Emory University Assets Reached $24.9 Billion in 2025, $4.90 Billion Clinical Care Engine Drives 77% of Operating Revenue
By Data Team | Published November 6, 2026
Emory University’s total assets rose 12.0% to $24.89 billion in fiscal year 2025, backed by a $10.87 billion endowment whose $423.7 million annual distribution ($365.8 million in direct programmatic and scholarship payouts plus $57.9 million in administrative fees) covers 5.9% of the institution's $7.20 billion Form 990 operating budget—and 12.2% of core university operating expenses excluding its two directly operated teaching hospitals—according to its latest IRS filing. Across 15,000 enrolled students, Emory spends $200,168 per student on direct university instruction, departmental research, and student financial aid ($3.00 billion on Part III, Line 4a). Including its inpatient hospital divisions, total program service expenditure reaches $449,197 per student ($6.74 billion), and total enterprise expenditure hits $480,268 per student ($7.20 billion).
Emory’s Form 990 illustrates the financial structure of an integrated academic health enterprise. Unlike peer universities that house all hospitals in separate corporate filings, Emory operates Emory University Hospital (EUH), Emory University Hospital Midtown (EUHM), and Emory University Orthopaedics & Spine Hospital directly inside the university’s legal corporation. Consequently, clinical medical services generate $4.90 billion—62.4% of Emory's $7.86 billion total revenue—while gross student tuition and fees ($957.6 million, or $63,842 per student) represent 12.2% of total inflows. Government research grants ($1.04 billion), private contributions ($189.1 million), and realized investment income ($512.9 million) supply the balance.
Clinical surpluses ($925.5 million across EUH and EUHM before unallocated overhead), sponsored research, and endowment payouts reduce Emory's reliance on student tuition. In FY25, Emory awarded $372.7 million in direct Schedule I student financial aid grants across 11,001 domestic recipients—73.3% of its 15,000-student body—recycling 38.9% of gross tuition revenue directly into need-based and merit scholarships.
Institutional & Governance Profile
Chartered as Emory College in Oxford, Georgia, in 1836 and rechartered in Atlanta as Emory University in 1915 (EIN 58-0566256), Emory operates nine academic schools and the Robert W. Woodruff Health Sciences Center (WHSC) from its headquarters on Clifton Road in Atlanta. Beyond its academic faculties, the university corporation directly operates acute-care teaching hospitals and serves as common paymaster for affiliated medical entities including The Emory Clinic, Inc. (TEC), Emory Medical Care Foundation, Inc. (EMCF), and Emory Innovations, Inc. (EI).
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1836 and incorporated in Atlanta in 1915, Emory issued 27,470 Form W-2s in calendar year 2024 (including common-paymaster clinical staff at TEC, EMCF, and EI), filed 28,823 Form 1096 vendor returns, and engaged 11,148 volunteers.
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Academic & Clinical Footprint: Emory enrolls approximately 15,000 degree-seeking students across nine schools—Emory College of Arts and Sciences, Oxford College, Goizueta Business School, Laney Graduate School, School of Law, School of Medicine, Nell Hodgson Woodruff School of Nursing, Rollins School of Public Health, and Candler School of Theology—while operating over 1,400 licensed hospital beds across Emory University Hospital (871 beds, including Orthopaedics & Spine and Wesley Woods) and Emory University Hospital Midtown (529 licensed beds).
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Executive Leadership: President Gregory L. Fenves led the university during FY25 (succeeded by Interim President Leah Ward Sears on September 1, 2025) alongside Provost and EVP for Academic Affairs Ravi Bellamkonda (succeeded by Interim Provost Lanny Liebeskind), EVP for Business and Administration and Enterprise CFO Christopher Augostini, SVP and CFO Pimolrat Thukral, EVP for Health Affairs and Emory Healthcare CEO Joon S. Lee, MD, and Vice President and Chief Investment Officer Srinivas Pulavarti.
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Governing Board (Schedule O): The Board of Trustees comprises 37 voting members, 34 of whom are independent. Management provides a complete draft of Form 990 to all trustees for review prior to filing, and the Executive Compensation and Trustees' Conflict of Interest Committee enforces annual conflict-of-interest disclosures across all trustees, officers, and key decision-makers.
Top-Line Financials
During FY25 (September 1, 2024 through August 31, 2025), Emory generated $7.88 billion in gross receipts and $7.86 billion in total net revenue. Total assets expanded 12.0% to $24.89 billion while net assets rose 10.4% to $17.69 billion, split between unrestricted reserves (53.6%) and donor-restricted funds (46.4%).
