Duke University Net Assets Climb to $17.5 Billion as Research Grants, Private Philanthropy and Investment Income Supply Majority Funding
By Data Team | Published November 4, 2026
Duke University’s total assets reached $22.13 billion and net assets climbed to $17.52 billion in fiscal year 2025, anchored by a $12.27 billion university endowment whose $593.1 million total distribution ($566.5 million in direct scholarship and academic program payouts) covers 13.6% of the university's $4.35 billion Form 990 operating budget (13.0% net of endowment administrative expenses), according to its latest IRS filing. That capital foundation enables Duke to spend $129,143 per student on direct regular-session academic instruction, departmental research, and student aid ($2.24 billion across 17,325 students)—while total program service expenditure across instruction, sponsored research, and campus auxiliaries reaches $225,217 per student ($3.90 billion) and overall enterprise spending hits $251,085 per student ($4.35 billion).
Duke’s standalone Form 990 illustrates the fiscal architecture of a Research Triangle academic powerhouse coupled with a separately incorporated clinical health enterprise, Duke University Health System (DUHS). While student tuition, fees, and ancillary housing and dining services generate $1.31 billion ($75,813 per student), that revenue accounts for 27.6% of Duke's $4.75 billion total inflows. Federal and state research grants ($1.10 billion), private philanthropy and related-organization support ($879.0 million), realized investment income ($1.15 billion), and intellectual property royalties ($97.2 million) supply the majority of institutional funding.
Combined with $1.20 billion in perpetual trust interests held by others (principally The Duke Endowment established by James B. Duke in 1924) and $275.7 million in annual clinical system transfers from DUHS, this diversified revenue base insulates Duke’s academic mission from tuition dependence. Duke disbursed $469.1 million in direct Schedule I student financial aid grants across 87,499 bursar and stipend disbursements in FY25—supporting an estimated 73.4% of its 17,325 students, including roughly 50% of undergraduates and over 85% of graduate and professional students.
Institutional & Governance Profile
Incorporated in North Carolina as Duke University (EIN 56-0532129) and tracing its institutional formation to 1841 in Durham, North Carolina, the university took its modern shape under James B. Duke’s 1924 Indenture of Trust. Headquartered at 2200 West Main Street in Durham, Duke oversees 10 undergraduate, graduate, and professional schools, its investment management subsidiary DUMAC Inc., and its controlled clinical affiliate, Duke University Health System, Inc.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Formed in 1841, Duke University issued 32,100 Form W-2s in calendar year 2024 (within a 48,313-person combined university and health system workforce), filed 11,287 Form 1096 vendor information returns, and engaged 15,837 alumni and community volunteers.
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Academic & Degree Footprint: Across Trinity College of Arts & Sciences, Pratt School of Engineering, and eight graduate and professional schools (including Fuqua School of Business, Law, Medicine, Nursing, Nicholas School of the Environment, Sanford School of Public Policy, and Divinity), Duke enrolls 17,325 students (6,525 undergraduates and 10,800 graduate and professional students) and confers approximately 6,818 degrees annually.
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Executive Leadership: President Vincent E. Price leads the university alongside Provost Alec Gallimore, Executive Vice President Daniel G. Ennis, EVP for Health Affairs and School of Medicine Dean Mary E. Klotman, MD, Treasurer and VP of Finance Rachel Satterfield, and DUMAC Chief Investment Officer Neal F. Triplett.
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Governing Board (Schedule O): The Board of Trustees comprises 37 voting members, 34 of whom are independent, with Duke graduates holding the right to elect 12 trustees. The Audit & Compliance Committee and Office of Counsel review Form 990 with the Tax Senior Director prior to full Board distribution, and annual conflict-of-interest surveys govern all trustees and officers (noting on Schedule O that Trustees Karen M. King and Michael J. Bingle both hold senior leadership roles at Silver Lake Group).
