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Nonprofiteer
← ST OLAF COLLEGE

Form 990 for tax year 2023

Filed by ST OLAF COLLEGE.

Totals

Total revenue
$299,892,996
Total expenses
$272,557,639
Contributions and grants received
$29,315,305
Grants paid
$125,998,647
Program service revenue
$218,603,215
Investment income
$51,946,444
Other revenue
$28,032
Total assets, end of year
$1,185,849,276
Total liabilities, end of year
$187,965,192
Net assets or fund balances, end of year
$997,884,084
Program services expenses (Part IX)
$250,889,674
Management and general expenses
$15,232,055
Fundraising expenses
$6,435,910
Program service expenses (Part III)
$250,889,674

Program services were 92.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $4,247,177

  • 1f · All other contributions, gifts and grants

    $25,068,128

  • 1g · Noncash contributions included above

    $2,035,535

  • 2a · Program service revenue: TUITION & FEES

    total $176,452,850 · related or exempt $176,452,850

  • 2b · Program service revenue: AUXILIARY SALES AND SE

    total $37,880,007 · related or exempt $1,355,118 · unrelated business $651,454 · excluded $35,873,435

  • 2c · Program service revenue: OTHER

    total $4,270,358 · related or exempt $3,898,206 · excluded $372,152

  • 3 · Investment income

    total $18,012,755 · unrelated business $5,621,441 · excluded $12,391,314

  • 6a · Gross rents

    personal property $14,535

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $14,535

  • 6d · Net rental income or loss

    total $14,535 · unrelated business $14,535

  • 7a · Gross sales of assets other than inventory

    securities $370,217,321 · other assets $25,316,700

  • 7b · Less cost or other basis and sales expenses

    securities $346,761,201 · other assets $14,839,131

  • 7c · Gain or loss

    securities $23,456,120 · other assets $10,477,569

  • 7d · Net gain or loss

    total $33,933,689 · excluded $33,933,689

  • 8a · Fundraising events: gross income

    $30,834

  • 8b · Fundraising events: direct expenses

    $17,337

  • 8c · Net income from fundraising events

    total $13,497 · excluded $13,497

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $67,517 · program services $67,517

  • 2 · Grants to domestic individuals

    total $125,931,130 · program services $125,931,130

  • 5 · Compensation of officers, directors and key employees

    total $2,390,757 · program services $908,892 · management and general $992,545 · fundraising $489,320

  • 7 · Other salaries and wages

    total $60,028,954 · program services $52,537,636 · management and general $4,471,110 · fundraising $3,020,208

  • 8 · Pension plan contributions

    total $4,880,089 · program services $4,308,360 · management and general $350,826 · fundraising $220,903

  • 9 · Other employee benefits

    total $8,136,053 · program services $7,209,932 · management and general $641,252 · fundraising $284,869

  • 10 · Payroll taxes

    total $4,043,606 · program services $3,488,402 · management and general $341,888 · fundraising $213,316

  • 11b · Fees: legal

    total $141,349 · program services $15,089 · management and general $126,260

  • 11c · Fees: accounting

    total $132,783 · management and general $132,783

  • 11e · Fees: professional fundraising services

    total $158,000 · fundraising $158,000

  • 11f · Fees: investment management

    total $1,782,660 · management and general $1,782,660

  • 11g · Fees: other

    total $3,582,655 · program services $2,337,201 · management and general $861,303 · fundraising $384,151

  • 12 · Advertising and promotion

    total $453,807 · program services $113,415 · management and general $338,372 · fundraising $2,020

  • 13 · Office expenses

    total $3,238,774 · program services $2,310,337 · management and general $720,715 · fundraising $207,722

  • 14 · Information technology

    total $3,655,308 · program services $2,435,407 · management and general $1,026,081 · fundraising $193,820

  • 15 · Royalties

    total $11,587 · program services $8,484 · management and general $3,103

  • 16 · Occupancy

    total $6,622,057 · program services $6,354,377 · management and general $155,652 · fundraising $112,028

  • 17 · Travel

    total $9,036,105 · program services $8,505,249 · management and general $283,545 · fundraising $247,311

  • 19 · Conferences, conventions and meetings

    total $363,575 · program services $290,696 · management and general $31,355 · fundraising $41,524

  • 20 · Interest

    total $3,755,113 · program services $3,679,325 · management and general $74,756 · fundraising $1,032

