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Financial Analysis

Grinnell’s $146.6M Endowment Draw Covers 56.5% of Operating Budget, Discounting Tuition 68.7% to Fund $144,033 Per-Student Spend as Assets Reach $3.40 Billion

By Data Team | Published November 9, 2026

Grinnell College’s total assets reached $3.40 billion in fiscal year 2025, anchored by a $2.85 billion endowment whose $146.64 million annual payout covers 56.5% of the college's $259.51 million Form 990 operating budget (81.0% of its $181.00 million GAAP net expense base), according to its latest IRS filing. That capital base enables Grinnell to spend $144,033 per student across all direct program services ($234.05 million across 1,625 students)—including $84,968 per student on regular-session instruction and student aid ($138.07 million)—while total institutional expenditure including administrative overhead and fundraising reaches $159,699 per student ($259.51 million).

Grinnell’s financial structure illustrates how an endowment-intensive liberal arts college operates primarily as an institutional asset manager to subsidize undergraduate instruction. While gross student tuition, room, board, and fees total $141.03 million ($86,789 per student), net student revenue after deducting $79.44 million in direct student financial aid grants provides just $61.59 million ($37,902 per student). Realized investment income ($194.96 million, or 53.9% of total revenue) and private and government contributions ($21.79 million, up 80.0% year-over-year) supply the financial cushion that insulates campus academic operations from tuition reliance.

This endowment subsidy supports one of the highest tuition discount rates in American higher education. Grinnell disbursed $79.44 million in direct Form 990 Schedule I and Schedule F grants to students in FY25—discounting 68.7% of gross tuition ($115.71 million) and funding 1,385 domestic scholarship recipients (85.2% of the 1,625 regular-session student body) alongside 244 international scholarship recipients (15.0% of enrollment), reaching 95.4% of all 1,707 Form 1098-T students enrolled during the calendar year.

Institutional & Governance Profile

Operating under its formal corporate charter, The Trustees of Grinnell College (EIN 42-0680387), Grinnell is a private, four-year residential liberal arts college domiciled in Grinnell, Iowa. Chartered in the Iowa Territory in 1846, the college operates an Individually Advised Curriculum across 28 major fields and 17 concentrations with no fraternities or sororities and a tradition of student-regulated residence life.

Chicardgo Favicon Institutional Scale and Board Structure

  • •
    Founding & Workforce Scale: Founded in 1846, Grinnell issued 2,530 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student workers), filed 2,150 Form 1096 information returns (443 Form 1099 vendor returns and 1,707 Form 1098-T tuition statements), and engaged 1,172 volunteers across admissions, career services, and the Alumni Council.
  • •
    Academic & Faculty Footprint: Grinnell enrolls approximately 1,625 degree-seeking undergraduate students from all 50 states and roughly 60 countries (nearly 20% international students). The college maintains a 1:9 faculty-to-student ratio and an average class size of 16 (fewer than 5% of classes exceed 30 students), anchored by a mandatory 14-student First-Year Tutorial and faculty-directed Mentored Advanced Projects (MAP).
  • •
    Executive Leadership: President Anne Harris leads the college alongside Vice President for Finance and Treasurer Germaine Gross, Dean and Vice President for Academic Affairs Beronda Montgomery, Chief Investment Officer Jainen Thayer, Vice President for Enrollment and Dean of Admission Joseph Bagnoli, and Vice President for Development Bernadine Douglas.
  • •
    Governing Board (Schedule O): The Board of Trustees comprises 29 voting members, all 29 of whom are independent (Board Chair Michael B. Kahn; Vice-Chairs R. Christina Cutlip and Matthew E. Welch). The Audit and Assessment Committee reviews the Form 990 in detail prior to full board distribution at the spring trustee meeting, and all trustees, officers, and employees complete mandatory annual conflict-of-interest disclosures reviewed by the Executive Committee and campus compliance officers.

Top-Line Financials

During FY25 (covering July 1, 2024 through June 30, 2025), Grinnell generated $1.51 billion in gross receipts ($1,512,125,764) and $361.94 million in total net revenue. Total assets expanded 6.5% to $3.40 billion while net assets rose 7.4% to $3.13 billion, heavily weighted toward unrestricted reserves (68.3%) over donor-restricted funds (31.7%).

