Johns Hopkins Endowment Doubles in Five Years to $13.73 Billion as $3.08 Billion Contract Engine Powers $10.62 Billion Revenue and $274,260 Per-Student Spend
By Data Team | Published November 5, 2026
Johns Hopkins University’s total assets climbed 9.9% to $25.29 billion in fiscal year 2025, anchored by a $13.73 billion endowment whose $1.41 billion in total annual distributions ($1.29 billion in direct program and scholarship payouts) covers 15.0% of the university's $9.44 billion Form 990 operating budget (15.6% under audited GAAP expense metrics), according to its latest IRS filing. Across its 31,000 students (18,000 full-time and 13,000 part-time), Johns Hopkins expends $274,260 per student on direct Form 990 program services ($8.50 billion)—including $259,586 per student ($8.05 billion) in instruction, research, and clinical practice—while overall enterprise expenditure including administrative overhead and fundraising reaches $304,360 per student ($9.44 billion).
The filing illustrates the scale of America's largest academic research enterprise. Student tuition and fees ($1.49 billion, or $48,178 per student) and auxiliary room, board, and press operations ($120.4 million) generate $1.61 billion—accounting for 15.2% of Johns Hopkins' $10.62 billion total revenue. Sponsored research contracts ($3.08 billion, led by the $2.80 billion Applied Physics Laboratory), government grants ($1.38 billion), private philanthropy ($1.51 billion), School of Medicine clinical services ($1.06 billion), health system affiliate reimbursements ($884.1 million), and realized investment income ($912.2 million) drive the university's operating model.
Endowment growth—bolstered by $5.33 billion in five-year capital gifts—directly expands student financial aid across undergraduate, graduate, and medical divisions. On Form 990 Schedule I, Johns Hopkins disbursed $669.0 million in cash grants to domestic individuals, anchored by $601.0 million in scholarships across 22,699 recipients (73.2% of the 31,000-student enrollment) and $58.3 million in fellowships across 2,819 recipients (82.3% combined scholarship and fellowship share).
Institutional & Governance Profile
Incorporated in Maryland in 1867 and opened in 1876 as the nation's first research university, Johns Hopkins University (EIN 52-0595110) is headquartered in Baltimore, Maryland. Beyond its Homewood, East Baltimore Medical, and Peabody campuses in Baltimore, the institution operates the Applied Physics Laboratory (APL) in Laurel, Maryland, the Hopkins Bloomberg Center in Washington, D.C., and international graduate campuses in Bologna, Italy, and Nanjing, China. Under Group Exemption Number 8238 (Schedule R, Part VII), the university also oversees affiliated tax-exempt entities including Jhpiego Corporation and the Peabody Institute of the City of Baltimore.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Formed in 1867, Johns Hopkins reported 53,513 Form W-2 employees in calendar year 2024, transmitted 55,737 Form 1096 vendor returns, and engaged 12,294 alumni, advisory council, and parent volunteers.
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Academic & Research Footprint: The university educates over 31,000 students—comprising approximately 18,000 full-time students (68% graduate and postdoctoral, 32% undergraduate) and 13,000 part-time students—while administering sponsored research across roughly 2,300 government and private sponsors.
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Executive Leadership: President Ronald Daniels leads the administration alongside Provost Ray Jayawardhana, Executive Vice President for Finance and Administration Laurent Heller, Dean of the Medical Faculty and Johns Hopkins Medicine CEO Theodore DeWeese, Applied Physics Laboratory Director Ralph Semmel, and Chief Investment Officer Michael Barry (succeeding Jason Perlioni).
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Governing Board (Schedule O): The Board of Trustees comprises 39 voting members, 35 of whom are independent. The Form 990 is reviewed by the Controller, CFO, General Counsel, and the External Audits Sub-Committee of the Board of Trustees prior to distribution to all trustees, backed by mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Johns Hopkins generated $24.94 billion in gross receipts and $10.62 billion in total net revenue. Total assets expanded 9.9% to $25.29 billion while total liabilities edged up 1.1% to $5.05 billion, lifting net assets 12.3% to $20.24 billion—weighted 68.9% toward donor-restricted net assets ($13.94 billion) and 31.1% toward unrestricted net assets ($6.29 billion).
