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Financial Analysis

Notre Dame’s $1.39 Billion in Investment Returns Eclipses Tuition and Campus Revenue, Underwriting $122,626 Per-Student Academic Spend and Global Loan-Free Aid

By Data Team | Published November 6, 2026

The University of Notre Dame’s total assets rose 11.0% to $29.64 billion in fiscal year 2025, anchored by a $20.48 billion endowment whose $655.2 million annual payout covers 27.6% of the university's $2.37 billion Form 990 operating budget (and 36.6% of its $1.79 billion audited GAAP operating expense base), according to its latest IRS filing. Backed by that capital reserve, Notre Dame spent $122,626 per student on direct academic instruction, research, and student aid ($1.60 billion across 13,042 enrolled students), while total program service spend across academics and auxiliary operations reached $154,001 per student ($2.01 billion) and total institutional expenditure hit $181,739 per student ($2.37 billion).

Unlike research peers that rely on clinical hospital networks or federal laboratory management contracts, Notre Dame’s financial engine is driven by institutional asset management, residential undergraduate education, and self-sustaining auxiliary enterprises. In FY25, realized investment income climbed 16.7% to $1.39 billion (40.6% of total revenue), overtaking total program service revenue ($1.31 billion, or 38.5%) as the university’s single largest revenue stream. Gross student tuition and fees totaled $823.7 million ($63,157 per student), representing 24.1% of Notre Dame's $3.42 billion in total revenue.

That investment scale funds an aggressive expansion in student financial access. In FY25, Notre Dame disbursed $479.4 million in Schedule I grants to domestic individuals—including $462.9 million in tuition, fellowship, and room and board scholarships across 8,995 students (69.0% of the student body)—while inaugurating its Pathways initiative to provide need-blind, loan-free undergraduate admissions for both domestic and international students.

Institutional & Governance Profile

Incorporated as the University of Notre Dame du Lac (EIN 35-0868188), the university was founded in 1842 by Rev. Edward Sorin, C.S.C., and chartered by the Indiana General Assembly in 1844. Domiciled in Notre Dame, Indiana, the university operates under a two-tiered governance framework combining the Fellows of the University—six priests of the Congregation of Holy Cross, Indiana Province, and six lay members who preserve its Catholic identity and bylaws—with a 39-member Board of Trustees.

Chicardgo Favicon Institutional Scale and Board Structure

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    Founding & Workforce Scale: Chartered in 1844, Notre Dame issued 19,482 Form W-2s in calendar year 2024, filed 20,180 Form 1096 vendor returns, and engaged 2,122 volunteers across its campus and alumni network.
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    Academic & Global Footprint: The university enrolls 13,042 students (8,880 undergraduates and 4,162 graduate and professional students) and conferred 3,806 degrees in FY25 across six undergraduate colleges, the Mendoza College of Business, the Law School, the School of Architecture, the Keough School of Global Affairs, and the Graduate School, while operating 8 international study offices across Europe, East Asia, the Middle East, and the Americas.
  • •
    Executive Leadership: President Rev. Robert A. Dowd, C.S.C., leads the administration alongside Provost John T. McGreevy, Executive Vice President Shannon B. Cullinan, VP and Chief Investment Officer Timothy W. Dolezal (appointed July 1, 2024), VP and General Counsel Marianne Corr, and VP and Athletics Director Peter Bevacqua.
  • •
    Governing Board (Schedule O): The Board of Trustees consists of 39 voting members, 35 of whom (89.7%) are independent. In FY25, the university updated its bylaws to standardize board terms and assign primary risk-management oversight to the Audit Committee, which reviews the PwC-prepared Form 990 after vetting by the Tax Strategy Committee.

Top-Line Financials

During FY25 (covering July 1, 2024 through June 30, 2025), Notre Dame recorded $12.03 billion in gross receipts and $3.42 billion in total net revenue. Total assets expanded 11.0% to $29.64 billion and total net assets increased 11.1% ($2.45 billion) to $24.55 billion, split between $13.04 billion in donor-restricted funds (53.1%) and $11.51 billion in unrestricted net assets (46.9%).

