Caltech Spends $229,147 Per Student on Direct Academics as $4.46 Billion Endowment Anchors $8.07 Billion Asset Base and $2.30 Billion JPL Enterprise
By Data Team | Published November 4, 2026
The California Institute of Technology’s total assets reached $8.07 billion in fiscal year 2025, anchored by a $4.46 billion endowment whose $233.5 million annual distribution ($202.4 million in direct program and scholarship payouts plus $31.1 million in investment administration) covers 6.8% of the Institute's $3.44 billion consolidated Form 990 operating budget and 20.5% of its $1.14 billion non-JPL campus budget, according to its latest IRS filing. That capital base enables Caltech to spend $229,147 per student on direct instruction, scholarships, fellowships, and student aid ($556.83 million across 2,430 students)—while on-campus program services reach $404,962 per student ($984.16 million) and consolidated expenditure including NASA's Jet Propulsion Laboratory (JPL) totals $1,350,706 per student in program services ($3.28 billion) and $1,413,782 per student in total enterprise spend ($3.44 billion).
Caltech’s financial statements reflect a dual structure pairing an ultra-small residential STEM university (987 undergraduates and 1,443 graduate students) with a massive federally funded research and development center. Sponsored research awards at JPL and affiliated centers generate $2.43 billion (68.8% of Caltech's $3.53 billion total revenue), alongside $326.14 million in government research grants, $290.07 million in private gifts, and $245.91 million in realized investment income. Student tuition generates $175.27 million ($72,127 per student), representing 5.0% of total revenue.
This federal research and endowment scale insulates academic operations from tuition dependence. Caltech disbursed $136.58 million in Form 990 student aid grants in FY25—recording $136.39 million in Schedule I grants across 1,898 domestic students (78.1% of the student body)—supporting roughly 51% of undergraduates with need-based grants and funding nearly 99% of graduate students through fellowships and assistantships.
Institutional & Governance Profile
Incorporated in California as the California Institute of Technology (EIN 95-1643307), Caltech operates from its 124-acre primary campus at 1200 East California Boulevard in Pasadena, California. Founded in 1891 as Throop University and renamed in 1920, the Institute oversees six academic divisions, global astronomical observatories including LIGO and the Palomar and Keck Observatories, and the NASA-owned Jet Propulsion Laboratory in nearby La Cañada Flintridge.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1891, Caltech issued 11,625 Form W-2s in calendar year 2024 across its Pasadena campus and JPL, filed 2,222 Form 1096 vendor returns, and engaged an estimated 714 institutional volunteers.
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Academic & Faculty Footprint: Approximately 323 professorial faculty and 558 postdoctoral scholars (maintaining a 3:1 student-faculty ratio and 48 Nobel laureates among faculty and alumni) instruct 2,430 degree-seeking students—987 undergraduates and 1,443 graduate students—across six academic divisions: Biology and Biological Engineering; Chemistry and Chemical Engineering; Engineering and Applied Science; Geological and Planetary Sciences; Humanities and Social Sciences; and Physics, Mathematics and Astronomy.
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Executive Leadership: President Thomas F. Rosenbaum leads the Institute alongside Provost David A. Tirrell, VP and Chief Operating Officer Charles E. Lane, Chief Financial Officer and Treasurer Sharon E. Patterson, VP and JPL Director Laurie A. Leshin (succeeded by David B. Gallagher in June 2025), and Chief Investment Officer Scott H. Richland (succeeded by Interim CIO Douglas N. MacBean in January 2025 and CIO Ken Y. Lee in April 2025).
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Governing Board (Schedule O): The Board of Trustees comprises 43 voting members, 34 of whom are independent, chaired by David W. Thompson. The Audit, Compliance, and Risk Committee reviews the Form 990 draft before an unredacted copy (excluding a single anonymous donor name) is distributed to all trustees prior to IRS filing.
