Boston College Operating Surplus Jumps 47.5% to $334.3M in FY25 as $4.31B Endowment and 37.2% Gift Surge Push Total Assets to $7.72B
By Data Team | Published November 10, 2026
Boston College’s total assets climbed 11.7% to $7.72 billion in fiscal year 2025, anchored by a $4.31 billion endowment whose $194.6 million annual distribution ($191.2 million in direct scholarship, academic, and facility payouts plus $3.4 million in administrative expenses) covers 12.9% of the university's $1.50 billion Form 990 operating budget (12.7% excluding endowment administration, or 15.8% of net GAAP operating expenses), according to its latest IRS filing. That capital base enables Boston College to spend $83,652 per student on direct program services ($1.29 billion across 15,474 students)—including $45,104 per student on regular-session instruction and student financial aid ($697.9 million)—while total institutional enterprise expenditure reaches $97,212 per student ($1.50 billion).
Boston College’s financial profile illustrates how an undergraduate-focused Jesuit research university without a clinical medical center or national laboratory builds substantial operating reserves. While gross student tuition and fees ($884.3 million) and auxiliary enterprises ($218.8 million) generate $1.10 billion ($71,290 per student, or 60.0% of total revenue), rapid growth in private philanthropy and investment returns drove the university's $334.3 million operating surplus (+47.5% YoY). Contributions and grants jumped 37.2% to $386.7 million, and realized investment income rose 17.3% to $310.0 million, lifting total revenue 12.2% to $1.84 billion.
To preserve need-blind admissions for domestic undergraduates, Boston College disbursed $295.5 million in direct Form 990 Schedule I scholarship grants across 9,329 domestic recipients (60.3% of the 15,474-student body). Net of student financial aid, tuition and auxiliary revenue contributed $807.6 million ($52,193 per student), covering 62.4% of direct program service expenses and leaving a $31,459 per-student operational subsidy bridged by endowment payouts, annual giving, and investment income.
Institutional & Governance Profile
Operating under its corporate title, Trustees of Boston College (EIN 04-2103545), the university is legally domiciled in Massachusetts with its main campus in Chestnut Hill straddling the municipal boundary of Newton and Boston. Chartered by the Commonwealth of Massachusetts in 1863 by the Society of Jesus, Boston College confers 4,500 degrees annually across eight schools and colleges while maintaining international academic facilities in Dublin, Ireland.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1863, Boston College issued 12,879 Form W-2s in calendar year 2024, filed 2,470 Form 1096 vendor returns, and recorded 55 formal board and institutional volunteers alongside an uncounted global network of Eagle alumni volunteers.
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Academic & Campus Footprint: The university enrolled 15,474 degree-seeking students and conferred 4,500 degrees in FY25. Campus infrastructure spans 36 residence halls, 16 dining facilities, 31 NCAA Division I athletic teams, and nine university libraries holding more than 3.4 million volumes and 205,000 serial titles.
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Executive Leadership: President William P. Leahy, S.J. leads the university alongside Provost and Dean of Faculties David Quigley, Executive Vice President Michael J. Lochhead, Financial Vice President and Treasurer John D. Burke, and Chief Investment Officer John J. Zona.
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Governing Board (Schedule O): The Board of Trustees comprises 49 voting members, 47 of whom are independent (95.9%). An Executive Committee holds authority to act between full board sessions. PwC US Tax LLP prepares the Form 990 in coordination with the Controller's Office; the Finance and Audit Committee and senior leadership review the return prior to distribution to all trustees. Officers, trustees, and key employees submit mandatory annual written conflict-of-interest disclosures reviewed by the Financial VP, President, Executive VP, General Counsel, and Finance and Audit Committee.
Top-Line Financials
During FY25 (covering June 1, 2024 through May 31, 2025), Boston College recorded $4.18 billion in gross receipts ($4,182,981,036) and $1.84 billion in total net revenue. Total assets expanded 11.7% to $7.72 billion while net assets rose 9.3% to $5.63 billion, split between donor-restricted funds (53.8%) and unrestricted reserves (46.2%).