Balance Sheet Strength
- Total Assets $25,294,054,000 (+9.9%)
- Total Liabilities $5,054,888,000 (+1.1%)
- Total Net Assets $20,239,166,000 (+12.3%)
- Donor-Restricted Net Assets $13,944,176,000 (68.9% of Total Net Assets)
- Unrestricted Net Assets $6,294,990,000 (31.1% of Total Net Assets)
Operating Performance
- Total Revenue $10,623,431,000 (+1.2%)
- Total Expenses $9,435,166,000 (+7.6%)
- Operating Surplus $1,188,265,000 (-31.3%)
- Unrealized Gains (Excluded) $971,355,000
Note: The $1.19 billion reported operating surplus reflects Form 990 realized revenue and expense recognition; adding $971.4 million in net unrealized investment gains, $48.8 million in benefit plan funded status improvements, $11.1 million in donated services/facilities, and $0.7 million in net swap and prior-period adjustments accounts for the full $2.22 billion expansion in FY25 net assets.
Revenue Breakdown
Three of Johns Hopkins' four revenue streams posted year-over-year growth in FY25, lifting total revenue 1.2% to $10.62 billion. Program service revenue rose 7.6% to $6.73 billion (63.4% of total revenue), propelled by $3.08 billion in sponsored research and defense/space contract revenue, $1.49 billion in tuition and fees, $1.06 billion in clinical practice services, and $884.1 million in reimbursements from Johns Hopkins Health System affiliates. Realized investment income surged 50.4% to $912.2 million, while contributions and grants normalized 18.6% lower to $2.89 billion following the prior year's multi-billion-dollar Bloomberg financial aid endowment gift recognition.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.6% YoY$6,731,725,000 (63.4%)
- Contract Revenue (Sponsored Research & Applied Physics Laboratory) $3,083,918,000
- Student Tuition and Fees $1,493,503,000
- Clinical Services (School of Medicine Faculty Practice) $1,055,045,000
- Reimbursements from Health System Affiliates $884,144,000
- Sales of Auxiliary Enterprises ($120.4M) & Other Program Revenue ($94.7M) $215,115,000
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Contributions & Grants -18.6% YoY$2,891,340,000 (27.2%)
- Private Philanthropy, Foundation Gifts & Grants $1,506,313,000
- Government Grants (Federal & State Research Contributions) $1,378,184,000
- Related Organizations ($6.08M) & Fundraising Events ($766K) $6,843,000
- Noncash Gifts Included Above (Partnership Interests, 316 Stock Gifts, Crypto, Art) $348,840,000
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Investment Income +50.4% YoY$912,175,000 (8.6%)
- Realized Net Capital Gains ($14.97B Gross Asset Sales) $655,365,000
- Dividends, Interest & Other Investment Income $256,810,000
- Securities Gain ($629.8M) & Other Asset Disposal Gain ($25.5M) Included Above
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Other Revenue +6.3% YoY$88,191,000 (0.8%)
- Intellectual Property & Technology Licensing Royalties $64,785,000
- Net Rental Income ($23.47M) less Net Event Loss (-$67K) $23,406,000
Endowment Performance and Asset Allocation
Johns Hopkins manages $17.53 billion in total balance sheet investments (Part X, Lines 11–13), encompassing its $13.73 billion endowment (Schedule D, Part V), operating investments, and $796.1 million in custodial Endowment Investment Pool (EIP) funds managed on behalf of the Johns Hopkins Hospital Endowment Fund, Inc., the Evergreen House Foundation, the Robert Garrett Fund for Surgical Treatment of Children, and student escrow accounts. Across the $17.53 billion portfolio, publicly traded securities account for 40.4% ($7.08 billion), complemented by $4.45 billion in absolute return funds (25.4%), $3.95 billion in private equity and venture capital (22.6%), and $1.27 billion in real property assets (7.2%).
