Columbia University Revenue Tops $7.5 Billion in FY25 as $15.9 Billion Endowment and $1.86 Billion Medical Practice Anchor $26.0 Billion Asset Base
By Data Team | Published November 5, 2026
Columbia University’s total assets reached $26.03 billion in fiscal year 2025, supported by a $15.92 billion endowment whose $825.2 million annual outlay covers 11.4% of the university's $7.21 billion Form 990 operating budget ($771.8 million, or 10.7%, in direct programmatic and scholarship distributions), according to its latest IRS filing. Across 35,872 full-time and part-time students, Columbia spends $181,026 per student on direct program services ($6.49 billion)—including $68,439 per student on Regular Session instruction, research institutes, libraries, and student aid ($2.46 billion)—while total institutional expenditure including central administration and fundraising reaches $201,018 per student ($7.21 billion).
Columbia’s financial architecture pairs large-scale degree instruction with an urban academic medical center, a federally sponsored research enterprise, and an institutional investment office. Gross tuition and fees generate $2.20 billion ($61,368 per student), accounting for 29.3% of Columbia's $7.51 billion total revenue. Clinical patient care at Columbia University Irving Medical Center ($1.86 billion), government grants ($1.31 billion), private philanthropy ($762.7 million), and realized investment income ($708.6 million) provide the remaining 70.7% of operating inflows.
This multi-engine revenue structure supports institutional financial aid and clinical research across New York City. Columbia disbursed $755.0 million in direct student tuition and scholarship grants on Form 990 Schedule I across 15,723 students (43.8% of the student body), alongside $208.7 million in domestic organizational grants and $32.4 million in international research assistance.
Institutional & Governance Profile
Operating under its formal corporate name, The Trustees of Columbia University in the City of New York (EIN 13-5598093), Columbia is domiciled in New York with administrative headquarters at 615 West 131st Street in Manhattanville. Founded in 1754 by royal charter as King's College, the private, nonsectarian institution operates across three major New York City campuses—Morningside Heights, Manhattanville, and Columbia University Irving Medical Center (CUIMC) in Washington Heights—plus Lamont-Doherty Earth Observatory in Palisades, New York, and a network of international Columbia Global Centers.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1754, Columbia issued 41,297 Form W-2s in calendar year 2024, filed 31,226 Form 1096 vendor returns, and engaged an estimated 17,484 alumni volunteers through its central alumni office.
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Academic & Global Footprint: Columbia enrolls 35,872 full-time and part-time students across 17 undergraduate, graduate, and professional schools, supported by research institutes, a comprehensive library system ($32.4 million in direct library expenses), and 71 overseas offices across 7,765 foreign-based employees, agents, and contractors (Schedule F).
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Executive Leadership Transitions: FY25 encompassed a three-stage presidential transition—from Nemat "Minouche" Shafik (through August 14, 2024) to Interim President and EVP for Health and Biomedical Sciences Katrina Armstrong, and to Acting President Claire Shipman (effective March 28, 2025)—alongside Provost Angela V. Olinto, EVP for Finance Anne R. Sullivan, VP for Finance and Treasurer Mark Hawkins, COO Caswell Holloway, and Investment Management Company CEO Kim Lew.
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Governing Board (Schedule O): The Board of Trustees comprises 21 voting members, 20 of whom are independent (all except the University President). The Trustees' Audit Committee reviewed the FY25 Form 990 ahead of full Board presentation on May 6, 2026, and enforces mandatory annual conflict-of-interest disclosures for all trustees, officers, and key employees.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Columbia generated $11.43 billion in gross receipts and $7.51 billion in total net revenue. Total assets expanded 4.9% to $26.03 billion and net assets rose 3.7% to $20.49 billion, divided between donor-restricted funds (59.5%) and unrestricted net assets (40.5%).