Balance Sheet Strength

  • Total Assets $29,638,395,911 (+11.0%)
  • Total Liabilities $5,091,089,171 (+10.9%)
  • Total Net Assets $24,547,306,740 (+11.1%)
  • Donor-Restricted Net Assets $13,041,463,631 (53.1% of Total Net Assets)
  • Unrestricted Net Assets $11,505,843,109 (46.9% of Total Net Assets)

Operating Performance

  • Total Revenue $3,418,676,076 (+2.9%)
  • Total Expenses $2,370,240,201 (+9.3%)
  • Operating Surplus $1,048,435,875 (-9.1%)
  • Unrealized Gains (Excluded) $1,338,020,524

Note: The $1.05 billion Form 990 operating surplus includes $1.09 billion in realized investment gains; combining that surplus with $1.34 billion in net unrealized investment appreciation and $63.5 million in split-interest, pension, and derivative adjustments accounts for the $2.45 billion net asset expansion in FY25.

Revenue Breakdown

Notre Dame’s revenue profile shifted toward portfolio returns in FY25. Realized investment income rose 16.7% to $1.39 billion (40.6% of total revenue), propelled by $1.09 billion in net capital gains across $9.70 billion in gross asset sales and $294.7 million in dividends and interest. Program service revenue grew 5.4% to $1.31 billion (38.5%), combining $823.7 million in student tuition and fees with $421.8 million from auxiliary operations (campus housing, dining, hospitality, and 26 NCAA Division I athletics programs). Contributions and grants declined 11.7% from prior-year campaign peaks to $698.3 million (20.4%), while other revenue fell 82.7% to $16.2 million (0.5%).

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Investment Income +16.7% YoY
    $1,389,430,059 (40.6%)
    • Realized Net Capital Gains ($9.70B Gross Sales) $1,094,757,602
    • Dividends, Interest & Other Investment Income $294,672,457
    • Tax-Exempt Bond Proceeds Income $0
  • Program Service Revenue +5.4% YoY
    $1,314,818,950 (38.5%)
    • Student Tuition and Fees $823,696,269
    • Auxiliary Enterprises (Housing, Dining, Athletics & Events) $421,758,083
    • Educational Programs $30,123,908
    • Government & Non-Government Research Contracts $27,263,350
    • Student Services & All Other Program Revenue $11,977,340
  • Contributions & Grants -11.7% YoY
    $698,255,626 (20.4%)
    • Private Philanthropy & Fundraising Events $555,820,360
    • Government Research & Sponsored Grants $142,435,266
    • Noncash Gifts Included Above (939 Stock Gifts, 30 Art Treasures, 12 Other) $168,207,122
  • Other Revenue -82.7% YoY
    $16,171,441 (0.5%)
    • Treasury Note Income ($4.96M), Alumni Assoc. ($3.21M) & Misc. Fees $14,921,340
    • Intellectual Property Royalties ($2.94M) & Net Gaming ($30.6K) $2,975,319
    • Net Rental Loss (-$947.8K on $6.04M Gross Rents) & Event Net Loss (-$777.4K) ($1,725,218)

Endowment Performance and Asset Allocation

The Notre Dame Investment Office manages the Notre Dame Endowment Pool (NDEP), which combines the university's $20.48 billion Schedule D endowment with split-interest trusts, donor-advised funds, and working capital reserves into $25.82 billion in balance sheet investment securities ($25.43 billion net NDEP value after accounting for $2.60 billion in investment-associated liabilities and cash). Private equity ($12.55 billion) and multi-strategy hedge funds ($4.83 billion) represent 67.3% of total invested securities, complemented by $6.77 billion in publicly traded and commingled public equities (26.2%) and $1.40 billion in financial derivatives (5.4%).

To execute its global buyout, venture capital, and multi-strategy mandate, Notre Dame holds $12.01 billion in foreign-domiciled investments on Schedule F—led by $7.29 billion in Central America and the Caribbean, $2.92 billion in Europe, $687.8 million in East Asia and the Pacific, and $635.2 million in Sub-Saharan Africa—generating $47.64 million in gross unrelated business revenue ($26.32 million taxable on Form 990-T). Because Notre Dame holds $1.57 million in endowment assets per student across 13,042 students, it is subject to the federal IRC Section 4968 endowment excise tax on net investment income (Part V, Line 16).

