Haverford College Backs $101,623 Per-Student Program Spend With a $44,848 Subsidy Above Net Revenue, Crossing $1.01B in Assets as $751M Endowment Covers 18.5% of Budget
By Data Team | Published November 10, 2026
Haverford College’s total assets surpassed the billion-dollar threshold to reach $1.01 billion ($1,013,785,824) in fiscal year 2025, anchored by a $751.01 million endowment whose $33.49 million total annual draw ($31.08 million in direct scholarships and academic payouts plus $2.42 million in administrative fees) covers 18.5% of the college's $180.75 million Form 990 operating budget and 24.8% of its $135.17 million GAAP operating budget (17.2% and 23.0%, respectively, excluding endowment administrative fees), according to its latest IRS filing. That capital base enables Haverford to spend $101,623 per student on direct program services ($151.32 million across 1,489 full-time equivalent undergraduate students)—comprising $71,380 per student in regular session academic instruction, research, and student aid ($106.28 million), $15,577 per student in student services ($23.19 million), and $14,667 per student in residential and dining auxiliaries ($21.84 million)—while total institutional expenditure including management and fundraising reaches $121,388 per student ($180.75 million).
Haverford’s financial profile illustrates how a residential liberal arts college bridges the gap between student charges and instructional delivery. Gross student tuition, room, and board charges generate $127.48 million ($85,616 per student), but after deducting $42.94 million in institutional scholarships and federal supplemental grants netted against tuition, net student revenue provides $84.54 million, or $56,775 per student. Direct program service spending of $101,623 per student exceeds net student revenue by $44,848 per student (and exceeds gross sticker charges by $16,007 per student).
Realized investment income ($54.28 million, up 47.4% YoY) and private and government contributions ($27.27 million, down 38.1% YoY following a prior-year campaign spike)—including $4.53 million from the college's 60% beneficial interest in the William Maul Measey Trust—fund this per-student subsidy. Operating exclusively on a need-based aid model with zero merit scholarships, Haverford awarded $42.76 million in institutional scholarships to 722 students (48.5% of the student body, averaging $59,220 per recipient) alongside $804,042 in undergraduate research stipends and $690,558 in off-campus internship grants.
Institutional & Governance Profile
Operating under its legal corporate title, The Corporation of Haverford College (EIN 23-6002304), Haverford is domiciled in Pennsylvania along Philadelphia’s Main Line at 370 Lancaster Avenue, Haverford, PA. Founded in 1833 by members of the Religious Society of Friends (Quakers) as the first Quaker institution of higher learning in the United States, the college operates exclusively as a residential four-year undergraduate liberal arts institution governed by student-run academic and social Honor Codes.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1833, Haverford issued 2,023 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 2,402 Form 1096 information returns (comprising 1,859 Form 1098-T student tuition statements and 543 vendor 1099 returns), and engaged 490 alumni and community volunteers.
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Academic & Faculty Footprint: A faculty of 185.4 full-time equivalent (FTE) members instructs 1,489 undergraduate student FTEs (an 8.0-to-1 student-to-faculty ratio), conferring 398 bachelor’s degrees in FY25. The college maintains a six-year graduation rate of 89% or higher; among the Class of 2024, 65% secured employment, fellowships, or volunteer placements and 29% enrolled directly in graduate or professional schools within six months. From 2012 to 2022, 16.1% of Haverford graduates earned doctorate degrees, ranking fifth among liberal arts colleges and ninth among all U.S. institutions.
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Executive Leadership: President Wendy E. Raymond leads the college alongside Vice President for Finance and Administration and Treasurer Nico Washington, Provost Linda Strong-Leek (through April 2025) and Provost Helen White, Vice President for Institutional Advancement Kimberly Spang, Vice President and Chief of Staff Jesse Lytle, Vice President and Dean of Admissions and Financial Aid Jess H. Lord, and Dean of the College John McKnight.