Balance Sheet Strength
- Total Assets $26,028,368,945 (+4.9%)
- Total Liabilities $5,540,916,530 (+10.0%)
- Total Net Assets $20,487,452,415 (+3.7%)
- Donor-Restricted Net Assets $12,184,282,758 (59.5% of Total Net Assets)
- Unrestricted Net Assets $8,303,169,657 (40.5% of Total Net Assets)
Operating Performance
- Total Revenue $7,512,150,787 (+2.7%)
- Total Expenses $7,210,914,321 (+5.3%)
- Operating Surplus $301,236,466 (-35.6%)
- Unrealized Gains (Excluded) $947,049,733
Note: The $301.2 million reported operating surplus reflects Form 990 realized accounting parameters; adding $947.0 million in net unrealized investment gains and deducting $524.3 million in non-operating adjustments and pension changes (Schedule O, Part XI, Line 9) accounts for the full $724.0 million expansion in Columbia's FY25 net assets.
Revenue Breakdown
Three of Columbia's four primary revenue streams expanded in FY25, offsetting a contraction in grant and gift inflows. Program service revenue rose 4.6% to $4.54 billion, anchored by $2.20 billion in tuition and fees and $1.86 billion in clinical patient care revenue generated by CUIMC medical faculty. Realized investment income climbed 14.3% to $708.6 million and other revenue jumped 36.1% to $183.5 million on strong investment partnership distributions ($132.3 million), while contributions and grants declined 6.3% year-over-year to $2.08 billion ($1.31 billion in government grants and $762.7 million in private gifts).
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +4.6% YoY$4,543,721,891 (60.5%)
- Tuition & Fees (17 Undergraduate, Graduate & Professional Schools) $2,201,399,172
- Patient Care Revenue (CUIMC Faculty Practice Plan) $1,856,384,400
- Auxiliary Enterprises ($245.2M Related / $7.4M Unrelated) $252,532,060
- Other Education, Research & Patent Licensing $231,309,293
- Other Program Service Sources $2,096,966
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Contributions & Grants -6.3% YoY$2,076,322,922 (27.6%)
- Government Grants (Federal, State & Municipal Sponsored Awards) $1,313,663,200
- Private Philanthropy & Fundraising Events ($5.62M Events) $762,659,722
- Noncash Gifts Included Above (446 Stock Gifts, Partnership Interests, 2 Residences) $54,259,988
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Investment Income +14.3% YoY$708,585,025 (9.4%)
- Realized Net Capital Gains ($4.30B Gross Asset Sales) $561,340,710
- Dividends, Interest & Other Investment Income $147,244,315
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue +36.1% YoY$183,520,949 (2.4%)
- Partnership Income ($101.7M Tax-Excluded / $30.6M Unrelated Business) $132,286,052
- Net Rental Income ($217.6M Gross Rents less $184.9M Rental Expenses) $32,661,925
- Royalties ($18.87M) & Net Fundraising Event Loss (-$293.9K) $18,572,972
Endowment Performance and Asset Allocation
Columbia Investment Management Company, LLC (IMC), a wholly owned subsidiary led by CEO Kim Lew, manages the university's $15.92 billion endowment within a $16.27 billion balance sheet investment portfolio ($14.60 billion in Schedule D, Part VII alternative and pooled securities plus $1.67 billion in Part X, Line 11 publicly traded securities, alongside $1.30 billion in temporary cash investments). Global and publicly traded equities ($6.12 billion combined) represent 37.6% of total securities, while private equity ($4.00 billion), absolute return hedge strategies ($3.88 billion), and real estate ($1.41 billion) account for 57.1%.
To execute its alternative investment strategy, Columbia holds $8.11 billion in foreign-domiciled investments reported on Schedule F—led by $7.31 billion in Central America and the Caribbean, $687.6 million in Europe, and $101.7 million in non-U.S. North America—and reported $38.0 million in gross unrelated business revenue ($1.40 million in UBIT expense). Because Columbia's $15.92 billion endowment equates to $443,730 per enrolled student across 35,872 students, the university falls below the $500,000 per-student full-time equivalent threshold under IRC Section 4968 and is exempt from the federal endowment excise tax (Schedule O, Part V, Line 16).
Portfolio Performance & Asset Allocation ($16.27B Total Securities Portfolio / $15.92B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $15,917,488,000 (+7.7% YoY), representing $443,730 per enrolled student across 35,872 students (exempt from the Section 4968 federal endowment tax).
