Claremont McKenna Spends $126,668 Per Student Against $62,316 in Net Tuition Revenue, Pairing a $52.6M Endowment Draw (24% of Budget) with $35.1M in Aid as Assets Hit $2.71 Billion
By Data Team | Published November 9, 2026
Claremont McKenna College’s (CMC) total assets reached $2.71 billion in fiscal year 2025, anchored by a $1.43 billion endowment whose $52.59 million programmatic and scholarship payout covers 23.7% of the college's $222.10 million Form 990 operating budget (28.3% of its $185.99 million GAAP operating budget, and 25.8% of Form 990 expenses when including $4.66 million in endowment administrative fees), according to its latest IRS filing. That capital base enables Claremont McKenna to spend $126,668 per student on direct instructional, research institute, residential, and student aid program services ($176.45 million across 1,393 degree-seeking students)—while total institutional expenditure including administrative overhead and fundraising reaches $159,440 per student ($222.10 million).
Claremont McKenna’s financial structure illustrates the capital model of a specialized undergraduate liberal arts college operating within a shared university-scale consortium. Gross student tuition, fees, room, and board generated $121.94 million ($87,538 per student), representing 44.2% of CMC's $275.74 million total revenue. After deducting $35.13 million in direct Schedule I student financial aid grants, net student revenue contributed $86.81 million ($62,316 per student)—covering 49.2% of direct program service costs. Realized investment income ($100.26 million), private gifts and government grants ($43.11 million), and asset management fees from its internal investment subsidiary ($6.40 million) funded the remaining $64,352 per-student program subsidy and drove a $53.64 million realized operating surplus.
This non-tuition revenue engine supports both need-blind domestic admissions and major physical plant expansion. CMC disbursed $35.13 million in Schedule I financial aid grants across 653 domestic recipients (46.9% of the 1,393-student body, averaging $53,803 per aided student), while net land, buildings, and equipment rose 31.3% year-over-year to $471.19 million alongside the completion of the 136,000-square-foot Robert Day Sciences Center.
Institutional & Governance Profile
Operating under its corporate title, Claremont McKenna College (EIN 95-1664101), CMC is domiciled in Claremont, California, at the foothills of the San Gabriel Mountains in eastern Los Angeles County. Founded in 1946 to prepare students for leadership in business, government, and the professions, CMC is a member of The Claremont Colleges—a seven-institution consortium modeled after Oxford University whose central shared services are administered by The Claremont Colleges, Inc. (Claremont Colleges Services).
Institutional Scale and Board Structure
-
•
Founding & Workforce Scale: Founded in 1946, Claremont McKenna issued 2,025 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 2,233 Form 1096 vendor returns, and engaged 1,056 alumni and community volunteers.
-
•
Academic & Consortium Footprint: Maintaining an 8:1 student-faculty ratio, CMC enrolls 1,393 degree-seeking students (1,390 undergraduates and 3 graduate students). Academic operations integrate undergraduate instruction in economics, government, humanities, and integrated sciences with 11 campus research institutes, the Marian Miner Cook Athenaeum, the Soll Center for Student Opportunity, and The Open Academy.
-
•
Executive Leadership: President Hiram Chodosh leads the college alongside Executive Vice President and COO Sharon Basso, Vice President for Academic Affairs and Dean of the Faculty Heather Antecol, Vice President and Chief Investment Officer James Floyd, Vice President of Business and CFO Erin Watkins (through December 31, 2024) and Linda Kroll (appointed January 2025), and Assistant VP/Controller Mia Alonzo.
-
•
Governing Board (Schedule O): The Board of Trustees comprises 41 voting members, 40 of whom are independent, chaired by Kenneth J. Valach alongside Vice Chairs E. David Hetz, Harry T. McMahon, David G. Mgrublian, and Bruce A. Soll. Schedule O (Part VI, Section A, Line 2) discloses that Trustees Henry R. Kravis and George R. Roberts share a family and business relationship. The Audit Committee and its Interested Party Transactions Subcommittee oversee conflict-of-interest compliance and review the Form 990 prior to full board distribution.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Claremont McKenna generated $384.37 million in gross receipts and $275.74 million in total net revenue. Total assets rose 6.6% to $2.71 billion and net assets expanded 8.0% to $2.06 billion, anchored by $1.61 billion in donor-restricted funds (77.8% of net assets) and $457.56 million in unrestricted reserves (22.2%).
