Barnard College Assets Cross $1.21 Billion in FY25 as Tuition Supplies 79% of Revenue and $557 Million Endowment Covers 7.6% of Operating Budget
By Data Team | Published November 10, 2026
Barnard College’s total assets rose 13.5% to $1.21 billion ($1,208,054,845) in fiscal year 2025, supported by a $557.12 million endowment whose $26.22 million annual outlay ($23.52 million in direct scholarship and program distributions plus $2.70 million in investment management fees) covers 7.6% of the college's $345.65 million Form 990 operating budget (6.8% excluding administrative fees, or 9.5% gross / 8.5% net of Barnard's $275.74 million GAAP operating expenses), according to its latest IRS filing. Across 3,264 full-time degree-seeking undergraduate students (3,299 total degree-seeking students including 35 part-time enrollees), Barnard expends $86,372 per student on direct program services ($281.92 million across instruction, student services, financial aid, and auxiliary programs)—including $67,313 per student on regular session post-secondary education ($219.71 million)—while total enterprise expenditure including administrative overhead and fundraising reaches $105,898 per student ($345.65 million).
Unlike research universities buffered by multi-billion-dollar clinical medical centers and federal laboratories, Barnard’s operating model relies heavily on undergraduate student charges. Program service revenue—led by $274.39 million in student tuition, fees, housing, and dining plus $5.40 million in pre-college and summer programs—totaled $279.79 million in FY25, supplying 79.0% of Barnard's $353.99 million total revenue. By contrast, private contributions and government grants fell 17.4% year-over-year to $48.74 million (13.8% of total revenue), while realized investment income declined 19.3% to $20.80 million (5.9% of total revenue).
Even as gift inflows contracted and tax-exempt bond liabilities rose 49.0% to $273.59 million to finance the $250 million Roy and Diana Vagelos Science Center, Barnard expanded student financial aid grants by 9.8% to $66.52 million ($66.20 million for domestic students and $325,982 for international students, excluding $4.23 million in pass-through Federal Pell Grants). Need-based institutional and federal aid supports 33.5% of full-time undergraduates (1,092 of 3,264 students), discounting gross student charges by 24.2% to meet 100% of demonstrated financial need.
Institutional & Governance Profile
Operating under its legal corporate title, Barnard College (EIN 13-1628149), the institution is an independent 501(c)(3) liberal arts college for women domiciled in New York at 3009 Broadway in Manhattan's Morningside Heights neighborhood. Founded in 1889 by Annie Nathan Meyer and named after Columbia University's tenth president, Frederick A.P. Barnard, the college maintains autonomous legal, financial, and fiduciary governance while operating in an official academic partnership with Columbia University across Broadway.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1889, Barnard issued 3,262 Form W-2s in calendar year 2024 (including faculty, administrators, and student employees), filed 706 Form 1096 vendor returns, and engaged 644 alumnae and community volunteers.
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Academic & Faculty Footprint: A full-time instructional faculty of 294 scholars (10:1 student-to-faculty ratio) instructs 3,264 full-time degree-seeking undergraduate women (3,299 total degree-seeking students including 35 part-time students). Under an intercorporate agreement with Columbia University—for which Barnard paid $8,637,198 in FY25 (Part IX, Line 24b)—students share cross-registration access to courses, libraries, and NCAA Division I athletics through the Columbia-Barnard Athletic Consortium, while receiving degrees conferred jointly by Barnard and Columbia.
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Executive Leadership: President Laura Rosenbury leads the college alongside Provost and Dean of the Faculty Rebecca Walkowitz, Executive Vice President for Strategy and Chief Administrative Officer Kelli Murray, Senior Vice President for Strategic Finance and Operations Sarah Gillman, Vice President and CFO Sharon Hewitt Watkins (principal signing officer on the FY25 return, following CFO Eileen M. Di Benedetto and Interim CFO Sandra Kim), Vice President for Enrollment and External Affairs Jennifer Fondiller, and Vice President for Campus Life and Dean of the College Leslie Grinage.