Top-Line Financials
During FY25 (covering October 1, 2024 through September 30, 2025), Caltech generated $4.48 billion in gross receipts and $3.53 billion in total revenue. Total assets rose 3.1% to $8.07 billion while total liabilities declined 2.7% to $2.61 billion, driving net assets up 6.2% to $5.46 billion—with 84.7% held in donor-restricted funds and 15.3% in unrestricted reserves.
Balance Sheet Strength
- Total Assets $8,072,661,000 (+3.1%)
- Total Liabilities $2,612,454,000 (-2.7%)
- Total Net Assets $5,460,207,000 (+6.2%)
- Donor-Restricted Net Assets $4,624,050,000 (84.7% of Total Net Assets)
- Unrestricted Net Assets $836,157,000 (15.3% of Total Net Assets)
Operating Performance
- Total Revenue $3,531,221,000 (-15.2%)
- Total Expenses $3,435,491,000 (-6.8%)
- Operating Surplus $95,730,000 (-80.0%)
- Unrealized Gains (Excluded) $222,174,000
Note: The year-over-year contractions in Form 990 revenue (-15.2%) and expenses (-6.8%) reflect NASA mission budget adjustments at the Jet Propulsion Laboratory alongside the prior year's $383.0M endowment gift surge. Combining the $95.73 million operating surplus with $222.17 million in net unrealized investment gains and -$14,000 in other benefit, swap, and excise tax adjustments accounts for the $317.89 million increase in FY25 net assets.
Revenue Breakdown
Caltech’s revenue profile is dominated by federal space and scientific research contracts. Program service revenue totaled $2.66 billion (-11.9% YoY, 75.5% of total revenue), led by $2.43 billion in JPL and sponsored research awards, while student tuition contributed $175.27 million and campus auxiliary services generated $54.13 million. Contributions and grants totaled $616.21 million (-34.3% YoY following FY24's record endowment gifts), split between $326.14 million in government grants and $290.07 million in private philanthropy. Realized investment income expanded 29.7% YoY to $245.91 million on $166.08 million in net capital gains and $79.84 million in dividends and interest.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue -11.9% YoY$2,664,518,000 (75.5%)
- JPL and Other Sponsored Awards (Part VIII, Line 2a) $2,430,771,000
- Student Tuition (Gross Before Financial Aid) $175,269,000
- Sales and Services (Auxiliary Housing, Dining & Operations) $54,130,000
- Use of Facilities $4,348,000
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Contributions & Grants -34.3% YoY$616,208,000 (17.5%)
- Government Research & Training Grants (Line 1e) $326,135,000
- Private Philanthropy & Foundation Gifts (Line 1f) $290,073,000
- Noncash Gifts Included Above (89 Stock Gifts $17.78M, Books $2.50M, Equip. $306K) $20,598,000
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Investment Income +29.7% YoY$245,912,000 (7.0%)
- Realized Net Capital Gains ($1.12B Gross Sales less $952.3M Basis) $166,075,000
- Dividends, Interest & Other Investment Income ($11.15M UBI) $79,837,000
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue -63.1% YoY$4,583,000 (0.1%)
- Intellectual Property Royalties $2,396,000
- Other Gains ($1.69M) & Campus Advertising/Filming ($386K) $2,077,000
- Net Rental Income ($117K Gross Rents less $7K Expenses) $110,000
Endowment Performance and Asset Allocation
Caltech’s Investment Office manages a $4.46 billion endowment within a broader $5.34 billion cash and investment portfolio ($4.67 billion in long-term investment securities on Part X, Lines 11–12 plus $676.50 million in savings and temporary cash investments on Line 2). Publicly traded equities and funds represent $1.99 billion (37.2% of total cash and investments), while $2.68 billion (50.1%) sits in illiquid and alternative strategies reported on Schedule D, Part VII: $1.07 billion in alternative/hedge securities, $1.05 billion in private equity, and $556.16 million in real assets.
