HILLSDALE COLLEGE

EIN: 381374230 501(c)(3) Education

HILLSDALE, MI

Total Revenue
$394,153,037
Total Expenses
$270,721,431
Total Assets
$2,045,865,706
Net Assets
$1,742,554,338
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Financial Trends

Organization Details

Formation Year
1844
Legal Domicile
MI
Principal Officer
LARRY P ARNN
Phone
5174377341
Tax Period
2023-07-01 to 2024-06-30

HILLSDALE COLLEGE, founded in 1844, is a major nonprofit in the Education sector that reported $394.2M in total revenue in fiscal year 2023. Revenue surged 23% from the prior year, signaling strong growth momentum. The organization ran a surplus of $123.4M, a strong 31% operating margin.

Mission

AS TREASURER OF THE COLLEGE, PATRICK H. FLANNERY WORKS WITH VARIOUS GROUPS ON CAMPUS IN SECURING A RAFFLE LICENSE FROM THE STATE OF MICHIGAN. THESE LICENSES ARE EFFECTIVE ONLY FOR THE DATE OF THE RAFFLE. FURTHER, THE TREASURER COMPLETES THE RAFFLE FINANCIAL STATEMENT AND SUBMITS IT TO THE STATE OF MICHIGAN FOLLOWING THE RAFFLE.

Program Service Accomplishments

Program 1
Expenses: $77,293,345 Revenue: $60,585,491

STUDENT INSTRUCTION HILLSDALE COLLEGE MAINTAINS ITS DEFENSE OF THE CLASSICAL LIBERAL ARTS CURRICULUM, CONVINCED THAT IT IS THE BEST PREPARATION FOR MEETING THE CHALLENGES OF MODERN LIFE AND THAT IT...

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STUDENT INSTRUCTION HILLSDALE COLLEGE MAINTAINS ITS DEFENSE OF THE CLASSICAL LIBERAL ARTS CURRICULUM, CONVINCED THAT IT IS THE BEST PREPARATION FOR MEETING THE CHALLENGES OF MODERN LIFE AND THAT IT OFFERS TO ALL PEOPLE OF ALL BACKGROUNDS NOT ONLY AN IMPORTANT BODY OF KNOWLEDGE, BUT ALSO TIMELESS TRUTHS ABOUT THE HUMAN CONDITION. THE LIBERAL ARTS ARE DEDICATED TO STIMULATING STUDENTS' INTELLECTUAL CURIOSITY, TO ENCOURAGING THE CRITICAL, WELL-DISCIPLINED MIND, AND TO FOSTERING PERSONAL GROWTH THROUGH ACADEMIC CHALLENGE. AS SUCH, THE COLLEGE MAINTAINS A RIGOROUS CORE CURRICULUM OF 50 ACADEMIC CREDITS, INCLUDING REQUIRED COURSES IN WESTERN AND AMERICAN HISTORY, THE GREAT BOOKS, THE U.S. CONSTITUTION, LOGIC AND RHETORIC, PHILOSOPHY, THEOLOGY, MATHEMATICS, THE ARTS AND SCIENCES, AND MORE. IN ADDITION TO THE CORE CURRICULUM, STUDENTS CHOOSE FROM 30 MAJORS AND SEVEN INTERDISCIPLINARY MAJORS. SEVEN MINORS-ONLY PROGRAMS AND NINE PRE-PROFESSIONAL PROGRAMS ARE ALSO OFFERED. THE FOUR-YEAR UNDERGRADUATE COURSE OF STUDY CULMINATES IN A BACHELOR OF ARTS OR BACHELOR OF SCIENCE DEGREE. HILLSDALE COLLEGE IS CONSISTENTLY RANKED HIGH ON LISTS OF THE BEST LIBERAL ARTS COLLEGES IN THE NATION BY SUCH PUBLICATIONS AS U.S. NEWS & WORLD REPORT, THE PRINCETON REVIEW, FORBES, AND KIPLINGER'S PERSONAL FINANCE. IN ADDITION TO ITS UNDERGRADUATE PROGRAM OF INSTRUCTION, THE COLLEGE OPERATES THE VAN ANDEL GRADUATE SCHOOL OF STATESMANSHIP ON CAMPUS, OFFERING MASTER'S AND DOCTORAL DEGREES IN POLITICS; THE STEVE & AMY VAN ANDEL GRADUATE SCHOOL OF GOVERNMENT IN WASHINGTON, D.C., OFFERING A MASTER OF ARTS DEGREE IN GOVERNMENT; AND THE DIANA DAVIS SPENCER GRADUATE SCHOOL OF CLASSICAL EDUCATION OFFERING A MASTERS OF ARTS DEGREE IN CLASSICAL EDUCATION. THE COLLEGE IS COMMITTED TO THE EXCELLENCE OF ITS STUDENTS IN BOTH INTELLECT AND CHARACTER. THIS COMMITMENT IS REFLECTED IN THE STUDENT HONOR CODE, WHICH READS, "A HILLSDALE COLLEGE STUDENT IS HONORABLE IN CONDUCT, HONEST IN WORD AND DEED, DUTIFUL IN STUDY AND SERVICE, AND RESPECTFUL OF THE RIGHTS OF OTHERS. THROUGH EDUCATION THE STUDENT RISES TO SELF-GOVERNMENT." HILLSDALE BOASTS A STUDENT-FACULTY RATIO OF 8 TO 1. IT HAS 168 FULL-TIME FACULTY, 90 PERCENT OF WHOM HOLD THE HIGHEST DEGREE IN THEIR DISCIPLINES.

