Hillsdale College is a 501(c)(3) organization based in Hillsdale, Michigan, registered in 1943, with $394,153,037 in FY2023 revenue. CharityIndex grades it B+, and it directs about 59% of spending to programs.
Revenue (FY2023)
$394.2M
▲ 22.9% vs prior year
Education median: $200K
Expenses (FY2023)
$270.7M
Net assets
$1.7B
Employees
2,352
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 Hillsdale College: 59% to programs · $30 to raise $100 earns a C+ on this criterion. See the exact thresholds →
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 Hillsdale College: 77 mo reserves · +31% margin earns a B+ on this criterion. See the exact thresholds →
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 Hillsdale College: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
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 Hillsdale College: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Hillsdale college is a private liberal arts college with approximately 1,500 students. founded in 1844, the college remains, in the words of its articles of association, "grateful to god for the inestimable blessings resulting from the prevalence of civil and religious liberty and intelligent piety" in our nation, and dedicated to "the diffusion of sound learning" that is "essential to the perpetuity of these blessings."
Student scholarships and grants hillsdale college has been committed to independence since its founding in 1844. when a 1984 u.s. supreme court ruling threatened hillsdale with the entire range of federal regulations because some of its students received federal financial aid, the college resolved that not a single hillsdale student would accept even one cent of federal grants, loans, or scholarships. instead, hillsdale established the privately funded student independence scholarship and loan fund in place of taxpayer-funded aid for deserving students who seek the kind of classical liberal arts education offered at hillsdale. since the student independence scholarship and loan fund was established in 1985, hillsdale has replaced federal and state grants and loans with over $149 million in private awards. the cost of replacing government aid was over $7.1 million in the 2023-2024 academic year; this total assisted 493 students. in addition, the college awarded approximately $31.8 million in private scholarships that year on the basis of financial need, academic merit, campus leadership, athletic and music participation, and other qualifications. approximately 99 percent of hillsdale students qualify for and receive some form of institutional aid.
Student services hillsdale's student services include the admissions office, career services, academic services, student affairs, and health and wellness services. the admissions office receives an increasing number and higher caliber of applications each year, leading to a selective acceptance rate of 20 percent for the most recent academic year. the office emphasizes a holistic approach to application reviews and conducts personal interviews with almost all applicants. the career services office helps students develop their strengths and introduces them to opportunities through mentoring, network-building, job fairs, and other programs. the college has a 98 percent five-year graduate placement average. a survey of the 2023 graduating class showed that 73 percent were employed, 25 percent in continuing education and graduate programs, and 2 percent in military and volunteer service. hillsdale's student affairs department oversees a number of student interest groups, academic honoraries, volunteer organizations, and the college's four fraternities and three sororities. health and wellness services provides medical and mental health services to students, faculty, and staff.
These additional program service expenses include, but are not limited to, auxiliary services (bookstore, residential, dining) and plan and maintenance of campus grounds and buildings.
Revenue grew from $181.2M (FY2013) to $394.2M (FY2023) across 11 reported years.
Financial snapshot
Operating margin
31.3%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.0B
Total liabilities
$303.3M
Net assets
$1.7B
Salaries & benefits
$85.9M
32% of expenses
Board members
34
32 independent
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $394,153,037▲22.9% | $270,721,431▲8.9% | $1,742,554,338▲9.7% | $2,045,865,706▲9.3% | 990 |
| 2022 | $320,784,822▼12.4% | $248,527,191▲16.0% | $1,588,493,869▲9.3% | $1,871,625,743▲8.9% | 990 |
| 2021 | $366,213,645▼0.5% | $214,265,709▲11.7% | $1,453,234,679▲2.9% | $1,719,356,126▲0.6% | 990 |
| 2020 | $367,996,683▲28.0% | $191,767,397▲11.0% | $1,412,029,909▲25.5% | $1,709,684,271▲39.0% | 990 |
| 2019 | $287,422,849▲36.4% | $172,808,580▲4.0% | $1,125,414,535▲6.5% | $1,230,310,896▲5.8% | 990 |
| 2018 | $210,643,421▼4.0% | $166,228,751▲9.4% | $1,056,667,404▲4.5% | $1,163,398,369▲4.0% | 990 |
| 2017 | $219,356,427▼5.1% | $151,999,759▲5.9% | $1,011,256,162▲10.4% | $1,119,189,218▲9.0% | 990 |
| 2016 | $231,065,777▲33.7% | $143,491,963▲10.8% | $916,295,656▲13.5% | $1,026,808,807▲11.8% | 990 |
| 2015 | $172,784,501▼13.8% | $129,460,737▼0.3% | $807,177,440▲0.1% | $918,744,676▼0.3% | 990 |
| 2014 | $200,352,549▲10.6% | $129,853,793▲9.6% | $806,575,351▲5.2% | $921,668,538▲4.2% | 990 |
| 2013 | $181,165,251 | $118,464,216▲13.3% | $766,373,101▲15.0% | $884,645,715▲12.8% | 990 |
| 2012 | — | $104,546,138▲2.7% | $666,560,751▲22.6% | $784,118,011▲19.3% | 990 |
| 2011 | — | $101,783,740▲12.0% | $543,581,917▼3.6% | $657,330,082▼3.7% | 990 |
| 2010 | — | $90,876,149▲8.3% | $563,620,587▲7.4% | $682,351,189▲6.0% | 990 |
| 2009 | — | $83,909,464 | $524,887,216 | $643,449,452 | 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.