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Governing Board & Quaker Corporation (Schedule O): The Board of Managers comprises 31 voting members, 30 of whom are independent (with President Raymond serving as the sole non-independent voting member). Uniquely, Haverford maintains one class of corporate "Members"—open to members of the Religious Society of Friends, former presidents, six-year board veterans, and nominees grounded in Quaker decision-making—who formally elect the Board of Managers and hold exclusive authority to approve bylaw amendments. The Board’s Audit and Risk Management Committee reviews the Form 990 prepared by CBIZ Advisors LLC before providing the public disclosure copy to the full Board prior to filing.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Haverford generated $215.23 million in gross receipts and $212.49 million in total net Form 990 revenue (+3.6% YoY). Total assets rose 5.3% to $1.01 billion while total liabilities declined 1.9% to $154.45 million, lifting net assets 6.7% to $859.33 million—comprising 72.7% donor-restricted funds and 27.3% unrestricted reserves.
Balance Sheet Strength
- Total Assets $1,013,785,824 (+5.3%)
- Total Liabilities $154,453,548 (-1.9%)
- Total Net Assets $859,332,276 (+6.7%)
- Donor-Restricted Net Assets $624,789,266 (72.7% of Total Net Assets)
- Unrestricted Net Assets $234,543,010 (27.3% of Total Net Assets)
Operating Performance
- Total Revenue $212,487,281 (+3.6%)
- Total Expenses $180,746,299 (+5.5%)
- Operating Surplus $31,740,982 (-5.8%)
- Unrealized Gains (Excluded) $21,485,282
Note: The $31.74 million reported operating surplus reflects Form 990 realized accounting parameters; adding $21.49 million in net unrealized investment gains and $626,967 in other net asset adjustments ($562,045 life income valuation gain, $215,577 interest rate swap gain, and $8,256 residual life income maturities, less $128,809 bad debt expense and $30,102 in new life income liabilities) accounts for the full $53.85 million expansion in Haverford's FY25 net assets.
Revenue Breakdown
Three of Haverford’s four revenue streams expanded in FY25, offsetting a normalization in gift inflows. Program service revenue rose 5.4% to $130.77 million (61.5% of total revenue), led by $103.35 million in gross tuition and fees and $24.13 million in dormitory and dining center charges. Realized investment income surged 47.4% to $54.28 million (25.5% of total revenue) on the strength of $46.49 million in realized net capital gains from portfolio rebalancing. Contributions and grants declined 38.1% to $27.27 million (12.8% of total revenue) following a $44.05 million campaign peak in FY24, while other revenue rose 64.5% to $156,309.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +5.4% YoY$130,771,944 (61.5%)
- Tuition & Fees $103,350,356
- Auxiliary Dormitories / HCA $15,795,349
- Auxiliary Dining Center ($7.57M Related / $764.1K Unrelated) $8,337,214
- All Other Program Service Revenue $1,685,324
- College Faculty Housing ($995.8K) & Conferences ($607.9K) $1,603,701
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Investment Income +47.4% YoY$54,284,778 (25.5%)
- Realized Net Capital Gains ($49.07M Gross Securities Sales) $46,493,264
- Dividends, Interest & Other Investment Income ($9.37M less -$1.58M UBI) $7,790,290
- Tax-Exempt Bond Proceeds Income $1,224
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Contributions & Grants -38.1% YoY$27,274,250 (12.8%)
- Private Philanthropy, Alumni Gifts & Foundations $19,844,200
- Related Organization Distribution (William Maul Measey Trust 60% Share) $4,529,606
- Government Grants (35 Sponsored Research Projects & Federal Aid) & Events ($144.3K) $2,900,444
- Noncash Gifts Included Above (78 Stock Gifts at $1.12M, 4 Art Works at $524.8K) $1,644,925
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Other Revenue +64.5% YoY$156,309 (0.1%)
- Net Real Estate Rental Income ($174,389 Gross Rents less $0 Expenses) $174,389
- Net Income / (Loss) from Special Fundraising Events ($56.1K Gross less $74.2K Expenses) -$18,080
Endowment Performance and Asset Allocation
Haverford’s investment portfolio combines its $751.01 million endowment with operating reserves and split-interest trusts into $772.28 million in balance sheet securities ($798.93 million including $26.65 million in cash and short-term savings). Alternative and commingled institutional funds reported on Schedule D, Part VII total $694.36 million (89.9% of total securities), led by private equity and venture capital partnerships ($263.40 million), hedge and real estate funds ($241.93 million), and commingled equity and fixed income funds ($174.55 million), alongside $77.92 million in direct publicly traded securities.