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Governing Board (Schedule O): The Board of Trustees comprises 34 voting members, 33 of whom are independent (97.1%), with President Laura Rosenbury serving as the sole non-independent ex-officio voting member (Columbia President Minouche Shafik served ex-officio until August 1, 2024; Cheryl G. Milstein chaired the Board through June 4, 2025 alongside Vice Chairs Diana T. Vagelos and Ina R. Drew). Prepared by Grant Thornton Advisors LLC, the Form 990 is reviewed by the Controller, VP & CFO, and President, approved by the Audit & Compliance Committee, and presented to the full Board of Trustees. Bylaws were amended in FY25 to reorganize Board committees, and the General Counsel enforces annual written conflict-of-interest disclosures across all trustees and key employees.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Barnard generated $435.06 million in gross receipts and $353.99 million in net Form 990 revenue. Total assets expanded 13.5% to $1.21 billion as construction progressed on the Roy and Diana Vagelos Science Center and bond proceeds were escrowed. Total net assets rose 7.0% to $786.01 million, heavily concentrated in donor-restricted funds (83.0%) with 17.0% ($133.69 million) held in unrestricted net assets.
Balance Sheet Strength
- Total Assets $1,208,054,845 (+13.5%)
- Total Liabilities $422,046,524 (+27.9%)
- Total Net Assets $786,008,321 (+7.0%)
- Donor-Restricted Net Assets $652,314,101 (83.0% of Total Net Assets)
- Unrestricted Net Assets $133,694,220 (17.0% of Total Net Assets)
Operating Performance
- Total Revenue $353,986,942 (+0.7%)
- Total Expenses $345,649,443 (+1.1%)
- Operating Surplus $8,337,499 (-12.4%)
- Unrealized Gains (Excluded) $43,351,000
Note: The $8.34 million reported operating surplus reflects Form 990 realized accounting parameters (which include capital and endowment gifts in top-line revenue); adding $43.35 million in net unrealized investment gains (Part XI, Line 5) accounts for the exact $51.69 million expansion in Barnard's FY25 total net assets.
Revenue Breakdown
Barnard’s FY25 revenue profile highlights its high reliance on student tuition and residential charges alongside a contraction in philanthropic and realized investment inflows. Program service revenue rose 6.5% year-over-year to $279.79 million (79.0% of total revenue), propelled by $274.39 million in student tuition, housing, and dining fees and $5.40 million in pre-college and summer programs. Conversely, contributions and grants declined 17.4% to $48.74 million ($40.07 million in private gifts, $7.37 million in government grants, and $1.29 million from the NY Scholarship Gala), while realized investment income fell 19.3% to $20.80 million following lower realized capital gain harvesting compared to FY24.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +6.5% YoY$279,789,122 (79.0%)
- Student Services Revenue (Tuition, Fees, Housing & Dining) $274,388,558
- Pre-College & Summer Programs $5,400,564
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Contributions & Grants -17.4% YoY$48,735,439 (13.8%)
- Private Philanthropy & Foundation Grants (Line 1f) $40,067,623
- Government Grants (Federal & State Sponsored Awards, Line 1e) $7,374,338
- Fundraising Events Contributions (NY Scholarship Gala, Line 1c) $1,293,478
- Noncash Gifts Included Above (43 Stock Gifts on Schedule M, Line 1g) $2,926,547
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Investment Income -19.3% YoY$20,803,954 (5.9%)
- Realized Net Capital Gains ($90.57M Gross Securities Sales less $78.25M Basis) $12,324,516
- Dividends, Interest & Other Investment Income (incl. $518,771 UBI) $8,420,661
- Tax-Exempt Bond Proceeds Investment Income $58,777
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Other Revenue +20.0% YoY$4,658,427 (1.3%)
- Miscellaneous & All Other Revenue (Line 11d) $2,059,068
- Net Rental Income ($4.08M Gross Rents less $2.44M Expenses) $1,640,953
- Academic Conferences ($546K), Fees & Penalties ($521K) & Sustainability ($106K) $1,173,446
- Net Fundraising Event Loss ($171K Gross Gala Income less $386K Direct Costs) -$215,040
Endowment Performance and Asset Allocation
Barnard’s endowment consists of over 1,000 individual donor-restricted and board-designated funds managed to exceed multi-year risk-adjusted benchmarks while targeting a 5% annual spending rate based on a rolling three-year average market value as of December 31 (Schedule D, Part XIII). At the close of FY25, the endowment stood at $557.12 million (+10.7% YoY), while total balance sheet securities (Part X, Lines 11 and 12) reached $563.85 million. Publicly traded securities ($253.29 million, 44.9%) and international equities ($70.18 million, 12.4%) provide liquidity alongside private equity ($128.21 million, 22.7%) and hedged strategies ($107.15 million, 19.0%).
