Harvey Mudd Subsidizes STEM Instruction at $110,995 Per Student Against $64,700 in Net Tuition, Deploying $22.8M in Aid to 62% of Undergraduates and an $18.2M Endowment Draw (15.7% of Budget) as Assets Reach $718.6 Million
By Data Team | Published November 9, 2026
Harvey Mudd College’s total assets reached $718.55 million in fiscal year 2025, anchored by a $507.72 million endowment whose $18.24 million annual payout covers 15.7% of the college's $116.39 million Form 990 operating budget (19.8% under audited GAAP expense metrics), according to its latest IRS filing. Across its full-time equivalent enrollment of 900 undergraduates, Harvey Mudd spends $110,995 per student on direct academic program services—instruction, undergraduate STEM research, and student financial aid ($99.90 million total)—while total institutional expenditure including administrative overhead and fundraising reaches $129,319 per student ($116.39 million).
Harvey Mudd’s financial model reflects the capital intensity of operating an exclusively undergraduate engineering, science, and mathematics college within the Claremont Colleges consortium. Student tuition, room, and board generated $81.05 million ($90,059 per student gross) in FY25, accounting for 62.2% of the college's $130.26 million total revenue. However, after deducting $22.82 million in institutional financial aid grants, net student revenue drops to $58.23 million ($64,700 per student)—covering 58.3% of direct academic program expenses and leaving a $46,295 per-student subsidy bridged by realized investment income ($29.98 million), private gifts and government grants ($14.90 million), and corporate Clinic contracts ($1.52 million).
That combination of endowment distributions and philanthropic inflows supports financial access alongside laboratory-intensive instruction. In FY25, Harvey Mudd awarded $22.82 million in direct financial aid grants across 560 students—comprising $22.52 million to 543 domestic recipients on Schedule I (60.3% of the student body) and $306,414 to 17 international recipients on Schedule F—providing an average grant of $40,755 to 62.2% of all enrolled undergraduates.
Institutional & Governance Profile
Operating under its legal corporate title, Harvey Mudd College (EIN 95-1911219), the institution is a 501(c)(3) public charity domiciled in Claremont, California. Founded in 1955 as the engineering and science member of The Claremont Colleges, Harvey Mudd focuses exclusively on undergraduate instruction across mathematics, physical and biological sciences, computer science, engineering, and integrated humanities and social sciences.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Incorporated in 1955, Harvey Mudd issued 1,183 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 1,245 Form 1096 vendor returns, and engaged 767 alumni and community volunteers.
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Academic & Consortium Footprint: The college enrolls approximately 900 full-time equivalent undergraduate students on its Claremont campus. Through its signature Clinic Program and collaborative research laboratories, undergraduates conduct sponsored engineering and computer science projects for corporate and government partners while sharing central library, campus safety, and health infrastructure across the seven-member Claremont consortium.
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Executive Leadership: President Harriet B. Nembhard leads the college alongside Senior Vice President, Chief Operating Officer, and Chief Financial Officer Andrew R. Dorantes; Vice President for Academic Affairs and Dean of Faculty Tom Donnelly; Vice President for Admissions and Financial Aid Thyra Briggs; and Assistant Vice President/Controller Mia Alonzo.
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Governing Board (Schedule O): The Board of Trustees comprises 34 voting members, 33 of whom are independent (President Nembhard serves as the sole non-independent voting member). Baker Tilly Advisory Group LP prepares the Form 990, which undergoes multi-layered management review and formal acceptance by the Audit Committee before distribution to all voting trustees prior to filing. All trustees, officers, and purchasing staff complete mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Harvey Mudd recorded $235.89 million in gross receipts and $130.26 million in total net revenue. Total assets increased 6.4% year-over-year to $718.55 million, while total liabilities declined 1.6% to $75.31 million, lifting total net assets 7.4% to $643.25 million. Donor-restricted funds represent 67.7% ($435.55 million) of the college's net asset base.
