Baylor University FY2021 filing

Tax-deductible

Waco, TX501(c)(3)Since 1845Colleges & UniversitiesEIN 74-1159753Revenue $1.4B in FY2021

On file with the IRSbaylor.edu1 Bear Pl Unit 97042, 76798-7042 · Waco, TXTax-exempt since Feb 1991School — 170(b)(1)(A)(ii)

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The mission of Baylor University is to educate men and women for worldwide leadership and service by integrating academic excellence and Christian commitment within a caring community.

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
$23.6M 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

FY2021 · 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 $113.8M a year · 8% 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
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$23.6M
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
Cash reserves
3 mo
of spending, in cash
Looks good: 3.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
16
named funders · $588K
Looks good: 16 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$868.6M
25% of total assets
Looks good: liabilities are 25% of assets; 50% or less.
Pt X · Ln 26
Independent board members
28
of 33 voting members
Looks good: 28 of 33 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4B
+8% vs prior year
Spent
$1.2B
To programs
89%
Net assets
$2.6B
By yearFY2020–FY2025
Revenue
$1.4B
FY2021▲ +8%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3B
FY2021$1.4B
FY2022$1.4B
FY2023$1.5B
FY2024$1.5B
FY2025$1.6B
Expenses
$1.2B
FY2021▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1B
FY2021$1.2B
FY2022$1.2B
FY2023$1.3B
FY2024$1.4B
FY2025$1.5B
Net assets
$2.6B
FY2021▲ +25%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.1B
FY2021$2.6B
FY2022$2.9B
FY2023$3.0B
FY2024$3.2B
FY2025$3.2B

From the FY2021 Form 990 (year ending May 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1991.

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

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $1.1B Management & general 10% · $128.1M Fundraising 1% · $13.0M

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

68 people listed on the 990; $23.6M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Football Head Coach
$3,751,561Pt VII · Sec A
Head Men's Basketball Coach
$3,653,586Pt VII · Sec A
Former Head Women's Basketball Coach (thru 04/2021)
$2,659,526Pt VII · Sec A
Vice President and Director of Athletics
$2,427,334Pt VII · Sec A
$982,945Pt VII · Sec A
Chief Investment Officer
$844,434Pt VII · Sec A
Former Chief Investment Officer (thru 12/2020)
$822,769Pt VII · Sec A
Football Defensive Coordinator
$816,293Pt VII · Sec A

Scott Drew’s $6.7M as Head Men's Basketball Coac is at the 100th percentile of top reported officer pay among 146 <$100K 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
Scott Drew$6,708,797$5,361,887$5,327,972$5,087,221$3,653,586$3,462,040
Dave Aranda$4,299,627$4,644,744$4,485,934$2,770,649$3,751,561—
Matthew Rhule—————$4,093,370
Mack Rhoades$3,136,773$3,041,745————
Kim Mulkey———$1,200,064$2,659,526$2,997,866
Mack Rhoades IV——$2,807,733$2,524,874$2,427,334$2,122,433
Linda Livingstone$2,579,024$1,695,771$1,602,403$1,319,161$982,945$1,261,304
Jeff Grimes—$1,833,638$1,455,368$810,352——

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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Educates students for global leadership and service by integrating academic excellence and Christian commitment through comprehensive instruction, research, and support services.

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Provided by the organization

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3 programs · $892.3M · in their own filed words · FY2020
01

Instruction

Baylor University stands as one of the premier institutions of higher education in the world. Chartered in 1845 by the Republic of Texas and affiliated with the Baptist General Convention of Texas, the University is the oldest continuously operating institution of higher learning in the State of Texas.

$663.6Mprogram expense
02

Student Services

Baylor university's student services and activities contribute to students' spiritual, social and physical well-being. Student services and activities include areas such as career guidance, job placement upon graduation, enrollment management, student financial aid, student activities, student organizations, intramurals, health center…

$172.2Mprogram expense
03

Academic Support

Baylor university provides academic support services for the primary missions of instruction, as well as research and public service activities. Academic support services include areas such as libraries, technology support, museums and services that directly assist instructional activities.

