Davidson College Crosses $2.01 Billion in Total Assets as $59.3M Endowment Payout Covers 26% of Budget, Subsidizing $104,061 Per-Student Program Spend and $76.5M in No-Loan Aid Across 78.3% of Undergraduates
By Data Team | Published November 9, 2026
Davidson College’s total assets surpassed the $2 billion mark in fiscal year 2025 to reach $2.01 billion ($2,007,739,234), anchored by a $1.46 billion endowment ($1,461,162,370) whose $59.30 million programmatic payout covers 26.0% of the college's $228.22 million Form 990 operating budget (27.3% or $62.27 million including endowment administration, and 31.6% under GAAP operating expense parameters), according to its latest IRS filing. That capital base enables the North Carolina liberal arts college to spend $104,061 per student on direct program services ($194.49 million across 1,869 undergraduates)—while total institutional expenditure including management overhead and fundraising reaches $122,109 per student ($228.22 million).
Davidson’s financial model illustrates how a heavily endowed undergraduate college decouples instructional investment from net student tuition. While gross tuition and student fees totaled $127.20 million ($68,058 per student), Davidson returned $73.15 million directly to students in tuition-reduction scholarships and an additional $3.35 million in undergraduate research and travel grants ($76.50 million in total student aid). Net of scholarship discounts, tuition revenue generated $54.05 million ($28,919 per student)—meaning net tuition covers just 27.8% of direct program service costs and 23.7% of total enterprise expenses.
An 89.2% surge in realized investment income to $82.30 million, combined with $77.60 million in private gifts and government grants, bridged that structural subsidy and produced a $67.73 million Form 990 operating surplus (+20.8% YoY). Through The Davidson Trust—the college's no-loan financial aid program—Davidson awarded Schedule I scholarships to 1,464 undergraduates (78.3% of its 1,869-student body) at an average grant of $49,967 per aided student.
Institutional & Governance Profile
Operating under its corporate charter as Davidson College (EIN 56-0529961), the institution is legally domiciled in Davidson, North Carolina, just north of Charlotte in Mecklenburg County. Founded in 1837 by the Concord Presbytery and chartered by the State of North Carolina in 1838, Davidson operates exclusively as a four-year residential undergraduate liberal arts institution with no graduate or professional schools, competing in NCAA Division I athletics (Atlantic 10 Conference and Pioneer Football League).
Institutional Scale and Board Structure
-
•
Founding & Workforce Scale: Chartered in 1838, Davidson issued 2,574 Form W-2s in calendar year 2024 (including full-time faculty, staff, and student campus employees funded under The Davidson Trust), filed 796 Form 1096 vendor returns, and engaged 9,324 alumni and community volunteers.
-
•
Academic & Faculty Footprint: Maintaining an 8:1 student-to-faculty ratio, Davidson enrolls 1,869 full-time undergraduate students across 39 majors and 74+ interdisciplinary programs leading to Bachelor of Arts and Bachelor of Science degrees, graduating 91.1% of cohorts within six years.
-
•
Executive Leadership: President Douglas A. Hicks leads the administration alongside Vice President for Academic Affairs and Dean of Faculty Shelley E. Rigger, Assistant Secretary and Vice President of Finance and Administration Antoinette P. McCorvey, Chief Investment Officer Raymond A. Jacobson, Vice President and Dean of Admission and Financial Aid Chris Gruber, Vice President of College Relations Eileen Keeley, General Counsel Sarah Phillips, and Athletics Director Christopher A. Clunie.
-
•
Governing Board (Schedule O): The Board of Trustees comprises 37 voting members, 35 of whom are independent, chaired by former U.S. Secretary of Transportation Anthony Foxx alongside Vice Chair Lisa Green Case and Secretary Steve Shames. Management and independent auditors at KPMG LLP prepare the Form 990 for review by the Chair of the Audit and Finance Committee prior to electronic distribution to the full Board, and all trustees complete mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Davidson generated $464.91 million in gross receipts and $295.95 million in total Form 990 revenue (+9.6% YoY). Total assets rose 5.9% to $2.01 billion while total liabilities edged up 2.0% to $157.64 million, driving total net assets up 6.3% to $1.85 billion—76.6% of which ($1.42 billion) is governed by donor restrictions.
