Millsaps College FY2024 filing

Tax-deductible

Jackson, MS501(c)(3)Since 1890Colleges & UniversitiesEIN 64-0303084Revenue $49.9M in FY2024

On file with the IRSmillsaps.edu1701 N State St, 39210-0002 · Jackson, MSTax-exempt since Sep 1944School — 170(b)(1)(A)(ii)

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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.
74¢ 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

FY2024 · 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
74%
of spending
Fine: 74% 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
6 mo
of spending, in cash
Looks good: 6.1 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
$29.8M
14% of total assets
Looks good: liabilities are 14% 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
$49.9M
-20% vs prior year
Spent
$51.5M
To programs
74%
Net assets
$176.8M
By yearFY2020–FY2024
Revenue
$49.9M
FY2024▼ -20%
Tap a bar for its year
Revenue by fiscal year
FY2020$50.8M
FY2021$60.5M
FY2022$59.4M
FY2023$62.3M
FY2024$49.9M
FY2024$55.6M
Expenses
$51.5M
FY2024▼ -1%
Tap a bar for its year
Expenses by fiscal year
FY2020$52.3M
FY2021$48.9M
FY2022$54.1M
FY2023$52.1M
FY2024$51.5M
FY2024$53.2M
Net assets
$176.8M
FY2024▲ +5%
Tap a bar for its year
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 FY2024 Form 990 (year ending June 2024) · 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: FY2024. IRS ruling in Sep 1944.

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

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $38.1M Management & general 20% · $10.2M Fundraising 6% · $3.2M

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

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

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Interim President
$249,731Pt VII · Sec A
Dean Else School Management
$222,088Pt VII · Sec A
Assoc Professor of Accounting
$200,281Pt VII · Sec A
VP of Finance
$179,868Pt VII · Sec A
VP Institutional Development
$177,940Pt VII · Sec A
Professor of Accounting
$175,058Pt VII · Sec A
Professor of Else School
$168,462Pt VII · Sec A
President Through 6/30/2023
$160,460Pt 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.

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2 programs · $38.1M · in their own filed words · FY2023
01

Educational facilities and personnel providing an ideal atmosphere for learning for approximately 659 students. This is achieved with one teacher for every 9 students and an average class size of 12.

$37.6Mprogram expense
02

Auxiliary enterprises including the housing of 89% of the approximately 659 students enrolled.

$484Kprogram 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 FY2024 990, line by line.

