Northwestern University Net Assets Climb to $16.2 Billion, Program Service Reached $2.89 Billion Supplying 71.3% of Total Revenue
By Data Team | Published November 4, 2026
Northwestern University’s total assets rose 8.2% to $20.79 billion in fiscal year 2025, anchored by an $11.69 billion endowment whose $552.17 million annual payout covers 12.9% of the university's $4.29 billion Form 990 operating budget (15.7% on a net GAAP operating basis), according to its latest IRS filing. That financial base supports $147,792 per student in direct instructional and student aid program services ($2.98 billion across 20,189 full-time students)—while total program service expenditure across instruction, organized research, and auxiliary operations reaches $194,667 per student ($3.93 billion) and overall enterprise spending stands at $212,421 per student ($4.29 billion).
Northwestern’s revenue profile pairs comprehensive undergraduate and graduate tuition with nearly $1 billion in sponsored research. Program service inflows reached $2.89 billion (71.3% of total revenue), led by $1.45 billion in tuition and fees ($72,041 per student) and $992.06 million in sponsored research activities. Realized investment income ($594.25 million), contributions and grants ($497.34 million), and other revenue streams ($72.87 million) brought total Form 990 revenue to $4.06 billion.
While a $121.04 million legal settlement line item and lower realized capital gains produced a $231.91 million Form 990 operating deficit, $846.64 million in net unrealized investment gains lifted total net assets by $614.73 million (+3.9%) to $16.24 billion. Across the fiscal year, Northwestern distributed $638.36 million in student financial aid grants—recording $626.93 million in Schedule I grants across 20,410 domestic student recipients over its four-quarter calendar.
Institutional & Governance Profile
Chartered by the Illinois General Assembly in 1851, Northwestern University (EIN 36-2167817) operates its flagship academic campus in Evanston, Illinois, its medical, law, and professional campus in Chicago’s Streeterville neighborhood, and an international journalism and communication campus in Doha, Qatar.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1851, Northwestern issued 28,548 Form W-2s in calendar year 2024, filed 24,316 Form 1096 vendor returns, and reported 143 institutional volunteers on Part I.
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Academic & Global Footprint: In academic year 2025, Northwestern enrolled 20,189 full-time students—comprising 8,961 undergraduates and 11,228 graduate and professional students—while maintaining 277 employees and agents at its Doha, Qatar campus ($76.79 million in Schedule F regional expenditures).
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Executive Leadership: President Michael H. Schill leads the university alongside Provost Kathleen M. Hagerty, Vice President and CFO Amanda Distel, Vice President and Chief Investment Officer Amy Falls, Vice President and COO Luke Figora, and Vice President for Medical Affairs Eric G. Neilson.
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Governing Board (Schedule O): The Board of Trustees comprises 36 voting members, all 36 of whom are independent, with a 16-member Executive Committee authorized to act between regular meetings. The Audit, Risk, and Compliance Committee reviews the KPMG-prepared Form 990 before distribution to the full board, and annual written conflict-of-interest disclosures are enforced across all trustees and officers.
Top-Line Financials
During FY25 (covering September 1, 2024 through August 31, 2025), Northwestern generated $6.62 billion in gross receipts and $4.06 billion in total Form 990 revenue. Total assets increased 8.2% to $20.79 billion, while total liabilities rose 26.7% to $4.55 billion following the issuance of $498.39 million in Series 2025 taxable bonds and $87.00 million in Illinois Finance Authority tax-exempt bonds. Net assets expanded 3.9% to $16.24 billion, with 59.1% held without donor restrictions and 40.9% subject to donor restrictions.
Balance Sheet Strength
- Total Assets $20,789,227,097 (+8.2%)
- Total Liabilities $4,546,217,516 (+26.7%)
- Total Net Assets $16,243,009,581 (+3.9%)
- Donor-Restricted Net Assets $6,649,078,044 (40.9% of Total Net Assets)
- Unrestricted Net Assets $9,593,931,537 (59.1% of Total Net Assets)
Operating Performance
- Total Revenue $4,056,663,344 (-2.9%)
- Total Expenses $4,288,569,939 (+9.0%)
- Operating Deficit -$231,906,595 (-195.1%)
- Unrealized Gains (Excluded) $846,640,938
Note: The -$231.9 million Form 990 operating deficit reflects a $245.7 million year-over-year decline in realized investment sales alongside $121.0 million in non-operating legal settlements (Part IX, Line 24a); incorporating $846.6 million in net unrealized investment gains (Part XI, Line 5) produced a $614.7 million net asset expansion.