To execute its global multi-asset strategy, the university holds $5.41 billion in foreign investments reported on Schedule F—led by $4.63 billion in Central America and the Caribbean, $472.6 million in Europe, $214.2 million in non-U.S. North America, and $89.1 million in Sub-Saharan Africa—and reported $14.87 million in total unrelated business revenue ($51.14 million in net unrelated business taxable income on Form 990-T). Because Johns Hopkins enrolls 31,000 students, its endowment per student stands at $443,063—below the $500,000 federal threshold—exempting the university from the IRC Section 4968 endowment excise tax (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($17.53B Total Investments / $13.73B Endowment Pool)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $13,734,964,000 (+5.1% YoY), representing $443,063 per student across 31,000 students ($763,054 per full-time student).
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Net Investment Gains: $1,628,492,000 in endowment investment earnings (+38.9% YoY from $1.17B in FY24).
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Alternative & Offshore Capital: 55.2% of total investment holdings sit in absolute return funds, private equity/venture capital, and real property, with $4.63B domiciled in Central American and Caribbean vehicles and $5.95B held via disregarded investment subsidiary 63019 Holdings LLC.
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Total Payout & Budget Coverage: $1,411,768,000 in total endowment expenditures ($1,108.2M to facilities and programs, $182.7M to scholarships, and $120.9M in administrative fees), covering 15.0% of Form 990 total expenses (15.6% of GAAP operating expenses; 13.7% excluding administrative fees).
Detailed Asset Mix (Balance Sheet Investment Holdings)
5-Year Endowment History
Schedule D, Part V documents how Johns Hopkins more than doubled (+103.5%) its endowment from a $6.75 billion opening balance in FY21 to $13.73 billion at the close of FY25. Over that five-year span, the endowment absorbed $5.33 billion in donor contributions—highlighted by $2.49 billion in FY23 and $1.91 billion in FY24 to endow need-blind undergraduate aid and tuition-free medical and graduate education—alongside $4.79 billion in cumulative net investment gains. Simultaneously, the endowment distributed $3.13 billion across scholarships ($709.5 million), academic facilities and programs ($1.99 billion), and investment/endowment administration ($436.8 million). At year-end FY25, the endowment comprised 60.0% permanent endowment, 25.0% board-designated quasi-endowment, and 15.0% term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $13,063,073,000 | $10,538,865,000 | $8,244,472,000 | $9,315,279,000 | $6,750,092,000 |
| 1b. Contributions | $455,167,000 | $1,911,785,000 | $2,491,863,000 | $256,038,000 | $216,272,000 |
| 1c. Net investment earnings | $1,628,492,000 | $1,172,364,000 | $254,795,000 | ($963,185,000) | $2,693,570,000 |
| 1d. Grants or scholarships | ($182,682,000) | ($153,167,000) | ($135,921,000) | ($121,369,000) | ($116,377,000) |
| 1e. Other expenditures | ($1,108,197,000) | ($304,217,000) | ($233,437,000) | ($175,404,000) | ($164,765,000) |
| 1f. Administrative expenses | ($120,889,000) | ($102,557,000) | ($82,907,000) | ($66,887,000) | ($63,513,000) |
| 1g. End of year balance | $13,734,964,000 | $13,063,073,000 | $10,538,865,000 | $8,244,472,000 | $9,315,279,000 |
Per-Student Spending and True Cost
Calculating per-student expenditure at Johns Hopkins using Form 990 direct program services (Part III, Line 4e) yields $274,260 per student across all 31,000 students ($8,502,049,000 divided by 18,000 full-time and 13,000 part-time students). Within that program total, Line 4a—Instruction, Research, and Clinical Practice—accounts for $8,047,181,000 ($259,586 per student), supplemented by $246,290,000 in Student Services ($7,945 per student), $149,594,000 in Auxiliary Enterprises ($4,826 per student), and $58,984,000 in University Libraries ($1,903 per student).
Because Line 4a consolidates campus academic instruction with the $2.80 billion Applied Physics Laboratory (Schedule R, Part I) and $594.6 million in domestic organizational subawards (Part IX, Line 1), isolating core campus instruction, departmental research, clinical training, student services, libraries, and auxiliaries produces $5,110,164,511 in regular session campus program spend—or $164,844 per student across all 31,000 students ($283,898 per full-time student across 18,000 full-time enrollees). By contrast, gross tuition and fee revenue ($1,493,503,000, or $48,178 per student) and auxiliary room, board, and press sales ($120,374,000) generate $1,613,877,000 ($52,061 per student), covering just 19.0% of total program service expenses (31.6% of core campus program spend). When adding $808.8 million in management and general overhead and $124.3 million in fundraising expenses, overall enterprise spending reaches $9,435,166,000 ($304,360 per student).
