THE TRUSTEES OF GRINNELL COLLEGE

EIN: 420680387 501(c)(3) Education

GRINNELL, IA

Total Revenue
$397,436,581
Total Expenses
$247,771,574
Total Assets
$3,191,620,072
Net Assets
$2,914,064,638
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Financial Trends

Organization Details

Formation Year
1846
Legal Domicile
IA
Principal Officer
GERMAINE GROSS
Phone
6412699700
Tax Period
2023-07-01 to 2024-06-30

THE TRUSTEES OF GRINNELL COLLEGE, founded in 1846, is a major nonprofit in the Education sector that reported $397.4M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. The organization ran a surplus of $149.7M, a strong 38% operating margin.

Mission

WHEN GRINNELL COLLEGE FRAMED ITS CHARTER IN THE IOWA TERRITORY OF THE UNITED STATES IN 1846, IT SET FORTH A MISSION TO EDUCATE ITS STUDENTS "FOR THE DIFFERENT PROFESSIONS AND FOR THE HONORABLE DISCHARGE OF THE DUTIES OF LIFE." THE COLLEGE PURSUES THAT MISSION BY PROVIDING AN EDUCATION IN THE LIBERAL ARTS THROUGH FREE INQUIRY AND THE OPEN EXCHANGE OF IDEAS. AS A TEACHING AND LEARNING COMMUNITY, THE COLLEGE HOLDS THAT KNOWLEDGE IS A GOOD TO BE PURSUED BOTH FOR ITS OWN SAKE AND FOR THE INTELLECTUAL, MORAL, AND PHYSICAL WELL-BEING OF INDIVIDUALS AND OF SOCIETY AT LARGE. THE COLLEGE EXISTS TO PROVIDE A LIVELY ACADEMIC COMMUNITY OF STUDENTS AND TEACHERS OF HIGH SCHOLARLY QUALIFICATIONS FROM DIVERSE SOCIAL AND CULTURAL CIRCUMSTANCES. THE COLLEGE AIMS TO GRADUATE INDIVIDUALS WHO CAN THINK CLEARLY, WHO CAN SPEAK AND WRITE PERSUASIVELY AND EVEN ELOQUENTLY, WHO CAN EVALUATE CRITICALLY BOTH THEIR OWN AND OTHERS' IDEAS, WHO CAN ACQUIRE NEW KNOWLEDGE, AND WHO ARE PREPARED IN LIFE AND WORK TO USE THEIR KNOWLEDGE AND THEIR ABILITIES TO SERVE THE COMMON GOOD.

Program Service Accomplishments

Program 1
Expenses: $129,246,855 Revenue: $108,215,817

INSTRUCTIONAL PROGRAMS AT THE PRIVATE 4-YEAR RESIDENTIAL COLLEGE INCLUDE THE LIBERAL ARTS AND SCIENCES. GRINNELL OFFERS A BACHELOR OF ARTS IN 27 MAJOR FIELDS WITH 16 CONCENTRATIONS AND A 1:9 FACULTY...