To execute its alternative and global equity strategies, Barnard holds $145.90 million in foreign partnership investments reported on Schedule F—comprising $145.60 million in Cayman Islands limited liability partnerships and $298,494 in European vehicles—and reported $518,771 in gross unrelated business revenue ($0 net taxable income on Form 990-T). Because Barnard holds $170,686 in endowment assets per full-time student ($168,875 across all 3,299 degree-seeking students), the college sits well below the $500,000 per-student federal threshold and is exempt from the IRC Section 4968 endowment excise tax (Part V, Line 16).
Portfolio Performance & Asset Allocation ($563.85M Total Securities / $557.12M Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $557,119,557 (+10.7% YoY), representing $170,686 per full-time undergraduate across 3,264 students (exempt from the Section 4968 federal endowment excise tax).
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Net Investment Gains: $58,601,964 in endowment net investment earnings (+8.7% YoY from $53.89M in FY24, representing an 11.6% return on opening balance), plus $21,293,139 in new endowment contributions (+162.5% YoY).
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Alternative & Offshore Capital: 42.3% of total investment holdings sit in private equity ($128.21M), hedged strategies ($107.15M), and real estate ($3.37M), with $145.60M domiciled in Central American and Caribbean partnership vehicles.
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Total Payout & Budget Coverage: $26,219,969 in total endowment outlays ($13,228,096 to student scholarships, $10,294,712 to academic programs and facilities, and $2,697,161 in investment management fees), funding 7.6% of Form 990 total expenses (6.8% excluding administrative fees, or 9.5% gross / 8.5% net of Barnard's $275.74M GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Securities Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Barnard’s endowment from a $356.58 million opening balance in FY21 to $557.12 million at year-end FY25—a cumulative five-year expansion of $200.54 million (+56.2%). Over that five-year window, the endowment absorbed $63.56 million in donor contributions and $252.94 million in net investment gains—highlighted by a $107.79 million post-pandemic surge in FY21 and consecutive $53.89 million and $58.60 million gains in FY24 and FY25. Simultaneously, the endowment disbursed $115.96 million ($56.08 million for student scholarships, $47.70 million for academic programs and facilities, and $12.17 million in administrative management fees). At year-end FY25, 89.0% of the endowment was restricted by donors—49.0% permanent endowment and 40.0% term endowment—leaving only 11.0% ($61.28 million) as 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).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $503,444,423 | $466,428,277 | $447,544,377 | $460,487,934 | $356,578,750 |
| 1b. Contributions | $21,293,139 | $8,113,055 | $10,508,116 | $8,123,665 | $15,521,556 |
| 1c. Net investment earnings | $58,601,964 | $53,892,971 | $32,512,845 | $136,251 | $107,794,721 |
| 1d. Grants or scholarships | ($13,228,096) | ($12,161,822) | ($11,495,442) | ($10,319,457) | ($8,875,884) |
| 1e. Other expenditures | ($10,294,712) | ($10,248,378) | ($9,768,558) | ($8,593,610) | ($8,799,573) |
| 1f. Administrative expenses | ($2,697,161) | ($2,579,680) | ($2,873,061) | ($2,290,406) | ($1,731,636) |
| 1g. End of year balance | $557,119,557 | $503,444,423 | $466,428,277 | $447,544,377 | $460,487,934 |
Per-Student Spending and True Cost
Evaluating per-student spending at Barnard follows the standard Form 990 benchmark of dividing total direct program service expenses (Part III, Line 4e and Part IX, Column B) by degree-seeking enrollment. In FY25, Barnard expended $281,918,634 on direct program services across 3,264 full-time undergraduate students (81.6% of total expenses), equating to $86,372 per student in direct program service spend ($65,771 net per student excluding $67.24 million in financial aid and research grants, or $85,456 per student across all 3,299 full- and part-time degree-seeking students).