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Line 4a): $8,502,049,000 across 31,000 students ($274,260 per student in total program services; $259,586 per student on Line 4a Instruction, Research, and Clinical Practice).
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Regular Session Campus Program Spend (Ex-APL & Subawards): Excluding $2.80B in Applied Physics Laboratory defense/space contracts and $594.6M in external organizational subawards, campus academic and clinical program spend totals $5,110,164,511 ($164,844 per student across 31,000 students; $283,898 per full-time student).
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Total Institutional Enterprise Spend (Part IX, Line 25): $9,435,166,000 including $808.8M in management/general administration and $124.3M in fundraising ($304,360 per student across 31,000 students; $524,176 per full-time student).
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Tuition & Auxiliary Revenue Coverage: $1,493,503,000 in gross tuition and fees ($48,178 per student; $891.5M net of financial aid) plus $120,374,000 in auxiliary sales ($52,061 combined per student) covers 19.0% of direct program service expenditure, leaving a $222,199 per-student program subsidy funded by research contracts, clinical care, philanthropy, and endowment payouts.
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Libraries, Cultural Collections & Global Campuses (Line 4d, Schedule D & F): $58,984,000 in direct library operations supporting the Sheridan Libraries, the 300,000-volume George Peabody Library, the Arthur Friedheim Music Library, Evergreen Museum & Library, Homewood Museum, and the Frary and Jewel Box Galleries at the Hopkins Bloomberg Center, alongside $160.8M in international program, research, and study-abroad expenditures across 22 foreign offices and 508 overseas personnel.
Financial Aid: How Johns Hopkins Deploys $672.5M in Direct Student Grants
Anchored by historic endowment gifts for undergraduate need-blind admissions and loan-free financial aid, as well as expanded tuition-free medical and graduate fellowships, Johns Hopkins disbursed $669,015,000 in direct grants to domestic individuals in FY25 (Form 990, Part IX, Line 2 and Schedule I, Part III), plus $3,530,026 in scholarships, fellowships, and awards to international students studying at its SAIS Europe (Bologna) and Hopkins-Nanjing campuses (Schedule F, Part III).
On Schedule I, Part III, Johns Hopkins recorded $601,004,079 in domestic student scholarships across 22,699 recipients—representing an aided student share of 73.2% across its 31,000-student enrollment. Including 2,819 domestic fellowship recipients ($58,277,464), combined scholarship and fellowship awards reached 25,518 recipients (82.3% of total student headcount), while adding 2,239 academic award recipients ($2,530,256) brings total student academic grant awards to 27,757 (89.5%). Under GAAP financial statement accounting (Schedule D, Part XI, Line 4b), $603,527,000 of this aid is recorded as a direct tuition discount, reducing gross tuition of $1.49 billion to $891.5 million in net tuition revenue.
Internal Student Support (Schedule I & F)
- Aided Student Share (Scholarships) 73.2% (22,699 recipients)
- Scholarship + Fellowship Share 82.3% (25,518 recipients)
- Domestic Student Scholarships $601,004,079
- Domestic Fellowships & Academic Awards $60,807,720 (5,058 recipients)
- Total Domestic Individual Cash Grants $669,015,000 (32,012 awards)
International Aid & External Research Subawards
- SAIS Bologna, Nanjing & Global Student Aid ($3,530,026) Includes $3,085,626 in scholarships for 206 students in Europe (Bologna), $375,994 for 47 students in East Asia (Nanjing), and $68,406 in international fellowships and awards on Schedule F.
- Domestic & Foreign Institutional Grants ($673,636,974) Comprises $594,559,000 in domestic organizational and municipal grants across 813 recipients (Schedule I, Part II) and $79,077,974 in foreign research subawards and honoraria across 296 foreign entities (Schedule F, Part II).
