Harvard Net Assets Climb to $66.5 Billion on $79.9 Billion Asset Base, $55.4 Billion Endowment Fuels One-Third of Operating Budget
By Data Team | Published November 3, 2026
Harvard University’s total assets reached $79.94 billion in fiscal year 2025, anchored by a $55.36 billion endowment whose $2.45 billion total annual outflow covers 33.8% of the university's $7.24 billion Form 990 operating budget ($2.11 billion or 29.2% in direct programmatic and scholarship payouts, and roughly 37% under internal GAAP reporting), according to its latest IRS filing. That capital foundation enables Harvard to spend $251,881 per student on direct education and institutional program services ($5.28 billion across 20,966 degree-seeking students)—while total program service expenditure including sponsored research reaches $295,690 per student ($6.20 billion) and overall enterprise expenditure hits $345,483 per student ($7.24 billion).
Unlike peer universities that own consolidated hospital systems, Harvard’s affiliated Boston teaching hospitals operate as independent corporations. As a result, investment returns rather than clinical patient billings dominate Harvard's revenue ledger. Realized investment income generated $3.88 billion (46.6% of Harvard's $8.32 billion total revenue), outpacing program service revenue ($2.48 billion, or 29.8%) and contributions and research grants ($1.85 billion, or 22.3%). Student tuition, room, and board ($2.02 billion, or $96,519 per student) supplied 24.3% of total institutional inflows.
Endowment distributions and philanthropy heavily subsidize student access. In FY25, Harvard disbursed $790.7 million in direct grants and stipends to domestic and international individuals—including $774.5 million on Form 990 Schedule I—providing direct tuition and fee grants to 14,296 students (68.2% of total enrollment), encompassing 62.2% of undergraduates and 71.2% of graduate and professional students.
Institutional & Governance Profile
Filing under its historic corporate charter, President and Fellows of Harvard College (EIN 04-2103580), Harvard is legally domiciled in Cambridge, Massachusetts, with expanding campuses in Boston’s Allston and Longwood Medical neighborhoods. Founded in 1636 and incorporated in 1650—making it the oldest corporation in the Western Hemisphere—the university comprises the Faculty of Arts and Sciences (including Harvard College and the John A. Paulson School of Engineering and Applied Sciences), the Division of Continuing Education, ten graduate and professional schools, and the Radcliffe Institute for Advanced Study.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1650, Harvard issued 39,590 Form W-2s in calendar year 2024 (including student work-study, teaching fellows, and short-term staff alongside a regular faculty and staff headcount of 20,279), filed 44,469 Form 1096 vendor returns, and engaged approximately 10,000 volunteers.
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Academic & Research Footprint: Harvard educates 20,966 degree-seeking students—6,980 undergraduate and 13,986 graduate and professional students—supported by the world's largest academic library system and ten flagship museum and botanical collections.
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Executive Leadership: President Alan M. Garber (who served as Interim President from January 2, 2024 before assuming the presidency on August 2, 2024) leads the administration alongside Provost John Manning, Executive Vice President Meredith Weenick, VP for Finance and CFO Ritu Kalra, and Treasurer Timothy R. Barakett.
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Bicameral Governing Boards (Schedule O): The Harvard Corporation (the 13-member governing body, 11 of whom are independent, led by Senior Fellow Penny S. Pritzker) exercises fiduciary control, while the elected Board of Overseers holds consent authority over Corporation elections, degree conferrals, and statutory amendments. The Joint Committee on Inspection reviews Form 990 prior to full Corporation distribution.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Harvard generated $24.01 billion in gross receipts and $8.32 billion in total net revenue. Total assets expanded 7.5% to $79.94 billion while net assets rose 6.9% to $66.54 billion, with 74.2% ($49.34 billion) subject to donor restrictions and 25.8% ($17.20 billion) held as unrestricted net assets.