Revenue Breakdown
Northwestern’s core program service revenue rose 4.0% year-over-year to $2.89 billion, supplying 71.3% of total institutional revenue. Unlike peers that classify federal research awards under contributions, Northwestern reports its $992.06 million in sponsored research inflows directly within Program Service Revenue alongside $1.45 billion in student tuition and fees and $227.97 million in executive and continuing educational activities. Realized investment income declined 29.3% to $594.25 million due to lower net realized gains on public securities, while philanthropic contributions and grants edged down 0.6% to $497.34 million and other revenue climbed 26.5% to $72.87 million on strong limited partnership distributions.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +4.0% YoY$2,892,201,748 (71.3%)
- Tuition and Fees (Undergraduate, Graduate & Professional) $1,454,441,932
- Sponsored Research Activities $992,056,229
- Educational Activities & Executive Programs $227,969,767
- Auxiliary Enterprises (Housing, Dining & Student Services) $134,184,796
- Medical Activities ($70.05M) & Plant Services ($13.50M) $83,549,024
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Investment Income -29.3% YoY$594,248,436 (14.6%)
- Realized Net Capital Gains ($3.08B Gross Sales) $521,052,896
- Dividends, Interest & Other Investment Income $73,195,540
- Other Assets Gain ($756.02M) Offset by Public Securities Loss (-$234.96M) Included Above
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Contributions & Grants -0.6% YoY$497,344,598 (12.3%)
- Private Philanthropy & Foundation Gifts $462,677,213
- Government Grants (Non-Exchange Contributions) $32,749,789
- Fundraising Events (Global Annual Benefit Dinner & Dance Marathon) $1,917,596
- Noncash Gifts Included Above (549 Stock Gifts, Books, 25 Art Works) $30,724,415
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Other Revenue +26.5% YoY$72,868,562 (1.8%)
- Investment in Limited Partnerships (Part VIII, Line 11a) $46,331,897
- Intellectual Property Royalties $18,459,169
- Parking Facilities ($5.42M) & Net Rental Income ($1.04M) $6,461,972
- Scientific Services, Recreation, Travel Tours & Net Events $1,615,524
Endowment Performance and Asset Allocation
Northwestern’s Investment Office manages an $11.69 billion endowment embedded within a broader $16.16 billion balance sheet portfolio of investments and cash reserves ($15.28 billion in total investment securities plus $877.62 million in savings and temporary cash investments). On Schedule D (Part VII), alternative and pooled holdings—comprising private equity, real assets, absolute return strategies, and fixed income ($10.92 billion) alongside financial derivatives and closely held equity interests ($3.31 billion)—total $14.23 billion, representing 88.1% of total cash and investment assets.
To execute its global multi-asset strategy, Northwestern holds $4.78 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $4.25 billion in Central America and the Caribbean, $267.55 million in Sub-Saharan Africa, and $251.48 million in Europe—and reported $59.45 million in gross unrelated business revenue ($14.27 million net taxable UBTI on Form 990-T) alongside $41.28 million in external investment management fees. With $578,842 in endowment assets per full-time student, Northwestern is subject to the 1.4% federal IRC Section 4968 excise tax on net investment income and carries $19.57 million in federal income and excise tax liabilities on Schedule D, Part X.
Portfolio Performance & Asset Allocation ($16.16B Total Cash & Investments / $11.69B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $11,686,235,000 (+6.4% YoY), representing $578,842 per full-time student across 20,189 students.
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Net Investment Gains: $1,090,252,000 in endowment investment earnings (+45.7% YoY from $748.34M in FY24).
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Alternative & Offshore Capital: 88.1% of total cash and investments sit in Schedule D other securities ($14.23B), including $4.78B in foreign investment holdings ($4.25B in Central American and Caribbean vehicles).
