St. Olaf College 
The information on this page was last updated 12/9/2025. If you see errors or omissions, please email: [email protected]
Summary
St. Olaf College is one of the nation's leading liberal arts colleges offering a distinctive education.
Contact information
Mailing address:
St. Olaf College
1520 St. Olaf Avenue
Northfield, MN 55057
Website: wp.stolaf.edu
Phone: 507-786-3605
Email: [email protected]
Organization details
EIN: 410693979
CEO/President: Susan Rundell Singer
Chairman: Susan Gunderson
Board size: 24
Founder: Norwegian Lutheran immigrants
Ruling year: 1934
Tax deductible: Yes
Fiscal year end: 05/31
Member of ECFA: No
Member of ECFA since:
Purpose
St. Olaf, a four-year college of the Evangelical Lutheran Church in America, provides an education committed to the liberal arts, rooted in the Christian Gospel, and incorporating a global perspective. In the conviction that life is more than a livelihood, it focuses on what is ultimately worthwhile and fosters the development of the whole person in mind, body, and spirit.
Mission statement
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.
Statement of faith
Donor confidence score
Show donor confidence score details
To understand our donor confidence score, click here.
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 932 of 1435 | 109 of 155 |
| Fund acquisition rating | | 963 of 1435 | 116 of 155 |
| Resource allocation rating | | 215 of 1435 | 9 of 155 |
| Asset utilization rating | | 1340 of 1436 | 150 of 155 |
According to the organization's Form 990, it received $4,377,998 in government grants in 2025.
To understand our financial efficiency ratings, click here.
Financial ratios
| Funding ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 21% | 22% | 19% | 13% | 12% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 2% | 2% | 2% | 2% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 15% | 10% | 10% | 12% | 14% | 17% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 2% | 2% | 2% | 2% | 2% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 85% | 90% | 90% | 88% | 86% | 83% |
| Operating ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Program expense ratio Program expense ratio = Program services / Total expenses | 84% | 93% | 92% | 93% | 92% | 92% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 89% | 91% | 100% | 80% | 89% |
Program output ratio Program output ratio = Program services / Total revenue | 81% | 82% | 84% | 93% | 73% | 82% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | 11% | 9% | 0% | 20% | 11% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 2% | 4% | 3% | 0% | 7% | 3% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 5% | 6% | 5% | 5% | 6% |
| Investing ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.52 | 0.24 | 0.23 | 0.24 | 0.22 | 0.20 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.73 | 8.70 | 6.32 | 8.83 | 9.04 | 9.51 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 2.07 | 1.45 | 2.08 | 1.98 | 1.91 |
| Liquidity ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Current ratio Current ratio = Total current assets / Total current liabilities | 8.18 | 6.66 | 7.63 | 4.64 | 4.24 | 5.01 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.12 | 0.15 | 0.13 | 0.22 | 0.24 | 0.20 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.99 | 4.92 | 7.18 | 4.53 | 4.63 | 5.03 |
| Solvency ratios | Sector median | 2025 | 2024 | 2023 | 2022 | 2021 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 15% | 16% | 16% | 17% | 16% |
Debt ratio Debt ratio = Debt / Total assets | 10% | 13% | 13% | 13% | 14% | 14% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 148% | 358% | 366% | 358% | 381% | 416% |
Financials
| Balance sheet | |||||
| Assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash | $46,070,739 | $56,019,145 | $24,443,026 | $33,045,693 | $35,872,507 |
| Receivables, inventories, prepaids | $10,645,851 | $11,048,755 | $13,578,605 | $10,903,183 | $8,919,261 |
| Short-term investments | $85,725,083 | $120,668,233 | $83,752,632 | $73,873,680 | $68,008,112 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $142,441,673 | $187,736,133 | $121,774,263 | $117,822,556 | $112,799,880 |
| Long-term investments | $756,159,188 | $676,638,635 | $622,196,157 | $610,786,885 | $618,432,491 |
