Brown University Total Assets Rose 12.2% to $11.26B Backed by 68% Investment Gains and $7.25 Billion Endowment
By Data Team | Published November 4, 2026
Brown University’s total assets rose 12.2% to $11.26 billion in fiscal year 2025, backed by a $7.25 billion endowment whose $387.6 million annual draw ($352.1 million in direct academic and scholarship payouts plus $35.5 million in administrative fees) covers 21.2% of the university's $1.83 billion Form 990 operating budget (19.3% excluding endowment administrative fees), according to its latest IRS filing. Across approximately 12,000 degree-seeking students, Brown expends $138,093 per student on direct program services ($1.66 billion)—including $107,038 per student on regular session instruction and student financial aid ($1.28 billion)—while total institutional expenditure including administrative overhead and fundraising reaches $152,216 per student ($1.83 billion).
Unlike Ivy peers that own consolidated hospital systems, Brown operates on a university-college model where program service revenue generates nearly half (48.6%, or $998.7 million) of its $2.06 billion total revenue. Gross tuition and fees ($772.0 million) and residential, dining, health, and bookstore auxiliaries ($129.2 million) anchor operations alongside $616.4 million in federal research grants and private philanthropy (30.0%) and $439.7 million in realized investment income (21.4%), which rose 68.0% year-over-year.
This investment performance and donor base fund substantial tuition discounting and biomedical expansion. In FY25, Brown disbursed $403.9 million in Form 990 student aid grants ($450.9 million itemized on Schedule I across 6,575 undergraduate, graduate, and medical student accounts, representing 54.8% of the student body), while committing $11.3 million in voluntary municipal payments to the City of Providence and $10.0 million to Brown University Health.
Institutional & Governance Profile
Chartered in 1764 and domiciled in Providence, Rhode Island (EIN 05-0258809), Brown University operates as a unified "University College" integrating undergraduate liberal arts instruction with graduate and medical research. Governed by its bicameral Corporation—comprising the Board of Fellows and the Board of Trustees—the institution awarded 3,354 baccalaureate, master's, medical, and doctoral degrees in FY25.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1764, Brown issued 14,310 Form W-2s in calendar year 2024, filed 2,627 Form 1096 vendor returns, and engaged 6,839 alumni and community volunteers.
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Academic & Faculty Footprint: Approximately 1,080 faculty members teach and administer nearly 100 academic programs across approximately 12,000 students—comprising 66% undergraduate (~7,920 students), 29% graduate (~3,480 students), and 5% Warren Alpert Medical School students (~600 students).
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Executive Leadership: President Christina Paxson leads the university alongside Provost Francis J. Doyle, Executive Vice President for Finance and Administration Sarah Latham, Vice President for Finance and CFO Michael P. White, Dean of Biology and Medicine Mukesh Jain, and Vice President and Chief Investment Officer Jane Dietze.
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Governing Board (Schedule O): The Corporation comprises 52 voting members (11 Fellows, including President Paxson, and 41 Trustees led by Chancellor Brian T. Moynihan), 51 of whom are independent. The Advisory and Executive Committee and the Committee on Risk and Audit oversee operations and review the PwC-prepared Form 990 prior to filing.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Brown recorded $3.53 billion in gross receipts and $2.06 billion in total net revenue. Total assets increased 12.2% to $11.26 billion while total net assets grew 7.3% to $8.91 billion, with 80.7% of net assets ($7.20 billion) restricted by donor stipulations and 19.3% ($1.72 billion) unrestricted.