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Total Payout & Budget Coverage: $552,171,000 ($460.04M to facilities, faculty, and academic programs; $92.13M to student scholarships), funding 12.9% of Form 990 total expenses (15.7% of net GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Cash & Investments)
5-Year Endowment History
Schedule D, Part V tracks Northwestern’s endowment from an $8.48 billion opening balance in FY21 to $11.69 billion at year-end FY25 (+37.7% cumulative expansion). Across that five-year cycle, the endowment captured $1.03 billion in donor contributions and $4.51 billion in net investment earnings—anchored by a $3.07 billion surge in FY21 and consecutive gains in FY24 ($748.34 million) and FY25 ($1.09 billion) that offset market pullbacks in FY22 and FY23. Over the same five years, the endowment distributed $2.34 billion to campus operations, comprising $402.41 million in direct scholarships and $1.94 billion for academic programs, faculty chairs, and facilities. At year-end FY25, 52.75% of the pool was held as permanent donor-restricted endowment and 47.25% as board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $10,981,265,000 | $10,553,989,000 | $10,879,850,000 | $11,361,182,000 | $8,484,706,000 |
| 1b. Contributions | $166,889,000 | $201,813,000 | $251,271,000 | $210,480,000 | $203,789,000 |
| 1c. Net investment earnings | $1,090,252,000 | $748,336,000 | ($115,362,000) | ($281,680,000) | $3,066,809,000 |
| 1d. Grants or scholarships | ($92,126,716) | ($89,436,973) | ($80,176,975) | ($71,809,032) | ($68,860,448) |
| 1e. Other expenditures | ($460,044,284) | ($433,436,027) | ($381,593,025) | ($338,322,968) | ($325,261,552) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $11,686,235,000 | $10,981,265,000 | $10,553,989,000 | $10,879,850,000 | $11,361,182,000 |
Per-Student Spending and True Cost
Separating instructional delivery from external research contracts and campus auxiliaries clarifies the unit economics of a Northwestern education. On Form 990 Part III (Line 4a), Northwestern reports $2,983,776,148 in direct program service expenses for the education of its 20,189 full-time students (8,961 undergraduates and 11,228 graduate and professional students). That equals $147,792 per student in direct academic and student aid program spend ($116,173 net per student when excluding $638.36 million in student financial aid grants).
By comparison, gross tuition and fee revenue (Part VIII, Line 2a) totals $1,454,441,932, or $72,041 per student—covering 48.7% of direct academic program expenses and leaving a $75,751 per-student educational subsidy bridged by endowment distributions ($552.17 million), gifts, and continuing education revenues. When aggregating all three Form 990 program service pillars (Part III, Line 4e)—adding Research Activities ($725.80 million) and Auxiliary Enterprises ($220.55 million)—total program service expenditure reaches $3,930,134,148 ($194,667 per student), while total institutional expenditure including management overhead ($290.70 million) and fundraising ($67.73 million) reaches $4,288,569,939 ($212,421 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $2,983,776,148 across 20,189 full-time undergraduate and graduate students ($147,792 gross direct education spend per student; $116,173 net excluding $638.36M in student aid grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $3,930,134,148 in total program services ($194,667 per student across instruction, research, and auxiliaries) and $4,288,569,939 in overall institutional spend ($212,421 per student).
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Tuition & Auxiliary Revenue: $1,454,441,932 in gross tuition and fees ($72,041 per student) plus $134,184,796 in residential and dining auxiliary revenue ($6,646 per student), covering 48.7% of direct academic program expenditure.
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Sponsored Research Margin (Part III, Line 4b): $725,804,000 in direct research program expenses (including $141.97M in domestic and foreign research subawards) against $992,056,229 in sponsored research revenue, contributing $266.25M toward indirect facility and laboratory recovery.
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Campus Auxiliaries, Block Museum & Global Study (Line 4c, Schedule D & Schedule F): $220,554,000 in auxiliary residence and dining services, the non-capitalized Mary and Leigh Block Museum of Art collection, $76.79M for the Doha, Qatar campus, and $20.69M in study-abroad courses and international research travel.