Balance Sheet Strength

  • Total Assets $3,398,994,168 (+6.5%)
  • Total Liabilities $268,125,230 (-3.4%)
  • Total Net Assets $3,130,868,938 (+7.4%)
  • Donor-Restricted Net Assets $993,324,500 (31.7% of Total Net Assets)
  • Unrestricted Net Assets $2,137,544,438 (68.3% of Total Net Assets)

Operating Performance

  • Total Revenue $361,944,495 (-8.9%)
  • Total Expenses $259,510,437 (+4.7%)
  • Operating Surplus $102,434,058 (-31.6%)
  • Unrealized Gains (Excluded) $117,124,546

Note: The $102.43 million reported operating surplus reflects Form 990 realized accounting parameters; adding $117.12 million in net unrealized investment gains and deducting $2.75 million in split-interest and post-retirement benefit obligation valuation adjustments (Schedule O, Part XI, Line 9) accounts for the full $216.80 million expansion in Grinnell's FY25 net assets.

Revenue Breakdown

Three of Grinnell's four primary revenue categories expanded in FY25, while realized investment income moderated from prior-year portfolio rebalancing highs. Realized investment income remained the college's largest revenue pillar at $194.96 million (53.9% of total revenue, down 22.1% YoY due to lower realized capital harvesting as unrealized gains surged to $117.12 million). Program service revenue rose 7.4% to $141.37 million, Contributions and grants jumped 80.0% to $21.79 million, and Other revenue increased 10.6% to $3.83 million.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Investment Income -22.1% YoY
    $194,958,104 (53.9%)
    • Realized Net Capital Gains ($1.33B Gross Sales less $1.15B Cost Basis) $179,701,499
    • Dividends, Interest & Other Investment Income (Net of -$1.88M UBI) $15,256,605
    • Tax-Exempt Bond Proceeds Income $0
  • Program Service Revenue +7.4% YoY
    $141,367,895 (39.1%)
    • Student Tuition (Gross Billed Before $79.44M Aid Discounts) $115,714,556
    • Auxiliary Services (Campus Housing & Dining) $24,476,325
    • Student Fees, Sources & Fines $841,207
    • Alumni Fees $315,094
    • Student Loans & All Other Program Revenue $20,713
  • Contributions & Grants +80.0% YoY
    $21,792,123 (6.0%)
    • Private Philanthropy, Alumni Gifts & Foundations $20,525,205
    • Government Grants (NSF, NEH, DOE, USDA & Dept. of Education) $1,266,918
    • Noncash Gifts Included Above (55 Stock Gifts, 9 Art Works, Piano & Goods) $1,669,780
  • Other Revenue +10.6% YoY
    $3,826,373 (1.1%)
    • Royalties (Oil, Gas & Intellectual Property) $3,993,741
    • Net Rental Loss ($157,239 Gross Rents less $348,789 Expenses) -$191,550
    • Miscellaneous Revenue $24,182

Endowment Performance and Asset Allocation

Grinnell’s Office of Investments oversees $2.96 billion in total balance sheet investment holdings ($2,958,651,019 across Part X, Lines 11–13, plus $4.26 million in temporary cash), which encompasses the college's $2.85 billion endowment alongside operating reserves and split-interest trusts. Alternative strategies dominate the portfolio: marketable alternatives ($1.46 billion in hedge funds and absolute return vehicles) and non-marketable alternatives ($1.16 billion in private equity, venture capital, and real assets) together account for 88.6% of invested capital, while publicly traded securities represent 11.0% ($325.74 million).

To execute its global multi-asset strategy, Grinnell holds $998.60 million in foreign-domiciled investment vehicles reported on Schedule F—including $790.86 million in Central America and the Caribbean (anchored by a $174.22 million position in the Cayman-domiciled Arrowstreet Capital Global All Country Alpha Extension Fund disclosed on Schedule R, Part VI), $113.09 million in Europe, $75.98 million in Sub-Saharan Africa, and $18.67 million in East Asia and the Pacific. Because Grinnell holds $1.75 million in endowment assets per student across 1,625 students, it is subject to the federal IRC Section 4968 excise tax on net investment income (Part V, Line 16) and recorded a net -$3.20 million investment excise and UBI tax adjustment in FY25 (Part IX, Line 24d).