Chicardgo Favicon Portfolio Performance & Asset Allocation ($25.82B Balance Sheet Securities / $20.48B Endowment)

Part X & Schedule D, Part VII Allocation

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    Endowment Balance (EOY): $20,483,140,624 (+12.3% YoY), representing $1,570,552 per enrolled student across 13,042 students.
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    Net Investment Gains: $2,427,764,923 in endowment investment earnings (+49.0% YoY from $1.63B in FY24, reflecting a 13.6% annual portfolio return).
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    Alternative & Offshore Capital: 72.7% of balance sheet securities sit in private equity, multi-strategy vehicles, and financial derivatives, with $12.01B deployed across foreign investment structures.
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    Total Payout & Budget Coverage: $655,166,684 ($405.6M to academic programs, faculty chairs, and facilities; $249.6M to student scholarships), covering 27.6% of Form 990 total expenses (and 36.6% of audited GAAP operating expenses).

Detailed Asset Mix (Balance Sheet Securities)

Private Equity
$12.55B (48.6%)
Publicly Traded Securities
$6.22B (24.1%)
Multi-Strategy Funds
$4.83B (18.7%)
Financial Derivatives
$1.40B (5.4%)
Commingled Public Equities
$553.8M (2.1%)
Pension Plan Assets
$216.5M (0.8%)
Short-Term Investments ($40.7M) & Closely-Held Equity ($7.8M)
$48.5M (0.2%)

5-Year Endowment History

Schedule D, Part V tracks the five-year expansion of Notre Dame’s endowment from $12.32 billion at the start of FY21 to $20.48 billion at the close of FY25—a net gain of $8.16 billion (+66.3%). Across those five fiscal years, the endowment received $1.64 billion in donor contributions and generated $9.31 billion in net investment returns, led by a $6.34 billion surge in FY21 and $2.43 billion in FY25 investment gains. Over the same span, Notre Dame distributed $2.78 billion from the endowment to campus operations, including $1.08 billion for student scholarships and $1.70 billion for academic programs, faculty chairs, and infrastructure. At year-end FY25, the endowment comprised 40.7% term endowment, 39.9% board-designated quasi-endowment, and 19.4% permanent 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).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $18,245,326,496 $16,960,541,555 $17,101,110,253 $18,385,354,396 $12,319,422,270
1b. Contributions $465,215,889 $261,746,080 $236,329,249 $482,796,683 $189,137,462
1c. Net investment earnings $2,427,764,923 $1,629,726,030 $181,749,613 ($1,268,535,177) $6,335,903,104
1d. Grants or scholarships ($249,557,164) ($231,932,294) ($215,575,998) ($200,958,502) ($181,221,864)
1e. Other expenditures ($405,609,520) ($374,754,875) ($343,071,562) ($297,547,147) ($277,886,576)
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $20,483,140,624 $18,245,326,496 $16,960,541,555 $17,101,110,253 $18,385,354,396
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 40.7% term endowment, 39.9% board-designated or quasi-endowment, and 19.4% permanent endowment (60.1% donor-restricted), all held directly by the University (Lines 3a(i)–(ii)).

Per-Student Spending and True Cost

Measuring per-student resource intensity on Form 990 begins with direct program service expenditures. On Part III (Line 4a), Notre Dame reports $1,599,291,528 in Academic Programs and Research expenses across its 13,042 enrolled students (8,880 undergraduates and 4,162 graduate and professional students), administering roughly 1,400 research awards and conferring 3,806 degrees. That equates to $122,626 per student in direct academic and research program spend ($85,866 net per student excluding $479.4 million in domestic student financial aid grants).

By comparison, gross student tuition and fees (Part VIII, Line 2a) generated $823,696,269, or $63,157 per student (against a published undergraduate tuition rate of $64,518). Tuition receipts cover 51.5% of direct Academic Programs and Research expenditure, leaving a $59,469 per-student academic subsidy bridged by endowment payouts ($655.2 million) and philanthropic gifts. Adding Auxiliary Enterprises (Part III, Line 4b: $409,184,075 for student lodging, dining, hospitality, and 26 NCAA Division I sports programs) brings total program service expenditure (Part III, Line 4e) to $2,008,475,603, or $154,001 per student. Including $284.6 million in management and investment overhead and $77.2 million in fundraising brings total enterprise spend to $2,370,240,201 ($181,739 per student).

