Rhodes Trust
Public records raise at least one point you should look into before giving.
What it says it does
The Rhodes Trust is a foreign public charity whose primary exempt charitable and educational purpose is to support the maintenance of selected overseas students at Oxford University. (Continued on Schedule O)
- Income
- $81.1 million
- Spending
- $79.3 million
- Spent on programs
- 92%
- Reserves
- -9 months of spending
- Largest source of income
- donations and private grants, 57%
- Employees
- 15
- Volunteers
- 500
- Highest pay
- $401,067, ssf executive director
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 60 out of 100. Higher than 31% of charities in its peer group (international, $10m to $100m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
20 of 20It owes 9% of what it owns.
Living within its means
15 of 15Income exceeded spending by 2% of income.
Income trend
10 of 15Income fell 4% on the year before.
Spending floor
15 of 1592% of spending went to programs and raising each dollar of donations cost 6 cents.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 92 out of 100. Higher than 26% of charities in its peer group (international, $10m to $100m).
Independent board
25 of 2519 of 19 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (5)
- $24.4 million spent. Rhodes Scholarship: This year's key objectives and achievements against those objectives, which further the legal purposes of the Trust are summarised below: The past year saw the continued roll-out of an Operating Model (on a need-based basis) for National Secretariats. New National Secretary has been appointed in Pakistan, taking up the role in 2026. The year saw a continued focus on recruiting new Deputy Secretaries to support the operating model, with 12 Deputies appointed across 6 constituencies including Global, China, East Africa, Saudi Arabia and Zambia. A number of Regional and District Secretaries were also appointed, as well as Secretariat Support roles in constituencies where they are most needed. The Rhodes Trust Outreach Ambassadors Programme has continued to develop, with 48 Ambassadors in place (from 8 in 2020), covering 15 constituencies and a number of initiatives and activities, such as finalist workshops, being expanded across more constituencies. A grant from the Carnegie Foundation was extended again to allow continued in-person outreach in East and West Africa, and outreach efforts in China have expanded thanks to a generous donation received in the prior year- The Trust further honed its approach to dealing with the use of generative AI by applicants, and asks applicants to disclose the types of help they have received in writing their application. Data gathered from applicants and selectors in the new attestation for the Personal and Academic Statements formed the basis of updated guidance to selectors, applicants and referees. The biennial National Secretaries Week was held at Rhodes House in June, with National Secretaries from the 25 Rhodes constituencies attending. The overarching theme was maintaining the pre-eminence of the Scholarships, with topics such as academic excellence and admissibility, opportunities and risks of AI, and sharing best practice across Selection and Outreach discussed. Scholars continued to benefit from the use of all of the new spaces in Rhodes House, which continues to be a vibrant place with many new cultural and social events, as organised both by the Trust and by Scholars. During the year, 303 Scholars were engaged in full-time study across four years: 163 in research degrees, 136 on taught courses (including one Scholar reading for 2nd BA), and 4 on the Rhodes Service Year. The support of Maureen Freed (Utah & New College 1984), in her role as Scholar Mental Health and Wellbeing Adviser, has been especially valuable in supporting the Scholar community during the current geopolitical turmoil. Overall, 73 Scholars from 19 Rhodes constituencies were supported with counselling support.
- $16.8 million spent. Schmidt Science Fellows: The 2025 Interdisciplinary Science Summit, hosted in association with Caltech in Pasadena, California, built on the success of the previous inaugural year while expanding its scope and deepening collaborations with partner organizations. The event now centres on Fellows, faculty from host institutions, regional scientists, and key stakeholders. In partner institutions. May 2025, the Programme announced its new cohort of Schmidt Science Fellows, with 32 exceptionally talented early-career researchers representing 17 nationalities. The 2025 Fellows were nominated from 27 A central component of the Fellowship is the commitment to developing leadership, and the programme continues to strengthen and evolve its Science Leadership Programme. The 12-month schedule consists of three week-long residential convenings held in some of the world's leading research locations, supported by additional online programming. well as the In the year ended June 2025, convenings were held in Oxford UK, Northern California USA, and Pasadena USA. Highlights included sessions with two Nobel Prize winners as new Practice Pods: dedicated sessions where Fellows can strengthen their skills through hands-on learning with real-time feedback. In association with Times Higher Education, the programme launched the global Interdisciplinary Science Rankings, a major new initiative, in November 2023. The first Interdisciplinary Ranking was announced in November 2024 at the inaugural Interdisciplinary Science Forum in Washington DC. The ranking aims to showcase those universities that are leading the way in the facilitation of interdisciplinary science around the world and encourage the sharing of best practices for those looking to strengthen their own institutional approaches, catalyse new collaborations, and accelerate the pace of discovery. The inaugural ranking included 749 universities from 90 countries. This was the most successful launch in Times Higher Education history in terms of participation.
- $10.8 million spent. Rise: Approximately 98 2023 Rise Fellows representing more than 39 nationalities attended an 8-day Rise Residential Summit at Rhodes House in early August 2024. The delegates enjoyed a comprehensive programme of events that featured over 37 experts and guests from 16 countries, including 5 from the extended Rhodes Trust partnership programmes network. Supporting the event was a staff of more than 68 facilitators, resident advisors, stewards, medical/wellbeing service providers, 7 of which were Rhodes Scholars. Following a virtual selection process and a candidate final review taking place over 2 days by the Rise Programme Joint Committee, the fourth cohort of 100 Rise Fellows reflecting 49 nationalities was announced in September 2024. Included among the 2024 cohort are the first Fellows from Bolivia, Czech Republic, Ecuador, Ethiopia, Kyrgyzstan, Nepal, Niger, Panama, Puerto Rico, Rwanda, Serbia, Sudan, and Syria. In 2024 the Rise Programme Joint Committee took the decision to cease selection of new Winners after the selection of the 4"" cohort in 2024, and to re-focus the structure of convenings and winner benefits. With effect from January 2025, the Winner Support Team, that was previously employed within the Rhodes Trust, was re-formed in New York, within Schmidt Futures. From 2025 Rhodes Trust continues to provide financial disbursement support services only, under a revised Second Collaboration Agreement, as selection expertise and support is no longer required.
