2026-05-11T15:57:28-07:00 2025-06-30 990 2024-07-01 930386908 REED INSTITUTE REED 5037777505 3203 SE Woodstock Blvd Portland OR 972028199 Robert Tust Associate Treasurer and Controller 5037777505 2026-03-02 1 2024 2025-03-06 01:10:19Z REED COLLEGE ROBERT TUST BUSINESS OFFICE 3203 SE WOODSTOCK BLVD PORTLAND OR 97202 398086791 0 X www.reed.edu X 1908 OR Provide education in the liberal arts and sciences 28 27 1703 595 12217613 12131734 34644039 28522133 117016245 115084344 52927966 91184922 107263 -163348 204695513 234628051 41032815 41260781 0 0 68971326 72156475 42995 284086 5655811 48191411 51504303 158238547 165205645 46456966 69422406 1135702740 1218420100 180387429 187186631 955315311 1031233469 The mission of Reed College is to provide education in the liberal arts and sciences. 0 0 3219964 3219964 The Institute had 26 research grants funded with federal funds. Departments funded were Biology, Chemistry, Physics, Psychology, Math, Sociology, and the nuclear reactor. 123633762 41260781 94313964 1,332 FTE Students as of Fall 2024, 410 degrees conferred 24/25. 23577129 17550416 Auxiliary services - students living in dorms, using dining facilities and bookstore. 0 0 0 150430855 1 1 0 0 0 1 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 1931 0 1 1703 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 28 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 OR X X Lynn Valenter 5037777240 Vice President and Treasurer 3203 SE Woodstock Blvd Portland OR 972028199 Audrey Bilger President 40 0 X X 785892 0 53807 Erik Bernhardt Chief Investment Officer 40 0 X 470727 0 59539 Lynn Valenter Vice President of Finance and Treasurer 40 0 X 384852 0 53807 Kathryn Oleson Dean of the Faculty 40 0 X 260978 0 48371 Milyon Trulove Vice President and Dean of Admission and Financial Aid 40 0 X 253378 0 50640 Hugh Porter Vice President for College Relations and Planning (through 6/30/24) 40 0 X 265733 0 36926 Andrew Lonergan Director of Investments 40 0 X 251314 0 42566 Valerie Moreno Chief Information & Security Officer 40 0 X 242629 0 43256 Karnell McConnell-Black Vice President for Student Life 40 0 X 239473 0 34602 Phyllis Esposito Vice President and Dean for Institutional Diversity 40 0 X 213045 0 40612 Sheena McFarland Executive Director Public Affairs & Communications 40 0 X 204942 0 39472 Sarah Panetta Executive Director of Advancement 40 0 X 207603 0 33776 Robert Tust Associate Treasurer and Controller 40 0 X 206685 0 34601 Hieu Nguyen Vice President for Advancement and College Relations (from 7/1/24) 40 0 X 182086 0 12540 M Jane Buchan Trustee 1 0 X 0 0 0 Julie JL Cheng '84 Trustee 1 0 X 0 0 0 Laurence 'Larry' Abramson '80 Trustee 1 0 X 0 0 0 Julia P Adams '80 Trustee 1 0 X 0 0 0 Lizbeth A Adams '79 Trustee (from 4/2025) 1 0 X 0 0 0 Alea Adigweme '06 Trustee 1 0 X 0 0 0 Konrad S Alt '81 Trustee (through 4/2025) 1 0 X 0 0 0 Michael S Axley '89 Trustee (through 4/2025) 1 0 X 0 0 0 Carla J Beam '76 Trustee 1 0 X 0 0 0 Peter J Bragdon Trustee 1 0 X 0 0 0 Thomas O Daniel Trustee-Vice Chair 1 0 X X 0 0 0 Kurt D Delbene Trustee (from 4/2025) 1 0 X 0 0 0 Nicholas G Galakatos '79 Trustee 1 0 X 0 0 0 Edward 'Ned' Hall '87 Trustee 1 0 X 0 0 0 George M James '77 Trustee 1 0 X 0 0 0 Deborah D Kamali '85 Trustee-Chair 1 0 X X 0 0 0 Amy M Madigan Trustee 1 0 X 0 0 0 Alex J Martinez '73 Trustee 1 0 X 0 0 0 Winthrop 'Win' McCormack Trustee 1 0 X 0 0 0 Margaret Hill Noto '75 Trustee 1 0 X 0 0 0 Eduardo M Ochoa '73 Trustee 1 0 X 0 0 0 Ritankar 'Ronti' Pal '93 Trustee 1 0 X 0 0 0 Darlene D Pasieczny '01 Trustee-Secretary 1 0 X X 0 0 0 Roger M Perlmutter '73 Trustee 1 0 X 0 0 0 John P Sheehy '82 Trustee 1 0 X 0 0 0 Tina Sohaili-Korbonits '07 Trustee 1 0 X 0 0 0 Susan Sokol Blosser '86 Trustee 1 0 X 0 0 0 Alice Larkin Steiner '74 Trustee (through 4/2025) 1 0 X 0 0 0 Peter C Stockman '77 Trustee 1 0 X 0 0 0 Richard 'Rick' H Wollenberg '75 Trustee 1 0 X 0 0 0 4169337 0 584515 163 0 1 0 Ameresco Inc 111 