Balance Sheet Strength
- Total Assets $24,888,450,281 (+12.0%)
- Total Liabilities $7,201,849,162 (+16.2%)
- Total Net Assets $17,686,601,119 (+10.4%)
- Donor-Restricted Net Assets $8,210,092,260 (46.4% of Total Net Assets)
- Unrestricted Net Assets $9,476,508,859 (53.6% of Total Net Assets)
Operating Performance
- Total Revenue $7,861,969,527 (+7.5%)
- Total Expenses $7,204,022,081 (+8.5%)
- Operating Surplus $657,947,446 (-1.7%)
- Unrealized Gains (Excluded) $804,355,733
Note: The $657.9 million operating surplus reflects Form 990 realized accounting parameters; adding $804.4 million in net unrealized investment gains and $210.5 million in other net asset adjustments (including $41.4 million in undistributed perpetual trust income, $9.9 million in derivative fair-value gains, and affiliate net asset transfers) accounts for the full $1.67 billion expansion in Emory's FY25 net assets.
Revenue Breakdown
Three of Emory's four primary revenue streams expanded in FY25, led by a 14.2% surge in program service revenue to $6.06 billion (77.1% of total revenue). Inpatient and outpatient medical services at EUH and EUHM generated $4.90 billion—more than five times the $957.6 million collected in student tuition and fees. Contributions and grants rose 2.2% to $1.23 billion, anchored by $1.04 billion in government research grants and $189.1 million in private philanthropy. Realized investment income declined 32.9% to $512.9 million following lower realized portfolio turnover ($406.4 million in net realized capital gains versus $804.4 million in unrealized gains recorded on Part XI), while other revenue climbed 52.6% to $64.0 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +14.2% YoY$6,059,293,564 (77.1%)
- Medical Services (University Hospital Divisions) $4,902,268,318
- Student Tuition and Fees $957,626,640
- Education & Clinical Research Contracts $102,216,527
- Auxiliary Operating Activities (Housing, Dining & Parking) $75,598,137
- Independent Operations (Conference Hotel & Services) $21,583,942
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Contributions & Grants +2.2% YoY$1,225,816,919 (15.6%)
- Government Research & Sponsored Grants $1,036,695,264
- Private Philanthropy & Fundraising Events ($5.35M Event Gifts) $189,121,655
- Noncash Gifts Included Above (116 Stock Gifts, 6 Art Works, Real Estate, Vehicle) $48,809,005
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Investment Income -32.9% YoY$512,855,353 (6.5%)
- Realized Net Capital Gains ($423.5M Security Gains less $17.1M Other Basis) $406,410,148
- Dividends, Interest & Other Investment Income $106,445,205
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue +52.6% YoY$64,003,691 (0.8%)
- Net Rental Income ($21.39M Gross Rents, $0 Rental Expenses) $21,388,929
- Campus Concessions & Services $18,026,897
- Intellectual Property Royalties $14,038,438
- Financial Administration, Network Services & Net Special Events (-$820K) $10,549,427
Endowment Performance and Asset Allocation
Emory Investment Management oversees the university’s $10.87 billion endowment within a broader $14.28 billion balance sheet securities portfolio ($2.42 billion in direct publicly traded securities on Part X, Line 11, and $11.86 billion in other securities on Schedule D, Part VII, alongside $4.52 billion in cash and short-term temporary investments on Part X, Line 2). Across the $14.28 billion securities pool, public equities ($5.36 billion combined) and private equity/venture capital ($4.28 billion) represent 67.5% of invested assets, supplemented by $2.05 billion in perpetual trusts held by third-party fiduciaries (such as the Robert W. Woodruff, Lettie Pate Evans, and Emily and Ernest Woodruff Foundations), $1.20 billion in absolute return hedge strategies, and $897.2 million in real estate.
To execute its global alternative strategy, Emory holds $5.08 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $4.16 billion in Central America and the Caribbean, $518.2 million in Europe, and $316.7 million in Sub-Saharan Africa—and generated $31.75 million in gross unrelated business revenue ($0 net taxable income on Form 990-T after applying $140.0 million in UBI net operating loss carryforwards). Because Emory holds $724,659 in endowment assets per student across 15,000 students, it is subject to the federal IRC Section 4968 excise tax on net investment income (Part V, Line 16).