Chicardgo Favicon Portfolio Performance & Asset Allocation ($2.96B Total Investment Holdings / $2.85B Endowment)

Part X & Schedule D, Part VII Allocation

  • •
    Endowment Balance (EOY): $2,847,380,885 (+6.6% YoY), representing $1,752,234 per enrolled student across 1,625 students.
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    Net Investment Gains: $305,955,537 in total endowment investment earnings (+17.7% YoY from $259.90M in FY24, representing an 11.5% net return on beginning endowment value).
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    Alternative & Offshore Capital: 88.6% of total investment holdings sit in marketable and non-marketable alternatives ($2.62B), with $998.60M deployed across foreign investment vehicles ($790.86M in Central America and the Caribbean).
  • •
    Total Payout & Budget Coverage: $146,637,825 (+30.4% YoY; $110.97M to academic programs and facilities; $35.67M to endowed scholarships), funding 56.5% of Form 990 total expenses ($259.51M) and 81.0% of audited GAAP net expenses ($181.00M).

Detailed Asset Mix (Part X, Lines 11–13 & Schedule D, Part VII)

Marketable Alternatives
$1.46B (49.4%)
Non-Marketable Alternatives
$1.16B (39.1%)
Publicly Traded Securities
$325.74M (11.0%)
Beneficial Interest in Trusts
$7.54M (0.3%)
Program-Related Investments ($2.60M) & Closely-Held Equity ($2.04M)
$4.64M (0.2%)

5-Year Endowment History

Schedule D, Part V traces the five-year trajectory of Grinnell’s endowment from a $2.09 billion opening balance in FY21 to $2.85 billion at the close of FY25. Over that five-year window, the endowment received $48.81 million in direct donor gifts and generated $1.23 billion in cumulative net investment earnings—weathering a -$370.76 million market drawdown in FY22 after a $924.78 million surge in FY21, and compounding steadily with $259.90 million in FY24 and $305.96 million in FY25. Simultaneously, the endowment distributed $524.89 million over five years toward endowed scholarships ($150.17 million) and campus academic operations and facilities ($374.73 million). At year-end FY25, 66.30% of the endowment was held in unrestricted board-designated quasi-endowment ($1.89 billion), compared to 33.20% in permanent endowment ($945.33 million) and 0.50% in term endowment ($14.24 million), providing the Board of Trustees substantial spending flexibility.

FY25 Endowment Waterfall (Schedule D, Part V)

Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.

5-Year Historical Endowment Balances (Line 1g)

End of year balance progression in billions (FY21 - FY25).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $2,670,848,766 $2,505,850,652 $2,484,418,726 $2,931,550,076 $2,090,750,442
1b. Contributions $17,214,407 $17,565,853 $4,208,060 $6,186,324 $3,632,433
1c. Net investment earnings $305,955,537 $259,903,959 $112,841,771 ($370,756,701) $924,779,487
1d. Grants or scholarships ($35,672,625) ($33,380,032) ($30,729,969) ($26,743,262) ($23,640,134)
1e. Other expenditures ($110,965,200) ($79,091,666) ($64,887,936) ($55,817,711) ($63,972,152)
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $2,847,380,885 $2,670,848,766 $2,505,850,652 $2,484,418,726 $2,931,550,076
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 66.30% board-designated or quasi-endowment ($1.89B), 33.20% permanent endowment ($945.33M), and 0.50% term endowment ($14.24M), with 100% of funds held and administered directly by the college (Line 3a).

Per-Student Spending and True Cost

Evaluating per-student spending at a residential liberal arts college centers on direct program service expenses reported on Form 990 Part III (Line 4e) and Part IX (Column B, Line 25). In FY25, Grinnell expended $234,054,284 on direct program services across its 1,625 undergraduate students—equating to $144,033 per student in direct program spend ($95,146 net per student when excluding $79.44 million in student financial aid grants). Within that total, regular-session instructional programs and student grants (Part III, Line 4a) accounted for $138,072,380, or $84,968 per student. When adding management and general overhead ($17.31 million) and institutional fundraising ($8.14 million), overall enterprise expenditure reached $259,510,437, or $159,699 per student.