$56.5Mprogram 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 16 funders →
Grants paid · 381 grants · $2.5B · 2019–2024
Unitemized GrantFY2024$430,229,665
Unitemized GrantFY2024$2,451,898
Gallup INCFY2024$2,450,127
UtsaFY2024$421,589
Center for Open Science INCVA · FY2024$333,284
Texas A&m Sponsored Research ServicesFY2024$321,216
Virginia TechFY2024$293,821
Unitemized GrantFY2024$286,433
University of Texas at AustinFY2024$158,207
Colorado State UniversityFY2024$121,120
Wheaton CollegeIL · FY2024$120,974
Hampton UniversityVA · FY2024$107,003
Texas A&m Sponsored Research ServicesFY2024$84,575
See all 381 grants →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$1.4B
Ln 12
Fees for servicesLn 2g$1.1B
Gifts and grantsLn 1h$130.9M
Investment incomeLn 3$76.0M
Money outPt IX
$1.2B
Ln 25
Programscol B$1.1B
Managementcol C$128.1M
Fundraisingcol D$13.0M
Owns and owesPt X
$2.6B
net assets · Ln 32
Cash and savingsLn 1–2$309.2M
Total assetsLn 16$3.5B
LiabilitiesLn 26$868.6M
PeoplePt VI, VII
68
listed · VII A
PaidVII A68
Voting boardVI 1a33
IndependentVI 1b28
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$130.9M
Government grantsLn 1e$29.5M
Noncash giftsLn 1g$9.8M
Fundraising eventsLn 1c$234K
Fees for servicesLn 2g$1.1B
Investment incomeLn 3$76.0M
Other incomeLn 4–11$9.4M
Gains on assetsLn 7$985K
Total revenueLn 12$1.4B
Assets in detailPt X, end of year
CashLn 1$583K
SavingsLn 2$308.7M
Cash and savings togetherLn 1–2$309.2M
InvestmentsLn 11–13$1.91B
Land, buildings, equipmentLn 10c$1.07B
Other assetsLn 15$0
Total assetsLn 16$3.5B
LiabilitiesLn 26$868.6M
Net assetsLn 32$2.6B
OperationsPt I, VI
EmployeesI 510,668
VolunteersI 62,500
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 FY21End FY21
Cash and savingsLn 1–2$227.1M$309.2M
InvestmentsLn 11–13$1.43B$1.91B
Land, buildings, equipmentLn 10c$1.08B$1.07B
Total assetsLn 16$2.97B$3.50B
LiabilitiesLn 26$866.7M$868.6M
Net assetsLn 32$2.11B$2.63B
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$98.3M$98.3M
Grants to domestic individualsLn 2$378.5M$378.5M
Grants and assistance to foreign recipientsLn 3$442K$442K
Pay of current officers, directors and key staffLn 5$10.6M$1.9M$6.9M$1.8M
Pay of disqualified personsLn 6$1.0M$756K$223K$26K
Other salaries and wagesLn 7$332.2M$293.7M$31.8M$6.7M
Pension plan contributionsLn 8$22.1M$19.9M$1.7M$586K
Other employee benefitsLn 9$50.9M$38.7M$11.2M$957K
Payroll taxesLn 10$20.3M$18.3M$1.4M$520K
Management feesLn 11a$7.3M$2.7M$4.5M$174K
Legal feesLn 11b$4.4M$4.4M
Accounting feesLn 11c$265K$265K
Lobbying feesLn 11d$341K$341K
Professional fundraising feesLn 11e$483K$483K
Investment management feesLn 11f$6.6M$6.6M
Other fees for servicesLn 11g$75.5M$64.8M$10.7M$0
Advertising and promotionLn 12$4.8M$2.6M$2.1M$122K
Office expensesLn 13$32.1M$26.1M$5.6M$416K
Information technologyLn 14$15.3M$5.2M$9.8M$234K
RoyaltiesLn 15$173K$173K
OccupancyLn 16$47.1M$40.7M$6.4M$46K
TravelLn 17$9.0M$8.3M$374K$271K
Conferences, conventions and meetingsLn 19$4.2M$3.8M$191K$252K
InterestLn 20$21.3M$19.5M$1.8M
Depreciation, depletion and amortizationLn 22$58.3M$53.1M$5.2M
InsuranceLn 23$4.6M$1.7M$3.0M
Other expenses (24a–d)Ln 24$3.9M$2.3M$1.6M$48K
All other expensesLn 24e$24.3M$11.8M$12.1M$411K
Total functional expensesLn 25$1.23B$1.09B$128.1M$13.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.6B$1.5B$54.6M$3.2B 990 PDF
FY2024 $1.5B$1.4B$52.1M$3.2B 990 PDF
FY2023 $1.5B$1.3B$167.1M$3.0B 990 PDF
FY2022 $1.4B$1.2B$165.2M$2.9B 990 PDF
FY2021 Viewing $1.4B$1.2B$115.8M$2.6B 990 PDF
