Carleton Operating Surplus Doubles to $53.8M as 36% Investment Income Surge Lifts Endowment to $1.34 Billion and Powers $111,258 Per-Student Spend
By Data Team | Published November 9, 2026
Carleton College’s total assets reached $1.99 billion ($1,992,369,854) in fiscal year 2025, anchored by a $1.34 billion endowment ($1,343,728,654) whose $59.66 million total annual drawdown ($55.36 million in direct scholarships and program distributions plus $4.29 million in administrative fees) covers 22.8% of the college's $261.24 million Form 990 operating budget (21.2% in direct program and aid payouts, or 29.4% to 31.7% under audited GAAP operating expense metrics of $188.38 million), according to its latest IRS filing. That capital base enables Carleton to spend $111,258 per student on direct program services ($232.08 million across 2,086 students)—including $70,754 per student on regular-session instruction and student aid ($147.59 million)—while total institutional expenditure including management and fundraising reaches $125,234 per student ($261.24 million).
Carleton’s financial structure illustrates the economics of a residential undergraduate liberal arts college supported by an institutional investment office. Gross student charges for tuition, fees, room, and board generated $175.33 million ($84,049 per student), representing 55.6% of Carleton's $315.08 million total revenue (+13.0% YoY). Realized investment income rose 36.3% YoY to $94.47 million (30.0% of total revenue), offsetting an 8.1% YoY decline in contributions and grants ($41.30 million) and more than doubling the college's Form 990 operating surplus to $53.84 million (+115.7% YoY).
Investment returns and endowment payouts reduce net tuition reliance for enrolled families. Carleton disbursed $68.06 million in direct Form 990 Schedule I undergraduate scholarships across 1,842 domestic recipients (88.3% of the 2,086-student body), meeting 100% of demonstrated financial need for all 1,165 need-eligible students (55.8% of enrollment) and discounting gross student charges by 38.8%.
Institutional & Governance Profile
Operating under its corporate title, Carleton College (EIN 41-0694747), the institution is domiciled in Northfield, Minnesota. Founded in 1866, Carleton operates as an exclusively undergraduate residential liberal arts college alongside its 800-acre Cowling Arboretum, an in-house Investment Office, and utility-scale wind and geothermal energy systems.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1866, Carleton issued 3,072 Form W-2s in calendar year 2024 (including student workers), filed 2,958 Form 1096 vendor returns, and engaged 2,985 alumni and community volunteers.
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Academic & Faculty Footprint: An 8:1 student-faculty ratio and 16-student average class size serve 2,086 degree-seeking undergraduate students (2,024 housed on campus; 2,007 fall census headcount) across 33 majors and 40 minors in the arts, humanities, natural sciences, mathematics, and social sciences, plus 211 high school students in the Summer Liberal Arts Institute.
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Executive Leadership: President Alison Byerly leads the college alongside Provost and VP for Academic Affairs Michelle Mattson, VP and Treasurer Eric Runestad, Chief Investment Officer Kelsey Deshler, VP and Dean of Admissions and Financial Aid Art D. Rodriguez, and VP for Student Life and Dean of Students Carolyn H. Livingston.
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Governing Board (Schedule O): The Board of Trustees comprises 34 voting members, 33 of whom are independent, led by Chair Cathy Paglia, Vice Chair Jeninne McGee, and Secretary John Harris. Management presents the complete Form 990 to the Audit Committee prior to IRS submission, and all trustees, officers, and key employees file mandatory annual conflict-of-interest statements reviewed by the Audit Committee.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Carleton generated $299.53 million in gross receipts and $315.08 million in total revenue. Total assets increased 5.8% to $1.99 billion while total liabilities declined 3.7% to $222.01 million. Net assets expanded 7.1% to $1.77 billion, split between donor-restricted funds (57.0%) and unrestricted reserves (43.0%).