Operations vs. Revenue

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    Regular Session Academic Program Spend (Part III, Line 4a): $1,599,291,528 across 13,042 undergraduate and graduate students ($122,626 gross direct academic and research spend per student; $85,866 net excluding $479.4M in domestic student aid grants).
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    Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $2,008,475,603 in total program services ($154,001 per student across Academic Programs & Research and Auxiliary Enterprises) and $2,370,240,201 in overall institutional spend ($181,739 per student).
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    Tuition & Fee Revenue Coverage: $823,696,269 ($63,157 per student before financial aid discounts), covering 51.5% of direct academic program costs and 41.0% of total program service spend. Endowment distributions and private contributions fund the remaining $59,469 per-student academic gap.
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    Auxiliary Enterprises & Division I Athletics (Line 4b): $409,184,075 in expenses ($31,374 per student) against $421,758,083 in auxiliary revenue, generating a $12.57M positive operating margin across student housing, food services ($51.38M on Part IX, Line 24a), event hospitality, and 26 varsity athletics teams.
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    Libraries, Art Museum & Global Study (Part IX & Schedule F): Includes $17.03M in Hesburgh Libraries book and serial acquisitions, the non-capitalized Raclin Murphy Museum of Art (nearly 31,000 original works), and $44.09M in international study program operations across 8 overseas offices (led by $36.53M in Europe and $3.56M in the Middle East).

Financial Aid: How Notre Dame Deploys $481.7M in Student & Individual Grants

In September 2024, President Rev. Robert A. Dowd, C.S.C., launched the Pathways initiative, expanding Notre Dame’s undergraduate financial aid policy to become both need-blind and loan-free for all domestic and international applicants while meeting 100% of demonstrated financial need. On Form 990 Schedule I (Part III), Notre Dame reports $479,427,068 in direct grants to domestic individuals, anchored by $462,891,287 in tuition scholarships, fellowships, and room and board scholarships ($452.39 million in tuition/fellowship aid and $10.50 million in room and board scholarships per Schedule D, Part XII).

Those $462.9 million in core scholarships supported 8,995 domestic students—representing 69.0% of Notre Dame's 13,042-student enrollment at an average grant of $51,461 per recipient (70.4% of the student body when including 181 athletics grant-in-aid recipients totaling $1.49 million). In addition, Notre Dame awarded $8.21 million in student prizes and awards (3,302 recipients), $6.02 million in student research and travel grants (5,158 recipients), $812,807 in domestic housing assistance (594 recipients), and $2,303,999 across 942 foreign individual housing, prize, and research stipends on Schedule F.

Internal Student Support (Schedule I & D)

  • Aided Student Share (Schedule I) 69.0% (8,995 students)
  • Including Athletics Grant-in-Aid (181) 70.4% (9,176 recipients)
  • Tuition Scholarships & Fellowships $452,388,611
  • Room & Board Scholarships & Housing Aid $11,315,483
  • Total Domestic Individual Cash Grants $479,427,068 ($51,461 avg. aid)

Research Subawards, DAFs & Global Grants

  • Student Research, Travel & Prizes ($16,539,167) Includes $8.21M in domestic student prizes (3,302 awards), $6.02M in domestic research/travel grants (5,158 awards), and $2.30M in Schedule F foreign student housing and research grants (942 awards).
  • Domestic & Foreign Organizational Grants ($95,243,660) Comprises $83,274,631 across 462 domestic organizations on Schedule I (including $53.36M in Donor Advised Fund grants across 220 accounts, research subcontracts, and South Bend civic grants) and $11,969,029 to 70 foreign institutions on Schedule F.

Executive and Investment Team Compensation

Notre Dame’s Schedule J disclosures highlight a structural contrast between market-rate athletics and investment executives and its leadership from the Congregation of Holy Cross. The university’s highest-paid employee in FY25 was Head Football Coach Marcus L. Freeman ($8,137,948), followed by outgoing Chief Investment Officer Michael D. Donovan ($3,893,759, including $3.41 million in unitized investment pool performance incentives), incoming Chief Investment Officer Timothy W. Dolezal ($3,302,187, including $1.64 million in bonus and $940,750 in accrued 457(f) deferred compensation), Offensive Coordinator Michael F. Denbrock ($2,491,462), and Athletics Director Peter Bevacqua ($2,375,006).