Within program services, regular session post-secondary education (Part III, Line 4a—covering academic instruction, residential housing, dining, health and counseling services, and financial aid) accounted for $219,708,469, or $67,313 per student ($46,711 net per student excluding grants), while auxiliary enterprises and pre-college/summer programs (Part III, Line 4b) represented $62,210,165 ($19,059 per degree-seeking student). When adding $55,495,600 in central management and general overhead (16.1%) and $8,235,209 in fundraising costs (2.4%), Barnard’s total institutional enterprise expenditure (Part IX, Line 25) reaches $345,649,443, or $105,898 per student ($84,480 per student under Barnard's $275.74 million GAAP operating budget).
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $281,918,634 across 3,264 full-time undergraduates ($86,372 gross direct program spend per student; $65,771 net excluding $67.24M in grants).
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Regular Session Academic & Total Enterprise Spend (Part III, Line 4a & Part IX, Col. A): $219,708,469 in regular session post-secondary education ($67,313 per student) and $345,649,443 in overall institutional expenditure ($105,898 per student including $55.50M in administrative overhead and $8.24M in fundraising).
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Tuition & Room/Board Revenue vs. Program Cost: Gross student services revenue totals $274,388,558 ($84,065 per student before aid). After deducting $66,521,384 in student financial aid grants (a 24.2% institutional discount rate), net student revenue of $207,867,174 ($63,685 per student) covers 73.7% of direct program service spend ($86,372/student) and 60.1% of total enterprise spend ($105,898/student), leaving a $22,687 per-student program subsidy ($42,213 per-student total enterprise gap) funded by gifts and endowment payouts.
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Columbia Intercorporate Agreement & Student Board (Part IX, Lines 24a–24b): Direct program costs include $8,637,198 ($2,646 per student) paid to Columbia University under the intercorporate cross-registration, library, and athletic consortium agreement and $14,727,946 ($4,512 per student) in student board and dining operations.
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Global Study Abroad & Alumnae Art Collection (Part IX, Line 24c, Schedule D & Schedule F): Barnard expended $4,596,486 on study abroad programs ($1,408 per student)—including $1,785,077 in regional foreign instruction, research, study abroad, and scholarship activity tracked on Schedule F across Europe ($1.41M), East Asia and the Pacific ($231.4K), North America ($73.1K), Sub-Saharan Africa ($43.1K), the Middle East and North Africa ($20.0K), South Asia ($12.3K), and South America ($1.9K)—and maintains $862,255 in capitalized alumnae paintings, books, and historical treasures for future generations (Schedule D, Part III).
Financial Aid: How Barnard Deploys $66.5M in Student Support
Barnard practices need-blind admissions for domestic undergraduate applicants and commits to meeting 100% of demonstrated financial need through a combination of institutional grants, federal/state awards, student loans, and campus employment, while awarding zero merit scholarships (Schedule I, Part IV). In FY25, Barnard reported $66,521,384 in direct student financial aid grants on Form 990 (up +9.8% YoY)—comprising $66,195,402 in domestic student assistance on Schedule I ($65,017,244 in institutional Barnard Grants, $507,832 in New York State HEOP grants across 100 students, $380,242 in Federal SEOG grants across 450 students, and $290,084 in Federal Work-Study across 250 students) and $325,982 in tuition and room discounts across 13 international students on Schedule F. Including $4,227,136 in pass-through Federal Pell Grants excluded from financial statements per Schedule I, Part IV, total student grant and work-study support reached $70.75 million.