Balance Sheet Strength
- Total Assets $718,552,395 (+6.4%)
- Total Liabilities $75,306,145 (-1.6%)
- Total Net Assets $643,246,250 (+7.4%)
- Donor-Restricted Net Assets $435,554,628 (67.7% of Total Net Assets)
- Unrestricted Net Assets $207,691,622 (32.3% of Total Net Assets)
Operating Performance
- Total Revenue $130,262,890 (+8.4%)
- Total Expenses $116,387,375 (+4.6%)
- Operating Surplus $13,875,515 (+56.1%)
- Unrealized Gains (Excluded) $30,193,190
Note: The $13.88 million reported operating surplus reflects Form 990 realized accounting parameters; combining this surplus with $30.19 million in net unrealized investment gains and $456,534 in actuarial adjustments (Part XI, Lines 5 and 9) accounts for the full $44.53 million expansion in Harvey Mudd's FY25 net assets.
Revenue Breakdown
All four of Harvey Mudd’s revenue categories expanded year-over-year in FY25, driving an 8.4% increase in total revenue to $130.26 million. Program service revenue rose 1.4% to $85.31 million (65.5% of total inflows), anchored by $81.05 million in comprehensive student tuition, room, and board alongside $3.34 million in federal research grants and private corporate Clinic contracts. Realized investment income surged 33.1% to $29.98 million (23.0% of total revenue) on the strength of $22.06 million in net realized capital gains from $127.68 million in gross security sales. Contributions and grants grew 10.6% to $14.90 million (11.4% of revenue), comprising $13.88 million in private gifts and $1.03 million in government grant contributions.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +1.4% YoY$85,306,192 (65.5%)
- Tuition, Room & Board (Part VIII, Line 2a) $81,052,901
- Federal Grants & Contracts (Line 2b) $1,824,778
- Private Contracts & Corporate Clinic Sponsors (Line 2c) $1,518,978
- Conferences & Other Program Services (Line 2d) $564,858
- All Other Program Revenue (Line 2e) $344,677
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Investment Income +33.1% YoY$29,983,878 (23.0%)
- Realized Net Capital Gains ($127.68M Gross Sales) $22,060,308
- Dividends, Interest & Other Investment Income $7,923,570
- Tax-Exempt Bond Proceeds Income $0
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Contributions & Grants +10.6% YoY$14,904,117 (11.4%)
- Private Philanthropy & Gifts (Line 1f) $13,877,377
- Government Research & Instructional Grants (Line 1e) $1,026,740
- Noncash Gifts Included Above (44 Stock Gifts, Milling Machine, Art, Books) $1,567,669
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Other Revenue +7.1% YoY$68,703 (0.1%)
- Net Rental Income ($67,214 Gross Rents less $0 Expenses) $67,214
- Intellectual Property Royalties $1,489
Endowment Performance and Asset Allocation
Harvey Mudd’s endowment grew 9.4% in FY25 to $507,724,389 ($564,138 per student across 900 enrolled undergraduates), propelled by $56.46 million in net investment gains and $5.55 million in new endowment gifts. Rather than maintaining a standalone internal investment office, Harvey Mudd pools the vast majority of its investment portfolio within the Claremont Investment Fund (EIN 82-3049880) and Claremont Investment Management Company (EIN 82-3028605)—related 501(c)(3) supporting organizations reported on Schedule R and Schedule D, Part VII.
On Harvey Mudd’s Part X balance sheet, total financial and cash holdings stand at $555.68 million (77.3% of total assets), led by $498.63 million in pooled units held at the Claremont Investment Fund (89.7% of financial assets and 97.6% of invested securities), $45.02 million in cash and short-term liquidity reserves (8.1%), $11.26 million in directly held publicly traded securities (2.0%), and $763,859 in program-related investments (0.1%). Because Harvey Mudd enrolls more than 500 tuition-paying students and holds $564,138 in endowment assets per student—surpassing the $500,000 federal threshold—the college confirmed on Form 990 Part V (Line 16) that it is subject to the federal IRC Section 4968 excise tax on net investment income. It reported zero unrelated business taxable income on Form 990-T.
Portfolio Performance & Asset Allocation ($555.68M Total Financial Assets / $507.72M Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $507,724,389 (+9.4% YoY), representing $564,138 per enrolled student across 900 FTE undergraduates.
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Net Investment Gains: $56,455,633 in endowment investment earnings (+16.4% YoY from $48.48M in FY24, a 12.2% return on beginning balance).
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Consortium Pooled Capital: 97.6% of non-cash investment securities ($498.63M of $510.65M) sit in the Claremont Investment Fund pool, incurring $1,403,245 in direct investment management fees.
