NYU Assets Climb 11.7% to $23.59B in FY25 as $4.76B Medical Practice and $3.60B Tuition Engine Drive $548.5M Operating Surplus
By Data Team | Published November 10, 2026
New York University’s (NYU) total assets rose 11.7% to $23.59 billion in fiscal year 2025, supported by a $7.14 billion endowment and $12.39 billion in total revenue that generated a $548.5 million operating surplus (+7.8% YoY), according to its latest IRS filing. Across approximately 60,000 matriculating students in 20 schools and institutes, NYU’s $454.2 million endowment program and scholarship payout ($463.8 million including administrative fees) covers 3.8% of the university's $11.85 billion Form 990 operating budget (6.3% of non-clinical academic, research, and campus operating expenses). That revenue engine enables NYU to spend $171,328 per student across all direct program services ($10.28 billion)—including $69,539 per student on direct education and campus student services ($4.17 billion, or $53,175 per student on instruction and academic scholarships alone)—while total enterprise expenditure reaches $197,430 per student ($11.85 billion).
NYU’s financial profile differs markedly from endowment-reliant peers: program service revenues supply 77.4% ($9.59 billion) of total institutional inflows. Clinical patient care delivered through the NYU Grossman School of Medicine and its academic medical center, NYU Langone Health, generated $4.76 billion (38.4% of total revenue), surpassing the $3.60 billion collected in student tuition and fees (29.0% of total revenue) and $400.2 million in student housing and dining. Government research grants ($1.15 billion), private philanthropy ($601.5 million), and realized investment income ($482.5 million, up 74.9% YoY) provide the balance of operating inflows.
Despite operating with $119,043 in endowment assets per student—a ratio that exempts the institution from the federal IRC Section 4968 endowment excise tax—NYU deployed $1.05 billion in direct student financial aid grants in FY25. The university funded 34,018 domestic and international students (56.7% of its 60,000-student enrollment), awarding $744.9 million across 24,361 domestic students on Schedule I (40.6% of enrollment) and $306.5 million in bursar-credited scholarships across 9,657 foreign and global-campus students on Schedule F.
Institutional & Governance Profile
Operating under its legal corporate name, New York University (EIN 13-5562308), NYU is a 501(c)(3) public charity domiciled in New York State with executive offices at 105 East 17th Street in Manhattan. Founded in 1831, the university encompasses 20 degree-granting schools and institutes anchored around Washington Square in Greenwich Village, the Tandon School of Engineering corridor in Downtown Brooklyn, the clinical and research campus along Manhattan’s First Avenue medical corridor, and portal degree-granting campuses in Abu Dhabi and Shanghai alongside 13 global academic study-abroad sites across six continents.
Institutional Scale and Board Structure
-
•
Founding & Workforce Scale: Founded in 1831, NYU issued 50,092 Form W-2s in calendar year 2024, filed 65,307 Form 1096 vendor information returns, and engaged 5,553 volunteers across governance, alumni, and student advocacy initiatives.
-
•
Academic & Global Footprint: Approximately 5,000 full-time faculty members instruct roughly 60,000 matriculating students across 20 schools and institutes—including the College of Arts and Science, School of Law, Grossman School of Medicine, Grossman Long Island School of Medicine, College of Dentistry, Stern School of Business, Tisch School of the Arts, Tandon School of Engineering, Steinhardt, Wagner, Silver, Rory Meyers College of Nursing, Courant Institute, and Institute of Fine Arts—conferring over 22,000 degrees annually.
-
•
Executive Leadership: President Linda Mills leads the university alongside Provost Georgina Dopico, Executive Vice President Martin Dorph, CFO, Treasurer and SVP Janine Wilcox, Vice President and CFO Taylor Jantz (appointed February 3, 2025), Chief Investment Officer Michelle Knudsen (appointed June 24, 2024), and NYU Grossman School of Medicine Dean and NYU Langone Health CEO Robert Grossman, MD.
