Boston University’s $2.49B Tuition and Auxiliary Engine Powers 54% Surplus Surge to $94.8M as Endowment Hits $3.97B and Assets Reach $9.26B
By Data Team | Published November 10, 2026
Boston University’s total assets reached $9.26 billion in fiscal year 2025, anchored by a $3.97 billion endowment ($4.05 billion on consolidated GAAP statements) whose $110.2 million direct program and scholarship payout covers 3.2% of the university's $3.42 billion Form 990 operating budget ($121.6 million or 3.6% including endowment administrative costs, and 4.1% to 5.5% under internal GAAP operating metrics), according to its latest IRS filing. Across its 37,737 enrolled students (29,632 full-time equivalent students), Boston University spends $82,370 per student on direct program services ($3.11 billion across instruction, research, auxiliaries, and academic support)—including $53,849 per student in direct classroom instruction and student financial aid ($2.03 billion)—while total enterprise expenditure reaches $90,602 per student ($3.42 billion).
Unlike peer research institutions that rely heavily on endowment draws or owned hospital systems, Boston University operates primarily on a student-funded and federal-research revenue model. Program service revenue—led by $2.08 billion in gross tuition and fees and $392.8 million in auxiliary housing and dining—generated $2.49 billion, or 70.8% of the university's $3.51 billion total Form 990 revenue in FY25. Government research grants ($510.6 million), private philanthropy ($273.4 million), and realized investment income ($199.0 million) supplied the remaining 29.2% of institutional inflows, lifting BU's realized operating surplus 53.9% year-over-year to $94.8 million ($48.2 million under GAAP operating definitions).
To preserve enrollment access across its 17 schools and colleges while carrying a 70.8% program revenue share, Boston University recycles a substantial portion of gross tuition directly into student financial aid. In FY25, BU disbursed $785.5 million in total student aid grants—recording $717.1 million in direct Schedule I tuition and auxiliary grants across 20,890 domestic students (55.4% of total enrollment), $39.9 million in domestic graduate stipends and fellowships, and $24.8 million in tuition aid across 1,058 international students—meeting 100% of demonstrated financial need for admitted domestic first-year undergraduates.
Institutional & Governance Profile
Operating under its legal corporate title, Trustees of Boston University (EIN 04-2103547), Boston University is chartered in Massachusetts with executive headquarters at One Silber Way and financial offices at 881 Commonwealth Avenue in Boston. Founded in 1869, the private research university spans three urban campuses—the Charles River Campus along Commonwealth Avenue, the Boston University Medical Campus in the South End, and the Fenway Campus—encompassing 17 schools and colleges plus the Faculty of Computing & Data Sciences.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1869, Boston University issued 29,156 Form W-2s in calendar year 2024, filed 38,064 Form 1096 vendor returns, and engaged 204 institutional volunteers.
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Academic & Faculty Footprint: A 4,534-member instructional and research faculty (3,412 full-time and 1,122 part-time) instructs 37,737 enrolled students (18,805 undergraduates and 18,932 graduate and professional students per Common Data Set definitions; 36,746 Fall registrar headcount and 29,632 FTE) across more than 300 programs of study and 170 global study-abroad sites in over 20 countries.
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Executive Leadership: President Melissa L. Gilliam (appointed July 1, 2024) leads the administration alongside University Provost Gloria Waters, Senior Vice President, CFO, and Treasurer Nicole K. Tirella, Medical Campus Provost Karen H. Antman, MD (through June 30, 2025), Senior Vice President for Operations Derek Howe, Senior Vice President and General Counsel Erika Geetter, and Chief Investment Officer Clarissa C. Hunnewell.