1The main four
Money inPt VIII
$49.9M
Ln 12
Fees for servicesLn 2g$30.6M
Gifts and grantsLn 1h$11.8M
Investment incomeLn 3$5.7M
Money outPt IX
$51.5M
Ln 25
Programscol B$38.1M
Managementcol C$10.2M
Fundraisingcol D$3.2M
Owns and owesPt X
$176.8M
net assets · Ln 32
Cash and savingsLn 1–2$26.1M
Total assetsLn 16$206.5M
LiabilitiesLn 26$29.8M
PeoplePt VI, VII
55
listed · VII A
PaidVII A13
Voting boardVI 1a40
IndependentVI 1b40
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$11.8M
Government grantsLn 1e$332K
Noncash giftsLn 1g$425K
Fees for servicesLn 2g$30.6M
Investment incomeLn 3$5.7M
Other incomeLn 4–11$1.7M
Gains on assetsLn 7$1.2M
Total revenueLn 12$49.9M
Assets in detailPt X, end of year
CashLn 1$262K
SavingsLn 2$25.8M
Cash and savings togetherLn 1–2$26.1M
InvestmentsLn 11–13$116.1M
Land, buildings, equipmentLn 10c$41.3M
Other assetsLn 15$20.5M
Total assetsLn 16$206.5M
LiabilitiesLn 26$29.8M
Net assetsLn 32$176.8M
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 FY24End FY24
Cash and savingsLn 1–2$22.7M$26.1M
InvestmentsLn 11–13$105.3M$116.1M
Land, buildings, equipmentLn 10c$41.5M$41.3M
Total assetsLn 16$201.3M$206.5M
LiabilitiesLn 26$32.8M$29.8M
Net assetsLn 32$168.6M$176.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$16.2M$16.2M
Grants and assistance to foreign recipientsLn 3$715K$715K
Pay of current officers, directors and key staffLn 5$1.5M$124K$1.1M$208K
Other salaries and wagesLn 7$13.9M$8.9M$3.7M$1.3M
Pension plan contributionsLn 8$468K$299K$126K$43K
Other employee benefitsLn 9$1.1M$727K$305K$104K
Payroll taxesLn 10$1.1M$679K$285K$97K
Legal feesLn 11b$140K$140K
Accounting feesLn 11c$84K$84K
Professional fundraising feesLn 11e$41K$41K
Other fees for servicesLn 11g$1.1M$684K$287K$98K
Advertising and promotionLn 12$610K$390K$164K$56K
Office expensesLn 13$2.4M$1.5M$636K$216K
Information technologyLn 14$1.1M$674K$283K$96K
OccupancyLn 16$2.6M$1.7M$702K$238K
TravelLn 17$1.4M$904K$380K$129K
Conferences, conventions and meetingsLn 19$120K$77K$32K$11K
InterestLn 20$579K$371K$156K$53K
Depreciation, depletion and amortizationLn 22$3.2M$2.0M$847K$288K
InsuranceLn 23$202K$130K$54K$18K
Other expenses (24a–d)Ln 24$2.7M$1.7M$723K$246K
All other expensesLn 24e$406K$305K$76K$26K
Total functional expensesLn 25$51.5M$38.1M$10.2M$3.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $49.9M$51.5M−$1.6M$176.8M 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $49,893,046 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $10,361,757$11,847,797
I-9 Program service revenuePrior year $34,256,340$30,586,065
I-10 Investment incomePrior year $11,286,465$5,727,294
I-11 Other revenuePrior year $6,363,932$1,731,890
I-12 Total revenuePrior year $62,268,494$49,893,046
I-13 Grants and similar amounts paidPrior year $18,730,847$16,937,208
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $16,948,820$18,047,248
I-16a Professional fundraising feesPrior year $19,000$40,615
I-17 Other expensesPrior year $16,398,775$16,495,452
I-18 Total expensesPrior year $52,097,442$51,520,523
I-19 Revenue less expensesPrior year $10,171,052−$1,627,477
Part VI · Governance 40 of 40 board members independent, no flags
VI-1a Voting members of the governing body40
VI-1b Independent voting members40
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $49,893,046 across 11 lines filed
Lines not itemized here account for $1,658,184 of total revenue; see the IRS return.
VIII-1e Government grants$331,651
VIII-1f All other contributions, gifts and grants$11,516,146
VIII-1g Noncash contributions (included above)$425,225
VIII-1h Total contributions, gifts and grants$11,847,797
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $30,586,065$30,586,065
VIII-3 Investment incomeUnrelated business −$47,001 · Excluded from tax $4,578,102$4,531,101
VIII-5 RoyaltiesUnrelated business $11,475$11,475
VIII-6 Net rental income or lossExcluded from tax $32,143$32,143
VIII-7 Net gain or loss on sales of assetsExcluded from tax $1,196,193$1,196,193
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $30,088$30,088
VIII-12 Total revenueRelated to mission $32,159,908 · Unrelated business −$35,526 · Excluded from tax $5,920,867$49,893,046