Balance Sheet Strength
- Total Assets $79,935,301,000 (+7.5%)
- Total Liabilities $13,396,427,000 (+10.6%)
- Total Net Assets $66,538,874,000 (+6.9%)
- Donor-Restricted Net Assets $49,341,036,000 (74.2% of Total Net Assets)
- Unrestricted Net Assets $17,197,838,000 (25.8% of Total Net Assets)
Operating Performance
- Total Revenue $8,323,235,933 (+8.7%)
- Total Expenses $7,243,390,385 (+5.9%)
- Operating Surplus $1,079,845,548 (+32.1%)
- Unrealized Gains (Excluded) $3,042,331,368
Note: The $1.08 billion reported operating surplus reflects Form 990 realized capital gain accounting; combining that surplus with $3.04 billion in net unrealized investment appreciation and $157.8 million in pension, split-interest, and affiliate adjustments (Part XI, Line 9) accounts for the full $4.28 billion increase in Harvard's FY25 net assets.
Revenue Breakdown
Three of Harvard's four primary revenue engines expanded in FY25. Realized investment income rose 14.0% to $3.88 billion (46.6% of total revenue), propelled by $3.46 billion in net capital gains on $19.11 billion in gross asset sales. Program service revenue grew 3.6% to $2.48 billion—anchored by $2.02 billion in student tuition, room, and board alongside $211.5 million in executive and continuing education, $96.4 million in non-federal contracts, and $83.1 million in auxiliary health services. Contributions and grants rebounded 9.5% to $1.85 billion ($1.25 billion in private gifts and $600.2 million in federal research grants), while other revenue declined 33.5% to $107.9 million amid lower net commercial rental and patent royalty realizations.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income +14.0% YoY$3,881,325,578 (46.6%)
- Realized Net Capital Gains ($19.11B Gross Sales) $3,463,184,140
- Dividends, Interest & Other Investment Income $418,141,438
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Program Service Revenue +3.6% YoY$2,481,651,841 (29.8%)
- Student Tuition, Room & Board $2,023,618,568
- Executive Education & Other Program Revenue $211,499,376
- Non-Federal Sponsored Contracts $96,371,409
- Auxiliary Health Services $83,065,817
- Student/Employee Services ($36.1M) & Publications ($31.0M) $67,096,671
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Contributions & Grants +9.5% YoY$1,852,353,540 (22.3%)
- Private Philanthropy, Foundation Gifts & Bequests $1,248,658,850
- Federal & Government Research Grants (Primarily HHS/NIH) $600,186,053
- Membership Dues ($3.25M) & Fundraising Events ($263K) $3,508,637
- Noncash Gifts Included Above (860 Equity Gifts, Real Estate, Crypto, 67 Art Works) $117,686,534
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Other Revenue -33.5% YoY$107,904,974 (1.3%)
- Intellectual Property & Technology Licensing Royalties $84,011,836
- Net Rental Income ($64.3M Gross Rents less $40.3M Expenses) $24,045,875
- Net Fundraising Events Loss ($30.3K Gross less $183.1K Direct Costs) ($152,737)
Endowment Performance and Asset Allocation
Harvard Management Company (HMC), a wholly owned 501(c)(3) investment subsidiary, manages Harvard’s General Investment Account (GIA), which pools the $55.36 billion endowment with split-interest trusts, operating reserves, and capital funds into $64.99 billion in balance sheet investment securities ($67.22 billion including cash and other investment assets). Across Part X and Schedule D (Part VII), Harvard holds $35.48 billion in publicly traded securities and commingled public/hedge vehicles (52.8% of total financial assets), $26.07 billion in private equities and venture capital (38.8%), and $3.44 billion in real assets (5.1%).
To execute its global alternative strategy, Harvard utilizes controlled investment subsidiaries—including Harvard Management Private Equity Corporation ($11.19 billion in Schedule R capital transfers) and Harvard Private Capital Realty Inc. ($2.74 billion in transfers)—and deployed $670.5 million in direct regional foreign investments across Europe ($386.6 million) and East Asia and the Pacific ($283.9 million) on Schedule F. With $2.64 million in endowment assets per student across 20,966 students, Harvard is subject to the federal IRC Section 4968 excise tax on net investment income and recorded $130.3 million in total taxes and fees on Part IX (Line 24a), alongside $34.0 million in gross unrelated business income.
Portfolio Performance & Asset Allocation ($64.99B Invested Securities / $67.22B Total Financial Assets)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $55,358,828,000 (+7.0% YoY), representing $2,640,409 per enrolled student across 20,966 students.
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Net Investment Gains: $5,665,103,000 in endowment investment earnings (+30.1% YoY from $4.35B in FY24).