To execute its global investment and research mandate, Caltech reports $1.87 billion in foreign investments and international program expenditures on Schedule F—led by $1.56 billion domiciled in Central America and the Caribbean, $174.21 million in European investments, and $17.02 million in East Asia and the Pacific—generating $17.15 million in gross unrelated business income ($140,108 net taxable on Form 990-T). Because Caltech holds $1,835,322 in endowment assets per student across 2,430 students, it is subject to the federal IRC Section 4968 endowment excise tax and carries $10.04 million in deferred excise tax liabilities on Schedule D, Part X (down from $16.69 million in FY24).
Portfolio Performance & Asset Allocation ($5.34B Total Cash & Investments / $4.67B Securities Pool)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $4,459,832,000 (+5.2% YoY), representing $1,835,322 per enrolled student across 2,430 students.
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Net Investment Gains: $390,814,000 in endowment investment earnings (-18.8% YoY from $481.48M in FY24).
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Alternative & Offshore Capital: 50.1% of total cash and investments (57.4% of non-cash investment securities) sits in alternative securities, private equity, and real assets, with $1.56B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $233,539,000 total endowment distribution ($165.24M to academic programs and facilities, $37.19M to student financial aid, and $31.11M to administration), covering 6.8% of consolidated Form 990 expenses ($3.44B including JPL; 5.9% net of admin) and 20.5% of Caltech's $1.14B non-JPL campus operating budget (17.8% net of admin).
Detailed Asset Mix (Part X Cash & Securities Holdings)
5-Year Endowment History
Schedule D, Part V tracks the five-year expansion of Caltech’s endowment from a $3.10 billion opening balance in FY21 to $4.46 billion at the close of FY25 (+43.8% over five years). Across that period, the endowment absorbed $697.66 million in new contributions (highlighted by $383.03 million in FY24 gifts) alongside $1.67 billion in net investment gains—including a $1.00 billion post-pandemic surge in FY21, a -$533.28 million market pullback in FY22, and three consecutive years of positive returns from FY23 through FY25 ($390.81 million in FY25). Over the same five years, the endowment distributed $1.01 billion across student scholarships ($166.97 million), academic and facility operations ($674.64 million), and investment administration ($163.69 million). At year-end FY25, the portfolio comprised 72.66% permanent endowment, 19.43% board-designated quasi-endowment, and 7.91% term 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 | $4,241,081,000 | $3,598,784,000 | $3,428,503,000 | $4,041,566,000 | $3,100,590,000 |
| 1b. Contributions | $61,476,000 | $383,028,000 | $42,120,000 | $99,535,000 | $111,502,000 |
| 1c. Net investment earnings | $390,814,000 | $481,481,000 | $324,476,000 | ($533,278,000) | $1,003,390,000 |
| 1d. Grants or scholarships | ($37,188,000) | ($35,861,000) | ($33,415,000) | ($30,480,000) | ($30,026,000) |
| 1e. Other expenditures | ($165,241,000) | ($157,084,000) | ($127,732,000) | ($114,560,000) | ($110,022,000) |
| 1f. Administrative expenses | ($31,110,000) | ($29,267,000) | ($35,168,000) | ($34,280,000) | ($33,868,000) |
| 1g. End of year balance | $4,459,832,000 | $4,241,081,000 | $3,598,784,000 | $3,428,503,000 | $4,041,566,000 |
Per-Student Spending and True Cost
Measuring per-student resources at Caltech requires isolating direct campus academic instruction from campus organized research and NASA's Jet Propulsion Laboratory. On Form 990 Part III (Line 4a), Caltech reports $556,828,000 in direct program service expenses for instruction, scholarships, fellowships, and student financial aid across its 2,430 degree-seeking students (987 undergraduates and 1,443 graduate students). That equates to $229,147 per student in direct academic program spend ($172,940 net per student excluding $136.58 million in student aid grants).