Portfolio Performance & Asset Allocation ($14.28B Balance Sheet Securities / $10.87B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $10,869,886,879 (+8.7% YoY), representing $724,659 per enrolled student across 15,000 students.
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Net Investment Gains: $1,064,023,306 in endowment investment earnings (+2.6% YoY from $1.04B in FY24).
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Alternative & Offshore Capital: 62.5% of Emory's $14.28B securities pool sits outside public equities in private equity/venture capital, perpetual foundation trusts, absolute return funds, and real estate, with $4.16B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $423,717,212 in total endowment outflows ($285.1M to academic/clinical programs and facilities, $80.7M to student financial aid, and $57.9M to investment management fees), funding 5.9% of total Form 990 institutional expenses (5.1% in direct programmatic/scholarship payouts) and 12.2% of core university expenses excluding EUH and EUHM hospital operations.
Detailed Asset Mix ($14.28B Balance Sheet Securities Pool)
5-Year Endowment History
Schedule D, Part V traces the expansion of Emory’s endowment from a $7.47 billion opening balance in FY21 to $10.87 billion at the close of FY25 (+45.6% over five years). Across that five-year span, the endowment absorbed $774.2 million in donor contributions alongside $4.36 billion in cumulative net investment earnings—anchored by a $2.54 billion post-pandemic gain in FY21 and back-to-back billion-dollar gains in FY24 ($1.04 billion) and FY25 ($1.06 billion). Over the same period, the endowment distributed $1.73 billion, including $291.4 million for student scholarships, $1.27 billion for academic, research, and healthcare programs, and $163.0 million in investment management fees. At year-end FY25, the endowment spanned over 2,400 individual funds—comprising 41.36% term endowment, 31.54% permanent endowment, and 27.10% board-designated quasi-endowment—with roughly 40% dedicated to health care and the health sciences.
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 | $9,999,325,846 | $9,119,496,857 | $8,905,812,494 | $9,713,595,126 | $7,467,506,671 |
| 1b. Contributions | $230,254,939 | $213,748,971 | $279,203,170 | $49,941,797 | $1,027,991 |
| 1c. Net investment earnings | $1,064,023,306 | $1,037,285,855 | $263,698,480 | ($549,185,993) | $2,541,116,543 |
| 1d. Grants or scholarships | ($80,701,687) | ($76,635,655) | ($51,201,086) | ($42,842,655) | ($40,053,193) |
| 1e. Other expenditures | ($285,097,079) | ($264,218,145) | ($251,633,437) | ($241,369,686) | ($232,009,733) |
| 1f. Administrative expenses | ($57,918,446) | ($30,352,037) | ($26,382,764) | ($24,326,095) | ($23,993,153) |
| 1g. End of year balance | $10,869,886,879 | $9,999,325,846 | $9,119,496,857 | $8,905,812,494 | $9,713,595,126 |
Per-Student Spending and True Cost
Measuring per-student expenditure at Emory requires separating core university academic and research operations from the inpatient hospital divisions housed on its tax return. On Form 990 Part III (Line 4a), Emory reports $3,002,518,945 in direct program service expenses for its nine colleges and schools, research institutes (including Winship Cancer Institute and Emory National Primate Research Center), and student financial aid across 15,000 enrolled students. That equates to $200,168 per student in direct academic and research program spend ($175,320 net per student excluding $372.7 million in student financial aid grants, or $161,087 net excluding all $586.2 million in Line 4a student and institutional grants).
By comparison, gross student tuition and fees (Part VIII, Line 2a) total $957,626,640, or $63,842 per student ($68,882 per student when adding $75.6 million in campus housing, dining, and auxiliary revenue on Line 2c). Baseline tuition covers just 31.9% of Emory's direct university program spend (34.4% including auxiliaries), leaving a $136,326 per-student academic and research subsidy funded by federal research grants ($1.04 billion), endowment distributions ($365.8 million programmatic payout), and clinical transfers. When adding Emory's two major inpatient hospital divisions—Emory University Hospital Midtown ($2.04 billion on Line 4b) and Emory University Hospital ($1.70 billion on Line 4c)—total program service expenditure (Line 4e) reaches $6,737,950,598 ($449,197 per student), while overall enterprise expenditure including administrative overhead ($427.7 million) and fundraising ($38.4 million) reaches $7,204,022,081 ($480,268 per student).