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Duke generated $4.78 billion in gross receipts and $4.75 billion in total net revenue. Total assets expanded 4.6% to $22.13 billion while total liabilities edged up 0.6% to $4.61 billion, driving a 5.7% increase in net assets to $17.52 billion—weighted 54.7% toward donor-restricted funds and 45.3% toward unrestricted reserves.
Balance Sheet Strength
- Total Assets $22,131,922,809 (+4.6%)
- Total Liabilities $4,608,079,402 (+0.6%)
- Total Net Assets $17,523,843,407 (+5.7%)
- Donor-Restricted Net Assets $9,590,866,977 (54.7% of Total Net Assets)
- Unrestricted Net Assets $7,932,976,430 (45.3% of Total Net Assets)
Operating Performance
- Total Revenue $4,754,345,666 (+6.1%)
- Total Expenses $4,350,043,942 (+5.0%)
- Operating Surplus $404,301,724 (+20.4%)
- Unrealized Gains (Excluded) $168,836,071
Note: The $404.3 million reported operating surplus reflects Form 990 realized accounting parameters; adding $168.8 million in net unrealized investment gains and $374.7 million in other net asset changes (including $264.0 million in transfers from Duke University Health System, $64.1 million in nonperiodic benefit changes, and $36.2 million in perpetual trust valuation adjustments) accounts for the full $947.8 million expansion in Duke's FY25 net assets.
Revenue Breakdown
All four of Duke’s primary revenue streams increased year-over-year in FY25. Contributions and grants remained the university's largest inflow at $1.98 billion (+0.03% YoY), led by $1.10 billion in federal and state research grants and $780.9 million in private gifts. Program service revenue rose 6.6% to $1.48 billion, anchored by $1.08 billion in student tuition and fees and $233.5 million in ancillary housing, dining, and campus services. Realized investment income climbed 16.2% to $1.15 billion on strong securities realizations ($773.4 million net gain), while other revenue increased 17.8% to $152.3 million on $97.2 million in intellectual property royalties.
Primary Revenue Streams
FY25 Revenue Distribution
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Contributions & Grants +0.03% YoY$1,975,474,083 (41.6%)
- Government Research & Sponsored Grants $1,096,468,780
- Private Philanthropy & Fundraising Events ($3.33M Events) $784,266,641
- Contributions from Related Organizations $94,738,662
- Noncash Gifts Included Above (1,142 Stock Gifts, 28 Art Works, Real Estate) $58,142,135
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Program Service Revenue +6.6% YoY$1,479,979,763 (31.1%)
- Student Tuition & Fees $1,079,949,645
- Ancillary Student Services (Housing, Dining & Auxiliaries) $233,506,534
- All Other Program Service Revenue ($6.94M Unrelated Business) $108,236,536
- Continuing Education & Executive Programs $44,002,721
- Conference Fees ($10.22M) & Academic Med. Research ($4.06M) $14,284,327
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Investment Income +16.2% YoY$1,146,576,952 (24.1%)
- Realized Net Capital Gains ($798.1M Gross Sales less $24.7M Basis) $773,404,295
- Dividends, Interest & Other Investment Income $373,172,657
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Other Revenue +17.8% YoY$152,314,868 (3.2%)
- Intellectual Property & Technology Licensing Royalties $97,152,279
- Miscellaneous Sales ($31.27M), Student Dues ($3.68M) & Other Fees $41,533,315
- Net Rental Income ($17.61M Gross Rents less $3.43M Expenses) $14,185,735
- Net Loss from Fundraising Events ($166.1K Gross less $722.6K Expenses) ($556,461)
Endowment Performance and Asset Allocation
DUMAC Inc., Duke’s controlled investment management subsidiary, manages the university's Long Term Pool (LTP) alongside working capital and employee retirement assets through Gothic Corporation. On its FY25 balance sheet (Part X, Lines 11–12), Duke holds $16.58 billion in total invested securities—comprising $12.27 billion in university endowment funds (Schedule D, Part V) and $4.30 billion in working capital and pooled institutional reserves—plus an additional $1.20 billion in perpetual trusts held by outside trustees (Schedule D, Part IX), bringing total endowment, trust, and securities backing to $17.77 billion.