By comparison, gross student revenue from tuition ($115.71 million), auxiliary housing and dining ($24.48 million), and student fees ($841,207) totaled $141,032,088, or $86,789 per student before financial aid discounts—covering 60.3% of direct program service costs. After subtracting $79,441,399 in direct student grants, net student revenue retained by the college was $61,590,689 ($37,902 per student), covering just 26.3% of Grinnell's $144,033 per-student program spend and leaving a $106,131 per-student annual subsidy funded by the $146.64 million endowment draw ($90,239 per student) and annual philanthropy.

Operations vs. Revenue

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    Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $234,054,284 across 1,625 students ($144,033 gross program spend per student, representing 90.2% of total budget; $95,146 net operational program spend per student excluding $79.44M in student grants).
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    Regular Session Instructional Spend & Total Enterprise Spend (Line 4a & Part IX, Col. A): $138,072,380 in direct classroom instruction and student aid ($84,968 per student on Line 4a), and $259,510,437 in total institutional expenditure ($159,699 per student including $17.31M in administration and $8.14M in fundraising).
  • •
    Gross vs. Net Tuition & Room/Board Revenue: $141,032,088 gross student charges ($86,789 per student), reduced by $79,441,399 in student grants to $61,590,689 net student revenue ($37,902 per student)—requiring a $106,131 per-student subsidy from endowment payouts and gifts.
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    Academic Support & Student Services (Lines 4b & 4c): $34,921,727 in Academic and Institutional Support ($21,490 per student for libraries, faculty development, computing, and communications) and $33,972,135 in Student Services ($20,906 per student for admissions, counseling, health services, lectures, and varsity athletics, where roughly one-third of students compete).
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    Auxiliary Services, Off-Campus Study & Art Museum (Line 4d, Part IX & Schedule D): $27,088,042 in residential housing and dining operations ($16,670 per student against $24.48M in auxiliary revenue), $3,509,546 in direct off-campus study program costs (supporting over half of Grinnell students who study off-campus, alongside $987,046 in Schedule F foreign academic program expenses), and the Grinnell College Museum of Art ($11.87M in capitalized public art collections).

Financial Aid: How Grinnell Deploys $79.4M in Student Support

Grinnell practices need-blind admissions for domestic applicants and meets 100% of demonstrated financial need for all admitted domestic and international students. In FY25, Grinnell disbursed $79,441,399 in direct grants to individuals (up 7.4% YoY), resulting in a 68.7% discount rate against its $115.71 million gross tuition bill (and a 56.3% discount against $141.03 million in combined tuition, room, board, and fees). Endowed scholarship funds supplied $35.67 million of the aid pool (Schedule D, Part V, Line 1d), while general operating funds and annual gifts supplied the remaining $43.77 million.

On Form 990 Schedule I (Part III), Grinnell reported $65,280,300 in cash grants to domestic students, led by $64,202,800 in scholarships across 1,385 domestic recipients ($46,356 average award)—representing 85.2% of its 1,625 regular-session enrollment. Because nearly 20% of Grinnell’s student body is international, Schedule F (Part III) captures an additional $14,161,099 in foreign individual grants, including $13,468,864 in scholarships across 244 international students ($55,200 average award, or 15.0% of regular-session enrollment), led by East Asia and the Pacific (101 recipients, $4.75M), South Asia (51 recipients, $2.47M), Europe (25 recipients, $1.64M), South America (20 recipients, $1.36M), and Sub-Saharan Africa (17 recipients, $1.29M). Across the full tax year, Grinnell's 1,629 combined domestic and international scholarship recipients represent 95.4% of the 1,707 students issued a Form 1098-T.

Internal Student Support (Schedule I, F & D)

  • Total Aided Student Share (1098-T) 95.4% (1,629 students)
  • Domestic / Int'l Share (vs. 1,625 FTE) 85.2% Dom. / 15.0% Int'l
  • Domestic Scholarships (1,385 students) $64,202,800 ($46,356 avg.)
  • International Scholarships (244 students) $13,468,864 ($55,200 avg.)
  • Total Direct Student Grants $79,441,399 (68.7% discount)

Fellowships, Internships & Community Grants

  • Student Fellowships, Internships & Prizes ($1,769,735) Includes $864,761 in student fellowships (269 domestic and 158 foreign awards), $570,137 in funded summer internships and externships (170 domestic and 68 foreign awards via the Center for Careers, Life, and Service), $166,525 in prizes, $150,000 in awards, $11,250 in loan payments, and $7,062 in Catalyst grants.
  • Domestic Civic & Municipal Grants ($296,984) Reported on Part IX, Line 1 and Schedule I, Part II, funding local education, healthcare, childcare, and economic vitality partnerships across Grinnell and Poweshiek County, Iowa.