FY2020 $1.3B$1.1B$127.8M$2.1B 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 FY2021 990 (6 parts)
Part I · Summary $1,350,314,650 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $167,770,978$130,926,620
I-9 Program service revenuePrior year $996,545,455$1,134,030,025
I-10 Investment incomePrior year $79,888,953$75,987,148
I-11 Other revenuePrior year $8,461,453$9,370,857
I-12 Total revenuePrior year $1,252,666,839$1,350,314,650
I-13 Grants and similar amounts paidPrior year $341,920,988$477,329,601
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $433,877,254$437,095,448
I-16a Professional fundraising feesPrior year $484,093$483,051
I-17 Other expensesPrior year $348,548,269$319,600,518
I-18 Total expensesPrior year $1,124,830,604$1,234,508,618
I-19 Revenue less expensesPrior year $127,836,235$115,806,032
Part VI · Governance 28 of 33 board members independent, no flags
VI-1a Voting members of the governing body33
VI-1b Independent voting members28
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 $1,350,314,650 across 14 lines filed
Lines not itemized here account for $8,519,509 of total revenue; see the IRS return.
VIII-1b Membership dues$13,020,257
VIII-1c Fundraising events$234,385
VIII-1d Related organizations$8,507,996
VIII-1e Government grants$29,474,424
VIII-1f All other contributions, gifts and grants$79,689,558
VIII-1g Noncash contributions (included above)$9,827,376
VIII-1h Total contributions, gifts and grants$130,926,620
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,124,178,671 · Unrelated business $466,992 · Excluded from tax $864,853$1,125,510,516
VIII-3 Investment incomeUnrelated business −$3,684,242 · Excluded from tax $78,686,482$75,002,240
VIII-5 RoyaltiesExcluded from tax $5,281,974$5,281,974
VIII-6 Net rental income or lossUnrelated business $163,786 · Excluded from tax $3,859,738$4,023,524
VIII-7 Net gain or loss on sales of assetsExcluded from tax $984,908$984,908
VIII-8 Net income from fundraising eventsExcluded from tax $65,359$65,359
VIII-12 Total revenueRelated to mission $1,132,249,459 · Unrelated business −$2,604,743 · Excluded from tax $89,743,314$1,350,314,650
Part IX · Statement of functional expenses $1,234,508,618 across 28 lines filed
IX-1 Grants to domestic organizationsPrograms $98,347,958$98,347,958
IX-2 Grants to domestic individualsPrograms $378,539,827$378,539,827
IX-3 Grants and assistance to foreign recipientsPrograms $441,816$441,816
IX-5 Pay of current officers, directors and key staffPrograms $1,893,305 · Management $6,898,261 · Fundraising $1,786,573$10,578,139
IX-6 Pay of disqualified personsPrograms $756,450 · Management $222,914 · Fundraising $25,785$1,005,149
IX-7 Other salaries and wagesPrograms $293,697,708 · Management $31,834,673 · Fundraising $6,653,949$332,186,330
IX-8 Pension plan contributionsPrograms $19,868,231 · Management $1,689,468 · Fundraising $585,697$22,143,396
IX-9 Other employee benefitsPrograms $38,692,774 · Management $11,231,055 · Fundraising $957,131$50,880,960
IX-10 Payroll taxesPrograms $18,338,963 · Management $1,442,534 · Fundraising $519,977$20,301,474
IX-11a Management feesPrograms $2,713,998 · Management $4,458,137 · Fundraising $174,058$7,346,193
IX-11b Legal feesManagement $4,434,513$4,434,513
IX-11c Accounting feesManagement $265,453$265,453
IX-11d Lobbying feesManagement $341,000$341,000
IX-11e Professional fundraising feesFundraising $483,051$483,051
IX-11f Investment management feesManagement $6,587,804$6,587,804