  • 22 · Depreciation, depletion and amortization

    total $15,304,512 · program services $14,098,034 · management and general $767,758 · fundraising $438,720

  • 23 · Insurance

    total $1,523,549 · program services $562 · management and general $1,522,960 · fundraising $27

  • 24a · Other expenses: FOOD SERVICE

    total $10,819,834 · program services $10,305,803 · management and general $188,014 · fundraising $326,017

  • 24b · Other expenses: TUITION FEES

    total $3,509,734 · program services $3,500,342 · management and general $1,732 · fundraising $7,660

  • 24c · Other expenses: MEMBERSHIP DUES

    total $724,095 · program services $388,520 · management and general $327,729 · fundraising $7,846

  • 24d · Other expenses: UBI TAXES PAID

    total $202,890 · program services $111,998 · management and general $89,656 · fundraising $1,236

  • 24e · All other expenses

    total $2,061,146 · program services $1,982,966 · fundraising $78,180

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $593,732 · end of year $1,152,128

  • 2 · Savings and temporary cash investments

    beginning of year $23,849,294 · end of year $54,867,017

  • 3 · Pledges and grants receivable

    beginning of year $9,327,312 · end of year $8,862,498

  • 4 · Accounts receivable

    beginning of year $1,924,535 · end of year $371,565

  • 7 · Other notes and loans receivable

    beginning of year $750,000 · end of year $750,000

  • 8 · Inventories for sale or use

    beginning of year $146,862 · end of year $142,208

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,179,896 · end of year $1,672,484

  • 10a · Land, buildings and equipment: cost or other basis

    $521,308,578

  • 10b · Land, buildings and equipment: accumulated depreciation

    $228,874,692

  • 10c · Land, buildings and equipment, net

    beginning of year $296,155,805 · end of year $292,433,886

  • 11 · Investments: publicly traded securities

    beginning of year $83,752,632 · end of year $120,668,233

  • 12 · Investments: other securities

    beginning of year $619,218,112 · end of year $674,250,920

  • 13 · Investments: program-related

    beginning of year $2,978,045 · end of year $2,387,715

  • 15 · Other assets

    beginning of year $34,547,823 · end of year $28,290,622

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,150,200 · end of year $18,660,303

  • 18 · Grants payable

    beginning of year $1,220,502 · end of year $1,266,343

  • 19 · Deferred revenue

    beginning of year $4,900,974 · end of year $4,687,259

  • 20 · Tax-exempt bond liabilities

    beginning of year $130,205,413 · end of year $150,847,533

  • 21 · Escrow or custodial account liability

    beginning of year $9,390,256 · end of year $9,002,859

  • 25 · Other liabilities

    beginning of year $3,369,978 · end of year $3,500,895

  • 27 · Net assets without donor restrictions

    beginning of year $414,891,479 · end of year $444,323,358

  • 28 · Net assets with donor restrictions

    beginning of year $491,295,246 · end of year $553,560,726

Mission and programs · 2023

Mission

ST. OLAF COLLEGE CHALLENGES STUDENTS TO EXCEL IN THE LIBERAL ARTS, EXAMINE FAITH AND VALUES, AND EXPLORE MEANINGFUL VOCATION IN AN INCLUSIVE, GLOBALLY ENGAGED COMMUNITY NOURISHED BY LUTHERAN TRADITION.

  • POSTSECONDARY EDUCATION - FOUR YEAR, RESIDENTIAL, LIBERAL ARTS EDUCATION. IN THE 2023-2024 ACADEMIC YEAR, ST. OLAF COLLEGE ENROLLED 3,044 FULL TIME STUDENTS AND 30 PART TIME STUDENTS. THE GRADUATING CLASS OF 2024 HAD 679 GRADUATES. A STUDENT TO FACULTY RATIO OF 11.8:1 SUPPORTS ST. OLAF STUDENTS WITH CLASSROOM, LABORATORY, AND OFF-CAMPUS EXPERIENCES. ST. OLAF COLLEGE IS ACCREDITED AS A DEGREE-GRANTING INSTITUITION BY THE HIGHER LEARNING COMMISSION OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SECONDARY SCHOOLS. THE COLLEGE'S ACADEMIC PROGRAMS ARE ALSO ACCREDITED BY THE AMERICAN CHEMICAL SOCIETY, COMMISSION ON COLLEGIATE NURSING EDUCATION, COUNCIL ON SOCIAL WORK EDUCATION, NATIONAL ASSOCIATION OF SCHOOLS OF DANCE, NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC, NATIONAL ASSOCIATION OF SCHOOLS OF THEATRE, AND NATIONAL COUNCIL FOR ACCREDITATION OF TEACHER EDUCATION.

