Georgetown Tuition Drives 61% of $2.30 Billion Revenue as $184.6 Million Surplus Reverses Unrestricted Deficit
By Data Team | Published November 6, 2026
Georgetown University’s total assets rose 13.8% to $6.88 billion in fiscal year 2025, backed by a $3.95 billion endowment whose $214.36 million annual distribution ($196.51 million in direct program and scholarship payouts plus $17.85 million in endowment administration) covers 10.2% of the university's $2.11 billion Form 990 operating budget, according to its latest IRS filing. Across approximately 20,000 degree-seeking students, Georgetown spends $93,908 per student on direct program services ($1.88 billion)—including $47,091 per student on direct instruction ($941.83 million) and $21,032 per student on academic support ($420.64 million)—while total institutional expenditure including management overhead and fundraising reaches $105,574 per student ($2.11 billion).
Unlike peer research universities that consolidate clinical hospital systems or rely on multi-billion-dollar endowment payouts to fund core budgets, Georgetown operates on a tuition-driven model. Having transferred its teaching hospital operations to MedStar Health in 2000, Georgetown generates $1.40 billion (61.0% of its $2.30 billion total revenue) from program services, anchored by $1.09 billion in instructional tuition and fees and $122.80 million in auxiliary housing, dining, and campus services ($60,811 per student combined). Contributions and grants supply 25.5% ($585.69 million), while realized investment income accounts for 8.7% ($199.29 million).
Strong enrollment demand and investment gains produced a $184.55 million operating surplus in FY25 (up 475.5% from $32.07 million in FY24), returning Georgetown’s unrestricted net assets from a $20.24 million prior-year deficit to a positive $124.40 million reserve. Simultaneously, the university disbursed $288.15 million in direct student financial aid—recording $283.84 million on Schedule I across 8,426 university-sponsored scholarship recipients (42.1% of enrollment) and 13,601 total domestic student grant awards—while financing its downtown D.C. Capitol Campus expansion through $3.74 billion in bond, note, and utility concession liabilities.
Institutional & Governance Profile
Domiciled in Washington, D.C. (EIN 53-0196603) with administrative offices at 2115 Wisconsin Avenue NW and its historic Hilltop campus at 37th and O Streets NW, Georgetown University was established in 1789 and federally chartered in 1844 as the nation’s oldest Catholic and Jesuit university. The institution operates 10 academic schools across its Hilltop, Medical Center, downtown Capitol Campus, and Doha, Qatar locations.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1789, Georgetown issued 16,024 Form W-2s in calendar year 2024, filed 31,568 Form 1096 vendor returns, and engaged approximately 13,000 alumni and community volunteers.
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Academic & Global Footprint: Georgetown enrolled approximately 20,000 students and awarded 7,622 degrees in FY25 across 10 schools: College of Arts & Sciences, Georgetown Law Center, Graduate School of Arts & Sciences, McCourt School of Public Policy, McDonough School of Business, School of Continuing Studies, Berkley School of Nursing, School of Health, School of Medicine, and Walsh School of Foreign Service, plus 15 international offices employing 875 overseas personnel.
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Executive Leadership Transition: Following President John J. DeGioia’s medical leave and transition in November 2024 after 23 years as president, former Provost Robert M. Groves assumed the role of Interim President (effective November 22, 2024), serving alongside Interim Provost Soyica Diggs Colbert, Senior VP and COO David B. Green, CFO Narahari Sastry, Law Center EVP William M. Treanor, Medical Center EVP Norman J. Beauchamp, and CIO Michael K. Barry.
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Governing Board (Schedule O): The Board of Directors comprises 39 voting members—37 of whom are independent (94.9%)—chaired by Thomas A. Reynolds III with Vice Chair Timothy O'Neill. The Audit Committee reviews the Form 990 before distribution to the full Board, and all directors, officers, and sponsored research investigators complete annual conflict-of-interest disclosures. Schedule O notes a disclosed business relationship between University Secretary Marie A. Mattson and Trustee W. Robert Berkley Jr.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Georgetown generated $3.39 billion in gross receipts and $2.30 billion in total net revenue (up 10.0% YoY), while holding operating expense growth to 2.7% ($2.11 billion). Total assets expanded 13.8% to $6.88 billion and net assets climbed 18.5% to $3.14 billion. Notably, 96.0% of Georgetown's net asset base ($3.02 billion) carries donor restrictions, though FY25’s $184.55 million operating surplus and $303.76 million in unrealized investment gains lifted unrestricted net assets from a $20.24 million prior-year deficit to a positive $124.40 million balance.
