Belmont University is a private, coeducational institution focused on undergraduate and post-graduate education. IT provides an academically challenging education and strives to be a leader among teaching universities bringing together the best of liberal arts and professional education in a christian community of learning and service.

501(c)(3) charity; gifts are tax-deductible.
75¢ of each $1 spent went to programs.
Run by 80 volunteers and 4,701 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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 $85.9M a year · 18% 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
75%
of spending
Fine: 75% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$11.5M
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
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
9
named funders · $258K
Looks good: 9 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$392.9M
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
28
of 28 voting members
Looks good: 28 of 28 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$579.5M
+11% vs prior year
Spent
$493.5M
To programs
75%
Net assets
$1.5B
By yearFY2020–FY2025
Revenue
$579.5M
FY2025▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$378.9M
FY2021$406.4M
FY2022$464.4M
FY2023$454.0M
FY2024$523.2M
FY2025$579.5M
Expenses
$493.5M
FY2025▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$281.3M
FY2021$295.6M
FY2022$352.9M
FY2023$405.7M
FY2024$462.1M
FY2025$493.5M
Net assets
$1.5B
FY2025▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.0B
FY2021$1.2B
FY2022$1.3B
FY2023$1.3B
FY2024$1.4B
FY2025$1.5B

From the FY2025 Form 990 (year ending May 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1951.

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

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $368.5M Management & general 23% · $115.5M Fundraising 2% · $9.5M

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

57 people listed on the 990; $11.5M 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
Head Men's Basketball Coach
$1,484,574Pt VII · Sec A
President
$988,996Pt VII · Sec A
EVP for University Advancement
$626,630Pt VII · Sec A
$491,483Pt VII · Sec A
$486,561Pt VII · Sec A
$486,482Pt VII · Sec A
$457,183Pt VII · Sec A
EVP for Academic Excellence & Provost
$453,901Pt VII · Sec A

Casey Alexander’s $1.5M as Head Men's Basketball Coach is at the 86th 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
Casey Alexander$1,484,574$1,060,640$984,248$865,821$750,558$543,664
Robert Fisher$102,255$212,774$623,074$1,212,890$1,102,090$1,149,083
L Greg Jones$988,996$964,093$945,831$573,367——
Richard Byrd—————$717,542
Bart Brooks$377,554$362,332$664,103$351,083$255,246$246,136
David Rosselli$626,630$318,537————
Anderson Spickard$491,483$402,228$340,948———
Brittany Schaffer$486,561$349,099————

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 15aNo
  • Loans to or from officersSch L · Pt II2 listed

Programs and updates

Provides academically challenging undergraduate and graduate education, professional programs, and student services within a Christian community of learning and service.

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Provided by the organization

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1 program · $368.5M · in their own filed words · FY2024
01

Educational programs, instruction and student services are provided to more than 8,800 students, offering more than 190 undergraduate and graduate academic programs through its twelve colleges and schools, including the mike curb college of entertainment and music business, college of pharmacy, the massey college of business…