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Total Payout & Budget Coverage: $18,235,567 ($14,547,378 to academic programs and facilities; $3,688,189 to student scholarships), funding 15.7% of Form 990 total expenses (19.8% of audited GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Financial Holdings & Endowment Tiers)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of Harvey Mudd’s endowment from a $321.39 million opening balance in FY21 to $507.72 million at the close of FY25—a cumulative five-year expansion of $186.33 million (+58.0%). Across that five-year window, the endowment absorbed $43.56 million in donor contributions alongside $226.74 million in net investment earnings—highlighted by a $134.84 million post-pandemic surge in FY21 and consecutive gains of $48.48 million in FY24 and $56.46 million in FY25, which more than offset a $31.44 million market contraction in FY22. Simultaneously, the endowment distributed $83.96 million toward student scholarships ($16.81 million) and academic programs, faculty chairs, and campus facilities ($67.15 million). At year-end FY25, the portfolio comprised 41.62% term endowment, 39.40% permanent endowment, and 18.98% 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 millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in millions (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 | $463,955,556 | $422,771,795 | $407,297,564 | $444,484,175 | $321,389,453 |
| 1b. Contributions | $5,548,767 | $10,231,969 | $13,640,710 | $10,209,787 | $3,930,891 |
| 1c. Net investment earnings | $56,455,633 | $48,483,268 | $18,396,835 | ($31,436,857) | $134,836,315 |
| 1d. Grants or scholarships | ($3,688,189) | ($3,539,557) | ($3,315,372) | ($3,206,978) | ($3,059,939) |
| 1e. Other expenditures | ($14,547,378) | ($13,991,919) | ($13,247,942) | ($12,612,545) | ($12,752,563) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $507,724,389 | $463,955,556 | $422,771,795 | $407,297,564 | $444,484,175 |
Per-Student Spending and True Cost
Because Harvey Mudd operates exclusively as a four-year undergraduate STEM liberal arts college without graduate schools or clinical hospitals, its Form 990 Part III (Line 4a) consolidates all instructional, undergraduate research, student life, and financial aid activities into a single primary program service pillar. Across its 900 full-time equivalent students, Harvey Mudd expended $99,895,772 on direct program services in FY25—equating to $110,995 per student in direct academic program spend ($85,636 net per student when excluding $22,823,048 in financial aid grants).
By comparison, gross student tuition, room, and board revenue (Part VIII, Line 2a) totals $81,052,901, or $90,059 per student—covering 81.1% of direct academic program costs and meaning even full-pay undergraduates receive a $20,936 annual instructional subsidy. After subtracting $22.82 million in institutional financial aid, net tuition, room, and board revenue drops to $58,229,853, or $64,700 per student—covering 58.3% of direct academic program expenditure and leaving a $46,295 per-student structural subsidy funded by endowment payouts ($20,262 per student), private philanthropy, and sponsored research contracts. When factoring in institutional management overhead ($11,382,329, or $12,647 per student) and fundraising ($5,109,274, or $5,677 per student), total enterprise expenditure reaches $116,387,375 ($129,319 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a & 4e): $99,895,772 across 900 full-time equivalent undergraduate students ($110,995 gross direct academic spend per student; $85,636 net excluding $22.82M in student aid grants), representing 85.8% of total college expenditure.
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Total Enterprise Spend (Part IX, Line 25A): $116,387,375 in overall institutional expenditure ($129,319 per student), comprising $99.90M in direct program services (85.8%), $11.38M in management and general overhead (9.8%), and $5.11M in institutional advancement (4.4%).
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Tuition & Room/Board Revenue: $81,052,901 gross ($90,059 per student before financial aid discounts) and $58,229,853 net of aid ($64,700 per student), covering 58.3% of direct academic program expenditure. Endowment distributions and gifts bridge the remaining $46,295 per-student net academic gap.
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Sponsored Research & Corporate Clinic Program (Part VIII, Lines 1e, 2b & 2c): $2,851,518 in federal research grants and contracts ($1,824,778 exchange contracts plus $1,026,740 government grant contributions) alongside $1,518,978 in private corporate contracts funding undergraduate engineering and computer science Clinic teams.
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Global Study & Consortium Shared Services (Schedule F & Part IX): $941,517 in international instructional and study-abroad program expenditures across nine world regions (led by $588,859 in Europe and $168,714 in East Asia and the Pacific), alongside $7,040,891 in program-level consortium services shared across The Claremont Colleges.