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Private Equity & Real Asset Scale: $29.51B (45.4% of balance sheet securities) sits in illiquid private equity ($26.07B) and real estate/natural resource assets ($3.44B), managed alongside $1.23B in securities lending and investment liabilities.
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Total Payout & Budget Coverage: $2,447,251,000 in total endowment outflows ($1.72B to facilities and academic programs, $394.4M to scholarships, and $332.6M in endowment administration), covering 33.8% of Form 990 total expenses (29.2% or $2.11B in direct programmatic and aid payouts; ~37% under internal GAAP operating metrics).
Detailed Asset Mix (Balance Sheet Financial & Investment Holdings)
5-Year Endowment History
Schedule D, Part V tracks the five-year trajectory of Harvard’s endowment from a $40.67 billion opening balance in FY21 to $55.36 billion at the close of FY25. Over that five-year span, the endowment absorbed $2.41 billion in new donor gifts alongside $22.85 billion in net investment earnings—highlighted by a $12.45 billion post-pandemic surge in FY21 and $5.67 billion in FY25 investment gains. Over the same period, the endowment distributed $10.58 billion across scholarships ($1.71 billion), academic programs and facilities ($7.41 billion), and endowment administration and assessments ($1.46 billion). At year-end FY25, the endowment comprised 52.6% permanent endowment, 25.7% term endowment, and 21.7% board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in 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 | $51,756,372,000 | $49,327,673,000 | $49,425,810,000 | $51,619,868,000 | $40,674,723,000 |
| 1b. Contributions | $384,604,000 | $396,193,000 | $431,655,000 | $770,348,000 | $427,462,000 |
| 1c. Net investment earnings | $5,665,103,000 | $4,353,992,000 | $1,298,941,000 | ($914,067,000) | $12,445,078,000 |
| 1d. Grants or scholarships | ($394,378,000) | ($361,773,000) | ($345,682,000) | ($322,730,000) | ($286,382,000) |
| 1e. Other expenditures | ($1,720,242,000) | ($1,645,523,000) | ($1,182,415,000) | ($1,459,422,000) | ($1,400,197,000) |
| 1f. Administrative expenses | ($332,631,000) | ($314,190,000) | ($300,636,000) | ($268,187,000) | ($240,816,000) |
| 1g. End of year balance | $55,358,828,000 | $51,756,372,000 | $49,327,673,000 | $49,425,810,000 | $51,619,868,000 |
Per-Student Spending and True Cost
Measuring per-student expenditure at Harvard requires distinguishing direct educational program services from externally sponsored research and central administrative overhead. On Form 990 Part III (Line 4a), Harvard reports $5,280,926,650 in direct program service expenses for Education and Other Institutional Activities across its 20,966 degree-seeking students (6,980 undergraduates and 13,986 graduate and professional students). That equates to $251,881 per student in direct educational program spend ($209,801 net per student excluding $882.2 million in Line 4a grants).
By comparison, gross student tuition, room, and board revenue (Part VIII, Line 2a) totals $2,023,618,568, or $96,519 per student—covering just 38.3% of direct educational program costs and leaving a $155,362 per-student structural subsidy bridged by endowment payouts and philanthropy. When adding Sponsored Research Activities ($918,506,321 on Part III, Line 4b), total program service expenses (Line 4e) reach $6,199,432,971 ($295,690 per student), while overall institutional expenditure including management overhead ($796.7 million) and fundraising ($247.2 million) reaches $7,243,390,385 ($345,483 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $5,280,926,650 across 20,966 undergraduate and graduate students ($251,881 gross direct educational spend per student; $209,801 net excluding $882.2M in Line 4a grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $6,199,432,971 in total program services ($295,690 per student across education and sponsored research) and $7,243,390,385 in overall institutional spend ($345,483 per student).
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Tuition & Room/Board Revenue: $2,023,618,568 ($96,519 per student before financial aid discounts), covering 38.3% of direct educational program expenditure. Endowment distributions and annual giving fund the remaining $155,362 per-student academic gap.
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Sponsored Research Activities (Part III, Line 4b): $918,506,321 in direct sponsored research expenses ($43,809 per student), including $207.4M in external research subawards, supported primarily by federal HHS/NIH grants ($600.2M) and non-federal research contracts ($96.4M).