To execute its global alternative strategy, Haverford holds $212.07 million in foreign-domiciled investment vehicles reported on Schedule F—including $207.35 million in Central America and the Caribbean, $4.35 million in Europe, and $369,382 in North America—and reported -$990,894 in net unrelated business revenue ($92,178 in net unrelated business taxable income on Form 990-T). On Part V (Line 16), Haverford reported that it was not subject to the federal IRC Section 4968 endowment excise tax in FY25 because its preceding-year endowment balance ($702.25 million, or $471,622 per student) sat below the $500,000 per-student statutory threshold; however, strong FY25 investment gains lifted year-end endowment assets to $504,373 per student across 1,489 FTEs.
Portfolio Performance & Asset Allocation ($772.28M Balance Sheet Securities / $751.01M Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $751,011,239 (+6.9% YoY), representing $504,373 per enrolled student across 1,489 FTEs.
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Net Investment Gains: $73,063,555 in endowment net investment earnings (-8.6% YoY from $79.91M in FY24, representing a 10.4% return on beginning endowment principal).
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Measey Trust Split-Interest Stewardship (Schedule D & R): Haverford serves as trustee of The William Maul Measey Trust, including its 60% beneficial share ($148.48M in ending assets and $4.53M in annual distributions) on its balance sheet while administering the remaining 40% ($98.80M FMV, distributing $3.62M in FY25) in custody for four Quaker secondary schools (George School, Westtown School, Scattergood Friends, and Olney Friends).
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Total Payout & Budget Coverage: $33,493,158 total draw ($20.77M to academic facilities and programs, $10.31M to student scholarships, and $2.42M in administrative fees), covering 18.5% of Form 990 total expenses and 24.8% of GAAP operating expenses (17.2% and 23.0%, respectively, on the $31.08M direct programmatic and scholarship payout alone).
Detailed Asset Mix (Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Haverford’s endowment from a $503.44 million opening balance in FY21 to $751.01 million at the close of FY25 (+49.2% over five years). Across that five-year span, the endowment received $49.64 million in donor contributions and generated $349.77 million in cumulative net investment gains—highlighted by a $159.16 million post-pandemic surge in FY21, $79.91 million in FY24, and $73.06 million in FY25 (with a single negative year of -$11.93 million in FY22). Simultaneously, the endowment distributed $151.63 million toward scholarships ($41.06 million), academic facilities and programs ($100.17 million), and investment/administrative oversight ($10.40 million). At year-end FY25, the endowment comprised 50.69% permanent donor-restricted endowment, 25.84% term endowment, and 23.47% 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 | $702,245,110 | $643,196,239 | $618,975,713 | $641,484,724 | $503,436,957 |
| 1b. Contributions | $9,195,732 | $12,436,095 | $4,568,818 | $16,940,195 | $6,495,344 |
| 1c. Net investment earnings | $73,063,555 | $79,905,944 | $49,576,740 | ($11,934,252) | $159,161,111 |
| 1d. Grants or scholarships | ($10,310,004) | ($10,293,093) | ($8,568,063) | ($5,800,253) | ($6,088,565) |
| 1e. Other expenditures | ($20,766,618) | ($19,806,594) | ($18,675,139) | ($20,579,082) | ($20,345,506) |
| 1f. Administrative expenses | ($2,416,536) | ($3,193,481) | ($2,681,830) | ($1,135,619) | ($1,174,617) |
| 1g. End of year balance | $751,011,239 | $702,245,110 | $643,196,239 | $618,975,713 | $641,484,724 |
Per-Student Spending and True Cost
At an undergraduate-only residential college like Haverford, all program services directly support the undergraduate cohort. On Form 990 Part III (Line 4e) and Part IX (Column B), Haverford reports $151,316,568 in total direct program service expenses across its 1,489 student FTEs, equating to $101,623 per student ($71,658 net per student when excluding $44.62 million in financial aid and student grants). Within that program total, regular session academic instruction, departmental research, academic support, and financial aid (Part III, Line 4a) account for $106,284,306 ($71,380 per student gross; $41,415 net of grants), student services such as counseling, health, career development, and athletics (Line 4c) account for $23,193,689 ($15,577 per student), and residential dormitories, dining, and faculty housing auxiliaries (Line 4b) account for $21,838,573 ($14,667 per student).