Alternative investments anchor Duke’s portfolio: private capital ($5.26 billion), hedged strategies ($3.04 billion), and real assets ($1.54 billion) represent 59.3% of total invested securities, complemented by $4.03 billion in publicly traded and other equities and $2.63 billion in fixed income. Through its global partnerships (Schedule R, Parts III–IV), Duke maintains investment structures in the Cayman Islands, Mauritius, Luxembourg, and the United Kingdom, generating $6.94 million in gross unrelated business revenue ($1.36 million net taxable on Form 990-T). Because Duke holds $708,480 in endowment assets per student across 17,325 students, the university is subject to the federal IRC Section 4968 excise tax on net investment income and carries $48.97 million in net investment income tax liabilities on Schedule D, Part X.
Portfolio Performance & Asset Allocation ($16.58B Total Invested Securities / $12.27B University Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $12,274,406,429 (+3.6% YoY), representing $708,480 per enrolled student across 17,325 students (plus $1,197,404,780 in perpetual trusts held by others).
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Net Investment Gains: $885,724,900 in endowment investment earnings (+27.0% YoY from $697.4M in FY24), while new endowment gifts totaled $132,835,375 (-5.2% YoY).
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Alternative & Global Strategy: 59.3% of total securities ($9.83B) are allocated to private capital, hedged strategies, and real assets managed via DUMAC Inc. ($38.99M in external investment management fees on Part IX, Line 11f).
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Total Payout & Budget Coverage: $593,085,468 in total endowment distributions ($427.3M to facilities and academic programs, $139.2M to student scholarships, and $26.6M to administrative expenses), funding 13.6% of Form 990 total operating expenses (13.0% programmatic payout net of administrative fees, or 14.5% of total program service expenses).
Detailed Asset Mix ($16.58B Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V tracks the five-year trajectory of Duke’s endowment from an $8.45 billion opening balance in FY21 to $12.27 billion at the end of FY25 (+45.3% over five years). Over that period, the endowment received $790.6 million in donor contributions and generated $5.51 billion in net investment earnings—anchored by a $4.49 billion surge in FY21 and consecutive recoveries of $697.4 million in FY24 and $885.7 million in FY25 following post-boom market pullbacks in FY22 (-$309.4 million) and FY23 (-$254.9 million). Simultaneously, the endowment disbursed $2.47 billion to campus operations: $606.9 million in student scholarships, $1.75 billion in academic program and facility support, and $113.0 million in administrative expenses. At year-end FY25, 62.59% of the portfolio was held as permanent endowment, 27.64% as board-designated quasi-endowment, and 9.77% as term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $11,848,931,622 | $11,563,067,500 | $12,075,706,572 | $12,650,280,988 | $8,446,092,302 |
| 1b. Contributions | $132,835,375 | $140,177,288 | $184,965,874 | $152,726,663 | $179,916,138 |
| 1c. Net investment earnings | $885,724,900 | $697,427,505 | ($254,889,234) | ($309,426,343) | $4,490,240,275 |
| 1d. Grants or scholarships | ($139,222,350) | ($136,834,060) | ($116,237,714) | ($111,275,744) | ($103,342,939) |
| 1e. Other expenditures | ($427,262,842) | ($391,403,769) | ($302,106,147) | ($287,787,237) | ($342,917,950) |
| 1f. Administrative expenses | ($26,600,276) | ($23,502,841) | ($24,371,851) | ($18,811,755) | ($19,706,838) |
| 1g. End of year balance | $12,274,406,429 | $11,848,931,622 | $11,563,067,500 | $12,075,706,572 | $12,650,280,988 |
Per-Student Spending and True Cost
Calculating per-student resource intensity at an elite research university requires isolating regular-session academic instruction and student aid from externally sponsored research and campus auxiliary enterprises. On Form 990 Part III (Line 4a), Duke reports $2,237,395,261 in direct academic program service expenses across its 17,325 degree-seeking students (6,525 undergraduates and 10,800 graduate and professional students, conferring approximately 6,818 degrees annually). That equates to $129,143 per student in direct regular-session academic program spend ($102,774 net per student excluding $456.8 million in Line 4a financial aid grants).