-
•
Governing Board (Schedule O): The Board of Trustees comprises 50 voting members, 43 of whom are independent (86.0%), chaired by Evan R. Chesler. The Vice President & Controller, CFO/Treasurer, an international public accounting firm, the Audit and Compliance Committee, and the Compensation Committee review Form 990 before distribution to the full Board prior to IRS electronic filing, and the Office of General Counsel enforces annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering September 1, 2024 through August 31, 2025), NYU recorded $14.85 billion in gross receipts and $12.39 billion in total revenue (+6.7% YoY). Total expenses rose 6.6% to $11.85 billion, widening the university's Form 990 operating surplus by 7.8% to $548.5 million. Total assets expanded 11.7% to $23.59 billion while total liabilities grew 14.0% to $14.13 billion following a $1.28 billion tax-exempt Dormitory Authority of the State of New York (DASNY) bond issuance in June 2025, lifting total net assets 8.5% to $9.46 billion.
Balance Sheet Strength
- Total Assets $23,589,633,382 (+11.7%)
- Total Liabilities $14,129,039,979 (+14.0%)
- Total Net Assets $9,460,593,403 (+8.5%)
- Donor-Restricted Net Assets $5,473,652,952 (57.9% of Total Net Assets)
- Unrestricted Net Assets $3,986,940,451 (42.1% of Total Net Assets)
Operating Performance
- Total Revenue $12,394,252,993 (+6.7%)
- Total Expenses $11,845,797,478 (+6.6%)
- Operating Surplus $548,455,515 (+7.8%)
- Unrealized Gains (Excluded) $293,695,720
Note: The $548.5 million reported operating surplus reflects Form 990 realized accounting parameters; adding $293.7 million in net unrealized investment gains and deducting $103.9 million in related-party net asset eliminations reported on separate Form 990 filings (Part XI, Line 9) accounts for the full $738.2 million expansion in NYU's FY25 net assets.
Revenue Breakdown
Three of NYU’s four primary revenue streams expanded in FY25, led by a 74.9% surge in realized investment income to $482.5 million and a 6.3% increase in program service revenue to $9.59 billion. Program services generate 77.4% of all university revenue—anchored by $4.76 billion in clinical patient care at the Grossman School of Medicine and College of Dentistry (which cares for roughly 50,000 low-income New Yorkers annually) and $3.60 billion in student tuition and fees. Contributions and grants edged up 1.8% to $1.75 billion, while other revenue declined 5.2% to $567.4 million.
Primary Revenue Streams
FY25 Revenue Distribution
-
Program Service Revenue +6.3% YoY$9,591,371,984 (77.4%)
- Patient Care (Grossman School of Medicine & Clinical Practice) $4,758,906,000
- Tuition & Fees (60,000 Matriculating Students) $3,597,701,000
- Other Program Services (Academic & Clinical Contracts) $834,528,149
- Student Housing and Dining $400,236,835
-
Contributions & Grants +1.8% YoY$1,753,023,111 (14.1%)
- Government Research & Sponsored Grants (NIH, NSF & Agencies) $1,151,566,959
- Private Philanthropy, Foundations & Individual Gifts $590,401,000
- Fundraising Events ($5.61M FACES Gala, Stern Series) & Related Orgs $11,055,152
- Noncash Gifts Included Above (544 Stock Gifts of $57.2M, Tech, 85 Art Works) $60,646,000
-
Investment Income +74.9% YoY$482,480,834 (3.9%)
- Realized Net Capital Gains ($2.73B Gross Securities Sales) $338,648,481
- Dividends, Interest & Other Investment Income $140,414,353
- Tax-Exempt Bond Proceeds Investment Income $3,418,000
-
Other Revenue -5.2% YoY$567,377,064 (4.6%)
- Miscellaneous & Other Operating Revenue $434,724,619
- Post-Retirement Benefit Valuation Adjustment $67,214,339
- Net Rental Income ($109.66M Gross Rents less $61.51M Expenses) $48,155,989
- Other Auxiliaries ($9.05M), Royalties ($4.77M), Inventory ($3.43M) & Events ($39K) $17,282,117
Endowment Performance and Asset Allocation
NYU’s endowment rose 7.4% in FY25 to $7.14 billion ($7,142,586,785), supported by $728.7 million in net investment gains and $228.5 million in new endowment contributions. Across the broader balance sheet (Part X, Lines 11–13 and Schedule D, Part VII), NYU holds $7.24 billion in total investment securities—comprising $2.29 billion in directly held publicly traded securities, $4.90 billion in commingled and alternative investment vehicles, and $42.7 million in program-related investments—alongside $1.81 billion in cash and temporary savings.