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Museums, Libraries & Global Operations (Schedule D & Schedule F): Harvard stewards ten non-capitalized museum and botanical collections—including the Harvard Art Museums (250,000+ objects), Museum of Comparative Zoology (21M+ specimens), Peabody Museum (6M+ objects), Harvard Herbaria (1M+ specimens), and Arnold Arboretum—alongside $114.5M in international academic, research, and grantmaking expenditures across nine global regions.
Financial Aid: How Harvard Deploys $791M in Student Support
Harvard practices need-blind admissions and meets 100% of demonstrated financial need for both domestic and international undergraduates without requiring student loans. Across the university in FY25, Harvard disbursed $790.7 million in direct grants, fellowships, and stipends to individuals—comprising $774,518,878 in domestic student and fellow grants on Schedule I (Part III) and $16,133,836 in grants, stipends, and loan forgiveness across 1,680 international recipient distributions on Schedule F (Part III).
On Schedule I, Harvard’s core tuition and fee grants reached 14,296 students—representing 68.2% of its 20,966 degree-seeking student body. At the undergraduate level, 4,340 students (62.2% of the 6,980-student Harvard College cohort) received $262.7 million in tuition, fee, and stipend grants ($60,529 average grant), supplemented by $9.1 million across 1,381 additional undergraduate prizes and awards. At the graduate level, 9,956 students (71.2% of the 13,986 graduate and professional cohort) received $282.9 million in tuition and fee grants, alongside $127.6 million in living stipends paid to 7,969 graduate students.
Internal Student Support (Schedule I, Part III)
- Aided Student Share (Core Tuition Grants) 68.2% (14,296 students)
- Undergraduate / Graduate Aid Rate 62.2% Undergrad / 71.2% Grad
- Undergraduate Tuition, Fee & Stipend Grants $262,694,510 (4,340 recipients)
- Graduate Tuition, Fee & Stipend Grants $410,481,828 (9,956 tuition / 7,969 stip.)
- Total Domestic Individual Cash Grants $774,518,878 ($54,177 core avg.)
Fellowships, Loan Forgiveness & External Subawards
- Postdoc Stipends, Prizes & Loan Forgiveness ($117,476,375) Includes $36.9M in general student awards (6,470 recipients), $33.9M in postdoctoral fellow stipends (482 recipients), $10.0M in student loan repayment and forgiveness (651 recipients), $9.1M in undergraduate prizes, $11.3M to non-Harvard scholars, and $16.1M in Schedule F foreign student grants.
- Domestic & Foreign Institutional Grants ($298,986,751) Includes $271,694,729 in Schedule I grants to 352 domestic organizations (led by Boston teaching hospitals and $33.5M in Donor Advised Fund distributions across 45 accounts) plus $27,292,022 in Schedule F foreign institutional research subawards.
Executive, Dean, and Faculty Compensation
Unlike universities where endowment managers are internal university employees, Harvard Management Company (HMC) is a separately incorporated 501(c)(3) subsidiary that reports its portfolio managers on its own Form 990. Consequently, Harvard University’s Schedule J is led by senior faculty and academic leaders. In FY25, the three highest-compensated individuals were Harvard Business School professors who received lump-sum distributions upon vesting in the HBS Voluntary Retirement Incentive Plan (Schedule J, Part III, Line 4b): Robin J. Ely ($1,991,045 total including $31,500 from related organizations and a $1,410,300 retirement plan payout), Nancy F. Koehn ($1,989,830 total including $4,500 from related organizations and a $1,459,500 retirement payout), and Kathleen L. McGinn ($1,936,549 total including a $1,494,900 retirement payout).
Among university executives and non-retiring faculty, President Alan M. Garber received $1,642,838 in total compensation ($1,385,981 base salary and $208,070 in nontaxable benefits, including $174,820 for his required residence in Cambridge), followed by former President Claudine Gay ($1,548,551, reflecting $1,385,191 in base pay and $73,052 in partial-year residence value), Computer Science Professor David J. Malan ($1,285,311), Business School Dean Srikant M. Datar ($1,114,027), Provost John Manning ($1,061,979), and Medical School Dean George Q. Daley ($1,053,858). Because Harvard pays over $1 million in remuneration to covered executives and faculty, it is subject to the federal IRC Section 4960 21% excise tax (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Harvard expended $3,328,506,059 in total salaries, wages, pensions, and benefits in FY25 (+6.0% YoY, representing 46.0% of all university expenses) across 39,590 W-2 recipients (20,279 regular faculty and staff headcount), with 7,844 staff members earning over $100,000.