Balance Sheet Strength
- Total Assets $2,708,910,623 (+6.6%)
- Total Liabilities $644,554,144 (+2.5%)
- Total Net Assets $2,064,356,479 (+8.0%)
- Donor-Restricted Net Assets $1,606,798,802 (77.8% of Total Net Assets; +6.8% YoY)
- Unrestricted Net Assets $457,557,677 (22.2% of Total Net Assets; +12.5% YoY)
Operating Performance
- Total Revenue $275,743,084 (+18.0%)
- Total Expenses $222,099,203 (+1.4%)
- Operating Surplus $53,643,881 (+265.1%)
- Unrealized Gains (Excluded) $99,348,948
Note: The $53.64 million reported operating surplus reflects Form 990 realized accounting standards; adding $99.35 million in net unrealized investment gains and deducting $531,344 in other net asset adjustments ($3.54 million in positive actuarial adjustments offset by $4.06 million in pledge receivable write-offs and $6,042 in K-1 adjustments) accounts for the full $152.46 million expansion in CMC's FY25 net assets.
Revenue Breakdown
Three of Claremont McKenna's four primary revenue streams expanded in FY25, propelling total revenue up 18.0% year-over-year to $275.74 million. Program service revenue grew 8.1% to $131.03 million (47.5% of total revenue), led by $121.94 million in gross student tuition, fees, housing, and dining alongside $6.40 million in asset management fees received from Claremont Investment Management Company. Realized investment income surged 35.5% to $100.26 million (36.4% of revenue) on $72.20 million in net realized capital gains and $28.07 million in dividends and interest. Contributions and grants rose 17.0% to $43.11 million (15.6% of revenue), while other revenue declined 19.6% to $1.35 million due to net rental property losses.
Primary Revenue Streams
FY25 Revenue Distribution
-
Program Service Revenue +8.1% YoY$131,026,746 (47.5%)
- Tuition & Fees (Including Student Housing & Dining) $121,939,827
- Asset Management Revenue (Claremont Investment Management Co.) $6,401,779
- Federal Grants & Contracts $2,409,089
- Private Contracts $109,868
- All Other Program Service Revenue & Catering/Rental ($143,822 + $22,361) $166,183
-
Investment Income +35.5% YoY$100,257,501 (36.4%)
- Realized Net Capital Gains ($178.95M Gross Securities Sales & $685K Other Assets) $72,192,099
- Dividends, Interest & Other Investment Income ($6,042 Unrelated Business Income) $28,065,402
-
Contributions & Grants +17.0% YoY$43,105,672 (15.6%)
- Private Philanthropy, Alumni Gifts & Foundation Grants $42,784,760
- Government Grants (Contributions) $320,912
- Noncash Contributions Included Above (89 Public Stock Gifts at $1,788,999 + 8 Food Inventory Gifts at $18,259) $1,807,258
-
Other Revenue -19.6% YoY$1,353,165 (0.5%)
- Miscellaneous Income $1,434,164
- Vending, Store & Laundry $91,200
- Net Rental Loss ($1,006,448 Gross Real Estate Rents less $1,178,647 Rental Expenses) -$172,199
Endowment Performance and Asset Allocation
Claremont McKenna manages its endowment and long-term investment pool primarily through two controlled 501(c)(3) supporting organizations reported on Schedule R: the Claremont Investment Fund (EIN 82-3049880) and the Claremont Investment Management Company (EIN 82-3028605), overseen by Vice President and Chief Investment Officer James Floyd. Across all balance sheet cash and investment lines (Part X, Lines 1, 2, 11, 12, and 13), CMC holds $1.88 billion ($1,880,562,142) in gross financial assets, including $1.84 billion in investment securities and $36.09 million in cash and short-term cash equivalents.
On Schedule D, Part VII, CMC's unitized stake in the Claremont Investment Fund stands at $1.65 billion ($1,653,195,404), representing 87.9% of total cash and investment holdings, alongside $172.63 million in directly held publicly traded securities (9.2%). During FY25, CMC recorded a $39.50 million transfer from the Claremont Investment Fund (Schedule R, Part V) and $4.88 million in external investment management fees (Part IX, Line 11f). Because CMC enrolls more than 500 tuition-paying students and holds $1,027,000 in endowment assets per student—more than double the $500,000 federal statutory threshold—the college confirmed on Form 990 Part V (Line 16) that it is subject to the federal IRC Section 4968 excise tax on net investment income.
