Hamilton College Nears $1.98 Billion in Total Assets, Powered by a $153.3M Investment Surge and $1.50B Endowment Covering 26% of Budget and $104,082 in Per-Student Program Spend
By Data Team | Published November 9, 2026
Hamilton College’s total assets reached $1.98 billion ($1,984,043,471) in fiscal year 2025, anchored by a $1.50 billion ($1,497,031,000) endowment whose $65.51 million total annual draw ($53.85 million in direct scholarship and academic program payouts plus $11.65 million in endowment administration) covers 26.3% of the college's $249.02 million Form 990 operating budget (with direct programmatic payouts covering 21.6% of Form 990 expenses and 22.7% of GAAP operating expenses), according to its latest IRS filing. That capital base enables Hamilton to spend $104,082 per student on direct undergraduate instruction, academic support, and student aid ($208.16 million in program services across 2,000 undergraduates)—while total institutional expenditure including administrative overhead and fundraising reaches $124,508 per student ($249.02 million).
Hamilton’s financial structure illustrates the economics of an endowment-fortified residential liberal arts college. While gross tuition, fees, room, and board generate $167.39 million ($83,697 per student before financial aid), student charges fall $20,385 per student short of covering direct program service expenses ($104,082 per student) and $40,811 per student short of total enterprise expenditure ($124,508 per student). Realized investment income ($153.31 million, up 35.1% YoY) and private philanthropy ($22.88 million in contributions and grants) supply 50.5% of Hamilton’s $348.77 million total revenue, generating a $99.76 million operating surplus and insulating academic operations from tuition reliance.
This investment engine directly underwrites student access and global study. Hamilton disbursed $60.92 million in direct student financial aid grants in FY25—comprising $54.92 million across 1,135 domestic Schedule I grant awards (including 905 core institutional need-based scholarships covering 45.3% of the student body) and $6.00 million across 128 study-abroad financial aid recipients on Schedule F—providing financial aid packages to approximately 50% of its 2,000 undergraduates.
Institutional & Governance Profile
Operating under its formal corporate title, Trustees of Hamilton College (EIN 15-0532200), Hamilton is domiciled in New York with its 1,350-acre campus located on College Hill in Clinton, New York. Chartered in 1812 as one of America’s oldest liberal arts colleges and guided by the motto "Know Thyself," the college operates an open curriculum emphasizing writing-intensive and collaborative undergraduate research alongside dedicated study-abroad foundations in Madrid and Paris.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1812, Hamilton issued 2,502 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student workers), filed 3,135 Form 1096 vendor returns, and engaged approximately 1,000 alumni and community volunteers.
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Academic & Faculty Footprint: A full-time faculty of 244 scholars instructs approximately 2,000 undergraduate students representing 50 U.S. states and 61 countries across 59 areas of study, 29 NCAA Division III (NESCAC) varsity athletic teams, and 150 student organizations.
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Executive Leadership: President Steven Tepper assumed office in July 2024 (succeeding former President David Wippman), leading the administration alongside Vice President for Administration and Finance Karen L. Leach, Vice President for Academic Affairs Ngonidzashe Munemo, and Chief Investment Officer Lauren K. Jacobson.
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Governing Board (Schedule O): The Board of Trustees comprises 37 voting members, 36 of whom are independent (97.3%, with President Steven Tepper serving as the sole non-independent ex-officio trustee), chaired by David M. Solomon alongside Vice Chairs Linda E. Johnson and Robert V. Delaney Jr. A seven-member Audit Committee reviews the Form 990 prior to full board distribution, and all trustees, officers, and key employees complete mandatory annual conflict-of-interest questionnaires reviewed by the VP for Administration and Finance.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Hamilton generated $615.72 million in gross receipts and $348.77 million in total net revenue. Total assets expanded 11.2% to $1.98 billion while total net assets rose 9.3% to $1.73 billion, anchored by $1.32 billion in donor-restricted net assets (76.1%) and $414.17 million in unrestricted reserves (23.9%).
