Carnegie Mellon Revenue Surges 24.7% to $2.50 Billion on $580.7 Million Realized Capital Gains, Driving $601.4 Million Surplus and $100,718 Per-Student Program Spend
By Data Team | Published November 6, 2026
Carnegie Mellon University’s total revenue rose 24.7% to $2.50 billion in fiscal year 2025, driven by a 151.8% surge in realized investment income to $675.2 million as total assets reached $7.64 billion, according to its latest IRS filing. Anchored by a $3.48 billion endowment whose $163.0 million annual distribution covers 8.6% of the university's $1.90 billion Form 990 operating budget ($152.3 million or 8.0% net of administrative fees), Carnegie Mellon expends $100,718 per student across all direct program services ($1.68 billion across approximately 16,700 students)—including $62,931 per student in regular session instruction and student aid ($1.05 billion) and $113,575 per student in total enterprise expenditure ($1.90 billion).
Unlike peer research institutions that operate large academic medical centers, Carnegie Mellon functions as a specialized technology, engineering, and fine-arts research university paired with a federally funded national defense software laboratory. Student tuition ($1.02 billion) and auxiliary services ($96.5 million) generate 44.6% of total revenue, while federal and state research grants ($495.5 million, including the Software Engineering Institute), private philanthropy and related foundation support ($194.9 million), and realized investment income ($675.2 million) fund the remainder.
To maintain access across its 16,700 undergraduate, master's, and doctoral students, Carnegie Mellon disbursed $267.9 million in direct student scholarships and fellowships in FY25—recording $234.6 million in Form 990 Schedule I grants across 8,809 domestic recipients (52.7% of enrollment) and $33.3 million across 729 international students on Schedule F, bringing the total aided student share to 57.1% (9,538 students).
Institutional & Governance Profile
Incorporated in Pennsylvania in 1900 as a 501(c)(3) public charity (EIN 25-0969449) and headquartered at 5000 Forbes Avenue in Pittsburgh, Carnegie Mellon University combines a technical institute, a fine-arts conservatory, and an interdisciplinary research university. Beyond its main Oakland campus in Pittsburgh, the university operates degree-granting satellite campuses in Silicon Valley and Doha, Qatar, alongside global educational and research operations in Kigali, Rwanda (CMU-Africa), Portugal, and Thailand.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1900 by Andrew Carnegie, CMU reported 16,745 Form W-2 employees in calendar year 2024, filed 16,488 Form 1096 vendor returns, and engaged 36 independent board volunteers.
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Academic & Global Footprint: Seven colleges and schools—Computer Science, Engineering, Tepper School of Business, Dietrich College of Humanities and Social Sciences, Mellon College of Science, Fine Arts, and Heinz College of Information Systems and Public Policy—plus the Software Engineering Institute (SEI) serve approximately 16,700 undergraduate, graduate, and doctoral students across more than 100 majors and minors.
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Executive Leadership: President Farnam Jahanian leads the university alongside Provost and Chief Academic Officer James H. Garrett, Vice President of Finance and CFO Angela Blanton, Chief Investment Officer Charles A. Kennedy, Vice President for Research Theresa Mayer, and General Counsel Mary Jo Dively.
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Governing Board & Civic Ex-Officio Trustees (Schedule O): The Board of Trustees comprises 41 voting members (36 independent), chaired by David Coulter with Vice Chair Anne M. Molloy. Per Schedule O (Part VI, Line 7a), six voting seats are held by ex-officio trustees, including the Mayor of the City of Pittsburgh (Ed Gainey), the President of the Pittsburgh City Council (Daniel Lavelle), the University President, the Faculty Senate Chair, and the presidents of the Alumni Association and Andrew Carnegie Society.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Carnegie Mellon generated $4.21 billion in gross receipts and $2.50 billion in total net revenue. Total assets increased 6.6% to $7.64 billion while total liabilities edged up 1.4% to $1.32 billion, lifting net assets by 7.7% ($452.2 million) to $6.32 billion. Donor-restricted funds account for 57.6% of total net assets, while unrestricted reserves represent 42.4%.