Balance Sheet Strength
- Total Assets $11,263,164,029 (+12.2%)
- Total Liabilities $2,349,471,082 (+35.9%)
- Total Net Assets $8,913,692,947 (+7.3%)
- Donor-Restricted Net Assets $7,196,487,085 (80.7% of Total Net Assets)
- Unrestricted Net Assets $1,717,205,862 (19.3% of Total Net Assets)
Operating Performance
- Total Revenue $2,055,944,018 (+10.1%)
- Total Expenses $1,826,597,897 (+6.4%)
- Operating Surplus $229,346,121 (+51.2%)
- Unrealized Gains (Excluded) $366,829,678
Note: The $229.3 million operating surplus reflects Form 990 realized revenue parameters; adding $366.8 million in net unrealized investment gains and $7.8 million in pension, split-interest, and swap valuation gains (Part XI, Line 9) accounts for the full $604.0 million expansion in Brown's FY25 net assets.
Revenue Breakdown
Brown’s FY25 revenue growth (+10.1% overall) was propelled by a 68.0% surge in realized investment income to $439.7 million and a 5.6% increase in program service revenue to $998.7 million. Tuition and fees ($772.0 million) and residential, dining, health, and bookstore auxiliaries ($129.2 million) generated 89.2% of program inflows, supplemented by $97.5 million in sponsored research and other academic program revenue. Contributions and grants declined 6.6% year-over-year to $616.4 million, evenly divided between federal and state research grants ($309.8 million) and private philanthropy ($306.7 million).
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +5.6% YoY$998,657,919 (48.6%)
- Tuition & Fees (Undergraduate, Graduate & Medical) $772,032,034
- Sponsored Research & All Other Program Revenue $97,469,908
- Student Residence Halls $66,086,862
- Dining Halls $40,553,883
- Health Services ($12.41M) & Campus Bookstore ($10.11M) $22,515,232
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Contributions & Grants -6.6% YoY$616,441,558 (30.0%)
- Government Research & Sponsored Grants $309,776,217
- Private Philanthropy, Campaigns & Events $306,665,341
- Noncash Gifts Included Above (516 Public Stock Gifts, 3 LLC/Trust Gifts, Event Gifts) $49,442,060
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Investment Income +68.0% YoY$439,748,364 (21.4%)
- Realized Net Capital Gains ($1.82B Gross Sales) $350,586,716
- Dividends, Interest & Other Investment Income $89,114,702
- Tax-Exempt Bond Proceeds Income $46,946
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Other Revenue +90.8% YoY$1,096,177 (0.1%)
- Intellectual Property Royalties $1,185,931
- Net Fundraising Events (Brown Bear Golf: $28.3K Gross less $118.1K Expenses) ($89,754)
Endowment Performance and Asset Allocation
Brown’s Investment Office manages a $7.25 billion endowment within $7.83 billion of total balance sheet investment securities ($7.17 billion in Schedule D alternative and other securities plus $662.1 million in Part X publicly traded securities). The portfolio is heavily weighted toward institutional alternatives: private equity ($3.24 billion, or 41.4%), hedged strategies ($1.48 billion, or 18.9%), real assets ($776.6 million, or 9.9%), and closely held equity interests ($379.7 million in wholly owned offshore blocker corporation Brown Cayman I, or 4.8%) represent 75.0% of invested capital.
To execute this global allocation, Brown holds $3.93 billion in foreign investments reported on Schedule F—including $3.50 billion in Central America and the Caribbean, $278.4 million in Europe, and $150.3 million in Sub-Saharan Africa—and recorded $5.03 million in gross unrelated business revenue ($0 net taxable UBI on Form 990-T). Because Brown holds $604,518 in endowment assets per student across approximately 12,000 students, the university is subject to the federal IRC Section 4968 excise tax on net investment income (Part V, Line 16).
Portfolio Performance & Asset Allocation ($7.83B Total Invested Securities / $7.25B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $7,254,221,648 (+8.4% YoY), representing $604,518 per enrolled student across ~12,000 students.
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Net Investment Gains: $802,007,358 in net endowment investment earnings (+15.6% YoY from $693.7M in FY24).