Financial Aid: How Northwestern Deploys $638.4M in Student Support
Northwestern meets 100% of demonstrated financial need for all admitted domestic undergraduates through a loan-free financial aid structure that packages institutional scholarships, federal and state grants, and part-time work-study. Across all undergraduate, graduate, and professional divisions in FY25, the university disbursed $638,355,669 in direct student grants, scholarships, and fellowships—representing 43.9% of gross tuition and fee collections ($1.45 billion).
On Form 990 Schedule I (Part III), Northwestern reports $626,846,498 in cash grants plus $88,275 in noncash winter gear and dorm supply assistance across 20,410 domestic student recipients ($30,717 average grant per recipient), alongside $542,032 in academic prizes across 247 non-employee recipients. Because Schedule I tallies unique individuals aided at any point during the 12-month fiscal year across Northwestern's four-quarter academic calendar (including summer session, graduating seniors, and incoming fall cohorts), the 20,410 cumulative recipient count equals 101.1% of the university's 20,189 point-in-time fall full-time headcount (with roughly 61% of undergraduates receiving institutional or external grant aid and nearly all doctoral candidates receiving multi-quarter fellowships and tuition stipends). Additionally, Schedule F (Part III) records $10,878,864 in international study-abroad grants across 466 students.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I / Fall FTE) 101.1% (20,410 cumulative)
- Undergraduate / Graduate Aid Coverage ~61% Undergrad / >85% PhD
- Endowment Scholarship Payout (Sched. D) $92,126,716
- Study Abroad Student Grants (Sched. F) $10,878,864 (466 students)
- Total Domestic Student Grants (Sched. I) $626,934,773 ($30,717 avg.)
Research Subawards & External Grants
- Total Student Aid vs. Gross Tuition ($638,355,669) Combining $627.48M in domestic individual grants and prizes with $10.88M in international study-abroad grants recycles 43.9% of gross tuition back to students.
- Domestic & Foreign Institutional Grants ($141,967,787) Includes $134,243,879 in Schedule I grants to 383 domestic research universities, hospitals, and Evanston community organizations (plus $3.73M from 2 Donor Advised Funds holding $64.86M) and $7,723,908 in foreign research subawards across 56 institutions on Schedule F.
Executive and Investment Team Compensation
Northwestern’s Schedule J disclosures highlight compensation across Big Ten athletics, endowment portfolio management, academic leadership, and senior faculty. In FY25, Head Men's Basketball Coach Christopher Ryan Collins was the university's highest-compensated employee at $3,976,787, followed by Vice President and Chief Investment Officer Amy Falls ($3,662,057, including $1,372,462 in other reportable compensation and $1,230,891 in 457(f) and retirement accruals), Head Football Coach David Braun ($3,106,090), Kellogg School of Management Professor Mohanbir S. Sawhney ($2,333,906), and Combe Family Vice President for Athletics and Recreation Mark Jackson ($2,279,445).
President Michael H. Schill received $2,085,890 in total compensation ($1,254,870 base salary, $150,000 recognition bonus, $234,500 retirement and deferred compensation, and $372,544 in nontaxable benefits including university-owned residential housing), while Former President Morton O. Schapiro earned $2,025,182 and Provost Kathleen M. Hagerty received $1,121,525. Because Northwestern pays over $1 million in annual remuneration to covered executives and athletic coaches, the university is subject to 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: Northwestern expended $1,997,950,859 in total salaries, wages, pension contributions, and employee benefits in FY25 (+9.1% YoY, representing 46.6% of total university expenses) across 28,548 W-2 employees, with 3,935 staff members earning over $100,000.
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Board Compensation Governance & 457(f) Plans (Schedule J & O): The Board Compensation Committee reviews independent benchmarking studies every May or June to approve executive pay. Investment officers Amy Falls, Peter Belytschko ($2,023,940), and Harisha Koneru Haigh ($1,922,039) receive incentive compensation tied to long-term endowment performance verified by an independent consultant, alongside unvested 457(f) supplemental retirement contributions.