Balance Sheet Strength
- Total Assets $1,992,369,854 (+5.8%)
- Total Liabilities $222,014,718 (-3.7%)
- Total Net Assets $1,770,355,136 (+7.1%)
- Donor-Restricted Net Assets $1,008,541,522 (57.0% of Total Net Assets)
- Unrestricted Net Assets $761,813,614 (43.0% of Total Net Assets)
Operating Performance
- Total Revenue $315,082,412 (+13.0%)
- Total Expenses $261,238,790 (+2.9%)
- Operating Surplus $53,843,622 (+115.7%)
- Unrealized Gains (Excluded) $64,734,138
Note: The $53.84 million reported operating surplus reflects Form 990 realized accounting standards; adding $64.73 million in net unrealized investment gains and deducting $1.70 million in split-interest valuation adjustments accounts for the full $116.88 million expansion in Carleton's FY25 net assets.
Revenue Breakdown
Three of Carleton's four revenue categories expanded in FY25. Program service revenue rose 8.8% YoY to $176.37 million, driven by $144.13 million in undergraduate tuition and fees and $31.20 million in campus housing and dining charges. Realized investment income climbed 36.3% YoY to $94.47 million on $68.52 million in net realized capital gains and $25.95 million in dividends and interest. Contributions and grants declined 8.1% YoY to $41.30 million ($33.26 million in private gifts and $8.03 million in government grants), while other revenue increased 17.0% YoY to $2.94 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +8.8% YoY$176,373,737 (56.0%)
- Tuition and Fees $144,128,029
- Housing & Food Service (2,024 Residential Students) $31,197,584
- Summer Liberal Arts Institute (Grades 7–12) $1,048,124
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Investment Income +36.3% YoY$94,470,570 (30.0%)
- Realized Net Capital Gains ($69.38M Securities Gain less $858.8K Other Asset Loss) $68,519,589
- Dividends, Interest & Partnership Income ($16.08M Excluded, $9.87M UBI) $25,950,981
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Contributions & Grants -8.1% YoY$41,295,400 (13.1%)
- Private Philanthropy, Alumni Gifts & Bequests $33,261,230
- Federal & State Government Grants $8,034,170
- Noncash Gifts Included Above (140 Stock Gifts at $4.94M, Art at $77.4K, Violin at $5.4K) $5,026,755
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Other Revenue +17.0% YoY$2,942,705 (0.9%)
- Miscellaneous Campus Revenue $2,843,531
- Commercial Wind Turbine Electricity Sales (UBI) $146,962
- Royalties ($1,717) & Net Rental Loss ($397,441 Gross Rents less $446,946 Expenses) -$47,788
Endowment Performance and Asset Allocation
Carleton’s Investment Office manages an endowment that reached $1.34 billion ($1,343,728,654) at year-end FY25, within a broader $1.46 billion ($1,464,993,766) balance sheet securities portfolio ($1.53 billion including $60.94 million in temporary cash investments). Across the $1.46 billion invested portfolio, alternative securities reported on Schedule D, Part VII total $801.38 million (54.7% of total investments)—comprising private equity ($326.70 million), hedge funds ($263.84 million), real assets ($157.66 million), and planned gift agreements ($53.19 million)—alongside $662.42 million in publicly traded securities (45.2%) and $1.19 million in program-related investments (0.1%).
To execute its alternative investment strategy, Carleton holds $471.36 million in foreign-domiciled investments on Schedule F—led by $457.46 million in Central America and the Caribbean, $10.88 million in Europe, and $3.01 million in North America—and reported $10.02 million in gross unrelated business income ($8.85 million net taxable income on Form 990-T). Because Carleton's endowment stands at $644,165 per student across 2,086 students (above the $500,000 federal threshold), the college accrued an estimated $800,000 federal IRC Section 4968 excise tax obligation for FY25 after remitting $456,418 for FY24. However, as disclosed on Schedule D, Part XIII, the One Big Beautiful Bill Act (OBBBA) signed on July 4, 2025 repealed the endowment excise tax for institutions enrolling fewer than 3,000 students for fiscal years beginning after December 31, 2025.
