Catawba College: Nonprofit Profile, Financials & Form 990 (EIN 56-0530251)

Revenue by fiscal year
FY2020	$66.9M
FY2021	$93.3M
FY2022	$275.8M
FY2023	$98.7M
FY2024	$119.8M
FY2025	$310.5M

Expenses by fiscal year
FY2020	$59.9M
FY2021	$57.6M
FY2022	$61.5M
FY2023	$67.9M
FY2024	$78.5M
FY2025	$95.2M

Net assets by fiscal year
FY2020	$148.9M
FY2021	$202.0M
FY2022	$397.6M
FY2023	$432.0M
FY2024	$545.3M
FY2025	$818.5M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1941.

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

Where the money goes

70 cents of each dollar spent went to programs.

70%

28%

Program services 70% · $66.9M Management & general 28% · $26.7M Fundraising 2% · $1.6M

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

37 people listed on the 990; $2.2M 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

David P Nelson

President

$328,357Pt VII · Sec A

Monica Cowart

EVP & Provost

$244,900Pt VII · Sec A

Margaret K Dees

VP of Development

$228,379Pt VII · Sec A

Imran G Chowdhury

Dean of School of Business

$221,583Pt VII · Sec A

Lee Ball

VP of Sustainability/Exec

$176,353Pt VII · Sec A

Cayce C Will

Chief Information Officer

$158,105Pt VII · Sec A

John E Morrison

Executive Director, Clean

$149,817Pt VII · Sec A

Michelle P Caddigan

VP of Athletics

$147,982Pt VII · Sec A

David P Nelson’s $328K as President is at the 16th 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
David P Nelson	$328,357	$326,200	$322,958	$314,648	—	—
Brien Lewis	—	—	—	—	—	$300,681
Monica Cowart	$244,900	$244,900	—	—	—	—
William B Lewis	—	—	—	—	$238,624	—
Margaret K Dees	$228,379	$225,867	$187,164	$183,047	—	—
Imran G Chowdhury	$221,583	$221,583	—	—	—	—
Nelson Murphy	—	—	—	—	—	$187,544
Constance L Rogers Lowery	—	$142,961	$183,655	$149,309	—	—

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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates students nationally and internationally, offering bachelor's and master's degrees.

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Provided by the organization

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1 program · $66.9M · in their own filed words · FY2024

01

Catawba college is a private, coeducational, and residential institution offering career preparation grounded in the liberal arts tradition. We offer over 70 academic fields of study including strong science and pre-professional programs.