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Executive Housing, Loans & Family Disclosures (Schedule J & L): The President is required to reside in university-owned housing under IRC Section 119 (with personal maid, chauffeur, and dog-walking services taxed as reportable compensation). On Schedule L, Northwestern reports a board-approved $1,000,000 compensation loan to VP for Athletic Strategy Derrick Gragg ($201,008 balance due at year-end, down from $405,994 in FY24) and $912,594 in total employment compensation across three family members of officers and key employees (Samuel Stupp, $523,972; William Rogerson, $282,746; and Michael Allen, $105,876).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 34 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) |
| Christopher Ryan CollinsHead Men's Basketball Coach | $3,749,962 | $100,000 | $44,602 | $34,500 | $47,723 | $3,976,787 | $0 |
| Amy FallsVP & Chief Investment Officer | $1,010,449 | $0 | $1,372,462 | $1,230,891 | $48,255 | $3,662,057 | $472,878 |
| David BraunHead Football Coach | $3,022,399 | $0 | $17,752 | $34,500 | $31,439 | $3,106,090 | $0 |
| Mohanbir S. SawhneyProfessor, Kellogg | $2,238,035 | $0 | $24,584 | $32,750 | $38,537 | $2,333,906 | $0 |
| Mark JacksonCombe Family VP for Athletics & Rec. | $361,673 | $1,375,000 | $488,323 | $42,508 | $11,941 | $2,279,445 | $0 |
| Michael H. SchillPresident | $1,254,870 | $150,000 | $73,976 | $234,500 | $372,544 | $2,085,890 | $0 |
| Morton O. SchapiroFormer President / President Emeritus | $1,754,083 | $0 | $204,511 | $34,500 | $32,088 | $2,025,182 | $0 |
| Peter A. BelytschkoManaging Director, Absolute Return | $513,827 | $0 | $891,808 | $603,302 | $15,003 | $2,023,940 | $478,256 |
| Harisha Koneru HaighMng. Dir. Priv. Inv. & Real Assets / Fmr. Co-Interim CIO | $487,690 | $0 | $806,224 | $585,802 | $42,323 | $1,922,039 | $415,172 |
| Chad A. MirkinProfessor, Chemistry | $1,381,761 | $0 | $24,584 | $134,500 | $23,931 | $1,564,776 | $0 |
| Derrick L. GraggVP for Athletic Strategy | $1,081,337 | $87,780 | $229,162 | $34,500 | $48,255 | $1,481,034 | $0 |
| Stephanie Mills GrahamVP & General Counsel | $879,308 | $150,000 | $218,647 | $61,821 | $35,487 | $1,345,263 | $66,667 |
| Kathleen M. HagertyProvost | $912,011 | $150,000 | $24,654 | $34,500 | $360 | $1,121,525 | $0 |
| Luke FigoraVP and Chief Operations Officer | $612,710 | $50,000 | $134,443 | $134,500 | $45,151 | $976,804 | $41,667 |
| Amanda I. DistelVP & Chief Financial Officer | $602,814 | $25,000 | $157,203 | $134,500 | $25,403 | $944,920 | $41,667 |
| David A. LivelyVP Alumni Relations & Development | $736,794 | $25,000 | $41,052 | $34,500 | $38,873 | $876,219 | $0 |
| Priya Jenveja HarjaniSVP / Dep. Gen. Counsel / Fmr. Interim VP HR | $499,766 | $60,000 | $150,288 | $154,417 | $2,919 | $867,390 | $0 |
| Milan MrksichFormer VP of Research | $518,985 | $0 | $203,818 | $34,250 | $20,847 | $777,900 | $0 |
| Lorraine A. GoffeVP & Chief HR Officer | $514,566 | $0 | $163,541 | $84,500 | $1,043 | $763,650 | $0 |
| Eric G. NeilsonVP Medical Affairs | $690,711 | $0 | $9,966 | $25,724 | $2,860 | $729,261 | $0 |
| Susan DavisVP Student Affairs | $418,597 | $50,000 | $115,756 | $34,500 | $38,351 | $657,204 | $0 |
| Julie AllenBoard Secretary & Advisor to President | $479,811 | $50,000 | $75,052 | $34,500 | $3,999 | $643,362 | $0 |
| Sean Brian ReynoldsVP & Chief Information Officer | $554,917 | $0 | $39,229 | $34,500 | $11,125 | $639,771 | $0 |
| Robert E. McQuinnFormer VP Alumni Rel. & Development | $266,637 | $250,000 | $20,179 | $30,417 | $28,031 | $595,264 | $0 |
| Stacey KostellVP and Dean of Enrollment | $392,569 | $0 | $114,558 | $34,500 | $14,173 | $555,800 | $0 |
| Eric J. PerreaultVice President for Research | $451,136 | $0 | $24,032 | $34,500 | $41,117 | $550,785 | $0 |
| Marilyn McCoyFormer VP of Admin. & Planning | $507,856 | $0 | $3,750 | $0 | $34,812 | $546,418 | $0 |
