Harvey Mudd College FY2021 filing

Tax-deductible

Claremont, CA501(c)(3)Since 1955Colleges & UniversitiesEIN 95-1911219

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HMC seeks to educate engineers, scientists, and mathematicians well versed in all of these areas and in the humanities, social sciences and the arts so that they may assume leadership in their fields with a clear understanding of the impact of their work on society.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
$3.9M 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
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 $11.9M a year · 11% 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
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$3.9M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 6.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $288K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$83.2M
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
43
of 45 voting members
Looks good: 43 of 45 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$77.7M
-16% vs prior year
Spent
$78.2M
To programs
87%
Net assets
$575.9M
By yearFY2020–FY2024
Revenue
$77.7M
FY2021▼ -16%
Revenue by fiscal year
FY2020$92.2M
FY2021$77.7M
FY2022$135.4M
FY2023$122.0M
FY2024$120.1M
FY2024$130.3M
Expenses
$78.2M
FY2021▼ -17%
Expenses by fiscal year
FY2020$93.7M
FY2021$78.2M
FY2022$97.8M
FY2023$107.3M
FY2024$111.3M
FY2024$116.4M
Net assets
$575.9M
FY2021▲ +28%
Net assets by fiscal year
FY2020$450.4M
FY2021$575.9M
FY2022$541.7M
FY2023$556.9M
FY2024$598.7M
FY2024$643.2M

From the FY2021 Form 990 (year ending June 2021) · 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 1958.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $68.0M Management & general 9% · $7.0M Fundraising 4% · $3.1M

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

64 people listed on the 990; $3.9M 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
President
$675,818Pt VII · Sec A
Operating Officer/Treasurer
$350,499Pt VII · Sec A
VP for Advancement
$306,348Pt VII · Sec A
Student Affairs/Dean of Faculty
$268,838Pt VII · Sec A
Affairs & Dean of Faculty
$262,918Pt VII · Sec A
Admission and Financial Aid
$236,687Pt VII · Sec A
Officer/VP of Comput & Info Serv
$232,734Pt VII · Sec A
$220,284Pt VII · Sec A

Harriet B Nembhard’s $693K as President is at the 59th 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Maria M Klawe——$754,008$691,218$675,818$694,412
Harriet B Nembhard$692,627$362,345————
Maria Klawe—$577,908————
Andrew R Dorantes - SR VP$447,496—————
Andrew Dorantes - Vpchief—$427,073————
Andrew Dorantes - VP Chief——$410,137$375,630$350,499—
Andrew Dorantes—————$343,315
Anna Gonzalez—————$337,058

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.

See Harvey Mudd College executive salaries →

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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 a rigorous undergraduate liberal arts education specializing in math, science, and engineering, emphasizing interdisciplinary learning, collaborative research, and social responsibility.

Provided by the organization

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1 program service account for $68.0M of program spending, described in the organization's own filed words · FY2020.
01

All program services relate to undergraduate education, full time equivalent enrollment of approximately 900 students.

$68.0Mprogram expense

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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 5 funders →
Grants paid · 6 grants · $120.0M · 2019–2024
Unitemized GrantFY2024$22,516,634
Unitemized GrantFY2023$22,319,072
Unitemized GrantFY2022$21,577,266
Unitemized GrantFY2021$18,896,406
Unitemized GrantFY2020$13,972,626
Unitemized GrantFY2019$20,743,376

