Carleton College
89% goes to programs $17 to raise $100 Strong reserves
Carleton College is a 501(c)(3) organization based in Northfield, Minnesota, registered in 1938, with $315,082,412 in FY2024 revenue. CharityIndex grades it A, and it directs about 89% of spending to programs.
1 N College St, Northfield, MN, 55057 EIN 41-0694747 Since 1938
Revenue (FY2024)
$315.1M
▲ 13.0% vs prior year
Education median: $200K
Expenses (FY2024)
$261.2M
Net assets
$1.8B
Employees
3,072
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
AProgram efficiency40% of the rating89% to programs · $17 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Carleton College: 89% to programs · $17 to raise $100 earns a A on this criterion. See the exact thresholds →
B+Financial health25% of the rating81 mo reserves · +17% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Carleton College: 81 mo reserves · +17% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Carleton College: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Carleton College: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
To provide an exceptional undergraduate liberal arts education.
What they do
Academic support - programs to enhance the carleton liberal arts experience with library and information technology resources (2,086 students).
Student services programs - programs designed to support the residential carleton college student life experience including co-curricular and recreational opportunities (2,086 students).
Auxiliary enterprises - carleton college maintains a rural residential campus to enhance the educational experience of the student body with room and board programs designed to encourage a spirit of collegiality and conversation beyond the classroom and laboratory (2,024 students).
Contact & location
- Address
- 1 N College St, Northfield, MN, 55057
- City
- Northfield
- State
- Minnesota
- Category
- Education
- Subcategory
- Colleges & Universities
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $204.9M (FY2013) to $315.1M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $222.0MNet assets $1.8B
Operating margin
17.1%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.0B
Total liabilities
$222.0M
Net assets
$1.8B
Salaries & benefits
$107.4M
41% of expenses
Board members
34
33 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $315,082,412▲13.0% | $261,238,790▲2.9% | $1,770,355,136▲7.1% | $1,992,369,854▲5.8% | 990 |
| 2023 | $278,954,694▼5.9% | $253,992,441▲5.8% | $1,653,479,560▲5.6% | $1,883,994,794▲9.1% | 990 |
| 2022 | $296,522,250▲5.5% | $239,981,775▲7.2% | $1,565,084,762▲5.0% | $1,727,307,245▲4.2% | 990 |
| 2021 | $280,959,414▼12.4% | $223,828,854▲10.0% | $1,491,003,049▼4.5% | $1,658,331,169▼4.6% | 990 |
| 2020 | $320,773,806▲33.5% | $203,397,209▲2.0% | $1,560,762,559▲26.5% | $1,738,198,659▲22.9% | 990 |
| 2019 | $240,267,870▲0.4% | $199,426,933▲1.5% | $1,233,798,070▼1.1% | $1,414,260,160▼1.6% | 990 |
| 2018 | $239,201,569▼4.1% | $196,383,289▲3.1% | $1,247,306,589▲2.5% | $1,437,200,057▲1.8% | 990 |
| 2017 | $249,507,671▲10.0% | $190,393,370▲2.3% | $1,217,474,338▲7.0% | $1,412,434,433▲5.6% | 990 |
| 2016 | $226,779,800▲6.2% | $186,053,185▲5.0% | $1,137,892,573▲12.6% | $1,337,663,855▲17.1% | 990 |
| 2015 | $213,596,975▲1.4% | $177,272,864▲4.9% | $1,010,401,298▼2.1% | $1,142,319,776▼2.1% | 990 |
| 2014 | $210,566,822▲2.8% | $168,973,128▲2.9% | $1,032,067,322▲1.2% | $1,167,291,041▲0.7% | 990 |
| 2013 | $204,904,409 | $164,258,577▲3.5% | $1,019,973,697▲11.9% | $1,159,336,985▲9.9% | 990 |
| 2012 | — | $158,644,301▲4.4% | $911,749,663▲7.9% | $1,055,244,227▲5.2% | 990 |
| 2011 | — | $151,909,233▲4.0% | $845,044,527▼0.9% | $1,002,749,927▼1.7% | 990 |
| 2010 | — | $146,133,014▲3.4% | $853,109,426▲16.1% | $1,020,520,263▲12.4% | 990 |
| 2009 | — | $141,271,267 | $735,020,339 | $907,853,562 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Kelsey Deshler — $925,537 (0.35% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Kelsey Deshler | Chief Investment Officer | 60 | $925,537 |
| Alison Byerly | President | 60 | $736,099 |
| Timothy Griffeth | Director of Investments | 60 | $508,373 |
| Eric Runestad | Vp and Treasurer | 60 | $368,659 |
| Michelle Mattson | Provost & Vp of Academic Affairs | 60 | $326,550 |
| Daren Batke | Vp of Development & Alumni Relations | 60 | $304,142 |
| Art D Rodriguez | Vp & Dean of Admissions & Financial Aid | 60 | $278,981 |
| Carolyn H Livingston | Vp For Student Life & Dean of Students | 60 | $249,000 |
| Michael T Hemesath | Professor of Economics | 60 | $243,861 |
