ST OLAF COLLEGE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1874

Legal Domicile

Principal Officer

SUSAN RUNDELL SINGER

Phone

5077862222

Tax Period

2024-06-01 to 2025-05-31

ST OLAF COLLEGE, founded in 1874, is a major nonprofit in the Education sector that reported $333.1M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $295.5M left a modest 11% surplus.

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.

Program Service Accomplishments

Program 1

Expenses: $274,090,811 Revenue: $196,536,232

POSTSECONDARY EDUCATION - FOUR YEAR, RESIDENTIAL, LIBERAL ARTS EDUCATION. IN THE 2024-2025 ACADEMIC YEAR, ST. OLAF COLLEGE ENROLLED 3,087 FULL TIME STUDENTS AND 27 PART TIME STUDENTS. THE GRADUATING CLASS OF 2025 HAD 682 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.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $31,972,935

Program Service Revenue $236,226,339

Investment Income $64,851,751

Other Revenue $21,613

TOTAL REVENUE $333,072,638

Expense Breakdown

Grants Paid $141,165,957

Salaries & Benefits $84,623,804

Fundraising Expenses $6,574,066

Program Expenses $274,090,811

Other Expenses $69,641,769

TOTAL EXPENSES $295,499,530

Year-over-Year Comparison

	2024	2023	Change
Revenue	$333,072,638	$299,892,996	+0.1%
Expenses	$295,499,530	$272,557,639	+0.1%
Net Income	$37,573,108	$27,335,357	+0.4%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

3172

Volunteers

853

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

$2,970,879

Total Directors

$622,143

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SUSAN RUNDELL SINGER	PRESIDENT	40.00	Officer Director	$511,318	$110,825	$622,143
SUSAN GUNDERSON	CHAIR	1.70	Officer Director	$0	$0	$0
STEPHANIE FEHR	VICE CHAIR	1.70	Director	$0	$0	$0
PAUL GRANGAARD	TREASURER	1.70	Officer Director	$0	$0	$0
MARVIN BENTON	REGENT	1.70	Director	$0	$0	$0
JEFFREY BOLTON	REGENT	1.70	Director	$0	$0	$0
SEAN BURRESS	REGENT	1.70	Director	$0	$0	$0
RAY CABILLOT	REGENT	1.70	Director	$0	$0	$0
CRAIG DEAN	REGENT	1.70	Director	$0	$0	$0
JOAN ERICKSEN	REGENT	1.70	Director	$0	$0	$0
JENNIFER HELLMAN	REGENT	1.70	Director	$0	$0	$0
CHAD JERDEE	REGENT	1.70	Director	$0	$0	$0
MATTHEW JOHNSON	REGENT	1.70	Director	$0	$0	$0
WARD KLEIN	REGENT	1.70	Director	$0	$0	$0
KATHYRN LOHRE	REGENT	1.70	Director	$0	$0	$0
JAY LUND	OUTGOING REGENT	1.70	Officer Director	$0	$0	$0
TIMOTHY MAUDLIN	OUTGOING REGENT	1.70	Director	$0	$0	$0
BRENDA MCCORMICK	REGENT	1.70	Director	$0	$0	$0
LAURIE NORDQUIST	REGENT	1.70	Director	$0	$0	$0
CARMEN NORDSTRAND	REGENT	1.70	Director	$0	$0	$0
SCOTT OKUNO	REGENT	1.70	Director	$0	$0	$0
JOHN RAITT	REGENT	1.70	Director	$0	$0	$0
CUITLAHAUC TURRENT	REGENT	1.70	Director	$0	$0	$0
THERESA HULL WISE	REGENT	1.70	Director	$0	$0	$0
MARIEM ZAGHDOUDI	REGENT	1.70	Director	$0	$0	$0
MICHAEL BERTHELSEN	VP AND CFO	40.00	Officer	$288,619	$46,347	$334,966
MARCI SORTOR	PROVOST AND DEAN OF THE COLLEGE	40.00	Officer	$272,599	$45,621	$318,220
CARL CROSBY LEHMANN	GENERAL COUNSEL	40.00	Officer	$253,249	$24,658	$277,907
ENOCH BLAZIS	VP FOR ADVANCEMENT	40.00	Officer	$243,984	$35,097	$279,081
MICHAEL KYLE	VP FOR EXTERNAL RELATIONS	40.00	Officer	$235,057	$42,826	$277,883
HASSEL MORRISON	VP FOR STUDENT LIFE	40.00	Officer	$185,734	$47,123	$232,857
JO BELD	SECRETARY	40.00	Officer	$150,639	$34,453	$185,092
JASON ENGBRECHT	ASSOCIATE PROVOST	40.00	Officer	$136,638	$14,028	$150,666
NATHAN ENGLE	ASST VP AND CONTROLLER	40.00	Officer	$133,801	$42,686	$176,487
EDUARDO PAZOS PALMA	VP FOR COMMUNITY AND BELONGING	40.00	Officer	$97,572	$18,005	$115,577
CHRISTOPHER GEORGE	ASSOCIATE VP FOR ENROLLMENT	40.00	Highest	$179,796	$46,970	$226,766
ROBERTA LEMBKE	CHIEF INFORMATION OFFICER	40.00	Highest	$171,845	$28,376	$200,221
REBECCA OTTEN	ASST VP FOR ADVANCEMENT	40.00	Highest	$166,379	$18,402	$184,781
KATIE WARREN	ASSOCIATE VP FOR MARKETING	40.00	Highest	$162,019	$16,141	$178,160
KEVIN LARSON	DIRECTOR OF FACILITIES	40.00	Highest	$148,989	$15,733	$164,722
DAVID ANDERSON	FORMER PRESIDENT	0.00		$150,000	$0	$150,000
CHRISTEN COLE	FORMER AVP FOR HUMAN RESOURCES	40.00		$144,549	$22,152	$166,701

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	$333,072,638	$295,499,530	$1,238,766,221	$37,573,108
2024	$299,892,996	$272,557,639	$1,185,849,276	$27,335,357
2023	$251,573,289	$252,822,741	$1,075,424,048	$-1,249,452
2022	$293,547,623	$233,491,087	$1,064,982,864	$60,056,536
2022	$293,547,623	$233,491,087	$1,064,982,864	$60,056,536
2021	$240,994,923	$215,281,780	$1,072,190,588	$25,713,143
2020	$211,758,083	$217,620,415	$812,980,169	$-5,862,332
2019	$243,545,236	$210,254,505	$843,443,410	$33,290,731
2018	$284,581,123	$199,225,561	$848,336,096	$85,355,562