Executive and Investment Team Compensation
Johns Hopkins University’s Schedule J disclosures span 35 officers, key employees, former officials, and clinical faculty leaders. The highest-compensated individual in FY25 was President Ronald Daniels at $5,871,487 ($1,630,672 base salary, $300,000 bonus, $2,869,471 in other reportable compensation including $851,521 in vested non-qualified deferred plan distributions, and $1,006,475 in retirement and 457(f) deferred accruals). Former Vice President and Chief Investment Officer Jason Perlioni ranked second at $4,931,150—driven by $3,330,899 in vested deferred compensation payouts and $1,175,000 in departure severance—followed by School of Medicine Dean and Johns Hopkins Medicine CEO Theodore DeWeese ($4,385,748) and Applied Physics Laboratory Director Ralph Semmel ($4,083,813).
Five School of Medicine surgical leaders also ranked among the university's highest-compensated employees: Neurosurgery Director Henry Brem ($1,898,263), Neurosurgery Associate Professor Risheng Xu ($1,739,248), Pediatric Cardiac Surgery Director Bret Mettler ($1,636,113), Orthopaedic Surgery Professor Hamid Hassanzadeh ($1,602,182), and Neurosurgical Operating Room Director Jon Weingart ($1,560,817). Because Johns Hopkins pays remuneration exceeding $1 million to covered executives and medical leaders, the university is subject to the federal IRC Section 4960 excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Johns Hopkins expended $5,559,936,000 in total salaries, wages, pensions, and employee benefits in FY25 (+8.1% YoY, representing 58.9% of all university expenses) across 53,513 W-2 employees, with 15,184 staff members earning over $100,000.
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Board Compensation Governance (Schedule J & O): The Board of Trustees Compensation Committee reviews and approves officer and dean compensation using independent peer-institution benchmarking surveys, with the full Board approving the President's compensation. The APL Board of Managers Compensation Committee oversees the APL Director's pay and annual performance incentive (0% to 20% of base salary), while university deans and key officers participate in a Board-approved incentive plan (0% to 50% of base salary).
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Campus Residence & Retention Loan (Schedule J & L): President Ronald Daniels is required to reside on campus at the historic Nichols House as a condition of employment (tax-exempt under IRC Section 119), with personal use of a university-employed housekeeper and driver logged as taxable income. Under Schedule L, Part II, the university holds a board-approved executive retention loan to President Daniels with an original principal of $500,000 and an ending balance of $277,776.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 35 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) |
| Ronald DanielsPresident, Trustee | $1,630,672 | $300,000 | $2,869,471 | $1,006,475 | $64,869 | $5,871,487 | $851,521 |
| Jason PerlioniFormer VP & Chief Investment Officer | $371,885 | $0 | $4,505,899 | $45,000 | $8,366 | $4,931,150 | $3,330,899 |
| Theodore DeWeeseDean of Medical Faculty & CEO, JHM | $1,995,362 | $1,000,000 | $538,227 | $840,000 | $12,159 | $4,385,748 | $514,227 |
| Ralph SemmelDirector - Applied Physics Laboratory | $1,345,899 | $254,830 | $971,172 | $1,491,967 | $19,945 | $4,083,813 | $864,984 |
| Henry BremProfessor & Director of Neurosurgery | $1,414,977 | $283,120 | $534 | $171,562 | $28,070 | $1,898,263 | $0 |
| Risheng XuAssociate Professor, Neurosurgery | $779,634 | $850,465 | $200 | $94,398 | $14,551 | $1,739,248 | $0 |
| Laurent HellerExecutive VP - Finance & Admin. | $1,001,792 | $225,000 | $5,483 | $418,176 | $15,529 | $1,665,980 | $0 |