Balance Sheet Strength
- Total Assets $7,636,209,610 (+6.6%)
- Total Liabilities $1,319,953,603 (+1.4%)
- Total Net Assets $6,316,256,007 (+7.7%)
- Donor-Restricted Net Assets $3,636,304,401 (57.6% of Total Net Assets)
- Unrestricted Net Assets $2,679,951,606 (42.4% of Total Net Assets)
Operating Performance
- Total Revenue $2,498,102,199 (+24.7%)
- Total Expenses $1,896,700,767 (+6.7%)
- Operating Surplus $601,401,432 (+166.0%)
- Unrealized Losses (Excluded) ($125,939,654)
Note: The $601.4 million Form 990 operating surplus reflects realized portfolio gains of $580.7 million; deducting $125.9 million in net unrealized investment losses and $23.2 million in pledge receivable and interest-swap adjustments (Part XI, Lines 5 and 9) reconciles the $452.2 million net asset increase.
Revenue Breakdown
Three of Carnegie Mellon's four revenue pillars expanded in FY25. Program service revenue increased 5.1% to $1.13 billion (45.1% of total revenue), led by $1.02 billion in gross student tuition and $96.5 million in housing, dining, and auxiliary operations. Contributions and grants rose 5.4% to $690.5 million (27.6% of revenue), anchored by $495.5 million in federal and state sponsored research grants alongside $169.9 million in private gifts and $25.0 million from related supporting organizations. Realized investment income jumped 151.8% to $675.2 million (27.0% of revenue) following $2.29 billion in gross security sales that yielded $580.7 million in realized net capital gains, while other revenue declined 23.4% to $6.46 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +5.1% YoY$1,125,956,853 (45.1%)
- Tuition & Academic Fees (Line 2a) $1,018,569,965
- Auxiliary Services (Housing, Dining, Bookstore, Parking, Telecom) $96,513,219
- Other Program Services (External Support & Memberships) $10,873,669
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Contributions & Grants +5.4% YoY$690,456,548 (27.6%)
- Government Research & Sponsored Grants (Line 1e) $495,533,013
- Private Philanthropy, Foundations & Corporate Gifts (Line 1f) $169,914,065
- Related Organizations Support (Dietrich Foundation & Affiliates, Line 1d) $25,009,470
- Noncash Gifts Included Above (226 Stock Gifts, Computing & Robotics Gear) $16,572,016
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Investment Income +151.8% YoY$675,231,553 (27.0%)
- Realized Net Capital Gains ($2.29B Gross Sales less $1.71B Cost Basis) $580,712,931
- Dividends, Interest & Other Investment Income ($21.9M UBI Included) $94,518,622
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue -23.4% YoY$6,457,245 (0.3%)
- Intellectual Property Royalties ($2.99M) & Net Inventory Sales ($2.40M) $5,397,118
- Net Rental Income ($1.51M Gross Rents less $452K Expenses) & Events ($4.4K) $1,060,127
Endowment Performance and Asset Allocation
Carnegie Mellon’s Investment Office manages $4.49 billion in balance sheet investment securities ($1.91 billion in publicly traded securities on Part X, Line 11 and $2.58 billion in alternative and other securities on Schedule D, Part VII), alongside $1.06 billion in cash and temporary cash investments ($5.55 billion in total cash and securities). Within the $4.49 billion securities portfolio, alternative assets represent 57.6% of holdings, led by $1.38 billion in venture capital and private equity (30.7%), $495.1 million in hedge funds (11.0%), $387.6 million in emerging market equities (8.6%), and $190.3 million in real estate (4.2%).
To execute its global alternative strategy, CMU holds $1.69 billion in foreign-domiciled investment vehicles reported on Schedule F—including $1.28 billion in Central America and the Caribbean, $287.2 million in Europe, $53.4 million in Sub-Saharan Africa, and $48.8 million in North America—and generated $22.71 million in gross unrelated business revenue ($1.98 million net taxable income on Form 990-T). Because CMU's $3.48 billion endowment equates to $208,541 per student across 16,700 students—well below the $500,000 per-student threshold—the university is exempt from the federal IRC Section 4968 endowment excise tax (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($4.49B Investment Securities / $5.55B Including Cash Reserves)
Part X & Schedule D, Part VII Securities Allocation
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Endowment Balance (EOY): $3,482,632,428 (+7.8% YoY), representing $208,541 per enrolled student across 16,700 students (exempt from Section 4968 excise tax).