Balance Sheet Strength
- Total Assets $7,724,895,187 (+11.7%)
- Total Liabilities $2,093,699,459 (+18.8%)
- Total Net Assets $5,631,195,728 (+9.3%)
- Donor-Restricted Net Assets $3,028,215,490 (53.8% of Total Net Assets)
- Unrestricted Net Assets $2,602,980,238 (46.2% of Total Net Assets)
Operating Performance
- Total Revenue $1,838,532,376 (+12.2%)
- Total Expenses $1,504,254,811 (+6.6%)
- Operating Surplus $334,277,565 (+47.5%)
- Unrealized Gains (Excluded) $146,337,737
Note: The $334.3 million operating surplus reflects Form 990 realized accounting parameters; adding $146.3 million in net unrealized investment gains and subtracting $2.2 million in other net asset adjustments ($6.5 million FAS 106 postretirement liability loss, $1.1 million life income adjustment, and $0.7 million pledge write-offs, partially offset by a $5.9 million gain on debt refunding and $0.2 million foreign exchange gain) accounts for the full $478.4 million expansion in Boston College's FY25 net assets.
Revenue Breakdown
Three of Boston College's four revenue categories expanded in FY25. Program service revenue increased 4.6% to $1.14 billion, supplying 62.2% of total revenue through student tuition and fees ($884.3 million) and residential, dining, and athletic auxiliary operations ($218.8 million). Contributions and grants surged 37.2% to $386.7 million (21.0% of revenue), driven by $340.0 million in private philanthropy and fundraising events alongside $46.8 million in government grants. Realized investment income climbed 17.3% to $310.0 million (16.9% of revenue) on the strength of $203.0 million in realized net capital gains and $106.2 million in dividends and interest.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +4.6% YoY$1,144,175,699 (62.2%)
- Tuition and Fees $884,309,007
- Sales/Services of Auxiliary Enterprises (Housing, Dining, Athletics) $218,839,520
- Other Miscellaneous Program Revenue $18,005,636
- Non-Government Grants & F&A Recovery $17,206,485
- Sales/Services of Educational Activities $5,815,051
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Contributions & Grants +37.2% YoY$386,737,573 (21.0%)
- Private Philanthropy & Gifts $324,530,859
- Government Research & Sponsored Grants $46,785,904
- Fundraising Events Contributions (Night at Pops, Wall St. Dinner) $15,420,810
- Noncash Gifts Included Above (439 Stock Gifts, 18 Art Works, Event/Other) $23,483,143
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Investment Income +17.3% YoY$309,991,742 (16.9%)
- Realized Net Capital Gains ($2.54B Gross Sales) $203,012,184
- Dividends, Interest & Other Investment Income $106,223,130
- Tax-Exempt Bond Proceeds Income $756,428
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Other Revenue -14.8% YoY-$2,372,638 (-0.1%)
- Children's Center ($1.15M) & Campus Vending ($526.1K) $1,677,107
- Intellectual Property Royalties $1,249,893
- Net Rental Income/Loss ($2.83M Gross Rents less $4.12M Expenses) -$1,294,927
- Net Fundraising Events ($802.1K Gross Income less $4.81M Direct Costs) -$4,004,711
Endowment Performance and Asset Allocation
Boston College's Office of the Chief Investment Officer manages $5.00 billion in total balance sheet investments ($4,995,566,594 across Part X, Lines 11–13), encompassing the university's $4.31 billion endowment alongside working capital and capital project reserves. On the balance sheet, publicly traded securities represent $667.9 million (13.4% of total investments), while Schedule D, Part VII "Other Securities" total $4.32 billion (86.4%)—led by $2.91 billion in commingled, private, and alternative equities (58.3% of total investments), $658.2 million in fixed income (13.2%), $631.6 million in investment pool cash (12.6%), and $115.4 million in real estate (2.3%)—plus $11.1 million in program-related investments (0.2%).
To execute its global alternative strategy, Boston College holds $1.70 billion in foreign-domiciled investment vehicles reported on Schedule F—comprising $1.66 billion in Central America and the Caribbean and $44.4 million in Sub-Saharan Africa—and controls two related investment partnerships on Schedule R: Ravenswood Global Focus Fund LP (90.05% ownership, $25.0 million EOY assets) and Hyperplane Opportunities I LP (50.90% ownership, $4.3 million EOY assets). In FY25, alternative holdings generated $8.39 million in gross unrelated business income ($7.96 million from investment partnerships and $432,811 from auxiliary services), resulting in $0 net taxable UBI on Form 990-T after deductions. Because Boston College holds $278,531 in endowment assets per student across 15,474 enrolled students—well below the $500,000 per-student federal threshold—the university is exempt from the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($5.00B Balance Sheet Investments / $4.31B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $4,309,996,000 (+10.3% YoY), representing $278,531 per enrolled student across 15,474 students.