Balance Sheet Strength
- Total Assets $1,984,043,471 (+11.2%)
- Total Liabilities $249,055,028 (+26.6%)
- Total Net Assets $1,734,988,443 (+9.3%)
- Donor-Restricted Net Assets $1,320,815,533 (76.1% of Total Net Assets)
- Unrestricted Net Assets $414,172,910 (23.9% of Total Net Assets)
Operating Performance
- Total Revenue $348,773,482 (+13.7%)
- Total Expenses $249,016,155 (+2.2%)
- Operating Surplus $99,757,327 (+57.9%)
- Unrealized Gains (Excluded) $48,184,667
Note: The $99.76 million reported operating surplus reflects Form 990 realized accounting parameters (driven by $133.54 million in realized portfolio capital gains); adding $48.18 million in net unrealized investment gains and $10,860 in net annuity and restriction adjustments accounts for the full $147.95 million expansion in Hamilton's FY25 net assets.
Revenue Breakdown
Hamilton’s top-line revenue rose 13.7% year-over-year in FY25 to $348.77 million, propelled by strong portfolio realizations and steady student fee growth. Program service revenue increased 7.6% to $172.56 million (49.5% of total revenue), led by $134.30 million in tuition and fees and $33.09 million in room and board. Realized investment income surged 35.1% to $153.31 million (44.0% of total revenue) as the college realized $133.54 million in net capital gains from $400.28 million in gross securities sales. Contributions and grants normalized -28.9% to $22.88 million following prior-year capital campaign gift receipts, while net other revenue declined -97.2% to $22,161 due to $191,221 in net rental property losses offsetting college store and vending commissions.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.6% YoY$172,555,339 (49.5%)
- Tuition and Fees $134,300,272
- Room & Board $33,094,257
- All Other Program Service Revenue $3,296,215
- State Grants & Contracts $1,465,662
- Auxiliary Operations ($225,901) & Application Fees ($173,032) $398,933
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Investment Income +35.1% YoY$153,313,158 (44.0%)
- Realized Net Capital Gains ($400.28M Gross Sales) $133,539,302
- Dividends, Interest & Other Investment Income (Net of -$986.9K UBI) $19,773,856
- Tax-Exempt Bond Proceeds Income $0
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Contributions & Grants -28.9% YoY$22,882,824 (6.6%)
- Private Philanthropy, Alumni Gifts & Foundation Grants $21,858,445
- Government Grants (Federal & State Contributions) $1,024,379
- Noncash Gifts Included Above (78 Stock Gifts, 10 Art Works, Events & Equip.) $5,021,037
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Other Revenue -97.2% YoY$22,161 (<0.1%)
- College Store ($133.2K), Vending/Laundry ($60.7K) & Bed and Breakfast ($19.5K) $213,382
- Net Rental Loss ($8,834 Gross Rents less $200,055 Rental Expenses) -$191,221
Endowment Performance and Asset Allocation
Hamilton’s internal investment office—led by Chief Investment Officer Lauren K. Jacobson and Deputy CIO Kathleen Khadder—manages an endowment that closed FY25 at $1,497,031,000 (+9.9% YoY), alongside $1.57 billion in total balance sheet investment securities ($1.65 billion including $83.07 million in cash and temporary savings). Across the total $1.65 billion cash and investment portfolio, alternative assets reported on Schedule D, Part VII ($985.62 million) represent 59.7% of holdings, led by private equity ($543.88 million) and hedge funds ($311.71 million), complemented by $554.26 million in publicly traded securities (33.6%).
To execute its global alternative strategy, Hamilton holds $798.97 million in offshore endowment investment vehicles reported on Schedule F—comprising $766.33 million domiciled in Central America and the Caribbean and $32.64 million in Europe—and files Form 990-T for unrelated business income (recording -$946,079 in net UBI losses in FY25). Because Hamilton enrolls approximately 2,000 tuition-paying students and holds $748,516 in endowment assets per student (above the $500,000 federal threshold), the college is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($1.65B Total Cash & Investments / $1.57B Total Securities)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $1,497,031,000 (+9.9% YoY), representing $748,516 per enrolled student across 2,000 undergraduates.