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Governing Board (Schedule O): The Board of Trustees comprises 34 voting members, 32 of whom are independent. Between full board sessions, an Executive Committee exercises delegated governance authority. KPMG LLP prepares and audits the university's filings, which undergo formal review by the Audit Committee every spring prior to distribution to the full Board of Trustees. All trustees, officers, and key employees complete mandatory annual conflict-of-interest disclosures monitored by the Audit and Compliance Committees.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Boston University recorded $5.74 billion in gross receipts and $3.51 billion in total Form 990 revenue. Total assets expanded 9.2% to $9.26 billion—bolstered by a $491.2 million tax-exempt bond issuance for campus capital renovations and $477.6 million in net endowment investment gains—while total net assets rose 6.6% to $6.35 billion, split between unrestricted net assets (60.8%) and donor-restricted funds (39.2%).
Balance Sheet Strength
- Total Assets $9,263,866,015 (+9.2%)
- Total Liabilities $2,912,386,744 (+15.1%)
- Total Net Assets $6,351,479,271 (+6.6%)
- Donor-Restricted Net Assets $2,486,649,000 (39.2% of Total Net Assets)
- Unrestricted Net Assets $3,864,830,271 (60.8% of Total Net Assets)
Operating Performance
- Total Revenue $3,513,830,353 (+7.9%)
- Total Expenses $3,419,039,088 (+7.0%)
- Operating Surplus $94,791,265 (+53.9%)
- Unrealized Gains (Excluded) $302,345,130
Note: The $94.8 million reported operating surplus reflects Form 990 realized accounting parameters; adding $302.3 million in net unrealized investment gains and deducting $1.5 million in net interest-rate swap, actuarial, and non-investment adjustments (Schedule O) accounts for the full $395.6 million expansion in Boston University's FY25 net assets.
Revenue Breakdown
All four of Boston University's revenue pillars expanded year-over-year in FY25. Program service revenue rose 3.7% to $2.49 billion, anchored by $2.08 billion in gross student tuition and fees (following a 4.5% undergraduate tuition rate increase to $66,670) and $392.8 million in auxiliary residence and dining fees. Contributions and grants climbed 10.5% to $784.0 million—driven by $510.6 million in federal and state sponsored research awards (including CARB-X antibacterial research and FEMA COVID-19 testing reimbursements) and $273.4 million in private philanthropy. Realized investment income surged 70.0% to $199.0 million on the strength of $122.5 million in net realized capital gains across $2.34 billion in security sales, while other revenue rose 32.8% to $41.7 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +3.7% YoY$2,489,134,642 (70.8%)
- Tuition and Fees (Undergraduate, Graduate & Professional) $2,075,071,922
- Auxiliary Sales & Services (Room, Board & Campus Enterprises) $392,755,164
- Non-Government Research & Contract Grants $21,307,556
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Contributions & Grants +10.5% YoY$783,991,107 (22.3%)
- Government Research & Sponsored Grants (NIH, NSF, DOD, DOE, HHS) $510,560,836
- Private Philanthropy & Foundation Grants $271,829,377
- Fundraising Events (WBUR Festival & Special Events) $1,600,894
- Noncash Gifts Included Above (341 Stock Gifts, 23 Lab/Medical Equipment Gifts, Art) $11,912,937
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Investment Income +70.0% YoY$198,978,438 (5.7%)
- Realized Net Capital Gains ($2.34B Gross Sales less $2.21B Cost Basis) $122,501,341
- Dividends, Interest & Short-Term Investment Income $76,477,097
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Other Revenue +32.8% YoY$41,726,166 (1.2%)
- Commercial Real Estate & Rental Unrelated Business Income $21,531,353
- Other Services, Arts, Entertainment & Net Fundraising Event Income $9,310,964
- Intellectual Property Royalties $6,719,668
- Net Rental Income ($16.39M Gross Rents less $12.23M Rental Expenses) $4,164,181
Endowment Performance and Asset Allocation
Boston University’s Investment Office, led by Chief Investment Officer Clarissa C. Hunnewell, manages the university's $3.97 billion pooled endowment ($4.05 billion on consolidated GAAP statements) within a broader $5.53 billion cash and investment portfolio reported on Form 990 Part X ($4.92 billion in long-term securities plus $608.0 million in savings and temporary cash investments). Across its $4.92 billion securities portfolio, BU allocates 61.9% ($3.04 billion) to alternative asset classes—led by $1.33 billion in hedge funds, $1.19 billion in private equity, and $473.0 million in real estate—and 38.1% ($1.87 billion) to publicly traded equities and fixed income.