Balance Sheet Strength
- Total Assets $6,882,641,690 (+13.8%)
- Total Liabilities $3,739,672,243 (+10.2%)
- Total Net Assets $3,142,969,447 (+18.5%)
- Donor-Restricted Net Assets $3,018,568,372 (96.0% of Total Net Assets)
- Unrestricted Net Assets $124,401,075 (4.0% of Total Net Assets)
Operating Performance
- Total Revenue $2,296,035,338 (+10.0%)
- Total Expenses $2,111,484,326 (+2.7%)
- Operating Surplus $184,551,012 (+475.5%)
- Unrealized Gains (Excluded) $303,759,056
Note: The $184.55 million reported operating surplus reflects Form 990 realized revenue less functional expenses; adding $303.76 million in net unrealized investment gains and $1.26 million in other net asset adjustments ($3.30 million in non-operating activity less $1.37 million in pension/postretirement losses and $683.9 thousand in split-interest adjustments) accounts for the $490.41 million total expansion in Georgetown's FY25 net assets.
Revenue Breakdown
Three of Georgetown's four primary revenue streams expanded in FY25. Program service revenue rose 9.6% to $1.40 billion, representing 61.0% of total university inflows and led by $1.09 billion in instructional tuition and fees (47.6% of total revenue) alongside $122.80 million in auxiliary enterprises and $105.84 million in research program revenue. Contributions and grants grew 6.8% to $585.69 million (split between $399.19 million in private philanthropy and $186.50 million in government grants), while realized investment income surged 32.9% to $199.29 million on the strength of $165.51 million in realized securities gains. Other revenue declined 1.3% to $110.45 million after factoring in a $5.20 million net direct expense deficit across 18 major fundraising events, including the Bellringer Bike Race and John Carroll Weekend.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +9.6% YoY$1,400,601,084 (61.0%)
- Instruction (Undergraduate, Graduate & Professional Tuition) $1,093,415,445
- Auxiliary Services (Housing, Dining, Hotel, Parking & Bookstore) $122,796,478
- Research Program Revenue $105,838,138
- Other Program Services (Public Service & Student Services) $41,208,160
- Academic Support Services $37,342,863
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Contributions & Grants +6.8% YoY$585,692,367 (25.5%)
- Private Philanthropy, Fundraising Events & Related Orgs $399,190,059
- Government Grants (Sponsored Contributions) $186,502,308
- Noncash Gifts Included Above (755 Securities Gifts, 407 Art Works, Archives) $37,746,356
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Investment Income +32.9% YoY$199,287,876 (8.7%)
- Realized Net Capital Gains ($1.25B Gross Sales less $1.08B Basis) $165,514,322
- Dividends, Interest & Other Investment Income (Incl. $39.9M UBI) $33,773,554
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue -1.3% YoY$110,454,011 (4.8%)
- Service Contract, Sponsorship & Miscellaneous Revenue $98,899,887
- Net Rental Income ($15.40M Gross Rents less $73.4K Expenses) $15,329,048
- Royalties ($1.43M) & Net Fundraising Event Loss (-$5.20M) -$3,774,924
Endowment Performance and Asset Allocation
Georgetown’s Investment Office, led by Chief Investment Officer Michael K. Barry, manages the university's $3.95 billion endowment within a broader $4.38 billion cash and investment pool ($4.03 billion in long-term securities plus $347.38 million in savings and short-term cash). Alternative investments—spanning private equity, venture capital, real assets, and hedge strategies reported on Schedule D, Part VII—total $3.00 billion, representing 74.5% of long-term invested securities and 68.6% of total cash and investment holdings. Publicly traded equities and fixed-income securities account for $1.03 billion (23.5% of total cash and investments).