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Net Investment Gains: $344,360,278 in endowment investment earnings (+75.0% YoY from $196.7M in FY24).
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Alternative & Offshore Capital: 57.6% ($2.58B) of CMU's $4.49B securities portfolio sits in Schedule D alternative and regional strategies, with $1.28B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $163,015,829 in total endowment outlays ($117.8M to facilities and academic programs, $34.5M to scholarships, and $10.7M to administration) covers 8.6% of CMU's $1.90B Form 990 operating budget (8.0% or $152.3M excluding administrative expenses).
Detailed Securities Mix ($4,489,210,668 Total Securities)
5-Year Endowment History
Schedule D, Part V documents the 68.5% expansion of Carnegie Mellon’s endowment over the past five fiscal years, climbing from a $2.07 billion opening balance in FY21 to $3.48 billion at the close of FY25. Over that five-year span, the endowment captured $643.4 million in donor contributions and $1.43 billion in cumulative net investment earnings—anchored by a $906.1 million post-pandemic surge in FY21 and $344.4 million in FY25 returns—while distributing $656.1 million toward scholarships ($137.4 million), academic programs and facilities ($477.9 million), and endowment administration ($40.8 million). Governed by Pennsylvania Act 141 spending rules, the FY25 ending balance comprises 43.41% permanent endowment, 41.69% term endowment, and 14.90% 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 | $3,230,086,794 | $3,116,857,443 | $3,030,995,181 | $3,090,015,040 | $2,067,357,168 |
| 1b. Contributions | $71,201,185 | $66,017,814 | $132,510,133 | $156,659,189 | $216,973,683 |
| 1c. Net investment earnings | $344,360,278 | $196,741,935 | $84,165,181 | ($103,322,589) | $906,059,029 |
| 1d. Grants or scholarships | ($34,522,186) | ($31,330,983) | ($27,610,042) | ($22,758,880) | ($21,191,800) |
| 1e. Other expenditures | ($117,786,639) | ($108,648,290) | ($95,251,205) | ($83,063,102) | ($73,125,703) |
| 1f. Administrative expenses | ($10,707,004) | ($9,551,125) | ($7,951,805) | ($6,534,477) | ($6,057,337) |
| 1g. End of year balance | $3,482,632,428 | $3,230,086,794 | $3,116,857,443 | $3,030,995,181 | $3,090,015,040 |
Per-Student Spending and True Cost
Standardizing per-student expenditure across Carnegie Mellon’s approximately 16,700 undergraduate, master's, and doctoral students requires examining direct program service expenses (Part III, Line 4e and Part IX, Column B). In FY25, CMU expended $1,681,988,969 across all direct program services—equating to $100,718 per student in direct program service spending. Within that figure, Regular Session Instruction, Academic Support, and Student Services (Part III, Line 4a) totaled $1,050,952,848, or $62,931 per student ($46,579 net per student after deducting $273.08 million in instructional and student grants).
Alongside instruction, CMU spent $458,341,813 ($27,446 per student) on organized research across its seven academic colleges and the federally funded Software Engineering Institute (Part III, Line 4b), $162,078,624 ($9,705 per student) on auxiliary housing, dining, parking, and telecommunications services (Line 4c), and $10,615,684 ($636 per student) on other program services (Line 4d). Including $180.80 million in management and general overhead and $33.91 million in fundraising (Part IX, Columns C and D), total enterprise expenditure reached $1,896,700,767, or $113,575 per student. By comparison, gross student tuition generated $1,018,569,965 ($60,992 per student), and net tuition after deducting $267.90 million in scholarships and fellowships totaled $750,670,369 ($44,950 per student)—covering 44.6% of direct program service costs and leaving a $55,768 per-student net subsidy ($39,726 per student on a gross tuition basis) bridged by federal research grants, endowment distributions, and philanthropy.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $1,681,988,969 across 16,700 students, or $100,718 per student (representing 88.7% of all university expenditures).
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Regular Session Instruction & Total Enterprise Spend (Part III, Line 4a & Part IX, Col A): $1,050,952,848 in direct instruction and student services ($62,931 gross per student; $46,579 net excluding $273.1M in grants) and $1,896,700,767 in total institutional expenses ($113,575 per student).