Unlike peers that allocate 70% or more of invested capital to illiquid private vehicles, NYU maintains a highly liquid public equity posture: combined public equity holdings ($2.29 billion in direct publicly traded securities plus $2.06 billion in Schedule D public equity funds) account for 60.2% ($4.36 billion) of total invested securities, while private equity ($1.22 billion, 16.8%), absolute return and opportunistic hedge strategies ($1.11 billion, 15.4%), and real estate ($470.5 million, 6.5%) represent 38.7%. On Schedule F, NYU reports $1.17 billion in foreign investment holdings—concentrated in Central America and the Caribbean ($983.6 million) and Europe ($179.7 million)—generating $11.87 million in total unrelated business revenue ($5.04 million net taxable income on Form 990-T). Because NYU's $7.14 billion endowment equates to $119,043 per student across 60,000 students, the university falls well below the $500,000 per-student threshold for the federal IRC Section 4968 endowment excise tax (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($7.24B Total Balance Sheet Securities / $7.14B Endowment)
Part X & Schedule D, Part VII Allocation
-
•
Endowment Balance (EOY): $7,142,586,785 (+7.4% YoY), representing $119,043 per enrolled student across 60,000 matriculating students.
-
•
Net Investment Gains: $728,689,536 in endowment investment earnings (-18.3% YoY from $891.7M in FY24).
-
•
Public vs. Alternative Capital Mix: 60.2% ($4.36B) of NYU's $7.24B investment portfolio sits in public securities and public equity funds, with 38.7% ($2.80B) in private equity, absolute return, and real estate vehicles ($983.6M domiciled in Central American and Caribbean vehicles).
-
•
Total Payout & Budget Coverage: $454,184,132 in direct program and scholarship distributions ($367.3M to facilities and academic programs; $86.9M to student scholarships, plus $9.6M in endowment administrative fees for $463.8M total outflow), funding 3.8% of Form 990 total operating expenses (3.9% including administrative fees, and 6.3% of non-clinical university expenses excluding Patient Care).
Detailed Asset Mix ($7.24B Total Invested Securities)
5-Year Endowment History
Schedule D, Part V documents the five-year trajectory of NYU’s endowment from a $4.58 billion opening balance in FY21 to $7.14 billion at the close of FY25—a 56.1% five-year expansion (+$2.57 billion). Over that five-year span, the endowment captured $1.26 billion in donor contributions and $2.78 billion in net investment earnings—weathering a $494.8 million market contraction in FY22 before rebounding with $2.09 billion in cumulative investment gains across FY23–FY25. Simultaneously, the endowment distributed $1.41 billion toward academic programs, faculty, and facilities ($1.04 billion) and student scholarships ($373.7 million), alongside $71.5 million in administrative management expenses. At year-end FY25, 66% of the endowment was held in permanent donor-restricted funds and 34% in board-designated quasi-endowment (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) |
|---|---|---|---|---|---|
| 1a. Beginning of year | $6,649,255,005 | $5,822,924,734 | $5,232,956,389 | $5,718,111,583 | $4,576,066,176 |
| 1b. Contributions | $228,474,000 | $245,122,411 | $372,918,885 | $234,956,202 | $181,784,275 |
| 1c. Net investment earnings | $728,689,536 | $891,679,210 | $470,682,209 | ($494,754,863) | $1,188,541,998 |
| 1d. Grants or scholarships | ($86,920,000) | ($81,483,396) | ($81,483,396) | ($64,474,704) | ($59,345,581) |
| 1e. Other expenditures | ($367,264,132) | ($210,344,314) | ($158,106,065) | ($144,272,214) | ($156,365,870) |
| 1f. Administrative expenses | ($9,647,624) | ($18,643,640) | ($14,043,288) | ($16,609,615) | ($12,569,415) |
| 1g. End of year balance | $7,142,586,785 | $6,649,255,005 | $5,822,924,734 | $5,232,956,389 | $5,718,111,583 |
Per-Student Spending and True Cost
Analyzing per-student resource deployment at NYU requires examining both total direct program service expenditures and its core academic divisions across approximately 60,000 matriculating students. On Form 990 Part III (Line 4e) and Part IX (Column B), NYU reports $10,279,693,322 in total direct program service expenses—equating to $171,328 per student across all four institutional program pillars: Patient Care ($4.68 billion, or $78,071 per student), Education ($3.19 billion, or $53,175 per student), Research and Scholarship ($1.42 billion, or $23,718 per student), and Other Program Services ($981.9 million for student services, libraries, student aid, and plant operations, or $16,364 per student).