To execute its global alternative strategy, Georgetown holds $1.41 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $1.25 billion in Central America and the Caribbean (including its wholly owned Grand Cayman investment subsidiary, Flour Mill Fund Ltd, holding $54.88 million on Schedule R), $121.98 million in Europe, $18.35 million in Canada and Mexico, and $12.44 million in East Asia and the Pacific. These partnership holdings generated $43.16 million in gross unrelated business revenue ($9.69 million net taxable income on Form 990-T). Because Georgetown’s $3.95 billion endowment equals $197,568 per student across 20,000 enrolled students—well below the $500,000 per-student federal threshold—the university is exempt from the IRC Section 4968 federal endowment excise tax (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($4.38B Cash & Investments / $4.03B Invested Securities)
Part X, Schedule D & Schedule F Allocation
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Endowment Balance (EOY): $3,951,364,341 (+8.6% YoY), representing $197,568 per enrolled student across 20,000 students (exempt from the Section 4968 endowment tax).
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Net Investment Gains: $488,737,952 in endowment investment earnings (+36.0% YoY from $359.47M in FY24).
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Alternative & Offshore Capital: $3.00B (74.5% of invested securities) sits in alternative investments, with $1.41B deployed across foreign vehicles ($1.25B in Central America and the Caribbean).
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Total Payout & Budget Coverage: $214,356,981 total endowment distribution ($161.15M to facilities and academic programs, $35.36M to student scholarships, and $17.85M to administrative expenses), funding 10.2% of Form 990 total operating expenses (9.3% excluding internal endowment administration).
Detailed Asset Mix ($4.38B Total Cash & Securities Pool)
5-Year Endowment History
Schedule D, Part V documents how Georgetown’s endowment more than doubled (+112.0%) over five years, climbing from a $1.86 billion opening balance in FY21 to $3.95 billion at the close of FY25. During that five-year span, the endowment absorbed $1.35 billion in donor contributions—highlighted by an $899.16 million capital inflow in FY22—and generated $1.59 billion in net investment earnings, led by $721.64 million in FY21 and $488.74 million in FY25. Over the same period, Georgetown distributed $853.10 million from the endowment, allocating $154.97 million to direct student scholarships, $642.74 million to academic facilities and programs, and $55.86 million to endowment administration. At year-end FY25, the endowment comprised 45.79% permanent endowment, 38.90% board-designated quasi-endowment, and 15.31% 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 | $3,638,442,718 | $3,298,969,775 | $3,210,031,896 | $2,592,048,284 | $1,863,710,904 |
| 1b. Contributions | $38,540,652 | $179,233,829 | $113,928,140 | $899,155,944 | $120,943,798 |
| 1c. Net investment earnings | $488,737,952 | $359,470,906 | $147,468,760 | ($127,905,052) | $721,639,984 |
| 1d. Grants or scholarships | ($35,359,765) | ($33,422,260) | ($31,003,693) | ($28,197,771) | ($26,982,400) |
| 1e. Other expenditures | ($161,150,688) | ($151,119,541) | ($130,843,899) | ($116,619,727) | ($83,004,065) |
| 1f. Administrative expenses | ($17,846,528) | ($14,689,991) | ($10,611,429) | ($8,449,782) | ($4,259,937) |
| 1g. End of year balance | $3,951,364,341 | $3,638,442,718 | $3,298,969,775 | $3,210,031,896 | $2,592,048,284 |
Per-Student Spending and True Cost
On Form 990 Part III (Line 4e), Georgetown reports $1,878,163,826 in total direct program service expenses across its 20,000 enrolled students—equating to $93,908 per student in program service spending ($77,901 net per student excluding $320.14 million in grants). Within those program services, regular session classroom Instruction (Line 4a) accounts for $941,827,747 ($47,091 per student, including $285.51 million in student financial aid grants) and Academic Support for libraries, curriculum development, and academic administration (Line 4b) adds $420,639,832 ($21,032 per student), bringing combined core instructional and academic support spending to $1,362,467,579 ($68,123 per student).