Financial Aid: How Harvey Mudd Deploys $22.8M in Student Support
Harvey Mudd meets 100% of demonstrated financial need for all admitted domestic undergraduates and practices need-blind admissions for U.S. citizens and permanent residents. During FY25, the college disbursed $22,823,048 in direct institutional and federal grant assistance (Part IX, Lines 2 and 3), up 1.7% year-over-year from $22.45 million in FY24, resulting in an institutional tuition discount rate of 28.2% against gross student charges.
On Form 990 Schedule I (Part III), Harvey Mudd reports $22,516,634 in direct student financial aid grants across 543 domestic recipients—representing 60.3% of its 900-student undergraduate enrollment and providing an average domestic grant of $41,467. Additionally, Schedule F (Part III) records $306,414 in financial aid grants across 17 international students (1.9% of enrollment, averaging $18,024 per recipient), bringing total aided undergraduate enrollment to 560 students (62.2% of the student body) at an overall average grant of $40,755.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 60.3% (543 domestic students)
- Total Aided Share (Incl. Schedule F) 62.2% (560 of 900 students)
- Endowment-Funded Scholarships $3,688,189 (16.2% of Aid)
- Operating & Gift-Funded Aid Grants $19,134,859 (83.8% of Aid)
- Total Domestic Student Cash Grants $22,516,634 ($41,467 avg.)
International Aid & Federal Programs
- Foreign Student Financial Aid ($306,414 across 17 Students) Disbursed via Schedule F student account credits across Europe ($244,645 to 12 recipients), Sub-Saharan Africa ($43,098 to 2 recipients), East Asia and the Pacific ($17,921 to 2 recipients), and Central America and the Caribbean ($750 to 1 recipient).
- Federal Student Aid Participation (Schedule E, Part II) Harvey Mudd participates in federal Title IV student assistance including the Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Federal College Work-Study, and Perkins Loan programs ($575,896 in government loan advances held on Schedule D, Part X).
Executive and Faculty Compensation
Unlike comprehensive research universities with medical centers or internal hedge fund managers, Harvey Mudd’s Schedule J disclosures consist entirely of academic administrators and senior tenured STEM faculty. President Harriet B. Nembhard was the college’s highest-compensated employee in FY25 with $811,087 in total compensation ($659,400 base salary, $33,227 in other reportable compensation, $41,400 in retirement contributions, and $77,060 in nontaxable benefits), followed by Senior Vice President, Chief Operating Officer, and CFO Andrew R. Dorantes ($518,345), Vice President for Academic Affairs and Dean of Faculty Tom Donnelly ($410,416), Chief Information Officer Joseph Vaughan ($385,429), and Associate Vice President for Advancement Kimberly Stafford ($352,776).
Four faculty members—Zachary Dodds ($301,050), David Nembhard ($266,024), Darryl Yong ($252,116), and Hal Van Ryswyk ($242,207)—also ranked among the college's top earners on Schedule J. Because no employee at Harvey Mudd received more than $1 million in annual remuneration, the college is exempt from 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: Harvey Mudd expended $53,371,058 in total salaries, wages, pensions, and employee benefits in FY25 (+6.4% YoY, representing 45.9% of Form 990 expenses and 57.9% of audited GAAP expenses) across 1,183 W-2 employees, with 122 staff and faculty members earning over $100,000.
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Board Compensation Governance (Schedule O): The Trustee Compensation Committee sets executive pay using subscribed peer higher education institution salary medians, local and national inflation indices, tenure, and written performance evaluations (most recently completed in April 2025), presenting presidential salary recommendations to the full Board of Trustees in May.
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Campus Housing, Severance & Related-Party Disclosures (Schedule J & L): President Nembhard resides in a campus-owned property used for institutional events as a condition of employment (receiving nontaxable cleaning and utility services, plus a taxable auto allowance, dependent tuition gross-up reimbursement, and business/first-class travel authorization). One employee received taxable housing down-payment assistance, and former VP for Advancement Hieu Nguyen received $77,471 in other reportable pay including a $30,000 severance payment. Under Schedule L (Part IV), faculty member David Nembhard—a family member of President Harriet Nembhard—received $249,908 in fiscal-year employment compensation ($266,024 in CY24 total compensation on Schedule J). Assistant VP/Controller Mia Alonzo was compensated through related consortium entity The Claremont Colleges, Inc. ($244,143 total compensation reported on row ii).