To execute its global alternative strategy, Boston University holds $816.6 million in foreign-domiciled investment vehicles reported on Schedule F—including $720.3 million in Central America and the Caribbean, $29.7 million in Europe, $27.7 million in Sub-Saharan Africa, and $26.0 million in East Asia and the Pacific—and generated $36.3 million in gross unrelated business revenue ($63,810 net taxable income on Form 990-T after utilizing $5.6 million in pre-2018 net operating loss carryforwards, alongside $33.9 million in post-2018 siloed NOL carryforwards). Because BU's endowment equals $105,324 per student across 37,737 enrolled students ($134,132 per FTE student)—well below the $500,000 per-student federal threshold—the university is exempt from the federal IRC Section 4968 endowment excise tax (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($5.53B Total Cash & Investments / $4.92B Invested Securities)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $3,974,604,000 (+12.6% YoY on Schedule D; $4,045,503,000 on consolidated GAAP statements), representing $105,324 per enrolled student ($134,132 per FTE).
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Net Investment Gains: $477,634,843 in net endowment investment earnings (+53.0% YoY from $312.3M in FY24).
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Alternative & Offshore Capital: 61.9% of invested securities ($3.04B of $4.92B; 55.1% of total cash and investments) sit in hedge funds, private equity, real estate, and natural resources, with $720.3M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $110,227,063 in direct program and scholarship distributions ($75.5M to academic programs, faculty chairs, and facilities; $34.7M to scholarships), funding 3.2% of Form 990 total expenses (3.6% or $121.6M including $11.4M in endowment administrative expenses, and 4.1% to 5.5% under internal GAAP operating budget metrics).
Detailed Asset Mix ($5.53B Total Cash & Investment Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Boston University’s endowment from a $2.42 billion opening balance in FY21 to $3.97 billion at the close of FY25 (+64.2% cumulative growth). Over that five-year window, the endowment received $549.6 million in donor contributions and generated $1.52 billion in cumulative net investment earnings—anchored by a $981.0 million surge in FY21, a $387.2 million market contraction in FY22, and three consecutive years of compounding gains culminating in $477.6 million in FY25. Simultaneously, the endowment distributed $469.1 million toward academic programs, facilities, and student aid alongside $49.7 million in administrative expenses. At year-end FY25, the endowment comprised 42.45% board-designated quasi-endowment, 30.47% term endowment, and 27.08% permanent endowment, with over 50% of distributions restricted by donor terms to specific schools, professorships, or scholarships.
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 | $3,528,624,000 | $3,138,326,000 | $2,973,352,000 | $3,392,513,000 | $2,421,115,000 |
| 1b. Contributions | $89,930,515 | $189,445,092 | $127,308,419 | $62,460,046 | $80,427,257 |
| 1c. Net investment earnings | $477,634,843 | $312,282,854 | $138,932,059 | ($387,169,121) | $981,004,273 |
| 1d. Grants or scholarships | ($34,702,144) | ($31,380,051) | ($27,639,048) | ($25,075,971) | ($23,693,212) |
| 1e. Other expenditures | ($75,524,919) | ($70,074,724) | ($65,327,653) | ($59,489,634) | ($56,172,716) |
| 1f. Administrative expenses | ($11,358,295) | ($9,975,171) | ($8,299,777) | ($9,886,320) | ($10,167,602) |
| 1g. End of year balance | $3,974,604,000 | $3,528,624,000 | $3,138,326,000 | $2,973,352,000 | $3,392,513,000 |
Per-Student Spending and True Cost
Evaluating per-student spending at Boston University requires analyzing both total direct program services (Form 990 Part III, Line 4e) and regular session classroom instruction (Line 4a) across its 37,737 enrolled students (18,805 undergraduates and 18,932 graduate/professional students; 29,632 FTE). In FY25, Boston University expended $3,108,387,027 across all direct program services—comprising Instruction ($2.03 billion), Sponsored Research ($455.0 million), Auxiliary Enterprises ($393.0 million), and Libraries, Academic & Student Services ($228.2 million). That equates to $82,370 per student in direct program service spend ($104,899 per FTE student).