Highest-paid: Larry P Arnn — $1,157,118 (0.43% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Larry P Arnn | President | 40 | $1,157,118 |
| John Cervini | Vp For Inst. Advancement | 40 | $492,021 |
| Robert Norton | Vp & General Counsel | 40 | $345,081 |
| Matthew Spalding | Vp For Dc Ops & Dean of Vasog | 40 | $336,644 |
| Christopher Van Orman | Provost | 40 | $319,797 |
| Richard P Pewe | Vp of Admin. Affairs & Secretary | 40 | $290,110 |
| Matt Schlientz | Associate Vp of Programs | 40 | $281,284 |
| Bill Gray | Vp of Marketing | 40 | $280,965 |
| Judy Duke | Consultant For Major Gifts | 40 | $277,077 |
| Doug Banbury | Vp For Admissions & Bus Development | 40 | $266,952 |
| David Whalen | Associate Vp For Curriculum | 40 | $261,505 |
| Patrick H Flannery | Vp For Finance & Treasurer | 40 | $239,283 |
| Alice H Hanley | Trustee | 1 | — |
| Brian S Wesbury | Trustee | 1 | — |
| Bruce C Sanborn | Trustee | 1 | — |
| Charles S Mcintyre III | Trustee | 1 | — |
| Chris Chocola | Trustee | 1 | — |
| Christopher F Bachelder | Trustee | 1 | — |
| Cleves R Delp | Trustee | 1 | — |
| Daniel S Peters | Trustee | 1 | — |
| Contractor | Services | Paid |
|---|---|---|
| Next After LLC | Consulting/marketing | $29,644,457 |
| Weigand Construction | Construction | $24,259,048 |
| Metz Culinary Management | Food Services | $8,033,333 |
| Rr Donnelley | Printing/mailing | $7,057,292 |
| Darwill Inc | Printing/mailing | $3,731,507 |
509 grants to Hillsdale College totaling $95.6M, reported by foundations on their Schedule I filings — showing the 15 most recent.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| National Christian Charitable Foundation | Colleges and universities | 2024 | $1,275,554 |
| Johnson Charitable Gift Fund | Various programs/gen | 2024 | $1,095,400 |
| American Endowment Foundation | Educational | 2024 | $380,100 |
| Minneapolis Foundation | Donor advised, education | 2024 | $251,500 |
| T Rowe Price Program For Charitable Giving Inc | Multiple | 2024 | $243,975 |
| Raymond James Charitable Endowment Fund | General support | 2024 | $223,165 |
| Bon Secours Mercy Health Foundation | Program support | 2024 | $215,000 |
| Greater Horizons | Education | 2024 | $193,570 |
| Charities Aid Foundation America | Charitable donation | 2024 | $136,187 |
| Morgan Stanley Global Impact Funding Trust Inc | Unrestricted general support | 2024 | $131,000 |
| American Online Giving Foundation Inc | General support | 2024 | $123,239 |
| Oregon Community Foundation | Higher education | 2024 | $122,263 |
| Greater Kansas City Community Foundation | Education | 2024 | $112,400 |
| The Us Charitable Gift Trust | For recipient's exempt purpose | 2024 | $68,190 |
| Cleveland Foundation | Scholarships to deserving students | 2024 | $65,890 |
37 grants totaling $1.2M in FY2023 — showing the 15 largest. All grants made by Hillsdale College →
| Recipient | Purpose | Amount |
|---|---|---|
| Faith Baptist Bible College | Daf grant | $117,000 |
| University of Pittsburgh | Templeton grant | $108,158 |
| Yale University | Templeton grant | $105,505 |
| Turning Point USA Inc | Daf grant | $105,000 |
| Csu Fullerton Auxiliary Services Corporation | Templeton grant | $103,813 |
| St Louis University | Templeton grant | $84,062 |
| Cedar Classical Academy | Daf grant | $55,000 |
| Tri-city Baptist Church | Daf grant | $38,000 |
| True the Vote Inc | Daf grant | $33,990 |
| New Mercies Ministries Inc | Daf grant | $30,000 |
| Salvation Army | Daf grant | $29,614 |
| Boy Scouts of America | Daf grant | $29,614 |
| Pacific Research Institute For Public Policy | Daf grant | $29,614 |
| Northside Education Inc | Excellence in teaching award | $25,000 |
| Community Baptist Church | Daf grant | $24,488 |
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Data for Hillsdale College (EIN 38-1374230) 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.