Balance Sheet Strength
- Total Assets $2,007,739,234 (+5.9%)
- Total Liabilities $157,642,149 (+2.0%)
- Total Net Assets $1,850,097,085 (+6.3%)
- Donor-Restricted Net Assets $1,417,743,033 (76.6% of Total Net Assets)
- Unrestricted Net Assets $432,354,052 (23.4% of Total Net Assets)
Operating Performance
- Total Revenue $295,951,405 (+9.6%)
- Total Expenses $228,221,709 (+6.7%)
- Operating Surplus $67,729,696 (+20.8%)
- Unrealized Gains (Excluded) $43,890,845
Note: The $67.73 million operating surplus reflects Form 990 realized accounting parameters; adding $43.89 million in net unrealized investment gains and deducting $2.04 million in non-operating adjustments ($1.51 million in non-capitalized collection purchases, $388,804 in pledge write-offs, and $146,206 in split-interest valuation adjustments) accounts for the full $109.58 million expansion in Davidson's FY25 net assets.
Revenue Breakdown
Three of Davidson's four primary revenue streams expanded in FY25, led by an 89.2% increase in realized investment income to $82.30 million. Program service revenue rose 7.2% to $129.61 million—comprising $127.20 million in gross student tuition and fees and $2.41 million in net auxiliary enterprise income (after netting $33.41 million in housing and dining expenses against $35.82 million in gross auxiliary sales). Contributions and grants totaled $77.60 million (-22.0% YoY following a record $99.53 million capital campaign year in FY24), while athletics, conference, and campus event revenue increased 7.1% to $6.44 million.
Primary Revenue Streams
FY25 Revenue Distribution
-
Program Service Revenue +7.2% YoY$129,609,416 (43.8%)
- Tuition and Student Fees (Gross before $73.15M Financial Aid Discount) $127,200,842
- Net Sales from Auxiliary Enterprises ($35.82M Gross Sales less $33.41M Expenses) $2,408,574
-
Investment Income +89.2% YoY$82,297,628 (27.8%)
- Dividends, Interest & Partnership Income ($65.08M Exempt less -$3.39M UBI Loss) $61,681,865
- Realized Net Capital Gains ($189.57M Gross Security Sales less $168.96M Cost Basis) $20,615,763
-
Contributions & Grants -22.0% YoY$77,600,119 (26.2%)
- Private Philanthropy, Alumni & Foundation Gifts $74,350,386
- Federal & North Carolina State Government Grants $3,249,733
- Noncash Gifts Included Above (149 Stock Gifts, 1 Residence, 4 Art Works, 46 Vehicles) $17,086,888
-
Other Revenue +7.1% YoY$6,444,242 (2.2%)
- Campus Event Revenue $3,183,228
- NCAA & Atlantic 10 Conference Distributions $1,476,975
- Miscellaneous Related & Unrelated Revenue ($1.30M Exempt + $63.6K UBI) $1,361,856
- Corporate Sponsorships $422,183
Endowment Performance and Asset Allocation
Davidson’s endowment rose 6.3% in FY25 to $1,461,162,370 ($781,788 per enrolled student), propelled by $122.89 million in net investment gains (+64.1% YoY) and $26.04 million in new endowment gifts. Across its broader balance sheet, Davidson holds $1.385 billion in financial securities ($1,349,381,352 in Schedule D alternative and institutional funds plus $35,543,358 in directly held publicly traded securities), alongside $35.17 million in investment real estate and $106.29 million in temporary cash investments.