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Tuition & Auxiliary Revenue vs. Cost: $1,018,569,965 in gross tuition ($60,992 per student) and $96,513,219 in auxiliary revenue ($5,779 per student). Net of $267.9M in financial aid grants, net tuition ($44,950 per student) covers 44.6% of direct program service spend.
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Organized Research & Software Engineering Institute (Line 4b): $458,341,813 in direct research expenditure ($27,446 per student, including $49.7M in domestic research sub-grants), supported by $495.5M in government grants (Part VIII, Line 1e).
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Auxiliary & Global Campuses (Lines 4c–4d & Schedule F): $162,078,624 in auxiliary housing, dining ($30.6M food service operations), and campus facilities, plus $94.9M in overseas educational program services across Qatar ($59.9M, 242 staff), Sub-Saharan Africa ($25.4M, 180 staff in Rwanda), Europe ($4.8M), and East Asia ($2.8M).
Financial Aid: How Carnegie Mellon Deploys $267.9M in Student Support
Carnegie Mellon allocates financial aid, scholarships, and fellowships across its domestic and international campuses using institutional models that evaluate financial need, academic and artistic merit, and degree program (Schedule I, Part IV and Schedule F, Part V). In FY25, CMU disbursed $267,899,596 in direct student scholarships and fellowships across 9,538 domestic and international students—representing 57.1% of its 16,700-student enrollment.
On Form 990 Schedule I (Part III), CMU reported $234,556,163 in cash grants across 8,809 domestic students (52.7% of total enrollment): $159,067,690 awarded to 3,457 undergraduates ($46,013 average grant per aided undergraduate), $72,212,664 awarded to 5,028 graduate and doctoral students ($14,362 average fellowship), and $3,275,809 awarded to 324 non-degree students ($10,111 average grant). Additionally, on Schedule F (Part III), CMU distributed $33,343,433 in international student scholarships to 729 recipients ($45,739 average grant), concentrated at its Doha, Qatar campus ($16.08 million across 311 students) and CMU-Africa in Kigali, Rwanda ($15.44 million across 330 students).
Internal Student Support (Schedule I & F)
- Total Aided Student Share (Sched I + F) 57.1% (9,538 students)
- Domestic Aided Share (Schedule I) 52.7% (8,809 students)
- Undergraduate Grants (3,457 recipients) $159,067,690 ($46,013 avg.)
- Graduate Fellowships (5,028) & Non-Degree (324) $75,488,473
- Total Domestic & Foreign Student Aid $267,899,596 ($28,088 avg.)
International Aid & Research Sub-Grants
- Global Campus Scholarships ($33,343,433 across 729 students) Includes $16.08M to 311 students in the Middle East/North Africa (Qatar), $15.44M to 330 students in Sub-Saharan Africa (Rwanda), $1.35M to 67 students in Europe, and $463.6K across 21 students in Asia and the Americas.
- Domestic & Foreign Sponsored Research Subawards ($54,830,376) Includes $49,651,714 in Schedule I domestic research sub-grants to partner universities and institutes and $5,178,662 in Schedule F foreign research subcontracts across 47 organizations and 3 individuals.
Executive and Investment Team Compensation
Carnegie Mellon’s Schedule J disclosures detail compensation across 26 officers, deans, key employees, and highest-compensated staff. On Schedule J, Voting Trustee Edward J. Grefenstette appears first with $3,594,546 in total compensation ($880,955 base, $1.00 million bonus, and $1.47 million in deferred compensation); however, 100% of his remuneration was paid by a related organization, The Dietrich Foundation, where he serves as President and CEO, while receiving $0 from CMU.
Among direct Carnegie Mellon employees, President Farnam Jahanian was the highest-compensated executive in FY25 at $3,155,276 ($3,130,276 from CMU—including $1,615,936 base salary, a $700,000 performance bonus, $433,165 in other reportable compensation, $227,600 in retirement/deferred plans, and $153,575 in nontaxable benefits—plus $25,000 from a related organization). He was followed by Chief Investment Officer Charles A. Kennedy ($2,243,253, including a $924,797 bonus and $816,320 in prior deferred payouts), Qatar Campus Dean Michael Trick ($1,177,532), Provost James H. Garrett ($961,085), and Investment Office Managing Director of Operations Thomas Goff ($914,766). Because CMU paid remuneration above $1 million to covered executives, 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: Carnegie Mellon expended $1,087,194,901 in total salaries, wages, pensions ($52.3M), employee benefits ($95.3M), and payroll taxes ($48.2M) in FY25 (+5.6% YoY, representing 57.3% of all university expenses) across 16,745 W-2 employees, with 2,299 staff members earning over $100,000.