Conversely, President Rev. Robert A. Dowd, C.S.C. ($1,017,760), former President Rev. John I. Jenkins, C.S.C. ($1,285,835), VP and Associate Provost Rev. Daniel G. Groody, C.S.C. ($455,174), and Trustee Rev. Gregory P. Haake, C.S.C. ($178,779) are Holy Cross priests who have taken a religious vow of poverty. Per Schedule O, none of their salaries are paid to them personally or reported on a Form W-2; all earned remuneration is remitted directly to the Congregation of Holy Cross, United States Province, Inc. Because Notre Dame pays over $1 million to covered athletics, investment, and administrative officers, it is subject to the federal IRC Section 4960 21% excise tax on excess executive remuneration (Part V, Line 15).

Payroll Scale and Compensation Governance

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    Total Institutional Payroll: Notre Dame expended $1,060,588,723 in total salaries, wages, pensions, and employee benefits in FY25 (+6.7% YoY, representing 44.7% of all university expenses) across 19,482 W-2 employees, with 2,048 staff members earning over $100,000.
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    Board Compensation Governance & CIO Incentives (Schedule J & O): The Board Compensation Committee establishes executive pay using independent third-party comparability data to satisfy IRC Section 4958 intermediate sanctions standards, tying CIO incentive payouts directly to multi-year performance of the unitized investment pool.
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    Holy Cross Vow of Poverty & Interested-Party Disclosures (Schedule J, L & O): Four Holy Cross priests remit 100% of their compensation to their religious order and receive nontaxable campus dormitory/apartment housing under IRC Section 119. On Schedule L, the university disclosed $224,179 in qualified employee tuition assistance and six arm's-length transactions, including a $1.10M market-value real estate purchase involving former Athletics Director Jack Swarbrick, $1.28M in flight hours with FlexJet (affiliated with Trustee Kenneth Ricci), $1.07M in food distribution with Martin Brower (affiliated with Trustee J. Christopher Reyes), and $146,275 in IT services with Aunalytics (affiliated with Trustee Tracy Graham).
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown — All 15 Listed Individuals (FY25)
Name & Title (A) Base Comp (B-i) Bonus (B-ii) Other (B-iii) Retirement & Deferred (C) Nontaxable Benefits (D) Total (E) Prior Deferred (F)
Marcus L. FreemanHead Coach, Football $6,693,508 $600,000 $779,180 $34,500 $30,760 $8,137,948 $0
Michael D. Donovan, JD, MBAVP & Chief Investment Officer (until 6/30/24) $413,811 $3,412,312 $23,385 $34,500 $9,751 $3,893,759 $0
Timothy W. Dolezal, CFAVP & Chief Investment Officer (as of 7/1/24) $626,268 $1,639,550 $29,000 $975,250 $32,119 $3,302,187 $287,900
Michael F. DenbrockOffensive Coordinator, Football $2,197,472 $2,000 $229,043 $34,500 $28,447 $2,491,462 $0
Peter Bevacqua, JDVP & Director of Athletics (as of 3/25/24) $1,649,569 $20,000 $342,092 $334,500 $28,845 $2,375,006 $0
Shannon B. Cullinan, MBAExecutive Vice President $1,015,458 $0 $940,751 $214,500 $185,575 $2,356,284 $507,975
Alfred J. GoldenDefensive Coordinator, Football $1,993,508 $85,273 $189,239 $34,500 $29,362 $2,331,882 $0
Micah W. ShrewsberryHead Coach, Men's Basketball $1,829,200 $225,000 $182,857 $34,500 $37,283 $2,308,840 $0
John B. Swarbrick Jr., JDVP & Director of Athletics (until 3/24/24) $646,956 $250,000 $872,897 $234,500 $15,544 $2,019,897 $400,000
Rev. John I. Jenkins, C.S.C., PhDFellow & Trustee, Former President (Holy Cross Order) $864,796 $0 $310,093 $0 $110,946 $1,285,835 $0
Marianne Corr, JDVP & General Counsel $916,596 $0 $57,890 $34,500 $13,772 $1,022,758 $0
Rev. Robert A. Dowd, C.S.C., MDiv, PhDPresident, Fellow & Trustee (Holy Cross Order) $905,629 $0 $90,884 $0 $21,247 $1,017,760 $0
John T. McGreevy, PhDProvost $822,529 $0 $48,943 $34,500 $97,480 $1,003,452 $0
Rev. Daniel G. Groody, C.S.C., MDiv, PhDVP & Associate Provost, Fellow & Trustee (Holy Cross Order) $394,178 $0 $39,749 $0 $21,247 $455,174 $0
Rev. Gregory P. Haake, C.S.C., MDiv, PhDAssoc. Professor, Fellow & Trustee (Holy Cross Order) $143,046 $0 $14,486 $0 $21,247 $178,779 $0