According to Barnard's 2024–2025 Common Data Set (Section H2), 1,092 of 3,264 full-time undergraduates (33.5% aided student share, or 33.2% including 4 of 35 part-time students = 1,096 of 3,299 degree-seeking students) demonstrated financial need and received financial aid, with 1,053 full-time students (32.3%) receiving need-based scholarship or grant awards averaging $66,445 ($74,783 average total aid package) and 16% of students receiving Federal Pell Grants. Because endowment scholarship payouts ($13.23 million on Schedule D, Line 1d) cover just 19.9% of Barnard's $66.52 million Form 990 student aid bill, the remaining 80.1% ($53.29 million) must be funded directly through operating tuition discounts and annual giving.
Internal Student Support (Schedule I, D & CDS)
- Aided Student Share (CDS H2) 33.5% Full-Time (1,092 of 3,264)
- Effective Tuition/Board Discount Rate 24.2% of Gross Student Charges
- Endowment-Funded Scholarships (1d) $13,228,096 (19.9% of Aid)
- Operating & Gift-Funded Student Aid $53,293,288 (80.1% of Aid)
- Total Domestic Student Grants (Sch. I) $66,195,402 ($60,397 avg.)
Federal Pass-Throughs & Research Subawards
- Excluded Federal Pell Grants & Foreign Student Aid ($4,553,118) Per Schedule I, Part IV, Barnard administered $4,227,136 in Federal Pell Grants (excluded from Form 990 expenses) alongside $325,982 in Schedule F tuition and room discounts for 13 international students in Europe (10), East Asia (2), and the Middle East/North Africa (1).
- Domestic Research Subawards ($722,171 across 12 Institutions) Schedule I, Part II records $722,171 in external research subgrants to 12 domestic 501(c)(3) institutions, led by the University of Maine ($162,036), UW-Madison ($149,988), Research Foundation for Mental Hygiene ($106,379), Columbia University ($97,047), University of Alabama ($72,449), George Washington University ($52,329), and Harlem STEM partner BioBus Inc. ($10,202).
Executive and Faculty Compensation
Barnard’s Schedule J disclosures reflect the executive leadership and distinguished senior faculty of an urban liberal arts college rather than the multi-million-dollar asset management and surgical salaries seen at research universities with medical centers. President Laura Rosenbury was Barnard's sole employee whose total compensation package exceeded $1 million in FY25, earning $1,020,521 ($850,938 base salary, a $100,000 bonus, $34,500 in retirement contributions, and $35,083 in nontaxable benefits including on-campus housing). She was followed by former Provost and Dean of the Faculty Linda Bell ($673,364, including a $50,000 bonus), Executive VP for Strategy and Chief Administrative Officer Kelli Murray ($533,885, including a $65,000 bonus), Computer Science Professor Rebecca Wright ($508,905), and VP for Enrollment and External Affairs Jennifer Fondiller ($475,066, including a $65,000 bonus).
Five senior tenured professors ranked among Barnard's highest-compensated employees on Schedule J: Computer Science Professor Rebecca Wright ($508,905), Neuroscience Professor Rae Silver ($409,863), Sociology Professor Mignon Moore ($379,313), Pulitzer Prize-winning author and Creative Writing Professor Jhumpa Lahiri ($377,510), and Physics and Astronomy Professor Reshmi Mukherjee ($350,966). Because no Barnard employee received over $1 million in reportable W-2 remuneration (President Rosenbury's reportable W-2 pay was $950,938), Barnard was not subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Barnard expended $166,632,610 in total salaries, wages, pension contributions, and employee benefits in FY25 (+0.3% YoY, representing 48.2% of all college expenses) across 3,262 W-2 employees (including student workers), with 419 staff and faculty members earning over $100,000 (Part VII, Section A, Line 2).