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Board Compensation Governance (Schedule O, Part VI, Line 15): The Board Compensation Committee annually reviews peer comparability studies and external compensation surveys to approve pay for the Provost, Vice Presidents, Deans, and Key Employees, and submits recommendations for the President's total compensation package to the Executive Committee.
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Executive Benefits & Interested-Person Transactions (Schedule J & L): Per Schedule J (Part I), CMU provides accountable-plan allowances including housing/residence use, tax gross-ups, and discretionary accounts to designated executives, with President Jahanian participating in a non-qualified supplemental retirement plan. On Schedule L (Part IV), CMU disclosed four arms-length transactions involving interested persons: a $411,350 capital call to Smith Point Capital LLC (led by Trustee Keith Block), $100,216 in salary to Associate Director of Student Accounts L. Smith (brother of Provost James Garrett), $15,000 in adjunct pay to J. Grefenstette, and $10,000 in lecturer pay to H. Posner (spouse of Vice Chair Anne Molloy).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 26 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) |
| Edward J. GrefenstetteTrustee (Pres/CEO, Dietrich Fdn — Related Org) | $880,955 | $1,000,000 | $217,380 | $1,466,486 | $29,725 | $3,594,546 | $2,098,334 |
| Farnam JahanianPresident / Ex-Officio Trustee ($25K Related Org) | $1,640,936 | $700,000 | $433,165 | $227,600 | $153,575 | $3,155,276 | $0 |
| Charles A. KennedyChief Investment Officer | $543,517 | $924,797 | $49,138 | $689,754 | $36,047 | $2,243,253 | $816,320 |
| Michael TrickDean, Qatar Campus | $489,469 | $0 | $587,617 | $27,600 | $72,846 | $1,177,532 | $0 |
| James H. GarrettProvost & Chief Academic Officer | $742,323 | $100,000 | $61,881 | $27,600 | $29,281 | $961,085 | $0 |
| Thomas GoffManaging Dir., Operations - Inv. Office | $287,811 | $302,481 | $28,197 | $266,172 | $30,105 | $914,766 | $0 |
| Mary Jo DivelyVP, General Counsel & Corp. Secretary | $722,587 | $40,000 | $78,025 | $27,600 | $29,705 | $897,917 | $0 |
| Isabelle Bajeux-BesnainouProfessor & Dean, Tepper School of Business | $682,481 | $0 | $48,069 | $33,741 | $31,231 | $795,522 | $0 |
| Krzysztof MatyjaszewskiJ.C. Warner Univ. Prof. of Natural Sciences | $649,893 | $0 | $47,669 | $33,741 | $19,432 | $750,735 | $0 |
| Theresa MayerVice President for Research | $493,675 | $17,500 | $46,585 | $27,600 | $153,219 | $738,579 | $0 |
| Paul D. NielsenDirector & CEO, Software Engineering Inst. | $651,070 | $0 | $46,431 | $27,600 | $10,598 | $735,699 | $0 |
| Martial HebertProfessor & Dean, School of Computer Science | $557,590 | $50,000 | $33,012 | $33,741 | $33,159 | $707,502 | $0 |
| William SandersProfessor & Dean, College of Engineering | $538,372 | $25,000 | $42,240 | $33,741 | $7,665 | $647,018 | $0 |
| Daryl WeinertVice President for Operations | $503,249 | $25,000 | $23,704 | $27,600 | $29,036 | $608,589 | $0 |
| Scott MoryFormer Officer (VP University Advancement) | $255,193 | $200,000 | $73,616 | $49,123 | $7,402 | $585,334 | $0 |
| Angela BlantonVice President of Finance & CFO | $459,471 | $17,500 | $36,258 | $27,600 | $42,930 | $583,759 | $0 |
| Stan WaddellVP for Info. Tech. & Chief Info. Officer | $408,960 | $17,500 | $45,894 | $27,600 | $64,622 | $564,576 | $0 |
| Gina CasalegnoVP for Student Affairs & Dean of Students | $397,401 | $25,000 | $32,758 | $27,600 | $64,881 | $547,640 | $0 |
| Pam EagerInterim VP Univ. Advancement (Exited 2/25) | $433,522 | $0 | $30,000 | $27,600 | $33,863 | $524,985 | $0 |
| Jonathan CaganFormer Key Employee / Professor | $342,395 | $0 | $63,651 | $27,600 | $46,892 | $480,538 | $0 |