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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) |
| Harriet B NembhardPresident / Trustee | $659,400 | $0 | $33,227 | $41,400 | $77,060 | $811,087 | $0 |
| Andrew R DorantesSr VP, Chief Op Officer & CFO | $447,496 | $0 | $0 | $41,400 | $29,449 | $518,345 | $0 |
| Tom DonnellyVP for Academic Affairs & Dean of Faculty | $322,140 | $0 | $0 | $40,590 | $47,686 | $410,416 | $0 |
| Joseph VaughanChief Info Officer / VP Comp & Info Services | $269,741 | $0 | $0 | $34,008 | $81,680 | $385,429 | $0 |
| Kimberly StaffordAVP for Advancement | $253,493 | $0 | $0 | $31,701 | $67,582 | $352,776 | $0 |
| Thyra BriggsVP for Admissions and Financial Aid | $273,408 | $0 | $0 | $33,540 | $20,328 | $327,276 | $0 |
| Zachary DoddsFaculty | $243,928 | $0 | $0 | $29,841 | $27,281 | $301,050 | $0 |
| Cynthia MartinezVP Student Affairs & Dean of Students | $235,654 | $0 | $0 | $29,400 | $28,865 | $293,919 | $0 |
| Hieu NguyenFormer VP for Advancement | $160,910 | $0 | $77,471 | $25,528 | $13,315 | $277,224 | $0 |
| Timothy L HusseyVP Chief Comm Officer & Asst Secr to Board | $207,055 | $0 | $0 | $25,461 | $33,739 | $266,255 | $0 |
| David NembhardFaculty | $200,331 | $0 | $0 | $25,075 | $40,618 | $266,024 | $0 |
| Darryl YongFaculty | $205,722 | $148 | $48 | $25,481 | $20,717 | $252,116 | $0 |
| Mia AlonzoAsst VP/Controller (Related Org Row ii) | $200,602 | $0 | $960 | $21,193 | $21,388 | $244,143 | $0 |
| Hal Van RyswykFaculty | $199,159 | $0 | $0 | $24,432 | $18,616 | $242,207 | $0 |
| Karen AngemiChief of Staff & Secretary to Board | $162,054 | $0 | $0 | $19,920 | $29,054 | $211,028 | $0 |
Facilities, Debt, and Municipal Relations
Harvey Mudd’s physical campus along Platt Boulevard in northern Claremont houses teaching laboratories, machine shops, academic halls, and undergraduate dormitories. Rather than liquidating endowment principal from the Claremont Investment Fund to build and modernize academic facilities, the college pairs donor capital campaigns with unsecured institutional notes and tax-exempt municipal bonds issued through the California Municipal Finance Authority (CMFA).
In examining Town-Gown municipal relations, Harvey Mudd reported $0 on Form 990 Part IX, Line 1 (and answered "No" on Part IV, Line 21), indicating zero standalone Schedule I cash grants or direct voluntary Payment in Lieu of Taxes (PILOT) transfers exceeding $5,000 to the City of Claremont or domestic public agencies. Instead, Harvey Mudd channels its municipal infrastructure, 24/7 campus safety, and shared community obligations through The Claremont Colleges, Inc. (TCCI)—transferring $10.52 million in FY25 to related consortium entities that coordinate municipal services, central libraries, and health operations across the adjoining Claremont campuses.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Harvey Mudd holds $250.27 million in gross land, buildings, and equipment ($145.57 million net book value after $104.70 million in accumulated depreciation), recording $6.39 million in annual depreciation, $3.47 million in occupancy costs, and $1.52 million in building repairs.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The college carries $11.78 million in tax-exempt CMFA bond liabilities (stemming from a $12.97 million February 2019 issuance for educational facilities completed in 2021, with $1.22 million retired and 0% private business use) alongside $46.75 million in unsecured third-party notes and $6.77 million in other liabilities ($3.97M in annuities and $1.76M in asset retirement obligations), paying $1.84 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: While reporting $0 in standalone Schedule I domestic municipal grants, Harvey Mudd expended $10,522,006 across related consortium organizations—comprising $9,313,604 on Part IX, Line 24a (Related Organizations & Affiliates) and $1,208,402 on Line 21 (Payments to Affiliates)—funding shared Claremont campus safety, municipal coordination, and central consortium infrastructure via TCCI.