Operations vs. Revenue
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Regular Session Academic & Research Program Spend (Part III, Line 4a): $3,002,518,945 across 15,000 students ($200,168 gross direct university program spend per student; $175,320 net excluding $372.7M in student aid grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $6,737,950,598 in total program services ($449,197 per student including university hospitals) and $7,204,022,081 in total enterprise spend ($480,268 per student).
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Tuition & Auxiliary Revenue (Part VIII, Lines 2a & 2c): $957,626,640 in gross tuition and fees ($63,842 per student before aid discounts) plus $75,598,137 in auxiliary activities ($5,040 per student), covering 34.4% of direct university program costs. Research grants, endowment payouts, and gifts bridge the remaining $131,286 per-student gap.
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Inpatient Hospital Divisions (Part III, Lines 4b & 4c): $2,036,064,428 in expenses at 529-bed Emory University Hospital Midtown ($2,600,808,666 revenue; $564.7M operating margin) and $1,699,367,225 in expenses at 871-bed Emory University Hospital, including Orthopaedics & Spine and Wesley Woods ($2,060,166,099 revenue; $360.8M operating margin).
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Campus Museums, Global Research & Libraries (Schedule D, Part III & Schedule F): $131,312,162 in capitalized museum and library collections at the Michael C. Carlos Museum (supported by 57 volunteers logging 3,700 hours) and the Stuart A. Rose Manuscript, Archives and Rare Book Library, alongside $153.0 million in global research subcontracts, study abroad, and international academic programs across 9 foreign offices and 709 overseas personnel on Schedule F.
Financial Aid: How Emory Deploys $372.7M in Student Support
Emory awards both need-based financial aid—calculated using Institutional Methodology—and merit-based scholarships across its undergraduate, graduate, and professional schools. In FY25, Emory disbursed $372,720,669 in direct cash grants and scholarships across 11,001 domestic students on Schedule I (Part III), representing 73.3% of its 15,000-student enrollment and an average aid package of $33,881 per aided student.
To fund this commitment, Emory recycles 38.9% of its $957.6 million gross tuition revenue directly into student grants, supported by $80.7 million in annual endowment scholarship payouts (Schedule D, Part V, Line 1d) and federal Title IV and Title VII health professions student assistance programs (Schedule E, Part II). Beyond student scholarships, Emory disbursed $213.1 million in external research subcontracts and community grants ($183.9 million to 362 domestic organizations on Schedule I and $29.2 million to 140 foreign organizations on Schedule F), plus $351,698 in direct transportation and lodging assistance to 3,000 active cancer patients.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 73.3% (11,001 students)
- Gross Tuition Discount Rate 38.9% of Gross Tuition
- Endowment Scholarship Payout (Schedule D) $80,701,687
- Operating & Gift-Funded Student Aid $292,018,982
- Total Domestic Student Cash Grants $372,720,669 ($33,881 avg.)
External Research Subawards & Patient Aid
- Domestic Research Subcontracts & Civic Grants ($183,897,727) Disbursed across 331 tax-exempt/government entities and 31 corporate partners on Schedule I, led by clinical affiliates Saint Joseph's Hospital of Atlanta ($19.13M) and Emory-Saint Joseph's Inc. ($18.82M), Georgia Tech Research Corp ($9.37M), OraSure Technologies ($5.68M), Children's Healthcare of Atlanta ($5.53M), UGA Research Foundation ($4.06M), and Morehouse School of Medicine ($3.70M).
- Foreign Research Subcontracts & Patient Support ($29,595,770) Includes $29,244,072 in international research subawards across 140 foreign institutions on Schedule F (led by $49.83M in total Sub-Saharan Africa subcontracts and research, $25.19M in Europe, and $15.08M in Canada/Mexico) plus $351,698 in direct assistance to 3,000 cancer patients (Schedule I, Part III).
Executive and Investment Team Compensation
Emory’s Schedule J disclosures reflect the intersection of a multi-billion-dollar health system, an institutional investment office, and an elite research faculty. Combining direct university pay (row i) and related-organization compensation from Emory Healthcare and The Emory Clinic (row ii), Emory’s highest-compensated executives in FY25 were EVP for Health Affairs and WHSC Executive Director Ravi Thadhani, MD, MPH ($5,344,555), EVP for Health Affairs and Emory Healthcare CEO Joon S. Lee, MD ($4,991,476), Vice President and Chief Investment Officer Srinivas Pulavarti ($4,284,690, including $3.00 million in guaranteed contract incentive compensation), and EVP for Business and Administration and Enterprise CFO Christopher Augostini ($4,272,021, including $1.16 million in vested deferred payouts).