Isolating Regular Session academic instruction and campus student support—combining Education (Line 4b, $3.19 billion) and Other Campus Program Services (Line 4d, $981.9 million)—yields $4,172,346,874 in direct educational and campus program spending, or $69,539 per student ($51,910 net per student excluding $1.06 billion in student aid grants; or $93,257 per student when adding $1.42 billion in organized research). By comparison, gross student tuition and fees ($3.60 billion, or $59,962 per student) plus housing and dining ($400.2 million, or $6,671 per student) total $3,997,937,835 ($66,632 per student gross, or $49,109 net after $1.05 billion in student financial aid grants). When adding $1.50 billion in institutional management and general overhead and $63.1 million in fundraising to total program services, NYU’s overall enterprise expenditure reaches $11,845,797,478, or $197,430 per student.
Operations vs. Revenue
-
•
Total Program Service Spend (Part III, Line 4e & Part IX, Col B): $10,279,693,322 across 60,000 matriculating students ($171,328 per student across Patient Care, Education, Research, and Student/Plant Services), while overall institutional spend including management overhead ($1.50B) and fundraising ($63.1M) reaches $11,845,797,478 ($197,430 per student).
-
•
Regular Session Academic & Campus Program Spend (Part III, Lines 4b & 4d): $4,172,346,874 across Education ($3,190,480,056, or $53,175 per student) and Student Services, Libraries & Plant ($981,866,818, or $16,364 per student), totaling $69,539 per student ($51,910 net excluding $1.06B in financial aid grants, and $93,257 per student including $1.42B in organized research).
-
•
Tuition, Housing & Dining Revenue: $3,997,937,835 ($66,632 per student gross before financial aid discounts; $49,109 net per student after $1.05B in student scholarships and grants), supplemented by $454.2M in endowment payouts and $590.4M in private gifts.
-
•
Patient Care & Sponsored Research (Lines 4a & 4c): $4,684,279,791 in academic medical and dental clinical care ($4,758,906,000 in clinical revenue, generating a +$74.6M positive clinical margin) and $1,423,066,657 in R1 research expenditures (#1 in New York State and Top 12 nationally in the NSF Higher Education R&D survey).
-
•
Global Portal Campuses & Study Abroad Network (Schedule F, Part I): $738,759,292 in direct overseas instruction and research expenditures across 14 regional offices and 963 international personnel—led by Middle East and North Africa ($369.29M across 566 personnel at NYU Abu Dhabi), Europe ($131.00M across 8 offices and 305 personnel), East Asia and the Pacific ($96.29M at NYU Shanghai), and South Asia ($58.72M).
Financial Aid: How NYU Deploys $1.05B in Student Support
Since Fall 2021, NYU has met 100% of demonstrated financial need for incoming first-year undergraduates, bolstered by the NYU Promise (which eliminates tuition for first-year New York campus undergraduates from families earning under $100,000 with typical assets) and tuition-free MD scholarships at the NYU Grossman School of Medicine and NYU Grossman Long Island School of Medicine. Per Part III (Line 4b), NYU awards over $650 million annually in undergraduate scholarship aid alone, while total Form 990 grants and assistance across all undergraduate, graduate, professional, and global divisions reached $1,057,746,164 in FY25 (+4.2% YoY).
Of that total, $1,051,414,451 went directly to students across domestic and international campuses. On Schedule I (Part III), NYU recorded $744,392,246 in cash financial aid grants to 24,361 domestic students (40.6% of the 60,000-student enrollment, averaging $30,557 per recipient), alongside $554,205 in noncash food accessibility, transit, workspace, and textbook assistance across 11,228 domestic student awards. On Schedule F (Part III), NYU disbursed an additional $306,468,000 in scholarships, fellowships, and bursar-credited grants to 9,657 international and global-campus recipients (16.1% of enrollment), bringing NYU’s combined aided student share to 56.7% (34,018 students).