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INSTRUCTIONAL PROGRAMS AT THE PRIVATE 4-YEAR RESIDENTIAL COLLEGE INCLUDE THE LIBERAL ARTS AND SCIENCES. GRINNELL OFFERS A BACHELOR OF ARTS IN 27 MAJOR FIELDS WITH 16 CONCENTRATIONS AND A 1:9 FACULTY TO STUDENT RATIO. GRINNELL COLLEGE HAS APPROXIMATELY 1,700 STUDENTS GENERALLY FROM ALL STATES AND ABOUT 50 OTHER COUNTRIES. AT THE CENTER OF A GRINNELL EDUCATION IS THE COLLEGE'S INDIVIDUALLY ADVISED CURRICULUM. IT COMBINES INTENSE FACULTY MENTORING WITH AN UNCOMMON LEVEL OF STUDENT RESPONSIBILITY FOR CHOOSING THEIR OWN UNIQUE SET OF COURSES.MENTORING BEGINS IN THE FIRST-YEAR TUTORIAL, THE ONLY REQUIRED COURSE AT GRINNELL COLLEGE. FACULTY MEMBERS FROM ALL ACADEMIC DEPARTMENTS TEACH THE TUTORIAL AND THEIR TOPICS VARY WIDELY, BUT EVERY TUTORIAL EMPHASIZES WRITING, CRITICAL THINKING AND ANALYSIS, DISCUSSION SKILLS, AND INFORMATION LITERACY.EACH TUTOR ALSO SERVES AS ADVISER TO THE TUTORIAL STUDENTS UNTIL THEY DECLARE A MAJOR FIELD OF STUDY, OFFERING GUIDANCE FROM AN INSTRUCTOR WITH PERSONAL KNOWLEDGE OF THEIR ACADEMIC INTERESTS, APTITUDES, AND NEEDS.THE TUTORIAL IS USUALLY LIMITED TO 14 STUDENTS, MAKING IT SMALLER THAN THE AVERAGE CLASS, THOUGH SIMILAR IN INTENSITY TO THE REST OF THE CURRICULUM. IN FACT, GRINNELL CLASSES GENERALLY ARE SMALL, WITH AN AVERAGE ENROLLMENT OF 16 AND FEWER THAN 5 PERCENT OF CLASSES ABOVE 30 STUDENTS.MANY ACADEMIC PROGRAMS OFFER A MENTORED ADVANCED PROJECT (MAP), EITHER AS INDEPENDENT STUDY OR IN THE CONTEXT OF A SEMINAR. THE MAP, CLOSELY GUIDED BY A FACULTY DIRECTOR, GIVES UPPER-LEVEL STUDENTS OPPORTUNITY TO CULMINATE A SEQUENCE OF ACADEMIC WORK BY COMPLETING AN ADVANCED PROJECT IN RESEARCH OR CREATIVE ARTS.AT ALL LEVELS OF THE CURRICULUM, GRINNELL COLLEGE STUDENTS RECEIVE AN EDUCATION ROOTED IN ACTIVE EXPERIENCE. FOR EXAMPLE, STUDENTS IN SCIENCE CLASSES ENGAGE IN DISCOVERY-BASED LEARNING, EVEN AT THE INTRODUCTORY LEVEL. EACH AREA OF THE FINE ARTS OFFERS OPPORTUNITIES FOR CREATIVE PRACTICE ALONGSIDE THE STUDY OF HISTORY, THEORY, AND FORMAL ANALYSIS.OUTSIDE THE CLASSROOM, THE CENTER FOR CAREERS, LIFE, AND SERVICE HAS COORDINATED MORE THAN 500 COLLEGE-FUNDED SUMMER INTERNSHIPS FOR STUDENTS OVER THE PAST FIVE YEARS. ABOUT A THIRD OF STUDENTS PARTICIPATE IN INTERCOLLEGIATE ATHLETICS THROUGH MEMBERSHIP ON VARSITY TEAMS.STUDENT-REGULATED RESIDENCE LIFE, ANOTHER IMPORTANT FEATURE OF A GRINNELL EDUCATION, TEACHES STUDENTS THE PRAGMATIC SOCIAL SKILLS OF SELF-GOVERNANCE AS THEY LIVE TOGETHER IN COMMUNITY.THE COLLEGE OFFERS A CALENDAR PACKED WITH CULTURAL EVENTS AND ACTIVITIES, INCLUDING CONCERTS, LECTURES, THEATRE, FILMS, AND OPPORTUNITIES FOR VOLUNTEER AND CIVIC INVOLVEMENT. GRINNELL HAS NEVER HAD FRATERNITIES OR SORORITIES; SOCIAL EVENTS ARE OPEN TO ALL MEMBERS OF THE COLLEGE.GRINNELL'S EMPHASIS ON ACTIVE LEARNING EXTENDS TO PARTICIPATION IN THE GLOBAL COMMUNITY. WITH INTERNATIONAL STUDENTS MAKING UP NEARLY 20 PERCENT OF THE STUDENT BODY AND DOMESTIC STUDENTS REPRESENTING EVERY STATE, GRINNELL OFFERS A GEOGRAPHICALLY AND CULTURALLY DIVERSE ENVIRONMENT FOR LIVING AND LEARNING. A FLOURISHING INSTITUTE FOR GLOBAL ENGAGEMENT COORDINATES AND HIGHLIGHTS THE MANY COURSES AND PROGRAMS AT GRINNELL COLLEGE WITH A GLOBAL PERSPECTIVE. EVEN WITHOUT A LANGUAGE REQUIREMENT, NEARLY ALL STUDENTS ELECT TO STUDY A FOREIGN LANGUAGE. MORE THAN HALF OF GRINNELL STUDENTS (A NUMBER MATCHED BY VERY FEW OTHER COLLEGES) SPEND A SEMESTER IN OFF-CAMPUS STUDY. NEARLY ALL OF THESE STUDENTS DECIDE TO LIVE AND STUDY OUTSIDE OF THE UNITED STATES.INTENSIVE TEACHING, ACTIVE LEARNING, RESIDENCE IN A COMMUNITY OF CULTURAL AND GLOBAL DIVERSITY, AND SELF-GOVERNANCE IN BOTH SOCIAL AND ACADEMIC LIFE--THESE ELEMENTS COME TOGETHER AT GRINNELL COLLEGE TO FORM A DISTINCTIVE EXPERIENCE OF LIBERAL EDUCATION.