Portfolio Performance & Asset Allocation ($1.88B Total Cash & Investment Pool / $1.43B Endowment)
Part X & Schedule D, Part VII Allocation
-
•
Endowment Balance (EOY): $1,430,605,592 (+8.4% YoY), representing $1,027,000 per enrolled student across 1,393 students.
-
•
Net Investment Gains: $160,809,540 in total endowment investment returns (-2.1% YoY compared to $164,247,802 in FY24, representing a 12.2% gross return on beginning endowment value).
-
•
Pooled Fund Structure: 87.9% of CMC's cash and investment assets are consolidated inside the Claremont Investment Fund ($1.65B), supplemented by $172.63M in direct public equities/fixed income and $36.09M in operating cash and temporary investments.
-
•
Total Payout & Budget Coverage: $52,591,770 in direct programmatic and student aid spending ($39,786,316 for facilities and academic programs; $12,805,454 for grants and scholarships), covering 23.7% of Form 990 total operating expenses (28.3% of audited GAAP operating expenses). Including $4,658,259 in endowment administrative expenses brings total endowment outflows to $57,250,029 (25.8% of Form 990 total expenses).
Detailed Asset Mix (Balance Sheet Cash & Investments)
5-Year Endowment History
Schedule D, Part V documents the five-year trajectory of Claremont McKenna’s endowment from a $952.27 million opening balance in FY21 to $1.43 billion at the close of FY25—an overall expansion of 50.2% ($478.34 million). Across those five fiscal years, the endowment received $59.12 million in direct donor additions and generated $681.25 million in cumulative net investment earnings—highlighted by a $379.31 million post-pandemic surge in FY21 and consecutive gains of $164.25 million in FY24 and $160.81 million in FY25. Over the same five-year period, the endowment disbursed $262.03 million in total deductions, comprising $59.76 million in direct student scholarships, $181.95 million in program and facilities support, and $20.31 million in endowment administrative expenses. At year-end FY25, the endowment was balanced across 36.0% permanent endowment, 32.2% term endowment, and 31.8% 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) |
|---|---|---|---|---|---|
| 1a. Beginning of year | $1,319,993,254 | $1,206,467,092 | $1,224,987,290 | $1,313,226,768 | $952,269,012 |
| 1b. Contributions | $7,052,827 | $6,489,689 | $8,611,626 | $10,349,594 | $26,611,408 |
| 1c. Net investment earnings | $160,809,540 | $164,247,802 | $26,552,742 | ($49,669,364) | $379,305,154 |
| 1d. Grants or scholarships | ($12,805,454) | ($12,399,612) | ($11,947,857) | ($11,512,034) | ($11,096,741) |
| 1e. Other expenditures | ($39,786,316) | ($40,614,741) | ($37,751,802) | ($33,301,008) | ($30,499,039) |
| 1f. Administrative expenses | ($4,658,259) | ($4,196,976) | ($3,984,907) | ($4,106,666) | ($3,363,026) |
| 1g. End of year balance | $1,430,605,592 | $1,319,993,254 | $1,206,467,092 | $1,224,987,290 | $1,313,226,768 |
Per-Student Spending and True Cost
Standardized per-student spending analysis measures direct program services (Form 990, Part III, Line 4a/4e and Part IX, Column B) across the enrolled student body. In FY25, Claremont McKenna expended $176,448,646 on direct program services across its 1,393 degree-seeking students (1,390 undergraduates and 3 graduate students). That equates to $126,668 per student in direct academic, residential, and student aid program spending ($101,447 net per student when excluding $35,133,560 in direct financial aid grants).
By comparison, gross student tuition, fees, housing, and dining revenue (Part VIII, Line 2a) totaled $121,939,827, or $87,538 per student—covering 69.1% of direct program service costs and leaving a $39,130 per-student structural subsidy even before financial aid. When accounting for $35,133,560 in student financial aid grants, net student revenue totaled $86,806,267 ($62,316 per student), covering 49.2% of direct program service expenditure and requiring $64,352 per student in endowment distributions and philanthropic support. When adding $40,215,953 in institutional management and general expenses ($28,870 per student) and $5,434,604 in fundraising expenses ($3,901 per student), Claremont McKenna's total enterprise expenditure reached $222,099,203, or $159,440 per student.
