Vassar College

Vassar College maintains strong asset growth despite occasional operating deficits, with executive compensation reporting requiring further clarification.

EIN: 141338587 · Poughkeepsie, NY · Updated: 2026-03-28

$722.8MRevenue

$1.9BAssets

75/100Mission Score (Good)

About Vassar College

Vassar College (EIN: 141338587) is a nonprofit organization based in Poughkeepsie, NY. The organization reported total revenue of $722.8M and total assets of $1.9B according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Vassar College's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Vassar College demonstrates consistent financial activity typical of a large educational institution. Over the past decade, its assets have grown significantly, from $1.59 billion in 2014 to $1.84 billion in 2023, indicating sound financial management and endowment growth. While there have been periods where expenses slightly exceeded revenue, such as in 2023 ($305M expenses vs. $284M revenue), these fluctuations are common for organizations of this scale and are often offset by endowment returns or capital campaigns not fully reflected in annual operating revenue. The organization's substantial asset base provides a strong foundation for its long-term sustainability.

Spending efficiency appears to be focused on its core educational mission, though specific program, administrative, and fundraising breakdowns are not provided in the raw data. The consistent reporting of 0% for officer compensation across all filings is unusual for an organization of this size and suggests that executive compensation might be reported under different categories or that the institution's leadership is compensated through other means not captured in this specific field, which could impact transparency if not clarified elsewhere. Further detail on functional expenses would be necessary for a more precise assessment of spending efficiency.

Overall, Vassar College appears financially stable with a growing asset base. However, the lack of detailed functional expense breakdowns and the consistent 0% officer compensation reported in the provided data limit a full assessment of its spending efficiency and transparency regarding executive pay. Additional information from the full IRS 990 forms would be beneficial to fully understand these aspects.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Vassar College with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 80%
fundraising: 5%

According to IRS 990 filings, Vassar College allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The consistent reporting of 0% for officer compensation across all available filings is highly unusual for an institution of Vassar College's size and financial scale, suggesting that executive compensation is either reported under different categories or not captured in this specific field, which could be a transparency concern.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Vassar College's IRS 990 filings:

Consistent 0% officer compensation reported, which is unusual for an organization of this size and may indicate a lack of transparency in executive pay disclosure within the provided data.
Occasional operating deficits (e.g., 2023, 2020, 2016) where expenses exceeded revenue, though this is often managed by large endowments.

Strengths

The following positive indicators were identified for Vassar College:

Significant and consistent growth in assets, from $1.59 billion in 2014 to $1.84 billion in 2023, indicating strong financial stewardship and endowment performance.
Substantial asset base ($1.93 billion latest reported) provides long-term financial stability and capacity for its educational mission.
Generally stable revenue streams over the past decade, supporting ongoing operations.

Frequently Asked Questions about Vassar College

How is executive compensation for Vassar College's leadership reported, given the 0% listed in the filings?

The provided IRS 990 data consistently shows 0% for officer compensation. This is highly unusual for an organization of Vassar College's size and suggests that executive compensation may be reported under different expense categories or through other mechanisms not captured in this specific field. Further review of the full IRS 990, specifically Part VII and Schedule J, would be necessary to understand how executive compensation is disclosed.

What is the detailed breakdown of Vassar College's functional expenses (program, administrative, fundraising)?

The provided summary data does not include a detailed breakdown of functional expenses. To accurately assess spending efficiency, a review of the full IRS 990, specifically Part IX (Statement of Functional Expenses), would be required to see the allocation between program services, management and general, and fundraising expenses.

How does Vassar College manage periods where expenses exceed revenue, such as in 2023?

In fiscal year 2023, Vassar College reported expenses of $305,388,420 against revenue of $284,446,069, resulting in an operating deficit. For large educational institutions with substantial endowments, such deficits are often covered by investment returns from the endowment, capital campaign contributions, or strategic use of reserves, which may not be fully reflected in the annual operating revenue figure. The college's growing asset base suggests these deficits are manageable within its overall financial strategy.

Filing History

IRS 990 filing history for Vassar College showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Vassar College's revenue has grown by 23.9%, moving from $229.5M to $284.4M. Total assets increased by 38.3% over the same period, from $1.3B to $1.8B. Total functional expenses rose by 40.7%, from $217.0M to $305.4M. In its most recent filing year (2023), Vassar College reported a deficit of $20.9M, with expenses exceeding revenue. The organization holds $368.5M in liabilities against $1.8B in assets (debt-to-asset ratio: 20.1%), resulting in net assets of $1.5B.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$284.4M	$305.4M	$1.8B	$368.5M	—	—
2022	$307.2M	$294.8M	$1.8B	$362.3M	—	View 990
2021	$315.0M	$284.0M	$2.0B	$378.0M	—	—
2020	$260.0M	$277.2M	$1.7B	$384.3M	—	View 990
2019	$301.5M	$277.7M	$1.7B	$349.1M	—	View 990
2018	$279.9M	$273.7M	$1.6B	$334.9M	—	View 990
2017	$311.4M	$258.4M	$1.6B	$346.6M	—	View 990
2016	$223.0M	$250.3M	$1.5B	$346.5M	—	View 990
2015	$238.9M	$242.2M	$1.6B	$348.0M	—	View 990
2014	$247.7M	$236.9M	$1.6B	$350.8M	—	View 990
2013	$255.9M	$226.9M	$1.5B	$340.4M	—	View 990
2012	$201.3M	$230.3M	$1.3B	$267.4M	—	View 990
2011	$229.5M	$217.0M	$1.3B	$254.9M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $284.4M, expenses of $305.4M, and assets of $1.8B (revenue -7.4% year-over-year).
2022: Revenue of $307.2M, expenses of $294.8M, and assets of $1.8B (revenue -2.5% year-over-year).
2021: Revenue of $315.0M, expenses of $284.0M, and assets of $2.0B (revenue +21.2% year-over-year).
2020: Revenue of $260.0M, expenses of $277.2M, and assets of $1.7B (revenue -13.8% year-over-year).
2019: Revenue of $301.5M, expenses of $277.7M, and assets of $1.7B (revenue +7.7% year-over-year).
2018: Revenue of $279.9M, expenses of $273.7M, and assets of $1.6B (revenue -10.1% year-over-year).
2017: Revenue of $311.4M, expenses of $258.4M, and assets of $1.6B (revenue +39.6% year-over-year).
2016: Revenue of $223.0M, expenses of $250.3M, and assets of $1.5B (revenue -6.6% year-over-year).
2015: Revenue of $238.9M, expenses of $242.2M, and assets of $1.6B (revenue -3.6% year-over-year).
2014: Revenue of $247.7M, expenses of $236.9M, and assets of $1.6B (revenue -3.2% year-over-year).
2013: Revenue of $255.9M, expenses of $226.9M, and assets of $1.5B (revenue +27.1% year-over-year).
2012: Revenue of $201.3M, expenses of $230.3M, and assets of $1.3B (revenue -12.3% year-over-year).
2011: Revenue of $229.5M, expenses of $217.0M, and assets of $1.3B.

Data Sources and Methodology

This transparency report for Vassar College is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.