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Financial Analysis

San Francisco University High School Assets Climbed 27.5% Reach $213.4 Million, Spends $56,678 Per Student, and Outgoing Head of School Received $910,326

By Data Team | Published October 28, 2026

San Francisco University High School's total assets climbed 27.5% to $213.42 million in fiscal year 2025, supported by a $43.86 million endowment whose $1.55 million payout funds 4.3% of the school's $36.20 million total operating budget, according to its latest IRS filing. Across 488 enrolled students, the independent day school spends $56,678 per pupil on direct program services—and $74,188 per student in total institutional expenses—while awarding $5.55 million in financial aid.

The school's balance sheet illustrates how elite urban day schools finance academic depth and physical expansion in high-cost metropolitan markets. While gross tuition and fees average $64,023 per student ($52,651 net of financial aid), total institutional spending exceeds baseline tuition by $10,165 per student—a gap bridged by $5.35 million in annual philanthropy, $2.42 million in investment income, and proceeds from the San Francisco Decorator Showcase, sustaining the academic infrastructure examined in the Elite College Placement Index (ECPI).

Unlike centuries-old New England boarding schools that fund nearly half their budgets from billion-dollar endowments, SFUHS operates a high-velocity urban day model. Tuition accounts for 79.3% of total revenue, while tax-exempt municipal bonds and capital campaign gifts finance a $111.41 million net campus footprint in Pacific Heights.

Institutional & Governance Profile

Founded in 1973 and headquartered at 3065 Jackson Street in San Francisco, California, San Francisco University High School operates as a 501(c)(3) college preparatory day school enrolling 488 students and graduating approximately 110 seniors annually. Its governance pairs an independent board of trustees with an executive leadership team overseeing campus construction, endowment stewardship, and academic operations.

Chicardgo Favicon Institutional Scale and Board Structure

  • •
    Founding & Workforce Scale: Incorporated in California in 1973, SFUHS issued 231 Form W-2s in calendar year 2024 and mobilized 530 volunteers across parent associations, governance committees, and fundraising events.
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    Executive Leadership: Head of School Nasif Iskander leads the institution alongside Chief Financial and Operating Officer (CFOO) Robert Kinnard, following the July 2024 leadership transition from former Head of School Matthew Levinson.
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    Governing Board (Part VI): A 33-member voting Board of Trustees governs the school, including 30 independent voting members, chaired by Holly Hagens alongside Finance Chair Andy Nakahata, Secretary Shelia Cuthbert, and four Vice Chairs.
  • •
    Fiduciary Oversight (Schedule O): External auditor Hood & Strong LLP presents the Form 990 in a live session to the Audit Committee before public disclosure copies go to all 33 trustees, who sign annual conflict-of-interest disclosures.

Top-Line Financials

SFUHS's FY25 balance sheet (covering July 1, 2024 through June 30, 2025) reflects an active capital expansion phase. Total assets jumped 27.5% to $213.42 million as the school drew down tax-exempt construction bond proceeds and placed new campus facilities into service, converting $28.61 million in donor-restricted building funds into unrestricted net assets.

Balance Sheet Strength

  • Total Assets $213,417,315 (+27.5%)
  • Total Liabilities $106,659,519 (+55.3%)
  • Total Net Assets $106,757,796 (+8.1%)
  • Donor-Restricted Net Assets $44,928,554 (42.1% of Total Net Assets)
  • Unrestricted Net Assets $61,829,242 (57.9% of Total Net Assets)

Operating Performance

  • Total Revenue $39,539,370 (+7.7%)
  • Total Expenses $36,203,977 (+6.4%)
  • Operating Surplus $3,335,393 (+23.2%)
  • Unrealized Gains (Excluded) $4,689,436

Note: Combining the $3.34 million Form 990 operating surplus with $4.69 million in net unrealized investment gains accounts for the exact $8.02 million expansion in total net assets during FY25.