By comparison, gross student tuition revenue (Part VIII, Line 2b) totals $175,269,000, or $72,127 per student ($94,403 per student when adding $54.13 million in auxiliary housing and dining revenue). Tuition covers just 31.5% of direct academic program costs, leaving a $157,020 per-student instructional subsidy bridged by endowment payouts ($202.43 million for programs and scholarships) and private gifts. Adding Campus Organized Research ($379.83 million, or $156,307 per student) and Auxiliary Enterprises ($47.50 million, or $19,548 per student) brings total on-campus program service expenditure to $984,157,000 ($404,962 per student). When incorporating the self-balancing $2.30 billion NASA JPL contract (Part III, Line 4c), consolidated Form 990 program service spend reaches $3,282,215,000 ($1,350,706 per student), and total enterprise expenditure including $144.39 million in management overhead and $8.89 million in net fundraising reaches $3,435,491,000 ($1,413,782 per student; $468,079 per student on campus excluding JPL).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $556,828,000 across 2,430 undergraduate and graduate students ($229,147 gross direct academic spend per student; $172,940 net excluding $136.58M in student aid grants).
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On-Campus vs. Consolidated Enterprise Spend (Part III, Line 4e & Part IX): $984,157,000 in on-campus program services ($404,962 per student across instruction, campus research, and auxiliaries) and $1,137,433,000 in total non-JPL campus expenses ($468,079 per student). Including JPL ($2.30B), consolidated Form 990 program services total $3,282,215,000 ($1,350,706 per student) and total institutional spend reaches $3,435,491,000 ($1,413,782 per student).
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Tuition & Auxiliary Revenue Coverage: $175,269,000 in gross tuition ($72,127 per student before $122.53M in GAAP tuition discounts), covering 31.5% of direct academic program expenditure (41.2% when adding $54.13M in auxiliary sales and services). Endowment payouts and gifts fund the remaining $157,020 per-student instructional gap.
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Campus Organized Research & NASA JPL (Lines 4b & 4c): $379,827,000 in organized research on the Pasadena campus ($156,307 per student) alongside $2,298,058,000 in NASA-sponsored research at the Jet Propulsion Laboratory ($2,298,058,000 matching revenue).
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Auxiliaries, Archives & Global Research (Line 4d, Schedule D & Schedule F): $47,502,000 in auxiliary enterprise expenses ($54,130,000 revenue, generating a $6.63M positive margin and including $144,000 in Caltech Y and United Way grants), non-capitalized historical scientific collections and archives (Schedule D, Part III), and $99.36M in international scientific research and study-abroad expenditures across nine global regions (led by $64.03M in Europe and $26.99M in South Asia).
Financial Aid: How Caltech Deploys $136.6M in Direct Student Support
Caltech practices need-blind admissions for domestic undergraduate applicants (including U.S. citizens, permanent residents, and undocumented or DACA students graduating from U.S. high schools) while evaluating international applicants on a need-aware basis. The Institute awards zero merit scholarships, committing all undergraduate aid to meet 100% of demonstrated financial need—providing no-loan financial aid packages covering tuition, fees, housing, and food for most families earning below $100,000 and tuition-covering grants for most families earning below $200,000.
On Form 990 Schedule I (Part III), Caltech reports $136,385,000 in direct student aid grants (credited to student accounts) across 1,898 domestic recipients—representing 78.1% of its 2,430-student body ($71,857 average grant per aided student)—plus $199,000 across 21 study-abroad recipients in Europe on Schedule F, bringing total Part IX student financial aid grants to $136,584,000. Per Schedule D (Parts XI and XII), $122,531,000 of this aid directly offsets gross tuition charges on GAAP financial statements, while $14,053,000 funds direct fellowships, stipends, and study-abroad grants above tuition—supplemented by graduate research and teaching assistantship wages paid through instructional and organized research budgets.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 78.1% (1,898 students)
- Undergraduate / Graduate Aid Rate ~51% Undergrad / ~99% Grad
- Tuition-Offsetting Financial Aid (Schedule D) $122,531,000
- Direct Fellowships & Study Abroad (Schedule I & F) $14,053,000
- Total Domestic Student Cash Grants $136,385,000 ($71,857 avg.)
