The Rhodes Trust is a foreign public charity whose primary exempt charitable and educational purpose is to support the maintenance of selected overseas students at Oxford University. (Continued on Schedule O)

88¢ of each $1 spent went to programs.
$1.9M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · 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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
3 of 5
filings with a surplus
Average surplus $21.0M a year · 27% 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
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.9M
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
30 mo
of spending, in cash
Plus $612.9M in investments, Pt X · Ln 11–13
Looks good: 30.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $34.8M
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$67.1M
9% of total assets
Looks good: liabilities are 9% of assets; 50% or less.
Pt X · Ln 26
Independent board members
18
of 18 voting members
Looks good: 18 of 18 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$24.7M
-84% vs prior year
Spent
$37.2M
To programs
88%
Net assets
$701.6M
By yearFY2020–FY2025
Revenue
$24.7M
FY2021▼ -84%
Tap a bar for its year
Revenue by fiscal year
FY2020$150.1M
FY2021$24.7M
FY2023$50.8M
FY2024$84.3M
FY2025$81.1M
Expenses
$37.2M
FY2021▲ +1%
Tap a bar for its year
Expenses by fiscal year
FY2020$36.8M
FY2021$37.2M
FY2023$61.4M
FY2024$71.5M
FY2025$79.3M
Net assets
$701.6M
FY2021▲ +16%
Tap a bar for its year
Net assets by fiscal year
FY2020$606.6M
FY2021$701.6M
FY2023$630.7M
FY2024$678.7M
FY2025$699.3M

From the FY2021 Form 990 (year ending June 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 Jan 1961.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $32.7M Management & general 6% · $2.3M Fundraising 6% · $2.2M

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

30 people listed on the 990; $1.9M 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
Warden and CEO
$320,946Pt VII · Sec A
Ssf Executive Director
$252,482Pt VII · Sec A
COO and CFO
$226,573Pt VII · Sec A
Atlantic Institute Interim Executive Director (now Ed)
$220,154Pt VII · Sec A
Director of Global Engagement & Programmes
$217,976Pt VII · Sec A
Head of Advancement and Engagement, North America
$161,467Pt VII · Sec A
Director of US Operations
$143,820Pt VII · Sec A
Head of Finance and Accounting (now Finance Director)
$141,229Pt VII · Sec A

Dr Megan Kenna’s $336K as Ssf Executive Director is at the 69th percentile of top reported officer pay among 345 $10–100M international 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

NameFY2025FY2024FY2023FY2021FY2020
Dr Elizabeth Kiss$318,748$347,609$340,848$320,946$311,919
Dr Megan Kenna$335,693$309,319———
Megan Kenna——$299,324$252,482—
Evie O'Brien$293,288$250,532$229,920$220,154$155,231
Peter Anderson$155,176$275,274$250,925$226,573$194,117
Muloongo Muchelemba$260,077$240,762$226,387——
Penelope Brook————$233,036
Rodolfo Lara Torres$218,592$230,218$218,745$217,976$189,256

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 The Rhodes Trust 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

Supports overseas students studying at Oxford University.

Questions for The Rhodes Trust

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Provided by the organization

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1 program · $32.7M · in their own filed words · FY2020
01

The Rhodes Trust supports a premier global scholarship program, which provides academic fees, maintenance funding and ancillary costs to selected international graduate students in support of its mission. It provides a program of Character, Service and Leadership Training to its scholars.

$32.7Mprogram 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 · FY2024
Total grants receivedfrom 3 funders$34.8M
See all 3 funders →
Grants paid · 8 grants · $123.6M · 2019–2024
Unitemized GrantFY2024$34,612,574
Unitemized GrantFY2023$28,737,208
Tony Blair Institute for Global ChangeFY2023$99,502
Individual RecipientFY2023$12,438
Unitemized GrantFY2022$23,838,399
The World Universities Insights LimitedFY2022$438,052
Unitemized GrantFY2020$18,112,001
Unitemized GrantFY2019$17,714,993