Revenue Breakdown

SFUHS generates 79.3% of its $39.54 million total revenue from tuition and student fees, supplemented by $5.35 million in annual contributions and $2.42 million in investment income. A distinctive feature of its revenue model is the annual San Francisco Decorator Showcase, which generated $1.35 million in gross event receipts ($417,596 net event income plus $361,888 in contributions) to subsidize financial aid.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Program Service Revenue Up 7.2% YoY
    $31,353,442 (79.3%)
    • Tuition, Fees & Other $31,243,323
    • Marin Bus Transportation $50,305
    • Membership Dues $49,100
    • Lecture & Student Events $10,714
  • Contributions & Grants Down 3.2% YoY
    $5,349,523 (13.5%)
    • Direct Gifts & Annual Grants $4,987,635
    • Decorator Showcase Contributions $361,888
    • Noncash Stock Gifts (18 Contributions) $53,030
  • Investment Income Up 55.7% YoY
    $2,423,502 (6.1%)
    • Dividends & Interest $2,410,569
    • Realized Net Capital Gains ($4.67M Gross Sales) $12,933
  • Other Revenue Up 4.8% YoY
    $412,903 (1.0%)
    • Decorator Showcase Net Event Income ($989.6K Gross) $417,596
    • Net Rental Income (Loss) -$4,693

Endowment Performance and Asset Allocation

Unlike billion-dollar boarding schools that allocate over half their endowments to illiquid offshore hedge funds and private equity, SFUHS maintains a liquid, domestic investment posture. Across $77.81 million in combined cash and investment holdings on Part X, the school allocates 55.8% ($43.39 million) to publicly traded securities, 39.9% ($31.05 million) to savings and temporary cash investments, and 4.3% ($3.36 million) to operating cash, paying $77,415 in external investment management fees.

SFUHS's endowment grew 10.3% in FY25 to $43.86 million ($89,880 per student), generating $5.58 million in net investment returns. Its $1.55 million annual payout covers 4.3% of the school's $36.20 million Form 990 operating budget (5.1% of its $30.59 million GAAP budget and 27.9% of total financial aid). As a 501(c)(3) secondary school, SFUHS is exempt from the federal IRC Section 4968 endowment excise tax.

Chicardgo Favicon Portfolio Performance & Asset Allocation ($77.81M Total Holdings)

Form 990, Part X Allocation

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    Endowment Balance (EOY): $43,861,452 (up 10.3% YoY), representing $89,880 per student across 488 enrolled students.
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    Net Investment Gains: $5,580,423 in endowment earnings (~14.0% return on beginning balance), supported by $4.69M in institutional unrealized gains and $2.42M in realized investment income.
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    Liquid Domestic Allocation: 100% of investment securities ($43.39M) are held in publicly traded securities, with $0 in alternative securities (Part X, Line 12) or foreign holdings.
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    Annual Endowment Payout: $1,550,000 directed entirely to student scholarships and grants (covering 4.3% of total operating expenses and 27.9% of financial aid).

Detailed Asset Mix

Publicly Traded Securities
$43.4M (55.8%)
Savings & Temp. Cash
$31.1M (39.9%)
Operating Cash
$3.4M (4.3%)
Other Securities (Line 12)
$0.0M (0.0%)
Program-Related Investments (Line 13)
$0.0M (0.0%)

5-Year Endowment History

Schedule D, Part V traces the five-year expansion of SFUHS's endowment from $29.04 million at the start of FY21 to $43.86 million at the close of FY25—a 51.0% cumulative increase. Over this five-year span, the fund received $3.44 million in donor contributions and generated $18.62 million in cumulative net investment gains, rebounding from a $5.01 million market contraction in FY22 with three consecutive years of strong returns. Across this five-year window, the endowment distributed $7.24 million in steady scholarship payouts while expanding its ending balance to a record $43.86 million (comprising 57.09% permanent endowment, 31.02% term endowment, and 11.90% board-designated quasi-endowment).

FY25 Endowment Waterfall (Schedule D, Part V)

Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.