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Net Investment Gains & Gifts: $362,968,000 in endowment investment earnings (-9.3% YoY from $400.1M in FY24) alongside $233,150,000 in new endowment gifts (+71.5% YoY).
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Alternative & Offshore Capital: 86.4% of balance sheet investments ($4.32B) sit in Schedule D, Part VII non-public/commingled categories, with $1.66B domiciled in Central American and Caribbean vehicles and $43.8M in external investment management fees.
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Total Payout & Budget Coverage: $194,571,000 ($130.8M to academic programs and facilities, $60.4M to student scholarships, and $3.4M to endowment administration), funding 12.9% of Form 990 total expenses (12.7% excluding administrative fees, and 15.8% of net GAAP operating expenses).
Detailed Asset Mix ($5.00B Balance Sheet Investment Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Boston College’s endowment from a $2.58 billion opening balance in FY21 to $4.31 billion at the close of FY25—a cumulative five-year expansion of 67.1% ($1.73 billion). Over that five-year span, the endowment captured $927.3 million in donor contributions and $1.61 billion in net investment earnings—anchored by a $1.12 billion post-pandemic gain in FY21, two modest market pullbacks in FY22 (-$154.7 million) and FY23 (-$122.5 million), and consecutive gains in FY24 ($400.1 million) and FY25 ($363.0 million). Simultaneously, the endowment disbursed $805.3 million toward student scholarships ($250.9 million), academic programs and campus facilities ($537.2 million), and endowment administration ($17.2 million). At year-end FY25, the endowment comprised 38.17% board-designated quasi-endowment, 37.07% permanent endowment, and 24.76% term endowment (61.83% donor-restricted).
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (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 | $3,908,449,000 | $3,547,246,000 | $3,702,462,000 | $3,761,836,000 | $2,579,462,000 |
| 1b. Contributions | $233,150,000 | $135,930,000 | $141,985,000 | $234,484,000 | $181,726,000 |
| 1c. Net investment earnings | $362,968,000 | $400,096,000 | ($122,547,000) | ($154,729,000) | $1,122,749,000 |
| 1d. Grants or scholarships | ($60,429,000) | ($54,363,000) | ($54,544,000) | ($43,845,000) | ($37,703,000) |
| 1e. Other expenditures | ($130,769,000) | ($115,985,000) | ($116,381,000) | ($92,161,000) | ($81,920,000) |
| 1f. Administrative expenses | ($3,373,000) | ($4,475,000) | ($3,729,000) | ($3,123,000) | ($2,478,000) |
| 1g. End of year balance | $4,309,996,000 | $3,908,449,000 | $3,547,246,000 | $3,702,462,000 | $3,761,836,000 |
Per-Student Spending and True Cost
Evaluating per-student spending on Form 990 centers on direct program service expenses (Part III, Line 4e and Part IX, Column B), which capture all direct resources dedicated to educating, housing, supporting, and funding students. In FY25, Boston College expended $1,294,430,937 across its four core program service pillars for its 15,474 enrolled students—equating to $83,652 per student in direct program service spend ($64,089 net per student excluding $302.8 million in student and institutional grants). Within that program total, regular-session instruction and student financial aid (Part III, Line 4a) accounted for $697,940,637, or $45,104 per student ($26,006 net per student excluding $295.5 million in student scholarships). When adding $174.97 million in institutional management and general overhead and $34.86 million in fundraising expenses, overall enterprise expenditure (Part IX, Line 25A) reached $1,504,254,811, or $97,212 per student.
Comparing direct program service expenditure ($83,652 per student) against student charges highlights the role of institutional subsidies. Gross tuition and fees ($884,309,007, or $57,148 per student) and auxiliary residence, dining, and athletic revenues ($218,839,520, or $14,142 per student) generate $1,103,148,527 ($71,290 per student before financial aid). However, after deducting $295,519,345 in direct university scholarships ($19,098 per enrolled student), net tuition and auxiliary revenue drops to $807,629,182, or $52,193 per student—covering 62.4% of Boston College's $83,652 per-student direct program service cost and leaving a $31,459 per-student structural subsidy funded by endowment distributions, private philanthropy, and investment income.