Alternative assets anchor the college's investment strategy: venture capital, private equity, and private debt ($644.21 million, or 46.5% of financial securities) and absolute-return hedge funds ($464.76 million, or 33.6%) together represent 80.1% ($1.11 billion) of the securities portfolio. To execute its global alternative mandate, Davidson holds $395.30 million in foreign investments reported on Schedule F—led by $321.04 million in Central America and the Caribbean, $28.25 million in Europe, $24.51 million in Sub-Saharan Africa, and $21.50 million in Canada and Mexico—and maintains a foreign financial account in the United Kingdom. Because Davidson enrolls more than 500 tuition-paying students and holds $781,788 in endowment assets per student, it is subject to the federal 1.4% IRC Section 4968 excise tax on net investment income.
Portfolio Performance & Asset Allocation ($1.46B Endowment / $1.385B Securities Portfolio)
Part X & Schedule D, Part VII Allocation
-
•
Endowment Balance (EOY): $1,461,162,370 (+6.3% YoY), representing $781,788 per enrolled student across 1,869 undergraduates.
-
•
Net Investment Gains: $122,888,398 in endowment investment earnings (+64.1% YoY from $74.88M in FY24, representing an 8.9% return on opening assets).
-
•
Alternative & Offshore Capital: 80.1% of financial securities sit in private equity, venture capital, private debt, and hedge funds, with $321.04M domiciled in Central American and Caribbean vehicles.
-
•
Total Payout & Budget Coverage: $59,299,474 in programmatic distributions ($30.20M to student scholarships; $29.10M to academic programs and facilities), funding 26.0% of Form 990 total expenses (27.3% or $62.27M including $2.97M in endowment administrative expenses, and 31.6% of GAAP operating expenses).
Detailed Asset Mix ($1.385B Total Financial Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Davidson’s endowment from a $905.86 million opening balance in FY21 to $1.46 billion at the close of FY25—a cumulative expansion of $555.30 million (+61.3%). Over that five-year window, the endowment captured $188.96 million in donor contributions and $626.40 million in net investment earnings, highlighted by a $429.11 million surge in FY21 and $122.89 million in FY25 gains. Over the same period, the endowment disbursed $247.93 million toward student scholarships ($125.89 million) and academic programs and campus facilities ($122.04 million), plus $13.13 million in administrative costs. At year-end FY25, 84% of the endowment represented permanent donor-restricted funds and 16% represented 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 millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in millions (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 | $1,374,503,859 | $1,322,217,042 | $1,316,039,710 | $1,341,387,147 | $905,857,946 |
| 1b. Contributions | $26,039,714 | $33,935,287 | $38,918,911 | $41,186,042 | $48,882,885 |
| 1c. Net investment earnings | $122,888,398 | $74,881,614 | $19,730,627 | ($20,209,240) | $429,105,163 |
| 1d. Grants or scholarships | ($30,196,477) | ($27,398,912) | ($24,689,128) | ($22,585,306) | ($21,018,148) |
| 1e. Other expenditures | ($29,102,997) | ($26,482,342) | ($23,798,500) | ($21,837,772) | ($19,819,370) |
| 1f. Administrative expenses | ($2,970,127) | ($2,648,830) | ($3,984,578) | ($1,901,161) | ($1,621,329) |
| 1g. End of year balance | $1,461,162,370 | $1,374,503,859 | $1,322,217,042 | $1,316,039,710 | $1,341,387,147 |
Per-Student Spending and True Cost
Evaluating per-student resources at an undergraduate liberal arts college centers on direct Form 990 program service expenditures (Part III, Line 4e and Part IX, Column B). In FY25, Davidson spent $194,490,699 on direct program services across its 1,869 undergraduate students—equating to $104,061 per student (85.2% of total institutional expenditure). Excluding the $76.50 million returned directly to students in financial aid and research grants, net operational program spend for classroom instruction, student support services, and athletics totaled $117,987,068, or $63,128 per student. When adding $21.76 million in management and general overhead and $11.97 million in fundraising costs, total enterprise expenditure reached $228,221,709, or $122,109 per student ($100,474 per student on a GAAP basis where $73.15 million in tuition discounts is netted against revenue and $33.41 million in auxiliary housing and dining costs is included).
