Harvey Mudd College FY2023 filing

Tax-deductible

Claremont, CA501(c)(3)Since 1955Colleges & UniversitiesEIN 95-1911219Revenue $122.0M in FY2023

On file with the IRShmc.edu301 Platt Blvd, 91711-5901 · Claremont, CATax-exempt since Sep 1958School — 170(b)(1)(A)(ii)

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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.
$4.2M 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
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
4 of 6
filings with a surplus
Average surplus $12.2M a year · 11% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 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
$4.2M
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: 5.6 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
$77.2M
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
Pt X · Ln 26
Independent board members
43
of 44 voting members
Looks good: 43 of 44 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$122.0M
-10% vs prior year
Spent
$107.3M
To programs
87%
Net assets
$556.9M
By yearFY2020–FY2025
Revenue
$122.0M
FY2023▼ -10%
Tap a bar for its year
Revenue by fiscal year
FY2020$92.2M
FY2021$77.7M
FY2022$135.4M
FY2023$122.0M
FY2024$120.1M
FY2025$130.3M
Expenses
$107.3M
FY2023▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$93.7M
FY2021$78.2M
FY2022$97.8M
FY2023$107.3M
FY2024$111.3M
FY2025$116.4M
Net assets
$556.9M
FY2023▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$450.4M
FY2021$575.9M
FY2022$541.7M
FY2023$556.9M
FY2024$598.7M
FY2025$643.2M

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 (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. 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% · $93.4M Management & general 9% · $9.4M Fundraising 4% · $4.5M

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

63 people listed on the 990; $4.2M 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
President
$754,008Pt VII · Sec A
Operating Officer & Treasurer
$410,137Pt VII · Sec A
VP for Advancement
$322,808Pt VII · Sec A
Affairs & Dean of Students
$261,241Pt VII · Sec A
Admissions and Financial Aid
$249,920Pt VII · Sec A
Officer & VP of Comp and Info Services
$248,896Pt VII · Sec A
$243,745Pt VII · Sec A
$243,260Pt 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
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.

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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.

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Provided by the organization

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1 program · $93.4M · in their own filed words · FY2022
01

Harvey Mudd College (the College) is a private, liberal arts college of engineering, science, and mathematics that provides an undergraduate education with full time equivalent enrollment of approximately 900 students.

$93.4Mprogram 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 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 FY2023 990, line by line.