5-Year Historical Endowment Balances (Line 1g)

End of year balance progression in millions (FY21 - FY25).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $39,769,220 $36,086,720 $33,136,881 $38,143,507 $29,044,149
1b. Contributions $61,809 $274,539 $140,052 $1,379,989 $1,584,731
1c. Net investment earnings $5,580,423 $4,877,961 $4,229,787 ($5,006,615) $8,934,626
1d. Grants or scholarships ($1,550,000) ($1,470,000) ($1,420,000) ($1,380,000) ($1,419,999)
1e. Other expenditures $0 $0 $0 $0 $0
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $43,861,452 $39,769,220 $36,086,720 $33,136,881 $38,143,507
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 57.086% permanent endowment, 31.020% term endowment, and 11.895% board-designated or quasi-endowment, with 100% held directly by the school (Lines 3a(i)–(ii)).

Per-Student Spending and True Cost

Evaluating SFUHS's instructional expenditures alongside its overall institutional budget highlights the true cost of operating an independent high school in San Francisco. Across 488 students, SFUHS spends $56,678 per pupil in direct program service expenses ($27.66 million), and $74,188 per student when incorporating $6.75 million in management overhead and $1.80 million in fundraising expenses ($36.20 million total spend).

While gross tuition and fees average $64,023 per student, net collected tuition after $5.55 million in financial aid discounts averages $52,651 per pupil. Consequently, net tuition revenue falls $4,027 per student short of direct program spending and $21,537 per student short of total institutional spending—a structural subsidy covered by annual philanthropy, investment dividends, and Decorator Showcase revenues.

Operations vs. Revenue

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    Regular Session Program Spend: $27,658,904 in direct program services across 488 students ($56,678 gross program spend per student; $45,306 net excluding $5.55M in financial aid grants).
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    Total Institutional Spend: $36,203,977 across all functional categories ($74,188 gross total spend per student; $62,816 net of financial aid), including $6,746,900 in management/general and $1,798,173 in fundraising.
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    Tuition & Fee Revenue: $31,243,323 in gross tuition and fees ($64,023 per student gross; $52,651 net of financial aid). Philanthropy and investment income bridge the $10,165 per-student gap to total spend.
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    Student Activities & Faculty Development: Direct program outlays include $814,812 for student activities, $552,661 for professional development, $447,855 for travel, and $413,688 for information technology.
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    Campus Infrastructure & Depreciation: Supported by a $148.34 million gross physical plant ($111.41 million net book value), recording $2,350,260 in annual depreciation and $678,826 in occupancy expenses.

Financial Aid: How SFUHS Spends $5.55M on Access

Schedule I disclosures detail how SFUHS allocates $5,549,545 in domestic financial aid across 118 students—representing 24.2% of its 488-student enrollment. With an average grant of $47,030 per recipient, financial aid covers 73.5% of average gross tuition and fees for aided families, structured as direct discounts on tuition, books, and mandatory student fees.

To sustain socio-economic access amid rising Bay Area tuition levels, SFUHS pairs its $1.55 million annual endowment scholarship draw with community fundraising. The annual San Francisco Decorator Showcase—a month-long interior design exhibition hosted in a historic local residence—generated $1.35 million in gross receipts in FY25, channeling $779,484 in combined net event proceeds and contributions directly toward financial aid.

Internal Student Support

  • Aided Student Share 24.2% (118 students)
  • Total Financial Aid Grants $5,549,545
  • Average Grant per Recipient $47,030
  • Endowment Scholarship Draw $1,550,000 (27.9% of Aid)
  • Schedule L Interested-Person Aid $132,073

Signature Access & Outreach Engines

  • SF Decorator Showcase ($1,351,460 Gross Receipts) Generated $361,888 in direct contributions and $989,572 in event gross income ($417,596 net after $571,976 in direct event costs) to fund student financial aid.
  • Summerbridge San Francisco Endowment Designation Schedule D, Part XIII designates dedicated endowment funds for the Summerbridge Program, providing tuition-free academic enrichment for San Francisco public middle schoolers.