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Net Investment Gains: $193,751,365 in endowment investment earnings (+61.2% YoY from $120.16M in FY24).
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Alternative & Offshore Capital: 59.7% of total cash and investment holdings ($985.62M) sit in private equity, hedge funds, real estate, energy, and faculty mortgages, with $766.33M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $65,506,365 in total endowment outlays ($26.18M to scholarships, $27.67M to academic programs and facilities, and $11.65M to endowment administration), funding 26.3% of Form 990 total expenses (21.6% from the $53.85M net programmatic payout alone, or 22.7% of GAAP operating expenses).
Detailed Asset Mix ($1.65B Cash & Investment Portfolio)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Hamilton’s endowment from a $1.02 billion opening balance in FY21 to $1.50 billion at the close of FY25 (+46.7% cumulative expansion). Over that five-year window, the endowment received $101.46 million in donor contributions and generated $669.37 million in cumulative net investment earnings—highlighted by a $401.88 million surge in FY21 and $193.75 million in FY25 gains, which more than offset a -$103.62 million market contraction in FY22. Simultaneously, the endowment disbursed $294.11 million in cumulative distributions, including $112.48 million for student scholarships, $124.18 million for academic facilities and programs, and $57.46 million in investment management and administrative expenses (including $11.51 million in external investment manager fees in FY25). At year-end FY25, the portfolio comprised 81.59% permanent donor-restricted endowment, 18.24% board-designated quasi-endowment, and 0.17% term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g).
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 | $1,361,639,000 | $1,282,403,000 | $1,275,562,180 | $1,411,536,349 | $1,020,321,000 |
| 1b. Contributions | $7,147,000 | $9,394,000 | $16,892,000 | $23,274,831 | $44,748,349 |
| 1c. Net investment earnings | $193,751,365 | $120,157,617 | $57,194,487 | ($103,621,409) | $401,883,304 |
| 1d. Grants or scholarships | ($26,180,907) | ($25,035,717) | ($22,973,106) | ($19,769,757) | ($18,516,311) |
| 1e. Other expenditures | ($27,671,093) | ($14,388,283) | ($30,534,894) | ($26,048,243) | ($25,533,689) |
| 1f. Administrative expenses | ($11,654,365) | ($10,891,617) | ($13,737,667) | ($9,809,591) | ($11,366,304) |
| 1g. End of year balance | $1,497,031,000 | $1,361,639,000 | $1,282,403,000 | $1,275,562,180 | $1,411,536,349 |
Per-Student Spending and True Cost
Evaluating per-student spending at an undergraduate liberal arts institution centers on direct program service expenditure (Form 990 Part III, Line 4a and Part IX, Column B), which captures classroom instruction, faculty research, student services, residential life, and financial aid while excluding institutional overhead. In FY25, Hamilton expended $208,164,695 on direct program services across its 2,000 undergraduate students. That equates to $104,082 per student in direct academic and residential program spend ($73,443 net per student after deducting $61,279,481 in financial aid and community grants).
By comparison, gross student tuition and fees ($134,300,272, or $67,150 per student) plus room and board ($33,094,257, or $16,547 per student) generated $167,394,529, or $83,697 per student before financial aid discounts. Even before accounting for financial aid, sticker-price student revenue covers only 80.4% of Hamilton's $104,082 per-student program spend—leaving a $20,385 per-student gross subsidy. When accounting for the $60.92 million returned to students in financial aid grants, net student revenue ($106.47 million, or $53,237 per student) covers just 51.1% of direct program service costs, requiring a $50,845 per-student net subsidy funded by endowment distributions and annual gifts. When adding $33.71 million in management and general expenses (including $11.51 million in investment management fees) and $7.15 million in fundraising costs, overall institutional expenditure reaches $249,016,155, or $124,508 per student.
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a & Part IX, Col B): $208,164,695 across 2,000 undergraduate students ($104,082 gross direct program spend per student; $73,443 net excluding $61.28M in grants).