1The main four
Money inPt VIII
$122.0M
Ln 12
Fees for servicesLn 2g$78.5M
Gifts and grantsLn 1h$22.0M
Investment incomeLn 3$21.4M
Money outPt IX
$107.3M
Ln 25
Programscol B$93.4M
Managementcol C$9.4M
Fundraisingcol D$4.5M
Owns and owesPt X
$556.9M
net assets · Ln 32
Cash and savingsLn 1–2$50.4M
Total assetsLn 16$634.1M
LiabilitiesLn 26$77.2M
PeoplePt VI, VII
63
listed · VII A
PaidVII A16
Voting boardVI 1a44
IndependentVI 1b43
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$22.0M
Government grantsLn 1e$2.9M
Noncash giftsLn 1g$172K
Fees for servicesLn 2g$78.5M
Investment incomeLn 3$21.4M
Other incomeLn 4–11$67K
Gains on assetsLn 7$14.3M
Total revenueLn 12$122.0M
Assets in detailPt X, end of year
CashLn 1$258K
SavingsLn 2$50.1M
Cash and savings togetherLn 1–2$50.4M
InvestmentsLn 11–13$418.1M
Land, buildings, equipmentLn 10c$149.6M
Total assetsLn 16$634.1M
LiabilitiesLn 26$77.2M
Net assetsLn 32$556.9M
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 FY23End FY23
Cash and savingsLn 1–2$45.0M$50.4M
InvestmentsLn 11–13$411.4M$418.1M
Land, buildings, equipmentLn 10c$148.9M$149.6M
Total assetsLn 16$620.8M$634.1M
LiabilitiesLn 26$79.1M$77.2M
Net assetsLn 32$541.7M$556.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$21.6M$21.6M
Pay of current officers, directors and key staffLn 5$3.2M$1.6M$947K$656K
Pay of disqualified personsLn 6$276K$276K
Other salaries and wagesLn 7$33.4M$29.8M$1.4M$2.2M
Pension plan contributionsLn 8$3.6M$3.1M$167K$261K
Other employee benefitsLn 9$5.1M$4.5M$217K$374K
Payroll taxesLn 10$2.5M$2.1M$150K$201K
Legal feesLn 11b$129K$127K$2K
Accounting feesLn 11c$167K$167K
Investment management feesLn 11f$1.2M$1.2M
Other fees for servicesLn 11g$3.1M$2.7M$412K$34K
Advertising and promotionLn 12$335K$226K$21K$88K
Office expensesLn 13$4.9M$4.2M$471K$205K
Information technologyLn 14$1.5M$920K$469K$62K
OccupancyLn 16$3.7M$3.3M$347K$50K
TravelLn 17$1.7M$1.5M$61K$118K
Conferences, conventions and meetingsLn 19$619K$406K$48K$165K
InterestLn 20$2.0M$1.9M$38K
Payments to affiliatesLn 21$502K$121K$373K$9K
Depreciation, depletion and amortizationLn 22$5.9M$5.8M$102K$716
InsuranceLn 23$571K$285$571K
Other expenses (24a–d)Ln 24$11.3M$9.2M$2.1M$28K
All other expensesLn 24e$202K$171K$12K$20K
Total functional expensesLn 25$107.3M$93.4M$9.4M$4.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $130.3M$116.4M$13.9M$643.2M 990 PDF
FY2024 $120.1M$111.3M$8.9M$598.7M 990 PDF
FY2023 Viewing $122.0M$107.3M$14.8M$556.9M 990 PDF
FY2022 $135.4M$97.8M$37.6M$541.7M 990 PDF
FY2021 $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 FY2023 990 (6 parts)
Part I · Summary $122,013,429 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $15,609,308$22,008,888
I-9 Program service revenuePrior year $75,542,579$78,547,577
I-10 Investment incomePrior year $44,190,103$21,389,985
I-11 Other revenuePrior year $59,546$66,979
I-12 Total revenuePrior year $135,401,536$122,013,429
I-13 Grants and similar amounts paidPrior year $20,374,929$21,577,266
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $44,524,631$47,958,681
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $32,891,454$37,725,188
I-18 Total expensesPrior year $97,791,014$107,261,135
I-19 Revenue less expensesPrior year $37,610,522$14,752,294
Part VI · Governance 43 of 44 board members independent, no flags
VI-1a Voting members of the governing body44
VI-1b Independent voting members43
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 $122,013,429 across 10 lines filed
VIII-1e Government grants$2,918,232
VIII-1f All other contributions, gifts and grants$19,090,656
VIII-1g Noncash contributions (included above)$171,621
VIII-1h Total contributions, gifts and grants$22,008,888
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $78,547,577$78,547,577
VIII-3 Investment incomeExcluded from tax $7,059,433$7,059,433
VIII-5 RoyaltiesExcluded from tax $2,813$2,813
VIII-6 Net rental income or lossExcluded from tax $64,166$64,166
VIII-7 Net gain or loss on sales of assetsExcluded from tax $14,330,552$14,330,552
VIII-12 Total revenueRelated to mission $78,547,577 · Unrelated business $0 · Excluded from tax $21,456,964$122,013,429
