Millsaps College FY2023 filing

Tax-deductible

Jackson, MS501(c)(3)Since 1890Colleges & UniversitiesEIN 64-0303084

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Millsaps College is dedicated to academic excellence, to open inquiry and free expression, to the exploration of faith to inform vocation, and to the innovative shaping of the social, economic, and cultural progress of our region.

501(c)(3) charity; gifts are tax-deductible.
73¢ of each $1 spent went to programs.
$2.2M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $4.8M a year · 8% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
73%
of spending
Fine: 73% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.2M
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 5.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
7
named funders · $652K
Looks good: 7 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$32.8M
16% of total assets
Looks good: liabilities are 16% of assets; 50% or less.
Pt X · Ln 26
Independent board members
40
of 40 voting members
Looks good: 40 of 40 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$62.3M
+5% vs prior year
Spent
$52.1M
To programs
73%
Net assets
$168.6M
By yearFY2020–FY2024
Revenue
$62.3M
FY2023▲ +5%
Revenue by fiscal year
FY2020$50.8M
FY2021$60.5M
FY2022$59.4M
FY2023$62.3M
FY2024$49.9M
FY2024$55.6M
Expenses
$52.1M
FY2023▼ -4%
Expenses by fiscal year
FY2020$52.3M
FY2021$48.9M
FY2022$54.1M
FY2023$52.1M
FY2024$51.5M
FY2024$53.2M
Net assets
$168.6M
FY2023▲ +7%
Net assets by fiscal year
FY2020$134.7M
FY2021$168.5M
FY2022$157.4M
FY2023$168.6M
FY2024$176.8M
FY2024$179.1M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1944.

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

Where the money goes

73 cents of each dollar spent went to programs.

Program services 73% · $37.8M Management & general 21% · $10.8M Fundraising 7% · $3.6M

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

54 people listed on the 990; $2.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$310,544Pt VII · Sec A
Dean Else School Mgmt
$192,881Pt VII · Sec A
Professor of Accounting
$187,943Pt VII · Sec A
Assoc. Professor of Accounting
$182,294Pt VII · Sec A
VP Institutional Development
$172,275Pt VII · Sec A
Provost & Dean of the College
$170,489Pt VII · Sec A
VP of Finance
$168,064Pt VII · Sec A
VP of Marketing and Communicat
$165,070Pt VII · Sec A

Dr Keith Dunn’s $238K as Interim President is at the 49th percentile of top reported officer pay among 3683 $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—$160,460$310,544$279,701$281,607$307,061
Dr Keith Dunn$238,368$249,731$170,489$166,149$165,247$167,612
Harvey Fiser$231,391$222,088$192,881$184,554—$152,472
Frank Neville$221,643—————
Guy McClain$167,836$200,281————
Damon Campbell———$157,246$199,449$177,177
Robert Alexander—————$197,684
Jesse Beeler$165,833$175,058$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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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 undergraduate and graduate liberal arts education and residential campus services to students in Jackson, Mississippi.

Provided by the organization

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2 programs · $37.8M · in their own filed words · FY2022
01

Educational facilities and personnel providing an ideal atmosphere for learning for approximately 698 students. This is achieved with one teacher for every 9 students and an average class size of 12.

$37.1Mprogram expense
02

Auxiliary enterprises including the housing of 86% of the approximately 698 students enrolled.

$635Kprogram 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 7 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