$368.5Mprogram 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
See all 9 funders →
Grants paid · 30 grants · $707.6M · 2019–2024
Unitemized GrantFY2024$69,226,227
Unitemized GrantFY2024$57,052,935
Unitemized GrantFY2024$12,442,484
Unitemized GrantFY2024$7,867,353
Unitemized GrantFY2024$1,407,039
Unitemized GrantFY2023$70,922,976
Unitemized GrantFY2023$53,792,059
Unitemized GrantFY2023$7,600,384
Unitemized GrantFY2023$5,104,097
Unitemized GrantFY2023$1,510,548
Unitemized GrantFY2022$67,637,145
Unitemized GrantFY2022$47,151,176
Unitemized GrantFY2022$7,452,081
Unitemized GrantFY2022$4,156,086
Unitemized GrantFY2022$1,482,765
Unitemized GrantFY2021$58,544,644
Unitemized GrantFY2021$43,996,613
Unitemized GrantFY2021$6,868,656
See all 30 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$579.5M
Ln 12
Fees for servicesLn 2g$417.8M
Investment incomeLn 3$72.7M
Gifts and grantsLn 1h$68.9M
Money outPt IX
$493.5M
Ln 25
Programscol B$368.5M
Managementcol C$115.5M
Fundraisingcol D$9.5M
Owns and owesPt X
$1.5B
net assets · Ln 32
Cash and savingsLn 1–2$8.9M
Total assetsLn 16$1.8B
LiabilitiesLn 26$392.9M
PeoplePt VI, VII
57
listed · VII A
PaidVII A28
Voting boardVI 1a28
IndependentVI 1b28
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$68.9M
Government grantsLn 1e$3.3M
Noncash giftsLn 1g$5.1M
Fundraising eventsLn 1c$10K
Fees for servicesLn 2g$417.8M
Investment incomeLn 3$72.7M
Other incomeLn 4–11$20.1M
Gains on assetsLn 7$59.0M
Total revenueLn 12$579.5M
Assets in detailPt X, end of year
CashLn 1$6K
SavingsLn 2$8.9M
Cash and savings togetherLn 1–2$8.9M
InvestmentsLn 11–13$354.8M
Land, buildings, equipmentLn 10c$1.39B
Other assetsLn 15$27.3M
Total assetsLn 16$1.8B
LiabilitiesLn 26$392.9M
Net assetsLn 32$1.5B
OperationsPt I, VI
EmployeesI 54,701
VolunteersI 680
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
LineStart FY25End FY25
Cash and savingsLn 1–2$18.7M$8.9M
InvestmentsLn 11–13$333.6M$354.8M
Land, buildings, equipmentLn 10c$1.30B$1.39B
Total assetsLn 16$1.81B$1.85B
LiabilitiesLn 26$409.1M$392.9M
Net assetsLn 32$1.40B$1.46B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$148.0M$148.0M
Grants and assistance to foreign recipientsLn 3$442K$442K
Pay of current officers, directors and key staffLn 5$7.1M$5.7M$1.2M$246K
Other salaries and wagesLn 7$154.8M$123.6M$25.9M$5.4M
Pension plan contributionsLn 8$6.6M$0$6.6M$0
Other employee benefitsLn 9$32.5M$31.1M$0$1.4M
Payroll taxesLn 10$2.7M$0$2.7M$0
Legal feesLn 11b$313K$13K$300K$0
Accounting feesLn 11c$207K$0$207K$0
Investment management feesLn 11f$415K$0$415K$0
Other fees for servicesLn 11g$17.5M$7.0M$9.6M$824K
Advertising and promotionLn 12$5.0M$1.9M$3.0M$111K
Office expensesLn 13$8.3M$3.8M$4.1M$310K
Information technologyLn 14$1.4M$511K$736K$111K
RoyaltiesLn 15$2K$2K$0$0
OccupancyLn 16$34.7M$18.3M$16.3M$25K
TravelLn 17$11.6M$10.1M$1.1M$312K
Conferences, conventions and meetingsLn 19$3.6M$808K$2.1M$689K
InterestLn 20$15.1M$7K$15.1M$0
Depreciation, depletion and amortizationLn 22$20.1M$4.2M$15.8M$0
InsuranceLn 23$2.9M$269K$2.6M$0
Other expenses (24a–d)Ln 24$18.1M$11.8M$6.2M$44K
All other expensesLn 24e$2.2M$759K$1.5M$468
Total functional expensesLn 25$493.5M$368.5M$115.5M$9.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $579.5M$493.5M$86.0M$1.5B 990 PDF
FY2024 $523.2M$462.1M$61.1M$1.4B 990 PDF
FY2023 $454.0M$405.7M$48.3M$1.3B 990 PDF
FY2022 $464.4M$352.9M$111.5M$1.3B 990 PDF
FY2021 $406.4M$295.6M$110.8M$1.2B 990 PDF
FY2020 $378.9M$281.3M$97.5M$1.0B 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 $579,470,406 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $59,815,328$68,851,596
I-9 Program service revenuePrior year $421,771,162$417,814,068
I-10 Investment incomePrior year $26,749,783$72,736,497
I-11 Other revenuePrior year $14,859,948$20,068,245
I-12 Total revenuePrior year $523,196,221$579,470,406
I-13 Grants and similar amounts paidPrior year $139,275,316$148,437,567
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $182,443,700$203,747,233
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $140,391,015$141,291,416
I-18 Total expensesPrior year $462,110,031$493,476,216
I-19 Revenue less expensesPrior year $61,086,190$85,994,190
Part VI · Governance 28 of 28 board members independent, 1 to look at
VI-1a Voting members of the governing body28
VI-1b Independent voting members28
VI-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $579,470,406 across 13 lines filed
Lines not itemized here account for $881,420 of total revenue; see the IRS return.
VIII-1c Fundraising events$10,500
VIII-1e Government grants$3,274,332
VIII-1f All other contributions, gifts and grants$65,566,764
VIII-1g Noncash contributions (included above)$5,088,693
VIII-1h Total contributions, gifts and grants$68,851,596
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $416,978,857$416,978,857
VIII-3 Investment incomeUnrelated business $211,629 · Excluded from tax $13,545,171$13,756,800