| Bret MettlerProfessor, Dir. Pediatric Cardiac Surgery | $524,330 | $280,747 | $746,312 | $64,142 | $20,582 | $1,636,113 | $334,056 |
| Hamid HassanzadehProfessor, Orthopaedic Surgery | $512,578 | $984,448 | $7,370 | $63,790 | $33,996 | $1,602,182 | $0 |
| Frederic SchroederSr. VP - Development & Alumni Relations | $927,263 | $250,000 | $14,418 | $345,225 | $31,649 | $1,568,555 | $0 |
| Jon WeingartProfessor, Dir. Neurosurgical OR | $591,549 | $772,763 | $98,193 | $72,484 | $25,828 | $1,560,817 | $98,193 |
| Paul PineauSr. VP and General Counsel | $811,778 | $125,000 | $196,907 | $259,205 | $15,795 | $1,408,685 | $196,907 |
| Katherine AtesExecutive VP & Chief of Staff | $657,190 | $168,000 | $10,359 | $333,906 | $131,554 | $1,301,009 | $0 |
| Richard MendolaVP & Chief Information Officer | $832,448 | $149,760 | $0 | $268,237 | $29,560 | $1,280,005 | $0 |
| Ray JayawardhanaProvost | $852,147 | $200,000 | $0 | $193,991 | $27,224 | $1,273,362 | $0 |
| Robert HollisterSr. VP - Real Estate, Capital Strategy | $794,505 | $110,000 | $197,639 | $97,200 | $29,883 | $1,229,227 | $0 |
| Maria Harris TildonVP - Gov't, Community & Econ. Partnerships | $659,042 | $100,000 | $150,500 | $209,170 | $1,285 | $1,119,997 | $150,000 |
| Branville Bard Jr.VP for Public Safety | $598,611 | $120,000 | $24,801 | $223,440 | $28,378 | $995,230 | $0 |
| Mitch BonannoVP & Chief Real Estate Officer | $501,933 | $152,225 | $0 | $163,592 | $45,192 | $862,942 | $0 |
| Cybele BjorklundVP - Federal Strategy | $602,921 | $42,000 | $48,137 | $152,900 | $5,062 | $851,020 | $0 |
| Camille JohnstonVP - Communications | $625,027 | $45,000 | $0 | $124,575 | $16,402 | $811,004 | $0 |
| Maureen MarshSr. VP & Secretary of Board of Trustees | $516,198 | $100,000 | $0 | $164,381 | $11,075 | $791,654 | $0 |
| Bol CarpenterVP - Development & Alumni Relations | $555,128 | $85,000 | $58,843 | $67,320 | $13,563 | $779,854 | $58,843 |
| Robert McLeanVP - Facilities | $434,451 | $44,000 | $14,221 | $163,220 | $15,360 | $671,252 | $0 |
| Stephen GangeFormer Interim Provost | $552,250 | $30,000 | $0 | $67,155 | $17,861 | $667,266 | $0 |
| Dean ZarrielloFormer Interim Vice Provost for IT & CIO | $391,655 | $0 | $105,898 | $48,876 | $39,137 | $585,566 | $0 |
| Adile QuennarouchVP, CFO and Treasurer | $407,337 | $40,000 | $675 | $77,000 | $29,348 | $554,360 | $0 |
| Scott JonasFormer Interim VP, CFO & Treasurer / Controller | $358,231 | $70,000 | $49,644 | $41,400 | $13,946 | $533,221 | $0 |
| Meredith StewartVP and Chief Human Resources Officer | $328,826 | $40,000 | $91,105 | $27,595 | $31,202 | $518,728 | $0 |
| William StrombergInterim CIO, Trustee | $437,500 | $0 | $0 | $52,500 | $0 | $490,000 | $0 |
| Beth BlauerVP for Public Impact Initiatives | $382,308 | $40,000 | $3,952 | $27,600 | $21,776 | $475,636 | $0 |
| Tiffany WrightSr. VP & General Counsel | $396,692 | $0 | $435 | $27,600 | $30,142 | $454,869 | $0 |
| Melisa LindamoodFormer Interim VP - Federal Strategy | $241,257 | $0 | $2,659 | $30,405 | $43,367 | $317,688 | $0 |
| Paul RothmanFormer Dean of Medical Faculty & CEO | $195,810 | $0 | $0 | $24,480 | $21,535 | $241,825 | $0 |
| Jeanne HitchcockFormer Interim VP - Gov't & Community Affairs | $68,556 | $50,000 | $23,116 | $5,516 | $545 | $147,733 | $0 |
Facilities, Debt, and Municipal Relations
Johns Hopkins University’s multi-campus physical footprint spans Homewood, East Baltimore, Peabody, Harbor East, and Mount Washington in Baltimore, the 460-acre Applied Physics Laboratory campus in Laurel, Maryland, and the Hopkins Bloomberg Center at 555 Pennsylvania Avenue NW in Washington, D.C. To finance laboratory, medical, and student life infrastructure while preserving endowment liquidity, the university combines capital philanthropy with tax-exempt municipal bonds issued through the Maryland Health and Higher Education Facilities Authority (MHHEFA) and taxable notes.