Executive and Administrative Team Compensation

SFUHS's FY25 Schedule J disclosures reflect an executive transition in the Head of School office during calendar year 2024. Outgoing Head of School Matthew Levinson (who served through July 31, 2024) received $910,326 in total compensation, which included $486,430 in base salary, a $273,000 severance payment, and $123,296 in nontaxable benefits. Incoming Head of School Nasif Iskander received $441,480 in partial-year 2024 compensation, followed by CFOO Robert Kinnard at $359,216.

Because SFUHS invests in publicly traded securities rather than managing an internal hedge fund desk, its highest-paid employees are senior academic, financial, philanthropy, and operations officers. No employee exceeded the $1 million reportable threshold that triggers federal IRC Section 4960 excise taxes.

Payroll Scale and Compensation Governance

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    Total Institutional Payroll: SFUHS spent $20,857,609 on salaries, benefits, and payroll taxes in FY25 (accounting for 57.6% of all institutional expenses) across 231 W-2 employees, with 66 staff members earning over $100,000.
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    Top Executive Packages: Outgoing Head of School Matthew Levinson (who served through July 31, 2024) received $910,326 in total compensation, which included $486,430 in base salary, a $273,000 severance payment, and $123,296 in nontaxable benefits. Incoming Head of School Nasif Iskander received $441,480 in partial-year 2024 compensation.
  • •
    Compensation Committee Benchmarking: An independent board Compensation Committee sets Head of School pay using an independent compensation consultant, peer Form 990 filings, compensation studies, and a written employment contract.
  • •
    Mandatory Campus Residence: As a condition of employment, the Head of School is required to reside in school-provided campus housing to respond to emergencies and host evening parent and fundraising receptions.
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown (FY25)
Name & Title (A) Base Comp (B-i) Bonus (B-ii) Other (B-iii) Retirement & Deferred (C) Nontaxable Benefits (D) Total (E) Prior Deferred (F)
Matthew LevinsonHead of School (thru 7/31/24) $486,430 $273,000 $0 $27,600 $123,296 $910,326 $0
Nasif IskanderHead of School $330,663 $0 $2,772 $27,600 $80,445 $441,480 $0
Robert KinnardCFO / CFOO $320,775 $0 $0 $25,662 $12,779 $359,216 $0
Shaundra BasonDirector of Strat. Philanthropy $262,558 $1,806 $0 $21,322 $15,957 $301,643 $0
Allen LantorDir. of Operations (thru 4/22/25) $218,738 $0 $0 $17,515 $12,999 $249,252 $0
Howard LevinDirector of Technology $220,725 $0 $0 $17,923 $3,127 $241,775 $0
Anthony ThomasDirector of Athletics $203,667 $0 $0 $16,293 $17,735 $237,695 $0
Syble AllenController $198,575 $0 $0 $15,886 $2,678 $217,139 $0
* Source: IRS Form 990, Schedule J, Part II. Per Schedule J Part III, Matthew Levinson's Column B(ii) figure represents a $273,000 severance payment paid in calendar year 2024. Part VII Section A also lists Officer Sharon Young (Executive Assistant/Secretary) at $121,505 reportable compensation and $27,224 other compensation ($148,729 total, below the $150,000 Schedule J reporting threshold).

Facilities, Debt, and Municipal Relations

SFUHS is executing a generational expansion of its urban campus in San Francisco. During FY25, net land, buildings, and equipment surged 62.1% from $68.75 million to $111.41 million ($148.34 million gross cost basis), propelled by $39.10 million in construction disbursements to Truebeck Construction Inc and $1.13 million to Leddy Maytum Stacy Architects.

To finance this physical expansion without liquidating its $43.86 million endowment, SFUHS utilized variable-rate tax-exempt municipal bonds issued through the California Enterprise Development Authority (CEDA), resulting in tax-exempt bond liabilities rising from $30.21 million to $66.27 million on its balance sheet.