IX-11g Other fees for servicesPrograms $64,803,700 · Management $10,676,721 · Fundraising $0$75,480,421
IX-12 Advertising and promotionPrograms $2,575,145 · Management $2,065,441 · Fundraising $122,296$4,762,882
IX-13 Office expensesPrograms $26,136,433 · Management $5,583,117 · Fundraising $415,895$32,135,445
IX-14 Information technologyPrograms $5,249,430 · Management $9,819,300 · Fundraising $233,784$15,302,514
IX-15 RoyaltiesPrograms $172,630$172,630
IX-16 OccupancyPrograms $40,725,407 · Management $6,360,117 · Fundraising $45,775$47,131,299
IX-17 TravelPrograms $8,348,681 · Management $373,957 · Fundraising $271,202$8,993,840
IX-19 Conferences, conventions and meetingsPrograms $3,774,572 · Management $190,964 · Fundraising $252,196$4,217,732
IX-20 InterestPrograms $19,498,565 · Management $1,791,183$21,289,748
IX-22 Depreciation, depletion and amortizationPrograms $53,132,407 · Management $5,208,141$58,340,548
IX-23 InsurancePrograms $1,652,224 · Management $2,981,414$4,633,638
IX-24 Other expenses (24a–d)Programs $2,267,852 · Management $1,567,373 · Fundraising $47,766$3,882,991
IX-24e All other expensesPrograms $11,810,411 · Management $12,060,506 · Fundraising $410,950$24,281,867
IX-25 Total functional expensesPrograms $1,093,438,487 · Management $128,084,046 · Fundraising $12,986,085$1,234,508,618
Part X · Balance sheet $3,499,365,134 assets, 24 lines filed
Asset lines not itemized here account for $833,368; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $672,867$583,433
X-2 Savings and temporary cash investmentsStart of year $226,459,409$308,652,355
X-3 Pledges and grants receivableStart of year $125,701,508$107,309,364
X-4 Accounts receivableStart of year $77,296,190$71,555,994
X-8 Inventories for sale or useStart of year $656,075$659,115
X-9 Prepaid expenses and deferred chargesStart of year $36,364,756$29,848,425
X-10c Land, buildings and equipment, netStart of year $1,076,911,769$1,072,204,458
X-11 Publicly traded securitiesStart of year $10,875,600$16,340,204
X-12 Other securitiesStart of year $1,410,349,560$1,885,199,850
X-13 Program-related investmentsStart of year $7,566,165$6,178,568
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $2,973,348,420$3,499,365,134
X-17 Accounts payable and accrued expensesStart of year $74,339,390$67,419,283
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $129,039,771$129,410,829
X-20 Tax-exempt bond liabilitiesStart of year $249,884,531$49,350,229
X-24 Unsecured notes and loans payableStart of year $15,426,763$11,679,407
X-25 Other liabilitiesStart of year $395,274,281$608,587,387
X-26 Total liabilitiesStart of year $866,668,901$868,637,938
X-27 Net assets without donor restrictionsStart of year $815,978,675$942,618,288
X-28 Net assets with donor restrictionsStart of year $1,290,700,844$1,688,108,908
X-32 Total net assets or fund balancesStart of year $2,106,679,519$2,630,727,196
X-33 Total liabilities and net assetsStart of year $2,973,348,420$3,499,365,134
Part XI · Reconciliation of net assets $2,630,727,196 net assets at year end
XI-1 Total revenue$1,350,314,650
XI-2 Total expenses$1,234,508,618
XI-3 Revenue less expenses$115,806,032
XI-4 Net assets at start of year$2,106,679,519
XI-5 Net unrealized gains (losses) on investments$400,979,003
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$7,262,642
XI-10 Net assets at end of year$2,630,727,196

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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