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$24.7M
Ln 12
Gifts and grantsLn 1h$24.4M
Investment incomeLn 3$273K
Money outPt IX
$37.2M
Ln 25
Programscol B$32.7M
Managementcol C$2.3M
Fundraisingcol D$2.2M
Owns and owesPt X
$701.6M
net assets · Ln 32
Cash and savingsLn 1–2$92.9M
Total assetsLn 16$768.7M
LiabilitiesLn 26$67.1M
PeoplePt VI, VII
30
listed · VII A
PaidVII A10
Voting boardVI 1a18
IndependentVI 1b18
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$24.4M
Investment incomeLn 3$273K
Total revenueLn 12$24.7M
Assets in detailPt X, end of year
CashLn 1$17.1M
SavingsLn 2$75.9M
Cash and savings togetherLn 1–2$92.9M
InvestmentsLn 11–13$612.9M
Land, buildings, equipmentLn 10c$40.3M
Other assetsLn 15$0
Total assetsLn 16$768.7M
LiabilitiesLn 26$67.1M
Net assetsLn 32$701.6M
OperationsPt I, VI
EmployeesI 515
VolunteersI 6500
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$85.2M$92.9M
InvestmentsLn 11–13$544.4M$612.9M
Land, buildings, equipmentLn 10c$25.3M$40.3M
Total assetsLn 16$669.1M$768.7M
LiabilitiesLn 26$62.5M$67.1M
Net assetsLn 32$606.6M$701.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$18.1M$18.1M
Pay of current officers, directors and key staffLn 5$1.4M$1.2M$210K
Other salaries and wagesLn 7$5.8M$4.9M$940K
Pension plan contributionsLn 8$1.6M$1.4M$153K
Payroll taxesLn 10$756K$650K$106K
Legal feesLn 11b$627K$557K$70K
Accounting feesLn 11c$144K$137K$8K
Investment management feesLn 11f$2.2M$2.2M
Other fees for servicesLn 11g$730K$515K$0$215K
Advertising and promotionLn 12$1.3M$992K$286K
Office expensesLn 13$499K$486K$13K
Information technologyLn 14$873K$873K$78
OccupancyLn 16$165K$165K
TravelLn 17$72K$71K$971
Conferences, conventions and meetingsLn 19$227K$221K$6K
InterestLn 20$319K$56K$263K
Depreciation, depletion and amortizationLn 22$926K$926K
InsuranceLn 23$97K$97K
Other expenses (24a–d)Ln 24$969K$940K$24K$5K
All other expensesLn 24e$420K$393K$0$26K
Total functional expensesLn 25$37.2M$32.7M$2.3M$2.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $81.1M$79.3M$1.9M$699.3M 990 PDF
FY2024 $84.3M$71.5M$12.7M$678.7M 990 PDF
FY2023 $50.8M$61.4M−$10.6M$630.7M 990 PDF
FY2022 Not on file
FY2021 Viewing $24.7M$37.2M−$12.5M$701.6M 990 PDF
FY2020 $150.1M$36.8M$113.3M$606.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $24,702,604 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $131,387,481$24,429,180
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $18,480,218$273,424
I-11 Other revenuePrior year $234,904$0
I-12 Total revenuePrior year $150,102,603$24,702,604
I-13 Grants and similar amounts paidPrior year $17,714,993$18,112,001
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $6,948,739$9,564,167
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $12,122,157$9,515,872
I-18 Total expensesPrior year $36,785,889$37,192,040
I-19 Revenue less expensesPrior year $113,316,714−$12,489,436
Part VI · Governance 18 of 18 board members independent, 1 to look at
VI-1a Voting members of the governing body18
VI-1b Independent voting members18
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $24,702,604 across 4 lines filed
VIII-1f All other contributions, gifts and grants$24,429,180
VIII-1h Total contributions, gifts and grants$24,429,180
VIII-3 Investment incomeExcluded from tax $273,424$273,424
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $273,424$24,702,604
Part IX · Statement of functional expenses $37,192,040 across 20 lines filed
IX-2 Grants to domestic individualsPrograms $18,112,001$18,112,001
IX-5 Pay of current officers, directors and key staffPrograms $1,234,069 · Fundraising $210,011$1,444,080
IX-7 Other salaries and wagesPrograms $4,872,687 · Fundraising $940,288$5,812,975
IX-8 Pension plan contributionsPrograms $1,397,753 · Fundraising $153,436$1,551,189
IX-10 Payroll taxesPrograms $649,878 · Fundraising $106,045$755,923
IX-11b Legal feesPrograms $556,820 · Management $69,865$626,685
IX-11c Accounting feesPrograms $136,658 · Management $7,719$144,377
IX-11f Investment management feesManagement $2,167,276$2,167,276
IX-11g Other fees for servicesPrograms $514,822 · Management $0 · Fundraising $215,453$730,275
IX-12 Advertising and promotionPrograms $992,242 · Fundraising $286,071$1,278,313
IX-13 Office expensesPrograms $485,818 · Fundraising $13,449$499,267
IX-14 Information technologyPrograms $873,278 · Fundraising $78$873,356
IX-16 OccupancyPrograms $165,384$165,384
IX-17 TravelPrograms $70,980 · Fundraising $971$71,951
IX-19 Conferences, conventions and meetingsPrograms $221,235 · Fundraising $6,036$227,271
IX-20 InterestPrograms $55,984 · Fundraising $263,498$319,482
IX-22 Depreciation, depletion and amortizationPrograms $926,220$926,220
IX-23 InsurancePrograms $97,377$97,377
IX-24 Other expenses (24a–d)Programs $939,974 · Management $24,199 · Fundraising $4,755$968,928
IX-24e All other expensesPrograms $393,239 · Management $0 · Fundraising $26,471$419,710
IX-25 Total functional expensesPrograms $32,696,419 · Management $2,269,059 · Fundraising $2,226,562$37,192,040
Part X · Balance sheet $768,671,339 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $20,485,290$17,070,017
X-2 Savings and temporary cash investmentsStart of year $64,700,208$75,863,928
X-4 Accounts receivableStart of year $14,129,579$22,324,727
X-10c Land, buildings and equipment, netStart of year $25,326,225$40,270,872
X-12 Other securitiesStart of year $544,363,768$612,929,949
X-14 Intangible assetsStart of year $102,330$211,846
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $669,107,400$768,671,339
X-17 Accounts payable and accrued expensesStart of year $62,529,671$67,107,846
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $62,529,671$67,107,846
X-27 Net assets without donor restrictionsStart of year $5,076,327$6,674,012
X-28 Net assets with donor restrictionsStart of year $601,501,402$694,889,481
X-32 Total net assets or fund balancesStart of year $606,577,729$701,563,493
X-33 Total liabilities and net assetsStart of year $669,107,400$768,671,339
Part XI · Reconciliation of net assets $701,563,493 net assets at year end
XI-1 Total revenue$24,702,604
XI-2 Total expenses$37,192,040
XI-3 Revenue less expenses−$12,489,436
XI-4 Net assets at start of year$606,577,729
XI-5 Net unrealized gains (losses) on investments$103,581,889
XI-9 Other changes in net assets$3,893,311
XI-10 Net assets at end of year$701,563,493

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

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