- $20.6 million spent. During the year, The Rhodes Trust continued its partnership with The Mandela Rhodes Foundation (MRF). MRF provides young leaders from across the continent with a one- to two-year scholarship to study at Universities in South Africa and to participate in a residential leadership development program. Atlantic Institute: During the year to June 2025, the Institute hosted or co-hosted 34 virtual events attended by 541 participants; and five in-person events for over 400 people in total. Attendees included Atlantic Fellows, programme staff, Rhodes Scholars and representatives from other partnership organizations and allied groups. At the Global Atlantic Fellows Annual Convening in Oxford in July 2024, 170 Fellows and 31 staff from the seven Atlantic Fellows programmes across the world gathered to connect and learn together. This event included a welcome ceremony for the newest cohorts of fellows who have completed their programme. The Institute achieved a 94 per cent satisfaction rate from attendees, our highest rating yet. The Institute co-hosted a convening in Bogota, Colombia, with the human rights organization, Dejusticia, in October 2024. Atlantic Fellows gathered to explore planetary health and just transitions, ahead of the Convention on Biological Diversity (COP16) in Cali, Colombia that same month. A further in person convening for Fellows was held in Chile in November, to engage with creative approaches to address complex and challenging issues. The XR Lab ('Extended Reality') at Rhodes House received over 625 visitors, with almost half from outside the broader Rhodes community. The Lab hosted two residencies focused on health equity, and participated at the Rhodes Forum on Technology & Society 2024, at which an Atlantic Fellow won the Kevin Xu Innovation Challenge. Topics covered in the webinars and skills workshops hosted or co-hosted by the Atlantic Institute included human rights, African languages, how artificial intelligence can assist fundraising, carbon literacy training, climate justice, achieving reparations, and entrepreneurship. The Institute is working on the development of "The Equity Review," a biennial, open-access publication which will combine research, expert insights and grassroots narratives, with its potential partner, the Oxford University Press. The first issue is expected to be published in October 2026. The Institute's work with partners included the African Diaspora Network and Moore Philanthropy, focussed on investing in African and Black-owned and led businesses. The event was held during the Skoll World Forum in April 2025, and 80 investors and entrepreneurs discussed systemic barriers. The Institute's Oxford 'home from home', "Kopanong" (an African word meaning "a meeting place for diverse languages") hosted residencies in support of the broad Rhodes and Atlantic Fellows community. The conference and convening centre that was central to the refurbishment of Rhodes House completed June 23 has now enjoyed two full years of operation. All services are now bedded in, and commercial use is fully operational, and generating significant funding support.
- (Expenses $ 20,647,772 including grants of $ 931,309)(Revenue $ 929,496) During the year, The Rhodes Trust continued its partnership with The Mandela Rhodes Foundation (MRF). MRF provides young leaders from across the continent with a one- to two-year scholarship to study at Universities in South Africa and to participate in a residential leadership development program. Atlantic Institute: During the year to June 2025, the Institute hosted or co-hosted 34 virtual events attended by 541 participants; and five in-person events for over 400 people in total. Attendees included Atlantic Fellows, programme staff, Rhodes Scholars and representatives from other partnership organizations and allied groups. At the Global Atlantic Fellows Annual Convening in Oxford in July 2024, 170 Fellows and 31 staff from the seven Atlantic Fellows programmes across the world gathered to connect and learn together. This event included a welcome ceremony for the newest cohorts of fellows who have completed their programme. The Institute achieved a 94 per cent satisfaction rate from attendees, our highest rating yet. The Institute co-hosted a convening in Bogota, Colombia, with the human rights organization, Dejusticia, in October 2024. Atlantic Fellows gathered to explore planetary health and just transitions, ahead of the Convention on Biological Diversity (COP16) in Cali, Colombia that same month. A further in person convening for Fellows was held in Chile in November, to engage with creative approaches to address complex and challenging issues. The XR Lab ('Extended Reality') at Rhodes House received over 625 visitors, with almost half from outside the broader Rhodes community. The Lab hosted two residencies focused on health equity, and participated at the Rhodes Forum on Technology & Society 2024, at which an Atlantic Fellow won the Kevin Xu Innovation Challenge. Topics covered in the webinars and skills workshops hosted or co-hosted by the Atlantic Institute included human rights, African languages, how artificial intelligence can assist fundraising, carbon literacy training, climate justice, achieving reparations, and entrepreneurship. The Institute is working on the development of "The Equity Review," a biennial, open-access publication which will combine research, expert insights and grassroots narratives, with its potential partner, the Oxford University Press. The first issue is expected to be published in October 2026. The Institute's work with partners included the African Diaspora Network and Moore Philanthropy, focussed on investing in African and Black-owned and led businesses. The event was held during the Skoll World Forum in April 2025, and 80 investors and entrepreneurs discussed systemic barriers. The Institute's Oxford 'home from home', "Kopanong" (an African word meaning "a meeting place for diverse languages") hosted residencies in support of the broad Rhodes and Atlantic Fellows community. The conference and convening centre that was central to the refurbishment of Rhodes House completed June 23 has now enjoyed two full years of operation. All services are now bedded in, and commercial use is fully operational, and generating significant funding support.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Caution.
The IRS master file records contributions to this 501(c)(3) charitable organization as not deductible.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since January 1961.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.