Facilities, Debt, and Municipal Relations

Notre Dame’s physical campus in unincorporated St. Joseph County, Indiana, represents $4.32 billion in gross land, buildings, and equipment ($2.82 billion net book value after $1.49 billion in accumulated depreciation). Backed by a Moody’s Aaa credit rating—one of only eight large private universities in the United States to hold the top rating—Notre Dame largely bypasses post-2002 tax-exempt municipal bond financing, carrying just $7.89 million in legacy pre-2003 tax-exempt bonds alongside $1.22 billion in unsecured taxable notes and $298.8 million in short-term commercial borrowing.

While its core educational buildings are exempt from Indiana property taxes, Notre Dame anchors regional municipal relations and town-gown economic development across South Bend, Mishawaka, and St. Joseph County through direct Schedule I civic grants, regional innovation partnerships, and taxable commercial real estate development (`Colfax Corner ML LLC` and `Colfax Corner MM LLC`, alongside $6.04 million in gross rental properties bearing $6.99 million in operating and tax expenses).

Capital Debt & Municipal Engagement

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    Physical Plant & Campus Operations (Schedule D, Part VI): Notre Dame holds $3.26 billion in gross buildings, $508.3 million in equipment, $459.2 million in other capital assets, $53.0 million in land, and $39.1 million in leasehold improvements ($2.82 billion net book value), recording $96.28 million in FY25 occupancy expenses and $114.43 million in annual depreciation.
  • •
    Taxable Unsecured Debt & Legacy Bonds (Part X & Schedule O): During FY25, Notre Dame retired all $38.36 million in secured mortgages, ending the year with $1.215 billion in unsecured notes, $298.75 million in short-term borrowing, and $7.89 million in pre-2003 tax-exempt bonds (exempting the university from filing Schedule K), while paying $49.29 million in annual interest expense.
  • •
    Schedule I Town-Gown PILOT Payments & Municipal Relations: Out of $83.27 million in Schedule I grants across 462 domestic organizations, Notre Dame funded major South Bend and Michiana civic, municipal, and economic development initiatives—including enFocus Inc. ($1,552,578), South Bend City Church ($1,147,841), South Bend–Elkhart Regional Partnership ($755,397), Saint Mary's College ($731,224), Holy Cross College ($710,600), Habitat for Humanity of St. Joseph County ($215,000), Early Childhood Development Center ($200,000), Center for the Homeless ($149,525), Michiana Partnership ($119,109), Cultivate Food Rescue ($105,000), Northern Indiana Workforce Board ($77,000), South Bend Regional Chamber ($65,000), 466 Works ($50,000), Logan Community Resources ($40,000), La Casa de Amistad ($33,250), Boys & Girls Club of St. Joseph County ($25,000), WNIT Public Television ($22,000), South Bend Civic Theatre ($22,000), City of South Bend ($17,500), Pokagon Band of Potawatomi ($15,543), Downtown South Bend ($15,000), South Bend Venues, Parks & Arts ($13,500), and St. Joseph County Parks & Rec ($12,500).
  • •
    Top Construction & Medical Contractors (Part VII, Section B): Among 355 independent contractors paid over $100,000, the top five were Shiel Sexton Company ($56.36M, construction), Premise Health Employer Solutions ($21.51M, campus medical services), Ziolkowski Construction ($17.48M, South Bend construction), Bulley & Andrews ($16.89M, construction), and Larson-Danielson Construction ($16.78M, LaPorte construction).