Operations vs. Revenue
-
•
Regular Session Direct Program Spend (Part III, Line 4a & Part IX, Col. B): $176,448,646 across 1,393 students ($126,668 gross direct program spend per student; $101,447 net excluding $35.13M in financial aid grants).
-
•
Total Enterprise Spend (Part IX, Col. A, Line 25): $222,099,203 in overall institutional expenditure ($159,440 per student), comprising 79.4% Program Services ($176.45M), 18.1% Management & General ($40.22M), and 2.4% Fundraising ($5.43M).
-
•
Gross & Net Student Revenue vs. Program Spend: $121,939,827 in gross tuition, room, and board ($87,538 per student, covering 69.1% of program spend) and $86,806,267 in net student revenue after financial aid ($62,316 per student, covering 49.2% of program spend). Endowment draws and gifts fund the remaining $64,352 per-student net subsidy.
-
•
Instructional & Research Core (Part IX, Col. B): Includes $66,704,321 in program salaries, wages, pensions, and benefits ($47,885 per student), $18,407,409 in program-allocated debt interest, $8,694,540 in depreciation, and $5,096,234 in academic, off-campus study, and internship travel (supporting a student body where over 90% complete internships and nearly half study off-campus).
-
•
Residential, Dining & Consortium Shared Services (Lines 21, 24a, 24b): $6,855,965 in direct food and housing expenses (with Bon Appétit paid $5.69M as campus dining contractor), alongside $11,869,698 in related-organization services and $6,253,234 in affiliate payments supporting shared Claremont Colleges facilities, library systems, and campus safety.
Financial Aid: How Claremont McKenna Deploys $35.1M in Student Support
Claremont McKenna practices need-blind admissions for domestic undergraduate applicants and meets 100% of demonstrated financial need for all admitted students. On Form 990 Schedule I (Part III), CMC reported $35,133,560 in direct financial aid grants across 653 domestic student recipients—representing 46.9% of its 1,393-student enrollment and an average grant of $53,803 per aided student (up 1.9% from $34.48 million in FY24).
Endowment distributions directly underwrote 36.4% ($12,805,454 per Schedule D, Part V, Line 1d) of the college's financial aid budget, with the remaining $22,328,106 funded through unrestricted operating revenues and annual gift support. Per Schedule E (Part I, Line 6), CMC also participates in the Federal Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study, and Perkins Loan programs, maintaining $225,847 in government student loan advances on Schedule D, Part X.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 46.9% (653 of 1,393 students)
- Average Grant per Aided Student $53,803
- Endowment-Funded Scholarships (Schedule D) $12,805,454 (36.4% of Aid)
- Operating & Gift-Funded Aid $22,328,106 (63.6% of Aid)
- Total Domestic Student Cash Grants $35,133,560 (+1.9% YoY)
Consortium & Federal Aid Reconciliations
- GAAP Tuition Discount vs. Schedule I Aid ($32,402,314 vs. $35,133,560) On Schedule D (Parts XI and XII, Line 4b), CMC reclassifies $32,402,314 in institutional tuition discounts from revenue offsets to functional expenses, while an additional $2,731,246 in direct student fellowships, internships, and sponsored awards brings total Schedule I individual grants to $35,133,560.
- Federal & Sponsored Student Support ($2,730,001) Includes $320,912 in government grant contributions (Part VIII, Line 1e) and $2,409,089 in federal grants and contracts (Line 2c), verified continuously by the Office of Financial Aid and Office of the Registrar (Schedule I, Part IV).
Executive and Investment Team Compensation
Claremont McKenna’s Schedule J disclosures highlight the compensation structure of an endowment-intensive liberal arts institution that manages its $1.88 billion investment pool internally via a dedicated investment office while competing nationally for economics, finance, and computer science faculty. The college's highest-compensated employee in FY25 was Vice President and Chief Investment Officer James Floyd ($1,393,195 in total compensation, including $640,625 in base salary and a $625,000 performance bonus), followed by President Hiram Chodosh ($904,143, including $662,750 base salary, $115,348 in retirement/deferred compensation, and $101,205 in nontaxable benefits) and Associate Vice President for Investments Michael Denny ($761,480, including $352,500 base salary and a $340,000 performance bonus).