Part IX · Statement of functional expenses $107,261,135 across 23 lines filed
IX-2 Grants to domestic individualsPrograms $21,577,266$21,577,266
IX-5 Pay of current officers, directors and key staffPrograms $1,595,957 · Management $947,453 · Fundraising $656,194$3,199,604
IX-6 Pay of disqualified personsPrograms $276,134$276,134
IX-7 Other salaries and wagesPrograms $29,757,450 · Management $1,396,471 · Fundraising $2,233,554$33,387,475
IX-8 Pension plan contributionsPrograms $3,128,912 · Management $166,694 · Fundraising $260,955$3,556,561
IX-9 Other employee benefitsPrograms $4,464,534 · Management $217,302 · Fundraising $374,431$5,056,267
IX-10 Payroll taxesPrograms $2,131,085 · Management $150,313 · Fundraising $201,242$2,482,640
IX-11b Legal feesManagement $127,371 · Fundraising $2,100$129,471
IX-11c Accounting feesManagement $167,213$167,213
IX-11f Investment management feesManagement $1,199,617$1,199,617
IX-11g Other fees for servicesPrograms $2,698,130 · Management $411,842 · Fundraising $34,490$3,144,462
IX-12 Advertising and promotionPrograms $225,813 · Management $21,383 · Fundraising $87,540$334,736
IX-13 Office expensesPrograms $4,239,484 · Management $470,658 · Fundraising $205,350$4,915,492
IX-14 Information technologyPrograms $920,122 · Management $468,503 · Fundraising $61,689$1,450,314
IX-16 OccupancyPrograms $3,286,284 · Management $347,412 · Fundraising $49,587$3,683,283
IX-17 TravelPrograms $1,484,253 · Management $61,228 · Fundraising $117,757$1,663,238
IX-19 Conferences, conventions and meetingsPrograms $405,830 · Management $47,997 · Fundraising $165,391$619,218
IX-20 InterestPrograms $1,917,456 · Management $37,976$1,955,432
IX-21 Payments to affiliatesPrograms $120,936 · Management $372,518 · Fundraising $9,045$502,499
IX-22 Depreciation, depletion and amortizationPrograms $5,765,358 · Management $102,150 · Fundraising $716$5,868,224
IX-23 InsurancePrograms $285 · Management $570,514$570,799
IX-24 Other expenses (24a–d)Programs $9,201,538 · Management $2,088,961 · Fundraising $28,279$11,318,778
IX-24e All other expensesPrograms $170,688 · Management $11,693 · Fundraising $20,031$202,412
IX-25 Total functional expensesPrograms $93,367,515 · Management $9,385,269 · Fundraising $4,508,351$107,261,135
Part X · Balance sheet $634,073,455 assets, 19 lines filed
X-1 Cash, non-interest-bearingStart of year $723,272$258,461
X-2 Savings and temporary cash investmentsStart of year $44,257,972$50,128,678
X-3 Pledges and grants receivableStart of year $14,336,865$14,489,938
X-4 Accounts receivableStart of year $976,779$1,048,046
X-9 Prepaid expenses and deferred chargesStart of year $231,075$465,306
X-10c Land, buildings and equipment, netStart of year $148,903,346$149,550,318
X-11 Publicly traded securitiesStart of year $410,092,837$417,084,460
X-13 Program-related investmentsStart of year $1,290,285$1,048,248
X-16 Total assetsStart of year $620,812,431$634,073,455
X-17 Accounts payable and accrued expensesStart of year $8,098,966$7,869,326
X-19 Deferred revenueStart of year $672,841$862,297
X-20 Tax-exempt bond liabilitiesStart of year $12,648,352$12,369,212
X-24 Unsecured notes and loans payableStart of year $50,649,588$49,371,405
X-25 Other liabilitiesStart of year $5,990,687$5,989,238
X-26 Total liabilitiesStart of year $79,089,068$77,219,631
X-27 Net assets without donor restrictionsStart of year $189,626,531$193,363,077
X-28 Net assets with donor restrictionsStart of year $352,096,832$363,490,747
X-32 Total net assets or fund balancesStart of year $541,723,363$556,853,824
X-33 Total liabilities and net assetsStart of year $620,812,431$634,073,455
Part XI · Reconciliation of net assets $556,853,824 net assets at year end
XI-1 Total revenue$122,013,429
XI-2 Total expenses$107,261,135
XI-3 Revenue less expenses$14,752,294
XI-4 Net assets at start of year$541,723,363
XI-5 Net unrealized gains (losses) on investments−$449,043
XI-9 Other changes in net assets$827,210
XI-10 Net assets at end of year$556,853,824

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

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