Executive and Investment Team Compensation

Grinnell’s Schedule J disclosures highlight the compensation premium required to staff an institutional investment office managing a $2.85 billion alternative-heavy endowment. Five of the ten highest-compensated employees at the college serve in the Office of Investments: Chief Investment Officer Jainen Thayer led all employees at $1,073,100 (comprising $631,676 base salary and a $370,288 bonus), followed by Deputy Chief Investment Officer Valbona Schwab ($851,835, including a $303,178 bonus), Managing Director of Investments Lacey Johnson ($682,947, including a $250,000 bonus), Managing Director of Investment Operations Kerri Gandin ($586,673, including a $150,000 bonus), and Director of Investments Robert Welch ($336,283).

Among campus academic and administrative leaders, President Anne Harris received $827,800 in total compensation ($639,726 base salary, $25,000 bonus, $18,515 other reportable compensation, $34,500 retirement contribution, and $110,059 in nontaxable benefits including mandatory on-campus presidential housing), followed by Vice President for Finance and Treasurer Germaine Gross ($532,684), Vice President for Development Bernadine Douglas ($396,330), and Dean and Vice President for Academic Affairs Beronda Montgomery ($369,347). Because CIO Jainen Thayer’s reportable W-2 compensation ($1,002,930) exceeded the $1 million federal threshold, Grinnell is subject to the IRC Section 4960 21% excise tax on excess executive remuneration (Part V, Line 15).

Payroll Scale and Compensation Governance

  • •
    Total Institutional Payroll: Grinnell expended $109,318,265 in total salaries, wages, pension contributions, and employee benefits in FY25 (+9.6% YoY, representing 42.1% of total Form 990 expenses and 60.4% of GAAP operating expenses) across 2,530 W-2 employees (including student workers), with 208 staff and faculty members earning over $100,000. Total payroll included $8,304,062 transferred to the Grinnell College Medical Benefit Plan Trust (a controlled 501(c)(9) VEBA trust reported on Schedule R).
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    Board Compensation Governance (Schedule O): Under its Disqualified Employee Compensation Review Policy, a conflict-free Board of Trustees committee establishes executive and investment team pay using independent comparability surveys and formal rebuttable presumption summaries (most recently reviewed for compensation effective July 1, 2025).
  • •
    Presidential Contract, Housing & Related-Party Disclosures (Schedule J & L): President Anne Harris’s initial five-year employment contract (effective July 1, 2020 through June 30, 2025) was extended through June 30, 2030; she is required to reside in college-owned housing under IRC Section 119, with residence cleaning services taxed as reportable income. On Schedule L (Parts III & IV), Grinnell disclosed one $5,000 family member scholarship and regular employment compensation for three family members of officers or key employees: Julie Baumann (family member of VP Joseph Bagnoli, $127,441), Christopher Bair (family member of Director Margaret Bair, $86,918), and Michael Mackenzie (family member of President Anne Harris, $85,529).
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown — All 15 Listed Individuals (FY25)
Name & Title (A) Base Comp (B-i) Bonus (B-ii) Other (B-iii) Retirement & Deferred (C) Nontaxable Benefits (D) Total (E) Prior Deferred (F)
Jainen ThayerChief Investment Officer $631,676 $370,288 $966 $34,500 $35,670 $1,073,100 $0
Valbona SchwabDeputy Chief Investment Officer $426,215 $303,178 $966 $34,500 $86,976 $851,835 $0
Anne HarrisPresident $639,726 $25,000 $18,515 $34,500 $110,059 $827,800 $0
Lacey JohnsonManaging Director, Investments $367,279 $250,000 $378 $34,500 $30,790 $682,947 $0
Kerri GandinManaging Director, Invest. Operations $370,486 $150,000 $95 $34,500 $31,592 $586,673 $0
Germaine GrossVP Finance & Treasurer $373,707 $102,210 $1,446 $34,500 $20,821 $532,684 $0
Bernadine DouglasVP Development $333,459 $5,000 $242 $34,500 $23,129 $396,330 $0
Beronda MontgomeryDean & VP Academic Affairs $311,079 $5,000 $1,446 $31,937 $19,885 $369,347 $0
Joseph BagnoliVP Enrollment & Dean of Admission $275,262 $10,500 $2,286 $29,078 $27,620 $344,746 $0
Robert WelchDirector of Investments $253,437 $50,000 $351 $30,344 $2,151 $336,283 $0
Myrna HernandezChief of Staff & VP Administration $231,220 $2,500 $1,246 $23,656 $12,142 $270,764 $0
Jana GrimesVP Human Resources $220,568 $5,000 $2,206 $22,728 $11,021 $261,523 $0
Nancy L. CombsAssociate VP Finance / Former Officer $206,992 $0 $1,828 $20,883 $11,043 $240,746 $0
Elaine M. MarzluffProf. of Chemistry & Former Key Employee $187,071 $0 $1,308 $18,951 $11,377 $218,707 $0
Margaret BairDirector of Board Relations $112,698 $0 $648 $11,772 $26,333 $151,451 $0