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Top Dining & Construction Contractors: Among 20 independent contractors paid over $100,000 in CY24, Harvey Mudd's five highest-compensated vendors were food service provider Sodexo Inc. ($2.89M) and four Southern California building trades contractors: Prontto Electric ($679,745), Tovey Shultz Construction Inc. ($379,731), Frahm Bros Inc. ($316,197), and Thermal Concepts Inc. ($315,249).
Editorial Note
All financial figures in this report derive from Harvey Mudd College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across an approximate full-time equivalent enrollment of 900 undergraduate students) and have been reviewed by the data team.
While Harvey Mudd expends $110,995 per student on direct academic instruction, undergraduate STEM research, and student aid ($129,319 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the specialized engineering clinics, laboratory infrastructure, need-blind domestic undergraduate admissions, and faculty ratios that operate alongside Harvey Mudd’s student selectivity.
Accounting Reconciliation: Readers comparing Harvey Mudd’s standalone GAAP financial statements (audited by Baker Tilly Advisory Group LP) to IRS Form 990 will note the exact reconciliation detailed on Schedule D, Parts XI and XII. First, on the revenue statement (Part XI), audited GAAP total revenue, gains, and other support equaled $136,686,321. Form 990 deducts $30,649,724 in non-operating items—specifically $30,193,190 in net unrealized investment gains (Line 2a) and $456,534 in actuarial adjustments (Line 2d)—and adds back $24,226,293 in items netted under GAAP: $22,823,048 in student financial aid grants (Line 4b, which GAAP nets directly against gross tuition revenue) and $1,403,245 in investment management fees (Line 4a), arriving at Form 990 total revenue of $130,262,890. Second, on the expense statement (Part XII), audited GAAP total expenses stood at $92,161,082. Adding back the same $22,823,048 in student financial aid grants and $1,403,245 in investment management fees ($24,226,293 total adjustment) produces Form 990 total functional expenses of $116,387,375.
Frequently Asked Questions: Harvey Mudd's Form 990 Financials
As of Fiscal Year 2025, Harvey Mudd College's endowment stands at $507.72 million ($507,724,389), up 9.4% year-over-year, or $564,138 per enrolled undergraduate. Its $18.24 million annual payout ($14.55 million for academic programs and facilities plus $3.69 million for scholarships) covers 15.7% of the college's $116.39 million Form 990 operating expenses (19.8% under audited GAAP operating expense metrics).
Harvey Mudd spends $110,995 per student annually in direct academic program services—instruction, sponsored undergraduate STEM research, and student financial aid ($99.90 million across 900 full-time equivalent students)—compared to $90,059 per student generated in gross tuition, room, and board ($64,700 net per student after financial aid). Including institutional management overhead ($11.38 million) and fundraising ($5.11 million), overall enterprise spend reaches $129,319 per student ($116.39 million).
Harvey Mudd disbursed $22.82 million ($22,823,048) in direct student financial aid grants in FY25. On Schedule I, the college reported $22.52 million in direct cash grants across 543 domestic students (60.3% of total enrollment, averaging $41,467 per recipient), plus $306,414 across 17 international students on Schedule F—supporting 560 total undergraduates (62.2% of the student body) with an overall average grant of $40,755.
The highest-paid employee is President Harriet B. Nembhard, who received $811,087 in total compensation in FY25 ($659,400 base salary, $33,227 in other reportable compensation, $41,400 in retirement contributions, and $77,060 in nontaxable benefits), followed by Senior Vice President, Chief Operating Officer, and CFO Andrew R. Dorantes ($518,345) and Vice President for Academic Affairs and Dean of Faculty Tom Donnelly ($410,416).
Yes. Because Harvey Mudd is a private college with more than 500 tuition-paying students (approximately 900 FTE undergraduates) and holds $564,138 in endowment assets per student (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.
Harvey Mudd College's total assets reached $718.55 million ($718,552,395) in Fiscal Year 2025, anchored by $498.63 million in pooled investments held at the Claremont Investment Fund, $145.57 million in net physical plant, $45.02 million in cash and short-term savings, and $11.26 million in publicly traded securities.
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