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Total Institutional Enterprise Spend (Part I, Line 18 & Part IX, Col A): $249,016,155 across all functional categories ($124,508 per student, comprising 83.6% Program Services, 13.5% Management & General, and 2.9% Fundraising).
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Tuition & Room/Board Revenue: $167,394,529 ($83,697 gross per student; $106,474,205 or $53,237 net per student after $60.92M in student aid), leaving a $20,385 gross ($50,845 net) per-student program gap bridged by endowment payouts and philanthropy.
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Residential Dining & Campus Life (Part IX, Lines 24a–24d): Includes $8,509,822 in food service expenses (managed with primary dining contractor Parkhurst Dining LLC at $10.71M), $836,243 in student prizes and awards, $664,014 in resident assistant room charges, and $931,036 in special programs and events.
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Wellin Museum & Global Study Abroad (Schedule D & Schedule R): Hamilton maintains a capitalized teaching art collection of more than 4,000 works valued at $16,069,954 on its balance sheet (with $993,200 in FY25 art gifts) at the Ruth and Elmer Wellin Museum of Art, and transferred $2,069,946 to its controlled study-abroad foundations in Spain (Foundation Hamilton College, $1,219,946) and France (Hamilton in France, $850,000) alongside $2,470,785 to the Danish Institute for Study Abroad.
Financial Aid: How Hamilton Deploys $60.9M in Student Support
Hamilton practices need-blind admissions and commits to meeting 100% of demonstrated financial need for every admitted student. On Form 990 Part III (Line 4a), Hamilton reports that it provides financial aid packages to approximately 50% of its 2,000-student undergraduate body (~1,000 students). Across Part IX (Lines 2 and 3), total direct financial assistance to domestic and international/study-abroad students reached $60,920,324 in FY25 (up 10.2% YoY from $55.28 million in FY24).
On Schedule I (Part III), Hamilton itemizes $54,923,128 in direct grants to domestic students across 1,135 line-item awards (representing a 56.8% award-to-enrollment ratio). Core institutional need-based aid is anchored by 683 College Funded Scholarships ($32,740,970, averaging $47,937 per recipient) and 221 Special Scholarships ($12,502,903, averaging $56,574 per recipient)—reaching 905 core scholarship recipients (45.3% of the student body)—supplemented by 155 student Prizes and Awards ($8,815,615), 64 Federal SEOG/Pell grants ($223,223), and 10 New York State TAP grants ($551,058). Additionally, on Schedule F (Part III), Hamilton disbursed $5,997,196 in financial aid across 128 students studying abroad in Europe ($4.86 million across 104 students), East Asia and the Pacific ($1.08 million across 22 students), Sub-Saharan Africa ($48,147), and South America ($9,474).
Internal Student Support (Schedule I & Part III)
- Aided Undergraduate Share (Part III) ~50.0% (~1,000 students)
- Core Need-Based Scholarship Share 45.3% (905 students)
- College Funded Scholarships (683) $32,740,970 ($47,937 avg.)
- Special & General Scholarships (222) $12,544,362 ($56,506 avg.)
- Total Domestic Student Grants (1,135 Awards) $54,923,128
Global Study Aid & Endowed Scholarships
- Study-Abroad Financial Aid Grants ($5,997,196) Disbursed across 128 recipients on Schedule F in Europe (104 students, $4.86M), East Asia/Pacific (22 students, $1.08M), Sub-Saharan Africa ($48.1K), and South America ($9.5K), bringing total student grant aid to $60,920,324.
- Endowment Scholarship Subsidy & DAFs ($26,180,907) Endowment distributions funded 43.0% of total student aid (Schedule D, Part V). Separately, Hamilton administers 15 Donor Advised Funds ($1.25M balance, $574.5K grants) and 16 other accounts ($2.87M balance, $830.2K grants).