Unlike heavily endowed STEM institutions where tuition covers less than 40% of instructional costs, Georgetown’s $1,093,415,445 in gross instructional tuition revenue ($54,671 per student) exceeds its $941.83 million direct instructional expense line by $151.59 million before accounting for Academic Support. When combining gross tuition with $122,796,478 in auxiliary housing, dining, and campus service fees ($6,140 per student), baseline student charges total $1,216,211,923 ($60,811 per student)—covering 64.8% of Georgetown’s $93,908 per-student program service expenditure. The remaining $33,097 per-student program gap reflects Georgetown’s $244.95 million internal subsidy for basic and clinical research ($350.79 million in Research expenses across 2,400+ projects versus $105.84 million in direct research program revenue) and $383.30 million in net Academic Support costs. Including $189.25 million in management overhead and $44.07 million in fundraising, total enterprise expenditure reaches $2,111,484,326, or $105,574 per student.
Operations vs. Revenue
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Total Program Service Spend (Part III, Line 4e & Part IX, Col B): $1,878,163,826 across 20,000 undergraduate, graduate, and professional students ($93,908 gross program spend per student; $77,901 net excluding $320.14M in grants).
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Regular Session Instruction & Academic Support (Part III, Lines 4a & 4b): $941,827,747 in direct Instruction ($47,091 per student) plus $420,639,832 in Academic Support ($21,032 per student), totaling $1,362,467,579 ($68,123 per student). Adding $233.32M in administrative and fundraising overhead brings total enterprise spend to $2,111,484,326 ($105,574 per student).
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Tuition & Auxiliary Revenue Coverage (Part VIII, Lines 2a & 2b): $1,216,211,923 in combined student tuition ($1,093.42M, or $54,671 per student) and auxiliary room/board/service revenue ($122.80M, or $6,140 per student) equals $60,811 per student, covering 64.8% of total program service costs and 89.3% of combined instruction and academic support.
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Research Enterprise (Part III, Line 4c): $350,787,203 in basic science, medical, and policy research ($17,539 per student across 2,400+ projects, including $29.05M in subawards), supported by $105.84M in research program revenue and $186.50M in government grant contributions.
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Auxiliaries, Public Service & Global Campuses (Line 4d & Schedule F): $164,909,044 in Other Program Services ($123.87M in Auxiliary Services, $39.63M in external Public Service, and $1.41M in Student Services), plus $177.57M in international educational operations across 15 foreign offices—led by $145.86M in the Middle East and North Africa (Georgetown University in Qatar) and $14.82M in Europe.
Financial Aid: How Georgetown Deploys $288.15M in Student Support
Georgetown awards undergraduate financial aid primarily on the basis of demonstrated financial need through its Office of Student Financial Aid, while graduate and professional schools distribute a mix of need-based aid, merit scholarships, and non-service stipends. In FY25, Georgetown expended $320,141,200 in total grants and assistance (Part IX, Lines 1–3), including $288,146,534 in direct student financial aid ($283,843,224 to domestic students on Schedule I and $4,303,310 in study-abroad scholarships on Schedule F).
Unlike heavily endowed peers where endowment distributions fund the majority of student aid, Georgetown’s $35.36 million endowment scholarship payout (Schedule D, Part V, Line 1d) covers just 12.3% of its $288.15 million student aid budget. Instead, 75.5% ($214.39 million) of domestic student aid is funded directly from university operating revenues via tuition discounting, supplemented by $49.01 million in donor-sponsored scholarships. On Schedule I (Part III), University-Sponsored Scholarships supported 8,426 students (42.1% of the 20,000-student enrollment), combined University and Donor-Sponsored Scholarship awards totaled 10,117 (50.6%), and total domestic student grant awards across all five categories reached 13,601 (68.0% of total enrollment).
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 42.1% (8,426 Univ. Scholars) / 68.0% Total Awards
- University-Sponsored Scholarships $214,393,882 (8,426 recipients)
- Donor-Sponsored Scholarships $49,007,108 (1,691 recipients)
- Non-Service Stipends, Prizes & Emergency $20,442,235 (3,484 recipients)
- Total Domestic Student Cash Grants $283,843,224 ($26,036 scholarship avg.)