Four tenured faculty members ranked among the college's highest-compensated employees on Part VII and Schedule J: Integrated Sciences founding chair Ran Libeskind-Hadas ($548,310), Finance Professor Nishant Dass ($541,697), Financial Economics Professor Eric Hughson ($480,450), and Economics Professor Eric Helland ($422,341). Because no covered employee exceeded the statutory $1 million taxable remuneration threshold in a manner triggering liability, CMC reported on Form 990 Part V (Line 15) that it was not subject to the IRC Section 4960 executive compensation excise tax.
Payroll Scale and Compensation Governance
-
•
Total Institutional Payroll: Claremont McKenna expended $89,876,076 in total salaries, wages, pension contributions, and employee benefits in FY25 (+3.8% YoY, representing 40.5% of total operating expenses) across 2,025 W-2 employees (including student workers), with 1,056 staff members earning over $100,000 (Part VII, Section A, Line 2).
-
•
Board Compensation Governance (Schedule O): The Compensation Subcommittee of the Executive Committee of the Board of Trustees reviews and approves executive and key employee pay annually using Form 990 peer data, CUPA-HR national surveys, and external consultant benchmarks for the greater Los Angeles market.
-
•
Housing Loans, Deferred Plans & Related-Party Disclosures (Schedule J & L): President Hiram Chodosh is provided tax-exempt on-campus housing under IRC Section 119 as a condition of employment and received $52,320 in Section 457(f) nonqualified deferred compensation contributions (Schedule J, Part III). Under Schedule L, Part II, CMC holds $46,667 in outstanding board-approved housing assistance loans to VP for Academic Affairs Heather Antecol ($29,167 balance on a $50,000 loan) and Professor/Former VP Peter Uvin ($17,500 balance on a $100,000 loan). Schedule L, Part IV also discloses the employment of three family members of officers: Priya Junnar (family of President Hiram Chodosh, $109,998), Minju Kim (family of Former VP Peter Uvin, $156,720), and Evan Rutter (family of VP Michelle Chamberlain, $68,400).
|
Form 990, Schedule J, Part II: Compensation Breakdown — All 18 Listed Individuals (FY25)
|
|||||||
|---|---|---|---|---|---|---|---|
| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| James FloydVP and Chief Investment Officer | $640,625 | $625,000 | $1,200 | $61,028 | $65,342 | $1,393,195 | $0 |
| Hiram ChodoshPresident | $662,750 | $0 | $24,840 | $115,348 | $101,205 | $904,143 | $0 |
| Michael DennyAVP for Investments | $352,500 | $340,000 | $1,200 | $50,528 | $17,252 | $761,480 | $0 |
| Ran Libeskind-HadasFaculty | $463,659 | $0 | $840 | $52,137 | $31,674 | $548,310 | $0 |
| Nishant DassFaculty | $458,163 | $0 | $840 | $50,146 | $32,548 | $541,697 | $0 |
| Eric HughsonFaculty | $418,501 | $0 | $0 | $46,772 | $15,177 | $480,450 | $0 |
| Sharon BassoExecutive VP and COO | $374,563 | $0 | $840 | $41,072 | $57,599 | $474,074 | $0 |
| Matthew BibbensVP of Campus Planning & Cap. Proj., Sp. Counsel | $344,999 | $0 | $840 | $38,080 | $54,896 | $438,815 | $0 |
| Eric HellandFaculty | $372,796 | $0 | $0 | $41,313 | $8,232 | $422,341 | $0 |
| Diana GravesVP for Student Affairs | $271,720 | $0 | $56,916 | $29,753 | $58,421 | $416,810 | $0 |
| Michelle ChamberlainVP Adv, Dean of R.D. Sch. Prg. (thru 4/1/25) | $355,250 | $0 | $840 | $39,239 | $20,537 | $415,866 | $0 |
| Heather AntecolVP for Acad Affairs & Dean of Faculty, Prof. | $343,290 | $0 | $840 | $37,777 | $29,374 | $411,281 | $0 |
| Marcie GardnerGeneral Counsel | $310,000 | $0 | $840 | $33,697 | $48,110 | $392,647 | $0 |
| Nyree GrayVP for HR and Chief Civil Rights Officer | $333,622 | $0 | $840 | $31,238 | $16,049 | $381,749 | $0 |
| Erin WatkinsVP of Business, CFO (thru 12/31/24) | $300,000 | $0 | $0 | $32,595 | $16,430 | $349,025 | $0 |
| Peter UvinFormer VP Academic Affairs | $277,415 | $0 | $0 | $30,036 | $8,170 | $315,621 | $0 |
| Mia Alonzo*Controller | $201,562 | $0 | $0 | $21,193 | $21,388 | $244,143 | $0 |
| Kimberly ShiringSecretary of the College and Director of Public Art | $180,000 | $0 | $690 | $18,069 | $17,384 | $216,143 | $0 |
Facilities, Debt, and Municipal Relations
Claremont McKenna’s physical plant is undergoing the largest capital expansion in its history, centered on the 136,000-square-foot Robert Day Sciences Center and the development of its eastern Roberts Campus athletic and residential district. During FY25, net land, buildings, and equipment surged 31.3% year-over-year from $358.80 million to $471.19 million ($645.43 million gross cost basis less $174.24 million accumulated depreciation), driven by $195.70 million in active construction-in-progress (Schedule D, Part VI, Line 1e).