Internal Student Support (Schedule I & Part III)
- Total Aided Student Share (Schedule I + F) 56.7% (34,018 students)
- Domestic Aided Share (Schedule I) 40.6% (24,361 students)
- Undergraduate Scholarship Aid (Line 4b) >$650,000,000 annually
- Domestic Student Cash Grants (Schedule I) $744,392,246 ($30,557 avg.)
- Domestic Noncash Transit, Meal & Book Aid $554,205 (11,228 awards)
Global Campus Scholarships & External Grants
- International & Portal Campus Student Aid ($306,468,000) Credited to bursar accounts across 9,657 recipients on Schedule F: East Asia & Pacific ($75.3M to 3,641 students), MENA ($68.0M to 1,012), South Asia ($58.5M to 2,322), Europe ($29.1M to 860), Sub-Saharan Africa ($20.7M to 370), Russia/Neighboring ($20.1M to 355), South America ($15.3M to 454), North America ($12.3M to 440), and Central America/Caribbean ($7.1M to 203).
- Domestic Civic, Cultural & Venture Grants ($6,331,713) Disbursed on Schedule I, Part II across 41 itemized New York civic organizations, parks, Business Improvement Districts, social service nonprofits, and university-incubated technology startups.
Executive and Medical Leadership Compensation
NYU’s Schedule J disclosures highlight the dual compensation structure of a private research university integrated with one of the nation's largest academic health systems. Because clinical executives and surgical department chairs hold joint appointments across the NYU Grossman School of Medicine (reported on row i as organization compensation) and NYU Langone Health (reported on row ii as related-organization compensation), the six highest-compensated individuals on NYU’s return are medical center leaders and surgical chairs.
Robert Grossman, MD, Dean of the NYU Grossman School of Medicine and CEO of NYU Langone Health, received $15,143,284 directly from NYU and $15,143,284 from related organization NYU Langone Health ($30,286,568 combined total compensation, including $9.84 million per entity in bonus/incentive pay and $2.65 million per entity in SERP retirement accruals). Among executives compensated solely by the university (row i only), Chair of Cardiothoracic Surgery Ralph S. Mosca, MD earned $8,348,799, while Chair of Neurosurgery John G. Golfinos, MD received $7,241,231 from NYU ($8,420,036 combined with $1,178,805 from related organizations) and Chair of Plastic Surgery Eduardo Rodriguez, MD, DDS received $5,134,170 from NYU ($8,701,984 combined). On the academic administration side, President Linda Mills received $2,954,989 ($1,902,744 base salary, $200,000 bonus, $626,167 in retirement and deferred compensation, and $226,078 in nontaxable benefits including university-provided housing), Former President Andrew Hamilton received $2,237,092, Executive Vice President Martin Dorph received $1,681,993, and Provost Georgina Dopico received $1,105,468.
Payroll Scale and Compensation Governance
-
•
Total Institutional Payroll: NYU expended $7,243,635,635 in total salaries, wages, pensions, and employee benefits in FY25 (+9.1% YoY, representing 61.1% of all university expenses) across 50,092 W-2 employees, with 15,759 staff members earning over $100,000.
-
•
Board Compensation Governance & Section 4960 Excise Tax (Schedule O & Part V): An independent compensation consultant prepares custom market surveys for the Board Compensation Committee to review and approve pay for the President, officers, and key employees. Because NYU pays over $1 million to covered executives, the university is subject to the federal IRC Section 4960 excise tax on excess executive compensation (Part V, Line 15).
-
•
SERP Retirement Accruals, Housing & Interested-Party Disclosures (Schedule J & L): Under Schedule J, Part III, President Mills vests $100,000 annually in nonqualified deferred compensation (plus a $475,000 board-approved credit on December 31, 2024), EVP Martin Dorph vests $250,000 annually, and shared NYULH/GSOM SERP employer contributions in CY2024 totaled $5,269,631 for Dr. Robert Grossman, $1,779,716 for Dr. Andrew Brotman, and $711,024 for Joseph Lhota. Under Schedule L, NYU holds a board-approved $971,185 mortgage loan ($1,000,000 original principal) with Chief Investment Officer Michelle Knudsen and disclosed seven arm's-length family employment relationships totaling $3,565,417.