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Board Compensation Governance (Schedule O & Schedule J): The Board of Trustees Committee on Compensation determines and approves compensation for the President and senior officers using market comparability data compiled by an independent compensation consultant, written employment contracts, and peer Form 990 filings. Eight executives received non-fixed bonuses in calendar year 2024 (Schedule J, Part III).
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On-Campus Residences & Executive Benefits (Schedule J, Part I & III): Both President Laura Rosenbury and Dean of the College Leslie Grinage ($378,733 total compensation) are provided on-campus residences as a contractual condition of employment to remain on-call 24/7 for institutional duties and student welfare (reported as nontaxable benefits in Column D). The President's contract also provides certain taxable travel and tuition benefits, and Barnard reported providing companion travel and tax indemnification/gross-up payments under written substantiation policies.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 20 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Laura RosenburyEx-Officio and President | $850,938 | $100,000 | $0 | $34,500 | $35,083 | $1,020,521 | $0 |
| Linda BellFormer Provost, Dean of the Faculty | $537,613 | $50,000 | $0 | $51,750 | $34,001 | $673,364 | $0 |
| Kelli MurrayEx. VP for Strategy & Chief Admin. Officer | $414,303 | $65,000 | $0 | $34,500 | $20,082 | $533,885 | $0 |
| Rebecca WrightProfessor | $428,931 | $0 | $0 | $41,400 | $38,574 | $508,905 | $0 |
| Jennifer FondillerVP for Enrollment and External Affairs | $311,509 | $65,000 | $0 | $51,750 | $46,807 | $475,066 | $0 |
| Rae SilverProfessor | $325,722 | $0 | $0 | $49,906 | $34,235 | $409,863 | $0 |
| Eileen M. Di BenedettoCFO and VP for Finance | $316,207 | $0 | $0 | $47,972 | $19,603 | $383,782 | $0 |
| Sarah GillmanSenior VP for Strategic Finance & Operations | $349,051 | $0 | $0 | $23,508 | $9,996 | $382,555 | $0 |
| Mignon MooreProfessor | $294,278 | $0 | $0 | $38,158 | $46,877 | $379,313 | $0 |
| Leslie GrinageVP for Campus Life, Student Exp. & Dean of College | $276,353 | $30,000 | $0 | $38,218 | $34,162 | $378,733 | $0 |
| Jhumpa LahiriProfessor | $299,149 | $0 | $0 | $31,461 | $46,900 | $377,510 | $0 |
| Michael FarleyVP, Development and Alumnae Relations | $325,299 | $0 | $0 | $32,500 | $13,270 | $371,069 | $0 |
| Reshmi MukherjeeProfessor | $302,698 | $0 | $0 | $45,016 | $3,252 | $350,966 | $0 |
| Rebecca WalkowitzProvost, Dean of the Faculty | $270,128 | $30,000 | $0 | $30,417 | $11,145 | $341,690 | $0 |
| Ciaran EscofferyAVP and Secretary to the Board of Trustees | $242,304 | $40,000 | $0 | $28,821 | $19,204 | $330,329 | $0 |
| A-J AronsteinVP for Community Engagement & Lifelong Success | $194,451 | $0 | $0 | $24,807 | $46,878 | $266,136 | $0 |
| Sandra KimInterim VP and Chief Financial Officer | $199,559 | $20,000 | $0 | $22,135 | $12,603 | $254,297 | $0 |
| Serena LongleyVice President and General Counsel | $193,413 | $0 | $0 | $20,417 | $23,197 | $237,027 | $0 |
| Jennifer RosalesVP for Inclusion, Engaged Learning & Chief Diversity Officer | $160,885 | $0 | $0 | $20,505 | $27,524 | $208,914 | $0 |
| Natalie RaabeVice President of Strategic Communications | $138,171 | $20,000 | $0 | $15,882 | $668 | $174,721 | $0 |
Facilities, Debt, and Municipal Relations
Anchored on a compact four-acre campus along Broadway between West 116th and West 120th Streets in Morningside Heights—supplemented by off-campus residence halls including Cathedral Gardens on West 110th Street and 620 West 116th Street—Barnard relies on tax-exempt municipal bonds issued through the Dormitory Authority of the State of New York (DASNY) and capital gifts to modernize its urban physical plant. In April 2025, Barnard executed a major debt expansion and refinancing, issuing $160.46 million in DASNY Series 2025A revenue bonds to finance the $250 million Roy and Diana Vagelos Science Center and refund prior bond series, pushing total tax-exempt bond liabilities up 49.0% year-over-year from $183.57 million to $273.59 million.