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$77.7M
Ln 12
Fees for servicesLn 2g$52.1M
Gifts and grantsLn 1h$13.4M
Investment incomeLn 3$12.2M
Money outPt IX
$78.2M
Ln 25
Programscol B$68.0M
Managementcol C$7.0M
Fundraisingcol D$3.1M
Owns and owesPt X
$575.9M
net assets · Ln 32
Cash and savingsLn 1–2$43.0M
Total assetsLn 16$659.2M
LiabilitiesLn 26$83.2M
PeoplePt VI, VII
64
listed · VII A
PaidVII A15
Voting boardVI 1a45
IndependentVI 1b43
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$13.4M
Government grantsLn 1e$3.0M
Noncash giftsLn 1g$552K
Fees for servicesLn 2g$52.1M
Investment incomeLn 3$12.2M
Other incomeLn 4–11$72K
Gains on assetsLn 7$7.4M
Total revenueLn 12$77.7M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$41.7M
Cash and savings togetherLn 1–2$43.0M
InvestmentsLn 11–13$454.9M
Land, buildings, equipmentLn 10c$147.9M
Total assetsLn 16$659.2M
LiabilitiesLn 26$83.2M
Net assetsLn 32$575.9M
OperationsPt I, VI
EmployeesI 51,183
VolunteersI 6767
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 FY21End FY21
Cash and savingsLn 1–2$48.7M$43.0M
InvestmentsLn 11–13$330.1M$454.9M
Land, buildings, equipmentLn 10c$135.2M$147.9M
Total assetsLn 16$530.4M$659.2M
LiabilitiesLn 26$80.0M$83.2M
Net assetsLn 32$450.4M$575.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$14.0M$14.0M
Grants and assistance to foreign recipientsLn 3$811K$811K
Pay of current officers, directors and key staffLn 5$3.3M$1.9M$826K$575K
Pay of disqualified personsLn 6$696K$696K
Other salaries and wagesLn 7$25.9M$23.1M$1.2M$1.6M
Pension plan contributionsLn 8$3.0M$2.6M$153K$203K
Other employee benefitsLn 9$4.6M$4.0M$216K$340K
Payroll taxesLn 10$2.0M$1.7M$127K$149K
Legal feesLn 11b$188K$187K$878
Accounting feesLn 11c$165K$165K
Investment management feesLn 11f$1.1M$1.1M
Other fees for servicesLn 11g$1.8M$1.7M$91K$13K
Advertising and promotionLn 12$153K$87K$11K$55K
Office expensesLn 13$1.3M$999K$294K$45K
Information technologyLn 14$947K$635K$228K$84K
OccupancyLn 16$1.8M$1.5M$216K$40K
TravelLn 17$217K$146K$63K$8K
Conferences, conventions and meetingsLn 19$95K$84K$5K$6K
InterestLn 20$1.9M$1.8M$39K
Payments to affiliatesLn 21$489K$88K$396K$6K
Depreciation, depletion and amortizationLn 22$5.0M$4.9M$58K$335
InsuranceLn 23$313K$100$313K
Other expenses (24a–d)Ln 24$7.3M$6.0M$1.3M$36K
All other expensesLn 24e$1.1M$1.1M$2K$9K
Total functional expensesLn 25$78.2M$68.0M$7.0M$3.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $120.1M$111.3M$8.9M$598.7M 990 PDF
FY2023 $122.0M$107.3M$14.8M$556.9M 990 PDF
FY2022 $135.4M$97.8M$37.6M$541.7M 990 PDF
FY2021 Viewing $77.7M$78.2M−$435K$575.9M 990 PDF
FY2020 $92.2M$93.7M−$1.5M$450.4M 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 (4 parts)
Part VIII · Statement of revenue $77,731,780 across 10 lines filed
Lines not itemized here account for $168,862 of total revenue; see the IRS return.
VIII-1e Government grants$3,011,276
VIII-1f All other contributions, gifts and grants$10,413,865
VIII-1g Noncash contributions (included above)$552,148
VIII-1h Total contributions, gifts and grants$13,425,141
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $51,910,278$51,910,278
VIII-3 Investment incomeExcluded from tax $4,797,042$4,797,042
VIII-5 RoyaltiesExcluded from tax $2,384$2,384
VIII-6 Net rental income or lossExcluded from tax $70,086$70,086
VIII-7 Net gain or loss on sales of assetsExcluded from tax $7,357,987$7,357,987
VIII-12 Total revenueRelated to mission $52,079,140 · Unrelated business $0 · Excluded from tax $12,227,499$77,731,780
Part IX · Statement of functional expenses $78,166,837 across 24 lines filed
IX-2 Grants to domestic individualsPrograms $13,972,626$13,972,626
IX-3 Grants and assistance to foreign recipientsPrograms $810,830$810,830
IX-5 Pay of current officers, directors and key staffPrograms $1,866,373 · Management $826,193 · Fundraising $575,229$3,267,795