Operations vs. Revenue
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Direct Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $1,294,430,937 in total direct program services ($83,652 per student across instruction, auxiliary services, student/library support, and research; $64,089 net of grants) and $1,504,254,811 in overall institutional spend ($97,212 per student), representing an 86.1% program-to-total expense ratio.
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Regular Session Instructional Program Spend (Part III, Line 4a): $697,940,637 across 15,474 undergraduate and graduate students ($45,104 gross direct instructional spend per student; $26,006 net excluding $295.5M in student scholarships and fellowships).
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Tuition & Auxiliary Revenue vs. Structural Subsidy: Gross tuition and fees ($884.3M, or $57,148 per student) plus auxiliary enterprises ($218.8M, or $14,142 per student) total $1.10B ($71,290 per student). Net of $295.5M in student aid, net student revenue of $807.6M ($52,193 per student) covers 62.4% of direct program service costs, with endowment payouts and gifts bridging the remaining $31,459 per-student gap.
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Student Services, Libraries & Auxiliary Operations (Lines 4b & 4c): $264,623,653 ($17,101 per student) for auxiliary enterprises—operating 36 residence halls, 16 dining halls, 31 NCAA Division I athletic teams, bookstore, and health services at a $45.8M campus subsidy—and $249,223,042 ($16,106 per student) for student services, emotional/physical wellness, and nine university libraries housing over 3.4 million volumes.
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Sponsored Research, Art Collections & Global Study (Line 4d, Schedule D & Schedule F): $82,643,605 ($5,341 per student) for sponsored research and public service programs (generating $41.0M in program revenue and disbursing $7.2M in domestic and foreign research subawards), alongside $60.6M in capitalized campus art and historical collections (Schedule D, Part III) and $14.5M in overseas study-abroad and research programs across four European offices and 1,042 foreign-based personnel (Schedule F).
Financial Aid: How Boston College Deploys $295.5M in Student Support
Boston College is one of a select group of U.S. private universities that practices need-blind undergraduate admissions for domestic applicants while committing to meet 100% of demonstrated financial need through a combination of institutional grants, federal Title IV programs (Pell, SEOG, Perkins, and Federal Work-Study, per Schedule E), and student loans. On Form 990 Schedule I (Part III), the university reports $295,519,345 in direct scholarship and fellowship grants awarded to 9,329 domestic students—representing 60.3% of its 15,474-student body and an average grant of $31,678 per aided recipient ($19,098 across all enrolled students).
As detailed in Schedule I, Part IV, student aid is administered by the Student Services Office based on extensive financial need verification and academic progress, supplemented by a limited number of merit and NCAA Division I athletic scholarships. In addition to direct tuition credits posted to student accounts, the $295.5 million aid pool encompasses monthly non-service graduate stipends paid via accounts payable, book vouchers, loan forgiveness, and Children's Center childcare assistance. Because endowment scholarship distributions (Schedule D, Part V, Line 1d) supplied $60,429,000 (20.4%) of total student aid in FY25, Boston College funded the remaining $235,090,345 (79.6%) directly out of current operating revenues and annual gifts.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 60.3% (9,329 students)
- Undergraduate Admissions Policy Need-Blind / 100% Need Met
- Endowment-Funded Scholarships $60,429,000 (20.4%)
- Operating & Gift-Funded Aid $235,090,345 (79.6%)
- Total Domestic Student Cash Grants $295,519,345 ($31,678 avg.)
Sponsored Subawards & External Grants
- Domestic Research Subawards & Community Grants ($6,759,664) Disbursed across 47 domestic organizations on Schedule I (44 501(c)(3)/government entities and 3 other organizations), led by research subawards to Tulane ($878.1K), RTI International ($748.7K), Harvard ($733.7K), U. of Colorado ($379.2K), UPenn ($275.8K), and Boston University ($241.5K).
- Foreign Institutional Grants & Global Programs ($473,417) Includes $350,305 across seven organizations in Sub-Saharan Africa and $123,112 across two organizations in Europe (Schedule F), alongside $798,430 in transfers and $262,755 in service/lease payments to related organization Boston College Ireland Limited (Schedule R).
Executive and Investment Team Compensation
Boston College’s Schedule J disclosures highlight the distinct compensation structure of a Catholic and Jesuit university competing in Power Four (ACC) intercollegiate athletics and institutional asset management. The university’s highest-compensated employees in FY25 were Head Football Coach William J. O'Brien ($3,396,247 total compensation, $3,334,996 base salary) and Head Men's Basketball Coach Earl Grant ($2,643,403 total compensation), followed by Chief Investment Officer John J. Zona ($1,179,499, including a $242,782 investment performance bonus and $223,228 in vested prior-year deferred awards) and Director of Athletics Blake James ($1,149,257).