By comparison, gross tuition and student fees (Part VIII, Line 2a) generated $127,200,842 ($68,058 per student), while net tuition after deducting $73,151,596 in Schedule I scholarships yielded $54,049,246, or $28,919 per student (a 57.5% institutional tuition discount rate). Even before financial aid reductions, gross tuition covers only 65.4% of direct program service costs ($104,061 per student), leaving a $36,003 per-student gross subsidy—and a $75,142 per-student net subsidy relative to net tuition—financed by endowment payouts and philanthropy.
Operations vs. Revenue
-
•
Regular Session Direct Program Spend (Part III, Line 4e & Part IX, Col B): $194,490,699 across 1,869 undergraduate students ($104,061 gross direct program spend per student; $63,128 net operational program spend excluding $76.50M in student aid and research grants).
-
•
Total Institutional Enterprise Spend (Part IX, Line 25A): $228,221,709 across all college operations ($122,109 per student), including $21,758,303 in management and general expenses ($11,642 per student) and $11,972,707 in fundraising ($6,406 per student).
-
•
Gross vs. Net Tuition Revenue (Part VIII, Line 2a & Schedule I): $127,200,842 in gross tuition and fees ($68,058 per student) and $54,049,246 in net tuition after $73.15M in scholarship aid ($28,919 per student), resulting in a $75,142 per-student subsidy between net tuition collected and direct program services delivered.
-
•
Academic Instruction & Student Support (Lines 4b & 4c): $74,052,026 for undergraduate instruction, departmental programs, and international study ($39,621 per student, including $1.20M in overseas educational programs across Europe, Sub-Saharan Africa, and South America on Schedule F) plus $17,457,438 for student counseling, on-site medical care, the Alvarez College Union, career services, and admissions/financial aid administration ($9,341 per student).
-
•
Division I Athletics & Auxiliary Operations (Line 4d & Schedule D): $26,477,604 for 21 NCAA Division I varsity teams, club sports, and physical education ($14,167 per student, offset by $8.37M in athletic/auxiliary program revenue and $1.48M in NCAA/conference distributions), alongside $33,409,559 in residential housing and dining operations netted against $35,818,133 in auxiliary sales.
Financial Aid: How Davidson Deploys $76.5M in No-Loan Student Support
In 2007, Davidson became the first national liberal arts college in the United States to eliminate student loans from all financial aid packages through The Davidson Trust, practicing need-blind admissions for domestic applicants and meeting 100% of calculated financial need solely through institutional grants, federal/state scholarships, and campus employment. Building on this framework, Davidson recently expanded its income-tiered pledge so families earning up to $85,000 pay zero tuition, fees, housing, or meals, and families earning up to $175,000 pay zero tuition.
In FY25, Davidson disbursed $76,503,631 in total student financial aid and research grants (+7.8% YoY from $71.02 million in FY24), representing 39.3% of all direct program service expenses. On Schedule I (Part III), Davidson recorded $73,151,596 in tuition-reduction scholarships across 1,464 undergraduate recipients—meaning 78.3% of the college's 1,869 students received direct grant assistance ($49,967 average scholarship per recipient)—plus $3,352,035 in dedicated undergraduate research and travel grants.
Internal Student Support (Schedule I & Part III, Line 4a)
- Aided Student Share (Schedule I) 78.3% (1,464 students)
- Financial Aid Packaging Policy 100% Need Met / Zero Loans
- Scholarships & Tuition Grants $73,151,596 ($49,967 avg.)
- Student Research & Travel Grants $3,352,035
- Total Domestic Student Grants $76,503,631 (+7.8%)
Endowment & Government Aid Funding Sources
- Endowment Scholarship Draw ($30,196,477) Schedule D (Part V, Line 1d) reports $30.20M in direct endowment distributions restricted for student scholarships (+10.2% YoY from $27.40M in FY24), funding 39.5% of Davidson's total student aid budget.
- Institutional Tuition Discounts & Government Grants ($46,307,154) Operating revenue discounts, annual-fund gifts, and federal and North Carolina state financial aid grants (Schedule E, Part I, Line 6a) supply the remaining 60.5% of student grant assistance, driving a 57.5% tuition discount rate across gross tuition charges.