Executive and Investment Team Compensation
Hamilton’s Schedule J disclosures highlight the compensation premium commanded by institutional endowment managers relative to campus academic leadership. The college’s highest-compensated employee in FY25 was Chief Investment Officer Lauren K. Jacobson, who received $2,763,723 in total compensation—comprising $645,000 in base salary, a $1,062,500 contractual performance bonus (including $662,500 reported as deferred on prior Forms 990), and $1,044,483 in retirement and deferred compensation—followed by former President David Wippman ($1,033,358, including $512,579 in payouts of previously accrued deferred compensation), Deputy Chief Investment Officer Kathleen Khadder ($754,452, including a $350,000 bonus), and VP for Administration and Finance Karen L. Leach ($576,230).
Incoming President Steven Tepper received $448,865 in total compensation ($380,409 base salary and $64,937 in nontaxable benefits, including mandatory on-campus presidential housing), while VP for Advancement Lori R. Dennison earned $467,794 and VP for Academic Affairs Ngonidzashe Munemo earned $422,124. Because CIO Lauren K. Jacobson's reportable W-2 compensation ($1,708,986) exceeded the $1 million federal threshold, Hamilton is subject to the IRC Section 4960 21% excise tax on excess executive remuneration (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Hamilton expended $102,938,025 in total salaries, wages, pension contributions, and employee benefits in FY25 (+5.3% YoY from $97.78M in FY24, representing 41.3% of all college expenses) across 2,502 W-2 employees (including student workers), with 248 staff and faculty members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board’s Executive Compensation Sub-Committee—comprising the Board Chair, Vice Chair, Chair of the Budget and Finance Committee, and Chair of the Audit Committee—sets senior officer pay using national compensation surveys, a peer group of 25 comparable liberal arts colleges, and peer Form 990 filings. Contractual and discretionary bonuses for the CIO, Deputy CIO, and Director of Investments are determined by the Investment Committee Chair based on endowment performance.
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Campus Housing, Travel & Related-Party Disclosures (Schedule J, D & L): The President, VP for Academic Affairs, and VP for Student Affairs are required to reside in college-owned campus housing as a condition of employment; the President is also provided housekeeping services, companion travel, and membership in one Manhattan social club (such as the Princeton Club or University Club) for alumni and donor engagement. Separately, Hamilton holds $3,847,314 in faculty residential mortgages on Schedule D (Part VII), and reports two standard employment relationships with spouses of key employees on Schedule L (Part IV): Physical Education Professor James G. King ($60,700) and Collections Specialist Allison McLaughlin ($18,087).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 18 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) |
| Lauren K. JacobsonChief Investment Officer | $645,000 | $1,062,500 | $1,486 | $1,044,483 | $10,254 | $2,763,723 | $662,500 |
| David WippmanFormer President | $391,431 | $0 | $512,579 | $73,586 | $55,762 | $1,033,358 | $460,915 |
| Kathleen KhadderDeputy Chief Investment Officer | $400,000 | $350,000 | $1,378 | $0 | $3,074 | $754,452 | $0 |
| Karen L. LeachVP Admin & Finance | $401,541 | $0 | $16,279 | $133,303 | $25,107 | $576,230 | $0 |
| Lori R. DennisonVP Advancement | $362,320 | $0 | $11,034 | $34,500 | $59,940 | $467,794 | $0 |
| Steven TepperPresident / Trustee | $380,409 | $0 | $3,519 | $0 | $64,937 | $448,865 | $0 |
| Ngonidzashe MunemoVP Academic Affairs | $326,963 | $0 | $501 | $32,840 | $61,820 | $422,124 | $0 |
| Spencer PolaskeDirector of Investments | $247,666 | $100,000 | $223 | $34,500 | $17,190 | $399,579 | $0 |
| Monica C. InzerVP Enrollment Management | $186,838 | $0 | $117,974 | $38,723 | $1,534 | $345,069 | $103,420 |