Unlike peer institutions that rely heavily on tax-exempt municipal bonds requiring Schedule K compliance, Claremont McKenna reported $0 in tax-exempt bond liabilities on Part X (Line 20). Instead, the college finances long-term capital construction through $523.36 million ($523,362,281) in third-party notes, mortgages, and taxable institutional bonds (anchored by its $300 million 3.775% taxable century bond issuance maturing in 2122), paying $19.00 million in annual interest expense (Part IX, Line 20). On Schedule I (Part II), CMC reported $0 in voluntary PILOT (Payment in Lieu of Taxes) cash grants to the City of Claremont or local governments, channeling its local fiscal footprint through consortium shared infrastructure, commercial rental expenses, and municipal master plan entitlements.
Capital Debt & Municipal Engagement
-
•
Physical Plant & Campus Operations (Schedule D, Part VI & Part III): CMC holds $645,428,882 in gross land, buildings, leasehold improvements, and equipment ($471,188,116 net book value, +31.3% YoY), alongside $12,620,511 in capitalized public art collections (Schedule D, Part III, Line 1b). Annual physical plant expenses include $9,398,811 in depreciation, $7,570,815 in occupancy, and $3,813,551 in building repairs.
-
•
Taxable Century Bonds & Institutional Debt (Part X, Line 23): Carrying $0 in tax-exempt bond liabilities, CMC utilizes $523,362,281 in taxable institutional debt and mortgages (+0.1% YoY) plus $62,927,272 in life income and annuity obligations, recording $18,997,996 in FY25 interest expense (8.6% of total operating expenses).
-
•
Schedule I Town-Gown PILOT Payments & Municipal Relations: CMC recorded $0 in direct Schedule I cash grants or voluntary PILOT payments to domestic governments. Instead, the college's municipal and regional engagement is structured through $18,122,932 in combined consortium payments ($11,869,698 to related organizations on Line 24a and $6,253,234 to affiliates on Line 21) supporting shared Claremont Colleges safety, central utilities, and campus infrastructure; $1,178,647 in direct property expenses on its $1,006,448 rental real estate portfolio (plus property holdings in disregarded entity Claremont McKenna College Holdings LLC); operation of the Children's Education Center of Claremont (a related 501(c)(3) preschool and elementary school); and infrastructure and environmental mitigation under its City of Claremont and City of Upland Campus Master Plan.
-
•
Top Independent Contractors (Part VII, Section B): Among 87 independent contractors receiving over $100,000 in CY24, general contractor KPRS Construction Services Inc. (Brea, CA) led all vendors at $59,717,558 for construction of the Robert Day Sciences Center, followed by campus dining provider Bon Appétit ($5,691,435), Gardner Company Inc. for HVAC services ($1,506,075), M3 Office Inc. for office furnishings ($1,481,110), and Gallagher Affinity Insurance Services Inc. ($1,378,902).
Editorial Note
All financial figures in this report derive from Claremont McKenna College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,393 degree-seeking students—1,390 undergraduates and 3 graduate students) prepared with Baker Tilly Advisory LP and reviewed by the data team.
While Claremont McKenna expends $126,668 per student on direct academic, residential, and student aid program services ($159,440 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or career placement outcomes. Rather, these capital resources underwrite the 8:1 student-faculty ratio, 11 research institutes, sponsored internships, and need-blind domestic admissions that operate alongside CMC’s student selectivity.