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Corporation Compensation Governance (Schedule O): The full Harvard Corporation serves as the Compensation Committee, reviewing independent consultant market comparability data in July 2024 to approve officer and dean compensation; the President does not participate in deliberations or voting on the President's own pay.
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Campus Residences & Officer Loans (Schedule J & L): Harvard requires President Garber ($174,820 annual value), FAS Dean Hopi Hoekstra ($198,343), and HBS Dean Srikant Datar ($127,269) to reside in university housing as a condition of employment. Under Schedule L, Part II, Harvard holds $3,150,000 in outstanding board-approved home purchase and education loans across four officers: General Counsel Jennifer O'Connor ($1,388,000), VP for HR Manuel Cuevas-Trisan ($698,000), Provost John Manning ($375,000 mortgage and $352,000 dependent education loan), and FAS Dean Hopi Hoekstra ($337,000).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 24 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) |
| Robin J. Ely *Faculty, Harvard Business School | $478,050 | $20,000 | $1,437,456 | $43,320 | $12,219 | $1,991,045 | $0 |
| Nancy F. Koehn *Faculty, Harvard Business School | $436,404 | $0 | $1,496,359 | $43,320 | $13,747 | $1,989,830 | $0 |
| Kathleen L. McGinn *Faculty, Harvard Business School | $285,024 | $0 | $1,598,980 | $38,473 | $14,072 | $1,936,549 | $0 |
| Alan M. GarberPresident / Corporation Fellow | $1,385,981 | $0 | $5,467 | $43,320 | $208,070 | $1,642,838 | $0 |
| Claudine GayFormer President (thru 1/1/24) / Faculty | $1,385,191 | $0 | $12,558 | $43,320 | $107,482 | $1,548,551 | $0 |
| David J. MalanFaculty, Computer Science (SEAS) | $292,353 | $0 | $936,226 | $43,320 | $13,412 | $1,285,311 | $0 |
| Srikant M. DatarDean, Faculty of Business | $869,610 | $30,000 | $11,452 | $43,320 | $159,645 | $1,114,027 | $0 |
| John ManningProvost (appt. 3/14/24) | $865,756 | $35,000 | $85,126 | $43,320 | $32,777 | $1,061,979 | $0 |
| George Q. DaleyDean, Faculty of Medicine | $953,430 | $30,000 | $26,460 | $43,320 | $648 | $1,053,858 | $0 |
| Brian LeeVP Alumni Affairs & Dev. (thru 4/16/25) | $773,928 | $35,000 | $110,311 | $43,320 | $33,564 | $996,123 | $0 |
| Hopi HoekstraDean, Faculty of Arts & Sciences | $647,427 | $30,000 | $14,174 | $43,320 | $227,640 | $962,561 | $0 |
| Meredith WeenickExecutive Vice President | $755,443 | $45,000 | $24,764 | $43,320 | $14,303 | $882,830 | $0 |
| Lawrence S. BacowFormer President / Prof. Public Policy | $692,727 | $0 | $16,201 | $43,320 | $14,260 | $766,508 | $0 |
| Ritu KalraVP for Finance & CFO | $607,946 | $15,000 | $23,750 | $43,320 | $31,055 | $721,071 | $0 |
| Margaret NewellVP & Deputy to the President | $574,522 | $35,000 | $26,741 | $43,320 | $13,857 | $693,440 | $0 |
| Paul AndrewVP Public Affairs & Communications | $569,779 | $40,000 | $667 | $43,320 | $37,124 | $690,890 | $0 |
| Marc L. GoodheartVP & Secretary of the Univ. (thru 6/1/25) | $522,239 | $30,000 | $24,809 | $52,047 | $31,753 | $660,848 | $0 |
| Nitin NohriaFormer Dean, HBS / Faculty of Business | $516,287 | $0 | $64,352 | $43,320 | $28,493 | $652,452 | $0 |
| Klara JelinkovaVP & Chief Information Officer | $509,683 | $15,000 | $23,613 | $43,320 | $30,819 | $622,435 | $0 |
| Manuel Cuevas-TrisanVP for Human Resources | $466,480 | $45,000 | $24,047 | $43,320 | $37,684 | $616,531 | $0 |
| Diane LopezFormer VP & General Counsel (thru 3/1/24) | $149,471 | $195,000 | $196,058 | $45,096 | $2,695 | $588,320 | $0 |
| Sean CaronVP for Campus Services | $469,941 | $20,000 | $229 | $43,320 | $32,375 | $565,865 | $0 |
| Jennifer O'ConnorVP & General Counsel (as of 7/29/24) | $307,562 | $100,000 | $81,778 | $39,123 | $8,241 | $536,704 | $0 |
| Martha WhiteheadVP for the Harvard Library | $400,364 | $20,000 | $25,523 | $43,320 | $25,845 | $515,052 | $0 |
Facilities, Debt, and Municipal Relations
Harvard’s physical footprint spans historic Harvard Yard in Cambridge, the expanding Science and Engineering Complex and Enterprise Research Campus across the Charles River in Allston, and the Harvard Medical School quadrangle in Boston’s Longwood Medical Area. To modernize undergraduate Houses, construct life-science laboratories, and decarbonize campus utilities without liquidating endowment principal, Harvard utilizes tax-exempt bonds issued through the Massachusetts Development Finance Agency (MDFA) alongside taxable institutional notes.