Portfolio Performance & Asset Allocation ($1.46B Balance Sheet Securities / $1.34B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $1,343,728,654 (+7.9% YoY), representing $644,165 per enrolled student across 2,086 students ($669,521 across 2,007 fall census headcount).
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Net Investment Gains: $139,783,860 in endowment investment earnings (+16.5% YoY from $120.02M in FY24), paired with $18,057,747 in new endowment contributions (+98.6% YoY).
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Alternative & Offshore Capital: 54.7% of balance sheet investments sit in Schedule D alternative holdings ($801.38M), with $457.46M domiciled in Central American and Caribbean fund vehicles.
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Total Payout & Budget Coverage: $59,655,988 in total endowment deductions ($38.73M to facilities and academic programs, $16.63M to student scholarships, and $4.29M to administrative fees), funding 22.8% of Form 990 total expenses (21.2% in direct program and aid payouts, or 29.4% to 31.7% of GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Securities Holdings)
5-Year Endowment History
Schedule D, Part V tracks the five-year growth of Carleton’s endowment from an $877.28 million opening balance in FY21 to $1.34 billion at the close of FY25 (+53.2% cumulative expansion). Across that five-year span, the endowment received $130.75 million in donor contributions and generated $622.58 million in net investment earnings—including a $290.53 million gain in FY21 and $139.78 million in FY25, with only a single negative year (-$31.93 million in FY22). Over the same period, the endowment distributed $286.88 million ($72.71 million for student scholarships, $178.17 million for facilities and academic programs, and $36.00 million for investment and administrative costs). At year-end FY25, the endowment consisted of 68.23% permanent donor-restricted funds and 31.77% board-designated quasi-endowment (0% term endowment).
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g).
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $1,245,543,035 | $1,176,531,478 | $1,112,930,501 | $1,177,591,148 | $877,276,225 |
| 1b. Contributions | $18,057,747 | $9,092,832 | $16,049,584 | $24,155,753 | $63,397,175 |
| 1c. Net investment earnings | $139,783,860 | $120,016,013 | $104,179,465 | ($31,932,372) | $290,531,660 |
| 1d. Grants or scholarships | ($16,634,658) | ($14,844,972) | ($14,901,264) | ($13,763,033) | ($12,562,398) |
| 1e. Other expenditures | ($38,727,413) | ($37,227,344) | ($35,159,550) | ($34,441,127) | ($32,615,343) |
| 1f. Administrative expenses | ($4,293,917) | ($8,024,972) | ($6,567,258) | ($8,679,867) | ($8,436,171) |
| 1g. End of year balance | $1,343,728,654 | $1,245,543,035 | $1,176,531,478 | $1,112,930,501 | $1,177,591,148 |
Per-Student Spending and True Cost
On Form 990 Part III (Line 4e) and Part IX (Column B), Carleton reports $232,083,933 in total direct program service expenses across its 2,086 degree-seeking students. That equates to $111,258 per student in direct program service expenditure ($78,631 net per student after excluding $68,060,091 in student financial aid grants). Excluding the $1,076,184 Summer Academic Program for high school students, regular-session college program services total $231,007,749, or $110,742 per student.
By comparison, gross student revenue from tuition and fees ($144,128,029) and campus housing and dining ($31,197,584) totals $175,325,613, or $84,049 per student before financial aid ($51,422 net per student after deducting $68.06 million in institutional scholarship grants). Even at full sticker collection before financial aid, student charges cover 75.5% of Carleton's $111,258 per-student direct program expenditure—leaving a $27,209 per-student gross subsidy and a $59,836 per-student net subsidy funded by endowment distributions and private philanthropy. Including Management and General overhead ($22,225,673, including $5.24 million in investment management fees) and Fundraising ($6,929,184), total institutional expenditure reaches $261,238,790, or $125,234 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $232,083,933 across 2,086 undergraduate students ($111,258 gross direct program spend per student; $78,631 net per student excluding $68.06M in student scholarships). Regular-session undergraduate program spend totals $231,007,749 ($110,742 per student).