IX-6 Pay of disqualified personsPrograms $695,549$695,549
IX-7 Other salaries and wagesPrograms $23,129,532 · Management $1,229,805 · Fundraising $1,561,095$25,920,432
IX-8 Pension plan contributionsPrograms $2,630,158 · Management $153,149 · Fundraising $203,076$2,986,383
IX-9 Other employee benefitsPrograms $4,041,864 · Management $215,962 · Fundraising $339,625$4,597,451
IX-10 Payroll taxesPrograms $1,712,873 · Management $127,026 · Fundraising $148,996$1,988,895
IX-11b Legal feesManagement $187,028 · Fundraising $878$187,906
IX-11c Accounting feesManagement $165,300$165,300
IX-11f Investment management feesManagement $1,099,391$1,099,391
IX-11g Other fees for servicesPrograms $1,744,604 · Management $90,791 · Fundraising $13,260$1,848,655
IX-12 Advertising and promotionPrograms $86,603 · Management $10,785 · Fundraising $55,239$152,627
IX-13 Office expensesPrograms $999,153 · Management $294,435 · Fundraising $45,476$1,339,064
IX-14 Information technologyPrograms $634,619 · Management $228,312 · Fundraising $84,463$947,394
IX-16 OccupancyPrograms $1,512,268 · Management $215,696 · Fundraising $40,001$1,767,965
IX-17 TravelPrograms $145,995 · Management $63,083 · Fundraising $7,894$216,972
IX-19 Conferences, conventions and meetingsPrograms $83,594 · Management $5,348 · Fundraising $6,200$95,142
IX-20 InterestPrograms $1,842,188 · Management $38,969$1,881,157
IX-21 Payments to affiliatesPrograms $88,185 · Management $395,597 · Fundraising $5,581$489,363
IX-22 Depreciation, depletion and amortizationPrograms $4,911,239 · Management $58,378 · Fundraising $335$4,969,952
IX-23 InsurancePrograms $100 · Management $313,294$313,394
IX-24 Other expenses (24a–d)Programs $5,994,547 · Management $1,284,751 · Fundraising $36,047$7,315,345
IX-24e All other expensesPrograms $1,126,826 · Management $1,916 · Fundraising $8,507$1,137,249
IX-25 Total functional expensesPrograms $68,029,726 · Management $7,005,209 · Fundraising $3,131,902$78,166,837
Part X · Balance sheet $659,151,438 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $1,550,027$1,285,925
X-2 Savings and temporary cash investmentsStart of year $47,116,608$41,731,739
X-3 Pledges and grants receivableStart of year $14,962,856$12,247,276
X-4 Accounts receivableStart of year $1,143,819$755,674
X-9 Prepaid expenses and deferred chargesStart of year $264,357$255,114
X-10c Land, buildings and equipment, netStart of year $135,222,780$147,940,230
X-11 Publicly traded securitiesStart of year $328,002,493$453,337,355
X-12 Other securitiesStart of year $19,655$0
X-13 Program-related investmentsStart of year $2,109,624$1,598,125
X-16 Total assetsStart of year $530,392,219$659,151,438
X-17 Accounts payable and accrued expensesStart of year $10,076,709$8,683,015
X-19 Deferred revenueStart of year $1,931,732$1,211,812
X-20 Tax-exempt bond liabilitiesStart of year $6,550,001$12,917,094
X-24 Unsecured notes and loans payableStart of year $52,831,123$51,902,771
X-25 Other liabilitiesStart of year $7,673,419$7,393,923
X-26 Total liabilitiesStart of year $79,952,350$83,229,174
X-27 Net assets without donor restrictionsStart of year $154,841,194$194,254,075
X-28 Net assets with donor restrictionsStart of year $295,598,675$381,668,189
X-32 Total net assets or fund balancesStart of year $450,439,869$575,922,264
X-33 Total liabilities and net assetsStart of year $530,392,219$659,151,438
Part XI · Reconciliation of net assets $575,922,264 net assets at year end
XI-1 Total revenue$77,731,780
XI-2 Total expenses$78,166,837
XI-3 Revenue less expenses−$435,057
XI-4 Net assets at start of year$450,439,869
XI-5 Net unrealized gains (losses) on investments$124,166,604
XI-9 Other changes in net assets$1,750,848
XI-10 Net assets at end of year$575,922,264

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

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