By comparison, gross tuition and fee revenue ($1,079,949,645, or $62,335 per student) covers 48.3% of direct academic program expenditure, while combined tuition, fees, and ancillary student housing and dining revenue ($1,313,456,179, or $75,813 per student) covers 58.7%—leaving a $53,330 per-student structural academic subsidy funded by endowment payouts, The Duke Endowment trust distributions, and annual giving. When incorporating all university program services (Part III, Line 4e)—adding Sponsored Research ($1.22 billion, or $70,216 per student) and Auxiliary Enterprises ($448.0 million, or $25,858 per student)—total program service spend reaches $3,901,884,545 ($225,217 per student), while total institutional expenditure including management overhead ($343.0 million) and fundraising ($105.2 million) reaches $4,350,043,942 ($251,085 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $2,237,395,261 across 17,325 undergraduate and graduate students ($129,143 gross direct academic spend per student; $102,774 net excluding $456.8M in student aid grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $3,901,884,545 in total program services ($225,217 per student across instruction, sponsored research, and auxiliaries, representing 89.7% of total expenses) and $4,350,043,942 in overall institutional spend ($251,085 per student).
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Tuition & Ancillary Student Revenue: $1,313,456,179 ($75,813 per student before financial aid discounts, comprising $1.08B in tuition/fees and $233.5M in ancillary services), covering 58.7% of direct academic program expenditure and leaving a $53,330 per-student academic subsidy ($149,404 per-student gap against all $225,217 in program services).
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Sponsored Research & Subrecipient Collaborations (Line 4b & Part IX Line 24a): $1,216,495,537 in direct sponsored research expenses ($70,216 per student, including $225.8M in subrecipient research payments and $61.4M in research grants) against $1,497,060,511 in research program revenue, supported by NIH, NSF, DOD, and DOE awards.
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Campus Auxiliaries, Nasher Museum & Global Operations (Line 4c, Schedule D & F): $447,993,747 in auxiliary enterprise services ($233.5M revenue), $57.0M in capitalized art holdings at the Nasher Museum of Art ($3.09M in noncash art gifts across 28 works in FY25), and $51.1M in international expenditures across 59 global personnel (led by $19.1M in East Asia/Pacific including Duke Kunshan initiatives, $15.1M in Europe, and $5.5M in Sub-Saharan Africa).
Financial Aid: How Duke Deploys $469M in Direct Student Support
Duke practices need-blind admissions for U.S. citizens, permanent residents, and undocumented students, meeting 100% of demonstrated financial need without loans for low-income families. Under its flagship Carolinas Tuition Initiative, undergraduate residents of North Carolina and South Carolina from families with total incomes of $150,000 or less receive full-tuition grants, while students from Carolina families earning $65,000 or less receive full tuition plus grants covering housing, meals, and course materials without student loans.
On Form 990 Schedule I (Part III), Duke reports $469,123,131 in direct grants and stipends to domestic students—comprising $185.8 million in undergraduate scholarships, $141.7 million in graduate scholarships and stipends, $103.6 million in pre-doctoral stipends, $37.8 million in athletic scholarships across 626 student-athletes, and $258,380 in postdoctoral and academic prizes—plus $80,009 across 18 foreign student fellowships and awards on Schedule F. Because Duke's central payment system logs each semester and monthly stipend posting separately (87,499 recipient transactions on Schedule I), institutional data indicate that approximately 50% of Duke undergraduates and over 85% of graduate and professional students receive university financial support, representing an estimated 73.4% aided student share (~12,720 unique students) across its 17,325 enrollment.