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Total Institutional Enterprise Spend (Part IX, Col A): $261,238,790 across all college functions ($125,234 per student), comprising 88.8% Program Services ($232.08M), 8.5% Management & General ($22.23M), and 2.7% Fundraising ($6.93M).
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Tuition & Room/Board Revenue: $175,325,613 ($84,049 per student before financial aid discounts; $51,422 net of aid), covering 75.5% of direct program service expenditure. Endowment distributions and gifts bridge the remaining $27,209 gross ($59,836 net) per-student gap.
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Instruction, Academic Support & Student Services (Lines 4a–4c): $147,592,843 in Instruction and Student Aid ($70,754 per student), $29,964,970 in Academic Support for libraries and IT ($14,365 per student), and $23,938,761 in Student Services for residential life and athletics ($11,476 per student).
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Auxiliaries, Research & Global Off-Campus Study (Line 4d & Schedule F): $21,661,467 in Auxiliary Enterprises for residential room and board ($10,241,734 in direct student dining services; generating $31.20M in revenue), $7,849,708 in faculty and undergraduate Research, $1,076,184 for the 211-student Summer Liberal Arts Institute, and $4,426,373 across 14 faculty-led international Off-Campus Studies programs on Schedule F (including Rome, Australia, New Zealand, London, Prague, Cambridge, and Paris).
Financial Aid: How Carleton Deploys $68.1M in Student Support
Carleton commits to meeting 100% of demonstrated financial need for all admitted students (Part III, Line 4a). During FY25, the college disbursed $68,060,091 in direct student scholarships—up 9.7% YoY from $62.02 million in total grants in FY24—returning 47.2% of gross tuition and fee revenue ($144.13 million) directly to students as financial aid.
On Form 990 Schedule I (Part III), Carleton reports $68,060,091 in direct scholarship grants across 1,842 domestic recipients, representing 88.3% of its 2,086-student body ($36,949 average grant per Schedule I recipient). Within that cohort, 1,165 students (55.8% of total enrollment) received need-based financial aid packages meeting 100% of their demonstrated financial need. Endowment distributions supplied $16,634,658 (24.4%) of student grant assistance, while operating revenues and annual gifts funded the remaining $51,425,433 (75.6%).
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 88.3% (1,842 students)
- 100% Need-Met Aid Cohort (Part III) 55.8% (1,165 students)
- Endowment-Funded Scholarships $16,634,658 (+12.1%)
- Operating & Gift-Funded Aid $51,425,433
- Total Domestic Student Cash Grants $68,060,091 ($36,949 avg.)
Municipal Grants & Research Subawards
- Northfield Municipal & School Grants ($1,085,000) Disbursed on Schedule I, Part II to support the local host community, comprising a $1,000,000 capital contribution to Northfield Public Schools for the new Northfield High School construction and $85,000 to the City of Northfield for community engagement.
- Collaborative Scientific Research Subawards ($667,007) Federal NSF Research in Undergraduate Institutions (RUI) and STEM subawards transferred to six research partners on Schedule I: University of Connecticut ($227,555), UW–Madison ($159,981), Biodiversity Research Institute ($110,594), UC Davis ($90,117), University of Washington ($41,251), and UC San Diego ($35,547).
Executive and Investment Team Compensation
Carleton’s Schedule J disclosures highlight the compensation premium commanded by endowment investment officers relative to campus academic administrators. The college’s highest-compensated employee in FY25 was Chief Investment Officer Kelsey Deshler ($997,616 total compensation, including $487,980 base salary and a $421,204 performance bonus), followed by President Alison Byerly ($863,204 total; $696,304 base salary and $92,605 in nontaxable benefits including mandatory campus housing), and Director of Investments Timothy Griffeth ($576,851 total; $320,836 base and $186,727 bonus).