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Net Investment Gains: $1,706,428,000 in endowment investment earnings (+15.2% YoY from $1.48B in FY24).
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Alternative & Offshore Capital: 57.1% of total securities sit in private equity, absolute return strategies, and real estate, with $7.31B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $825,206,000 total endowment outlay ($605.6M to facilities and academic programs, $166.3M to student scholarships, and $53.4M in administrative expenses), covering 11.4% of Form 990 total expenses (10.7% excluding administrative fees).
Detailed Asset Mix ($16.27B Total Invested Securities)
5-Year Endowment History
Schedule D, Part V tracks the five-year expansion of Columbia’s endowment from an $11.26 billion opening balance in FY21 to $15.92 billion at the close of FY25 (+41.4% cumulative growth). Over that five-year window, the endowment received $2.09 billion in new donor contributions and generated $6.18 billion in net investment earnings—anchored by a $3.36 billion post-pandemic surge in FY21 and $3.19 billion in combined investment gains across FY24 and FY25, which more than offset a $997.3 million market drawdown in FY22. During the same five-year span, Columbia withdrew $3.61 billion from the endowment to fund academic programs and facilities ($2.60 billion), student scholarships ($770.3 million), and endowment administration ($235.0 million). At year-end FY25, the endowment comprised 37.20% term endowment, 31.68% board-designated quasi-endowment, and 31.12% permanent 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 | $14,782,492,000 | $13,642,667,000 | $13,279,846,000 | $14,349,970,000 | $11,257,021,000 |
| 1b. Contributions | $253,774,000 | $411,258,000 | $470,230,000 | $588,591,000 | $366,226,000 |
| 1c. Net investment earnings | $1,706,428,000 | $1,481,534,000 | $620,473,000 | ($997,276,000) | $3,364,720,000 |
| 1d. Grants or scholarships | ($166,254,000) | ($162,547,000) | ($159,593,000) | ($143,170,000) | ($138,726,000) |
| 1e. Other expenditures | ($605,572,000) | ($540,758,000) | ($530,298,000) | ($469,279,000) | ($454,306,000) |
| 1f. Administrative expenses | ($53,380,000) | ($49,662,000) | ($37,991,000) | ($48,990,000) | ($44,965,000) |
| 1g. End of year balance | $15,917,488,000 | $14,782,492,000 | $13,642,667,000 | $13,279,846,000 | $14,349,970,000 |
Per-Student Spending and True Cost
Calculating per-student expenditure through direct program services captures the full instructional, research, clinical, and campus support infrastructure deployed across Columbia's 35,872 full-time and part-time students. On Form 990 Part III (Line 4e) and Part IX (Column B), Columbia reports $6,493,751,141 in direct program service expenses—equating to $181,026 per student (90.1% of total institutional spending). Within that direct program total, Regular Session instruction, research institutes, libraries, and student financial aid (Part III, Line 4a) account for $2,455,052,160, or $68,439 per student ($47,393 net per student excluding $755.0 million in student aid grants).
By comparison, gross tuition and fee revenue (Part VIII, Line 2a) totals $2,201,399,172, or $61,368 per student ($68,408 per student when combined with $252.5 million in auxiliary housing and dining revenue). Tuition and fees cover 33.9% of Columbia's $181,026 per-student direct program service expenditure—leaving a $119,658 per-student program gap bridged by clinical care revenues ($1.86 billion), federal and state research grants ($1.31 billion), endowment payouts ($825.2 million), and private philanthropy ($762.7 million). When adding $565.6 million in central management and general overhead and $151.6 million in fundraising expenses, total enterprise expenditure (Part IX, Line 25) reaches $7,210,914,321, or $201,018 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $6,493,751,141 across 35,872 students ($181,026 per student across instruction, medical center clinical care, sponsored research, and campus operations).
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Regular Session Instruction & Total Enterprise Spend (Part III, Line 4a & Part IX, Line 25): $2,455,052,160 in Regular Session instructional, library, and student aid programs ($68,439 gross per student; $47,393 net excluding $755.0M in student aid) and $7,210,914,321 in total institutional spend ($201,018 per student).