Endowment Aid Funding & External Grants
- Endowment Scholarship Payout ($37,188,000) & Graduate RA/TA Support Schedule D, Part V (Line 1d) distributions fund 27.2% of direct student aid grants ($37.19M, up from $35.86M in FY24), while graduate research and teaching assistantship stipends are funded through $379.8M in campus research and $556.8M in instructional budgets.
- Domestic & Foreign Institutional Grants ($343,000) Includes $144,000 in Schedule I, Part II domestic organizational grants ($99,000 to the Caltech Y plus rent-free campus facilities and $45,000 to United Way of Greater Los Angeles) and $199,000 in Schedule F study-abroad grants across 21 students in Europe.
Executive and Investment Team Compensation
Unlike universities with clinical medical schools or Division I revenue athletics, Caltech’s Schedule J disclosures center on university executive leadership, Jet Propulsion Laboratory directors and aerospace engineers, and Investment Office portfolio managers. The highest-compensated employee in FY25 was President and Trustee Thomas F. Rosenbaum ($1,753,140, including $1,618,822 in base compensation and $81,434 in nontaxable benefits), followed by VP and JPL Director Laurie A. Leshin ($1,455,893, including a $441,750 bonus), Chief Investment Officer Scott H. Richland ($1,370,378, including a $580,958 performance bonus), VP for Advancement and Alumni Relations Dexter A. Bailey ($1,033,286), and Senior Managing Director of Investments and Interim CIO Douglas N. MacBean ($1,029,427).
Provost David A. Tirrell received $976,960 ($908,012 base salary), VP and COO Charles E. Lane earned $982,123, and Astronomy Professor and Thirty Meter Telescope International Observatory (TIO) Executive Director Robert P. Kirshner earned $893,526. Because five executives received remuneration exceeding $1 million, Caltech 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: Caltech expended $1,846,023,000 in total salaries, wages, pensions, and benefits in FY25 (-6.6% YoY from $1.98B in FY24, representing 53.7% of all institutional expenses) across 11,625 W-2 employees, with 6,925 staff members earning over $100,000 (59.6% of the total workforce).
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Board Governance & Investment Bonus Plans (Schedule J & O): The Executive Compensation Committee of the Board of Trustees reviews comparability survey data annually. Under the Investment Office Performance Compensation Plans (split in 2017 into separate CIO and staff plans), CIO awards vest at year-end while 50% of staff performance bonuses defer and vest across three annual installments indexed to endowment performance.