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Alternative & Offshore Capital: 75.0% of balance sheet investments sit in private equity, hedged strategies, real assets, and closely held equity, with $3.50B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $387,603,849 total endowment draw ($261.3M to academic programs and facilities, $90.8M to scholarships, and $35.5M in administrative fees), covering 21.2% of Form 990 operating expenses (19.3% or $352.1M in direct program and aid payouts excluding administrative fees).
Detailed Asset Mix (Part X, Lines 11–12 & Schedule D, Part VII)
5-Year Endowment History
Schedule D, Part V details the five-year trajectory of Brown’s endowment from a $4.36 billion opening balance in FY21 to $7.25 billion at the end of FY25—a 66.4% five-year expansion. Across that span, the endowment took in $690.2 million in donor contributions and generated $3.59 billion in net investment earnings, highlighted by a $2.22 billion surge in FY21 and $802.0 million in FY25 gains. Concurrently, Brown distributed $1.39 billion from the endowment toward scholarships ($286.9 million), academic programs and campus facilities ($961.8 million), and investment/endowment administration ($135.4 million). At year-end FY25, the endowment consisted of 54.0% term endowment, 33.0% permanent endowment, and 13.0% 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 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 | $6,692,249,845 | $6,176,449,394 | $6,115,802,417 | $6,492,627,997 | $4,358,253,646 |
| 1b. Contributions | $147,568,294 | $128,931,602 | $168,996,923 | $128,202,759 | $116,510,775 |
| 1c. Net investment earnings | $802,007,358 | $693,732,952 | $158,595,604 | ($283,265,637) | $2,218,746,088 |
| 1d. Grants or scholarships | ($90,816,209) | ($72,523,514) | ($41,096,155) | ($40,884,758) | ($41,537,202) |
| 1e. Other expenditures | ($261,283,393) | ($207,789,955) | ($199,406,070) | ($153,457,381) | ($139,821,963) |
| 1f. Administrative expenses | ($35,504,247) | ($26,550,634) | ($26,443,325) | ($27,420,563) | ($19,523,347) |
| 1g. End of year balance | $7,254,221,648 | $6,692,249,845 | $6,176,449,394 | $6,115,802,417 | $6,492,627,997 |
Per-Student Spending and True Cost
In line with peer university financial analyses, Brown’s per-student resource intensity is measured using direct program service expenses (Form 990, Part III, Line 4e). Across approximately 12,000 degree-seeking students (~7,920 undergraduates, ~3,480 graduate students, and ~600 medical students), Brown expended $1,657,115,444 in total program services during FY25—equating to $138,093 per student ($104,435 net per student when excluding $403.9 million in student financial aid grants). Isolating regular session academic instruction ($880.6 million on Line 4a) and student financial aid ($403.9 million on Line 4b) yields $1,284,455,141, or $107,038 per student in direct instructional and scholarship spend.
By comparison, gross student tuition and fees (Part VIII, Line 2a) totaled $772,032,034, or $64,336 per student ($73,223 per student when adding $106.6 million in residence and dining fees). Gross tuition covers 46.6% of total program service costs (and 60.1% of regular session instruction and student aid), leaving a $73,757 per-student program subsidy bridged by endowment payouts, federal research grants, and private gifts. When adding $127.3 million in management overhead and $42.2 million in fundraising (Part IX, Columns C & D), Brown's total institutional spend reaches $1,826,597,897, or $152,216 per student.
Operations vs. Revenue
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Total Program Service Spend (Part III, Line 4e): $1,657,115,444 across ~12,000 undergraduate, graduate, and medical students ($138,093 gross program spend per student; $104,435 net excluding $403.9M in financial aid grants).
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Regular Session Instruction & Student Aid (Part III, Lines 4a & 4b): $1,284,455,141 combined ($880,562,009 in faculty instruction and departmental supplies plus $403,893,132 in scholarships and fellowships), representing $107,038 per student ($73,380 for instruction alone), while overall enterprise spend across all functional areas reaches $1,826,597,897 ($152,216 per student).