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Tuition & Auxiliary Revenue Baseline: $2,201,399,172 in gross tuition and fees ($61,368 per student before financial aid discounts; $68,408 including $252.5M in auxiliaries), covering 33.9% of direct program service costs and 89.7% of standalone Line 4a instructional and aid expenses.
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CUIMC Clinical Care & Sponsored Research (Lines 4b & 4c): $1,639,657,094 in CUIMC and Medical Faculty Practice Plan clinical care ($45,709 per student, generating $1.86B in revenue and a $216.7M positive operating margin) and $988,703,335 in sponsored research and training ($27,562 per student, including $220.8M in subawards).
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Campus Operations, Libraries & Global Centers (Line 4d & Schedule F): $1,410,338,552 ($39,316 per student) across Institutional Support ($459.3M), Campus Operations ($404.6M), Other Program Sources ($314.1M), and Auxiliary Enterprises ($232.3M), alongside non-capitalized museum and library collections and $222.6M in overseas programmatic and grantmaking expenditures across 71 offices (led by $144.9M in Sub-Saharan Africa and $33.3M in Europe).
Financial Aid: How Columbia Deploys $755M in Student Support
Columbia practices need-blind admissions for domestic undergraduate applicants to Columbia College and The Fu Foundation School of Engineering and Applied Science, meeting 100% of demonstrated financial need without student loans. Undergraduate families with annual incomes below $150,000 (and typical assets) pay zero tuition, while families earning below $66,000 pay zero parent contribution toward tuition, room, or board.
On Form 990 Schedule I (Part III), Columbia reports $754,958,892 in direct student tuition and scholarship grants across 15,723 recipients—representing 43.8% of its 35,872 full-time and part-time students ($48,016 average grant per aided student), up 5.9% from $712.9 million in FY24. Endowment scholarship distributions (Schedule D, Part V, Line 1d) supplied $166,254,000 (22.0%) of total student financial aid, while operating revenues and current-use gifts funded the remaining $588,704,892 (78.0%).
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 43.8% (15,723 students)
- Effective Tuition Discount Rate 34.3% of Gross Tuition
- Endowment-Funded Scholarships (1d) $166,254,000 (22.0%)
- Operating & Gift-Funded Aid $588,704,892 (78.0%)
- Total Domestic Student Cash Grants $754,958,892 ($48,016 avg.)
Student Loans & External Research Subawards
- Institutional Student Loan Portfolio ($33,289,000) Reported on Schedule O (Part X, Line 7) alongside $20,774,871 in federal student loan fund liabilities (Schedule D, Part X) and 17 Donor Advised Funds holding $20.25M (granting $4.01M in FY25).
- Domestic & Foreign Institutional Grants ($241,083,725) Includes $208,725,051 in Schedule I grants across 417 domestic 501(c)(3) and government entities (research subawards, affiliate capital contributions, and NYC community grants) plus $32,358,674 in Schedule F foreign assistance.
Executive and Investment Team Compensation
Columbia’s Schedule J disclosures highlight the compensation structure of its surgical and clinical faculty at CUIMC alongside its endowment investment leadership. Five of the six highest-compensated employees in FY25 were School of Medicine clinical professors whose pay is supported by clinical practice revenues and hospital affiliate agreements: spine and orthopedic surgeons Lawrence Gerald Lenke ($6,866,322) and Ronald Arthur Lehman Jr. ($3,605,765), cardiothoracic surgeons Emile Bacha ($3,485,425) and Craig Smith ($3,274,922), and reproductive endocrinologist Samuel Z. Williams ($3,179,451). Columbia Investment Management Company CEO Kim Lew ranked second overall at $5,382,553 ($4,465,886 earned in CY24 after excluding $916,667 in doubly reported prior-year deferred compensation that vested and paid out).
