501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Run by 5,500 volunteers and 14,639 employees.
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 $537.2M a year · 21% 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
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$36.8M
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
6 mo
of spending, in cash
Plus $10.92B in investments, Pt X · Ln 11–13
Looks good: 5.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
34
named funders · $969K
Looks good: 34 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$3.6B
25% of total assets
Looks good: liabilities are 25% of assets; 50% or less.
Pt X · Ln 26
Independent board members
34
of 35 voting members
Looks good: 34 of 35 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.8B
+10% vs prior year
Spent
$2.4B
To programs
79%
Net assets
$11.2B
By yearFY2020–FY2025
Revenue
$2.8B
FY2025▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.7B
FY2021$2.8B
FY2022$3.3B
FY2023$2.3B
FY2024$2.6B
FY2025$2.8B
Expenses
$2.4B
FY2025▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.6B
FY2021$1.9B
FY2022$2.0B
FY2023$2.0B
FY2024$2.3B
FY2025$2.4B
Net assets
$11.2B
FY2025▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.5B
FY2021$10.5B
FY2022$10.0B
FY2023$9.7B
FY2024$10.3B
FY2025$11.2B

From the FY2025 Form 990 (year ending June 2025) · see the original

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Is it real?

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

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

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $1.9B Management & general 19% · $452.9M Fundraising 2% · $54.6M

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

57 people listed on the 990; $36.8M 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
See Schedule O
$5,747,977Pt VII · Sec A
See Schedule O
$4,779,501Pt VII · Sec A
See Schedule O
$4,302,829Pt VII · Sec A
See Schedule O
$3,020,799Pt VII · Sec A
See Schedule O
$2,600,247Pt VII · Sec A
See Schedule O
$1,742,426Pt VII · Sec A
See Schedule O
$1,680,346Pt VII · Sec A
See Schedule O
$1,406,800Pt VII · Sec A

Anders W Hall’s $5.7M as See Schedule O is at the 97th 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
Anders W Hall$5,747,977$6,001,511$4,755,711$2,873,269$2,373,080$1,358,605
Jerry Stackhouse$4,779,501$4,187,650$3,771,194$3,056,059$2,997,211$2,168,358
Clark Lea$4,302,829$3,663,116$3,144,922$3,011,618——
Derek Mason—$2,166,660$2,166,660$2,166,660$3,046,542$4,159,704
Bryce Drew—————$3,184,066
Nicholas S Zeppos$223,542$218,072$2,280,172$961,716$1,539,843$3,152,157
Daniel Diermeier$3,020,799$2,427,798$2,086,789$1,911,404$924,409—
Mark Byington$2,600,247—————

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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Conducts academic and scientific research and provides higher education.

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Provided by the organization

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2 programs · $1.9B · in their own filed words · FY2024
01