Among academic and administrative leaders, Carroll School of Management Dean Andrew C. Boynton received $888,355, Haub Family Professor Ronnie Sadka earned $851,539, Provost and Dean of Faculties David Quigley earned $843,278, Senior VP for University Advancement Andrew Davidson received $832,279, and Executive Vice President Michael J. Lochhead received $795,265. Notably, President William P. Leahy, S.J. (along with Vice President and University Secretary Rev. Casey Beaumier, S.J. and Vice President for University Mission and Ministry Rev. John T. Butler, S.J.) is a member of the Society of Jesus and takes a religious vow of poverty, receiving $0 in personal reportable compensation. Instead, per Schedule J, Part III and Schedule O, Boston College paid $6,619,613 in aggregate compensation and benefits directly to the Jesuit Community of Boston College for the instructional, administrative, and institutional services rendered by its Jesuit officers and faculty. Because four non-Jesuit employees received remuneration above $1 million, Boston College is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Boston College expended $735,498,408 in total salaries, wages, pension contributions, and employee benefits in FY25 (+8.6% YoY, representing 48.9% of all university expenses) across 12,879 W-2 employees, with 1,598 staff members earning over $100,000.
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Board Compensation Governance & Performance Plan (Schedule O & J): The Executive Committee of the Board of Trustees annually reviews and approves officer and key employee compensation using market comparability data. Under a Performance Compensation Plan established in 2015 for Investment Office professionals, participants earn quantitative and qualitative investment performance awards subject to a two-year deferral period.
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Executive Perquisites & Subordinated Mortgage Loans (Schedule J & L): Schedule J, Part III notes that three highest-compensated employees flew on charter flights (athletic team travel), one officer flew first class on an approved long-haul flight, one officer received non-taxable on-campus housing as a condition of employment, and two individuals received taxable local country club memberships. Under Schedule L, Part II, Boston College holds $2,999,908 in outstanding board-approved mortgage and housing loans across four officers—Executive VP Michael Lochhead ($1,404,939 housing loan and $360,000 mortgage loan), CIO John Zona ($700,000 mortgage), VP of Human Resources David Trainor ($294,969 mortgage), and Financial VP & Treasurer John Burke ($240,000 mortgage).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 18 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) |
| William J. O'BrienHead Coach, Football (from 2/24) | $3,334,996 | $0 | $24,935 | $0 | $36,316 | $3,396,247 | $0 |
| Earl GrantHead Coach, Men's Basketball | $2,540,353 | $25,000 | $9,210 | $27,600 | $41,240 | $2,643,403 | $0 |
| John J. ZonaChief Investment Officer | $707,386 | $242,782 | $148,762 | $34,500 | $46,069 | $1,179,499 | $223,228 |
| Blake JamesDirector of Athletics | $999,175 | $50,000 | $32,834 | $27,600 | $39,648 | $1,149,257 | $0 |
| Andrew C. BoyntonDean, Carroll School of Management | $687,830 | $0 | $123,040 | $34,500 | $42,985 | $888,355 | $0 |
| Ronnie SadkaHaub Family Professor | $749,771 | $0 | $25,142 | $34,500 | $42,126 | $851,539 | $0 |
| David QuigleyProvost & Dean of Faculties | $617,368 | $0 | $148,753 | $34,500 | $42,657 | $843,278 | $0 |
| Andrew DavidsonSr. VP, University Advancement | $698,981 | $0 | $62,577 | $27,600 | $43,121 | $832,279 | $0 |
| Michael J. LochheadExecutive Vice President | $554,201 | $0 | $94,713 | $34,500 | $111,851 | $795,265 | $0 |
| John D. BurkeFinancial VP & Treasurer | $464,684 | $0 | $105,834 | $34,500 | $45,487 | $650,505 | $0 |
| David P. TrainorVP, Human Resources | $460,310 | $0 | $74,435 | $34,500 | $43,691 | $612,936 | $0 |
| Michael BourqueVP, Information Technology | $431,644 | $0 | $39,364 | $34,500 | $38,230 | $543,738 | $0 |
| Daniel BourqueVP, Facilities Mgmt. (until 1/25) | $353,768 | $0 | $22,252 | $34,500 | $37,812 | $448,332 | $0 |
| Kevin J. SheaVP & Exec. Asst. to President | $355,034 | $0 | $16,522 | $34,500 | $41,978 | $448,034 | $0 |