Accounting Reconciliation: Readers comparing Claremont McKenna’s audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, audited total revenue, gains, and support of $338,453,498 includes $99,348,948 in net unrealized investment gains and $653,345 in net actuarial, rental, and pledge write-off adjustments ($3,536,317 actuarial gain and $1,178,647 rental expense reclassification less $4,061,619 in pledge write-offs) that are excluded from Form 990 total revenue of $275,743,084. Second, audited GAAP financial statements net $32,402,314 of institutional student financial aid directly against gross tuition revenue and net $4,883,523 of investment management fees against investment return; Form 990 reclassifies both items (plus $6,042 in K-1 partnership income on the revenue side) into gross revenue and functional expenses, increasing Form 990 total expenses from $185,992,013 on the audited statements (less $1,178,647 in netted rental expenses) to $222,099,203 on Part IX, Line 25. Third, per Schedule R, CMC’s consolidated GAAP statements integrate controlled supporting organizations—including the Claremont Investment Fund, Claremont Investment Management Company, Claremont McKenna College Foundation, Children's Education Center of Claremont, and Claremont McKenna College Alumni Association—whereas Form 990 reports the college’s standalone legal return alongside related-party transfers.
Frequently Asked Questions: Claremont McKenna's Form 990 Financials
As of Fiscal Year 2025, Claremont McKenna College's endowment stands at $1.43 billion ($1,430,605,592 on Form 990 Schedule D, Part V), up 8.4% year-over-year, or $1,027,000 per enrolled student. Its $52.59 million annual payout for scholarships and academic programs covers 23.7% of CMC's $222.10 million Form 990 operating budget (28.3% of its $185.99 million GAAP operating budget, and 25.8% of Form 990 expenses when including $4.66 million in endowment administrative fees).
Claremont McKenna spends $126,668 per student annually in direct program services—instruction, research institutes, residential life, and student financial aid ($176.45 million across 1,393 students)—compared to $87,538 per student collected in gross tuition, room, and board and $62,316 per student in net student revenue after financial aid. When adding management overhead ($40.22 million) and fundraising ($5.43 million), total institutional expenditure reaches $159,440 per student ($222.10 million).
Claremont McKenna disbursed $35.13 million ($35,133,560) in direct Schedule I financial aid grants across 653 domestic students in FY25, representing 46.9% of its 1,393-student body and an average grant of $53,803 per aided student. Endowment distributions funded $12.81 million (36.4%) of the aid total, with operating revenues and annual gifts covering the remaining $22.33 million (63.6%).
The highest-paid employee in FY25 was Vice President and Chief Investment Officer James Floyd, who received $1,393,195 in total compensation ($640,625 base salary, $625,000 bonus, and $127,570 in retirement and nontaxable benefits), followed by President Hiram Chodosh ($904,143) and Associate Vice President for Investments Michael Denny ($761,480).
Yes. Because Claremont McKenna enrolls more than 500 tuition-paying students (1,393 students) and holds $1,027,000 in endowment assets per student—exceeding the $500,000 per-student federal threshold—the college confirmed on Form 990 Part V (Line 16) that it is subject to the IRC Section 4968 excise tax on net investment income.
Claremont McKenna College's total assets reached $2.71 billion ($2,708,910,623) in Fiscal Year 2025, anchored by $1.88 billion in total cash and investment holdings ($1.65 billion in the Claremont Investment Fund and $172.63 million in publicly traded securities), $471.19 million in net land, buildings, and equipment, and $347.63 million in net pledges receivable.
Further Reading
Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Financial Analysis
November 9, 2026Wesleyan Spends $109,746 Per Student Against $61,592 in Net Student Revenue, Pairing a $76.6M Endowment Draw (19% of Budget) with $99.2M in Aid as Assets Hit $2.52 Billion
Financial analysis of Wesleyan University's FY25 Form 990, detailing its $2.52 billion asset base, $1.64 billion endowment, $109,746 per-student program spend, Town-Gown municipal relations, and Schedule J executive compensation.
Financial Analysis
November 9, 2026Harvey Mudd Subsidizes STEM Instruction at $110,995 Per Student Against $64,700 in Net Tuition, Deploying $22.8M in Aid to 62% of Undergraduates and an $18.2M Endowment Draw (15.7% of Budget) as Assets Reach $718.6 Million
Financial analysis of Harvey Mudd College's FY25 Form 990, detailing its $718.55 million asset base, $507.72 million endowment, $110,995 per-student direct program spend, Town-Gown municipal relations, and Schedule J executive compensation.