As Baltimore’s largest private employer, Johns Hopkins anchors the city's multi-institution Payment in Lieu of Taxes (PILOT) and community investment framework alongside the Johns Hopkins Health System. Beyond municipal PILOT commitments, the university’s Schedule I disclosures detail $594.6 million in domestic grants across 813 organizations—including more than $12.8 million in direct neighborhood redevelopment, public education, youth employment, and civic grants across Baltimore—while its Office of Government, Community, and Economic Partnerships expended $3.32 million on Schedule C legislative and municipal engagement.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Johns Hopkins holds $9.07 billion in gross land ($254.5M), buildings ($5.45B), equipment ($1.61B), leasehold improvements ($139.0M), and construction/other plant ($1.61B), totaling $4.64 billion in net book value after $4.43 billion in accumulated depreciation. Annual occupancy expenses totaled $207.8 million alongside $311.8 million in depreciation and $257.0 million in specialized lab/research supplies.
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Tax-Exempt Bonds & Institutional Debt (Part X & Schedule K): The university carries $129.75 million in tax-exempt MHHEFA bond liabilities (Series 2005A for Charles Commons and South Quad Garage, and Series 2013B refunding bonds), $98.91 million in secured mortgages, $1.55 billion in unsecured notes and taxable debt, and $208.74 million in operating lease liabilities, incurring $53.20 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Alongside Baltimore's 14-institution anchor PILOT agreement, Schedule I Part II records direct Baltimore civic and neighborhood redevelopment grants to Believe In Tomorrow National Children's Foundation ($7.03M), Jhpiego ($1.50M), East Baltimore Community School ($956.0K including $467.1K in Pre-K renovations), Central Baltimore Partnership ($953.2K), East Baltimore Development Inc. ($838.5K), Southeast Community Development Corp. ($500.0K), Wide Angle Youth Media ($300.0K), Turnaround Tuesday ($250.0K), Fund for Educational Excellence ($240.1K), 29th Street Community Center ($240.0K),Baltimore Connect ($210.0K), Waverly Main Street ($150.0K), Baltimore City Foundation ($137.5K), and the Mayor and City Council of Baltimore ($50.0K), plus municipal innovation subawards across 26 U.S. cities (led by Birmingham at $1.46M and Louisville at $224.0K).
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Top Construction, Security & Architectural Contractors (Part VII, Section B): Among 1,198 independent contractors paid over $100,000, the five highest-compensated firms were Clark Construction Group LLC ($128.81M), Whiting-Turner Contracting Co. ($27.35M), Broadway Services Inc. ($26.44M for campus security, parking, shuttle, and facility management), Consigli Construction Co. ($22.24M), and Payette Associates Inc. ($13.61M for architectural services).
Editorial Note
All financial figures in this report derive from Johns Hopkins University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across over 31,000 enrolled students—approximately 18,000 full-time and 13,000 part-time students) and have been reviewed by the data team.
While Johns Hopkins expends $274,260 per student across all Form 990 program services ($164,844 per student in regular session campus programs excluding the Applied Physics Laboratory and external subawards, and $304,360 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 laboratory infrastructure, clinical training, and financial aid programs that operate alongside Johns Hopkins’ academic selectivity.