    Expenses $250,889,674 · Grants $125,998,647 · Revenue $181,706,174

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Susan Rundell Singer

    PRESIDENT

    Total calculated
    $374,663
    From this org
    $315,593
    From related orgs
    $0
    Other
    $59,070
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $309,933
    Bonus
    $0
    Other
    $5,660
    Deferred
    $15,000
    Nontaxable benefits
    $44,070
    Filer's total
    $374,663

  • Susan Gunderson

    CHAIR

    Total calculated
    $0
    Hours/week
    1.7

  • Jay Lund

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1.7

  • Paul Grangaard

    TREASURER

    Total calculated
    $0
    Hours/week
    1.7

  • Brenda McCormick

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Chad Jerdee

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Christopher Klein

    OUTGOING REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Craig Dean

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Gregory Buck

    OUTGOING REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Jeffrey Bolton

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Jennifer Hellman

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Joan Ericksen

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • John Raitt

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Kathyrn Lohre

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Laurie Nordquist

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Mariem Zaghdoudi

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Marvin Benton

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Scott Okuno

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Sean Burress

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Stephanie Fehr

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Theresa Hull Wise

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Timothy Maudlin

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Ward Klein

    REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • William Gafkjen

    OUTGOING REGENT

    Total calculated
    $0
    Hours/week
    1.7

  • Marci Sortor

    PROVOST AND DEAN OF THE COLLEGE

    Total calculated
    $296,944
    From this org
    $257,877
    From related orgs
    $0
    Other
    $39,067
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,622
    Bonus
    $0
    Other
    $255
    Deferred
    $24,220
    Nontaxable benefits
    $14,847
    Filer's total
    $296,944

  • Carl Crosby Lehmann

    GENERAL COUNSEL

    Total calculated
    $269,523
    From this org
    $245,909
    From related orgs
    $0
    Other
    $23,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,654
    Bonus
    $0
    Other
    $255
    Deferred
    $22,055
    Nontaxable benefits
    $1,559
    Filer's total
    $269,523

  • Enoch Blazis

    VP FOR ADVANCEMENT

    Total calculated
    $265,323
    From this org
    $233,918
    From related orgs
    $0
    Other
    $31,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,442
    Bonus
    $0
    Other
    $2,476
    Deferred
    $21,580
    Nontaxable benefits
    $9,825
    Filer's total
    $265,323

  • Michael Kyle

    VP FOR ENROLLMENT

    Total calculated
    $263,544
    From this org
    $227,579
    From related orgs
    $0
    Other
    $35,965
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,274
    Bonus
    $0
    Other
    $3,305
    Deferred
    $20,995
    Nontaxable benefits
    $14,970
    Filer's total
    $263,544

  • Hassel Morrison

    VP FOR STUDENT LIFE

    Total calculated
    $208,114
    From this org
    $168,165
    From related orgs
    $0
    Other
    $39,949
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,165
    Bonus
    $0
    Other
    $0
    Deferred
    $16,298
    Nontaxable benefits
    $23,651
    Filer's total
    $208,114

  • Leslie Moore

    FORMER VP FOR HUMAN RESOURCES

    Total calculated
    $177,652
    From this org
    $154,275
    From related orgs
    $0
    Other
    $23,377
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,057
    Bonus
    $0
    Other
    $4,218
    Deferred
    $13,986
    Nontaxable benefits
    $9,391
    Filer's total
    $177,652

  • Nathan Engle

    ASST VP AND CONTROLLER

    Total calculated
    $170,235
    From this org
    $134,038
    From related orgs
    $0
    Other
    $36,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,537
    Bonus
    $0
    Other
    $501
    Deferred
    $12,315
    Nontaxable benefits
    $23,882
    Filer's total
    $170,235

  • Jo Beld

    SECRETARY

    Total calculated
    $166,363
    From this org
    $138,149
    From related orgs
    $0
    Other
    $28,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,507
    Bonus
    $0
    Other
    $3,642
    Deferred
    $13,001
    Nontaxable benefits
    $15,213
    Filer's total
    $166,363