Capital Debt & Municipal Engagement

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    Physical Plant & Campus Operations: SFUHS holds $148.34 million in gross property, buildings, and equipment ($111.41 million net book value after $36.93 million in accumulated depreciation), recording $678,826 in annual occupancy costs, $2.35 million in depreciation, and $2.36 million in operating lease liabilities.
  • •
    Tax-Exempt Bond Financing (Schedule K): Tax-exempt bond liabilities reached $66.27 million at year-end across two California Enterprise Development Authority issues: an $18.99 million Series A & B refinancing issue (May 2020) and a $49.00 million Series A, B & C new building construction issue (November 2022), with $333,832 in expensed interest on Part IX.
  • •
    Town-Gown PILOT Payments & Municipal Relations (Schedule I): Unlike New England boarding academies that make voluntary Payment in Lieu of Taxes (PILOT) disbursements to host towns, SFUHS reported $0 in Schedule I Part II municipal government grants, engaging with civic authorities through CEDA conduit bond financing and San Francisco building permits while retaining 501(c)(3) property tax exemption.
  • •
    Top Independent Contractors: Among 13 contractors paid over $100,000, capital project and campus vendors led disbursements: Truebeck Construction Inc ($39.10M), Leddy Maytum Stacy Architects ($1.13M), Equity Community Builders LLC ($420,473), Construction Testing Services ($405,632), and Epicurean Group ($287,839 for catering services).

Editorial Note

All financial figures in this report derive from San Francisco University High School's FY25 IRS Form 990 (2024 tax form covering July 1, 2024 through June 30, 2025 across 488 students) and have been verified by data team.

While SFUHS spends $56,678 per student in direct program services ($74,188 per student in total institutional expenses), Chicardgo School does not imply that financial expenditure mathematically causes higher placement into Ivy+, Top 25 National University, or Top 15 Liberal Arts College tiers. Rather, these financial resources fund the faculty compensation, financial aid access, and expanded campus facilities that operate alongside SFUHS's historical matriculation outcomes.

Accounting Reconciliation (Schedule D, Parts XI–XIII): Readers comparing SFUHS's audited financial statements to IRS Form 990 will note differences in reported revenue and expenses. Form 990 reports $39.54M in total revenue and $36.20M in total expenses, whereas GAAP audited financial statements report $38.62M in revenue/gains and $30.59M in expenses. Form 990 reclassifies $5,549,545 in financial aid grants, $706,222 in bad debt expense, and $77,415 in investment management fees (+$6,333,182 total) into operating expenses, while netting $571,975 in Decorator Showcase event expenses and $151,832 in rental expenses (-$723,807) directly against gross revenue and excluding $4,689,436 in net unrealized investment gains from Part VIII revenue.

Frequently Asked Questions: SFUHS's Form 990 Financials

As of Fiscal Year 2025, San Francisco University High School's endowment stands at $43.86 million ($43,861,452), or $89,880 per enrolled student. Its $1.55 million annual scholarship payout funds 4.3% of the school's $36.20 million Form 990 operating budget (5.1% of its $30.59 million GAAP operating budget) and 27.9% of its $5.55 million financial aid budget.

SFUHS spends $56,678 per student annually in direct program service expenses ($27.66 million across 488 students). When including $6.75 million in management overhead and $1.80 million in fundraising expenses, total institutional spending reaches $74,188 per student ($36.20 million), exceeding the $64,023 per student generated in gross tuition and fees.

SFUHS awarded $5.55 million ($5,549,545) in financial aid discounts for tuition, books, and fees in FY25, supporting 24.2% of its student body (118 of 488 students) with an average grant of $47,030 per recipient.

Due to an executive transition in calendar year 2024, outgoing Head of School Matthew Levinson received $910,326 in total compensation (including $486,430 in base pay and a $273,000 severance payment). Incoming Head of School Nasif Iskander received $441,480 in partial-year 2024 compensation, followed by CFOO Robert Kinnard at $359,216.

Yes. Because federal tax law classifies SFUHS as a 501(c)(3) secondary school rather than an institution of higher education, the school is exempt from the federal IRC Section 4968 excise tax on net investment income.

SFUHS's total assets reached $213.42 million ($213,417,315) in fiscal year 2025, up 27.5% year-over-year, anchored by $111.41 million in net campus real estate and $77.81 million in combined cash and publicly traded securities.

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