Executive and Investment Team Compensation
Davidson’s Schedule J disclosures reflect the specialized talent markets for endowment asset management, liberal arts leadership, and Atlantic 10 Division I men's basketball. The college’s highest-compensated employee in FY25 was Chief Investment Officer Raymond A. Jacobson, who received $1,047,412 in total compensation ($548,885 base salary, $446,083 performance bonus, and $51,202 in retirement and nontaxable benefits), followed by President Douglas A. Hicks at $842,786 ($553,391 base salary, $41,510 bonus, $113,319 retirement/deferred compensation, and $132,244 in nontaxable benefits including mandatory residence in the President's House on North Main Street).
Men's Basketball Coach Matthew R. McKillop ranked third at $533,786, followed by Investment Director David D. Demeter ($484,352), Athletics Director Christopher A. Clunie ($465,962), VP of Finance and Administration Antoinette P. McCorvey ($459,777), VP of College Relations Eileen Keeley ($434,930), and former Men's Basketball Coach Robert H. McKillop ($434,695, including $254,800 in incentive/bonus payments). Because CIO Raymond Jacobson's W-2 reportable compensation ($996,210) remained just under the $1,000,000 federal threshold, Davidson reported zero liability under the IRC Section 4960 21% excess executive compensation excise tax (Part V, Line 15).
Payroll Scale and Compensation Governance
-
•
Total Institutional Payroll: Davidson expended $94,224,966 in total salaries, wages, pensions, and employee benefits in FY25 (+8.0% YoY from $87.27M in FY24, representing 41.3% of Form 990 expenses and 50.2% of GAAP operating expenses) across 2,574 W-2 employees, with 215 staff and faculty members earning over $100,000.
-
•
Board Compensation Governance (Schedule O & J): The Board of Trustees' Executive Committee serves as the Compensation Committee. Annually, the Chief Human Resources Officer conducts a comparative peer review using an independent third-party compensation consultant before the Executive Committee documents and approves the President's contract and the President sets Senior Leadership Team (SLT) pay.
-
•
Section 457(f) Plans & Presidential Residence (Schedule J, Part III): Three executives accrued forfeitable IRC Section 457(f) nonqualified deferred compensation in Column C: President Douglas A. Hicks ($75,000), Athletics Director Christopher A. Clunie ($30,000), and VP & Dean of Admission and Financial Aid Chris Gruber ($20,000). The President is required to live in the President's House on North Main Street as a condition of employment; the college provides housekeeping solely for guest lodging and entertaining areas and provides no personal chef or driver.
|
Form 990, Schedule J, Part II: Compensation Breakdown — All 11 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) |
| Raymond A. JacobsonChief Investment Officer | $548,885 | $446,083 | $1,242 | $38,067 | $13,135 | $1,047,412 | $0 |
| Douglas A. HicksPresident / Trustee | $553,391 | $41,510 | $2,322 | $113,319 | $132,244 | $842,786 | $0 |
| Matthew R. McKillopMen's Basketball Coach | $466,116 | $23,193 | $507 | $38,067 | $5,903 | $533,786 | $0 |
| David D. DemeterInvestment Director | $348,732 | $87,500 | $371 | $38,067 | $9,682 | $484,352 | $0 |
| Christopher A. ClunieDirector of Athletics | $377,611 | $9,413 | $407 | $68,067 | $10,464 | $465,962 | $0 |
| Antoinette P. McCorveyAsst. Sec. & VP of Fin. & Admin. | $405,756 | $0 | $3,391 | $38,067 | $12,563 | $459,777 | $0 |
| Eileen KeeleyVP of College Relations | $386,720 | $0 | $1,785 | $38,067 | $8,358 | $434,930 | $0 |
| Robert H. McKillopFormer Men's Basketball Coach | $159,904 | $254,800 | $4,800 | $15,191 | $0 | $434,695 | $0 |
| Shelley E. RiggerVP for Acad. Aff. & Dean of Fac. | $316,670 | $0 | $2,168 | $35,453 | $7,416 | $361,707 | $0 |
| Sarah PhillipsAssistant Sec. & General Counsel | $316,428 | $45 | $631 | $34,496 | $0 | $351,600 | $0 |
| Chris GruberVP & Dean of Admission and FA | $247,424 | $400 | $1,683 | $47,702 | $14,653 | $311,862 | $0 |
Facilities, Debt, and Municipal Relations
Davidson’s 665-acre main campus and 110-acre Lake Norman campus anchor the Town of Davidson, North Carolina. Unlike many private colleges that finance campus construction through tax-exempt municipal bond authorities, Davidson carries zero tax-exempt bond liabilities (Part X, Line 20), relying instead on capital campaign gifts and $103.22 million in conventional institutional notes and mortgages ($90.57 million in secured third-party notes and $12.65 million in unsecured notes).