| Lowell TaylorEx-Officio Trustee / Professor | $317,521 | $0 | $52,110 | $29,753 | $27,227 | $426,611 | $0 |
| Tom MitchellFormer Key Employee / Professor | $336,833 | $0 | $26,943 | $27,018 | $20,709 | $411,503 | $0 |
| Carrie NelsonAssistant Treasurer | $310,175 | $0 | $4,484 | $25,063 | $23,334 | $363,056 | $0 |
| John DolanTreasurer | $294,616 | $0 | $1,655 | $24,831 | $27,018 | $348,120 | $0 |
| Tysen KendigVP Univ. Comm. & Marketing (as of 9/24) | $179,363 | $0 | $13,228 | $12,833 | $31,762 | $237,186 | $0 |
| Kate LippertAssistant Secretary of the Corporation | $148,101 | $2,000 | $1,932 | $13,008 | $29,052 | $194,093 | $0 |
Facilities, Debt, and Municipal Relations
Carnegie Mellon’s physical footprint centers on its 157-acre Oakland campus in Pittsburgh alongside its Hazelwood Green robotics and advanced manufacturing hub (Mill 19) and regional campuses. To finance academic laboratories, engineering complexes, and student housing without depleting liquid endowment reserves, the university utilizes tax-exempt municipal bonds issued through the Allegheny County Higher Education Building Authority (Schedule K) paired with long-term institutional notes.
In its town-gown relationship with the City of Pittsburgh and Allegheny County, CMU pairs formal municipal governance integration—granting full voting seats on its Board of Trustees to both the Mayor of Pittsburgh and the President of the Pittsburgh City Council—with $49.65 million in Schedule I grants to domestic organizations and governmental entities, $1.19 million in accrued federal, state, and local taxes payable, and regional industrial redevelopment partnerships.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): CMU holds $2.84 billion ($2,844,742,584) in gross land, buildings, and equipment ($1.47 billion net book value after $1.37 billion in accumulated depreciation), recording $77.4 million in annual occupancy expenses, $95.0 million in depreciation, and $146.1 million in right-of-use lease liabilities.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $509.3 million ($509,323,538) in tax-exempt bond liabilities across eight active Allegheny County Higher Education Building Authority issues (spanning 2008 to the $60.5M January 2024 refunding series) and $294.8 million in unsecured notes payable, paying $24.4 million in FY25 interest expense.
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Schedule I Grants, Town-Gown PILOT Relations & Civic Governance: While academic buildings qualify as tax-exempt under Pennsylvania's Act 55, CMU seats Pittsburgh Mayor Ed Gainey and City Council President Daniel Lavelle as voting Ex-Officio Trustees (Schedule O), disbursed $49.65 million in Schedule I domestic organizational and government subawards, carries $1.19 million in federal, state, and local taxes payable alongside $452K in rental property expenses, and spent $825.2K across its affiliated group on federal, state, and local legislative relations (Schedule C).
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Top Construction & Campus Contractors (Part VII, Section B): Among 128 independent contractors paid over $100,000 in FY25, four of the top five were construction and architecture firms building out Pittsburgh campus facilities: Mascaro Construction Co. ($28.64M), Compass Group USA ($17.59M for campus dining), PJ Dick Inc. ($17.13M), Jendoco Construction Corp. ($12.94M), and Zimmer Gunsul Frasca Architects ($6.90M).
Editorial Note
All financial figures in this report derive from Carnegie Mellon University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 16,700 undergraduate, graduate, and doctoral students) and have been verified by the Chicardgo Data Team.