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Campus Housing & Interested-Party Disclosures (Schedule J & L): Four officers received taxable housing allowances under the Salary Supplement Housing Program, and President Rosenbaum occupies an Institute-owned campus residence as a condition of employment ($66,100 estimated personal rental value in Column D). Schedule L reports zero officer loans, eight employed family members of trustees/officers ($1.87M combined pay), $18.00M in gifts from Trustee Kent Kresa, $17.96M in sponsored sustainability research from Trustee Stewart A. Resnick's The Wonderful Company LLC, $3.52M in investment fees to Trustee Li Lu's Himalaya Capital Management, $233,289 in fees to Vida Ventures LLC, and $528,143 in component purchases from Trustee Peter D. Kaufman's Glenair Inc.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 28 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) |
| Thomas F. RosenbaumPresident & Trustee | $1,618,822 | $0 | $394 | $52,490 | $81,434 | $1,753,140 | $0 |
| Laurie A. LeshinVP & Director, JPL (until 5/25) | $903,668 | $441,750 | $54,008 | $26,070 | $30,397 | $1,455,893 | $0 |
| Scott H. RichlandChief Investment Officer (until 12/24) | $645,568 | $580,958 | $52,501 | $60,478 | $30,873 | $1,370,378 | $580,958 |
| Dexter A. BaileyVP Advancement & Alumni Relations | $819,137 | $0 | $95,145 | $47,890 | $71,114 | $1,033,286 | $0 |
| Douglas N. MacBeanSr. Mng. Dir. Inv. & Interim CIO (1/25–4/25) | $468,616 | $288,585 | $23,000 | $219,065 | $30,161 | $1,029,427 | $144,085 |
| Charles E. LaneVP & Chief Operating Officer | $824,368 | $0 | $95,000 | $26,070 | $36,685 | $982,123 | $0 |
| David A. TirrellProvost | $908,012 | $0 | $0 | $52,490 | $16,458 | $976,960 | $0 |
| Robert P. KirshnerAstronomy Prof. & Exec. Dir., TIO | $805,258 | $0 | $32,326 | $26,070 | $29,872 | $893,526 | $0 |
| Jennifer T. LumGeneral Counsel | $732,448 | $0 | $23,480 | $52,490 | $69,740 | $878,158 | $0 |
| Diana JergovicVP Strategy Implementation | $599,754 | $50,000 | $394 | $39,840 | $11,524 | $701,512 | $0 |
| Leslie L. LivesayDeputy Director, JPL (as of 3/24) | $484,411 | $67,244 | $56,739 | $52,490 | $15,225 | $676,109 | $0 |
| Alistair W. ThistlethwaiteMng. Dir., Alt. Securities (until 11/24) | $402,679 | $170,569 | $20,760 | $39,173 | $12,867 | $646,048 | $28,431 |
| Vazrik GharakanianHardware Quality Assurance Spec., JPL | $585,962 | $2,750 | $0 | $28,569 | $17,378 | $634,659 | $0 |
| Cathy A. LightSecretary, Board of Trustees | $490,706 | $0 | $58,132 | $52,490 | $25,650 | $626,978 | $0 |
| Sharon E. PattersonChief Financial Officer & Treasurer | $501,247 | $7,500 | $22,850 | $52,490 | $23,997 | $608,084 | $0 |
| Frederic FarinaChief Innovation & Corp. Partnerships | $511,342 | $0 | $23,617 | $52,490 | $19,267 | $606,716 | $0 |
| Renaud GoullioudSystems Engineer, JPL | $521,231 | $3,000 | $32,263 | $24,469 | $262 | $581,225 | $0 |
| David B. GallagherVP & Director, JPL (as of 6/25) | $437,680 | $0 | $23,000 | $52,490 | $29,258 | $542,428 | $0 |
| Brian J. CorcoranInterim CFO & Dir. Lab Ops, JPL (5/24–10/24) | $352,747 | $0 | $23,000 | $38,690 | $27,969 | $442,406 | $0 |
| Kevin M. GilmartinVP Student Affairs | $343,299 | $0 | $476 | $52,490 | $22,058 | $418,323 | $0 |
| Matthew W. BrewerController | $333,179 | $0 | $379 | $38,427 | $23,771 | $395,756 | $0 |
| Joseph E. ShepherdFormer VP Student Affairs | $323,756 | $0 | $449 | $49,385 | $21,841 | $395,431 | $0 |
| Michael M. WatkinsFormer VP & Director, JPL | $288,249 | $0 | $23,435 | $47,517 | $14,798 | $373,999 | $0 |
| Carol SchuilFormer Exec. Asst. to Pres. / Asst. Sec. | $261,208 | $0 | $330 | $34,184 | $21,956 | $317,678 | $0 |
| Sammy A. KayaliCFO & Dir. Lab Ops, JPL (until 5/24) | $173,299 | $0 | $88,236 | $30,796 | $14,900 | $307,231 | $0 |
| Deborah K. RoddaySenior Director / Assistant Secretary | $231,388 | $10,000 | $0 | $32,533 | $11,785 | $285,706 | $0 |
| Larry D. JamesDeputy Director, JPL (until 3/24) | $185,161 | $62,455 | $7,667 | $17,687 | $4,423 | $277,393 | $0 |
| Arturo AguayoAssistant Treasurer | $210,352 | $0 | $301 | $21,048 | $38,046 | $269,747 | $0 |
Facilities, Debt, and Municipal Relations
Caltech’s 124-acre Pasadena campus and off-campus observatory network are financed through a combination of philanthropic capital gifts, California Educational Facilities Authority (CEFA) tax-exempt bonds, and long-term taxable institutional notes. Because the U.S. government holds title to the land and buildings at the Jet Propulsion Laboratory, Caltech’s $1.32 billion net physical plant on Form 990 Part X reflects its Pasadena academic campus and Institute-owned research facilities.