Internal Student Support (Schedule I & D)
- Estimated Aided Student Share 73.4% (~12,720 students / 87,499 awards)
- Undergraduate / Graduate Aid Rate ~50% Undergrad / >85% Grad
- Undergraduate Scholarships & Stipends $185,814,815
- Graduate & Pre-Doc Scholarships/Stipends $245,237,219
- Athletic Scholarships (626 Student-Athletes) $37,812,717 ($60,404 avg.)
- Total Domestic Student Cash Grants $469,123,131 ($36,881 est. avg.)
Endowment Scholarships & External Grants
- Endowment Scholarship Payout ($139,222,350) Direct Schedule D, Part V (Line 1d) endowment distributions dedicated to student scholarships and fellowships, up +1.7% YoY from $136.8M in FY24 (approx. 23% of Duke's endowed funds are designated for financial aid).
- Domestic & Foreign Institutional Grants ($49,138,130) Includes $36,704,929 in Schedule I domestic organizational and municipal grants and $12,433,201 in Schedule F foreign grants ($11.94M to East Asia/Pacific, $405.2K to Europe, $8.3K to North America, and $80.0K in individual foreign fellowships).
Executive and Investment Team Compensation
Duke’s Schedule J disclosures highlight the distinct compensation structures governing endowment asset management (DUMAC Inc.), Power Four ACC athletics, academic medicine, and central university administration. Duke’s highest-compensated employee in FY25 was DUMAC Chief Investment Officer Neal F. Triplett ($5,015,585, including a $3.98 million performance bonus), followed by Head Football Coach Manuel Diaz ($4,291,209), Physician Jonathan Cook, MD ($3,385,536 across Duke University and DUHS), Professor and former Executive Vice Provost Jennifer Francis ($2,987,130, including a $2.50 million separation payment), Head Men's Basketball Coach Jonathan Scheyer ($2,832,457), and Pediatric Cardiac Surgery Chief Joseph Turek, MD ($2,601,724 across Duke and DUHS). Three additional DUMAC Investment Managers—Justin B. Nixon ($2,283,144), Evan L. Jones ($2,273,076), and Kavita Nayar ($1,901,253)—also ranked among the top 10 earners.
In central leadership, President Vincent E. Price received $2,206,978 in total compensation ($2,114,417 base salary), EVP for Health Affairs and School of Medicine Dean Mary E. Klotman, MD earned $1,584,699, Executive Vice President Daniel G. Ennis earned $1,541,799, and Provost Alec Gallimore earned $1,215,343 ($1,161,843 from the University plus $53,500 from a related organization). In Schedule O, Duke also voluntarily disclosed two clinical leaders who would have ranked among the five highest-compensated employees based solely on filing-organization pay: Chancellor Emeritus for Health Affairs A. Eugene Washington, MD ($2,285,670 reportable W-2/1099 pay) and Neurosurgery Chair Gerald Grant, MD ($1,809,446). Because Duke pays over $1 million to covered executives and coaches, it is subject to the IRC Section 4960 21% excise tax on excess executive remuneration (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Duke expended $2,439,701,930 in total salaries, wages, pensions ($129.9M), employee benefits ($220.6M), and payroll taxes ($119.6M) in FY25 (+5.8% YoY, representing 56.1% of all university expenses) across 32,100 W-2 employees, with 7,290 staff members earning over $100,000.
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Board Compensation Governance (Schedule J & O): The Board of Trustees Compensation Committee engages an independent executive compensation consulting firm to benchmark executive, clinical, and DUMAC investment pay against peer research universities, documenting all deliberations and IRC Section 457(f) deferred vesting schedules in committee minutes.