|
Form 990, Schedule J, Part II: Compensation Breakdown — All 20 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) |
| Robert Grossman, MDDean & CEO, NYU Langone Health (NYU Row i / Combined i+ii: $30,286,568) | $2,577,238 | $9,839,894 | $54,894 | $2,652,066 | $19,192 | $15,143,284 | $2,707,358 |
| Ralph S. Mosca, MDChair, Cardiothoracic Surgery | $3,530,073 | $4,750,000 | $7,137 | $34,500 | $27,089 | $8,348,799 | $0 |
| John G. Golfinos, MDChair, Dept of Neurosurgery (NYU Row i / Combined i+ii: $8,420,036) | $2,862,667 | $4,300,000 | $10,741 | $29,670 | $38,153 | $7,241,231 | $0 |
| Joseph J. LhotaEVP/Vice Dean, CFO & Chief of Staff (NYU Row i / Combined i+ii: $14,041,098) | $1,452,400 | $5,158,084 | $18,793 | $372,762 | $18,510 | $7,020,549 | $539,045 |
| Andrew Brotman, MDEVP/Vice Dean/Chief Clinical Officer (NYU Row i / Combined i+ii: $10,959,382) | $1,058,000 | $3,500,000 | $11,403 | $907,108 | $3,180 | $5,479,691 | $935,356 |
| Eduardo Rodriguez, MD, DDSChair, Plastic Surgery (NYU Row i / Combined i+ii: $8,701,984) | $2,288,444 | $2,802,500 | $6,038 | $20,355 | $16,833 | $5,134,170 | $0 |
| Linda MillsPresident & Trustee | $1,902,744 | $200,000 | $0 | $626,167 | $226,078 | $2,954,989 | $0 |
| Andrew HamiltonFormer President & Trustee | $2,181,834 | $0 | $0 | $34,500 | $20,758 | $2,237,092 | $0 |
| Martin DorphExecutive Vice President | $1,046,069 | $0 | $0 | $602,990 | $32,934 | $1,681,993 | $0 |
| Georgina DopicoProvost | $1,046,190 | $0 | $13,110 | $34,500 | $11,668 | $1,105,468 | $0 |
| Linda ChiarelliSVP of Capital Projects & Facilities | $785,766 | $139,579 | $0 | $34,500 | $11,656 | $971,501 | $0 |
| Aisha Oliver-StaleyGeneral Counsel & Secretary (thru 1/2/25) | $895,194 | $0 | $0 | $34,500 | $20,758 | $950,452 | $0 |
| Mathew VarugheseAssoc. VP, Deputy Gen. Counsel & Assoc. Sec. | $680,863 | $0 | $0 | $34,500 | $32,934 | $748,297 | $0 |
| Janine WilcoxVP, Treasurer, CFO & SVP | $477,877 | $96,515 | $0 | $34,500 | $11,231 | $620,123 | $0 |
| Thomas KozakAssociate Secretary (thru 2/13/25) | $514,033 | $2,500 | $0 | $34,500 | $32,934 | $583,967 | $0 |
| Michelle KnudsenChief Investment Officer (appt. 6/24/24) | $523,950 | $0 | $0 | $0 | $73 | $524,023 | $0 |
| Stephanie PiankaFormer CFO (thru 4/12/24) | $409,081 | $0 | $0 | $34,500 | $3,889 | $447,470 | $0 |
| Pietrina ScaraglinoFormer Assoc. Secretary (NYU Row i / Combined i+ii: $650,744) | $243,348 | $50,000 | $2,596 | $17,250 | $12,178 | $325,372 | $0 |
| Susan SawyerAssistant Secretary (thru 4/8/25) | $257,620 | $2,000 | $0 | $26,292 | $11,271 | $297,183 | $0 |
| Daniel J. WidawskyFormer EVP/Vice Dean/CFO & Trustee (NYU Row i / Combined i+ii: $218,546) | $97,222 | $0 | $436 | $9,758 | $1,857 | $109,273 | $0 |
Facilities, Debt, and Municipal Relations
Operating an urban vertical campus across Manhattan and Downtown Brooklyn requires continuous capital investment and debt financing. In FY25, NYU’s net land, buildings, and equipment climbed 14.6% to $10.91 billion ($17.75 billion gross cost less $6.84 billion in accumulated depreciation), supplemented by $1.50 billion in operating lease right-of-use assets ($1.64 billion in lease liabilities). To finance campus construction and refinance prior obligations, NYU increased its tax-exempt bond liabilities 58.0% to $4.56 billion—anchored by a $1.28 billion DASNY Series 2025 bond issuance on June 6, 2025—bringing total institutional debt (including $1.86 billion in secured mortgages and $1.64 billion in unsecured notes) to $8.05 billion.