Unlike suburban municipalities where universities issue standalone voluntary PILOT checks on Schedule I, Barnard's New York City municipal footprint centers on direct property expenses on non-exempt rental holdings, local STEM educational partnerships, and compliance with New York City's stringent Local Law 97 building decarbonization mandates.
Capital Debt & Municipal Engagement
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Physical Plant & Vagelos Science Center Construction (Schedule D, Parts VI & IX): Barnard holds $634.88 million in gross land, buildings, and equipment ($409.13 million net book value after $225.75 million in accumulated depreciation, up +25.7% YoY), including $126.93 million in construction-in-progress for the Roy and Diana Vagelos Science Center, plus $39.95 million in operating lease right-of-use assets, $7.14 million in finance lease right-of-use assets, and $72.34 million in construction funds held by bond trustees. Annual occupancy costs totaled $27.19 million alongside $12.72 million in depreciation.
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Tax-Exempt Bonds & Debt Service (Schedule K & Part X): Barnard carries $273.59 million in tax-exempt DASNY bond liabilities (Line 20) and $51.01 million in unsecured notes and loans payable (Line 24), paying $10.00 million in FY25 interest expense (Part IX, Line 20). Across Schedule K, Barnard reports five DASNY issues: Series 2015A ($124.70M for the Milstein Center and refundings of the Diana Center and Cathedral Gardens), Series 2020A ($47.58M), Series 2022A ($40.67M), Series 2022B ($42.72M, fully defeased in FY25), and the April 29, 2025 Series 2025A issue ($160.46M, with $68.77M placed in refunding escrows, $22.78M spent on STEM facility construction, and $67.24M held in unspent proceeds).
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Schedule I Town-Gown PILOT Payments and Municipal Relations: Barnard recorded zero municipal PILOT grants on Schedule I; instead, all 12 of its Schedule I, Part II domestic organizational grants ($722,171) funded scientific research subawards and local Harlem STEM outreach, including $97,047 to Columbia University and $10,202 to West Harlem science nonprofit BioBus Inc. On the municipal front, Barnard incurred $2,437,836 in direct operating and tax expenses on its $4,078,789 real estate rental portfolio (Part VIII, Line 6b), spent $42,500 on Schedule C legislative and regulatory representation in New York City and Albany, and engineered the Roy and Diana Vagelos Science Center as Manhattan's first all-electric, net-zero academic science building to align with NYC carbon-reduction mandates alongside ongoing gas-to-electric infrastructure upgrades at its 620 West 116th Street residence hall.
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Top Legal, Architectural & Security Contractors (Part VII, Section B): Reflecting campus protest litigation, governance reviews, STEM construction design, and Manhattan campus security during FY25, legal and security firms dominated Barnard's 14 independent contractors paid over $100,000 (with total college legal expenses reaching $3,777,190 on Part IX, Line 11b): Davis Polk & Wardwell LLP ($3,178,879 for legal services), Bond, Schoeneck & King PLLC ($682,592 for legal services), Mitchell-Giurgola Architects LLP ($437,849 for architectural services), Communications Audio Visual LLC ($372,376 for AV services), and TBM USA LLC ($350,171 for security services).
Editorial Note
All financial figures in this report derive from Barnard College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 3,264 full-time degree-seeking undergraduate students, or 3,299 total degree-seeking students including 35 part-time enrollees) and have been reviewed by the data team.