Speen St Ste 410 Framingham MA 01701 Construction 6209091 Bon Appetit Suite 100 2730 Sand Hill Road Menlo Park CA 94025 Food service 5857734 Fortis Construction Inc 1705 SW Taylor St Ste 200 Portland OR 97205 Construction 3102564 Otto Harrassowitz 65174 Wiesbaden Allenmagne GM 65174 Library services 1871000 Reimers & Jolivette Inc 2344 NW 24th Ave Portland OR 972102132 Construction 1649385 45 0 0 0 0 3359264 25162869 3039995 28522133 Tuition and fees 611310 95793131 95793131 0 0 Aux-Dorm fees 611710 8754820 8754820 0 0 Aux-Cafeteria fees 611710 7199021 7199021 0 0 Aux-Bookstore fees 611710 820378 820378 0 0 Other fees 611310 2516994 2516994 0 0 0 0 0 0 115084344 1631903 0 11746412 -10114509 0 0 0 0 0 0 0 0 530192 0 693540 0 -163348 0 -163348 0 0 -163348 0 252318219 0 162765200 0 89553019 89553019 0 471201 89081818 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 234628051 115084344 12217613 78803961 X 0 0 41260781 41260781 0 0 0 0 3590853 965707 2204549 420597 0 0 0 0 50286469 45272555 1940053 3073861 4586683 3936355 352838 297490 9941446 8531886 764762 644798 3751024 3219180 288554 243290 0 0 0 0 523347 478071 27792 17484 210684 0 210684 0 0 0 0 0 284086 284086 0 0 0 0 19152819 18046397 981398 125024 0 0 0 0 7507626 7268971 147053 91602 1346646 1241031 56813 48802 0 0 0 0 3305154 3222476 70168 12510 2919017 2451923 185132 281962 0 0 0 0 0 0 0 0 5006327 4730387 234187 41753 0 0 0 0 8897010 8442473 385761 68776 1785258 706415 1078843 0 Bookstore cost of goods 489544 489544 0 0 Dues and memberships 271633 129672 138289 3672 89238 37031 52103 104 165205645 150430855 9118979 5655811 35429 36762 21400328 6931590 4530856 13804782 1604836 1130007 39949 34076 0 0 1488593 1406912 0 0 848266 901570 334950364 147528664 182684600 187421700 144072996 144995104 775150072 857845421 0 0 0 0 3846815 3912176 1135702740 1218420100 11121604 14669500 0 0 1021431 1101136 0 0 0 0 0 0 123966202 124003614 44278192 47412381 180387429 187186631 X 509145769 538448967 446169542 492784502 955315311 1031233469 1135702740 1218420100 X 69422406 10180290 0 0 0 -3684538 X 0 1 X 1 1 1 X 15742377 24672636 24438552 34644039 28522134 128019738 15742377 24672636 24438552 34644039 28522134 128019738 11052771 116966967 182552 2591242 2113187 487882 530192 5905055 809254 1939304 12131734 14880292 5985829 725243 6711072 155516157 115084344 0.75212 0.7848 X Schedule A, Part II, Line 10 Net periodic benefit cost, excluding service cost. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 0 70000 0 552674 0 1 1 790961122 15462173 96490359 11956648 25598805 1411775 863946426 720867118 9214767 96958900 11026716 23709891 1343056 790961122 696435203 10905209 46718662 10114676 21895500 1181780 720867118 747245126 8981442 -29276734 9254153 20216123 1044355 696435203 545093997 3583571 228220147 9007314 19705050 940225 747245126 0.5 0.27 0.23 0 0 0 16062186 16062186 0 291287160 128385556 162901604 0 0 0 0 0 21537764 19143108 2394656 0 6063254 0 6063254 187421700 0 0 Alternative investments 857845421 F 857845421 0 Postretirement benefits payable 28197753 Liability for split-interest agreements 12305089 Asset retirement obligation 6370462 Refundable loan programs 457106 Other 81971 47412381 X 202503041 10180290 0 0 0 10180290 192322751 0 42305300 42305300 234628051 126604933 0 0 0 0 0 126604933 0 38600712 38600712 165205645 Schedule D, Part V, Line 4 The college's endowment funds are used for scholarships, chairs, academic support, library support, student services, and general operating support. Schedule D, Part X, Line 2 The Internal Revenue Service has recognized Reed College as exempt from tax under provisions of Section 501(a) as an organization described under Section 501(c)(3) of the Internal Revenue Code, except to the extent of unrelated business income under Sections 511 through 515 and certain excise tax programs on investment income. Management believes that unrelated business income tax, if any, is immaterial, and