Rather than issuing a single voluntary municipal PILOT check to New York City, NYU’s town-gown municipal footprint combines direct property expenses and taxes on its non-exempt commercial and rental real estate ($61.51 million in rental expenses against $109.66 million in gross rents), $1.17 million in federal, state, and city government relations and student financial aid advocacy (Schedule C), and $6.33 million in Schedule I grants to local civic organizations, neighborhood parks, Business Improvement Districts (BIDs), and community nonprofits across Manhattan and Brooklyn.
Capital Debt & Municipal Engagement
-
•
Physical Plant & Urban Campus Operations: NYU holds $17.75 billion in gross land ($171.0M), buildings ($15.22B), equipment ($1.80B), and construction/other physical assets ($553.3M), netting $10.91 billion after depreciation. Annual plant operations required $460.2M in occupancy, $308.7M in service contracts, $207.1M in repairs and maintenance, and $636.2M in depreciation.
-
•
Tax-Exempt DASNY Bonds & Institutional Debt (Schedule K): NYU carries $4.56 billion in tax-exempt DASNY bonds across eight active series issued between 2014 and 2025 (highlighted by the $1.28B Series 2025 issuance in June 2025, with $686.3M in refunding escrows and $534.3M in unspent capital project proceeds at year-end) alongside $3.49 billion in taxable mortgages and notes, paying $272.1 million in FY25 interest expense.
-
•
Schedule I Town-Gown PILOT Equivalents, BIDs & Municipal Relations: On Schedule I (Part II), NYU disbursed $6.33 million across 41 itemized domestic entities—led by $646,531 to the Washington Square Park Conservancy, $320,000 to the National Center on Philanthropy and the Law, $65,000 to the Union Square Partnership, $35,000 to the Village Alliance, $21,800 to Greenwich House, $19,985 to United Way of NYC, $17,500 to the Bowery Residents' Committee, $12,500 to University Settlement Society, and $98,000 across nine Brooklyn civic and cultural institutions (including the Brooklyn Museum, BRIC Arts Media, Downtown Brooklyn Partnership, DUMBO District Management, Brooklyn Public Library, and Prospect Park Alliance)—alongside $61.5M in rental property operating expenses and $1.17M in Schedule C legislative advocacy (including NYU in Albany Day and DC Student Aid Advocacy Day).
-
•
Top Campus Operations & Construction Contractors: NYU compensated 1,759 independent contractors over $100,000 in CY2024, led by Collins Building Services Inc ($153.49M for janitorial services), Compass Group USA ($53.42M for hospitality/dining management), Gilbane Building Company ($37.72M for construction management), Omega Healthcare ($30.49M for healthcare consulting), and Brosna Construction Corp ($26.40M for construction management).
Editorial Note
All financial figures in this report derive from New York University’s FY25 IRS Form 990 (covering September 1, 2024 through August 31, 2025 across approximately 60,000 matriculating students in 20 schools and institutes) and have been verified by the Chicardgo Data Team.
While NYU expends $171,328 per student across all direct program services ($69,539 per student in direct education and campus student services, and $197,430 per student in total enterprise expenditure), Chicardgo School does not imply that institutional spending mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the clinical, research, global campus, and financial aid infrastructure that operates alongside NYU’s student selectivity and urban location.
Accounting Reconciliation: Readers comparing NYU’s audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $11.85B in total expenses by recording $1.06B in grants ($1.05B in domestic and foreign student financial aid) as an operating expense on Part IX (Lines 1–3), whereas GAAP financial statements net student scholarship aid directly against gross tuition and fee revenue. Second, per Form 990 Part IV (Lines 12a–12b), Part XI (Line 9), and Schedule R, NYU is audited on a consolidated GAAP basis alongside its separately incorporated controlled health system affiliates—including NYU Langone Health System (EIN 47-2613531), NYU Langone Hospitals (EIN 13-3971298), Long Island Community Hospital at NYU Langone, and captive insurer CCC 550 Insurance SCC ($1.19B in assets)—whereas this Form 990 represents the standalone legal filing of the University (which includes $4.76B in clinical revenue and $4.68B in clinical expenses at the NYU Grossman School of Medicine, captures $2.90B in Schedule R Part V intercompany transactions with NYU Langone Health System—including $1.87B in expense reimbursements paid by NYULH to NYU, $527.4M in shared employee costs, $350.0M in grants from NYULH, and $150.8M in reimbursements paid to NYULH—and records a -$103.9M related-party elimination adjustment on Part XI, Line 9). Third, under Schedule D (Part III) and Schedule O, NYU’s museum, gallery, and library art and historical collections are not capitalized on the balance sheet under FASB ASC 958, while the New York-based activities of its joint-venture portal campus, NYU Shanghai, are consolidated into the university's statements.