By comparison, gross tuition, dormitory, and dining charges total $127,482,919 ($85,616 per student before aid). After subtracting $42,944,907 in financial aid netted against tuition on Haverford’s audited financial statements, net student tuition, room, and board revenue stands at $84,538,012, or $56,775 per student ($57,570 per student if including $1.18 million in faculty housing and conference receipts). Direct program service spending of $101,623 per student exceeds net student revenue by $44,848 per student—meaning net student payments cover 55.9% of direct program costs while endowment payouts and philanthropy subsidize the remaining 44.1%. Including $22.59 million in institutional management and general expenses and $6.84 million in fundraising (Part IX, Columns C & D), total enterprise expenditure reaches $180,746,299, or $121,388 per student.
Operations vs. Revenue
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Total Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $151,316,568 across 1,489 undergraduate student FTEs ($101,623 per student; $71,658 net per student excluding $44.62M in financial aid and research/internship grants).
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Regular Session Academic Program Spend (Part III, Line 4a): $106,284,306 in instruction, academic support, research, and student aid ($71,380 per student gross; $41,415 net of grants), supporting 185.4 faculty FTEs and 35 federally sponsored research projects.
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Total Enterprise Spend (Part IX, Line 25, Col. A): $180,746,299 ($121,388 per student), adding $22,593,840 in management and general administration ($15,174 per student) and $6,835,891 in institutional advancement ($4,591 per student).
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Net Student Revenue vs. Program Spend: Gross tuition ($103.35M), dorms ($15.80M), and dining ($8.34M) total $127,482,919 ($85,616 per student), but net student revenue after $42,944,907 in tuition discounts is $84,538,012 ($56,775 per student), leaving a $44,848 per-student subsidy covered by endowment payouts and gifts.
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Residential Auxiliaries, Study Abroad & Campus Collections (Lines 4b, 4c & Schedule F): Dormitories housed an average of 1,357 students (91.1% of student FTEs) with 1,258 on meal plans (899 full, 359 partial), generating $24.40M in auxiliary revenue against $21.84M in expenses. Haverford also spent $2,472,805 on study abroad programs (led by $1.84M in Europe and $483.4K in East Asia) and $1,785,141 on its libraries and $6.44M capitalized Quaker and fine art collections.
Financial Aid: How Haverford Deploys $44.62M in Student and Research Support
Haverford awards institutional financial aid solely on the basis of demonstrated financial need, offering zero merit-based scholarships. Applicants submit the CSS Profile, FAFSA, and family tax returns, with award appeals reviewed by a committee comprising the Vice President and Dean of Admission and Financial Aid, the Dean of the College, and the Vice President for Administration and Finance. In FY25, Haverford disbursed $44,617,892 in total grants and assistance (+4.5% YoY), including $42,756,935 in Haverford College Scholarships to 722 undergraduate students—representing 48.5% of the 1,489-student body and averaging $59,220 per aided student.
Beyond tuition reduction scholarships, Haverford deploys direct cash stipends to fund undergraduate research, off-campus internships, and low-income student support. On Form 990 Part III and Schedule I, the college awarded $804,042 in faculty-approved research stipends to 284 students (primarily in the natural sciences), $690,558 in external off-campus internship fellowships to 240 students, $156,187 in emergency assistance to 147 students through its LIFTFAR (Low-Income and First-in-Their-Family Assistance and Resources) program, $28,233 to 55 students in the four-year John P. Chesick Scholars FGLI mentoring program, and $66,713 in Student Loan Debt Relief to 48 alumni pursuing public-interest or low-remuneration careers.
Internal Student Support (Part III, Schedule I & F)
- Aided Student Share (Part III, Line 4a) 48.5% (722 students)
- Domestic Scholarship Share (Schedule I) 44.1% (657 domestic students)
- Total Haverford College Scholarships $42,756,935 ($59,220 avg.)
- Domestic Scholarships (Schedule I) $40,959,201 (657 recipients)
- International / Study Abroad Aid (Schedule F) $1,797,734
Research Stipends, Internships & Government Grants
- Undergraduate Research & Internship Fellowships ($1,494,600) Includes $804,042 in research stipends across 284 students ($732,745 domestic; $71,297 foreign) and $690,558 in off-campus internship grants across 240 students ($529,739 domestic; $160,819 foreign), plus $4,600 Beckman Foundation Scholar awards.