Among central academic executives, former President Lee C. Bollinger received $1,931,826, former President Nemat "Minouche" Shafik (serving through August 14, 2024) received $1,826,091 (including $305,053 in non-taxable on-campus presidential housing), and Interim President and EVP for Health Sciences Katrina Armstrong earned $1,763,852. Acting President Claire Shipman assumed office on March 28, 2025, and received $0 in calendar year 2024 compensation while serving as an unpaid Trustee. Per Schedule O (Part V, Line 15), Columbia paid remuneration over $1 million to seven covered employees in calendar year 2024 and filed Form 4720 under the IRC Section 4960 21% excess remuneration excise tax.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Columbia expended $4,408,194,365 in total salaries, wages, pension contributions, benefits, and payroll taxes in FY25 (+5.6% YoY, representing 61.1% of all university expenses) across 41,297 W-2 employees, with 9,101 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Compensation Committee of Independent Trustees reviews comparability data and independent consultant benchmarks for all officers and key employees, while an independent Compensation Committee of the IMC Board of Managers approves the IMC CEO's performance-based pay.
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Campus Housing & Employee Mortgage Loans (Schedule J, L & O): As a condition of employment, the President resides in the University-maintained President's House ($305,053 valuation for Minouche Shafik). Under Schedule L, Part II, Columbia holds $6,260,000 in board-approved interest-bearing primary residence loans to three interested persons—former President Lee Bollinger ($6,000,000), former EVP Lee Goldman ($200,000 balance on $500,000 loan), and officer spouse Troy Eggers ($60,000 balance on $150,000 loan)—plus $3,119,794 to other disqualified persons (Part X, Line 6) and $37,818,569 in housing and recruitment loans to non-key employees at 0.454%–4.995% interest rates (Schedule O).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 24 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) |
| Lawrence Gerald LenkeProfessor of Surgery | $6,796,401 | $0 | $0 | $40,130 | $29,791 | $6,866,322 | $0 |
| Kim LewChief Executive Officer, IMC | $1,089,729 | $2,089,083 | $0 | $2,167,989 | $35,752 | $5,382,553 | $916,667 |
| Ronald Arthur Lehman Jr.Professor of Surgery | $3,498,954 | $0 | $2,055 | $41,051 | $63,705 | $3,605,765 | $0 |
| Emile BachaProfessor of Surgery | $3,176,499 | $207,806 | $8,616 | $41,373 | $51,131 | $3,485,425 | $0 |
| Craig SmithProfessor of Surgery | $3,137,179 | $62,027 | $0 | $46,000 | $29,716 | $3,274,922 | $0 |
| Samuel Z. WilliamsProfessor of Obstetrics | $930,027 | $2,149,999 | $732 | $35,958 | $62,735 | $3,179,451 | $0 |
| Lee C. BollingerPresident (Former) | $1,827,074 | $0 | $15,320 | $51,945 | $37,487 | $1,931,826 | $0 |
| Nemat Minouche T. ShafikPresident (thru 8/14/24) | $966,667 | $217,500 | $278,518 | $34,656 | $328,750 | $1,826,091 | $0 |
| Katrina ArmstrongInterim President / EVP Health | $1,383,958 | $220,000 | $50,000 | $34,656 | $75,238 | $1,763,852 | $0 |
| Anil RustgiInterim EVP Health & Sci (Former) | $1,196,580 | $0 | $50,344 | $35,125 | $7,077 | $1,289,126 | $0 |
| Anne R. SullivanExecutive VP for Finance | $1,050,062 | $0 | $1,044 | $34,695 | $27,847 | $1,113,648 | $0 |
| Lee GoldmanEVP Health Sciences (Former) | $908,461 | $0 | $112,042 | $51,945 | $34,459 | $1,106,907 | $0 |
| Amelia AlversonExec VP Univ. Dev. & Alumni Rel. | $910,503 | $0 | $0 | $34,695 | $14,883 | $960,081 | $0 |
| Felice RosanGeneral Counsel | $857,579 | $0 | $0 | $47,351 | $45,695 | $950,625 | $0 |
| Angela V. OlintoProvost | $754,573 | $0 | $23,208 | $34,656 | $124,715 | $937,152 | $0 |
| Mary BoyceProvost (Former) | $768,590 | $0 | $48,520 | $38,106 | $29,791 | $885,007 | $0 |
| Dennis MitchellInterim Provost (Former) | $671,882 | $0 | $5,171 | $51,905 | $138,475 | $867,433 | $0 |
| Ira KatznelsonInterim Provost (Former) | $487,659 | $0 | $270,443 | $46,000 | $30,139 | $834,241 | $0 |