Rounding out the senior administrative cabinet were VP and Treasurer Eric Runestad ($436,091), Provost and VP of Academic Affairs Michelle Mattson ($372,164), VP for Student Life and Dean of Students Carolyn H. Livingston ($356,582), VP and Dean of Admissions and Financial Aid Art D. Rodriguez ($343,937), and VP of Development and Alumni Relations Daren Batke ($343,239). Two senior faculty members—Professor of Economics Michael T. Hemesath ($303,236) and Professor of Psychology Julie J. Neiworth ($266,008)—also appeared on Schedule J among the college's highest-compensated non-officer employees. Because no employee exceeded $1 million in reportable remuneration, Carleton was not subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Carleton expended $107,438,913 in total salaries, wages, pension contributions, and employee benefits in FY25 (+2.2% YoY, representing 41.1% of all college expenses) across 3,072 W-2 employees (including student workers), with 239 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board Chair, Human Resources Subcommittee, and Executive Committee review executive pay annually against comparability data from 25 peer liberal arts institutions and national salary surveys, retaining an independent compensation consultant every third year (most recently completed in 2024).
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Investment Bonuses, Campus Housing & Travel (Schedule J, Part III): Only Investment Office leaders (Deshler, Griffeth, and Associate Director Jeff Dsida) received variable performance bonuses tied to endowment returns. As a condition of employment, President Byerly received nontaxable campus housing ($56,240) and house cleaning services ($11,809), and Dean Livingston received campus housing ($44,255). CIO Deshler ($9,094) and Director Griffeth ($11,832) received nontaxable Delta One business-class travel for foreign investor meetings.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 15 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Kelsey DeshlerChief Investment Officer | $487,980 | $421,204 | $16,353 | $34,500 | $37,579 | $997,616 | $0 |
| Alison ByerlyPresident / Trustee | $696,304 | $0 | $39,795 | $34,500 | $92,605 | $863,204 | $0 |
| Timothy GriffethDirector of Investments | $320,836 | $186,727 | $810 | $33,206 | $35,272 | $576,851 | $0 |
| Eric RunestadVP and Treasurer | $363,847 | $0 | $4,812 | $34,500 | $32,932 | $436,091 | $0 |
| Michelle MattsonProvost & VP of Academic Affairs | $326,550 | $0 | $0 | $33,201 | $12,413 | $372,164 | $0 |
| Carolyn H. LivingstonVP for Student Life & Dean of Students | $248,190 | $0 | $810 | $25,954 | $81,628 | $356,582 | $0 |
| Art D. RodriguezVP & Dean of Admissions & Financial Aid | $277,739 | $0 | $1,242 | $29,012 | $35,944 | $343,937 | $0 |
| Daren BatkeVP of Development & Alumni Relations | $282,443 | $0 | $21,699 | $28,500 | $10,597 | $343,239 | $0 |
| Michael T. HemesathProfessor of Economics | $218,124 | $0 | $25,737 | $22,982 | $36,393 | $303,236 | $0 |
| Elise EslingerChief of Staff | $228,024 | $0 | $6,299 | $24,403 | $35,060 | $293,786 | $0 |
| Julie J. NeiworthProfessor of Psychology | $187,300 | $0 | $49,397 | $19,020 | $10,291 | $266,008 | $0 |
| Jeff DsidaAssociate Director of Investments | $152,916 | $74,078 | $432 | $16,058 | $12,566 | $256,050 | $0 |
| Dan RustadVP of External Relations (Interim) | $183,110 | $0 | $17,242 | $19,367 | $34,619 | $254,338 | $0 |
| Steven G. PoskanzerPresident (Former) | $186,970 | $0 | $4,191 | $19,772 | $25,846 | $236,779 | $0 |
| Gretchen E. HofmeisterDean of the College Interim (Former) | $157,583 | $0 | $9,764 | $16,795 | $25,997 | $210,139 | $0 |
Facilities, Debt, and Municipal Relations
Carleton’s Northfield campus and adjacent 800-acre Cowling Arboretum encompass $618.41 million in gross land, buildings, and equipment ($418.27 million net book value). To fund major residential and academic construction without depleting endowment principal, Carleton issues tax-exempt municipal bonds through the Minnesota Higher Education Facilities Authority (MHEFA).