Isolating regular session academic instruction and student aid (Part III, Line 4a) shows $2,032,098,482 in direct instructional expenditure, or $53,849 per student ($33,035 net per student excluding $785.5 million in student financial aid grants; $68,578 gross per FTE student). While gross tuition and fees ($2.08 billion, or $54,988 per student) and gross tuition plus auxiliary room and board ($2.47 billion, or $65,395 per student) nominally match direct instructional outlays, netting out $741.9 million in tuition and auxiliary financial aid leaves $1,725,934,233 in net student revenue ($45,736 per student). Net student payments therefore cover 55.5% of BU's $82,370 per-student direct program service cost, leaving a $36,634 per-student structural subsidy funded by federal research grants, philanthropy, and endowment distributions. Including $267.6 million in management overhead and $43.1 million in fundraising brings total enterprise expenditure to $3,419,039,088 ($90,602 per student; $115,383 per FTE).
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $3,108,387,027 across 37,737 students ($82,370 per enrolled student; $104,899 per FTE student across instruction, research, auxiliaries, and academic/student support), representing 90.9% of total university expenses.
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Regular Session Instructional Program Spend (Part III, Line 4a): $2,032,098,482 ($53,849 gross per student; $33,035 net excluding $785.5M in domestic and foreign student aid grants).
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Total Enterprise Spend (Part I, Line 18 & Part IX, Col A): $3,419,039,088 ($90,602 per enrolled student; $115,383 per FTE student) after adding $267,583,316 in management and general administration (7.8%) and $43,068,745 in institutional fundraising (1.3%).
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Gross vs. Net Student Revenue (Part VIII, Lines 2a–2b & Schedule I/F): $2,467,827,086 in gross tuition ($2.08B) and auxiliary housing/dining ($392.8M), or $65,395 gross per student. After deducting $741.9M in tuition and auxiliary financial aid offsets, net student revenue equals $1,725,934,233 ($45,736 per student)—covering 55.5% of direct program service costs and requiring a $36,634 per-student institutional subsidy.
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Sponsored Research, Auxiliaries & Academic Support (Lines 4b, 4c, 4d & Schedule F): $455,046,330 in interdisciplinary research (including $153.2M in domestic and foreign research subawards across neuroscience, photonics, data sciences, infectious diseases, and CARB-X), $393,000,184 in self-supporting auxiliary housing and dining operations (nearly break-even against $392.8M in revenue), and $228,242,031 in libraries, student services, and external programs—including $37.5M in study-abroad operations across 13 overseas offices and 282 foreign staff in Europe and East Asia.
Financial Aid: How Boston University Deploys $785.5M in Student Support
Starting in September 2020, Boston University committed to meeting 100% of calculated financial need for all admitted first-year undergraduate students who are U.S. citizens or permanent residents (Schedule I, Part IV). On its consolidated financial statements, BU's financial aid discount rate reached 32.9% of gross tuition in FY25 ($683.7 million in tuition aid across all students, including $471 million in undergraduate financial aid). On Form 990, which combines tuition discounts, auxiliary housing offsets, and graduate stipends, BU reported $785,453,162 in total student financial assistance ($760,668,086 to domestic students on Schedule I and $24,785,076 to international students on Schedule F).