Program 2
Expenses: $37,263,583 Revenue: $0

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...

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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.

Program 3
Expenses: $17,522,946 Revenue: $0

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...

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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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $268,471,774
Program Service Revenue $77,413,719
Investment Income $40,261,198
Other Revenue $8,006,346
TOTAL REVENUE $394,153,037

Expense Breakdown

Grants Paid $38,573,011
Salaries & Benefits $85,871,520
Fundraising Expenses $80,431,201
Program Expenses $160,914,768
Other Expenses $146,276,900
TOTAL EXPENSES $270,721,431

Year-over-Year Comparison

2023 2022 Change
Revenue $394,153,037 $320,784,822 +0.2%
Expenses $270,721,431 $248,527,191 +0.1%
Net Income $123,431,606 $72,257,631 +0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
34
Independent Members
32
Employees
2352
Volunteers
907

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$1,987,083
Total Directors
34
$1,291,057
Key Employees
4
$1,802,347
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LARRY P ARNN PRESIDENT 40.00
Officer Director
$1,157,118 $133,939 $1,291,057
PATRICK L SAJAK CHAIRMAN OF THE BOARD 4.50
Officer Director
$0 $0 $0
STEPHEN A VAN ANDEL VICE CHAIRMAN OF THE BOARD 4.50
Officer Director
$0 $0 $0
WILLIAM J BRODBECK TRUSTEE, CHAIRMAN EMERITUS 1.00
Officer Director
$0 $0 $0
ALICE H HANLEY TRUSTEE 1.00
Director
$0 $0 $0
BRUCE C SANBORN TRUSTEE 1.00
Director
$0 $0 $0
BRIAN S WESBURY TRUSTEE 1.00
Director
$0 $0 $0
CHARLES S MCINTYRE III TRUSTEE 1.00
Director
$0 $0 $0
CHRIS CHOCOLA TRUSTEE 1.00
Director
$0 $0 $0
CHRISTOPHER F BACHELDER TRUSTEE 1.00
Director
$0 $0 $0
CLEVES R DELP TRUSTEE 1.00
Director
$0 $0 $0
DANIEL S PETERS TRUSTEE 1.00
Director
$0 $0 $0
DAVID A DURELL TRUSTEE 1.00
Director
$0 $0 $0
DAVID R HOUGH TRUSTEE 1.00
Director
$0 $0 $0
DONNA R ECTON TRUSTEE 1.00
Director
$0 $0 $0
GREGORY C SCHULER TRUSTEE 1.00
Director
$0 $0 $0
JAMES J MEEKS TRUSTEE 1.00
Director
$0 $0 $0
JEFFREY H COORS TRUSTEE 1.00