Frequently Asked Questions: NYU's Form 990 Financials
As of Fiscal Year 2025, New York University's endowment stands at $7.14 billion ($7,142,586,785), up 7.4% year-over-year. Its $454.2 million annual program and scholarship payout ($463.8 million including administrative expenses) covers 3.8% of the university's $11.85 billion Form 990 operating budget (6.3% of non-clinical academic, research, and campus operating expenses).
Across approximately 60,000 matriculating students, NYU spends $171,328 per student annually in total direct program service expenses ($10.28 billion across Patient Care, Education, Research, and Student/Plant Services). Isolating Regular Session academic instruction and campus student support yields $69,539 per student ($4.17 billion across Education and Other Program Services, or $53,175 per student on direct Education alone), while overall enterprise spending including management overhead and fundraising totals $197,430 per student ($11.85 billion).
NYU disbursed $1.05 billion ($1,051,414,451) in direct student financial aid in FY25 across 34,018 recipients (56.7% of its 60,000 matriculating students). On Schedule I, NYU awarded $744.4 million in cash grants to 24,361 domestic students (40.6% of enrollment, plus $554,205 in noncash meal and transit support), and on Schedule F, NYU awarded $306.5 million in bursar-credited scholarships and fellowships across 9,657 foreign and global-campus students (16.1% of enrollment).
The highest-paid executive is Robert Grossman, MD, Dean of the NYU Grossman School of Medicine and CEO of NYU Langone Health, who received $15,143,284 in total compensation from NYU and $15,143,284 from related organization NYU Langone Health ($30,286,568 combined), followed by EVP/Vice Dean Joseph J. Lhota ($7,020,549 from NYU; $14,041,098 combined), EVP/Vice Dean Andrew Brotman, MD ($5,479,691 from NYU; $10,959,382 combined), and Chair of Cardiothoracic Surgery Ralph S. Mosca, MD ($8,348,799 solely from NYU). President Linda Mills received $2,954,989 in total compensation.
No. On Form 990 Part V (Line 16), NYU reports that it is not subject to the federal IRC Section 4968 excise tax on net investment income. With $7.14 billion in endowment assets across roughly 60,000 matriculating students ($119,043 per student), NYU falls well below the $500,000 per-student statutory threshold for the federal endowment tax.
New York University's total assets reached $23.59 billion ($23,589,633,382) in Fiscal Year 2025 (+11.7% YoY), anchored by $10.91 billion in net land, buildings, and equipment, $7.24 billion in balance sheet investment securities, $1.81 billion in cash and temporary savings, and $1.50 billion in operating lease right-of-use assets.
Further Reading
Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Financial Analysis
November 9, 2026Vassar’s 84% Realized Investment Gain Triples Operating Surplus to $18.1M as $2.03B Asset Base and $1.39B Endowment Fund $113,000 Per-Student Program Spend
Financial analysis of Vassar College's FY25 Form 990, detailing its $2.03 billion asset base, $1.39 billion endowment covering 18.9% of Form 990 expenses (26.4% GAAP), $113,000 per-student direct program spend, Poughkeepsie municipal relations, and Schedule J compensation
Financial Analysis
November 10, 2026WashU Assets Climb 9.0% to $22.33B in FY25 as $2.26B Clinical Practice and $13.38B Endowment Drive $433.0M Operating Surplus
Financial analysis of Washington University in St. Louis's (WashU) FY25 Form 990, detailing its $22.33 billion asset base, $13.38 billion endowment covering 11.1% of Form 990 expenses, $307,565 per-student direct program service spend ($194,420 direct instructional spend), Schedule I municipal relations, and Schedule J executive compensation.