Across its 37,737-student body, 20,890 domestic students (55.4% of total enrollment) received direct tuition and auxiliary grants totaling $717,107,777 ($696.3 million in tuition/auxiliary offsets and $20.8 million in cash grants, averaging $34,328 per aided student). Including 1,058 international students who received $24,785,076 in tuition grants on Schedule F brings total tuition and auxiliary aid recipients to 21,948 students (58.2% of all enrolled students). Additionally, BU disbursed $39,920,216 in stipends and fellowships to 2,249 graduate students, $1,701,040 in student prizes and awards to 841 recipients, and $1,939,053 in honoraria to 2,295 recipients.
Internal Student Support (Schedule I & F)
- Aided Domestic Student Share (Schedule I) 55.4% (20,890 students)
- Total Aided Share (Incl. 1,058 Foreign Students) 58.2% (21,948 students)
- Domestic Tuition & Auxiliary Grants $717,107,777 ($34,328 avg.)
- Graduate Stipends, Prizes & Honoraria $43,560,309 (2,249 fellows)
- Total Student Financial Aid (Dom. + Foreign) $785,453,162
Research Subawards & External Grants
- Domestic Research & Civic Subawards ($109,873,767) Disbursed across 268 domestic organizations on Schedule I (231 501(c)(3)/government entities and 37 biotech/research firms), led by Day Zero Diagnostics ($5.34M), Mass General Hospital ($5.10M), Cellics Therapeutics ($4.97M), Harvard ($4.38M), Locus Biosciences ($3.76M), Visby Medical ($3.63M), and Boston Medical Center ($2.96M).
- Foreign Research Subawards ($43,286,918) Disbursed across 64 foreign research organizations on Schedule F (led by $33.21M in Europe, $3.32M in South Asia, and $2.37M in Sub-Saharan Africa), monitored by BU's Office of Sponsored Programs.
Executive and Investment Team Compensation
Boston University’s Schedule J disclosures reflect the leadership transition of calendar year 2024—when Melissa L. Gilliam succeeded interim president Kenneth W. Freeman and retired president Robert A. Brown—alongside the competitive labor markets for academic oral and orthopedic surgeons and endowment investment leadership. The university’s highest-compensated individual in FY25 was President Melissa L. Gilliam ($1,704,300), whose package comprised $1,135,549 in base salary, $214,540 in other reportable payments ($170,000 transition/relocation lump sum plus $40,022 cash supplement in lieu of the 403(b) plan's two-year waiting period), and $354,211 in nontaxable benefits (including $325,102 for the appraised rental value of the mandatory University-provided President's residence).
Following President Gilliam were Professor and Oral Surgeon Pushkar Mehra ($1,591,755, including an $890,044 clinical incentive bonus tied to Henry M. Goldman School of Dental Medicine Oral & Maxillofacial Surgery Group net revenue), Chief Investment Officer Clarissa C. Hunnewell ($1,584,339, including a $612,358 investment performance bonus), and three School of Medicine orthopedic/clinical faculty surgeons compensated via a Common Paymaster Agreement with Boston Medical Center—Chadi Tannoury ($1,437,390), Xinning Li ($1,398,885), and William Creevy ($1,298,522). Former Interim President Kenneth W. Freeman earned $1,180,480, Medical Campus Provost Karen H. Antman, MD received $1,152,100, and Former President Robert A. Brown received $1,072,956 (reflecting contractual sabbatical payments through July 31, 2024 followed by a $450,000 faculty salary). Because BU pays remuneration exceeding $1 million to covered executives, the university 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 University expended $1,627,719,708 in total salaries, wages, pensions, benefits, and payroll taxes in FY25 (+6.7% YoY, representing 47.6% of Form 990 total expenses and 59.8% of GAAP operating expenses) across 29,156 W-2 employees, with 4,756 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The independent Compensation Committee of the Board of Trustees engages an external compensation consultant to benchmark executive pay for the President, Provosts, CIO, CFO, SVP for Operations, and General Counsel against peer research universities before submitting recommendations to the full Board for approval.