Unlike East Coast universities that disburse standalone municipal PILOT (Payment in Lieu of Taxes) checks on Schedule I, Caltech records $0 in direct municipal government grants on Schedule I, Part II—instead channeling $144,000 to local civic nonprofits ($99,000 plus rent-free campus facilities to the Caltech Y and $45,000 to United Way of Greater Los Angeles) while anchoring Pasadena’s economy as its largest employer (11,625 W-2 staff across Campus and JPL) and expending $97.99 million annually on campus occupancy and utilities.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Caltech holds $2,850,967,000 in gross land ($38.72M), buildings ($1.84B), equipment ($741.22M), and construction/other assets ($229.21M)—yielding $1,323,362,000 in net book value after $1,527,605,000 in accumulated depreciation—and recorded $100.02 million in FY25 depreciation and $97.99 million in occupancy costs.
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Tax-Exempt Bonds & Institutional Debt (Part X & Schedule K): The Institute carries $165,000,000 in tax-exempt CEFA Series 2006 variable-rate bonds (1.20% private business use on Schedule K, Part III) alongside $1,470,323,000 in unsecured taxable notes and loans payable ($1.64 billion total debt), paying $63,095,000 in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations (Schedule I & C): Caltech reports $0 in formal municipal PILOT payments on Schedule I, Part II, instead providing $144,000 in civic grants ($99,000 to the Caltech Y and $45,000 to United Way of Greater Los Angeles), paying direct expenses on its $117,000 commercial rental portfolio, and expending $733,242 through its Office of External Relations on Schedule C legislative and municipal government relations ($628,242 in direct legislator/official contact and $105,000 in organizational lobbying grants).
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Top Aerospace & Research Subcontractors (Part VII, Section B): Reflecting JPL's space exploration missions ($687.31M in total contract services on Part IX, Line 24a), all five of Caltech's highest-compensated independent contractors (among 1,060 contractors paid over $100,000) were aerospace, defense, and IT engineering organizations: Ball Aerospace Technologies Corp. ($120.58M), ManTech Advanced Systems ($56.52M), Peraton Inc. ($55.68M), Airbus Defence and Space GmbH ($48.02M), and the Johns Hopkins Applied Physics Laboratory ($34.04M).
Editorial Note
All financial figures in this report derive from the California Institute of Technology’s FY25 IRS Form 990 (covering October 1, 2024 through September 30, 2025 across 2,430 degree-seeking students—987 undergraduates and 1,443 graduate students) and have been reviewed by the data team.
While Caltech expends $229,147 per student on direct academic instruction and student financial aid ($404,962 per student across on-campus program services and $1,350,706 per student in consolidated program services including JPL), Chicardgo School does not imply that institutional expenditure mathematically causes specific postgraduate earnings or scientific outcomes. Rather, these capital resources fund the 3:1 student-faculty ratio, laboratory infrastructure, and need-blind domestic undergraduate aid that operate alongside Caltech’s admissions selectivity.