Editorial Note

All financial figures in this report derive from the University of Notre Dame du Lac’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 13,042 enrolled students—8,880 undergraduates and 4,162 graduate and professional students) and have been verified against its audited financial disclosures.

While Notre Dame expends $122,626 per student on direct academic instruction, research, and student aid ($154,001 per student across all university program services and $181,739 per student in total enterprise expenditure), Chicardgo School does not imply that institutional expenditure mathematically causes specific postgraduate earnings or career outcomes. Rather, these capital resources underwrite the faculty ratios, residential system, and need-blind, loan-free financial aid policies that operate alongside student selectivity.

Accounting Reconciliation (Schedule D, Parts XI & XII): Readers comparing Notre Dame’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note explicit reconciliations reported on Schedule D, Parts XI and XII. On the revenue side (Part XI), audited GAAP total revenue and gains equal $4,239,339,993 compared to $3,418,676,076 on Form 990. Audited statements include $1,338,020,524 in net unrealized investment gains (reported separately on Form 990 Part XI, Line 5) and net $452,388,611 in tuition scholarships/fellowships, $10,502,676 in room and board scholarships, and $47,092,738 in donor-advised fund (DAF) grant distributions directly against revenue, whereas Form 990 grosses up tuition revenue and adds $73,153,925 in investment expenses while netting $2,310,635 in direct rental ($624,460) and fundraising event ($1,686,175) costs. On the expense side (Part XII), audited GAAP total expenses stand at $1,789,412,885 versus $2,370,240,201 on Form 990—a $580,827,316 difference explained by Form 990’s inclusion of $509,984,026 in student scholarships and DAF grant distributions ($452.39M tuition aid, $10.50M room/board aid, and $47.09M DAF grants) plus $73,153,925 in investment management expenses, less $2,310,635 in netted rental and fundraising event expenses.

Frequently Asked Questions: Notre Dame's Form 990 Financials

As of Fiscal Year 2025, the University of Notre Dame's endowment stands at $20.48 billion ($20,483,140,624 on Schedule D, Part V), up 12.3% year-over-year, within a broader $25.82 billion balance sheet investment portfolio. Its $655.2 million annual endowment payout covers 27.6% of the university's $2.37 billion Form 990 operating expenses and 36.6% of its $1.79 billion audited GAAP operating expense budget.

Notre Dame spends $122,626 per student annually on direct Academic Programs and Research ($1.60 billion across 13,042 students), compared to $63,157 per student collected in gross tuition and fees. Across all Form 990 program services—adding $409.2 million in Auxiliary Enterprises (housing, dining, and 26 Division I athletics programs)—total program spend is $154,001 per student ($2.01 billion), and overall institutional spend including management, investment overhead, and fundraising is $181,739 per student ($2.37 billion).

On Form 990 Schedule I, Notre Dame disbursed $479.4 million in grants to domestic individuals in FY25, led by $462.9 million in tuition scholarships, fellowships, and room and board scholarships across 8,995 students—representing 69.0% of its 13,042-student body (70.4% when including 181 athletics grant-in-aid recipients). Through its Pathways initiative, Notre Dame provides need-blind, loan-free admissions for both domestic and international undergraduates.

Head Football Coach Marcus L. Freeman is the highest-paid employee at $8,137,948 in total FY25 compensation, followed by outgoing Vice President and Chief Investment Officer Michael D. Donovan ($3,893,759) and incoming Chief Investment Officer Timothy W. Dolezal ($3,302,187). President Rev. Robert A. Dowd, C.S.C. ($1,017,760) is a Holy Cross priest who remits 100% of his earned compensation to the Congregation of Holy Cross under a vow of poverty.

Yes. Because Notre Dame enrolls more than 500 tuition-paying students and holds $1,570,552 in endowment assets per student across 13,042 students (more than triple the $500,000 federal threshold), it is subject to the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).

The University of Notre Dame's total assets reached $29.64 billion ($29,638,395,911) in Fiscal Year 2025, anchored by $25.82 billion in balance sheet investment securities ($6.22 billion publicly traded and $19.60 billion in private equity, multi-strategy, and other securities) and $2.82 billion in net physical plant.

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