| Amy HungerfordExec VP Arts & Sciences | $595,160 | $0 | $87,851 | $34,656 | $113,707 | $831,374 | $0 |
| Caswell HollowayChief Operating Officer | $679,431 | $0 | $20,653 | $30,139 | $40,464 | $770,687 | $0 |
| Susan K. GlancySecretary | $688,682 | $0 | $0 | $34,695 | $2,688 | $726,065 | $0 |
| David GreenbergExec VP Facilities | $620,216 | $0 | $2,370 | $51,945 | $17,823 | $692,354 | $0 |
| Jerome DavisSecretary (Former) | $509,520 | $0 | $0 | $51,945 | $19,487 | $580,952 | $0 |
| Gerald M. RosbergSenior EVP (Former) | $220,784 | $0 | $107,638 | $36,823 | $17,008 | $382,253 | $0 |
Facilities, Debt, and Municipal Relations
Columbia operates one of the largest urban institutional real estate footprints in New York City, spanning Morningside Heights, the 17-acre Manhattanville campus in West Harlem, and the Columbia University Irving Medical Center in Washington Heights. To finance laboratory, medical, and residential construction without liquidating endowment principal, Columbia issues tax-exempt municipal bonds through the Dormitory Authority of the State of New York (DASNY) alongside unsecured commercial notes.
While academic buildings are exempt from municipal property taxes under New York Real Property Tax Law § 420-a, Columbia’s town-gown fiscal footprint in New York City combines $184.9 million in direct property taxes and operating expenses on its $1.92 billion investment real estate portfolio, its $150 million Manhattanville Community Benefits Agreement (CBA), and $208.7 million in Schedule I grants to 417 domestic organizations and municipal entities—including direct payments to New York City agencies, CUNY, public magnet schools, and dozens of Harlem and Washington Heights community nonprofits.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Columbia holds $11.91 billion in gross land, buildings, equipment, and investment real estate ($6.11 billion net book value after $5.79 billion in accumulated depreciation, including $4.11B in net academic buildings and $1.25B in net investment property), recording $312.2 million in annual occupancy costs and $321.7 million in depreciation.
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Tax-Exempt DASNY Bonds & Institutional Debt (Schedule K): The university carries $1.93 billion in tax-exempt DASNY bond liabilities across 10 active series—including two new FY25 issuances, Series 2024A ($177.6M in October 2024) and Series 2024CP ($105.0M in November 2024)—plus $853.8 million in unsecured notes and $134.9 million in capital leases, paying $79.4 million in annual interest expense with 0% private business use across all tax-exempt series.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Rather than a single unrestricted municipal PILOT check, Columbia incurred $184.9M in property taxes and operating costs on its $217.6M gross rental real estate portfolio and disbursed $208.7M across 417 Schedule I domestic grantees—including City of New York Departments ($155,948), NYC Health + Hospitals ($234,323), CUNY Research Foundation and Hunter College ($2.48M), SUNY Research Foundation ($2.85M), Friends of Columbia Secondary School for Math, Science & Engineering ($450,000), and Upper Manhattan civic groups such as Upper Room AIDS Ministry ($180,034), Northern Manhattan Perinatal Partnership ($78,480), Community League of the Heights ($68,673), WE ACT for Environmental Justice ($56,303), and The Armory Foundation ($52,000)—managed alongside $875,229 in federal, state, and local government relations activity (Schedule C).
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Top Independent Contractors: Among 383 contractors paid over $100,000 in FY25, Columbia's top five vendors reflect Manhattanville/campus construction, campus security, health administration, and legal counsel: Pavarini McGovern LLC ($39.04M, construction), Universal Protection Service / Allied Universal ($26.68M, security), United Healthcare Services Inc. ($21.42M, medical), LF Driscoll Company LLC ($17.01M, construction), and Covington & Burling LLP ($14.80M, legal; $93.64M total university legal fees on Part IX).