$66.9Mprogram 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

The Hurley-Trammell FoundationFY2025$15K

Davie Community Foundation INCFY2025$14K

Colonel Lloyd E and Joan Platt Witmer Scholarship FundFY2025$10K

Brady FoundationFY2025$10K

Total grants receivedfrom 4 funders$50K

See all 4 funders →

Grants paid · 11 grants · $27.3M · 2019–2024

Unitemized GrantFY2024$5,875,604

Unitemized GrantFY2023$5,297,878

Unitemized GrantFY2023$19,250

Unitemized GrantFY2022$123,240

Unitemized GrantFY2022$12,346

Unitemized GrantFY2021$4,432,251

Unitemized GrantFY2021$1,904,069

Unitemized GrantFY2020$3,992,189

Unitemized GrantFY2020$783,254

Unitemized GrantFY2019$4,195,843

Unitemized GrantFY2019$645,216

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$310.5M

Ln 12

Gifts and grantsLn 1h$254.8M

Fees for servicesLn 2g$50.8M

Investment incomeLn 3$4.9M

Money outPt IX

$95.2M

Ln 25

Programscol B$66.9M

Managementcol C$26.7M

Fundraisingcol D$1.6M

Owns and owesPt X

$818.5M

net assets · Ln 32

Cash and savingsLn 1–2$104.2M

Total assetsLn 16$833.2M

LiabilitiesLn 26$14.7M

PeoplePt VI, VII

37

listed · VII A

PaidVII A12

Voting boardVI 1a20

IndependentVI 1b20

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$254.8M

Fundraising eventsLn 1c$356K

Fees for servicesLn 2g$50.8M

Investment incomeLn 3$4.9M

Other incomeLn 4–11$96K

Gains on assetsLn 7−$1.7M

Total revenueLn 12$310.5M

Assets in detailPt X, end of year

CashLn 1$744K

SavingsLn 2$103.5M

Cash and savings togetherLn 1–2$104.2M

InvestmentsLn 11–13$127.2M

Land, buildings, equipmentLn 10c$102.1M

Other assetsLn 15$493.4M

Total assetsLn 16$833.2M

LiabilitiesLn 26$14.7M

Net assetsLn 32$818.5M

OperationsPt I, VI

EmployeesI 5677

VolunteersI 6150

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$65.0M	$104.2M
InvestmentsLn 11–13	$114.0M	$127.2M
Land, buildings, equipmentLn 10c	$91.5M	$102.1M
Total assetsLn 16	$557.5M	$833.2M
LiabilitiesLn 26	$12.2M	$14.7M
Net assetsLn 32	$545.3M	$818.5M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$26.8M	$26.8M
Grants and assistance to foreign recipientsLn 3	$3.3M	$3.3M
Pay of current officers, directors and key staffLn 5	$1.7M		$1.4M	$367K
Other salaries and wagesLn 7	$22.2M	$16.3M	$5.2M	$651K
Pension plan contributionsLn 8	$1.0M	$758K	$213K	$61K
Other employee benefitsLn 9	$3.1M	$2.1M	$928K
Payroll taxesLn 10	$1.6M	$1.1M	$440K	$70K
Legal feesLn 11b	$222K	$89K	$133K
Accounting feesLn 11c	$296K	$119K	$177K
Professional fundraising feesLn 11e	$22K			$22K
Other fees for servicesLn 11g	$8.7M	$3.5M	$4.9M	$223K
Advertising and promotionLn 12	$1.6M	$639K	$949K	$695
Office expensesLn 13	$861K	$338K	$488K	$36K
OccupancyLn 16	$7.0M	$1.8M	$5.2M	$8K
TravelLn 17	$2.1M	$1.8M	$233K	$52K
Conferences, conventions and meetingsLn 19	$624K	$484K	$104K	$36K
InterestLn 20	$7K	$3K	$4K
Depreciation, depletion and amortizationLn 22	$5.3M	$3.9M	$1.4M
InsuranceLn 23	$914K	$156K	$758K	$33
Other expenses (24a–d)Ln 24	$6.1M	$2.9M	$3.1M	$25K
All other expensesLn 24e	$1.7M	$660K	$935K	$80K
Total functional expensesLn 25	$95.2M	$66.9M	$26.7M	$1.6M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$310.5M	$95.2M	$215.3M	$818.5M	990 PDF
FY2024	$119.8M	$78.5M	$41.3M	$545.3M	990 PDF
FY2023	$98.7M	$67.9M	$30.8M	$432.0M	990 PDF
FY2022	$275.8M	$61.5M	$214.3M	$397.6M	990 PDF
FY2021	$93.3M	$57.6M	$35.7M	$202.0M	990 PDF
FY2020	$66.9M	$59.9M	$7.0M	$148.9M	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 $310,506,126 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $70,635,105$254,774,703

I-9 Program service revenuePrior year $46,696,711$50,776,155

I-10 Investment incomePrior year $2,503,955$4,859,624

I-11 Other revenuePrior year $4,704$95,644

I-12 Total revenuePrior year $119,840,475$310,506,126

I-13 Grants and similar amounts paidPrior year $26,537,728$30,113,533

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

I-15 Salaries and benefitsPrior year $25,733,137$29,680,227

I-16a Professional fundraising feesPrior year $0$22,500

I-17 Other expensesPrior year $26,266,368$35,354,657

I-18 Total expensesPrior year $78,537,233$95,170,917

I-19 Revenue less expensesPrior year $41,303,242$215,335,209

Part VI · Governance 20 of 20 board members independent, 1 to look at

VI-1a Voting members of the governing body20

VI-1b Independent voting members20

VI-2 Family or business relationship among officers or directorsYes

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 $310,506,126 across 9 lines filed

Lines not itemized here account for $1,715,546 of total revenue; see the IRS return.