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Tuition & Room/Board Revenue: $772,032,034 in tuition and fees ($64,336 per student before aid discounts; $878,672,779 or $73,223 per student including dormitories and dining), covering 46.6% of total program service expenditure.
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Sponsored Research & Auxiliary Operations (Lines 4c & 4d): $203,785,397 in organized research across physical, life, social, and humanities institutes ($97.3M in direct research program revenue alongside $309.8M in federal grants) and $168,874,906 in auxiliary operations ($129.3M in revenue across dormitories, dining, health services, and the campus bookstore).
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Libraries, Museums & Global Study (Schedule D & Schedule F): Brown maintains non-capitalized historical collections across five campus libraries (Rockefeller, Sciences, Orwig Music, John Hay, and Annmary Brown Memorial), the John Carter Brown Library (50,000 pre-1825 rare books), and the Haffenreffer Museum of Anthropology, alongside $6.31M in international study-abroad and research program expenses and $3.48M in foreign research subcontracts across 52 recipient entities.
Financial Aid: How Brown Deploys $450.9M in Student Support
Since the Class of 2007, Brown has admitted all domestic first-year undergraduates (U.S. citizens and permanent residents) on a need-blind basis and met 100% of demonstrated financial need for every aided undergraduate who matriculates, while operating on a need-aware basis for transfer and international applicants (prior to the endowment-funded expansion of international need-blind admissions). Across the undergraduate body, 49% of students receive need-based university scholarship aid, with the average financial aid package for the incoming Class of 2029 reaching $64,274.
On Form 990 Part III (Line 4b) and Part IX (Lines 2–3), Brown records $403,893,132 in total student financial aid grants ($400,413,700 to domestic individuals and $3,479,432 in foreign grants). On Schedule I (Part III), which captures total scholarships, fellowships, and stipends credited to domestic student accounts, Brown itemizes $450,903,360 across 6,575 recipients—representing 54.8% of the university's 12,000 students—comprising $211.7 million for 3,465 undergraduates, $225.4 million for 2,800 graduate students, and $13.8 million for 310 medical students.
Internal Student Support (Schedule I & Part III)
- Aided Student Share (Schedule I) 54.8% (6,575 students)
- Undergraduate Need-Based Aid Rate 49.0% ($64,274 Class of '29 avg.)
- Undergraduate Aid (3,465 Recipients) $211,744,835 ($61,109 avg.)
- Graduate & Medical Aid (3,110 Recipients) $239,158,525 ($76,900 avg.)
- Total Schedule I Student Account Credits $450,903,360 ($403.9M Part III net)
Graduate Fellowships & External Research Subgrants
- Graduate & Medical Fellowships ($239,158,525) Includes $225,382,986 in doctoral and master's fellowships and stipends across 2,800 graduate students (~80.5% of graduate enrollment) and $13,775,539 across 310 Warren Alpert Medical School students (~51.7% of medical enrollment).
- Domestic & Foreign Institutional Grants ($50,452,417) Includes $46,972,985 in Schedule I subcontract grants across 235 domestic hospitals, universities, and public agencies (plus $19.9M held in 41 Donor Advised and similar funds on Schedule D) and $3,479,432 in Schedule F foreign research subcontracts.
Executive and Investment Team Compensation
Brown’s Schedule J disclosures highlight the performance-based compensation structure of its Providence-based Investment Office alongside senior academic and athletic leadership. Five of the university’s ten highest-paid employees work in the Investment Office, led by Vice President and Chief Investment Officer Jane Dietze at $4,043,871 (comprising $785,295 base pay, a $1,894,000 performance bonus, $1,024,582 in vested deferred payouts—including $644,074 from a $2 million endowment-linked co-investment arrangement and $327,008 from a three-year deferred incentive plan—and $339,994 in retirement and nontaxable benefits). Investment Managing Directors Joshua T. Kennedy ($1,657,221), Peter Levine ($1,554,541), and Gary Padula ($986,383), along with Head of Investment Operations Erica Nourjian ($1,207,713), also earned substantial performance-linked payouts.