To support municipal services in its host community, Davidson reports a direct $80,000 cash grant to the Town of Davidson (EIN 56-6001212) on Schedule I, Part II (and Part III, Line 4d). Alongside this voluntary town-gown Payment in Lieu of Taxes (PILOT) contribution, the college drives regional construction and cultural infrastructure across the Charlotte metropolitan area, led in FY25 by major renovations to the E.H. Little Library (now the Little-Crissman Library) and the installation of With These Hands: A Memorial to the Enslaved and Exploited.
Capital Debt & Municipal Engagement
-
•
Physical Plant & Campus Operations (Schedule D, Part VI): Davidson holds $602,030,093 in gross land, buildings, and equipment ($369,754,276 net book value after $232,275,817 in accumulated depreciation, up +3.9% YoY), including $237.36M in net buildings, $64.91M in land ($29.74M campus land and $35.17M investment land), $30.90M in construction in progress, $25.01M in leasehold improvements, and $11.57M in equipment, while recording $11.19M in annual depreciation and $4.24M in occupancy costs.
-
•
Debt Structure & Interest Expense (Part X, Lines 20, 23–25): With $0 in tax-exempt municipal bonds, Davidson holds $90,565,000 in secured mortgages and notes payable (reduced by $1.69M in principal payments during FY25) and $12,650,000 in unsecured notes ($103,215,000 total debt, representing just 5.6% of net assets), incurring $2,040,005 in annual interest expense alongside $15,693,593 in post-retirement benefit liabilities.
-
•
Schedule I Town-Gown PILOT Payments & Municipal Relations: Because academic land and buildings are exempt from local property taxes under North Carolina law, Davidson disbursed an $80,000 direct municipal cash contribution to the Town of Davidson on Schedule I, Part II, supplementing town fire, police, and civic infrastructure while opening its Division I athletic venues, Van Every/Smith Galleries, and campus arboretum to local residents.
-
•
Top Construction & Capital Contractors (Part VII, Section B): Among 64 independent contractors paid over $100,000 in FY25, the top five reflect major library and campus capital projects: Charlotte-based Rodgers Builders ($12,783,846, construction), Minneapolis-based Meyer Scherer & Rockcastle Ltd dba MSR Design ($3,208,099, architectural design), Charlotte-based Embree Reed Inc ($2,856,534, construction), New York-based Jupiter Enterprises Inc dba Songha & Company LLC ($1,818,750, campus sculpture project), and Charlotte-based Patterson Pope Inc ($1,635,930, library digitalization project).
Editorial Note
All financial figures in this report derive from Davidson College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,869 full-time undergraduate students) and have been reviewed by the data team.
While Davidson expends $104,061 per student on direct program services ($63,128 per student in net operational program services excluding financial aid, and $122,109 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 8:1 student-to-faculty ratio, no-loan Davidson Trust financial aid packages, and undergraduate research infrastructure that operate alongside Davidson’s student selectivity.