Facilities, Debt, and Municipal Relations

Grinnell’s campus in Poweshiek County, Iowa encompasses $708.50 million in gross land, buildings, and equipment ($421.35 million net book value). Rather than drawing down its liquid endowment to finance long-term capital construction, the college utilizes tax-exempt bonds issued through the Iowa Higher Education Loan Authority (IHELA) alongside unsecured institutional notes, preserving endowment principal to compound in higher-yielding alternative assets.

Because Grinnell’s $421.35 million tax-exempt physical plant sits in a rural municipality of roughly 9,500 residents, its Town-Gown fiscal relationship is central to the local economy. Alongside paying direct operating and property expenses ($348,789) on its non-exempt rental real estate portfolio, Grinnell channels direct municipal and civic support through its Office of Community Partnerships, Planning, and Research (Schedule I, Part IV), where a joint committee of faculty, staff, and students awards grants to strengthen local healthcare, public schools, childcare, and municipal economic development.

Capital Debt & Municipal Engagement

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    Physical Plant & Campus Operations (Schedule D, Part VI): Grinnell holds $708,496,321 in gross property ($575.40M in buildings, $82.25M in equipment, $46.02M in construction and other improvements, and $4.83M in land) less $287,145,749 in accumulated depreciation for a net book value of $421,350,572 (+5.0% YoY), plus $11.87M in capitalized museum art collections. Annual plant operations required $17.25M in depreciation, $8.56M in occupancy expenses, and $1.30M in property and liability insurance.
  • •
    Tax-Exempt Bonds & Institutional Debt (Schedule K & Part X): The college carries $154,032,102 in tax-exempt IHELA bond liabilities—comprising the $60.38M Series 2014 refunding issue ($5.77M retired) and the $120.70M Series 2017 facilities construction issue ($9.16M retired)—alongside $60,341,996 in unsecured notes and loans payable ($214.37M total debt), paying $7,068,503 in FY25 interest expense.
  • •
    Schedule I Town-Gown PILOT Payments & Municipal Relations: Grinnell disbursed $296,984 in domestic organizational and municipal grants on Schedule I (Part II), itemizing eight civic recipients above $5,000: Greater Poweshiek Community Foundation ($103,380), Grinnell School of Music Inc. ($50,200), Grinnell Regional Medical Center ($45,350), Grinnell Area Chamber of Commerce ($14,919), Grinnell-Newburg Community School District ($11,951, including $9,388 cash and $2,563 in food assistance), Grinnell Farm to Table ($7,500), The Greater Des Moines Partnership ($7,500), and Grinnell Community Day Care ($6,910), plus $49,274 in smaller community grants.
  • •
    Top Independent Contractors (Part VII, Section B): Among 27 independent contractors receiving over $100,000 in calendar year 2024, the top five reflect campus capital projects, investment management, legal counsel, and campaign planning: The Weitz Company ($1,372,784 for construction), OPN Architects ($1,357,154 for architecture), Summit Street ($1,045,557 for investment management), Nyemaster Goode PC ($469,782 for legal services), and Community Counselling Service LLC ($345,769 in calendar-year payments; $470,220 in fiscal-year feasibility study fees on Schedule G).