  • Jason Engbrecht

    ASSOCIATE PROVOST

    Total calculated
    $146,062
    From this org
    $132,446
    From related orgs
    $0
    Other
    $13,616
    Hours/week
    40

  • Reginald Miles

    INTERIM VP FOR EQUITY AND INCLUSION

    Total calculated
    $118,337
    From this org
    $99,969
    From related orgs
    $0
    Other
    $18,368
    Hours/week
    40

  • Michael Berthelsen

    VP AND CFO

    Total calculated
    $101,861
    From this org
    $87,998
    From related orgs
    $0
    Other
    $13,863
    Hours/week
    40

  • Christopher George

    DEAN OF ADMISSIONS AND FINANCIAL AID

    Total calculated
    $210,719
    From this org
    $170,633
    From related orgs
    $0
    Other
    $40,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,535
    Bonus
    $0
    Other
    $1,098
    Deferred
    $16,088
    Nontaxable benefits
    $23,998
    Filer's total
    $210,719

  • Roberta Lembke

    CHIEF INFORMATION OFFICER

    Total calculated
    $191,519
    From this org
    $167,291
    From related orgs
    $0
    Other
    $24,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,291
    Bonus
    $0
    Other
    $0
    Deferred
    $15,581
    Nontaxable benefits
    $8,647
    Filer's total
    $191,519

  • Rebecca Otten

    ASST VP FOR ADVANCEMENT

    Total calculated
    $179,193
    From this org
    $161,933
    From related orgs
    $0
    Other
    $17,260
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,180
    Bonus
    $0
    Other
    $753
    Deferred
    $14,517
    Nontaxable benefits
    $2,743
    Filer's total
    $179,193

  • Katie Warren

    CHIEF MARKETING OFFICER

    Total calculated
    $173,818
    From this org
    $157,882
    From related orgs
    $0
    Other
    $15,936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,560
    Bonus
    $0
    Other
    $322
    Deferred
    $14,180
    Nontaxable benefits
    $1,756
    Filer's total
    $173,818

  • Angela Mathews

    ASST VP FOR BUDGET AND AUXILIARIES

    Total calculated
    $167,336
    From this org
    $151,662
    From related orgs
    $0
    Other
    $15,674
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,552
    Bonus
    $0
    Other
    $6,110
    Deferred
    $12,979
    Nontaxable benefits
    $2,695
    Filer's total
    $167,336

  • David Anderson

    FORMER PRESIDENT

    Total calculated
    $805,495
    From this org
    $751,115
    From related orgs
    $0
    Other
    $54,380
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $740,727
    Bonus
    $0
    Other
    $10,388
    Deferred
    $29,700
    Nontaxable benefits
    $24,680
    Filer's total
    $805,495

  • Janet Hanson

    FORMER VP AND CFO

    Total calculated
    $134,863
    From this org
    $118,026
    From related orgs
    $0
    Other
    $16,837
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,583
    Bonus
    $0
    Other
    $4,443
    Deferred
    $10,429
    Nontaxable benefits
    $6,408
    Filer's total
    $134,863

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
HOUSING ALLOWANCE/RESIDENCE FOR PERSONAL USE - DAVID ANDERSON - $13,155. SINCE THE HOME IS REQUIRED AS A CONDITION OF EMPLOYMENT AND USED AS A GATHERING SPACE FOR COLLEGE FUNCTIONS, THE VALUE IS NOT INCLUDED IN TAXABLE COMPENSATION. HOUSING ALLOWANCE/RESIDENCE FOR PERSONAL USE - SUSAN RUNDELL SINGER - $34,965. SINCE THE HOME IS REQUIRED AS A CONDITION OF EMPLOYMENT AND USED AS A GATHERING SPACE FOR COLLEGE FUNCTIONS, THE VALUE IS NOT INCLUDED IN TAXABLE COMPENSATION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MAKEUP INCOME CHARITABLE UNIT TRUST (2)

    T · INVESTMENTS · MN · controlled entity

  • CHARITABLE REMAINDER ANNUITY TRUST (1)

    T · INVESTMENTS · MN · controlled entity

  • CHARITABLE REMAINDER UNIT TRUST (21)

    T · INVESTMENTS · MN · controlled entity

  • POOLED INCOME FUND (1)

    T · INVESTMENTS · MN · controlled entity

  • LIFE INCOME TRUST (1)

    T · INVESTMENTS · MN · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
14 April 2025
IRS schema version
2023v6.0
Source object
202541049349302259

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