| Christopher D. CardVP Student Affairs | $258,812 | $0 | $587 | $26,250 | $41,347 | $326,996 | $0 |
| Frank M. AnechiaricoProfessor | $280,759 | $0 | $2,486 | $28,220 | $8,810 | $320,275 | $0 |
| Joseph M. ShelleyVP for Library & Information Tech | $262,890 | $0 | $1,387 | $26,600 | $4,508 | $295,385 | $0 |
| Jonathan T. HindDirector of Athletics | $233,787 | $0 | $2,835 | $24,207 | $19,738 | $280,567 | $0 |
| Gillian M. KingChief of Staff and Secretary | $228,543 | $0 | $2,766 | $23,118 | $10,196 | $264,623 | $0 |
| John McLaughlinVP Enrollment Management | $210,508 | $0 | $214 | $21,083 | $32,244 | $264,049 | $0 |
| Michael E. KlapmeyerAVP Facilities and Planning | $234,326 | $0 | $1,512 | $23,623 | $3,198 | $262,659 | $0 |
| Sean T. BennettVP Diversity | $218,602 | $0 | $1,469 | $22,060 | $3,243 | $245,374 | $0 |
| Heather MartinezAVP for Finance and Controller | $165,734 | $0 | $230 | $7,510 | $26,204 | $199,678 | $0 |
Facilities, Debt, and Municipal Relations
Hamilton’s physical plant in Clinton, New York spans $671.54 million in gross land, buildings, and equipment ($303.87 million net book value after $367.67 million in accumulated depreciation). To preserve liquidity in its $1.50 billion endowment while modernizing academic facilities, the college utilizes tax-exempt municipal bonds issued through the Oneida County Local Development Corporation alongside long-term unsecured notes.
In October 2024, Hamilton issued $64.05 million in new tax-exempt bonds (Series 2024A and Series 2024B) to finance a new 37,000-square-foot academic building and refinance its Theatre and Studio Arts complex, lifting tax-exempt bond liabilities 73.0% YoY to $106.39 million. To support its host community in Oneida County, Hamilton pairs local property operations (held via its disregarded entity Hamilton Property Group LLC) with direct Schedule I Town-Gown municipal grants and regional healthcare contributions totaling $359,157.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Hamilton holds $671,537,187 in gross physical assets—comprising $427.84M in buildings, $155.81M in equipment, $46.01M in construction in progress, and $41.89M in land—for a net book value of $303,865,394 (+8.5% YoY), recording $14,648,268 in annual depreciation and $5,192,012 in occupancy expenses.
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Tax-Exempt Bonds & Institutional Debt (Part X & Schedule K): Total debt stands at $206,088,896, split between $106,387,053 in tax-exempt Oneida County Local Development Corporation bonds—Series 2021 ($46.61M issue price for campus renovations), Series 2024A ($45.75M issue price issued 10/09/2024 for a 37,000-sq.-ft. academic building, with $30.05M in unspent construction proceeds at year-end), and Series 2024B ($18.30M issue price refunding Series 2013 Theatre/Studio Arts bonds)—and $99,701,843 in unsecured notes payable, generating $6,747,227 in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations ($359,157 across 10 Grantees): Hamilton disbursed $250,000 to the Mohawk Valley Health System (MVHS) Foundation in Utica to support local healthcare, plus $109,157 across nine explicit Town-Gown grants in Clinton and Kirkland: Clinton Central School District ($19,175), Clinton Kirkland Improvement Corp ($15,000), Clinton Central School Foundation ($13,000), Country Pantry ($12,800), Central Oneida County Volunteer Ambulance Corps / COCVAC ($12,000), Clinton Early Learning Center ($11,455), Clinton Fire Department ($10,777), Kirkland Town Library ($7,500), and Clinton Historical Society ($7,450).
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Top Campus Dining, Construction & Study-Abroad Contractors (Part VII, Section B): Among 113 independent contractors paid over $100,000 in FY25, the top five were Parkhurst Dining LLC ($10,705,565 for campus dining/catering), LeChase Construction Services LLC ($9,278,792 for construction), Consigli Construction Co. Inc. ($8,463,122 for construction), Siemens Industry Inc. ($2,926,531 for building infrastructure), and the Danish Institute for Study Abroad ($2,470,785).