See Schedule O

Education

$1.4Bprogram expense
02

See Schedule O

Academic and Scientific Research

$485.7Mprogram 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 34 funders →
Grants paid · 1,041 grants · $2.8B · 2019–2024
Unitemized GrantFY2024$474,486,535
The Scripps Research InstituteCA · FY2024$2,519,368
The Learning Agency LLCFY2024$1,583,879
Yale UniversityCT · FY2024$1,442,586
Johns Hopkins UniversityMD · FY2024$1,098,504
University of Texas at AustinFY2024$1,092,668
Northwestern UniversityIL · FY2024$1,010,744
Leidos INCFY2024$943,580
University of UtahUT · FY2024$855,779
George Mason UniversityFY2024$644,023
University of South AlabamaAL · FY2024$641,275
Fisk UniversityTN · FY2024$617,297
University of South FloridaFY2024$609,917
Emory UniversityGA · FY2024$562,779
See all 1,041 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$2.8B
Ln 12
Fees for servicesLn 2g$1.5B
Investment incomeLn 3$751.3M
Gifts and grantsLn 1h$494.7M
Money outPt IX
$2.4B
Ln 25
Programscol B$1.9B
Managementcol C$452.9M
Fundraisingcol D$54.6M
Owns and owesPt X
$11.2B
net assets · Ln 32
Cash and savingsLn 1–2$1.1B
Total assetsLn 16$14.8B
LiabilitiesLn 26$3.6B
PeoplePt VI, VII
57
listed · VII A
PaidVII A23
Voting boardVI 1a35
IndependentVI 1b34
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$494.7M
Government grantsLn 1e$232.9M
Noncash giftsLn 1g$74.7M
Fundraising eventsLn 1c$133K
Fees for servicesLn 2g$1.5B
Investment incomeLn 3$751.3M
Other incomeLn 4–11$42.9M
Gains on assetsLn 7$556.7M
Total revenueLn 12$2.8B
Assets in detailPt X, end of year
CashLn 1$94.3M
SavingsLn 2$1.05B
Cash and savings togetherLn 1–2$1.1B
InvestmentsLn 11–13$10.92B
Land, buildings, equipmentLn 10c$2.37B
Other assetsLn 15$25.6M
Total assetsLn 16$14.8B
LiabilitiesLn 26$3.6B
Net assetsLn 32$11.2B
OperationsPt I, VI
EmployeesI 514,639
VolunteersI 65,500
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
LineStart FY25End FY25
Cash and savingsLn 1–2$794.0M$1.14B
InvestmentsLn 11–13$10.56B$10.92B
Land, buildings, equipmentLn 10c$2.08B$2.37B
Total assetsLn 16$13.77B$14.82B
LiabilitiesLn 26$3.47B$3.64B
Net assetsLn 32$10.30B$11.18B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$91.4M$91.4M
Grants to domestic individualsLn 2$474.5M$474.5M
Grants and assistance to foreign recipientsLn 3$3.4M$3.4M
Pay of current officers, directors and key staffLn 5$18.6M$4.4M$10.6M$3.6M
Pay of disqualified personsLn 6$124K$124K
Other salaries and wagesLn 7$775.3M$664.0M$86.0M$25.3M
Pension plan contributionsLn 8$47.0M$40.3M$5.2M$1.5M
Other employee benefitsLn 9$88.1M$56.1M$24.5M$7.5M
Payroll taxesLn 10$48.5M$41.6M$5.4M$1.6M
Management feesLn 11a$1.8M$196K$1.6M
Legal feesLn 11b$10.7M$10.7M
Accounting feesLn 11c$838K$838K
Lobbying feesLn 11d$464K$464K
Professional fundraising feesLn 11e$632K$632K
Investment management feesLn 11f$77.7M$77.7M
Other fees for servicesLn 11g$117.0M$84.2M$32.5M$299K
Advertising and promotionLn 12$8.1M$6.0M$1.7M$376K
Office expensesLn 13$99.0M$81.1M$14.9M$3.0M
Information technologyLn 14$32.4M$27.7M$3.5M$1.2M
RoyaltiesLn 15$9.7M$9.7M
OccupancyLn 16$119.2M$95.2M$21.5M$2.5M
TravelLn 17$37.5M$32.0M$3.3M$2.1M
Conferences, conventions and meetingsLn 19$7.2M$6.5M$561K$96K
InterestLn 20$29.6M$26.8M$2.8M
Depreciation, depletion and amortizationLn 22$116.4M$89.3M$24.5M$2.6M
InsuranceLn 23$17.8M$11.5M$6.3M
Other expenses (24a–d)Ln 24$140.8M$24.8M$116.0M
All other expensesLn 24e$26.3M$21.7M$2.3M$2.3M
Total functional expensesLn 25$2.40B$1.89B$452.9M$54.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $2.8B$2.4B$418.5M$11.2B 990 PDF