Program 2
Expenses: $33,824,273 Revenue: $0

ACADEMIC AND INSTITUTIONAL SUPPORT INCLUDES LIBRARY, FACULTY DEVELOPMENT, COMPUTER SERVICES, PUBLIC RELATIONS, PRINTING SERVICES, MAIL SERVICES, AND OTHER EXPENDITURES TO SUPPORT THE ACTIVITIES OF...

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ACADEMIC AND INSTITUTIONAL SUPPORT INCLUDES LIBRARY, FACULTY DEVELOPMENT, COMPUTER SERVICES, PUBLIC RELATIONS, PRINTING SERVICES, MAIL SERVICES, AND OTHER EXPENDITURES TO SUPPORT THE ACTIVITIES OF THE COLLEGE.

Program 3
Expenses: $31,973,290 Revenue: $703,365

STUDENT SERVICES INCLUDES REGISTRATION, COUNSELING, ADMISSION AND FINANCIAL AID, HEALTH SERVICES, INTERCOLLEGIATE ATHLETICS, LECTURES, CONVOCATIONS AND OTHER STUDENT PROGRAMS.

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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 $12,104,838
Program Service Revenue $131,669,818
Investment Income $250,201,756
Other Revenue $3,460,169
TOTAL REVENUE $397,436,581

Expense Breakdown

Grants Paid $74,231,930
Salaries & Benefits $99,763,628
Fundraising Expenses $6,870,345
Program Expenses $218,318,480
Other Expenses $73,526,857
TOTAL EXPENSES $247,771,574

Year-over-Year Comparison

2023 2022 Change
Revenue $397,436,581 $364,446,425 +0.1%
Expenses $247,771,574 $236,823,739 +0.0%
Net Income $149,665,007 $127,622,686 +0.2%
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
28
Independent Members
28
Employees
2532
Volunteers
1338