- LIFTFAR Emergency, Chesick FGLI & Federal/State Aid ($2,095,973) Includes $156,187 in LIFTFAR student emergency funding (147 students), $66,713 in alumni loan debt relief (48 alumni), and $28,233 in Chesick Scholars funding (55 students), plus $1,506,481 in Federal Pell Grants, $187,972 in FSEOG (95 students), $116,785 in Federal Work-Study, and $33,602 in PHEAA state grants (Schedule E).
Executive and Faculty Compensation
Haverford’s Schedule J disclosures reflect the executive and faculty compensation structure of a Main Line liberal arts institution without medical school or Power Four athletic payrolls. The college’s highest-compensated employee in FY25 was President Wendy E. Raymond, who received $788,529 in total compensation ($593,156 base salary, $6,272 in other reportable payments including tax gross-ups, $58,500 in retirement and 457(f) deferred compensation, and $130,601 in nontaxable benefits including mandatory on-campus presidential housing). Following President Raymond were Vice President for Institutional Advancement Kimberly Spang ($421,207, including a $10,000 bonus), Vice President for Finance and Administration Nico Washington ($363,665), Vice President and Dean of Admissions and Financial Aid Jess H. Lord ($308,841), and outgoing Provost Linda Strong-Leek ($307,369).
Notably, three senior full-time faculty members—Professors Kimberly Benston ($260,977, former Provost and Humanities Center director), Linda Gerstein ($230,400), and Ashok Gangadean ($228,366)—ranked among Haverford's top 16 compensated individuals on Schedule J. Because no Haverford employee received over $1 million in 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: Haverford expended $80,049,876 in total salaries, wages, pensions, and benefits in FY25 (+6.9% YoY, representing 44.3% of Form 990 total expenses and 59.2% of GAAP operating expenses) across 2,023 W-2 employees (including student workers), with 124 staff and faculty members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board’s Committee on Presidential Compensation and Review evaluates the President's salary annually using private college executive compensation surveys, reporting its deliberations in executive session to the full Board of Managers. President Raymond reviews the annual compensation process for other officers and key employees with the Board in executive session, while non-fixed staff bonuses ($1,500 to $10,000) require approval by senior leadership and the CFO.
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Campus Housing & Benefits (Schedule J, Part III): As a condition of employment, President Wendy Raymond and Dean of the College John McKnight reside on campus free of rent. President Raymond also received tax gross-up payments for the taxable portion of life insurance and personal use of a college-provided vehicle, along with a $2,090 contribution to a nonqualified 457(f) retirement plan.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 16 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) |
| Wendy RaymondPresident | $593,156 | $0 | $6,272 | $58,500 | $130,601 | $788,529 | $0 |
| Kimberly SpangVP, Institutional Advance / Asst. Sec. | $340,520 | $10,000 | $0 | $36,097 | $34,590 | $421,207 | $0 |
| Nico WashingtonVP, Finance & Admin. / Treasurer | $326,232 | $1,500 | $0 | $33,441 | $2,492 | $363,665 | $0 |
| Jess H. LordVP / Dean of Admissions & Financial Aid | $226,655 | $0 | $0 | $24,437 | $57,749 | $308,841 | $0 |
| Linda Strong-LeekProvost (until Apr. 2025) | $254,464 | $0 | $16,752 | $26,749 | $9,404 | $307,369 | $0 |
| John McKnightDean of the College | $217,153 | $0 | $4,600 | $23,571 | $54,684 | $300,008 | $0 |
| Jesse LytleVP / Chief of Staff / Secretary | $180,380 | $0 | $0 | $20,150 | $92,825 | $293,355 | $0 |
| Kimberly BenstonProfessor | $218,674 | $0 | $0 | $24,087 | $18,216 | $260,977 | $0 |
| Brigid IsackmanAVP & Controller / Asst. Treasurer | $204,301 | $0 | $0 | $21,842 | $25,418 | $251,561 | $0 |
| Thelathia YoungVP, Institutional Equity & Access | $207,771 | $0 | $0 | $22,276 | $18,078 | $248,125 | $0 |
| Megan E. FitchChief Information Officer | $210,459 | $0 | $0 | $22,539 | $9,811 | $242,809 | $0 |
| Linda GersteinProfessor | $200,187 | $0 | $0 | $21,231 | $8,982 | $230,400 | $0 |
| Ashok GangadeanProfessor | $190,136 | $0 | $0 | $20,303 | $17,927 | $228,366 | $0 |
| Edward RobertsAsst. VP, Philanthropy & Campaign (until 1/15/25) | $191,372 | $0 | $0 | $20,530 | $9,658 | $221,560 | $0 |
| Donald B. Campbell Jr.Director of Facilities Management | $179,706 | $1,500 | $0 | $18,971 | $1,373 | $201,550 | $0 |
| Helen WhiteProvost | $170,877 | $0 | $0 | $16,475 | $8,619 | $195,971 | $0 |
Facilities, Debt, and Municipal Relations
Haverford’s 216-acre arboretum campus straddles the border of Haverford Township (Delaware County) and Lower Merion Township (Montgomery County). To modernize academic laboratories, visual arts spaces, and residence halls while preserving endowment principal, the college utilizes tax-exempt municipal bonds issued through the Delaware County Authority alongside capital philanthropy.