| Thomas J. KeadyVP, Govt. & Community Affairs | $347,914 | $0 | $23,032 | $34,500 | $42,467 | $447,913 | $0 |
| Joy H. MooreVP / Exec. Dir., PMISS | $295,520 | $0 | $42,650 | $32,279 | $18,932 | $389,381 | $0 |
| Mara L. HermanoVP, Inst. Research & Planning | $297,443 | $0 | $16,319 | $24,553 | $42,061 | $380,376 | $0 |
| Shawna Cooper WhiteheadVP, Student Affairs | $267,163 | $0 | $39,105 | $24,130 | $34,153 | $364,551 | $0 |
Facilities, Debt, and Municipal Relations
Boston College’s physical footprint spans its main Chestnut Hill campus, the Newton Law Campus, the Brighton Campus, and the Pine Manor Institute campus in Chestnut Hill/Brookline. To modernize its laboratories, residence halls, and athletics infrastructure without depleting endowment principal, the university pairs capital campaign gifts with tax-exempt municipal revenue bonds issued through the Massachusetts Development Finance Agency (MassDevelopment) and taxable institutional notes.
Because Boston College’s campuses span the municipal jurisdictions of both the City of Boston (Allston-Brighton) and the City of Newton, town-gown fiscal relations operate through a combination of direct Schedule I community grants, municipal licensing and permit fees, voluntary Payments in Lieu of Taxes (PILOT) and property tax assessments on non-exempt real estate captured in occupancy expenses, and dedicated government and neighborhood liaison operations.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Boston College holds $3,806,184,489 in gross land ($341.4M), buildings ($2.48B), equipment ($348.8M), and construction/other ($637.9M)—with a net book value of $2,177,750,802 after $1.63 billion in accumulated depreciation—plus $60.6 million in capitalized art and historical collections (Schedule D, Part III). In FY25, the university recorded $125.4 million in depreciation, $47.7 million in direct occupancy costs, and $90.9 million in operations and maintenance allocations.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Tax-exempt bond liabilities rose +46.9% from $655.8 million to $963,343,074 in FY25 following the April 1, 2025 issuance of $413.9 million in MassDevelopment Series W bonds ($414.6M total proceeds to refund Series S debt and finance multi-campus construction alongside active Series S, T, U, and V bonds). Combined with $804,504,746 in unsecured taxable notes and loans (Part X, Line 24), total institutional debt stands at $1.77 billion, generating $49.8 million in annual interest expense.
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Schedule I Town-Gown PILOT Payments and Municipal Relations: On Schedule I (Part II), Boston College directed $75,000 in direct general support to the Allston Brighton Community Fund alongside $398,396 in local health and education subawards across Greater Boston (East Boston Neighborhood Health Center $160,410; Education Development Center in Waltham $152,627; Franciscan Missionary Sisters in Belmont $50,000; Roxbury Refugee and Immigrant Assistance Center $24,315; Mattapan Community Health Center $11,044). Rather than reporting municipal PILOT and tax payments on Schedule I, Boston College accounts for its City of Boston and City of Newton municipal payments, commercial/residential property taxes, and municipal permits within $11,652,184 in Licensing, Permits, and Fees (Part IX, Line 24c), $47,679,984 in Occupancy expenses (Part IX, Line 16), and $4,123,751 in direct rental property expenses (Part VIII, Line 6b). Municipal relations are overseen by VP for Government and Community Affairs Thomas J. Keady ($447,913 compensation), supplemented by $75,000 in federal legislative lobbying fees paid to Cassidy and Associates, Inc. (Schedule C).
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Top Construction & Campus Contractors (Part VII, Section B & Schedule L): Among 468 independent contractors paid over $100,000 in FY25, construction and campus architecture led external spending: Shawmut Design and Construction ($25,518,473), Suffolk Construction Company, Inc. ($11,226,983 disclosed on Schedule L, Part IV as a controlled entity of Board Chair John F. Fish, approved by the Finance and Audit Committee following Trustee Fish's recusal), Lee Kennedy Co. Inc. ($8,353,394), library agent Otto Harrassowitz GmbH & Co. KG ($8,349,576), KPMG LLP ($7,286,431), and architect Goody Clancy Associates Inc. ($6,427,675).