President Gregory Fenves received $3,024,831 in total compensation ($1,760,843 base salary, $408,015 bonus, and $572,800 in retirement and 457(f) deferred accruals), followed by clinical surgeons and researchers Scott Boden, MD ($2,924,872), John W. Xerogeanes, MD ($2,819,511), Daniel L. Barrow, MD ($2,687,358), Faiz U. Ahmad, MD ($2,671,406), and drug development head George R. Painter ($2,518,156). Because Emory pays over $1 million to multiple covered executives and clinicians, it is subject to the federal 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: Emory expended $3,449,244,513 in total salaries, wages, pension accruals, and employee benefits in FY25 (+9.8% YoY, representing 47.9% of all institutional expenses) across 27,470 W-2 employees, with 5,616 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board’s Executive Compensation and Trustees' Conflict of Interest Committee—composed exclusively of independent trustees—reviews independent market comparability studies annually to approve compensation for the President, officers, and all disqualified persons, documenting all deliberations in committee minutes.
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Presidential Residence, Retention & Separation Agreements (Schedule J, Part III): The President is required to live in an on-campus residence as a condition of employment. In FY25, Emory recorded unvested 457(f) retention accruals for five executives (led by Gregory Fenves at $541,750 and Christopher Augostini at $330,000), paid retention bonuses to five health system leaders, and disbursed separation payments to six former key employees (Bryce Gartland, MD $587,709; Bradley Haws $572,000; Dane Peterson $466,667; Daniel Owens $460,891; Carla Chandler $282,908; and Gregory Anderson $161,578).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 54 Listed Individuals (FY25 Combined Totals)
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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) |
| Ravi Thadhani, MD, MPHEVP Health Affairs / Exec. Dir. WHSC | $2,805,167 | $2,187,448 | $267,468 | $45,140 | $39,332 | $5,344,555 | $0 |
| Joon S. Lee, MDEVP Health Affairs / CEO, Emory Healthcare | $2,294,852 | $2,498,173 | $136,185 | $20,700 | $41,566 | $4,991,476 | $0 |
| Srinivas PulavartiVP, Chief Investment Officer | $1,152,379 | $3,003,000 | $75,256 | $31,050 | $23,005 | $4,284,690 | $0 |
| Christopher AugostiniEVP Business & Admin / Enterprise CFO | $1,474,735 | $1,051,667 | $1,353,440 | $361,050 | $31,129 | $4,272,021 | $1,161,590 |
| Gregory FenvesPresident / Trustee | $1,760,843 | $408,015 | $175,774 | $572,800 | $107,399 | $3,024,831 | $0 |
| Scott Boden, MDPhysician (Orthopaedics) | $1,849,705 | $980,498 | $29,603 | $36,350 | $28,716 | $2,924,872 | $0 |
| John W. Xerogeanes, MDPhysician (Orthopaedics) | $2,072,010 | $670,000 | $10,691 | $31,470 | $35,340 | $2,819,511 | $0 |
| Daniel L. Barrow, MDPhysician (Neurosurgery) | $1,672,633 | $918,433 | $29,204 | $42,385 | $24,703 | $2,687,358 | $0 |
| Faiz U. Ahmad, MDPhysician (Neurosurgery) | $1,204,871 | $1,367,644 | $19,434 | $43,655 | $35,802 | $2,671,406 | $0 |
| George R. PainterHighly Compensated Employee (Drug Dev.) | $836,426 | $1,621,333 | $2,243 | $31,050 | $27,104 | $2,518,156 | $0 |
| Alistair Erskine, MD, MBAChief Info. & Digital Officer (EHC) | $1,321,907 | $725,561 | $0 | $31,050 | $40,082 | $2,118,600 | $0 |
| Jonathan S. Lewin, MDFormer Officer (Former EVP Health Affairs) | $544,082 | $0 | $1,416,515 | $41,699 | $15,604 | $2,017,900 | $1,377,997 |
| Joshua R. NewtonSVP Advancement & Alumni Engagement | $850,359 | $125,656 | $731,707 | $158,550 | $35,724 | $1,901,996 | $662,432 |