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
7
$2,505,376
Total Directors
31
$0
Key Employees
4
$1,180,443
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAINEN THAYER CHIEF INVESTMENT OFFICER 60.00
Officer
$1,033,208 $72,831 $1,106,039
ANNE HARRIS PRESIDENT 60.00
Officer
$627,118 $160,926 $788,044
VALBONA SCHWAB DEPUTY CHIEF INVESTMENT OFFICER 50.00
Highest
$619,746 $61,078 $680,824
GERMAINE Y GROSS VP FINANCE & TREASURER 60.00
Officer
$409,550 $54,438 $463,988
LACEY F JOHNSON MANAGING DIRECTOR 50.00
Highest
$401,394 $45,322 $446,716
BERONDA L MONTGOMERY DEAN & VP ACADEMIC AFFAIRS 60.00
Key Emp
$307,129 $51,388 $358,517
JOSEPH P BAGNOLI VP ENROLLMENT & DEAN OF ADMISSION 60.00
Key Emp
$275,996 $55,941 $331,937
ROBERT WELCH DIRECTOR OF INVESTMENTS 50.00
Highest
$254,890 $27,910 $282,800
ELLEN F DE GRAFFENREID VP COMMUNICATION & MARKETING 60.00
Highest
$229,703 $48,656 $278,359
HENRY W MOYER PROFESSOR OF POLITICAL SCIENCE 50.00
Highest
$236,632 $35,373 $272,005
NANCY L COMBS ASSOCIATE VP FINANCE & ASST TREASURER 50.00
$217,431 $44,748 $262,179
MYRNA Y HERNANDEZ CHIEF OF STAFF & VP ADMINISTRATION 60.00
Key Emp
$212,283 $32,935 $245,218
JANA L GRIMES VP HUMAN RESOURCES 60.00
Key Emp
$212,067 $32,704 $244,771
ELAINE M MARZLUFF PROFESSOR OF CHEMISTRY 50.00
$177,651 $29,568 $207,219
MARGARET E BAIR DIRECTOR OF BOARD RELATIONS 50.00
Officer
$109,637 $37,668 $147,305
MICHAEL B KAHN TRUSTEE & BOARD CHAIR 7.00
Officer Director
$0 $0 $0
CHRISTINA R CUTLIP TRUSTEE & VICE-CHAIR 4.00
Officer Director
$0 $0 $0
MATTHEW E WELCH TRUSTEE & VICE-CHAIR 4.00
Officer Director
$0 $0 $0
ODILE DISCH-BHADKAMKAR TRUSTEE 3.00
Director
$0 $0 $0
JEETANDER DULANI TRUSTEE 2.00
Director
$0 $0 $0
SHELLEY FLOYD TRUSTEE 3.00
Director
$0 $0 $0
JULIE GOSSELINK TRUSTEE 2.00
Director
$0 $0 $0
JON GRAY TRUSTEE 2.00
Director
$0 $0 $0
GRACIELA GUZMAN TRUSTEE 2.00
Director
$0 $0 $0
BERNARD JACKSON JR TRUSTEE & ALUMNI COUNCIL PRESIDENT 2.00
Director
$0 $0 $0
KEITH A JANTZEN TRUSTEE 3.00
Director
$0 $0 $0
BRUCE KOFF TRUSTEE 2.00
Director
$0 $0 $0
KIMBERLY A KUNCL TRUSTEE 2.00
Director
$0 $0 $0
TOBI KLEIN MARCUS TRUSTEE 3.00
Director
$0 $0 $0
DAVID E MAXWELL TRUSTEE 2.00
Director
$0 $0 $0
KATHRYN MOHRMAN TRUSTEE (UNTIL 5/24) 2.00
Director
$0 $0 $0
GEORGE MOOSE TRUSTEE 2.00
Director
$0 $0 $0
JEANNE MYERSON TRUSTEE 3.00
Director
$0 $0 $0
YUKI NARULA TRUSTEE 2.00
Director
$0 $0 $0
ANGELA ONWUACHI-WILLIG TRUSTEE 3.00
Director
$0 $0 $0
STEVE PICKLE TRUSTEE 2.00
Director
$0 $0 $0
NANCY L RADERMECHER TRUSTEE 3.00
Director
$0 $0 $0
GABE RODRIGUEZ TRUSTEE 2.00
Director
$0 $0 $0
LAURA SANDER TRUSTEE 2.00
Director
$0 $0 $0
STEPHEN SANDQUIST TRUSTEE 2.00
Director
$0 $0 $0
W ED SENN TRUSTEE (UNTIL 3/24) 2.00
Director
$0 $0 $0
HAM SERUNJOGI TRUSTEE 2.00
Director
$0 $0 $0
KRISTIN STOUT TRUSTEE 3.00
Director
$0 $0 $0
SHERYL WALTER TRUSTEE 2.00
Director
$0 $0 $0
ERIC E WHITAKER TRUSTEE (UNTIL 5/24) 2.00
Director
$0 $0 $0
CONNIE WIMER TRUSTEE 2.00
Director
$0 $0 $0
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 $397,436,581 $247,771,574 $3,191,620,072 $149,665,007
2023 $364,446,425 $236,823,739 $3,023,180,797 $127,622,686
2022 $351,194,994 $212,302,506 $2,988,511,926 $138,892,488
2021 $273,975,826 $189,967,576 $3,450,447,819 $84,008,250
2020 $211,551,563 $194,924,984 $2,534,031,984 $16,626,579
2019 $267,187,903 $191,682,544 $2,516,901,391 $75,505,359
2018 $247,077,229 $174,668,946 $2,439,522,215 $72,408,283
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