Editorial Note
All financial figures in this report derive from Boston College’s FY25 IRS Form 990 (covering June 1, 2024 through May 31, 2025 across 15,474 degree-seeking students and 4,500 degrees conferred) and have been reviewed by the data team.
While Boston College expends $83,652 per student on direct program services ($45,104 per student on direct regular-session instruction and student aid, and $97,212 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 the residential campus infrastructure, need-blind domestic undergraduate admissions, and faculty-to-student ratios that operate alongside Boston College’s student selectivity.
Accounting Reconciliation: Readers comparing Boston College’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $1,504,254,811 in total expenses and $1,838,532,376 in total revenue by recording $295,519,345 in student scholarships and fellowships as a direct operating expense (Part IX, Line 2), whereas GAAP financial statements net student financial aid directly against gross tuition and auxiliary revenues—reducing both GAAP operating revenues and GAAP operating expenses by $295.5 million. Second, Form 990 Part VIII captures only realized investment income ($310.0 million), excluding $146,337,737 in net unrealized investment gains and -$2,212,225 in postretirement benefit (FAS 106), split-interest trust, and debt refunding adjustments reported in Part XI. Third, per Form 990 Part IV (Lines 12a–12b) and Schedule R, Boston College is audited on a consolidated GAAP basis alongside its controlled foreign affiliate (Boston College Ireland Limited) and 24 split-interest trusts (19 charitable remainder trusts, 4 other trusts, and 1 pooled life income fund held primarily at State Street), and allocates $90,930,826 in operations and maintenance costs (Part IX, Line 24b) from management overhead into direct program services.
Frequently Asked Questions: Boston College's Form 990 Financials
As of Fiscal Year 2025, Boston College's endowment stands at $4.31 billion ($4,309,996,000), up 10.3% year-over-year ($278,531 per enrolled student). Its $194.6 million total annual distribution ($191.2 million for scholarships, instruction, and facilities plus $3.4 million in administrative expenses) covers 12.9% of the university's $1.50 billion Form 990 operating budget (12.7% excluding endowment administration, or 15.8% of net GAAP operating expenses).
Boston College spends $83,652 per student annually in direct program services ($1.29 billion across 15,474 students), encompassing regular-session instruction and student aid ($45,104 per student, or $697.9 million), auxiliary residence, dining, and athletic operations ($17,101 per student, or $264.6 million), student services and nine university libraries ($16,106 per student, or $249.2 million), and sponsored research ($5,341 per student, or $82.6 million). Including administrative overhead and fundraising, total enterprise expenditure is $97,212 per student ($1.50 billion), compared to $52,193 per student in net tuition and auxiliary revenue after financial aid.
Boston College disbursed $295.5 million ($295,519,345) in direct scholarship and fellowship grants across 9,329 domestic students on Form 990 Schedule I—representing 60.3% of its 15,474-student body and an average grant of $31,678 per aided student. Endowment distributions funded $60.4 million (20.4%) of student aid, while operating revenues and annual gifts funded the remaining $235.1 million (79.6%).
The highest-paid employee is Head Football Coach William J. O'Brien, who received $3,396,247 in total compensation in FY25, followed by Head Men's Basketball Coach Earl Grant ($2,643,403), Chief Investment Officer John J. Zona ($1,179,499), and Athletics Director Blake James ($1,149,257). President Rev. William P. Leahy, S.J. is a member of the Society of Jesus and receives $0 in personal compensation; instead, Boston College paid $6,619,613 to the Jesuit Community of Boston College for the services of President Leahy and all Jesuit officers and faculty.
No. Under IRC Section 4968, private colleges and universities are only subject to the federal excise tax on net investment income if their endowment exceeds $500,000 per student. With $4.31 billion across 15,474 students ($278,531 per student), Boston College falls below the federal threshold and confirmed on Form 990, Part V, Line 16 that it is exempt from the Section 4968 endowment tax.
Boston College's total assets reached $7.72 billion ($7,724,895,187) in Fiscal Year 2025 (up 11.7% YoY), anchored by $5.00 billion in total balance sheet investments ($4.32 billion in Schedule D alternative and commingled securities, $667.9 million in publicly traded securities, and $11.1 million in program-related investments), $2.18 billion in net land, buildings, and equipment ($3.81 billion gross cost), and $404.1 million in net pledges and grants receivable.
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