On Schedule I, Part II, Haverford reported $0 in direct voluntary Payment in Lieu of Taxes (PILOT) grants to local municipal governments or school districts. Instead, its $88,071 in domestic organizational grants went entirely to three 501(c)(3) educational and cultural entities: the University of Pennsylvania ($74,571 for a Charles E. Kaufman Foundation research subaward), the Foundation for Community Service c/o The Shipley School in Bryn Mawr ($7,500), and the Bryn Mawr Theatre Film Institute ($6,000). Haverford's municipal relationship centers on maintaining its 216-acre campus arboretum and 3.5-mile Nature Trail for free public recreation, operating the Thorne School early-childhood education center on campus, and maintaining 59 rental housing units for faculty ($995,821 revenue) alongside $174,389 in auxiliary real estate rentals.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Collections (Part X & Schedule D, Parts III & VI): Haverford holds $397,649,936 in gross land ($720,688), buildings ($302,392,861), equipment ($45,732,374), and other facilities ($48,804,013), carrying a net book value of $182,062,906 after $215,587,030 in accumulated depreciation. In FY25, the college recorded $10,045,039 in depreciation, $3,753,040 in occupancy costs, and $6,439,862 in capitalized Quaker, rare manuscript, and fine art collections.
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Tax-Exempt Bonds & Institutional Debt (Part X, Line 20 & Schedule K): Haverford carries $133,031,689 in tax-exempt bond liabilities (down from $136.31M in FY24) and paid $5,557,698 in FY25 interest expense across three active Delaware County Authority issues: (A) the $110.38M Feb. 2017 refunding issue ($12.89M retired), (B) the $29.85M Feb. 2017 capital/refunding issue financing renovations of Sharpless Hall, Ryan Gym/VCAM, and the Dining Center ($22.42M in capital expenditures), and (C) the $9.13M March 2020 refunding issue ($2.66M retired), with zero arbitrage rebate liability confirmed by PFM in October 2025.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Haverford recorded $0 in municipal PILOT payments on Schedule I, Part II. Its $88,071 in domestic organizational grants funded a Charles E. Kaufman Foundation research subaward at the University of Pennsylvania ($74,571) and annual civic support for the Foundation for Community Service at The Shipley School ($7,500) and the Bryn Mawr Theatre Film Institute ($6,000).
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Top Independent Contractors (Part VII, Section B & Schedule G): Among 44 independent contractors compensated over $100,000 in FY25, the top five were construction, design, and digital vendors: The Tradesman LLC (Brookhaven, PA — $929,186 for construction), Sasaki Associates Inc. (Boston, MA — $471,118 for architectural services), IM Painting LLC (Norristown, PA — $362,311 for painting), Last Call Media Inc. (Boston, MA — $361,398 for website/digital services), and Norman Carpet Company Inc. (Bryn Mawr, PA — $306,896 for flooring), alongside Bryn Mawr-based Washburn & McGoldrick LLC ($94,975 for fundraising consulting on Schedule G).
Editorial Note
All financial figures in this report derive from The Corporation of Haverford College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,489 undergraduate student FTEs and 185.4 faculty FTEs) and have been verified by the data team.
While Haverford expends $101,623 per student on direct program services ($71,380 per student on regular session academic instruction and financial aid, and $121,388 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or doctorate completion rates. Rather, these capital resources fund the 8.0-to-1 student-to-faculty ratio, senior thesis research stipends, and need-based financial aid packages that operate alongside Haverford’s student selectivity.