| Matthew WainPresident, University Hospital Division | $879,752 | $873,562 | $89,510 | $20,700 | $18,584 | $1,882,108 | $85,053 |
| Penny Castellano, MDPresident, EHC Physician Group | $1,004,410 | $613,175 | $26,541 | $38,878 | $40,610 | $1,723,614 | $0 |
| Bradley SlutskySVP & General Counsel | $1,169,598 | $250,000 | $25,684 | $143,913 | $21,028 | $1,610,223 | $0 |
| Sandra L. Wong, MD, MSDean, School of Medicine | $885,831 | $701,667 | $0 | $0 | $10,855 | $1,598,353 | $0 |
| Patrick HammondChief Market Services Officer (EHC) | $618,910 | $718,848 | $96,170 | $24,150 | $47,506 | $1,505,584 | $90,988 |
| Ravi BellamkondaProvost & EVP Academic Affairs | $991,198 | $0 | $92,035 | $181,118 | $37,574 | $1,301,925 | $0 |
| Angel LeonCOO (EUH) | $747,334 | $469,168 | $15,244 | $42,496 | $24,279 | $1,298,521 | $0 |
| Sharon PappasChief Nursing Officer (EHC) | $534,139 | $595,086 | $87,023 | $20,700 | $28,955 | $1,265,903 | $74,500 |
| Rochester Anderson Jr.Chief HR Officer (EHC) | $672,143 | $487,684 | $4,233 | $11,823 | $28,931 | $1,204,814 | $0 |
| Carlos del Rio, MDInterim Dean, School of Medicine | $895,527 | $154,769 | $2,188 | $36,593 | $12,407 | $1,101,484 | $0 |
| Vikas Sukhatme, MDFormer Key Employee (Former SOM Dean) | $868,017 | $143,540 | $4,109 | $33,923 | $34,366 | $1,083,955 | $0 |
| Heather HambyCBO, SOM / ASC VP, Clinical Integration | $625,610 | $347,175 | $650 | $31,050 | $32,803 | $1,037,288 | $0 |
| Adam C. Webb, MDCOO EUHM, Board (LF) | $628,036 | $299,695 | $12,818 | $26,546 | $35,818 | $1,002,913 | $0 |
| David Stephens, MDFormer Key Employee (Former Interim EVP) | $777,111 | $152,692 | $17,639 | $40,930 | $861 | $989,233 | $0 |
| Pat McCabeCFO (EHC) | $625,686 | $150,000 | $504 | $0 | $11,848 | $788,038 | $0 |
| Barbara KrauthamerDean, Emory College | $614,504 | $20,000 | $26,514 | $31,050 | $37,018 | $729,086 | $0 |
| Enku GelayeSVP & Dean of Campus Life | $544,875 | $90,000 | $0 | $31,050 | $38,006 | $703,931 | $0 |
| Amy AdelmanFormer Officer | $623,504 | $0 | $600 | $31,050 | $22,692 | $677,846 | $0 |
| Allison Dykes JohnsonVP & University Secretary | $580,378 | $0 | $650 | $31,050 | $43,902 | $655,980 | $0 |
| Sara ShockleyFormer Key Employee | $350,452 | $254,654 | $317 | $24,150 | $18,683 | $648,256 | $0 |
| Laura Belsinger GreavesVP Financial Planning & Analysis (EHC) | $384,421 | $203,691 | $453 | $16,762 | $12,861 | $618,188 | $0 |
| Deborah BrunerSVP Research | $556,883 | $0 | $0 | $31,050 | $27,800 | $615,733 | $0 |
| Elizabeth AllenVP Financial Ops / Controller (EHC) | $387,784 | $223,781 | $1,090 | $0 | $2,835 | $615,490 | $0 |
| Bryce Gartland, MDFormer Key Employee | $0 | $0 | $587,709 | $0 | $0 | $587,709 | $0 |
| Belva WhiteFormer Officer | $511,390 | $0 | $650 | $31,050 | $35,522 | $578,612 | $0 |
| John EllisInterim CIO; Sr. Vice Provost IT | $509,148 | $0 | $0 | $31,050 | $37,931 | $578,129 | $0 |
| Bradley HawsFormer Key Employee | $1,176 | $0 | $572,000 | $0 | $0 | $573,176 | $0 |
| Liz Daunt-SamfordCFO, University Hospital Division (EHC) | $390,294 | $130,750 | $478 | $24,150 | $25,021 | $570,693 | $0 |
| William Bornstein, MDCMO and CQPSO (EHC) | $40,499 | $16,265 | $494,221 | $2,023 | $1,129 | $554,137 | $623,643 |
| Pimolrat ThukralSVP of Finance & Treasury; CFO | $295,083 | $211,303 | $0 | $24,375 | $5,174 | $535,935 | $0 |
| Jan LoveFormer Officer | $472,174 | $0 | $792 | $31,050 | $14,783 | $518,799 | $0 |
| Lanny LiebeskindInterim Provost | $446,153 | $0 | $0 | $31,050 | $26,023 | $503,226 | $0 |
| Carla FreemanFormer Key Employee | $424,628 | $0 | $0 | $31,050 | $25,053 | $480,731 | $0 |
| Dane PetersonFormer Key Employee | $3,764 | $0 | $466,667 | $0 | $0 | $470,431 | $0 |
| Theresa MilazzoVP Human Resources | $423,237 | $0 | $0 | $31,050 | $11,865 | $466,152 | $0 |