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Presidential Residence, Travel & Interested-Person Disclosures (Schedule J & L): President Price is provided on-campus living facilities and housekeeping for the convenience of the university; business charter travel was utilized by Vincent E. Price, Daniel G. Ennis, Margaret W. Epps, and Jonathan Scheyer, while Alec Gallimore, Jonathan Scheyer, and Kim Taylor received tax gross-ups included in taxable income. Under Schedule L, Duke reported a $3,000 family tuition remission scholarship and five ordinary-course arm's-length transactions ($360,495 with Endeavor OLE Parent LLC, $56,250 with Endeavor Parent LLC, $243,108 with Qualtrics LLC, and family employee salaries of $456,007 for John Clements and $45,100 for Elizabeth Monahan).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 21 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) |
| Neal F. TriplettChief Investment Officer, DUMAC | $887,718 | $3,975,000 | $23,000 | $42,072 | $87,795 | $5,015,585 | $0 |
| Manuel DiazHead Football Coach | $4,119,975 | $28,999 | $23,000 | $42,072 | $77,163 | $4,291,209 | $0 |
| Jonathan Cook, MDPhysician ($278.5K Univ [i] / $3.11M DUHS [ii]) | $2,698,557 | $592,437 | $23,000 | $42,072 | $29,470 | $3,385,536 | $0 |
| Jennifer FrancisProfessor (Former Exec. Vice Provost) | $435,454 | $0 | $2,500,000 | $42,072 | $9,604 | $2,987,130 | $0 |
| Jonathan ScheyerHead Men's Basketball Coach | $1,588,533 | $1,150,000 | $25,646 | $42,072 | $26,206 | $2,832,457 | $0 |
| Joseph Turek, MDPhysician ($502.8K Univ [i] / $2.10M DUHS [ii]) | $2,250,738 | $251,200 | $23,000 | $42,072 | $34,714 | $2,601,724 | $0 |
| Justin B. NixonInvestment Manager, DUMAC | $437,050 | $1,269,560 | $214,400 | $325,272 | $36,862 | $2,283,144 | $214,400 |
| Evan L. JonesInvestment Manager, DUMAC | $418,942 | $1,269,560 | $237,400 | $325,272 | $21,902 | $2,273,076 | $214,400 |
| Vincent E. PricePresident / Trustee | $2,114,417 | $0 | $23,000 | $42,072 | $27,489 | $2,206,978 | $0 |
| Kavita NayarInvestment Manager, DUMAC | $440,265 | $1,027,299 | $147,400 | $258,272 | $28,017 | $1,901,253 | $147,400 |
| Mary E. Klotman, MDEVP for Health Affairs & Dean of SOM | $1,147,203 | $356,274 | $19,167 | $42,072 | $19,983 | $1,584,699 | $0 |
| Daniel G. EnnisExecutive Vice President | $1,334,937 | $106,149 | $23,000 | $42,072 | $35,641 | $1,541,799 | $0 |
| Alec GallimoreProvost ($1.16M Univ [i] / $53.5K Rel. [ii]) | $1,041,718 | $70,390 | $23,258 | $42,072 | $37,905 | $1,215,343 | $0 |
| James Scott GibsonExec. Vice Dean of Admin, SOM | $675,492 | $288,631 | $23,000 | $42,072 | $33,309 | $1,062,504 | $0 |
| Gary BennettDean, College of Arts & Sciences | $706,880 | $0 | $23,000 | $42,072 | $27,546 | $799,498 | $0 |
| Pamela J. BernardPart-Year VP & University Counsel | $679,209 | $0 | $23,000 | $42,072 | $20,828 | $765,109 | $0 |
| Rachel SatterfieldTreasurer & VP of Finance | $670,285 | $0 | $0 | $42,072 | $17,767 | $730,124 | $0 |
| Kim TaylorPart-Year VP & University Counsel | $318,241 | $257,052 | $35,299 | $34,686 | $37,640 | $682,918 | $0 |
| Mohamed NoorFormer Key Employee | $213,980 | $311,597 | $23,000 | $42,072 | $21,047 | $611,696 | $0 |
| Margaret W. EppsUniversity Secretary | $498,815 | $0 | $23,000 | $42,072 | $16,118 | $580,005 | $0 |
| John J. NoonanVP for Facilities | $474,538 | $1,615 | $23,000 | $42,072 | $30,521 | $571,746 | $0 |
Facilities, Debt, and Municipal Relations
Duke’s campus footprint spans more than 3,000 acres in Durham County—encompassing West, East, and Central Campuses alongside the 7,000-acre Duke Forest teaching and research reserve across central North Carolina. To finance laboratories, residential quads, and infrastructure without depleting endowment principal, Duke combines tax-exempt revenue bonds and commercial paper issued through the North Carolina Capital Facilities Finance Agency (Schedule K) with $2.23 billion in unsecured taxable institutional notes.