Accounting Reconciliation: Readers comparing Haverford’s independent audited GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, Form 990 reports $212,487,281 in total revenue and $180,746,299 in total expenses—exceeding GAAP audited total revenue ($189,021,160) by $23.47 million and GAAP audited total expenses ($135,167,929) by $45.58 million—primarily because Form 990 records $42,944,907 in student financial aid as both gross tuition revenue and a functional grant expense, whereas GAAP financial statements net student aid directly against gross tuition revenue. Second, Form 990 reclassifies $2,707,646 in investment management fees into gross revenue and management expenses and nets $74,183 in direct special fundraising event expenses against event revenue, while excluding $21,485,282 in net unrealized investment gains and $626,967 in net swap, life-income, and bad-debt adjustments from operating revenue. Third, per Schedule D (Part IV) and Schedule R (Part IV), Haverford serves as trustee of The William Maul Measey Trust and includes its 60% beneficial interest ($148,484,464 in ending assets and $4,529,606 in annual distributions) on its Form 990 balance sheet and revenue statement, while excluding the remaining 40% share ($98,795,658 fair market value and $3,623,685 in FY25 distributions) held in custodial trust for four Quaker secondary schools (George School, Westtown School, Scattergood Friends, and Olney Friends).
Frequently Asked Questions: Haverford's Form 990 Financials
As of Fiscal Year 2025, Haverford College's endowment stands at $751.01 million ($751,011,239), up 6.9% year-over-year, or $504,373 per student across 1,489 full-time equivalent students. Its $33.49 million total annual draw ($31.08 million in direct scholarships and programmatic payouts plus $2.42 million in administrative fees) covers 18.5% of the college's $180.75 million Form 990 operating expenses and 24.8% of its $135.17 million GAAP operating expenses (17.2% and 23.0%, respectively, when counting only the $31.08 million direct programmatic and scholarship payout).
Haverford spends $101,623 per student annually in direct program services ($151.32 million across 1,489 undergraduate student FTEs)—comprising $71,380 per student in regular session academic instruction, research, and student aid ($106.28 million), $15,577 per student in student services ($23.19 million), and $14,667 per student in residential and dining auxiliaries ($21.84 million). That $101,623 per-student program spend exceeds net student tuition, room, and board revenue ($56,775 per student) by $44,848 per student. Including institutional management and fundraising overhead, total enterprise spending reaches $121,388 per student ($180.75 million).
Haverford disbursed $44.62 million in total grants and assistance in FY25, led by $42.76 million ($42,756,935) in need-based Haverford College Scholarships awarded to 722 students—representing 48.5% of the student body at an average of $59,220 per recipient (including 657 domestic recipients receiving $40.96 million on Schedule I). Haverford awards zero merit aid and also funded $804,042 in undergraduate research stipends (284 students), $690,558 in off-campus internships (240 students), and $156,187 in LIFTFAR student emergency grants (147 students).
The highest-paid employee is President Wendy E. Raymond, who received $788,529 in total compensation in FY25 ($593,156 base salary, $6,272 in other reportable payments, $58,500 in retirement and deferred compensation, and $130,601 in nontaxable benefits including mandatory campus housing), followed by Vice President for Institutional Advancement Kimberly Spang ($421,207) and Vice President for Finance and Administration Nico Washington ($363,665).
In FY25, Haverford answered "No" on Form 990 Part V, Line 16 regarding the IRC Section 4968 endowment excise tax because its preceding-year (FY24) endowment balance of $702.25 million ($471,622 per student) fell below the $500,000 per-student statutory threshold. However, strong FY25 investment gains lifted Haverford's ending endowment to $751.01 million, or $504,373 per student across 1,489 FTEs, placing the college right at the $500,000 per-student mark entering FY26.
Haverford College's total assets reached $1.01 billion ($1,013,785,824) in Fiscal Year 2025, anchored by $772.28 million in balance sheet securities ($694.36 million in private equity, venture capital, hedge, real estate, and commingled funds plus $77.92 million in publicly traded securities), $182.06 million in net land, buildings, and equipment, $27.03 million in net pledges receivable, and $26.65 million in cash and short-term investments.
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