| Daniel OwensFormer Key Employee | $0 | $0 | $460,891 | $0 | $0 | $460,891 | $0 |
| Delbridge KingVP Human Resources | $400,080 | $0 | $0 | $31,050 | $22,583 | $453,713 | $0 |
| Claire SterkFormer Officer | $375,295 | $0 | $0 | $31,050 | $13,557 | $419,902 | $0 |
| Stephen D. SencerFormer Officer | $325,000 | $0 | $0 | $0 | $0 | $325,000 | $0 |
| Carla ChandlerFormer Key Employee | $0 | $0 | $282,908 | $0 | $0 | $282,908 | $0 |
| Greg AndersonFormer Key Employee | $55,804 | $0 | $217,734 | $2,856 | $6,437 | $282,831 | $0 |
Facilities, Debt, and Municipal Relations
Emory’s physical footprint spans its main Druid Hills campus (annexed into the City of Atlanta in 2018 while remaining in DeKalb County), its original Oxford College campus in Newton County, and hospital campuses in Midtown Atlanta and Tucker. Rather than drawing down endowment principal to build medical towers and research laboratories, Emory finances capital expansion through tax-exempt municipal bonds issued via the Private Colleges and Universities Authority and unsecured institutional notes.
On Schedule I, Emory records no standalone voluntary municipal PILOT (Payment in Lieu of Taxes) cash payments to the City of Atlanta or DeKalb County. Instead, Emory’s town-gown fiscal relationship is anchored by its $2.47 billion gross community health benefit ($992.6 million net community benefit on Schedule H, or 14.2% of total expenses), its staffing of 80% of physician care at public safety-net Grady Memorial Hospital, and $183.9 million in Schedule I research and civic subawards across Georgia and national partner institutions.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Part X & Schedule D, Part VI): Emory holds $8.10 billion in gross land ($129.8M), buildings ($4.73B), and equipment ($3.24B), with a net book value of $3.74 billion after $4.35 billion in accumulated depreciation. In FY25, Emory recorded $159.2 million in occupancy expenses, $278.5 million in depreciation, and $227.4 million in healthcare bad-debt provisions (Part IX).
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Tax-exempt bond liabilities rose 35.4% YoY to $2.90 billion across nine Private Colleges and Universities Authority bond series—highlighted by the $934.4 million Series 2025A issuance in June 2025 ($281.7M for debt refunding, $218.7M in capital expenditures, and $432.6M in unspent construction proceeds)—alongside $1.27 billion in unsecured notes and loans ($4.17 billion total debt), generating $81.2 million in FY25 interest expense.
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Town-Gown PILOT Status, Charity Care & Grady Safety-Net Support (Schedule H, I & C): While reporting $0 in standalone municipal PILOT checks on Schedule I, Emory provided $61.1 million in direct charity care at cost, absorbed $129.2 million in Medicare shortfalls, delivered $24.1 million in uncompensated physician care plus $112.0 million in equipment/service reinvestment at Grady Memorial Hospital (alongside $1.73M in direct Schedule I grants to Grady entities), and maintained a 7-person Office of Government and Community Affairs ($1.36M in Schedule C lobbying expenses) to manage municipal infrastructure, zoning, and state healthcare policy.
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Top 5 Independent Contractors (Part VII, Section B): Among 417 contractors paid over $100,000 in FY25, Emory's top five vendors reflect hospital staffing, construction, dining, and transit: AMN Healthcare Inc. ($87.09M, clinical staffing), The Winter Construction Company ($30.71M, construction), ACC SC Development LLC ($16.23M, student housing construction), Bon Appetit Management Co. ($12.46M, food service), and First Transit ($12.46M, campus shuttle transit).