While Barnard expends $86,372 per student on direct program services ($67,313 per student on regular session post-secondary education and $105,898 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources sustain Barnard's urban residential campus, need-blind domestic admissions, STEM laboratory expansion, and cross-registration partnership with Columbia University alongside the college's student selectivity.
Accounting Reconciliation: Readers comparing Barnard’s Grant Thornton-audited standalone GAAP financial statements to IRS Form 990 (Schedule D, Parts XI, XII, and XIII) will note four structural accounting bridges that reconcile GAAP total revenue ($327,429,362) to Form 990 total revenue ($353,986,942) and GAAP total expenses ($275,740,863) to Form 990 total expenses ($345,649,443). First, Form 990 grosses up $67,243,554 in student financial aid and grants into Part IX functional expenses rather than netting financial aid directly against gross tuition and housing revenue as required under GAAP. Second, GAAP total revenue and support includes $43,351,000 in net unrealized investment gains, which IRS rules exclude from Form 990 Part VIII revenue and report instead in Part XI, Line 5. Third, GAAP figures reflect a -$2,880,135 loss on the April 2025 refunding of DASNY debt and $88,276 in non-periodic postretirement benefit adjustments (-$2,791,859 net), both excluded from Form 990 operating lines. Fourth, Form 990 adds $2,697,161 in investment management fees to both revenue and Part IX functional expenses, while netting $2,437,835 in direct rental property expenses and $386,159 in NY Scholarship Gala direct expenses (-$2,823,994 combined) against Part VIII gross revenues.
Frequently Asked Questions: Barnard's Form 990 Financials
As of Fiscal Year 2025 (ended June 30, 2025), Barnard College's endowment stands at $557.12 million ($557,119,557), up 10.7% year-over-year. Its $26.22 million total annual outlay ($13.23 million for student scholarships, $10.29 million for academic programs and facilities, and $2.70 million in investment management fees) covers 7.6% of Barnard's $345.65 million Form 990 operating budget (6.8% excluding administrative fees, or 9.5% gross / 8.5% net of Barnard's $275.74 million GAAP operating expenses).
Barnard spends $86,372 per student annually in direct program services ($281.92 million across 3,264 full-time undergraduate students), including $67,313 per student on regular session post-secondary education ($219.71 million) and $19,059 per student on auxiliary and summer/pre-college programs ($62.21 million). When adding central administrative overhead ($55.50 million) and fundraising expenses ($8.24 million), total enterprise expenditure reaches $105,898 per student ($345.65 million).
In FY25, Barnard awarded $66.52 million in direct student financial aid grants on Form 990 (+9.8% YoY)—comprising $66.20 million for domestic students on Schedule I ($65.02 million in institutional Barnard Grants, $507,832 in NY State HEOP grants, $380,242 in Federal SEOG grants, and $290,084 in Federal Work-Study) and $325,982 for 13 international students on Schedule F, plus $4.23 million in pass-through Federal Pell Grants. Per Barnard's 2024–2025 Common Data Set, 33.5% of full-time undergraduates (1,092 of 3,264 students) receive need-based financial aid, with an average need-based grant of $66,445.
The highest-paid employee is President Laura Rosenbury, who received $1,020,521 in total compensation in FY25 ($850,938 base salary, $100,000 bonus, $34,500 in retirement benefits, and $35,083 in nontaxable benefits including on-campus housing), followed by former Provost and Dean of the Faculty Linda Bell ($673,364), Executive VP Kelli Murray ($533,885), and Computer Science Professor Rebecca Wright ($508,905).
No. With $170,686 in endowment assets per full-time student ($557.12 million across 3,264 full-time undergraduates), Barnard is well below the $500,000 per-student threshold required to trigger the federal IRC Section 4968 excise tax on net investment income.
According to Form 990 Part IX (Line 24b) and Schedule O, Barnard paid $8,637,198 ($2,646 per student) to Columbia University in FY25 under the intercorporate agreement governing cross-registration, library services, faculty exchange, and NCAA Division I athletics via the Columbia-Barnard Athletic Consortium, alongside $97,047 in Schedule I physics and astrophysics subgrants.
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