Accounting Reconciliation: Readers comparing Davidson’s KPMG-audited GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, Form 990 reports $228,221,709 in total expenses by recording $73,151,596 in student scholarships as an operating grant expense (Part IX, Line 2), whereas GAAP financial statements net that $73,151,596 directly against gross tuition revenue as a contra-revenue discount. Second, GAAP financial statements include $33,409,559 in auxiliary enterprise operating costs (student housing, dining, and campus services) within total operating expenses ($187,786,577 GAAP total expenses), whereas Form 990 nets that $33,409,559 directly against gross auxiliary receipts to report $2,408,574 in net auxiliary revenue on Part VIII, Line 2b. Third, Form 990 excludes $43,890,845 in net unrealized investment gains from operating revenue ($295,951,405 Form 990 revenue vs. $297,363,986 GAAP total revenue and gains), reclassifies $2,736,227 in investment management fees into Part IX expenses, and records $1,508,122 in non-capitalized collection purchases, $388,804 in pledge write-offs, and $146,206 in split-interest valuation changes as non-operating net asset adjustments on Part XI, Line 9.
Frequently Asked Questions: Davidson's Form 990 Financials
As of Fiscal Year 2025, Davidson College's endowment stands at $1.46 billion ($1,461,162,370), up 6.3% year-over-year ($781,788 per student across 1,869 undergraduates). Its $59.30 million programmatic payout ($30.20 million for scholarships and $29.10 million for academic programs and facilities) covers 26.0% of the college's $228.22 million Form 990 operating budget (27.3% or $62.27 million including endowment administrative expenses, and 31.6% under GAAP operating expense metrics).
Davidson spends $104,061 per student annually in direct program services ($194,490,699 across 1,869 undergraduate students)—comprising $39,621 per student in academic instruction ($74.05 million), $40,933 in student financial aid and research grants ($76.50 million), $14,167 in athletics and physical education ($26.48 million), and $9,341 in student support services ($17.46 million). Excluding financial aid grants, net operational program spend is $63,128 per student ($117.99 million), while total institutional expenditure including administrative overhead and fundraising reaches $122,109 per student ($228.22 million). By comparison, net tuition after scholarships generates $28,919 per student ($54.05 million).
Davidson disbursed $76,503,631 in total student support in FY25 (+7.8% YoY). On Form 990 Schedule I, Davidson reported $73,151,596 in tuition-reduction scholarships across 1,464 students (78.3% of the 1,869-student body)—averaging $49,967 per aided recipient—plus $3,352,035 in student research and travel grants. Through The Davidson Trust, the college meets 100% of calculated financial need with zero student loans.
The highest-paid employee in FY25 was Chief Investment Officer Raymond A. Jacobson, who received $1,047,412 in total compensation ($548,885 base salary, $446,083 bonus, and $51,202 in retirement and benefits), followed by President Douglas A. Hicks at $842,786 and Men's Basketball Coach Matthew R. McKillop at $533,786. Across the institution, 215 employees received more than $100,000 in reportable compensation.
Yes. Because Davidson is a private college with more than 500 tuition-paying students and holds $781,788 in endowment assets per student ($1.46 billion across 1,869 students, exceeding the $500,000 federal per-student threshold), it answered "Yes" on Form 990 Part V, Line 16 and is subject to the federal 1.4% IRC Section 4968 excise tax on net investment income.
Davidson College's total assets reached $2.01 billion ($2,007,739,234) in Fiscal Year 2025 (+5.9% YoY), anchored by $1.385 billion in financial securities ($1.349 billion in alternative and institutional investments and $35.54 million in publicly traded securities), $369.75 million in net land, buildings, and equipment, $106.29 million in cash and short-term investments, and $96.57 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, 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
Financial Analysis
November 9, 2026Hamilton College Nears $1.98 Billion in Total Assets, Powered by a $153.3M Investment Surge and $1.50B Endowment Covering 26% of Budget and $104,082 in Per-Student Program Spend
Financial analysis of Hamilton College's FY25 Form 990, detailing its $1.98 billion asset base, $1.50 billion endowment, $104,082 per-student direct program spend, Town-Gown municipal grants, and Schedule J executive compensation.