therefore, no tax provision has been made. The College accounts for income taxes in accordance with FASB ASC Subtopic 740-10, Income Taxes - Overall, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a threshold of more likely than not for recognition of tax benefits of uncertain tax positions taken or expected to be taken in a tax return. Schedule D, Part XI, Line 4b Scholarships $39,314,302; Net periodic benefit cost, excluding service cost $3,684,538; Faculty rental expenses -$693,540 Schedule D, Part XII, Line 4b Scholarships $39,314,302; Faculty rental expenses -$693,540; Grayco -$20,050 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Link to Title IX policy and Diversity, Equity and Inclusion are available on the main website - https://www.reed.edu/ Schedule E, Part I, Line 6 Financial assistance is from Title IV programs. Central America and the Caribbean 0 0 Investments 294109000 Europe (including Iceland and Greenland) 0 0 Investments 70410000 Middle East and North Africa 0 0 Investments 5711000 Europe (including Iceland and Greenland) 0 2 Program Services Study abroad programs 1106761 East Asia and the Pacific 0 0 Program Services Study abroad programs 124246 South America 0 0 Program Services Study abroad program 101900 Central America and the Caribbean 0 0 Program Services Study abroad programs 87100 Sub-Saharan Africa 0 0 Program Services Study abroad programs 84000 South Asia 0 0 Program Services Study abroad programs 44000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Study abroad programs 24400 Russia and Neighboring States 0 0 Program Services Study abroad programs 15000 0 2 371817407 1 0 1 1 1 0 X X 1 Ruffalo Noel Levitz PO Box 718 Des Moines IA 50303 educational fundraising 0 0 72700 -72700 Marts & Lundy 160 Chubb Ave Ste 303 Lyndhurst NJ 07071 campaign counseling and fundraising strategies consulting 0 0 180449 -180449 West Wind Consulting Strategies in Fund Raising LLC 120 Brindley St Ste 7 Ithaca NY 14850 consulting on solicitations and fundraising strategies 0 0 30938 -30938 0 284087 -284087 OR WA 1 Scholarships to students for tuition, fees, room and board 820 39314302 0 Fellowships, research grants and other awards to students 388 1601583 0 Scholarships to students for course and program fees 105 344896 0 Schedule I, Part I, Line 2 The financial aid office awards grants to students based on student financial aid application. Once classes begin, grants are disbursed to the student account where they offset tuition charges. X X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 Audrey Bilger President 652898 0 0 0 132994 0 34500 0 19307 0 839699 0 0 0 Lynn Valenter Vice President of Finance and Treasurer 383952 0 0 0 900 0 34500 0 19307 0 438659 0 0 0 Kathryn Oleson Dean of the Faculty 260978 0 0 0 0 0 26098 0 22273 0 309349 0 0 0 Milyon Trulove Vice President and Dean of Admission and Financial Aid 252478 0 0 0 900 0 25248 0 25392 0 304018 0 0 0 Hugh Porter Vice President for College Relations and Planning (through 6/30/24) 223737 0 0 0 41996 0 25613 0 11313 0 302659 0 0 0 Milyon Trulove Vice President and Dean of Admission and Financial Aid 239473 0 0 0 0 0 23947 0 10655 0 274075 0 0 0 Phyllis Esposito Vice President and Dean for Institutional Diversity 213045 0 0 0 0 0 21304 0 19307 0 253656 0 0 0 Hieu Nguyen Vice President for Advancement and College Relations (from 7/1/24) 167708 0 0 0 14377 0 0 0 12540 0 194625 0 0 0 Erik Bernhardt Chief Investment Officer 380004 0 89823 0 900 0 34500 0 25039 0 530266 0 0 0 Andrew Lonergan Director of Investments 202925 0 47549 0 840 0 20292 0 22273 0 293879 0 0 0 Valerie Moreno Chief Information & Security Officer 242629 0 0 0 0 0 24263 0 18993 0 285885 0 0 0 Sheena McFarland Executive Director Public Affairs & Communications 204792 0 0 0 150 0 20479 0 18993 0 244414 0 0 0 Sarah Panetta Executive Director of Advancement 206703 0 0 0 900 0 20670 0 13106 0 241379 0 0 0 Robert Tust Associate Treasurer and