Accounting Reconciliation: Readers comparing Johns Hopkins University’s audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI–XIII) will note three primary accounting differences. First, on the revenue statement (Schedule D, Part XI), audited GAAP total revenue, gains, and support of $11,194,787,000 ($9.55B operating revenues, $901.0M non-operating contributions, $920.4M non-operating investment return, less $173.9M released from restrictions) is adjusted by subtracting $1,249,777,000 ($968.9M in net unrealized investment gains, $272.0M in consolidated affiliate revenue excluded from Form 990, $11.1M in donated services/facilities, and -$2.3M in joint venture income) and adding back $678,421,000 ($603.5M in student financial aid netted against tuition under GAAP, $49.4M in investment management fees, and $25.5M in net asset disposal gains) to reach $10,623,431,000 in Form 990 total revenue. Second, on the expense statement (Schedule D, Part XII), audited GAAP operating expenses of $9,055,632,000 are reduced by $272,737,000 ($260.8M in excluded affiliate expenses, $9.0M in net periodic benefit costs, $2.2M in asset disposal losses, and $736K in FIN-47 obligations) and increased by $652,271,000 ($603.5M in student financial aid grants, $49.4M in investment fees, and -$629K in non-operating items) to reach $9,435,166,000 in Form 990 functional expenses. Third, The Johns Hopkins Health System Corporation and The Johns Hopkins Hospital are separate legal entities (contributing $884.1M in affiliate reimbursements and participating in 50%-owned Schedule R partnerships such as Johns Hopkins HealthCare LLC at $203.8M and JHMI Utilities LLC at $158.1M), whereas the Applied Physics Laboratory LLC ($2.80B income, $1.92B assets) and 63019 Holdings LLC ($511.9M income, $5.95B assets) are consolidated directly into the university's Form 990 as disregarded entities (Schedule R, Part I).
Frequently Asked Questions: Johns Hopkins' Form 990 Financials
As of Fiscal Year 2025, Johns Hopkins University's endowment stands at $13.73 billion ($13,734,964,000), up 5.1% year-over-year and more than double its $6.75 billion opening balance in FY21. Total endowment expenditures of $1.41 billion ($1.11 billion for facilities and programs, $182.7 million for scholarships, and $120.9 million for administrative fees) cover 15.0% of the university's $9.44 billion Form 990 operating budget (15.6% of audited GAAP operating expenses, or 13.7% excluding administrative fees).
Across its 31,000 students (18,000 full-time and 13,000 part-time), Johns Hopkins spends $274,260 per student annually in direct Form 990 program services ($8.50 billion), including $259,586 per student on instruction, research, and clinical practice ($8.05 billion), compared to $48,178 per student collected in gross tuition and fees ($52,061 including auxiliary room and board). Excluding the $2.80 billion Applied Physics Laboratory and $594.6 million in domestic organizational subawards, regular session campus program spend is $164,844 per student ($283,898 per full-time student), while total institutional expenditure including administrative overhead and fundraising reaches $304,360 per student ($9.44 billion).
On Form 990 Schedule I, Johns Hopkins reported $669.02 million in cash grants to domestic individuals—anchored by $601.00 million in scholarships across 22,699 recipients (73.2% of total student enrollment) and $58.28 million in fellowships across 2,819 recipients (82.3% combined scholarship and fellowship share)—plus $3.46 million in foreign student scholarships across 253 students at its SAIS Europe (Bologna) and Hopkins-Nanjing campuses.
The highest-compensated individual in the FY25 filing is President Ronald Daniels at $5,871,487 (including $1,630,672 in base pay, $851,521 in vested deferred payouts, and $1,006,475 in retirement and deferred accruals), followed by former Vice President and Chief Investment Officer Jason Perlioni at $4,931,150 (including $3,330,899 in vested deferred compensation distributions and $1,175,000 in severance), Medical Faculty Dean and JHM CEO Theodore DeWeese at $4,385,748, and Applied Physics Laboratory Director Ralph Semmel at $4,083,813.
No. On Form 990 Part V, Line 16, Johns Hopkins reports that it is not subject to the IRC Section 4968 excise tax on net investment income. Because its $13.73 billion endowment is distributed across a large student body of 31,000 students ($443,063 in endowment assets per student), Johns Hopkins remains below the $500,000 per-student statutory threshold.
Johns Hopkins University's total assets reached $25.29 billion ($25,294,054,000) in Fiscal Year 2025, anchored by $17.53 billion in balance sheet investments ($7.08 billion in publicly traded securities, $10.43 billion in alternative/other securities, and $19.6 million in program-related investments), $4.64 billion in net land, buildings, and equipment, and $1.99 billion in cash, receivables, and pledges.