Global Study Abroad & External Grants
- Study Abroad Scholarships ($4,303,310 across 232 Students) Reported on Schedule F, Part III across seven global regions, led by Europe ($3.07M to 161 students), East Asia & Pacific ($709.4K to 30 students), South Asia ($185.0K to 9 students), and Sub-Saharan Africa ($134.5K to 23 students).
- Domestic & Foreign Institutional Subawards ($31,994,666) Includes $28,006,988 in domestic organizational and government research subawards and charitable grants (Schedule I, Part IX Line 1) and $3,987,678 in foreign organizational subawards across 43 international entities (Schedule F, Part II).
Executive and Investment Team Compensation
Georgetown’s Schedule J disclosures highlight the compensation structure of Big East Conference men's basketball, university executive leadership, and endowment asset management. The university’s highest-compensated employee in calendar year 2024 was Men’s Basketball Head Coach Edward A. Cooley ($5,158,537, including $4,951,910 in base compensation and $153,380 in other reportable compensation), followed by outgoing President John J. DeGioia ($1,947,390, including a $400,000 bonus, $281,917 in other reportable benefits including a $200,000 net retirement annuity deposit, and $234,312 in nontaxable benefits including university-provided housing).
In the investment office, Chief Investment Officer Michael K. Barry received $1,762,084 ($661,939 base salary and a $1,047,554 quantitative/qualitative endowment performance bonus) and Managing Director of Public Investments Christopher Gill earned $1,346,307 ($415,516 base salary and an $875,000 bonus). Interim President and former Provost Robert M. Groves received $1,228,708, while Senior VP and COO David B. Green earned $1,180,961. Because Georgetown pays remuneration exceeding $1 million to covered individuals, the university is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Georgetown expended $1,022,037,191 in total salaries, wages, pensions, and benefits in FY25 (+5.4% YoY, representing 48.4% of all university expenses) across 16,024 W-2 employees, with 2,238 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Subcommittee on Compensation of the Executive Committee of the Board of Directors—composed entirely of independent directors—determines executive pay using independent compensation consultants, peer Form 990 filings, written employment contracts, and comparability surveys (last reviewed in 2024).
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Executive Perquisites & Interested-Party Disclosures (Schedule J & L): Per Schedule J Part III, Georgetown provided business-purpose first-class travel for four officers, charter travel for one officer and one top-paid employee, contractually approved companion travel for four leaders, tax gross-up payments for two employees, and IRC Section 119 presidential housing. Under Schedule L, Part IV, Georgetown reported $385,028 in investment-related payments to The Rock Creek Group LP, in which Trustee Afsaneh Mashayekhi Beschloss holds a greater than 35% ownership interest.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 15 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Edward A. CooleyMen's Basketball Coach | $4,951,910 | $0 | $153,380 | $22,500 | $30,747 | $5,158,537 | $0 |
| John J. DeGioia, Ph.D.President & Board Member (until 11/21/24) | $1,004,161 | $400,000 | $281,917 | $27,000 | $234,312 | $1,947,390 | $0 |
| Michael K. BarryChief Investment Officer | $661,939 | $1,047,554 | $0 | $22,500 | $30,091 | $1,762,084 | $0 |
| Christopher GillManaging Director of Public Investments | $415,516 | $875,000 | $0 | $22,500 | $33,291 | $1,346,307 | $0 |
| Robert M. GrovesInterim President (eff. 11/22/24), Provost | $1,186,997 | $0 | $0 | $22,500 | $19,211 | $1,228,708 | $0 |
| David B. GreenSVP and Chief Operating Officer | $871,417 | $200,000 | $0 | $22,500 | $87,044 | $1,180,961 | $0 |
| John L. MarshallAssoc. Dir. Clinical Services, Lombardi Cancer Ctr | $769,778 | $90,830 | $0 | $27,000 | $31,417 | $919,025 | $0 |