In its municipal relations with Cambridge and Boston, Harvard pairs direct tax and fee payments ($130.3 million in Part IX taxes and fees plus $40.3 million in commercial rental property expenses and taxes) with targeted Schedule I Town-Gown municipal and community benefit payments—highlighted by $2.81 million to the Boston Redevelopment Authority (BPDA), $365,368 to the Massachusetts Department of Conservation and Recreation (DCR), $92,130 to Allston’s Gardner Pilot Academy, and hundreds of thousands in direct grants to Cambridge and Allston-Brighton housing, food security, and youth nonprofits.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Harvard holds $16.29 billion in gross land, buildings, and equipment ($9.20 billion net book value after $7.08 billion in accumulated depreciation, including $1.20 billion in active construction), recording $397.1 million in annual occupancy costs and $430.3 million in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $2.95 billion in tax-exempt MDFA bond liabilities—including the $855.0 million Series 2024B and $502.8 million Series 2025A bonds financing Eliot House and Adams House renewals, Chemistry Complex infrastructure, Allston affiliate housing, and Longwood lab renovations—plus $5.34 billion in unsecured taxable notes, paying $260.0 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: On Schedule I (Part II), Harvard itemized direct municipal and civic contributions including $2,810,696 to the Boston Redevelopment Authority, $365,368 to the MA Department of Conservation and Recreation, $350,000 to the Roxbury Community College Foundation, $324,700 to Cambridge Health Alliance, $220,236 to Mount Auburn Hospital, $100,000 to the Harvard Square Business Association, $92,130 to Gardner Pilot Academy in Allston, $42,050 to the Phillips Brooks House Association, $31,150 to the Cambridge Chamber of Commerce, $25,000 to the City of Boston, $10,000 to the Boston Police Department (Brighton), and $7,189 to Boston Public Schools, alongside $153.8M in Allston development assets managed via Harvard Allston Land Company LLC and $937,073 in federal and state legislative lobbying (Schedule C).
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Top Campus Contractors (Part VII, Section B): Among 773 independent contractors paid over $100,000, Harvard's top five vendors were Shawmut Design and Construction ($193.28M, construction), Yoh Services Inc. ($68.15M, staffing), Walsh Brothers Inc. ($50.96M, construction), Securitas Security Services ($41.61M, campus security), and Restaurant Associates Inc. ($38.15M, dining services).
Editorial Note
All financial figures in this report derive from Harvard University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 20,966 degree-seeking students—6,980 undergraduates and 13,986 graduate and professional students) and have been verified by the data team.
While Harvard expends $251,881 per student on direct educational and institutional program services ($295,690 per student across all program services and $345,483 per student in total enterprise expenditure), Chicardgo School does not imply that institutional expenditure mathematically causes specific postgraduate earnings or career outcomes. Rather, these financial resources sustain the need-blind financial aid, research infrastructure, and faculty ratios that operate alongside Harvard’s student selectivity.