While Carnegie Mellon expends $100,718 per student across all direct program services ($62,931 per student in regular session instruction and student aid and $113,575 per student in total enterprise expenditure), Chicardgo School does not imply that institutional expenditure mathematically causes specific postgraduate earnings or career outcomes. Rather, these capital resources fund the computing, robotics, engineering, and fine-arts infrastructure that operates alongside CMU's student selectivity.
Accounting Reconciliation: Readers comparing Carnegie Mellon’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $1.90B ($1,896,700,767) in total expenses by recording $322.7M in grants ($267.9M in domestic and international student scholarships and fellowships) as an operating expense alongside $1.02B in gross tuition revenue, whereas GAAP financial statements net student financial aid directly against gross tuition. Second, Form 990 Part VIII recognizes $675.2M in realized investment income and net capital gains (producing a $601.4M Form 990 operating surplus), while excluding -$125.9M (-$125,939,654) in net unrealized investment losses and -$23.2M (-$23,226,854) in pledge receivable adjustments (-$20.44M), interest rate swap valuation changes (-$2.00M), and iCarnegie close-out adjustments (-$682K) reported on Part XI (Lines 5 and 9) and Schedule O. Third, because CMU's financial statements are audited on a consolidated basis (Part IV, Line 12b and Part XII, Line 2b), Schedule D Parts XI and XII are omitted on the standalone Form 990, whereas the consolidated GAAP statements incorporate controlled affiliates listed on Schedule R—including the Advanced Robotics for Manufacturing Institute, Learnvia Inc., the Benjamin Garver Lamme Scholarship Fund, and the Jack G. Buncher Charitable Fund—while capturing $25.0M in related-organization contributions from The Dietrich Foundation and affiliates on Part VIII, Line 1d.
Frequently Asked Questions: Carnegie Mellon's Form 990 Financials
As of Fiscal Year 2025, Carnegie Mellon University's endowment stands at $3.48 billion ($3,482,632,428), up 7.8% year-over-year. Its $163.0 million total annual payout ($117.8 million for facilities and academic programs, $34.5 million for scholarships, and $10.7 million for administration) covers 8.6% of the university's $1.90 billion Form 990 operating budget (8.0% or $152.3 million excluding administrative fees).
Carnegie Mellon spends $100,718 per student annually across all direct program services ($1.68 billion across approximately 16,700 students), comprising $62,931 per student in regular session instruction and student aid ($1.05 billion), $27,446 per student in organized research ($458.3 million), and $10,341 per student in auxiliary and other program services ($172.7 million). Including administrative overhead and fundraising, total enterprise expenditure is $113,575 per student ($1.90 billion), compared to $60,992 per student collected in gross tuition.
Carnegie Mellon disbursed $267.9 million in direct student scholarships and fellowships in FY25 across 9,538 aided students (57.1% of total enrollment). On Schedule I, CMU reported $234.6 million across 8,809 domestic students (52.7% of enrollment)—including $159.1 million to 3,457 undergraduates ($46,013 average grant), $72.2 million to 5,028 graduate students, and $3.3 million to 324 non-degree recipients—plus $33.3 million across 729 international students on Schedule F.
President Farnam Jahanian is the highest-paid university employee, receiving $3,155,276 in total FY25 compensation ($3,130,276 from CMU plus $25,000 from a related organization), followed by Chief Investment Officer Charles A. Kennedy ($2,243,253) and Qatar Campus Dean Michael Trick ($1,177,532). Voting Trustee Edward J. Grefenstette received $3,594,546 strictly from a related organization, The Dietrich Foundation, where he serves as President and CEO.
No. Per Form 990 Part V, Line 16, Carnegie Mellon is exempt from the IRC Section 4968 federal excise tax on net investment income because its $3.48 billion endowment equates to approximately $208,541 per student across 16,700 students, remaining below the $500,000 per-student statutory threshold.
Carnegie Mellon University's total assets reached $7.64 billion ($7,636,209,610) in Fiscal Year 2025, anchored by $4.49 billion in balance sheet investment securities ($1.91 billion publicly traded and $2.58 billion in alternative/other securities), $1.47 billion in net physical plant, and $1.06 billion in cash and temporary cash investments.
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