| William C. WilcoxProfessor, Georgetown University in Qatar | $406,901 | $0 | $435,778 | $27,000 | $15,351 | $885,030 | $0 |
| William M. TreanorExecutive Vice President of Law Center | $827,272 | $0 | $0 | $22,500 | $25,064 | $874,836 | $0 |
| Adam RadlerVice President & General Counsel | $650,817 | $0 | $0 | $22,500 | $9,912 | $683,229 | $0 |
| Norman J. BeauchampEVP of Medical Center (eff. 7/1/24) | $645,566 | $0 | $5,396 | $0 | $14,525 | $665,487 | $0 |
| Edward B. HealtonEVP of Medical Center (until 6/30/24) | $536,162 | $0 | $0 | $22,500 | $13,778 | $572,440 | $0 |
| Marie A. MattsonSecretary | $525,915 | $0 | $0 | $22,500 | $12,060 | $560,475 | $0 |
| Narahari SastryChief Financial Officer | $334,014 | $50,000 | $0 | $22,500 | $24,423 | $430,937 | $0 |
| Soyica Diggs ColbertInterim Provost (eff. 11/26/24) | $383,778 | $0 | $0 | $22,500 | $24,228 | $430,506 | $0 |
Facilities, Debt, and Municipal Relations
To preserve endowment liquidity while expanding its historic Hilltop campus and developing its downtown Capitol Campus near Union Station and the U.S. Capitol, Georgetown relies heavily on institutional debt, municipal revenue bonds issued through the District of Columbia, and public-private infrastructure partnerships (P3). In FY25, Georgetown’s net physical plant grew 16.6% (+$274.00 million) to $1.92 billion ($3.25 billion gross cost less $1.33 billion accumulated depreciation), supported by $471.14 million in active construction in progress and $227.80 million in new District of Columbia Series 2025A tax-exempt bonds issued in April 2025.
Georgetown’s $3.74 billion liability structure includes a distinctive $992.56 million obligation (`Due to Concessionaire` on Schedule D, Part X) tied to its 50-year public-private energy and utility concession with Georgetown Energy Partners LLC. In its town-gown relationship with the District of Columbia, rather than remitting standalone voluntary PILOT checks on Schedule I, Georgetown’s municipal footprint combines $28.01 million in Schedule I domestic organizational and government grants/subawards, $39.63 million in external D.C. public service programs, downtown Capitol Campus student housing and academic redevelopment, and commercial lease and property taxes on its $15.40 million rental real estate portfolio.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Expansion (Schedule D, Part VI): Georgetown holds $3.25 billion in gross land, buildings, and equipment ($1.92 billion net book value, up 16.6% YoY), recording $92.19 million in annual occupancy costs and $79.87 million in depreciation.
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Tax-Exempt D.C. Bonds & Institutional Debt (Part X & Schedule K): The university carries $1.51 billion in unsecured taxable notes (+8.8% YoY) and $467.87 million in tax-exempt District of Columbia revenue bonds (+57.3% YoY, anchored by the $227.80M Series 2025A issuance in April 2025 for academic facility renovations and refunding, alongside the $347.92M Series 2017 issue), incurring $109.23 million in FY25 interest expense.
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$992.6M Utility Concession, Schedule I Town-Gown Relations & Lobbying: Schedule D, Part X records $992,556,602 due to concessionaire Georgetown Energy Partners LLC alongside $128.45M in operating leases. Across Washington, D.C., Georgetown deployed $28.01M in Schedule I domestic organizational and government grants, $39.63M in community Public Service programs (Part III, Line 4d), and $306,272 in Schedule C legislative lobbying ($301,629 direct and $4,643 grassroots).
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Top 5 Independent Contractors (626 Paid Over $100,000): Whiting-Turner Contracting Co ($111.04M for campus construction), American Campus Communities Operating Partnership LP ($81.79M for Capitol Campus residential construction), Georgetown Energy Partners LLC ($48.62M for campus utility management), Aramark Educational Services Inc ($41.67M for dining/facilities management), and MedStar Georgetown University Hospital ($16.56M for professional clinical teaching services).