VIII-1c Fundraising events$355,737

VIII-1f All other contributions, gifts and grants$254,418,966

VIII-1h Total contributions, gifts and grants$254,774,703

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $48,770,883 · Unrelated business $289,726$49,060,609

VIII-3 Investment incomeExcluded from tax $6,592,730$6,592,730

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$1,733,106−$1,733,106

VIII-8 Net income from fundraising eventsExcluded from tax −$15,000−$15,000

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $110,644$110,644

VIII-12 Total revenueRelated to mission $50,486,429 · Unrelated business $289,726 · Excluded from tax $4,955,268$310,506,126

Part IX · Statement of functional expenses $95,170,917 across 21 lines filed

IX-2 Grants to domestic individualsPrograms $26,839,882$26,839,882

IX-3 Grants and assistance to foreign recipientsPrograms $3,273,651$3,273,651

IX-5 Pay of current officers, directors and key staffManagement $1,368,992 · Fundraising $367,427$1,736,419

IX-7 Other salaries and wagesPrograms $16,337,352 · Management $5,240,099 · Fundraising $651,173$22,228,624

IX-8 Pension plan contributionsPrograms $758,025 · Management $213,039 · Fundraising $60,745$1,031,809

IX-9 Other employee benefitsPrograms $2,133,553 · Management $928,307$3,061,860

IX-10 Payroll taxesPrograms $1,111,326 · Management $440,196 · Fundraising $69,993$1,621,515

IX-11b Legal feesPrograms $89,249 · Management $132,648$221,897

IX-11c Accounting feesPrograms $118,952 · Management $176,793$295,745

IX-11e Professional fundraising feesFundraising $22,500$22,500

IX-11g Other fees for servicesPrograms $3,493,305 · Management $4,946,302 · Fundraising $223,143$8,662,750

IX-12 Advertising and promotionPrograms $639,190 · Management $949,305 · Fundraising $695$1,589,190

IX-13 Office expensesPrograms $337,743 · Management $487,561 · Fundraising $35,713$861,017

IX-16 OccupancyPrograms $1,800,648 · Management $5,212,456 · Fundraising $7,670$7,020,774

IX-17 TravelPrograms $1,797,055 · Management $233,292 · Fundraising $51,995$2,082,342

IX-19 Conferences, conventions and meetingsPrograms $483,976 · Management $103,735 · Fundraising $36,108$623,819

IX-20 InterestPrograms $2,924 · Management $4,345$7,269

IX-22 Depreciation, depletion and amortizationPrograms $3,885,335 · Management $1,437,042$5,322,377

IX-23 InsurancePrograms $156,385 · Management $757,799 · Fundraising $33$914,217

IX-24 Other expenses (24a–d)Programs $2,941,757 · Management $3,110,333 · Fundraising $25,161$6,077,251

IX-24e All other expensesPrograms $660,246 · Management $935,295 · Fundraising $80,468$1,676,009

IX-25 Total functional expensesPrograms $66,860,554 · Management $26,677,539 · Fundraising $1,632,824$95,170,917

Part X · Balance sheet $833,178,617 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $709,139$744,238

X-2 Savings and temporary cash investmentsStart of year $64,305,389$103,477,856

X-3 Pledges and grants receivableStart of year $4,342,915$3,305,554

X-4 Accounts receivableStart of year $2,120,884$2,629,155

X-8 Inventories for sale or useStart of year $72,579$0

X-9 Prepaid expenses and deferred chargesStart of year $578,092$350,417

X-10c Land, buildings and equipment, netStart of year $91,469,340$102,061,336

X-11 Publicly traded securitiesStart of year $114,016,073$127,208,547

X-15 Other assetsStart of year $279,886,095$493,401,514

X-16 Total assetsStart of year $557,500,506$833,178,617

X-17 Accounts payable and accrued expensesStart of year $4,066,115$7,062,685

X-19 Deferred revenueStart of year $3,042,911$3,648,137

X-25 Other liabilitiesStart of year $4,919,832$3,986,798

X-26 Total liabilitiesStart of year $12,168,249$14,697,620

X-27 Net assets without donor restrictionsStart of year $56,859,079$55,682,418

X-28 Net assets with donor restrictionsStart of year $488,473,178$762,798,579

X-32 Total net assets or fund balancesStart of year $545,332,257$818,480,997

X-33 Total liabilities and net assetsStart of year $557,500,506$833,178,617

Part XI · Reconciliation of net assets $818,480,997 net assets at year end

XI-1 Total revenue$310,506,126

XI-2 Total expenses$95,170,917

XI-3 Revenue less expenses$215,335,209

XI-4 Net assets at start of year$545,332,257

XI-5 Net unrealized gains (losses) on investments$9,885,676

XI-9 Other changes in net assets$47,927,855

XI-10 Net assets at end of year$818,480,997

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

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