Accounting Reconciliation: Readers comparing Caltech’s PwC-audited GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note four structural accounting differences. First, audited GAAP statements report $3,586,710,000 in total revenue and support and $3,283,118,000 in total expenses, whereas Form 990 reports $3,531,221,000 in total revenue and $3,435,491,000 in functional expenses (a $55.49M revenue variance and $152.37M expense variance). Second, Form 990 grosses up tuition revenue by $122,531,000 and records that $122.53M in student scholarships as a functional grant expense, whereas GAAP financial statements net scholarship allowances directly against gross tuition. Third, Form 990 reclassifies $29,842,000 in investment management fees from netted investment return to Management and General expenses (Part IX, Line 11f) and excludes $222,175,000 in net unrealized investment gains and $4,773,000 in interest rate swap fair value gains from Part VIII operating revenue, while applying a -$19,086,000 endowment recovery credit against fundraising expenses on Part IX, Line 24c (leaving $8,886,000 in net fundraising expenses). Fourth, under Caltech's NASA contract, $2,298,058,000 in Jet Propulsion Laboratory operating revenues and expenses flow through Form 990 Parts VIII and IX, while federally owned JPL land, buildings, and equipment are excluded from Caltech's Part X balance sheet.
Frequently Asked Questions: Caltech's Form 990 Financials
As of Fiscal Year 2025, Caltech's endowment stands at $4.46 billion ($4,459,832,000), up 5.2% year-over-year and equating to $1,835,322 per enrolled student across 2,430 students. Its $233.54 million total annual distribution ($202.43 million in direct academic and financial aid payouts plus $31.11 million in administration) covers 6.8% of Caltech's $3.44 billion consolidated Form 990 expenses (which include the $2.30 billion NASA JPL contract) and 20.5% of its $1.14 billion non-JPL campus operating budget (17.8% excluding administrative expenses).
Caltech spends $229,147 per student annually in direct academic program services—instruction, scholarships, fellowships, and student aid ($556.83 million across 2,430 students)—compared to $72,127 per student generated in gross tuition ($94,403 including auxiliary housing and dining). Across all on-campus program services (adding $379.83 million in campus organized research and $47.50 million in auxiliaries), campus program spend reaches $404,962 per student ($984.16 million). Including the $2.30 billion NASA Jet Propulsion Laboratory contract, consolidated Form 990 program service spend is $1,350,706 per student ($3.28 billion), and total institutional expenditure is $1,413,782 per student ($3.44 billion).
Caltech reported $136.58 million in direct Form 990 student financial aid grants in FY25, comprising $136.39 million in Schedule I grants across 1,898 domestic students (78.1% of its 2,430 enrolled students, averaging $71,857 per aided student) and $199,000 for 21 study-abroad recipients on Schedule F. Roughly 51% of undergraduates receive need-based grants under a 100%-need-met domestic need-blind policy, and nearly 99% of graduate students receive full fellowship, research assistantship, or teaching assistantship support.
The highest-paid employee in FY25 was President and Trustee Thomas F. Rosenbaum, who received $1,753,140 in total compensation ($1,618,822 base salary), followed by Vice President and JPL Director Laurie A. Leshin ($1,455,893) and Chief Investment Officer Scott H. Richland ($1,370,378).
Yes. Because Caltech enrolls more than 500 tuition-paying students and holds $1,835,322 in endowment assets per student (more than 3.6 times the $500,000 federal threshold), the Institute is subject to the IRC Section 4968 excise tax on net investment income and recorded $10.04 million in deferred excise tax liabilities on Schedule D, Part X at year-end FY25.
Caltech's total assets reached $8.07 billion ($8,072,661,000) in Fiscal Year 2025, anchored by $4.67 billion in long-term investment securities ($1.99 billion publicly traded and $2.68 billion in alternative securities, private equity, and real assets), $676.50 million in cash and temporary investments, $1.32 billion in net campus land, buildings, and equipment, and $513.22 million in net pledges and grants receivable.
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