Controller 206685 0 0 0 0 0 20668 0 13933 0 241286 0 0 0 Schedule J, Part I, Line 1a Housing is required as a condition of employment for the President and is provided as a taxable benefit. In limited circumstances, first-class accommodations are provided for the president and companion travel for bona-fide business purposes. The college pays membership dues to health and social clubs for use by certain officers for meetings and networking related to college business. The college does not directly indemnify individuals in regard to taxes; however, it has in some circumstances, grossed-up the benefit to offset a portion of the employee's taxable benefit. Milyon Trulove Current officer Housing loan X 60000 34076 0 0 1 34076 X 46 3039995 market value 0 0 1 0 Schedule M, Part I, Line 9 The number reported in Part I, column (b) represents a combination of contributions and items contributed. Form 990, Part VI, Section B, Line 11b An electronic draft of the Form 990 is provided to the Audit Committee of the Board of Trustees. The committee reviews, discusses, and provides input to management. After the Audit Committee accepts the Form 990, it is made available to all trustees for review. After any further trustee questions are resolved and a final copy of the return has been provided to the entire board, the Form 990 is filed. A summary of Schedule B rather than the full schedule was distributed to the Audit Committee and the entire board to maintain donor confidentiality. Form 990, Part VI, Section B, Line 12c Reed requires all officers and institutional trustees to complete a conflict of interest form annually. The form includes the college's conflict of interest policy and asks each individual about the existence of conflicts of interest. If a conflict of interest exists the officer or trustee is asked to describe the situation in their response. These forms are reviewed by the Vice-President of Finance and Treasurer, and the Chair of the Audit Committee. Persons with a conflict are prohibited from participating in board and officer deliberations and decisions related to those transactions. Form 990, Part VI, Section B, Line 15 The Executive Committee, which is comprised of independent trustees and which functions as the College's compensation committee, annually reviews presidential and officer compensation data from comparable colleges along with other data provided by the Human Resources Office. They also conduct an annual performance evaluation of the President and review of salary changes proposed by the President for other officers. Any changes in the President's compensation are approved by the Executive Committee, and communicated by the Chair of the Board of Trustees in writing to the President. These reviews are completed in June of each year. Form 990, Part VI, Section C, Line 19 Governing documents are available upon request. Conflict of interest policy and financial statements are available on the College's Office of the Treasurer website. Form 990, Part IX, Line 11g Service fees by functional area are general institution support $1,609,365; research $955,627, auxiliary enterprises $5,725,231; student services $2,629,151; plant fund $2,765,081; instruction $4,017,081; academic support $582,602; public affairs $868,681. Form 990, Part XI, Line 9 Post retirement benefit, net of service cost -$3,684,538 David Eddings Fund LLC 3203 SE Woodstock Blvd Portland OR 97202 450929229 Holding Company OR REED INSTITUTE Excluded 213701 146761 0 1 0.67 Grayco Resources Inc 3203 SE Woodstock Blvd Portland OR 97202 930603357 Rental Activity OR The Reed Institute C 99167 1050111 1 1 Charitable remainder trust (27) 3203 SE Woodstock Blvd Portland OR 97202 Trust OR The Reed Institute T 0 Pooled Income Fund (1) 3203 SE Woodstock Blvd Portland OR 97202 Pooled Income Fund OR The Reed Institute T 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 Grayco Resources Inc k 35000 lease payments