| Jon YatesVP Global Marketing & Comm. | $389,440 | $0 | $1,032 | $34,500 | $41,151 | $466,123 | $0 |
| Daniel Lee DurackSAVP Budget & Planning | $383,711 | $0 | $240 | $33,721 | $29,399 | $447,071 | $0 |
| Angel DizonSAVP Facilities Management | $332,679 | $50,000 | $774 | $0 | $16,429 | $399,882 | $0 |
| Janna V. BlaisAssoc. AD Intercollegiate Srvcs. / Fmr. Interim VP | $292,885 | $0 | $2,064 | $31,091 | $38,873 | $364,913 | $0 |
| Andy MadorskyFormer Co-Interim VP Global Mkt. & Comm. | $275,763 | $5,500 | $1,584 | $29,109 | $35,823 | $347,779 | $0 |
| Devora GrynspanVP of International Relations | $281,104 | $0 | $1,854 | $28,836 | $14,760 | $326,554 | $0 |
| Alexander J. DarraghFormer VP of Facilities Management | $190,473 | $0 | $714 | $0 | $14,166 | $205,353 | $0 |
Facilities, Debt, and Municipal Relations
Northwestern’s physical plant spans its 240-acre lakefront campus in Evanston and its 25-acre medical and professional campus in downtown Chicago. To finance major academic, biomedical, and athletic infrastructure—most notably the rebuild of Ryan Field stadium—without liquidating long-term endowment assets, Northwestern pairs philanthropic gifts with Illinois Finance Authority (IFA) tax-exempt bonds and taxable corporate bond series.
Because Northwestern’s founding 1851 legislative charter exempts its educational properties from local property taxation, town-gown fiscal relations with the City of Evanston center on voluntary Good Neighbor / Payment in Lieu of Taxes (PILOT) contributions, local school and civic grants, and stadium zoning agreements. On Form 990 Schedule I (Part II, Line 66), Northwestern recorded a direct $3,010,808 cash grant to the City of Evanston alongside more than $1.10 million in direct grants to Evanston schools, youth job programs, affordable housing groups, and social service agencies.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Northwestern holds $6.69 billion in gross land, buildings, and equipment ($3.75 billion net book value after $2.94 billion in accumulated depreciation, up 13.6% YoY), recording $116.88 million in annual occupancy costs and $216.71 million in depreciation.
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Tax-Exempt Bonds & Taxable Debt (Schedule K & D): The university carries $454.65 million in tax-exempt IFA bond liabilities (including the $35.0M November 2024 and $52.0M May 2025 issues) and $2.54 billion across six taxable bond series (Series 2012, 2013, 2015, 2017, 2020, and $498.39M in Series 2025) plus an $80.0M credit line, paying $99.48 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Northwestern disbursed $3,010,808 directly to the City of Evanston (Schedule I, Part II, Line 66) and funded 25 Evanston civic and educational nonprofits—including McGaw YMCA ($250,120), Evanston Township High School Foundation ($125,000), Evanston Own It ($70,000), Youth Job Center ($65,000), Childcare Network of Evanston ($59,850), Evanston Community Foundation ($59,075), Shorefront Legacy ($51,100), Connections for the Homeless ($47,500), First Repair ($32,250), and Evanston/Skokie School District 65 ($27,565)—while paying $21.44 million in Taxes and Fees (Part IX, Line 24b) and $969,073 in direct lobbying (Schedule C).
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Ryan Field Rebuild & Top Independent Contractors: Per Schedule O, Northwestern delegated day-to-day construction oversight of the Ryan Field stadium rebuild to Ryan Sports Development LLC (no-fee basis) and CAA ICON. Among 500 independent contractors paid over $100,000, the top five were Central Street Consortium ($110.20M, construction), The Family Institute ($49.97M, instruction), Power Construction Co. ($33.12M, construction), Aramark Services ($20.37M, dining), and Bulley & Andrews LLC ($20.35M, construction).