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$62.3M
Ln 12
Fees for servicesLn 2g$34.3M
Investment incomeLn 3$11.3M
Gifts and grantsLn 1h$10.4M
Money outPt IX
$52.1M
Ln 25
Programscol B$37.8M
Managementcol C$10.8M
Fundraisingcol D$3.6M
Owns and owesPt X
$168.6M
net assets · Ln 32
Cash and savingsLn 1–2$22.7M
Total assetsLn 16$201.3M
LiabilitiesLn 26$32.8M
PeoplePt VI, VII
54
listed · VII A
PaidVII A13
Voting boardVI 1a40
IndependentVI 1b40
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$10.4M
Government grantsLn 1e$455K
Noncash giftsLn 1g$3.1M
Fees for servicesLn 2g$34.3M
Investment incomeLn 3$11.3M
Other incomeLn 4–11$6.4M
Gains on assetsLn 7$9.7M
Total revenueLn 12$62.3M
Assets in detailPt X, end of year
CashLn 1$8.2M
SavingsLn 2$14.6M
Cash and savings togetherLn 1–2$22.7M
InvestmentsLn 11–13$105.3M
Land, buildings, equipmentLn 10c$41.5M
Other assetsLn 15$25.3M
Total assetsLn 16$201.3M
LiabilitiesLn 26$32.8M
Net assetsLn 32$168.6M
OperationsPt I, VI
EmployeesI 5644
VolunteersI 639
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 FY23End FY23
Cash and savingsLn 1–2$21.5M$22.7M
InvestmentsLn 11–13$97.7M$105.3M
Land, buildings, equipmentLn 10c$44.1M$41.5M
Total assetsLn 16$192.0M$201.3M
LiabilitiesLn 26$34.6M$32.8M
Net assetsLn 32$157.4M$168.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$18.0M$18.0M
Grants and assistance to foreign recipientsLn 3$681K$681K
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$1.5M$130K$1.2M$204K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$13.2M$7.9M$3.9M$1.4M
Pension plan contributionsLn 8$494K$295K$146K$52K
Other employee benefitsLn 9$761K$455K$225K$81K
Payroll taxesLn 10$1.0M$601K$298K$107K
Management feesLn 11a$0
Legal feesLn 11b$129K$129K
Accounting feesLn 11c$89K$89K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$19K$19K
Investment management feesLn 11f$0
Other fees for servicesLn 11g$742K$443K$220K$79K
Advertising and promotionLn 12$687K$410K$204K$73K
Office expensesLn 13$2.8M$1.7M$839K$300K
Information technologyLn 14$914K$546K$271K$97K
RoyaltiesLn 15$0
OccupancyLn 16$2.6M$1.5M$767K$275K
TravelLn 17$1.4M$812K$403K$144K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$82K$49K$24K$9K
InterestLn 20$619K$370K$184K$66K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$3.2M$1.9M$963K$345K
InsuranceLn 23$230K$137K$68K$24K
Other expenses (24a–d)Ln 24$2.5M$1.5M$748K$268K
All other expensesLn 24e$359K$245K$84K$30K
Total functional expensesLn 25$52.1M$37.8M$10.8M$3.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $49.9M$51.5M−$1.6M$176.8M 990 PDF
FY2023 Viewing $62.3M$52.1M$10.2M$168.6M 990 PDF
FY2022 $59.4M$54.1M$5.3M$157.4M 990 PDF
FY2021 $60.5M$48.9M$11.5M$168.5M 990 PDF
FY2020 $50.8M$52.3M−$1.5M$134.7M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $62,268,494 across 12 lines filed
Lines not itemized here account for $1,820,987 of total revenue; see the IRS return.
VIII-1e Government grants$454,778
VIII-1f All other contributions, gifts and grants$9,906,979
VIII-1g Noncash contributions (included above)$3,105,630
VIII-1h Total contributions, gifts and grants$10,361,757
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $34,256,340$34,256,340
VIII-3 Investment incomeUnrelated business −$5,769 · Excluded from tax $1,555,810$1,550,041
VIII-5 RoyaltiesUnrelated business $15,338$15,338
VIII-6 Net rental income or lossExcluded from tax $54,178$54,178
VIII-7 Net gain or loss on sales of assetsExcluded from tax $9,736,424$9,736,424
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $4,473,429$4,473,429
VIII-12 Total revenueRelated to mission $36,026,366 · Unrelated business $9,569 · Excluded from tax $15,870,802$62,268,494
Part IX · Statement of functional expenses $52,097,442 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individualsPrograms $18,049,701$18,049,701
IX-3 Grants and assistance to foreign recipientsPrograms $681,146$681,146
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $129,890 · Management $1,196,307 · Fundraising $204,481$1,530,678