FY2024 $2.6B$2.3B$270.5M$10.3B 990 PDF
FY2023 $2.3B$2.0B$240.5M$9.7B 990 PDF
FY2022 $3.3B$2.0B$1.3B$10.0B 990 PDF
FY2021 $2.8B$1.9B$921.6M$10.5B 990 PDF
FY2020 $1.7B$1.6B$85.4M$6.5B 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $2,818,556,976 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $371,990,272$494,671,806
I-9 Program service revenuePrior year $1,407,920,814$1,529,734,239
I-10 Investment incomePrior year $739,166,968$751,299,590
I-11 Other revenuePrior year $48,571,984$42,851,341
I-12 Total revenuePrior year $2,567,650,038$2,818,556,976
I-13 Grants and similar amounts paidPrior year $518,007,111$569,225,782
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $927,138,977$977,629,939
I-16a Professional fundraising feesPrior year $30,486$631,533
I-17 Other expensesPrior year $851,988,198$852,538,607
I-18 Total expensesPrior year $2,297,164,772$2,400,025,861
I-19 Revenue less expensesPrior year $270,485,266$418,531,115
Part VI · Governance 34 of 35 board members independent, 1 to look at
VI-1a Voting members of the governing body35
VI-1b Independent voting members34
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 $2,818,556,976 across 14 lines filed
Lines not itemized here account for $33,139,357 of total revenue; see the IRS return.
VIII-1c Fundraising events$133,393
VIII-1d Related organizations$21,154
VIII-1e Government grants$232,889,433
VIII-1f All other contributions, gifts and grants$261,627,826
VIII-1g Noncash contributions (included above)$74,662,262
VIII-1h Total contributions, gifts and grants$494,671,806
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,504,274,267 · Unrelated business $581,550$1,504,855,817
VIII-3 Investment incomeUnrelated business $63,375,654 · Excluded from tax $122,956,110$186,331,764
VIII-5 RoyaltiesUnrelated business $2,084,767 · Excluded from tax $19,539,347$21,624,114
VIII-6 Net rental income or lossUnrelated business $11,552 · Excluded from tax $4,791,368$4,802,920
VIII-7 Net gain or loss on sales of assetsUnrelated business $16,726,386 · Excluded from tax $539,980,505$556,706,891
VIII-8 Net income from fundraising eventsExcluded from tax −$61,327−$61,327
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $376,560 · Unrelated business $16,109,074$16,485,634
VIII-12 Total revenueRelated to mission $1,529,529,249 · Unrelated business $98,888,983 · Excluded from tax $695,466,938$2,818,556,976
Part IX · Statement of functional expenses $2,400,025,861 across 28 lines filed
IX-1 Grants to domestic organizationsPrograms $91,376,810$91,376,810
IX-2 Grants to domestic individualsPrograms $474,486,535$474,486,535
IX-3 Grants and assistance to foreign recipientsPrograms $3,362,437$3,362,437
IX-5 Pay of current officers, directors and key staffPrograms $4,396,241 · Management $10,568,024 · Fundraising $3,627,147$18,591,412
IX-6 Pay of disqualified personsPrograms $123,614$123,614
IX-7 Other salaries and wagesPrograms $664,014,693 · Management $85,994,533 · Fundraising $25,257,802$775,267,028
IX-8 Pension plan contributionsPrograms $40,273,779 · Management $5,215,735 · Fundraising $1,531,935$47,021,449
IX-9 Other employee benefitsPrograms $56,138,079 · Management $24,485,045 · Fundraising $7,456,700$88,079,824
IX-10 Payroll taxesPrograms $41,580,078 · Management $5,384,910 · Fundraising $1,581,624$48,546,612
IX-11a Management feesPrograms $196,251 · Management $1,628,231$1,824,482
IX-11b Legal feesManagement $10,667,264$10,667,264
IX-11c Accounting feesManagement $838,194$838,194
IX-11d Lobbying feesManagement $464,200$464,200
IX-11e Professional fundraising feesFundraising $631,533$631,533