Among academic and administrative officers, President Christina Paxson received $1,953,784 in total compensation ($1,330,165 base salary, $103,000 other reportable compensation, $384,500 retirement/deferred compensation, and $136,119 nontaxable benefits), while VP for Athletics and Recreation Grace Calhoun earned $1,557,104 (including $300,000 in vested three-year deferred retention pay), Dean of Biology and Medicine Mukesh Jain earned $1,139,422, and Provost Francis J. Doyle earned $1,079,464. Because Brown pays over $1 million in remuneration to seven covered employees, the university is 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: Brown expended $781,267,496 in total salaries, wages, pensions, benefits, and payroll taxes in FY25 (+5.9% YoY, representing 42.8% of all university expenses) across 14,310 W-2 employees, with 1,735 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Corporation Committee on Senior Administration reviews and approves compensation annually for the President, senior officers, deans, and any employee earning above $250,000 using independent peer comparability surveys.
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Campus Housing & Interested Person Transactions (Schedule J & L): The President and Provost are required to live in university housing as a condition of employment (non-taxable, governed by Chancellor-approved compensation addenda). Under Schedule L, Brown reports an $80,000 outstanding balance on a board-approved $200,000 personal loan to Dean Mukesh Jain (down from $120,000 BOY) and $116,656 in seasonal employment paid to Arthur Gabinet, a family member of an officer.
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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) |
| Jane DietzeVP & Chief Investment Officer | $785,295 | $1,894,000 | $1,024,582 | $284,500 | $55,494 | $4,043,871 | $100,000 |
| Christina PaxsonPresident / Fellow | $1,330,165 | $0 | $103,000 | $384,500 | $136,119 | $1,953,784 | $0 |
| Joshua T. KennedyManaging Director, Investments | $505,956 | $825,000 | $148,753 | $135,933 | $41,579 | $1,657,221 | $33,333 |
| Grace CalhounVP for Athletics & Recreation | $654,803 | $174,915 | $570,967 | $44,267 | $112,152 | $1,557,104 | $200,000 |
| Peter LevineManaging Director, Investments | $438,410 | $800,000 | $149,180 | $119,267 | $47,684 | $1,554,541 | $33,333 |
| Erica NourjianHead of Operations - Investments | $438,914 | $500,000 | $127,600 | $110,933 | $30,266 | $1,207,713 | $33,333 |
| Mukesh JainDean of Biology & Medicine | $1,011,391 | $0 | $70,500 | $27,600 | $29,931 | $1,139,422 | $0 |
| Francis J. DoyleProvost | $835,919 | $0 | $51,505 | $27,600 | $164,440 | $1,079,464 | $0 |
| Sergio GonzalezSVP for Advancement | $763,014 | $84,392 | $122,403 | $27,600 | $31,645 | $1,029,054 | $0 |
| Gary PadulaManaging Director, Investments | $311,125 | $500,000 | $77,501 | $68,617 | $29,140 | $986,383 | $0 |
| Sarah LathamEVP for Finance & Administration | $818,711 | $0 | $46,000 | $27,600 | $10,568 | $902,879 | $0 |
| Russell CareyFormer Interim EVP Finance | $496,638 | $0 | $35,100 | $41,400 | $45,613 | $618,751 | $0 |
| Michael WhiteVP Finance & Admin Services / CFO | $471,822 | $0 | $53,500 | $27,600 | $40,767 | $593,689 | $0 |
| Jack EliasFormer SVP for Health Affairs | $405,303 | $0 | $27,155 | $34,500 | $22,296 | $489,254 | $0 |
| Leah VanWeyDean of the Faculty | $371,357 | $0 | $20,700 | $29,553 | $45,299 | $466,909 | $0 |
| Michael Guglielmo Jr.VP for Facilities & Campus Ops | $336,357 | $0 | $34,500 | $41,400 | $31,736 | $443,993 | $0 |
| Kevin McLaughlinFormer Dean of the Faculty | $322,156 | $0 | $34,946 | $41,400 | $28,787 | $427,289 | $0 |
| Jill PipherVP for Research (Until 06/24) | $331,857 | $0 | $35,070 | $41,400 | $1,147 | $409,474 | $0 |