As Durham’s largest employer and private landowner (holding over 10% of land within city limits), Duke sits at the center of ongoing town-gown fiscal discussions, including proposals from the local "Duke Respect Durham" coalition seeking a formal $20 million to $50 million annual voluntary Payment in Lieu of Taxes (PILOT). Rather than adopting a standalone municipal PILOT agreement, Duke channels its civic fiscal support through $36.7 million in Schedule I grants to domestic nonprofits, schools, and local government agencies, commercial property tax payments on its non-exempt real estate and hospitality holdings (including the Washington Duke Inn LLC and downtown innovation corridor leases), and targeted state and municipal government affairs engagement.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Duke holds $7.29 billion ($7,289,839,785) in gross land ($37.9M), buildings ($5.09B), equipment ($962.8M), leasehold improvements ($363.6M), and other capital assets ($835.7M), carrying a net book value of $2.49 billion ($2,487,792,048) after $4.80 billion in accumulated depreciation, plus $506.3 million in operating lease right-of-use assets. Annual plant expenses include $267.8 million in depreciation, $121.2 million in occupancy, and $73.0 million in equipment rental and maintenance.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Duke carries $342.8 million in tax-exempt bond liabilities (-2.0% YoY, issued via the NC Capital Facilities Finance Agency under its $380.6M 2016 refunding series and $472.5M 2018 commercial paper program), $2.23 billion in unsecured taxable notes, $563.3 million in operating lease liabilities, and $421.7 million in postretirement healthcare benefit obligations, paying $85.6 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: While academic buildings are tax-exempt under 501(c)(3), Duke disbursed $36,704,929 in Schedule I grants to domestic organizations and local public entities (supporting Durham County initiatives, public education partners, United Way of the Greater Triangle, and local clinics), incurred $3.43 million in rental property expenses on $17.61 million in gross commercial rents, operated Washington Duke Inn LLC ($41.2M revenue, $36.5M assets on Schedule R), and expended $576,306 in Schedule C lobbying activities ($536,033 direct legislative contact and $40,273 organizational dues).
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Top 5 Independent Contractors (Part VII, Section B): Among 949 independent contractors paid over $100,000 in FY25, Duke's five largest vendor relationships spanned insurance, staffing, Research Triangle research collaboration, and campus construction: Gallagher Affinity Insurance Services ($34.17M), Allegis Group Holdings Inc. ($19.09M), University of North Carolina at Chapel Hill ($17.15M, sponsored research), Mid-Atlantic Infrastructure Systems ($15.31M, construction), and LeChase Construction Services LLC ($11.86M, Durham construction).
Editorial Note
All financial figures in this report derive from Duke University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 17,325 degree-seeking students—6,525 undergraduates and 10,800 graduate and professional students) and have been verified by the data team.
While Duke expends $129,143 per student on direct regular-session academic instruction and student aid ($225,217 per student across all university program services and $251,085 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 research infrastructure, need-blind domestic undergraduate admissions, Carolinas Tuition Initiative, and faculty ratios that operate alongside Duke’s student selectivity.