IX-11f Investment management feesManagement $77,740,607$77,740,607
IX-11g Other fees for servicesPrograms $84,225,589 · Management $32,510,867 · Fundraising $298,685$117,035,141
IX-12 Advertising and promotionPrograms $6,040,182 · Management $1,651,509 · Fundraising $376,313$8,068,004
IX-13 Office expensesPrograms $81,137,923 · Management $14,881,902 · Fundraising $2,994,848$99,014,673
IX-14 Information technologyPrograms $27,682,256 · Management $3,540,516 · Fundraising $1,225,816$32,448,588
IX-15 RoyaltiesPrograms $9,651,407$9,651,407
IX-16 OccupancyPrograms $95,197,634 · Management $21,542,380 · Fundraising $2,475,343$119,215,357
IX-17 TravelPrograms $32,007,548 · Management $3,348,488 · Fundraising $2,145,295$37,501,331
IX-19 Conferences, conventions and meetingsPrograms $6,529,355 · Management $560,923 · Fundraising $96,024$7,186,302
IX-20 InterestPrograms $26,808,081 · Management $2,778,122$29,586,203
IX-22 Depreciation, depletion and amortizationPrograms $89,310,109 · Management $24,507,796 · Fundraising $2,576,901$116,394,806
IX-23 InsurancePrograms $11,516,713 · Management $6,273,190$17,789,903
IX-24 Other expenses (24a–d)Programs $24,762,192 · Management $116,013,752$140,775,944
IX-24e All other expensesPrograms $21,707,809 · Management $2,298,555 · Fundraising $2,329,837$26,336,201
IX-25 Total functional expensesPrograms $1,892,525,315 · Management $452,894,743 · Fundraising $54,605,803$2,400,025,861
Part X · Balance sheet $14,819,492,400 assets, 21 lines filed
Asset lines not itemized here account for $4,351,603; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $83,018,848$94,285,287
X-2 Savings and temporary cash investmentsStart of year $710,973,206$1,047,412,566
X-3 Pledges and grants receivableStart of year $201,970,187$245,250,880
X-4 Accounts receivableStart of year $76,541,476$99,040,032
X-8 Inventories for sale or useStart of year $276,057$232,686
X-9 Prepaid expenses and deferred chargesStart of year $18,424,806$18,840,545
X-10c Land, buildings and equipment, netStart of year $2,075,602,068$2,367,972,437
X-11 Publicly traded securitiesStart of year $5,038,553,479$4,877,631,113
X-12 Other securitiesStart of year $5,506,867,494$6,024,224,827
X-13 Program-related investmentsStart of year $15,595,496$14,652,382
X-15 Other assetsStart of year $37,568,439$25,598,042
X-16 Total assetsStart of year $13,766,694,412$14,819,492,400
X-17 Accounts payable and accrued expensesStart of year $362,162,771$330,747,665
X-19 Deferred revenueStart of year $1,799,145,564$1,749,172,064
X-20 Tax-exempt bond liabilitiesStart of year $100,000,000$344,665,000
X-25 Other liabilitiesStart of year $619,198,353$586,105,207
X-26 Total liabilitiesStart of year $3,469,355,057$3,639,041,938
X-27 Net assets without donor restrictionsStart of year $5,799,710,392$6,330,941,530
X-28 Net assets with donor restrictionsStart of year $4,497,628,963$4,849,508,932
X-32 Total net assets or fund balancesStart of year $10,297,339,355$11,180,450,462
X-33 Total liabilities and net assetsStart of year $13,766,694,412$14,819,492,400
Part XI · Reconciliation of net assets $11,180,450,462 net assets at year end
XI-1 Total revenue$2,818,556,976
XI-2 Total expenses$2,400,025,861
XI-3 Revenue less expenses$418,531,115
XI-4 Net assets at start of year$10,297,339,355
XI-5 Net unrealized gains (losses) on investments$464,575,954
XI-9 Other changes in net assets$4,038
XI-10 Net assets at end of year$11,180,450,462

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

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