| Lawrence E. LarsonFormer Interim Provost | $285,681 | $0 | $40,148 | $33,457 | $23,276 | $382,562 | $0 |
| Greg HirthVP for Research | $199,445 | $0 | $19,203 | $23,007 | $28,834 | $270,489 | $0 |
Facilities, Debt, and Municipal Relations
Brown’s urban footprint across College Hill and Providence’s Jewelry District is financed through a combination of capital gifts, tax-exempt municipal bonds issued via the Rhode Island Health and Educational Building Corporation (RIHEBC), and unsecured institutional notes. In FY25, total liabilities rose 35.9% to $2.35 billion as Brown expanded its tax-exempt bond liabilities to $665.9 million (issuing $54.7 million in Series 2024 bonds for building acquisitions and launching a $200 million Series 2025CP commercial paper program with $43.8 million drawn as of June 30, 2025) and increased unsecured notes payable from $699.9 million to $998.6 million.
Because institutional expansion removes urban parcels from municipal tax rolls, Brown’s town-gown relationship with the City of Providence is anchored by explicit Payment in Lieu of Taxes (PILOT) agreements and healthcare subgrants. On Form 990 Part IX (Lines 24c–24d), Brown records $11,304,086 in direct Memorandum of Agreement (MOA) and Memorandum of Understanding (MOU) municipal payments to the City of Providence alongside a $10,000,000 payment to Brown University Health, complemented by millions in Schedule I research and clinical subcontracts to Rhode Island hospitals and public institutions.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Real Estate: Brown holds $3.36 billion in gross land, buildings, and equipment ($1.75 billion net book value after $1.61 billion in accumulated depreciation, plus $69.5 million in River House Holdings I LLC real estate on Schedule R), recording $52.4 million in annual occupancy costs and $96.8 million in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Brown carries $665.9 million in tax-exempt RIHEBC bond liabilities across nine series (Series 2003A/B, 2005A, 2015, 2017, 2019, 2022, 2023, 2024, and 2025CP) alongside $998.6 million in unsecured third-party notes and $10.6 million in interest rate swap liabilities (Goldman Sachs and JPMorgan hedges), paying $38.2 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Beyond paying $11,304,086 in direct MOA and MOU voluntary payments to the City of Providence and $10,000,000 to Brown University Health (Part IX, Lines 24c–24d), Brown disbursed $46.97 million in Schedule I domestic grants across 235 organizations—including Rhode Island Hospital ($3.92M), University of Rhode Island ($1.38M), Butler Hospital ($958.7K), The Miriam Hospital ($882.3K), Women & Infants Hospital ($461.9K), RI Public Health Institute ($320.4K), RI Free Clinic ($279.6K), RI Department of Health ($155.8K), Rhode Island College ($153.2K), Amos House ($147.0K), and RISD ($120.8K)—while expending $553,616 in federal, state, and local legislative advocacy (Schedule C).
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Top Construction & Campus Contractors: Three of Brown's five highest-compensated independent contractors (among 703 contractors paid over $100,000) were regional construction firms building campus laboratories and residences: Suffolk Construction ($53.35M), Shawmut Design & Construction ($17.17M), and Consigli Construction ($8.70M), alongside food service provider Bon Appétit Management Company ($11.66M) and workforce manager NextSource Inc. ($5.32M).
Editorial Note
All financial figures in this report derive from Brown University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 12,000 degree-seeking students—66% undergraduate, 29% graduate, and 5% medical) and have been verified by the Chicardgo Data Team.