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Executive Property Loans & Interested Party Disclosures (Schedule L): Under Schedule L, Part II, BU holds $1,700,000 in board-approved property purchase loans across three former/interim officers: former President Robert Brown ($800,000, issued Sept. 2022), former Provost Jean Morrison ($500,000, issued July 2023), and former Interim Provost Kenneth R. Lutchen ($400,000, issued June 2007). Under Schedule L, Part IV, BU disclosed $442,569 in faculty employment compensation paid to two family members of former executives (Keith Brown at $232,787 and J. Lawford Anderson at $209,782).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 17 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) |
| Melissa L. GilliamPresident (as of 7/1/24) | $1,135,549 | $0 | $214,540 | $0 | $354,211 | $1,704,300 | $0 |
| Pushkar MehraProfessor & Oral Surgeon | $546,952 | $890,044 | $80,276 | $40,022 | $34,461 | $1,591,755 | $0 |
| Clarissa C. HunnewellChief Investment Officer | $902,169 | $612,358 | $6,799 | $40,022 | $22,991 | $1,584,339 | $0 |
| Chadi TannouryProfessor & Physician (Related Orgs) | $1,374,354 | $0 | $1,710 | $29,672 | $31,654 | $1,437,390 | $0 |
| Xinning LiProfessor & Physician (Related Orgs) | $1,205,144 | $125,499 | $0 | $36,572 | $31,670 | $1,398,885 | $0 |
| William CreevyProfessor & Physician (Related Orgs) | $1,014,030 | $189,140 | $23,747 | $40,022 | $31,583 | $1,298,522 | $0 |
| Kenneth W. FreemanFmr. Interim Pres. (thru 6/30/24) & Prof. | $1,061,339 | $0 | $33,639 | $63,022 | $22,480 | $1,180,480 | $0 |
| Karen H. Antman, MDMedical Campus Provost (until 6/30/25) | $1,090,223 | $0 | $6,881 | $40,022 | $14,974 | $1,152,100 | $0 |
| Robert A. BrownFmr. President (until 7/31/23) & Prof. | $984,047 | $0 | $23,230 | $40,022 | $25,657 | $1,072,956 | $0 |
| Jean MorrisonFmr. Univ. Provost (until 6/30/23) & Prof. | $843,134 | $0 | $7,693 | $40,022 | $29,969 | $920,818 | $0 |
| Kenneth R. LutchenInterim Univ. Provost (thru 6/30/24) & Prof. | $785,181 | $0 | $7,180 | $40,022 | $40,808 | $873,191 | $0 |
| Erika GeetterSR VP, General Counsel & Secretary | $792,591 | $0 | $5,900 | $40,022 | $2,893 | $841,406 | $0 |
| Gary W. NicksaFmr. SVP, CFO & Treas. (until 12/31/23) | $744,298 | $0 | $6,747 | $40,022 | $30,634 | $821,701 | $0 |
| Gloria WatersUniversity Provost (as of 7/1/24) | $708,161 | $0 | $6,662 | $40,022 | $2,060 | $756,905 | $0 |
| Derek HoweSR VP Operations & Asst. Treasurer | $617,885 | $0 | $1,590 | $40,022 | $24,342 | $683,839 | $0 |
| Nicole K. TirellaSR VP, CFO & Treasurer | $507,311 | $0 | $560 | $29,672 | $32,992 | $570,535 | $0 |
| Kevin E. SmithTrustee & Professor | $215,608 | $0 | $16,338 | $26,684 | $11,289 | $269,919 | $0 |
Facilities, Debt, and Municipal Relations
Boston University’s physical plant spans 141 acres and 325 buildings across the Charles River Campus (straddling Boston and Brookline), the Fenway Campus, and the South End Medical Campus. Rather than drawing down endowment principal for capital renewal, BU finances residential and academic infrastructure through tax-exempt revenue bonds issued via the Massachusetts Development Finance Agency (MDFA) alongside institutional mortgages and leases. In March 2025, BU issued $819.4 million in new MDFA Series 2025A, 2025B-1, and 2025B-2 bonds—allocating $491.2 million toward major capital projects (including the multi-year renovation of the 1,800-bed Warren Towers dormitory) and partial taxable Series CC bond tenders, and $328.2 million to refund existing Series AA, U, and Y debt.