Accounting Reconciliation: Readers comparing Harvard’s PwC-audited consolidated GAAP Annual Financial Report to IRS Form 990 will observe three structural accounting differences. First, Form 990 reports $7.24B in total expenses by recording $1.09B in grants ($790.7M in domestic and foreign student scholarships and stipends) as functional operating expenses and reporting gross tuition, room, and board ($2.02B), whereas GAAP financial statements net student scholarships directly against gross tuition and board revenue. Second, Form 990 Part VIII records $3.88B in realized investment income (including $3.46B in net capital gains from security sales) while excluding $3.04B in unrealized market appreciation (reported on Part XI, Line 5), whereas Harvard's GAAP operating statement recognizes only the annual board-approved endowment distribution ($2.45B in Schedule D, Part V endowment outflows) as operating revenue. Third, per Part IV (Lines 12a–12b) and Schedule R, this Form 990 represents the legal entity President and Fellows of Harvard College and its disregarded real estate LLCs, whereas separately incorporated 501(c)(3) controlled affiliates—such as Harvard Management Company ($130.5M management fee), Harvard Business School Publishing Corp. ($55.6M cash transfer and $18.3M royalties), the Wyss Institute, and the American Repertory Theatre—file independent returns, and Harvard's affiliated Boston teaching hospitals (MGH, Brigham and Women's, Boston Children's, BIDMC, and Dana-Farber) are independent corporations whose relationship with Harvard appears on Schedule I as research subawards rather than consolidated clinical revenue.
Frequently Asked Questions: Harvard's Form 990 Financials
As of Fiscal Year 2025, Harvard University's endowment stands at $55.36 billion ($55,358,828,000), up 7.0% year-over-year after generating $5.67 billion in net investment gains. Its $2.45 billion in total annual outflows covers 33.8% of the university's $7.24 billion Form 990 operating budget ($2.11 billion or 29.2% in direct programmatic and scholarship payouts, and approximately 37% under internal GAAP operating budget metrics).
Harvard spends $251,881 per student annually in direct education and institutional program services ($5.28 billion across 20,966 degree-seeking students), compared to $96,519 per student collected in gross tuition, room, and board. When including sponsored research ($918.5 million), total program service spend reaches $295,690 per student ($6.20 billion), and total enterprise expenditure including administrative overhead and fundraising reaches $345,483 per student ($7.24 billion).
Harvard disbursed $790.7 million in direct grants and stipends to individuals in FY25 ($774.5 million to domestic recipients on Schedule I and $16.1 million to international recipients on Schedule F). Core tuition and fee grants reached 14,296 students (68.2% of the 20,966-student body), supporting 62.2% of undergraduates (4,340 students receiving $262.7 million) and 71.2% of graduate and professional students (9,956 students receiving $282.9 million in tuition grants plus $127.6 million in graduate stipends).
On Harvard University's FY25 Form 990 Schedule J, the highest-compensated individuals were three Harvard Business School professors who received lump-sum distributions under the HBS Voluntary Retirement Incentive Plan: Robin J. Ely ($1,991,045 total including related organizations), Nancy F. Koehn ($1,989,830), and Kathleen L. McGinn ($1,936,549), followed by President Alan M. Garber ($1,642,838) and former President Claudine Gay ($1,548,551). Portfolio executives at Harvard Management Company (HMC) are reported separately on HMC's own Form 990.
Yes. Because Harvard is a private university with more than 500 tuition-paying students and holds $2.64 million in endowment assets per student (more than five times the $500,000 federal statutory threshold), it is subject to the IRC Section 4968 excise tax on net investment income and recorded $130.3 million in total taxes and fees on Form 990 Part IX, Line 24a.
Harvard University's total assets reached $79.94 billion ($79,935,301,000) in Fiscal Year 2025, anchored by $64.99 billion in balance sheet investment securities ($35.48 billion publicly traded and $29.51 billion in private equity and real assets), $9.20 billion in net land, buildings, and equipment, and $2.41 billion in net pledges receivable.
Further Reading
Admissions & Policy
April 30, 2026Feeder Networks and Financial Engines Driving Harvard’s International Undergraduate Admissions
Unpacking the architecture behind Harvard's global reach: identifying key international feeder school concentrations and the financial systems that sustain global mobility for incoming cohorts
Data Analysis
June 14, 2026UPenn Leads Asian Expansion, Columbia and Harvard Gain Hispanic/African Demographics in Ivy League Undergraduate Realignment
Analysis of certificate-seeking undergraduate student demographics across the Ivy League from 2020 to 2024