While Brown expends $138,093 per student across all direct program services ($107,038 per student on regular session instruction and student financial aid, and $152,216 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 fund the open-curriculum faculty ratios, biomedical research institutes, and need-blind domestic undergraduate admissions that operate alongside Brown’s student selectivity.
Accounting Reconciliation: Readers comparing Brown’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $1.83B in total expenses by recording $450.9M in grants ($403.9M in student financial aid on Part III, Line 4b) as a functional operating expense, whereas GAAP financial statements net student scholarships and fellowships directly against gross tuition revenue as a tuition discount. Second, per Schedule O (Part XII, Line 2b) and Schedule R, Brown’s consolidated GAAP financial statements combine Brown University with separate tax-exempt affiliates—including the John Nicholas Brown Center for the Study of American Civilization and the Brown Faculty Club—eliminating inter-entity transactions, whereas this Form 990 represents the standalone legal filing of Brown University (which directly pays the operating expenses of the Brown University Research Foundation, John Nicholas Brown Center, and Brown Faculty Club without reimbursement per Schedule R, Part VII). Third, under FASB ASC 958 (Schedule D, Part III & Schedule M), Brown does not capitalize its rare book, art, and anthropological museum collections on its balance sheet, and Form 990 Part VIII excludes $366.8M in net unrealized investment gains and $7.8M in actuarial pension, split-interest, and interest rate swap valuation adjustments (Part XI, Lines 5 & 9) from top-line operating revenue.
Frequently Asked Questions: Brown's Form 990 Financials
As of Fiscal Year 2025, Brown University's endowment stands at $7.25 billion ($7,254,221,648), up 8.4% year-over-year. Its $387.6 million total annual draw ($261.3 million for academic programs and facilities, $90.8 million for student scholarships, and $35.5 million in administrative fees) covers 21.2% of Brown's $1.83 billion Form 990 operating budget (19.3% or $352.1 million excluding administrative fees).
Brown spends $138,093 per student annually across all direct program services ($1.66 billion across approximately 12,000 students), including $107,038 per student on regular session instruction and student financial aid ($1.28 billion). When including administrative overhead ($127.3 million) and fundraising ($42.2 million), total institutional expenditure reaches $152,216 per student ($1.83 billion), compared to $64,336 per student collected in gross tuition and fees.
On Form 990 Part III, Brown reports $403.9 million in total student aid, fellowships, and scholarships ($400.4 million to domestic individuals and $3.5 million foreign). On Schedule I, Part III, Brown itemizes $450.9 million in scholarships, fellowships, and stipends credited across 6,575 student accounts (54.8% of the 12,000-student body)—comprising $211.7 million for 3,465 undergraduates, $225.4 million for 2,800 graduate students, and $13.8 million for 310 medical students—with 49% of undergraduates receiving need-based aid averaging $64,274 for the Class of 2029.
The highest-paid employee is Vice President and Chief Investment Officer Jane Dietze, who received $4,043,871 in total compensation in FY25, followed by President Christina Paxson ($1,953,784), Investment Office Managing Director Joshua T. Kennedy ($1,657,221), and VP for Athletics and Recreation Grace Calhoun ($1,557,104).
Yes. Because Brown is a private college/university with more than 500 tuition-paying students and holds $604,518 in endowment assets per student across approximately 12,000 students (above the $500,000 federal per-student threshold), it is subject to the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Brown University's total assets reached $11.26 billion ($11,263,164,029) in Fiscal Year 2025, anchored by $7.83 billion in balance sheet investment securities ($7.17 billion in Schedule D alternative and other securities and $662.1 million in publicly traded securities), $1.75 billion in net land, buildings, and equipment, and $1.01 billion in cash and short-term savings.
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Data Analysis
June 14, 2026UPenn Leads Asian Expansion, Columbia and Harvard Gain Hispanic/African Demographics in Ivy League Undergraduate Realignment
Analysis of certificate-seeking undergraduate student demographics across the Ivy League from 2020 to 2024.