Editorial Note
All financial figures in this report derive from Georgetown University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 20,000 degree-seeking students and 7,622 degrees awarded) and have been verified by the Chicardgo Data Team.
While Georgetown expends $93,908 per student on direct Form 990 program services ($47,091 per student on direct instruction, $68,123 per student on combined instruction and academic support, and $105,574 per student in total institutional expenditure), Chicardgo School does not imply that institutional spending mathematically causes specific postgraduate earnings or career outcomes. Rather, these financial resources sustain the academic schools, policy institutes, and global campuses that operate alongside Georgetown’s selective admissions profile.
Accounting Reconciliation: Readers comparing Georgetown’s consolidated GAAP audited financial statements to IRS Form 990 will note three primary structural accounting differences. First, Form 990 reports $2.11B in total operating expenses by recording $320.14M in grants ($288.15M in domestic and study-abroad student financial aid) as a functional operating expense (Part IX, Lines 1–3) and reporting tuition on a gross basis ($1.09B), whereas GAAP financial statements net student scholarships directly against gross tuition and auxiliary revenues. Second, because Georgetown is included in consolidated audited financial statements alongside its controlled tax-exempt, partnership, and corporate subsidiaries on Schedule R (including the Georgetown University Alumni Association, Flour Mill Fund Ltd, and Hoya Risk Indemnity), Schedule D Parts XI and XII are left blank per IRS instructions (Part IV, Lines 12a–12b). Third, unlike peer universities that own and consolidate their academic health systems, Georgetown transferred clinical hospital operations of Georgetown University Hospital to MedStar Health in 2000; consequently, this Form 990 captures the School of Medicine, Berkley School of Nursing, School of Health, and Lombardi Comprehensive Cancer Center academic and research budgets (plus $16.56M paid to MedStar for teaching services), while inpatient and outpatient hospital revenues reside on MedStar Health’s independent corporate books.
Frequently Asked Questions: Georgetown's Form 990 Financials
As of Fiscal Year 2025, Georgetown University's endowment stands at $3.95 billion ($3,951,364,341), up 8.6% year-over-year. Its $214.36 million total annual distribution ($161.15 million for facilities and academic programs, $35.36 million for scholarships, and $17.85 million for administrative expenses) covers 10.2% of the university's $2.11 billion Form 990 operating budget (9.3% excluding internal endowment administration).
Georgetown spends $93,908 per student annually across all direct Form 990 program services ($1.88 billion across 20,000 students)—comprising $47,091 per student in direct classroom instruction ($941.83 million), $21,032 per student in academic support ($420.64 million), $17,539 per student in research ($350.79 million), and $8,245 per student in auxiliary, public, and student services ($164.91 million). Including management overhead and fundraising, total enterprise spending is $105,574 per student ($2.11 billion), compared to $60,811 per student collected in gross tuition and auxiliary fees.
Georgetown disbursed $288.15 million in direct student financial aid in FY25, including $283.84 million to domestic students on Schedule I and $4.30 million in study-abroad scholarships to 232 students on Schedule F. On Schedule I, 8,426 students (42.1% of enrollment) received $214.39 million in university-sponsored scholarships, 1,691 received $49.01 million in donor-sponsored scholarships (bringing combined scholarship awards to 50.6% of enrollment), and total domestic student grant awards across all categories reached 13,601 (68.0%).
The highest-paid employee is Men's Basketball Coach Edward A. Cooley, who received $5,158,537 in total compensation in FY25, followed by outgoing President John J. DeGioia ($1,947,390), Chief Investment Officer Michael K. Barry ($1,762,084), Managing Director of Public Investments Christopher Gill ($1,346,307), and Interim President Robert M. Groves ($1,228,708).
No. With $3.95 billion in endowment assets across approximately 20,000 students ($197,568 per student), Georgetown falls well below the $500,000 per-student threshold required to trigger the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Georgetown University's total assets reached $6.88 billion ($6,882,641,690) in Fiscal Year 2025, anchored by $3.00 billion in alternative investments, $1.03 billion in publicly traded securities, $347.38 million in cash and short-term investments, and $1.92 billion in net land, buildings, and equipment.
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