Editorial Note
All financial figures in this report derive from Northwestern University’s FY25 IRS Form 990 (covering September 1, 2024 through August 31, 2025 across 20,189 full-time degree-seeking students—8,961 undergraduates and 11,228 graduate and professional students) and have been reviewed by the data team.
While Northwestern expends $147,792 per student on direct academic instruction and student aid ($194,667 per student across all university program services and $212,421 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 facilities, loan-free undergraduate financial aid packages, and faculty ratios that operate alongside Northwestern’s student selectivity.
Accounting Reconciliation: Readers comparing Northwestern’s KPMG-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $4.29B in total expenses by recording $780.3M in grants ($638.4M in domestic and foreign student financial aid) as an operating expense on Part IX, whereas GAAP financial statements net student financial aid as a contra-revenue discount directly against gross tuition and fees ($1.45B). Second, Form 990 Part VIII revenue ($4.06B) captures only realized investment income ($594.2M) and excludes $846.6M in net unrealized investment gains (reported on Part XI, Line 5), whereas GAAP operating statements incorporate the Board-authorized annual endowment payout ($552.2M on Schedule D, Part V) into operating revenue and separate non-operating items such as the $121.0M legal settlement line item (Part IX, Line 24a). Third, per Part IV (Lines 12a–12b) and Schedule R, Northwestern is included in consolidated GAAP financial statements with controlled affiliates—including Rubicon Insurance Company ($18.8M in Schedule R cash transactions) and McGaw Medical Center of Northwestern University ($27.2M in resident coordination and shared-service transactions)—while affiliated hospital systems such as Northwestern Memorial HealthCare ($283.0K in Schedule I research grants) and Ann & Robert H. Lurie Children's Hospital ($7.70M in Schedule I grants) operate as separate 501(c)(3) corporations outside the University's balance sheet.
Frequently Asked Questions: Northwestern's Form 990 Financials
As of Fiscal Year 2025, Northwestern University's endowment stands at $11.69 billion ($11,686,235,000), up 6.4% year-over-year after generating $1.09 billion in net investment earnings. Its $552.17 million annual payout covers 12.9% of the university's $4.29 billion Form 990 operating budget (and 15.7% of net GAAP operating expenses excluding student aid contra-revenue and non-operating legal settlements).
Northwestern spends $147,792 per student annually in direct education and student aid program services ($2.98 billion across 20,189 full-time students), compared to $72,041 per student collected in gross tuition and fees. Across all three Form 990 program service pillars (adding sponsored research and auxiliary enterprises), total program spend is $194,667 per student ($3.93 billion), and overall enterprise spend including management overhead and fundraising is $212,421 per student ($4.29 billion).
Northwestern disbursed $638.36 million in student financial aid grants in FY25 ($627.48 million domestic and $10.88 million for study abroad). On Schedule I, Northwestern reported $626.93 million in grants across 20,410 domestic student recipients over its 12-month four-quarter calendar (101.1% of its 20,189 fall full-time headcount), supporting roughly 61% of undergraduates and over 85% of doctoral students.
The highest-paid employee in FY25 was Head Men's Basketball Coach Christopher Ryan Collins at $3,976,787 in total compensation, followed by Vice President and Chief Investment Officer Amy Falls ($3,662,057), Head Football Coach David Braun ($3,106,090), and Kellogg Professor Mohanbir S. Sawhney ($2,333,906).
Yes. Because Northwestern has more than 500 tuition-paying students and holds $578,842 in endowment assets per full-time student (exceeding the $500,000 federal threshold), it answered "Yes" on Form 990 Part V, Line 16 for the 1.4% IRC Section 4968 excise tax on net investment income and carries $19.57 million in federal tax liabilities on Schedule D, Part X.
Northwestern University's total assets reached $20.79 billion ($20,789,227,097) in Fiscal Year 2025, anchored by $14.23 billion in other investment securities, $927.99 million in publicly traded securities, $877.62 million in cash and short-term savings, and $3.75 billion in net land, buildings, and equipment.
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