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $7,862,074 · Management $3,899,588 · Fundraising $1,396,504$13,158,166
IX-8 Pension plan contributionsPrograms $294,979 · Management $146,309 · Fundraising $52,396$493,684
IX-9 Other employee benefitsPrograms $454,505 · Management $225,434 · Fundraising $80,732$760,671
IX-10 Payroll taxesPrograms $600,864 · Management $298,028 · Fundraising $106,729$1,005,621
IX-11a Management fees$0
IX-11b Legal feesManagement $129,407$129,407
IX-11c Accounting feesManagement $88,700$88,700
IX-11d Lobbying fees$0
IX-11e Professional fundraising feesFundraising $19,000$19,000
IX-11f Investment management fees$0
IX-11g Other fees for servicesPrograms $443,240 · Management $219,847 · Fundraising $78,731$741,818
IX-12 Advertising and promotionPrograms $410,496 · Management $203,606 · Fundraising $72,915$687,017
IX-13 Office expensesPrograms $1,690,649 · Management $838,562 · Fundraising $300,302$2,829,513
IX-14 Information technologyPrograms $546,272 · Management $270,951 · Fundraising $97,031$914,254
IX-15 Royalties$0
IX-16 OccupancyPrograms $1,545,959 · Management $766,795 · Fundraising $274,602$2,587,356
IX-17 TravelPrograms $811,591 · Management $402,549 · Fundraising $144,159$1,358,299
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetingsPrograms $48,780 · Management $24,195 · Fundraising $8,664$81,639
IX-20 InterestPrograms $370,137 · Management $183,588 · Fundraising $65,745$619,470
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $1,941,041 · Management $962,756 · Fundraising $344,778$3,248,575
IX-23 InsurancePrograms $137,421 · Management $68,161 · Fundraising $24,409$229,991
IX-24 Other expenses (24a–d)Programs $1,508,068 · Management $748,001 · Fundraising $267,871$2,523,940
IX-24e All other expensesPrograms $244,824 · Management $83,920 · Fundraising $30,052$358,796
IX-25 Total functional expensesPrograms $37,771,637 · Management $10,756,704 · Fundraising $3,569,101$52,097,442
Part X · Balance sheet $201,328,544 assets, 24 lines filed
Asset lines not itemized here account for $272,804; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $7,231,447$8,161,484
X-2 Savings and temporary cash investmentsStart of year $14,246,286$14,552,716
X-3 Pledges and grants receivableStart of year $3,500,293$3,992,814
X-4 Accounts receivableStart of year $450,186$2,064,884
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $63,620$214,288
X-10c Land, buildings and equipment, netStart of year $44,060,752$41,510,935
X-11 Publicly traded securitiesStart of year $66,927,662$81,094,546
X-12 Other securitiesStart of year $30,820,804$24,182,735
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $24,011,097$25,281,338
X-16 Total assetsStart of year $191,983,134$201,328,544
X-17 Accounts payable and accrued expensesStart of year $3,236,831$3,872,110
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $664,617$700,185
X-20 Tax-exempt bond liabilitiesStart of year $28,844,519$26,929,855
X-24 Unsecured notes and loans payableStart of year $631,221$587,598
X-25 Other liabilitiesStart of year $1,207,126$685,158
X-26 Total liabilitiesStart of year $34,584,314$32,774,906
X-27 Net assets without donor restrictionsStart of year $53,285,176$58,740,094
X-28 Net assets with donor restrictionsStart of year $104,113,644$109,813,544
X-32 Total net assets or fund balancesStart of year $157,398,820$168,553,638
X-33 Total liabilities and net assetsStart of year $191,983,134$201,328,544
Part XI · Reconciliation of net assets $168,553,638 net assets at year end
XI-1 Total revenue$62,268,494
XI-2 Total expenses$52,097,442
XI-3 Revenue less expenses$10,171,052
XI-4 Net assets at start of year$157,398,820
XI-5 Net unrealized gains (losses) on investments$232,949
XI-9 Other changes in net assets$750,817
XI-10 Net assets at end of year$168,553,638

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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