Hillsdale College: $320.8M Revenue, $193.9M Program Expenses

The efficiency rubric puts Hillsdale College at a B grade: a composite of 68/100 that lands above the national midpoint. The grade reflects solid program-spending discipline alongside reasonable executive compensation and financial reserves.

Hillsdale College is a large nonprofit by U.S. standards: $320.8M in 2023 revenue against $248.5M in expenses. Organizations in this revenue bracket usually run multiple programs with permanent staff and a meaningful endowment or reserve. Hillsdale College directs 80% of its expenses to programs — above the third-party-rater threshold for an efficient organization.

Revenue has grown meaningfully across the five-year filing history — a sign of expanding donor base, new grants, or scaling programs. Hillsdale College reported $320.8M in 2023, up notably from the start of the window. CEO compensation is reported as zero in the filing — typical for nonprofits where the chief executive is paid through a related entity (parent system, university, or foundation) rather than the filing organization itself, or for small organizations whose chief is a volunteer or board member. In the Education category, Hillsdale College sits alongside universities, K-12 systems, scholarship funds, and education-research organizations. Education-sector nonprofits often hold large endowments, which affects how the reserves-and-revenue ratios should be read.