| Julie J Neiworth | Professor of Psychology | 60 | $236,697 |
| Elise Eslinger | Chief of Staff | 60 | $234,323 |
| Jeff Dsida | Associate Director of Investments | 60 | $227,426 |
| Dan Rustad | Vp of External Relations (interim) | 60 | $200,352 |
| Steven G Poskanzer | President (former) | 60 | $191,161 |
| Gretchen E Hofmeister | Dean of the College Interim (former) | 60 | $167,347 |
| Alan Bauer | Trustee | 5 | — |
| Boluwatife Johnson | Trustee | 5 | — |
| Brad Nordholm | Trustee | 5 | — |
| Brent Irvin | Trustee | 5 | — |
| Candace Williams | Trustee | 5 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Terra General Contractors LLC | General Construction | $28,448,669 |
| Bon Appetit | Dining Services | $11,845,233 |
| Incline Alchemy Inc | It Consultant | $1,015,258 |
| Je Dunn Construction Company | General Construction | $945,471 |
| River City Builders | General Construction | $917,818 |
Grants received · $35.1M total
252 grants to Carleton College totaling $35.1M, reported by foundations on their Schedule I filings — showing the 15 most recent.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Morgan Stanley Global Impact Funding Trust Inc | Unrestricted general support | 2024 | $1,750,000 |
| Impactassets Inc | General support | 2024 | $251,238 |
| American Online Giving Foundation Inc | General support | 2024 | $177,631 |
| Minneapolis Foundation | Donor advised, education | 2024 | $175,500 |
| American Endowment Foundation | Educational | 2024 | $115,000 |
| Gs Donor Advised Philanthropy Fund For Wealth Management Inc | Education | 2024 | $112,167 |
| Charities Aid Foundation America | Charitable donation | 2024 | $28,271 |
| Hispanic Scholarship Fund | To provide scholarships for students | 2024 | $23,346 |
| New Hampshire Charitable Foundation | For general support, alumni fund 64 | 2024 | $22,000 |
| American Gift Fund | Operations | 2024 | $20,200 |
| The Us Charitable Gift Trust | For recipient's exempt purpose | 2024 | $15,500 |
| St Louis Community Foundation Incorporated | General support | 2024 | $15,000 |
| Jewish Communal Fund | In furtherance of grantee's tax-exempt purpose | 2024 | $13,000 |
| Cleveland Foundation | Carleton parents fund | 2024 | $10,000 |
| T Rowe Price Program For Charitable Giving Inc | Multiple | 2024 | $9,500 |
Grants made · $1.8M in FY2024
8 grants totaling $1.8M in FY2024. All grants made by Carleton College →
| Recipient | Purpose | Amount |
|---|---|---|
| Northfield Public Schools | Support construction of new northfield high school | $1,000,000 |
| University of Connecticut | Rui: linking ecology, behavior, and immunology to spatio-temporal variation in helminth transmission | $227,555 |
| University of Wisconsin - Madison | Rui: linking ecology, behavior, and immunology to spatio-temporal variation in helminth transmission | $159,981 |
| Biodiversity | Rui: linking ecology, behavior, and immunology to spatio-temporal variation in helminth transmission | $110,594 |
| University of California - Davis | Rui: linking ecology, behavior, and immunology to spatio-temporal variation in helminth transmission | $90,117 |
| City of Northfield | Community engagement | $85,000 |
| University of Washington | Temporal dynamics of microbial and viral function and adaptation in hydrothermal vents | $41,251 |
| University of San Diego | Development of novel augmented reality tool for teaching molecular visualization in biochemistry | $35,547 |
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Frequently asked questions
- Is Carleton College a legitimate nonprofit?
- Yes. Carleton College is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 41-0694747, based in Northfield, Minnesota. Donations are tax-deductible.
- What is Carleton College's EIN?
- Carleton College's Employer Identification Number (EIN) is 41-0694747.
- How much revenue does Carleton College report?
- Carleton College reported $315,082,412 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Carleton College's spending goes to programs?
- Carleton College spends about 89% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Carleton College have?
- CharityIndex grades Carleton College A, based on program efficiency and fundraising cost.
- How much does Carleton College's highest-paid employee make?
- The highest reported compensation on Carleton College's latest Form 990 is $925,537, paid to Kelsey Deshler (Chief Investment Officer).
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Data for Carleton College (EIN 41-0694747) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.