Director
$0 $0 $0
JESSICA A FAUBERT TRUSTEE 1.00
Director
$0 $0 $0
KURT D GRINDSTAFF TRUSTEE 1.00
Director
$0 $0 $0
MARK L JOHNSON TRUSTEE 1.00
Director
$0 $0 $0
NENA C MOSS TRUSTEE 1.00
Director
$0 $0 $0
NERSI H NAZARI TRUSTEE 1.00
Director
$0 $0 $0
R MARK HAMLIN JR TRUSTEE 1.00
Director
$0 $0 $0
RICHARD E HUNTER TRUSTEE 1.00
Director
$0 $0 $0
RONALD C NOLAN TRUSTEE 1.00
Director
$0 $0 $0
RONALD D ROBSON TRUSTEE 1.00
Director
$0 $0 $0
S GUNNAR KLARR TRUSTEE 1.00
Director
$0 $0 $0
THOMAS N JORDAN JR TRUSTEE 1.00
Director
$0 $0 $0
THOMAS C SHAFER TRUSTEE 1.00
Director
$0 $0 $0
TOBIAS W BUCK TRUSTEE 1.00
Director
$0 $0 $0
WAYNE R NELSON TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM A NOLAN III TRUSTEE 1.00
Director
$0 $0 $0
WILLIAM L FRAIM TRUSTEE 1.00
Director
$0 $0 $0
RICHARD P PEWE VP OF ADMIN. AFFAIRS & SECRETARY 40.00
Officer
$290,110 $89,463 $379,573
PATRICK H FLANNERY VP FOR FINANCE & TREASURER 40.00
Officer
$239,283 $77,170 $316,453
JOHN CERVINI VP FOR INST. ADVANCEMENT 40.00
Key Emp
$492,021 $120,629 $612,650
CHRISTOPHER VAN ORMAN PROVOST 40.00
Key Emp
$319,797 $78,526 $398,323
ROBERT NORTON VP & GENERAL COUNSEL 40.00
Key Emp
$345,081 $92,428 $437,509
BILL GRAY VP OF MARKETING 40.00
Key Emp
$280,965 $72,900 $353,865
MATTHEW SPALDING VP FOR DC OPS & DEAN OF VASOG 40.00
Highest
$336,644 $93,371 $430,015
DOUG BANBURY VP FOR ADMISSIONS & BUS DEVELOPMENT 40.00
Highest
$266,952 $89,983 $356,935
MATT SCHLIENTZ ASSOCIATE VP OF PROGRAMS 40.00
Highest
$281,284 $78,104 $359,388
DAVID WHALEN ASSOCIATE VP FOR CURRICULUM 40.00
Highest
$261,505 $71,279 $332,784
JUDY DUKE CONSULTANT FOR MAJOR GIFTS 40.00
Highest
$277,077 $67,783 $344,860
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $394,153,037 $270,721,431 $2,045,865,706 $123,431,606
2023 $320,784,822 $248,527,191 $1,871,625,743 $72,257,631
2022 $366,213,645 $214,265,709 $1,719,356,126 $151,947,936
2021 $367,996,683 $191,767,397 $1,709,684,271 $176,229,286
2020 $287,422,849 $172,808,580 $1,230,310,896 $114,614,269
2019 $210,643,421 $166,228,751 $1,163,398,369 $44,414,670
2018 $219,356,427 $151,999,759 $1,119,189,218 $67,356,668
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