Charles Gray

Professor, Finance

(651) 962-4301

Minneapolis Campus
1000 LaSalle Ave
Terrence Murphy Hall 443M
Minneapolis, MN 55403

Ph.D., Economics, Washington University
A.M., Economics, Washington University
B.A., Social Science, Hendrix College

See publications in UST Research Online

Mel Gray has been teaching economics, strategy and nonprofit management to undergraduate and M.B.A. students for more than 35 years. Previously, he was a staff economist at the Federal Reserve Banks of St. Louis and Minneapolis, and for a Minnesota state agency; he also served as executive director of a nonprofit community development agency. He has been a visiting or adjunct faculty member at Macalester College, Central Michigan University, and the Universities of Oslo, North Carolina, Minnesota, British Columbia and Rochester.

He received a B.A. in social science and math from Hendrix College, and his A.M. and Ph.D. in economics from Washington University in St. Louis. Gray's primary research interests are the nonprofit and creative sectors, especially social entrepreneurship and the nonprofit arts. He has authored or edited three books, including The Economics of Art and Culture with the late James Heilbrun (3rd ed. forthcoming), and his publications include numerous articles and book chapters. He is editor emeritus of Nonprofit Management and Leadership and is a past president of the Association for Cultural Economics, International.

Gray has been a consultant to the U.S. Department of Justice, the National Endowment for the Arts, the District of Columbia, several Minnesota state agencies and numerous companies, nonprofit organizations, law firms and trade associations.

Summer 2015 Courses
Summer 2015 Courses
Crs - Sec Title Days Time Location
GBEC 750 - 202 Intro to Nonprofit Sector - - - - - - - -
Description of course Intro to Nonprofit Sector : CRN: 30553
This course serves as an introduction to the nonprofit sector by providing an overview that includes size, scope, and types of organizations. Also addresses related topics such as charitable behavior and philanthropy, interrelationships among earned and unearned revenue sources, social entrepreneurship, governance and accountability, and interactions with the for-profit and government sectors. Prerequisite: Standard core courses and GBEC 600

Schedule Details

Location Time Day(s)
Fall 2015 Courses
Fall 2015 Courses
Crs - Sec Title Days Time Location
J-Term 2016 Courses
J-Term 2016 Courses
Crs - Sec Title Days Time Location
Academic and Professional Positions
  • FINC / Graduate Economics Adjunct Coordinator, University of St. Thomas, St. Paul / Minneapolis (2007 - present)
  • Adjunct Instructor, University of North Carolina - School of Government, Chapel Hill (2009 - present)
  • Professor, University of St. Thomas, St. Paul / Minneapolis (1992 - present)
  • Visiting Professor, University of Rochester - Simon School of Business and Eastman School of Music, Rochester (2002 - 2002)
  • Visiting Professor, University of North Carolina, Chapel Hill (1993 - 1994)
  • Associate Professor with tenure, University of St. Thomas, St. Paul / Minneapolis (1984 - 1992)
  • Visiting Professor, University of British Columbia Department of Economics, Vancouver (1992 - 1992)
  • Assistant Professor, University of St. Thomas, St. Paul / Minneapolis (1979 - 1984)
  • Senior Research Analyst and Staff Economist, Minnesota Crime Control Planning Board (formerly Governor's Commission on Crime Prevention and Contr, St. Paul (1975 - 1979)
  • Adjunct Instructor, University of St. Thomas, St. Paul / Minneapolis (1976 - 1979)
  • Visiting Instructor, Macalester College, St. Paul (1974 - 1975)
  • Planning Coordinator, Co-CEO, Southside Community Enterprises, Minneapolis (1974 - 1975)
  • Visiting Instructor, Macalester College, St. Paul (1974 - 1975)
  • Economist, Federal Reserve Bank of Mpls, Minneapolis (1973 - 1974)
  • Instructor, Transylvania University, Lexington (1971 - 1973)
  • Regional Economist, Federal Reserve Bank of St. Louis, St. Louis (1969 - 1971)

Professional Memberships
  • American Economic Association
  • American Evaluations Association
  • Association for Cultural Economics
  • International Association for Art & Cultural Management
  • International Society for Third-Sector Research
  • Association for Research on Nonprofit Organizations and Voluntary Action

Professional Service
  • Midwest Center for Nonprofit Leadership,
  • Humanities of Netherlands Organization for Scientific Research (the Dutch Research Council), Reviewer
  • National Center on Nonprofit Enterprise - Academic Advisory,

Public Service
  • Tubman Family Alliance - Strategic Planning, Committee Member

  • Gray, C. M. (1998). Hope for the future? Childhood exposure to the arts and adult visits to art museums. Journal of Cultural Economics, (22),

Books and Chapters
  • Combs, K. L., & Gray, C. M. (2007). Managerial economics and organizational architecture 4th ed. McGraw-Hill
  • Combs, K. L., Gray, C. M., & Spry, J. A. (2007). Updated managerial economics and organizational architecture test bank. McGraw-Hill
  • Gray, C. M. (2007). Financing Nonprofits: Putting Theory into Practice. In Dennis Young (Ed.), Gifts in kind and other illiquid assets Ch 10 (pp. 227-241). AltaMira Press
  • Oster, S. M., Gray, C. M., & Weinberg, C. (2004). Effective Economic Decision Making by Nonprofit Organizations. In Dennis R. Young (Ed.), Pricing in the nonprofit sector Ch 2 (pp. 27-45). The Foundation Center
  • Gray, C. M. (2002). Handbook of Cultural Economics. In Ruth Towse (Ed.), Public Participation in the Arts. Edward Elgar
  • Gray, C. M., & Heilbrun, J. (2001). The economics of art and culture 2nd ed. Cambridge University Press
  • Gray, C. M., & Heilbrun, J. (1993). The economics of art and culture. Cambridge University Press

Research Interests
  • Economic Markets - Domestic
  • Governance
  • Public Finance
  • Nonprofit Management
  • Social Entrepreneurship

Awards and Honors
  • UST University Scholar award, 2004
  • UST University Scholar award,, 2003
  • UST University Scholar award,, 2002
  • UST University Scholar award,, 2001