As one of Boston's largest institutional landowners, BU maintains a multifaceted fiscal relationship with the City of Boston and the Commonwealth of Massachusetts. In addition to participating in the City of Boston's voluntary Payment in Lieu of Taxes (PILOT) program—contributing roughly $6 million to $7 million annually alongside community service credits—BU pays municipal real estate taxes on its commercial holdings ($16.39 million in gross rents with $12.23 million in rental property expenses, plus $21.53 million in unrelated business real estate revenue), funds civic and urban health organizations on Schedule I, and maintains dedicated federal and state legislative relations teams disclosed on Schedule C ($449,350 in lobbying expenditures).
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): BU holds $5.71 billion in gross land ($237.8M), buildings ($4.56B), leasehold improvements ($97.0M), equipment ($514.6M), and construction/other assets ($296.7M), netting to $3.12 billion after $2.59 billion in accumulated depreciation. Annual occupancy expenses totaled $246.6 million alongside $161.8 million in depreciation.
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Tax-Exempt Bonds, Mortgages & Swaps (Schedule K & Part X): Tax-exempt MDFA bond liabilities rose 44.3% to $1.52 billion ($1,518,824,700) following the March 2025 issuance, while secured mortgages and notes declined 23.1% to $514.1 million. On Schedule D, Part X, BU also carries $85.9 million in operating lease obligations, $62.9 million in finance lease obligations, and $62.6 million in interest-rate exchange liabilities with Wells Fargo, Goldman Sachs, Merrill Lynch, and Deutsche Bank.
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Schedule I Town-Gown PILOT Payments, Civic Grants & Lobbying: Beyond its City of Boston PILOT payments and commercial real estate taxes, BU disbursed Schedule I grants to regional civic, municipal, and public health partners—including Boston Medical Center ($2,960,015), Cambridge Public Health Commission ($149,460), Commonwealth of Massachusetts DPH ($28,826), Institute of Contemporary Art ($15,000), Esplanade Association ($10,000), Rose Fitzgerald Kennedy Greenway Conservancy ($10,000), West End House in Allston ($10,000), Soccer Unity Project ($10,000), Boston Municipal Research Bureau ($9,000), and Fenway Community Development Corp ($5,092). On Schedule C, BU reported $449,350 in federal and state legislative lobbying ($200,224 in external consultant fees).
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Top Dining, Construction & Consulting Contractors (Part VII, Section B): Among 407 independent contractors paid over $100,000 in FY25, BU’s five largest vendors were Aramark Food and Support Services ($24.55M for campus dining), Shawmut Woodworking & Supply ($16.41M, construction), Turner Construction Company ($11.85M, construction), Deloitte ($9.59M, consulting), and Commodore Builders ($8.46M, construction).
Editorial Note
All financial figures in this report derive from Boston University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 37,737 enrolled students—18,805 undergraduates and 18,932 graduate and professional students per Common Data Set definitions, or 29,632 full-time equivalent students) and have been verified against Boston University’s KPMG-audited FY25 Consolidated Financial Statements.
While Boston University expends $82,370 per student on direct program services ($53,849 per student on regular session classroom instruction and student aid, and $90,602 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these financial resources fund the urban research infrastructure, 17-school academic breadth, and 100%-need domestic first-year financial aid commitment that operate alongside Boston University’s student selectivity (11% first-year acceptance rate across 78,769 applicants).
