPrograms $498,891 · Management $39,461 · Fundraising $8,650$547,002

IX-20 InterestPrograms $1,056,777$1,056,777

IX-22 Depreciation, depletion and amortizationPrograms $2,252,446 · Management $217,315$2,469,761

IX-23 InsuranceManagement $439,557 · Fundraising $873$440,430

IX-24 Other expenses (24a–d)Programs $2,159,019 · Management $2,224,982 · Fundraising $86,331$4,470,332

IX-25 Total functional expensesPrograms $50,559,988 · Management $8,568,727 · Fundraising $1,178,000$60,306,715

Part X · Balance sheet $76,209,090 assets, 19 lines filed

Asset lines not itemized here account for $19,797; see the IRS return.

X-2 Savings and temporary cash investmentsStart of year $2,685,460$2,504,506

X-3 Pledges and grants receivableStart of year $14,122,244$12,730,654

X-4 Accounts receivableStart of year $1,623,226$2,501,386

X-8 Inventories for sale or useStart of year $77,748$111,823

X-9 Prepaid expenses and deferred chargesStart of year $326,159$435,490

X-10c Land, buildings and equipment, netStart of year $31,413,492$29,106,110

X-11 Publicly traded securitiesStart of year $20,359,057$22,532,945

X-12 Other securitiesStart of year $6,828,486$5,866,825

X-15 Other assetsStart of year $475,803$399,554

X-16 Total assetsStart of year $77,940,208$76,209,090

X-17 Accounts payable and accrued expensesStart of year $2,187,463$1,480,622

X-18 Grants payableStart of year $164,687$160,477

X-19 Deferred revenueStart of year $3,145,451$3,624,757

X-25 Other liabilitiesStart of year $885,501$682,304

X-26 Total liabilitiesStart of year $25,187,602$24,258,082

X-27 Net assets without donor restrictionsStart of year $10,710,714$10,191,283

X-28 Net assets with donor restrictionsStart of year $42,041,892$41,759,725

X-32 Total net assets or fund balancesStart of year $52,752,606$51,951,008

X-33 Total liabilities and net assetsStart of year $77,940,208$76,209,090

Part XI · Reconciliation of net assets $51,951,008 net assets at year end

XI-1 Total revenue$60,209,727

XI-2 Total expenses$60,306,715

XI-3 Revenue less expenses−$96,988

XI-4 Net assets at start of year$52,752,606

XI-5 Net unrealized gains (losses) on investments−$704,610

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$51,951,008

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

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