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Millsaps College EIN 64-0303084

Millsaps College

EIN  64-0303084 Higher education institution Jackson, MS Founded 1890
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 7/9/26 · see original filing: IRS
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Size
$10–100M
What they do
Provides undergraduate and graduate liberal arts education and residential campus services to students in Jackson, Mississippi.
Leadership
Dr Keith Dunn · Interim President · $238K
Money in and out
$55.6M revenue, $53.2M expenses
Bottom line
+4% operating surplus

Provides undergraduate and graduate liberal arts education and residential campus services to students in Jackson, Mississippi. For fiscal year 2024 it reported $55.6M in revenue, $53.2M in expenses, and $179.1M in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$55.6M
Pt VIII · Ln 12
Total expenses
$53.2M
Pt IX · Ln 25
Net assets
$179.1M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $2.4M
Where spending went · Part IX cols B–D
Program services $0.75 Management & general $0.19 Fundraising $0.06
Operating surplus
+4%
revenue over expenses, this legal entity▲ +232% vs prior filing year
Payroll share
35%
of this entity's spending is salaries & benefits▼ -1% vs prior filing year
Program spending
75%
of expenses reach program services▲ +1% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$55.6M
FY2024▲ +11%
Expenses
$53.2M
FY2024▲ +3%
Total assets
$212.9M
FY2024▲ +3%
Total liabilities
$33.7M
FY2024▲ +13%
Total revenue
$55.6M
Pt VIII · Ln 12
Total expenses
$53.2M
Pt IX · Ln 25
Net assets
$179.1M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$2.4M
Total assetsPt X · Ln 16$212.9M
Program-expense ratioPt IX · col B75%
Voting members of governing bodyPt I · Ln 339
Independent voting membersPt I · Ln 439
Mission & Programs · Part III

Where the work happens

2 program services account for $39.9M of program spending, described in the organization's own filed words · FY2024.
01

Educational facilities and personnel providing an ideal atmosphere for learning for approximately 580 students. This is achieved with one teacher for every 8 students and an average class size of 10.

$39.1Mprogram expense
02

Auxiliary enterprises including the housing of 87% of the approximately 580 students enrolled.

$753Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMillsaps College
EINHdr · item D64-0303084
Principal addressHdr · item CJackson, MS
WebsiteHdr · item Jwww.millsaps.edu
Year of formationHdr · item L1890
State of legal domicileHdr · item MMS
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B420)
Ruling yearIRS BMFSep 1944

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a39
Independent voting membersPt VI · Ln 1b39
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Dr Keith Dunn
Interim President
$238,368Pt VII · Sec A
Harvey Fiser
Dean Else School Management
$231,391Pt VII · Sec A
Frank Neville
President
$221,643Pt VII · Sec A
Whitney Emrich
VP of Finance
$185,562Pt VII · Sec A
Martin Smith
VP Institutional Development (until 5/23/2025)
$169,443Pt VII · Sec A
Guy McClain
Assoc Professor of Accounting
$167,836Pt VII · Sec A
Aaron Pelch
VP of Enrollment
$167,067Pt VII · Sec A
Stephanie Rolph
Chief of Staff
$165,934Pt VII · Sec A

Dr Keith Dunn’s $238K as Interim President is at the 49th percentile of top reported officer pay among 3682 $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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Dr Robert Pearigen——$310,544$279,701$281,607$307,061
Dr Keith Dunn$238,368$249,731————
Harvey Fiser$231,391$222,088$192,881———
Frank Neville$221,643—————
Guy McClain$167,836$200,281————
Damon Campbell———$157,246$199,449$177,177
Robert Alexander—————$197,684
Jesse Beeler——$187,943$157,358$182,150$193,732

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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Statement of Revenue

Part VIII
Program service revenue$30.9M · 56%
Investment income$13.6M · 25%
Contributions & grants$9.2M · 17%
Other revenue$1.8M · 3%
Program service revenue56%$30.9M
Investment income25%$13.6M
Contributions & grants17%$9.2M
Other revenue3%$1.8M
— government grantsLn 1e$1.3M
Total revenueLn 12$55.6M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.75 Management & general $0.19 Fundraising $0.06
Program services75%$39.9M
Management & general19%$10.0M
Fundraising6%$3.4M
Total functional expensesLn 25$53.2M

Balance Sheet

Part X · end of year
CashLn 1$21.1M
Total assetsLn 16$212.9M
Total liabilitiesLn 26$33.7M
Total net assetsLn 32$179.1M
Months of cash on handcomputed4.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $139.4M · Operating expenses (Pt IX) $53.2M · Less non-cash grants $376K · Cash operating expenses/yr $52.8M
31.7 months
Where the money goes
Program services
Program services $39.9M · Total expenses $53.2M
75%
Management & General
Management & general $10.0M · Total expenses $53.2M
19%
Fundraising
Fundraising $3.4M · Total expenses $53.2M
6%
Cost to raise $1
Fundraising expense (3-yr avg) $3.4M · Solicited contributions (3-yr avg) $9.8M
$0.35 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $9.2M · Total revenue $55.6M
17%
Government reliance
Government grants $1.3M · Total revenue $55.6M
2%
Earned-income share
Program service revenue $30.9M · Total revenue $55.6M
56%
Investment reliance
Investment income $13.6M · Total revenue $55.6M
+25%
Program self-sufficiency
Program service revenue $30.9M · Total expenses $53.2M
58%
Growth & trend
Revenue growth (YoY)
This year $55.6M · Prior year $49.9M
+11%
Revenue CAGR
FY2019 $50.8M · FY2024 $55.6M
+2%
Net-asset trend (YoY)
End of year $179.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $55.6M · Expenses $53.2M
+4%
Liabilities-to-Assets
Total liabilities — · Total assets $212.9M
—
Net-asset ratio
Net assets $179.1M · Total assets $212.9M
84%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $97.8M · Other securities (Pt X, ln 12) $20.5M · Total assets (Pt X, ln 16) $212.9M
56%
People & payroll
Highest Reported Total Compensation
Individual Dr Keith Dunn · Reported title INTERIM PRESIDENT · Highest reported compensation $238K · Total expenses $53.2M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $18.4M · Total expenses $53.2M
35%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 75%——
Overhead ratio 19%——
Fundraising cost ratio 36%——
Revenue growth 11%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Windgate Charitable TrustFY2025$50K
Robert and Dee Leggett FoundationFY2025$35K
T Rowe Price Program for Charitable Giving INCFY2025$10K
John and Margaret Sagan FoundationFY2025$7K
Total grants receivedfrom 4 funders$102K
See all 4 funders →
Grants paid · 6 grants · $107.0M · 2019–2024
Unitemized GrantFY2024$16,475,242
Unitemized GrantFY2023$16,222,115
Unitemized GrantFY2022$18,049,701
Unitemized GrantFY2021$19,384,827
Unitemized GrantFY2020$17,845,760
Unitemized GrantFY2019$19,008,274

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$49.9M revenue · ⤓ 990 PDF
FY2023$62.3M revenue · ⤓ 990 PDF
FY2022$59.4M revenue · ⤓ 990 PDF
FY2021$60.5M revenue · ⤓ 990 PDF
FY2020$50.8M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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