| Fixed assets | $309,001,602 | $292,433,886 | $296,155,805 | $276,492,157 | $242,768,430 |
| Other long-term assets | $31,163,758 | $29,040,622 | $35,297,823 | $59,881,266 | $98,189,787 |
| Total long-term assets | $1,096,324,548 | $998,113,143 | $953,649,785 | $947,160,308 | $959,390,708 |
| Total assets | $1,238,766,221 | $1,185,849,276 | $1,075,424,048 | $1,064,982,864 | $1,072,190,588 |
| Liabilities | 2025 | 2024 | 2023 | 2022 | 2021 |
| Payables and accrued expenses | $16,828,400 | $19,926,646 | $21,370,702 | $24,509,144 | $20,494,764 |
| Other current liabilities | $4,560,089 | $4,687,259 | $4,900,974 | $3,311,556 | $2,033,264 |
| Total current liabilities | $21,388,489 | $24,613,905 | $26,271,676 | $27,820,700 | $22,528,028 |
| Debt | $156,556,295 | $159,850,392 | $139,595,669 | $144,786,558 | $149,986,547 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2,831,378 | $3,500,895 | $3,369,978 | $3,213,645 | $3,062,655 |
| Total long-term liabilities | $159,387,673 | $163,351,287 | $142,965,647 | $148,000,203 | $153,049,202 |
| Total liabilities | $180,776,162 | $187,965,192 | $169,237,323 | $175,820,903 | $175,577,230 |
| Net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Without donor restrictions | $463,269,809 | $444,323,358 | $414,891,479 | $408,403,255 | $411,548,422 |
| With donor restrictions | $594,720,250 | $553,560,726 | $491,295,246 | $480,758,706 | $485,064,936 |
| Net assets | $1,057,990,059 | $997,884,084 | $906,186,725 | $889,161,961 | $896,613,358 |
| Revenues and expenses | |||||
| Revenue | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total contributions | $31,972,935 | $29,315,305 | $29,896,269 | $40,887,743 | $40,626,820 |
| Program service revenue | $236,226,339 | $218,603,215 | $204,610,549 | $188,582,521 | $180,600,719 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $64,851,751 | $51,946,444 | $17,011,010 | $64,025,237 | $19,441,214 |
| Other revenue | $21,613 | $28,032 | $55,461 | $52,122 | $326,170 |
| Total other revenue | $301,099,703 | $270,577,691 | $221,677,020 | $252,659,880 | $200,368,103 |
| Total revenue | $333,072,638 | $299,892,996 | $251,573,289 | $293,547,623 | $240,994,923 |
| Expenses | 2025 | 2024 | 2023 | 2022 | 2021 |
| Program services | $274,090,811 | $250,889,674 | $234,755,060 | $215,593,608 | $197,789,792 |
| Management and general | $14,834,653 | $15,232,055 | $12,306,841 | $12,632,451 | $12,612,544 |
| Fundraising | $6,574,066 | $6,435,910 | $5,760,840 | $5,265,028 | $4,879,444 |
| Total expenses | $295,499,530 | $272,557,639 | $252,822,741 | $233,491,087 | $215,281,780 |
| Change in net assets | 2025 | 2024 | 2023 | 2022 | 2021 |
| Surplus (deficit) | $37,573,108 | $27,335,357 | ($1,249,452) | $60,056,536 | $25,713,143 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $37,573,108 | $27,335,357 | ($1,249,452) | $60,056,536 | $25,713,143 |
Compensation
| Name | Title | Compensation |
| Susan Rundell Singer | President | $622,143 |
| Michael Berthelsen | VP and CFO | $334,966 |
| Marci Sortor | Provost and Dean of the College | $318,220 |
| Enoch Blazis | VP For Advancement | $279,081 |
| Carl Crosby Lehmann | General Counsel | $277,907 |
| Michael Kyle | VP For External Relations | $277,883 |
| Hassel Morrison | VP For Student Life | $232,857 |
| Christopher George | Associate VP For Enrollment | $226,766 |
| Roberta Lembke | Chief Information Officer | $200,221 |
| Jo Beld | Secretary | $185,092 |
| Rebecca Otten | Asst VP For Advancement | $184,781 |
| Katie Warren | Associate VP For Marketing | $178,160 |
| Nathan Engle | Asst VP and Controller | $176,487 |
| Christen Cole | Former Avp For Human Resources | $166,701 |
| Kevin Larson | Director of Facilities | $164,722 |
| Jason Engbrecht | Associate Provost | $150,666 |
| David Anderson | Former President | $150,000 |
| Eduardo Pazos Palma | VP For Community and Belonging | $115,577 |
Compensation data as of: 5/31/2025
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 12/9/2025. To update the information below, please email: [email protected]
History
Founded in 1874 by Norwegian Lutheran immigrants, St. Olaf is a nationally ranked liberal arts college of the ELCA located in Northfield, Minnesota.