Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1939.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
88 cents of each dollar spent went to programs.
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
48 people listed on the 990; $3.0M paid to officers and key staff.
Tracy Fitzsimmons’s $364K as President and Registered Agent is at the 21st 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Tracy Fitzsimmons | $363,848 | $408,597 | $386,902 | $401,302 | $364,321 | $411,344 |
| Robert Dicenzo | — | — | — | — | $232,137 | $216,552 |
| Robert Keasler | — | — | — | $230,668 | — | — |
| Robert Kidd | $225,906 | $217,762 | $176,852 | — | — | — |
| Robert L Keasler JR | — | — | — | — | $225,714 | $221,971 |
| Mitchell L Moore | $212,949 | $221,771 | $215,107 | $220,094 | $201,883 | $196,485 |
| Cameron McCoy | — | $203,605 | $207,614 | $114,577 | — | — |
| Philip Evans | $205,443 | $201,942 | $190,269 | $150,322 | $150,594 | $139,676 |
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
Provides higher education that combines scholarship, experiential learning, and technology to prepare students for successful careers and ethical, global citizenship.
Questions for Shenandoah University
Your first name shows with your question. Shenandoah University answers here, for everyone.
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During the fiscal year 2024-2025, shenandoah university saw enrollment remain steady, with 4,454 students enrolled in fall 2024. Shenandoah continued to expand its list of over 200 academic offerings at the undergraduate and graduate levels, adding master of science in applied cyber security, master of science in clinical mental health…
Student services includes admissions, registrar, student affairs, student organizations, and athletic programs. During fiscal year 2024-2025, shenandoah university had over 70 recognized student clubs and organizations.
Auxiliary services includes the university's residence halls, bookstore, and child care facilities. During fiscal year 2024-2025, shenandoah set a new all-time high with over 1,230 students residing in its 11 residence halls.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $30.2M | $35.1M |
| InvestmentsLn 11–13 | $86.9M | $94.1M |
| Land, buildings, equipmentLn 10c | $179.8M | $175.8M |
| Total assetsLn 16 | $334.7M | $349.6M |
| LiabilitiesLn 26 | $114.2M | $107.0M |
| Net assetsLn 32 | $220.5M | $242.5M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic individualsLn 2 | $33.5M | $33.5M | ||
| Pay of current officers, directors and key staffLn 5 | $2.5M | $1.2M | $812K | $427K |
| Other salaries and wagesLn 7 | $56.0M | $48.8M | $6.2M | $955K |
| Pension plan contributionsLn 8 | $3.2M | $2.5M | $643K | $61K |
| Other employee benefitsLn 9 | $6.1M | $5.0M | $1.0M | $115K |
| Payroll taxesLn 10 | $3.8M | $3.3M | $467K | $92K |
| Legal feesLn 11b | $153K | $2K | $151K | |
| Accounting feesLn 11c | $82K | $82K | ||
| Lobbying feesLn 11d | $6K | $6K | ||
| Investment management feesLn 11f | $27K | $27K | ||
| Advertising and promotionLn 12 | $214K | $129K | $85K | |
| Office expensesLn 13 | $2.5M | $2.2M | $293K | $21K |
| OccupancyLn 16 | $8.7M | $7.9M | $733K | $2K |
| TravelLn 17 | $3.5M | $3.5M | $78K | $6K |
| InterestLn 20 | $2.8M | $2.7M | $86K | |
| Depreciation, depletion and amortizationLn 22 | $9.5M | $8.6M | $902K | |
| InsuranceLn 23 | $1.5M | $549K | $921K | |
| Other expenses (24a–d)Ln 24 | $12.0M | $10.1M | $1.9M | $31K |
| All other expensesLn 24e | $3.2M | $1.4M | $1.7M | $99K |
| Total functional expensesLn 25 | $149.3M | $131.3M | $16.2M | $1.8M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $172.4M | $149.3M | $23.0M | $242.5M | 990 PDF |
| FY2024 | $171.0M | $148.1M | $22.9M | $220.5M | 990 PDF |
| FY2023 | $149.2M | $144.2M | $4.9M | $189.6M | 990 PDF |
| FY2022 | $144.6M | $137.5M | $7.1M | $177.2M | 990 PDF |
| FY2021 | $145.5M | $129.8M | $15.7M | $174.7M | 990 PDF |
| FY2020 | $128.4M | $130.0M | −$1.6M | $146.6M | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $172,357,275 revenue, 12 lines filed
Part VI · Governance 28 of 32 board members independent, no flags
Part VIII · Statement of revenue $172,357,275 across 8 lines filed
Part IX · Statement of functional expenses $149,319,133 across 19 lines filed
Part X · Balance sheet $349,560,824 assets, 21 lines filed
Part XI · Reconciliation of net assets $242,546,373 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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