Part IX · Statement of functional expenses $51,520,523 across 22 lines filed
IX-2 Grants to domestic individualsPrograms $16,222,115$16,222,115
IX-3 Grants and assistance to foreign recipientsPrograms $715,093$715,093
IX-5 Pay of current officers, directors and key staffPrograms $124,455 · Management $1,142,606 · Fundraising $208,058$1,475,119
IX-7 Other salaries and wagesPrograms $8,898,889 · Management $3,739,060 · Fundraising $1,269,790$13,907,739
IX-8 Pension plan contributionsPrograms $299,135 · Management $125,688 · Fundraising $42,684$467,507
IX-9 Other employee benefitsPrograms $726,947 · Management $305,442 · Fundraising $103,729$1,136,118
IX-10 Payroll taxesPrograms $678,732 · Management $285,184 · Fundraising $96,849$1,060,765
IX-11b Legal feesManagement $140,071$140,071
IX-11c Accounting feesManagement $84,500$84,500
IX-11e Professional fundraising feesFundraising $40,615$40,615
IX-11g Other fees for servicesPrograms $683,791 · Management $287,310 · Fundraising $97,571$1,068,672
IX-12 Advertising and promotionPrograms $390,153 · Management $163,932 · Fundraising $55,671$609,756
IX-13 Office expensesPrograms $1,513,952 · Management $636,119 · Fundraising $216,027$2,366,098
IX-14 Information technologyPrograms $674,313 · Management $283,327 · Fundraising $96,219$1,053,859
IX-16 OccupancyPrograms $1,669,936 · Management $701,660 · Fundraising $238,285$2,609,881
IX-17 TravelPrograms $903,975 · Management $379,825 · Fundraising $128,989$1,412,789
IX-19 Conferences, conventions and meetingsPrograms $76,637 · Management $32,201 · Fundraising $10,935$119,773
IX-20 InterestPrograms $370,602 · Management $155,716 · Fundraising $52,882$579,200
IX-22 Depreciation, depletion and amortizationPrograms $2,016,944 · Management $847,462 · Fundraising $287,800$3,152,206
IX-23 InsurancePrograms $129,523 · Management $54,422 · Fundraising $18,481$202,426
IX-24 Other expenses (24a–d)Programs $1,721,134 · Management $723,171 · Fundraising $245,590$2,689,895
IX-24e All other expensesPrograms $304,859 · Management $75,743 · Fundraising $25,724$406,326
IX-25 Total functional expensesPrograms $38,121,185 · Management $10,163,439 · Fundraising $3,235,899$51,520,523
Part X · Balance sheet $206,540,754 assets, 21 lines filed
X-1 Cash, non-interest-bearingStart of year $8,161,484$262,092
X-2 Savings and temporary cash investmentsStart of year $14,552,716$25,828,223
X-3 Pledges and grants receivableStart of year $3,992,814$1,843,981
X-4 Accounts receivableStart of year $2,064,884$482,288
X-9 Prepaid expenses and deferred chargesStart of year $214,288$244,058
X-10c Land, buildings and equipment, netStart of year $41,510,935$41,258,826
X-11 Publicly traded securitiesStart of year $81,094,546$91,441,262
X-12 Other securitiesStart of year $24,182,735$17,631,145
X-13 Program-related investmentsStart of year $0$7,010,826
X-15 Other assetsStart of year $25,281,338$20,538,053
X-16 Total assetsStart of year $201,328,544$206,540,754
X-17 Accounts payable and accrued expensesStart of year $3,872,110$2,958,325
X-19 Deferred revenueStart of year $700,185$743,105
X-20 Tax-exempt bond liabilitiesStart of year $26,929,855$25,015,191
X-24 Unsecured notes and loans payableStart of year $587,598$542,239
X-25 Other liabilitiesStart of year $685,158$526,375
X-26 Total liabilitiesStart of year $32,774,906$29,785,235
X-27 Net assets without donor restrictionsStart of year $58,740,094$59,720,571
X-28 Net assets with donor restrictionsStart of year $109,813,544$117,034,948
X-32 Total net assets or fund balancesStart of year $168,553,638$176,755,519
X-33 Total liabilities and net assetsStart of year $201,328,544$206,540,754
Part XI · Reconciliation of net assets $176,755,519 net assets at year end
XI-1 Total revenue$49,893,046
XI-2 Total expenses$51,520,523
XI-3 Revenue less expenses−$1,627,477
XI-4 Net assets at start of year$168,553,638
XI-5 Net unrealized gains (losses) on investments$7,799,087
XI-9 Other changes in net assets$2,030,271
XI-10 Net assets at end of year$176,755,519

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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