Editorial Note
All financial figures in this report derive from Hamilton College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 2,000 degree-seeking undergraduate students) prepared by KPMG LLP and signed by Vice President for Administration and Finance Karen L. Leach on May 13, 2026, and have been reviewed by the data team.
While Hamilton expends $104,082 per student on direct academic, residential, and financial aid program services ($124,508 per student in total institutional expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources underwrite the 8:1 student-faculty environment, open-curriculum research opportunities, and 100%-need-met financial aid packages that operate alongside Hamilton’s student selectivity.
Accounting Reconciliation: Readers comparing Hamilton’s KPMG-audited GAAP financial statements to IRS Form 990 will note three structural accounting differences detailed on Schedule D, Parts XI and XII. First, audited GAAP total revenue, gains, and other support ($385,652,003) includes $48,184,667 in net unrealized investment gains, which are excluded from Form 990 total revenue ($348,773,482) and instead recorded directly in the Part XI net asset reconciliation. Second, Form 990 grosses up both total revenue and total functional expenses by $11,506,201 in external investment management fees (reported on Part IX, Line 11f), whereas GAAP financial statements net those fees directly against investment return—and conversely, Form 990 nets $200,055 in rental property expenses directly against gross rental revenue on Part VIII (Line 6b), bridging GAAP audited expenses ($237,710,009) plus $11,306,146 in net adjustments to Form 990 total functional expenses ($249,016,155). Third, Form 990 reports $60,920,324 in student scholarships and grants as a functional program expense (Part IX, Lines 2–3), whereas GAAP financial statements treat institutional scholarship aid as a contra-revenue tuition discount.
Frequently Asked Questions: Hamilton's Form 990 Financials
As of Fiscal Year 2025, Hamilton College's endowment stands at $1.50 billion ($1,497,031,000), up 9.9% year-over-year, or $748,516 per student across 2,000 undergraduates. Its $65.51 million total annual draw ($53.85 million in direct scholarship and academic program payouts plus $11.65 million in endowment administration) covers 26.3% of the college's $249.02 million Form 990 operating budget (with direct programmatic payouts covering 21.6% of Form 990 expenses and 22.7% of GAAP operating expenses).
Hamilton spends $104,082 per student annually in direct program services—covering undergraduate instruction, academic research, residential life, and student financial aid ($208.16 million across 2,000 students)—compared to $83,697 per student collected in gross tuition, fees, room, and board ($53,237 net per student after financial aid). When including management, investment administration, and fundraising overhead, total enterprise expenditure reaches $124,508 per student ($249.02 million).
Hamilton disbursed $60.92 million ($60,920,324) in direct student financial aid grants in FY25, providing aid packages to approximately 50% of its 2,000 undergraduates. On Schedule I, Hamilton reported $54.92 million across 1,135 domestic grant awards—led by 905 core institutional need-based scholarships (45.3% of enrollment) totaling $45.29 million and 155 student prizes and awards totaling $8.82 million—plus $6.00 million on Schedule F across 128 students studying abroad.
The highest-paid employee is Chief Investment Officer Lauren K. Jacobson, who received $2,763,723 in total compensation in FY25 (including $645,000 base salary, a $1,062,500 bonus, and $1,044,483 in retirement and deferred compensation), followed by former President David Wippman ($1,033,358, including $512,579 in vested deferred payouts) and Deputy CIO Kathleen Khadder ($754,452). President Steven Tepper received $448,865 in total compensation.
Yes. Because Hamilton is a private college with more than 500 tuition-paying students and holds $748,516 in endowment assets per student across its 2,000 undergraduates (exceeding the $500,000 federal per-student threshold), the college confirmed on Form 990 Part V (Line 16) that it is subject to the IRC Section 4968 excise tax on net investment income.
Hamilton College's total assets reached $1.98 billion ($1,984,043,471) in Fiscal Year 2025 (up 11.2% year-over-year), anchored by $1.57 billion in total investment securities ($554.26 million publicly traded, $985.62 million in private equity, hedge funds, and real assets, and $29.00 million in program-related investments), $303.87 million in net land, buildings, and equipment, and $83.07 million in cash and temporary savings.
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