VIII-5 RoyaltiesExcluded from tax $966,664$966,664
VIII-6 Net rental income or lossExcluded from tax $245,594$245,594
VIII-7 Net gain or loss on sales of assetsExcluded from tax $58,979,697$58,979,697
VIII-8 Net income from fundraising eventsExcluded from tax −$1,990−$1,990
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $10,759,185 · Unrelated business $8,052,583 · Excluded from tax $0$18,811,768
VIII-12 Total revenueRelated to mission $428,573,253 · Unrelated business $8,264,212 · Excluded from tax $73,781,345$579,470,406
Part IX · Statement of functional expenses $493,476,216 across 23 lines filed
IX-2 Grants to domestic individualsPrograms $147,996,040$147,996,040
IX-3 Grants and assistance to foreign recipientsPrograms $441,527$441,527
IX-5 Pay of current officers, directors and key staffPrograms $5,658,660 · Management $1,183,476 · Fundraising $245,700$7,087,836
IX-7 Other salaries and wagesPrograms $123,610,847 · Management $25,852,485 · Fundraising $5,367,210$154,830,542
IX-8 Pension plan contributionsPrograms $0 · Management $6,592,355 · Fundraising $0$6,592,355
IX-9 Other employee benefitsPrograms $31,071,554 · Management $0 · Fundraising $1,432,136$32,503,690
IX-10 Payroll taxesPrograms $0 · Management $2,732,810 · Fundraising $0$2,732,810
IX-11b Legal feesPrograms $12,962 · Management $299,625 · Fundraising $0$312,587
IX-11c Accounting feesPrograms $0 · Management $207,046 · Fundraising $0$207,046
IX-11f Investment management feesPrograms $0 · Management $415,258 · Fundraising $0$415,258
IX-11g Other fees for servicesPrograms $7,049,858 · Management $9,644,778 · Fundraising $823,586$17,518,222
IX-12 Advertising and promotionPrograms $1,897,310 · Management $2,951,550 · Fundraising $110,554$4,959,414
IX-13 Office expensesPrograms $3,834,394 · Management $4,148,394 · Fundraising $310,020$8,292,808
IX-14 Information technologyPrograms $511,158 · Management $735,824 · Fundraising $111,156$1,358,138
IX-15 RoyaltiesPrograms $1,572 · Management $0 · Fundraising $0$1,572
IX-16 OccupancyPrograms $18,316,280 · Management $16,339,149 · Fundraising $25,281$34,680,710
IX-17 TravelPrograms $10,148,376 · Management $1,126,028 · Fundraising $312,416$11,586,820
IX-19 Conferences, conventions and meetingsPrograms $808,250 · Management $2,074,017 · Fundraising $688,979$3,571,246
IX-20 InterestPrograms $7,215 · Management $15,105,566 · Fundraising $0$15,112,781
IX-22 Depreciation, depletion and amortizationPrograms $4,234,920 · Management $15,835,316 · Fundraising $0$20,070,236
IX-23 InsurancePrograms $269,180 · Management $2,597,936 · Fundraising $0$2,867,116
IX-24 Other expenses (24a–d)Programs $11,838,644 · Management $6,206,006 · Fundraising $43,651$18,088,301
IX-24e All other expensesPrograms $758,917 · Management $1,489,776 · Fundraising $468$2,249,161
IX-25 Total functional expensesPrograms $368,467,664 · Management $115,537,395 · Fundraising $9,471,157$493,476,216
Part X · Balance sheet $1,849,461,397 assets, 19 lines filed
Asset lines not itemized here account for $4,601,276; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $5,675$5,551
X-2 Savings and temporary cash investmentsStart of year $18,667,678$8,866,838
X-3 Pledges and grants receivableStart of year $54,450,723$61,016,893
X-4 Accounts receivableStart of year $7,830,217$4,241,055
X-8 Inventories for sale or useStart of year $582,602$601,002
X-9 Prepaid expenses and deferred chargesStart of year $985,182$2,581,040
X-10c Land, buildings and equipment, netStart of year $1,296,961,938$1,385,441,659
X-11 Publicly traded securitiesStart of year $333,628,776$354,846,445
X-15 Other assetsStart of year $96,132,616$27,259,638
X-16 Total assetsStart of year $1,813,637,235$1,849,461,397
X-17 Accounts payable and accrued expensesStart of year $29,486,095$31,727,079
X-19 Deferred revenueStart of year $11,407,033$20,814,843
X-20 Tax-exempt bond liabilitiesStart of year $319,220,735$311,864,442
X-25 Other liabilitiesStart of year $43,653,317$23,385,193
X-26 Total liabilitiesStart of year $409,057,763$392,892,326
X-27 Net assets without donor restrictionsStart of year $1,060,345,309$1,029,525,212
X-28 Net assets with donor restrictionsStart of year $344,234,163$427,043,859
X-32 Total net assets or fund balancesStart of year $1,404,579,472$1,456,569,071
X-33 Total liabilities and net assetsStart of year $1,813,637,235$1,849,461,397
Part XI · Reconciliation of net assets $1,456,569,071 net assets at year end
XI-1 Total revenue$579,470,406
XI-2 Total expenses$493,476,216
XI-3 Revenue less expenses$85,994,190
XI-4 Net assets at start of year$1,404,579,472
XI-5 Net unrealized gains (losses) on investments−$34,003,880
XI-9 Other changes in net assets−$711
XI-10 Net assets at end of year$1,456,569,071

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

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