On Schedule I, Part II, Carleton documented $1,085,000 in direct cash grants to local municipal governments in Northfield during FY25—highlighted by a $1,000,000 contribution to Northfield Public Schools to support the construction of the new Northfield High School and $85,000 to the City of Northfield for community engagement. These direct municipal transfers supplement the property taxes and operating expenses ($446,946) paid on Carleton's non-exempt rental real estate ($397,441 in gross rents) and its state higher-education advocacy through the Minnesota Private College Council (MPCC).
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Carleton holds $618,412,922 in gross land ($2.49M), buildings ($426.00M), equipment ($113.05M), and construction in progress ($76.87M), netting to $418,274,669 (+6.5% YoY) after $200.14M in accumulated depreciation. Annual occupancy expenses totaled $9.48M alongside $16.10M in depreciation and $9.75M in capitalized art and library collections (Schedule D, Part III).
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The college carries $167,233,431 in tax-exempt MHEFA bond liabilities (-3.8% YoY from $173.87M in FY24) and paid $4,222,564 in FY25 interest expense. Active issues comprise MHEFA Series 2017 ($124.90M issue price for the Weitz Center music addition, Science Complex construction, and geothermal utility infrastructure; $33.14M retired) and MHEFA Series 2023 ($60.50M issue price for the Student Health and Counseling Center and new student housing).
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Carleton transferred $1,000,000 to Northfield Public Schools (EIN 41-6008327) for the new Northfield High School construction project and $85,000 to the City of Northfield (EIN 41-6005424) for community engagement. Under Schedule C, Carleton also paid $137,101 in annual dues to the Minnesota Private College Council ($126,366 allocated to Group 2 advocacy and policy representation, including student "Day at the Capitol" support for the Minnesota State Grant program).
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Top Independent Contractors: Among 52 independent contractors receiving over $100,000 in FY25, the top five were Terra General Contractors LLC ($28,448,669 for campus construction), Bon Appétit ($11,845,233 for student dining services), Incline Alchemy Inc ($1,015,258 for IT consulting), JE Dunn Construction Company ($945,471 for general construction), and River City Builders ($917,818 for general construction).
Editorial Note
All financial figures in this report derive from Carleton College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 2,086 degree-seeking undergraduate students) and have been reviewed by the data team.
While Carleton expends $111,258 per student on direct program services ($110,742 on regular-session undergraduate programs and $125,234 per student in total institutional expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the 8:1 student-faculty ratio, 16-student average class size, undergraduate research, and 100%-need-met financial aid that operate alongside Carleton’s student selectivity.