Editorial Note
All financial figures in this report derive from Emory University’s FY25 IRS Form 990 (covering September 1, 2024 through August 31, 2025 across approximately 15,000 degree-seeking students and 9 academic schools) and have been verified by the Chicardgo Data Team.
While Emory expends $200,168 per student on direct academic instruction, university research, and student aid ($449,197 per student across all university and hospital program services and $480,268 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 laboratory infrastructure, clinical training facilities, and financial aid packages that operate alongside Emory’s student selectivity.
Accounting Reconciliation: Readers comparing Emory University’s consolidated GAAP audited financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $7.20B in total expenses by recording $586.2M in grants ($372.7M in student financial aid) as an operating expense, whereas GAAP financial statements net student scholarships directly against gross tuition revenue. Second, per Schedule O (Part IV, Line 12a & Part XII, Line 2b), this Form 990 includes the academic university and its directly owned hospital divisions—Emory University Hospital, Emory University Hospital Midtown, Emory Orthopaedics & Spine Hospital, and Emory University Hospital Smyrna (closed December 2024)—consuming $3.74B in hospital expenses and generating $4.90B in medical service revenue, but excludes 12 separately incorporated subsidiaries that file under the separate Emory Group Return and consolidated GAAP statements (including Emory Healthcare Inc., The Emory Clinic Inc., Wesley Woods Center, Emory Medical Care Foundation, Emory/Saint Joseph's Inc., Saint Joseph's Hospital of Atlanta, Emory Children's Center, and the DeKalb/Decatur and Houston Healthcare hospital entities). Third, under a common paymaster arrangement (Schedule O, Part I, Line 5), salaries for employees of The Emory Clinic, Emory Medical Care Foundation, and Emory Innovations are paid and reported on Emory University's W-2 filings (27,470 total employees) and reimbursed by those affiliates (including $144.2M in Schedule R cash transfers from Emory Healthcare Inc.).
Frequently Asked Questions: Emory's Form 990 Financials
As of Fiscal Year 2025, Emory University's endowment stands at $10.87 billion ($10,869,886,879), up 8.7% year-over-year. Its $423.7 million total annual distribution ($365.8 million in direct programmatic and scholarship payouts plus $57.9 million in investment management fees) covers 5.9% of Emory's $7.20 billion consolidated Form 990 operating budget and 12.2% of core university operating expenses excluding its two directly operated teaching hospitals.
Emory spends $200,168 per student annually in direct university academic, research, and student aid program services ($3.00 billion on Part III, Line 4a across 15,000 students), compared to $63,842 per student collected in gross tuition and fees ($68,882 including housing and dining auxiliaries). When including Emory University Hospital and Emory University Hospital Midtown ($3.74 billion in combined hospital division expenses), total program service spend reaches $449,197 per student ($6.74 billion), and total enterprise expenditure including administrative overhead and fundraising is $480,268 per student ($7.20 billion).
On Form 990 Schedule I (Part III), Emory reported $372.7 million ($372,720,669) in direct student financial aid grants across 11,001 domestic students in FY25—supporting 73.3% of its 15,000-student body with an average grant of $33,881 and recycling 38.9% of gross tuition revenue directly into need- and merit-based scholarships.
Combining compensation from Emory University and related Emory Healthcare entities on Schedule J, the highest-paid executive in FY25 was Ravi Thadhani, MD, MPH (EVP for Health Affairs and Executive Director of the Woodruff Health Sciences Center) at $5,344,555, followed by EVP for Health Affairs and Emory Healthcare CEO Joon S. Lee, MD ($4,991,476), Chief Investment Officer Srinivas Pulavarti ($4,284,690), Enterprise CFO Christopher Augostini ($4,272,021), and President Gregory Fenves ($3,024,831).
Yes. With $10.87 billion in endowment assets across approximately 15,000 students ($724,659 per student, exceeding the $500,000 federal per-student threshold), Emory answers "Yes" on Form 990 Part V, Line 16 confirming it is subject to the IRC Section 4968 federal excise tax on net investment income, as well as the IRC Section 4960 excise tax on executive compensation over $1 million.
Emory University's total assets reached $24.89 billion ($24,888,450,281) in Fiscal Year 2025, anchored by $14.28 billion in balance sheet securities ($2.42 billion in direct publicly traded securities and $11.86 billion in alternative, commingled, and perpetual trust investments), $4.52 billion in cash and short-term temporary investments, and $3.74 billion in net land, buildings, and equipment.
Further Reading
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