Accounting Reconciliation: Readers comparing Boston University’s KPMG-audited consolidated GAAP financial statements ($2.77B total operating revenue, $2.72B total operating expenses, $48.2M net operating surplus, $4.05B total endowment assets, and $9.27B total assets) to IRS Form 990 ($3.51B total revenue, $3.42B total expenses, $94.8M revenue less expenses, $3.97B Schedule D endowment, and $9.26B total assets) will note three structural accounting differences. First, Form 990 reports $3.42B in total expenses by recording $785.5M in domestic and foreign student financial aid ($683.7M in tuition discounts, $38.4M+ in auxiliary room/board offsets, and $63.4M in stipends/cash grants) as an operating expense, whereas GAAP financial statements net student aid directly against gross tuition ($1.39B net vs. $2.08B gross) and auxiliary revenue ($313.6M net vs. $392.8M gross). Second, Form 990 revenue includes $199.0M in realized investment income and capital gains while excluding $302.3M in unrealized gains (reported on Part XI, Line 5), whereas GAAP operating revenue includes only the Board-approved endowment spending formula distribution ($152.3M, or 5.5% of GAAP operating revenue) and classifies $345.7M in excess endowment returns as non-operating activities. Third, per Part IV (Lines 12a–12b) and Schedule R, this Form 990 represents the standalone legal filing of the Trustees of Boston University (including disregarded real estate and investment LLCs), whereas consolidated GAAP statements incorporate related tax-exempt and taxable affiliates—including 25 clinical Faculty Practice Plan 501(c)(3) foundations at Boston Medical Center, the Massachusetts Green High Performance Computing Center (MGHPCC), and wholly owned real estate C-corporations (520 Commonwealth Avenue Real Estate Corp and 660 Corporation).
Frequently Asked Questions: Boston University's Form 990 Financials
As of Fiscal Year 2025, Boston University's endowment is valued at $3.97 billion ($3,974,604,000 on Form 990 Schedule D, up 12.6% year-over-year, and $4.05 billion on consolidated GAAP financial statements). Its $110.2 million direct program and scholarship payout covers 3.2% of total Form 990 operating expenses ($121.6 million or 3.6% including endowment administration, and 4.1% to 5.5% under internal GAAP operating budget metrics).
Boston University spends $82,370 per student annually in direct program services ($3.11 billion across 37,737 enrolled students, or $104,899 per FTE student across 29,632 FTE) covering instruction, sponsored research, auxiliary enterprises, and academic support. Isolating regular session classroom instruction and student financial aid (Part III, Line 4a) equals $53,849 per student ($2.03 billion, or $33,035 net of student aid), while total enterprise expenditure including administrative overhead and fundraising reaches $90,602 per student ($3.42 billion, or $115,383 per FTE).
Boston University disbursed $785.5 million ($785,453,162) in total Form 990 student financial aid in FY25. On Schedule I, BU reported $760.7 million across domestic students—including $717.1 million in direct tuition and auxiliary grants to 20,890 students (55.4% of total enrollment) and $39.9 million in graduate stipends and fellowships to 2,249 students—plus $24.8 million in tuition aid to 1,058 international students on Schedule F. Since September 2020, BU meets 100% of demonstrated financial need for admitted domestic first-year undergraduates.
The highest-paid employee in FY25 was President Melissa L. Gilliam, who received $1,704,300 in total compensation (including $1,135,549 in base salary, $214,540 in transition and retirement supplement payments, and $354,211 in nontaxable benefits including mandatory campus housing), followed by Professor and Oral Surgeon Pushkar Mehra ($1,591,755) and Chief Investment Officer Clarissa C. Hunnewell ($1,584,339).
No. With $105,324 in endowment assets per enrolled student ($134,132 per FTE student)—well below the $500,000 per-student federal threshold—Boston University is exempt from the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Boston University's total assets reached $9.26 billion ($9,263,866,015 on Form 990; $9.27 billion on consolidated GAAP statements) in Fiscal Year 2025, anchored by $4.92 billion in long-term investment securities, $608.0 million in cash and short-term investments, and $3.12 billion in net land, buildings, and equipment.
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