Accounting Reconciliation: Readers comparing Carleton’s CliftonLarsonAllen LLP (CLA) audited standalone GAAP financial statements to IRS Form 990 will note three statutory accounting reconciliations documented on Schedule D, Parts XI and XII. First, audited GAAP total revenue, gains, and support was $305,258,232, compared to $315,082,412 on Form 990; Form 990 excludes $64,734,138 in net unrealized investment gains and -$1,702,184 in split-interest valuation changes, nets $446,946 in rental expenses against gross rents, and adds back $68,060,091 in student financial aid grants and $5,242,989 in investment management fees. Second, audited GAAP total expenses were $188,382,656, compared to $261,238,790 on Form 990; Form 990 reclassifies $68,060,091 in student scholarships (which GAAP nets directly against gross tuition revenue as a tuition discount) and $5,242,989 in investment management fees (which GAAP nets against investment return) as operating expenses, while subtracting $446,946 in netted rental expenses. Third, per Schedule R, while Carleton's financial statements are audited on a standalone basis, the college exercises control over two 501(c)(3) supporting scholarship trusts—the Patricia V. Damon Scholarship Fund ($124,050 distributed to Carleton in FY25) and the S. Eugene Bailey Scholarship Trust ($208,946 distributed)—as well as 54 Charitable Remainder Trusts domiciled in Minnesota.
Frequently Asked Questions: Carleton's Form 990 Financials
As of Fiscal Year 2025, Carleton College's endowment stands at $1.34 billion ($1,343,728,654), up 7.9% year-over-year, or $644,165 per student across 2,086 students. Its $59.66 million total annual drawdown ($55.36 million in direct scholarships and program payouts plus $4.29 million in administrative fees) covers 22.8% of the college's $261.24 million Form 990 operating expenses (21.2% in direct program and aid payouts, and 29.4% to 31.7% under audited GAAP operating expense metrics).
Carleton spends $111,258 per student annually in direct program services ($232.08 million across 2,086 students)—including $70,754 per student on instruction and student aid, $14,365 on academic support, $11,476 on student services, and $10,384 on residential auxiliary operations—compared to $84,049 per student generated in gross tuition, room, and board ($51,422 net of financial aid). Including institutional management ($22.23 million) and fundraising ($6.93 million), overall enterprise expenditure is $125,234 per student ($261.24 million).
Carleton disbursed $68.06 million ($68,060,091) in direct student scholarship grants in FY25 across 1,842 domestic recipients on Schedule I (88.3% of total enrollment, averaging $36,949 per recipient). Carleton meets 100% of demonstrated financial need for all admitted students, supporting 1,165 need-eligible undergraduates (55.8% of the student body).
The highest-paid employee is Kelsey Deshler, Chief Investment Officer, who received $997,616 in total compensation in FY25 ($487,980 base salary, $421,204 performance bonus, $16,353 other reportable compensation, and $72,079 in retirement and nontaxable benefits), followed by President Alison Byerly ($863,204) and Director of Investments Timothy Griffeth ($576,851).
In FY25, yes. Because Carleton held $644,165 in endowment assets per student (exceeding the $500,000 federal threshold under the 2017 Tax Cuts and Jobs Act), it recorded an estimated $800,000 IRC Section 4968 excise tax obligation for FY25 after remitting $456,418 for FY24. However, as noted on Schedule D, Part XIII, the One Big Beautiful Bill Act (OBBBA) signed on July 4, 2025 eliminated the federal endowment excise tax for institutions enrolling fewer than 3,000 students for fiscal years beginning after December 31, 2025.
Carleton College's total assets reached $1.99 billion ($1,992,369,854) in Fiscal Year 2025, anchored by $1.46 billion in balance sheet investment securities ($662.42 million publicly traded, $801.38 million in alternative securities, and $1.19 million in program-related investments), $418.27 million in net physical plant, and $60.94 million in cash and temporary cash investments.
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Financial analysis of Bowdoin College's FY25 Form 990, detailing its $3.56 billion asset base, $2.91 billion endowment, $143,229 per-student program spend, and Schedule J executive compensation.
Financial Analysis
November 9, 2026Middlebury Endowment Climbs to $1.73 Billion on $170.4M Return, Offsetting 30% Gift Drop to Fund $136,220 Per-Student Spend and $95.1M Aid Budget
Financial analysis of Middlebury College's FY25 Form 990, detailing its $2.38 billion asset base, $1.73 billion endowment, $136,220 per-student program spend, Town-Gown municipal grants, and Schedule J executive compensation.