Accounting Reconciliation: Readers comparing Duke University’s consolidated GAAP audited financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $4.35B in total expenses by recording $518.3M in grants ($469.1M in domestic student scholarships and stipends) as a functional operating expense against $1.08B in gross tuition and fees, whereas GAAP financial statements net student financial aid directly against gross tuition revenue. Second, per Form 990 Part IV (Lines 12a–12b and 20a) and Schedule R, Duke’s audited GAAP financial statements consolidate the University with Duke University Health System, Inc. (DUHS, EIN 56-2070036) and 37 related tax-exempt organizations, whereas this Form 990 represents the standalone legal filing of Duke University (including its three disregarded LLCs—Washington Duke Inn LLC, Duke Faculty Club LLC, and Duke UK Trust Limited—while capturing $275.7M in Schedule R cash/property transfers from DUHS, $264.0M in net DUHS equity transfers on Part XI Line 9, and $1.96B in investment transfers from and $1.71B to Gothic Corporation). Third, on Form 990 Part IX (Line 24e), Duke records -$82.4M in net "All other expenses" (+$120.2M in program services offset by -$204.5M in management and general expenses), reflecting internal administrative overhead allocations and shared-service cost recoveries across university and health system units.
Frequently Asked Questions: Duke's Form 990 Financials
As of Fiscal Year 2025, Duke University's endowment stands at $12.27 billion ($12,274,406,429), up 3.6% year-over-year, supplemented by an additional $1.20 billion ($1,197,404,780) in perpetual trusts held by outside trustees such as The Duke Endowment. Its $593.1 million total annual distribution ($566.5 million in direct scholarship and academic program payouts plus $26.6 million in administrative expenses) covers 13.6% of Duke's $4.35 billion Form 990 operating budget (13.0% net of administrative fees, or 14.5% of total program service expenses).
Duke spends $129,143 per student annually in direct regular-session academic program services—instruction, departmental research, and student financial aid ($2.24 billion across 17,325 students)—compared to $75,813 per student generated in baseline tuition, fees, and ancillary student services. Across all Form 990 program service pillars (adding $1.22 billion in sponsored research and $448.0 million in auxiliary operations), total program spend is $225,217 per student ($3.90 billion), and overall enterprise spend including administrative overhead and fundraising is $251,085 per student ($4.35 billion).
On Form 990 Schedule I, Duke reported $469.1 million ($469,123,131) in direct grants and stipends to domestic students—comprising $185.8 million in undergraduate scholarships, $141.7 million in graduate scholarships and stipends, $103.6 million in pre-doctoral stipends, $37.8 million in athletic scholarships across 626 athletes, and $258,380 in postdoctoral and academic awards. Approximately 50% of undergraduates and over 85% of graduate students receive institutional aid, representing an estimated 73.4% aided student share (~12,720 students) across the 17,325-student body.
The highest-paid employee is Neal F. Triplett, Chief Investment Officer of DUMAC Inc., who received $5,015,585 in total compensation in FY25, followed by Head Football Coach Manuel Diaz ($4,291,209), Physician Jonathan Cook, MD ($3,385,536 across Duke University and DUHS), Professor Jennifer Francis ($2,987,130), and Head Men's Basketball Coach Jonathan Scheyer ($2,832,457).
Yes. Because Duke is a private university with more than 500 tuition-paying students and holds $708,480 in endowment assets per student across 17,325 students (exceeding the $500,000 federal statutory threshold), it is subject to the IRC Section 4968 excise tax on net investment income and carries $48,973,711 in net investment income tax liabilities on Schedule D, Part X.
Duke University's total assets reached $22.13 billion ($22,131,922,809) in Fiscal Year 2025, anchored by $16.58 billion in balance sheet investment securities ($12.97 billion in alternative/other securities and $3.60 billion in publicly traded securities), $2.49 billion in net land, buildings, and equipment, and $1.20 billion in perpetual trusts held by others.
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