Editorial Note

All financial figures in this report derive from The Trustees of Grinnell College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,625 regular-session undergraduate students and 1,707 Form 1098-T tax-year students) and have been reviewed by the data team.

While Grinnell expends $144,033 per student on direct program services ($84,968 per student on regular-session instruction and student aid and $159,699 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 1:9 faculty-to-student ratio, need-blind domestic admissions, Mentored Advanced Projects, and debt-free financial aid packages that operate alongside Grinnell’s student selectivity.

Accounting Reconciliation: Readers comparing Grinnell College’s CliftonLarsonAllen-audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, Form 990 reports $259,510,437 in total expenses compared to $181,001,377 on the audited GAAP financial statements—a $78.51 million variance driven primarily by $77,654,939 in student scholarships and grants that Form 990 records as an operating expense (and adds back to gross tuition revenue), whereas GAAP financial statements net financial aid directly against gross tuition as a revenue discount. Second, audited GAAP total revenue ($397,805,679) includes $117,124,546 in net unrealized investment gains that are excluded from Form 990 total revenue ($361,944,495) and reported separately on Part XI, Line 5. Third, Form 990 nets $348,789 in direct rental real estate expenses against gross rental revenue on Part VIII (Line 6b), includes $3,652,219 in investment expenses and $315,094 in alumni fees in both revenue and functional expenses, and places non-operating actuarial adjustments (-$1,981,545 change in post-retirement benefit obligations and -$782,858 change in split-interest agreements) in Part XI net asset reconciliations rather than operating expenses.

Frequently Asked Questions: Grinnell's Form 990 Financials

As of Fiscal Year 2025, Grinnell College's endowment stands at $2.85 billion ($2,847,380,885), up 6.6% year-over-year after generating $305.96 million in net investment gains ($1,752,234 per student across 1,625 enrolled undergraduates). Its $146.64 million annual payout covers 56.5% of the college's $259.51 million Form 990 operating budget (and 81.0% of its $181.00 million GAAP net expense base).

Grinnell spends $144,033 per student annually in direct program services ($234.05 million across 1,625 students)—comprising $84,968 per student in regular-session instruction and student aid ($138.07 million), $21,490 in academic and institutional support ($34.92 million), $20,906 in student services ($33.97 million), and $16,670 in auxiliary housing and dining ($27.09 million). Including administrative overhead ($17.31 million) and fundraising ($8.14 million), total institutional expenditure is $159,699 per student ($259.51 million), compared to $86,789 per student in gross tuition, room, board, and fees ($37,902 net per student after financial aid grants).

Grinnell disbursed $79.44 million ($79,441,399) in direct student grants in FY25, discounting 68.7% of its $115.71 million gross tuition revenue. On Schedule I, Grinnell reported $65.28 million in domestic student grants, including $64.20 million in scholarships across 1,385 domestic recipients ($46,356 average award, or 85.2% of regular-session enrollment). On Schedule F, Grinnell reported an additional $14.16 million in international student grants, including $13.47 million in scholarships across 244 foreign students ($55,200 average award, or 15.0% of regular-session enrollment), reaching 95.4% of all 1,707 students issued a Form 1098-T during the year.

The highest-paid employee is Chief Investment Officer Jainen Thayer, who received $1,073,100 in total compensation in FY25 ($631,676 base salary, $370,288 bonus, and $71,136 in retirement and nontaxable benefits), followed by Deputy Chief Investment Officer Valbona Schwab ($851,835) and President Anne Harris ($827,800). Five of the ten highest-compensated employees work in Grinnell's Office of Investments.

Yes. Because Grinnell is a private college with more than 500 tuition-paying students and holds $1.75 million in endowment assets per student (more than triple the $500,000 federal per-student threshold), it is subject to the IRC Section 4968 excise tax on net investment income, as confirmed on Form 990 Part V, Line 16.

Grinnell College's total assets reached $3.40 billion ($3,398,994,168) in Fiscal Year 2025, anchored by $2.96 billion in total investment securities ($1.46 billion in marketable alternatives, $1.16 billion in non-marketable alternatives, $325.74 million in publicly traded securities, and $12.18 million in trust, program-related, and closely-held investments), $421.35 million in net land, buildings, and equipment, and $11.87 million in museum art collections.

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