Editorial Note
All financial figures in this report derive from The Trustees of Columbia University in the City of New York’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 35,872 full-time and part-time students in 17 schools) and have been verified by the data team.
While Columbia expends $181,026 per student on direct program services ($68,439 per student on Regular Session instruction, libraries, and student aid, and $201,018 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the urban laboratory infrastructure, clinical medical training, and need-blind undergraduate financial aid that operate alongside Columbia’s student selectivity.
Accounting Reconciliation: Readers comparing Columbia’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $7.21B in total functional expenses by recording $996.0M in grants ($755.0M in student financial aid) as an operating expense alongside $2.20B in gross tuition and fees, whereas GAAP financial statements net student scholarship aid directly against gross tuition revenue. Second, per Schedule O (Part XII, Line 2), the unconsolidated financial statements reflected in this Form 990 represent approximately 99% of the net assets of the consolidated group while excluding separately incorporated controlled affiliates reported on Schedule R (such as Columbia University Health Care Inc., Knight First Amendment Institute, Reid Hall in Paris, and international Columbia Global Centers); furthermore, clinical hospital partner NewYork-Presbyterian Hospital and academic affiliates Barnard College ($304.4K Schedule I subaward) and Teachers College ($940.2K Schedule I subaward) are legally independent 501(c)(3) corporations with separate governing boards and Form 990 filings. Third, on Form 990 Part VIII, $184.9M in direct rental real estate expenses is netted against $217.6M in gross rents (Line 6b) rather than included in Part IX functional expenses, and fund-level investment management fees are netted against investment income (leaving $3.95M in separately managed account fees on Part IX, Line 11f).
Frequently Asked Questions: Columbia's Form 990 Financials
As of Fiscal Year 2025, Columbia University's endowment stands at $15.92 billion ($15,917,488,000), up 7.7% year-over-year. Its $825.2 million total annual outlay covers 11.4% of the university's $7.21 billion Form 990 operating budget ($771.8 million, or 10.7%, in direct programmatic and scholarship distributions excluding $53.4 million in endowment administrative expenses).
Columbia spends $181,026 per student annually in direct program services ($6.49 billion across 35,872 full-time and part-time students), compared to $61,368 per student generated in gross tuition and fees ($68,408 including auxiliary housing and dining). Within direct program services, Regular Session instruction, research institutes, libraries, and student financial aid account for $68,439 per student ($2.46 billion), while overall enterprise expenditure including administrative overhead and fundraising reaches $201,018 per student ($7.21 billion).
Columbia disbursed $754,958,892 in direct student tuition and scholarship grants on Form 990 Schedule I across 15,723 student recipients in FY25—representing 43.8% of its 35,872-student body ($48,016 average grant per aided student). Endowment scholarship distributions funded $166.3 million (22.0%) of that total, with the remaining $588.7 million (78.0%) funded through operating revenues and gifts.
The highest-paid employee is Professor of Surgery Lawrence Gerald Lenke, who received $6,866,322 in total compensation in FY25, followed by Columbia Investment Management Company (IMC) CEO Kim Lew at $5,382,553 ($4,465,886 net of prior-year vested deferred compensation) and Professor of Surgery Ronald Arthur Lehman Jr. at $3,605,765.
No. Because Columbia enrolls 35,872 students, its $15.92 billion endowment equates to $443,730 per enrolled student—below the $500,000 per-student full-time equivalent threshold under IRC Section 4968. On Schedule O (Part V, Line 16), Columbia confirmed that it does not exceed the $500,000 per-FTE asset threshold at June 30, 2025, and is therefore exempt from the federal net investment income excise tax.
Columbia University's total assets reached $26.03 billion ($26,028,368,945) in Fiscal Year 2025, anchored by $16.27 billion in balance sheet investment securities ($14.60 billion in alternative and pooled securities and $1.67 billion in publicly traded securities), $6.11 billion in net land, buildings, and equipment, and $1.30 billion in temporary cash investments.
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