Pomona College Endowment Reaches $3.25 Billion as Doubling Investment Gains Supply 60% of Revenue and Fund $168,661 Per-Student Spend
By Data Team | Published November 7, 2026
Pomona College’s total assets reached $4.20 billion in fiscal year 2025, anchored by a $3.25 billion endowment ($1.95 million per student) whose $117.0 million total annual draw covers 36.7% of the college's $318.7 million Form 990 operating budget (48.5% of its $241.6 million GAAP operating expenses), according to its latest IRS filing. That capital base enables Pomona to spend $168,661 per student across all direct program services ($281.0 million across 1,666 enrolled undergraduates)—while regular session instruction, departmental research, and student aid expenditure stands at $89,993 per student ($149.9 million) and total institutional expenditure reaches $191,282 per student ($318.7 million).
Pomona’s financial profile illustrates the capital model of a highly selective residential liberal arts college. Student tuition, fees, room, and board generate $147.6 million ($88,621 per student before financial aid), representing 29.4% of Pomona’s $501.7 million total Form 990 revenue. Realized investment income surged 101.8% year-over-year to $298.6 million—supplying 59.5% of total institutional inflows—while private philanthropy and government grants increased 38.0% to $49.4 million.
This investment-driven revenue structure insulates academic operations from tuition dependence and funds a 100% loan-free financial aid model. Pomona disbursed $63.2 million in direct student scholarship grants in FY25 across 1,015 aided students (60.9% of the student body)—comprising $59.3 million to 922 domestic institutional aid recipients (55.3% of enrollment) on Schedule I and $3.9 million in tuition credits to 93 international students across eight global regions on Schedule F.
Institutional & Governance Profile
Operating under its legal corporate name, Pomona College (EIN 95-1664112), the institution is domiciled in Claremont, California, 35 miles east of downtown Los Angeles. Established in 1887 as the founding member of The Claremont Colleges Consortium, Pomona operates exclusively as a four-year residential undergraduate liberal arts institution.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Incorporated in 1887, Pomona issued 2,985 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student workers), filed 999 Form 1096 vendor returns, and engaged 1,997 alumni and community volunteers.
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Academic & Faculty Footprint: A full-time faculty of 211 professors (276 total instructional staff, yielding a 7:1 student-to-faculty ratio and an average class size of 15) instructs 1,666 degree-seeking undergraduates across 48 majors and 650 on-campus courses, supplemented by access to nearly 2,700 courses across the Claremont Colleges Consortium. In 2024–25, 18 Pomona students received Fulbright Awards.
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Executive Leadership: President G. Gabrielle Starr leads the college alongside VP and Treasurer/COO Jeff Roth, Assistant Treasurer and Chief Investment Officer (CIO) David Wallace, VP and Dean of the College Yuqing Wu (through June 30, 2025), VP and Dean of Students Avis Hinkson, VP for Advancement Maria Watson, and VP for Strategy and Dean of Admissions Jonathan Williams.
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Governing Board (Schedule O): The Board of Trustees comprises 29 voting members, 28 of whom are independent (Chaired by Janet Inskeep Benton). The Audit Committee reviews the KPMG-prepared Form 990 prior to full board submission, and all trustees, officers, department chairs, and director-level staff complete mandatory annual conflict-of-interest questionnaires in May with Audit Committee review in October.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Pomona generated $1.82 billion in gross receipts and $501.7 million in total net revenue. Driven by a 101.8% surge in realized investment income, Pomona’s Form 990 operating surplus expanded 614.0% to $183.0 million. Total assets rose 7.1% to $4.20 billion while net assets increased 8.0% to $3.77 billion, split between donor-restricted funds (54.2%) and unrestricted net assets (45.8%).
Balance Sheet Strength
- Total Assets $4,197,450,352 (+7.1%)
- Total Liabilities $426,606,146 (+0.5%)
- Total Net Assets $3,770,844,206 (+8.0%)
- Donor-Restricted Net Assets $2,044,866,216 (54.2% of Total Net Assets)
- Unrestricted Net Assets $1,725,977,990 (45.8% of Total Net Assets)
Operating Performance
- Total Revenue $501,709,667 (+52.3%)
- Total Expenses $318,676,147 (+4.9%)
- Operating Surplus $183,033,520 (+614.0%)
- Unrealized Gains (Excluded) $78,836,543
Note: The $183.0 million reported operating surplus reflects Form 990 realized accounting parameters; adding $78.8 million in net unrealized investment gains and $15.9 million in other net asset adjustments ($21.3 million in actuarial gift liability gains less $5.4 million in released annuity funds) accounts for the full $277.8 million expansion in Pomona's FY25 net assets.
Revenue Breakdown
All four of Pomona's primary revenue categories posted year-over-year gains in FY25. Realized investment income more than doubled (+101.8%) to $298.6 million—representing 59.5% of total revenue—driven by $248.1 million in net realized capital gains across $1.56 billion in gross securities sales and $50.4 million in dividends and interest. Program service revenue increased 5.2% to $152.2 million (30.3% of revenue), anchored by $111.7 million in gross tuition and fees and $36.0 million in student housing and dining. Contributions and grants climbed 38.0% to $49.4 million as the college expanded philanthropy ahead of its $530 million Originals campaign.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income +101.8% YoY$298,567,327 (59.5%)
- Realized Net Capital Gains ($1.56B Gross Sales less $1.32B Cost Basis) $248,149,155
- Dividends, Interest & Other Investment Income $50,418,172
- Tax-Exempt Bond Proceeds Income $0
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Program Service Revenue +5.2% YoY$152,207,828 (30.3%)
- Student Tuition and Fees $111,654,120
- Student Room and Board (14 Residence Halls & 3 Dining Halls) $35,988,390
- Auxiliary & Educational Operations $3,290,222
- Other Program Service Sources $1,275,096
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Contributions & Grants +38.0% YoY$49,406,527 (9.8%)
- Private Philanthropy, Alumni Gifts & Foundations $45,244,147
- Government Research & Financial Aid Grants $4,162,380
- Noncash Gifts Included Above (81 Stock Gifts, 5 Art Works, 1 Insurance Gift) $8,123,885
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Other Revenue +52.7% YoY$1,527,985 (0.3%)
- Net Rental Income ($1.81M Gross Rents less $920.9K Expenses) $889,100
- Catering Services, Third-Party Reimbursements, Duplicating & Royalties $638,885
Endowment Performance and Asset Allocation
Pomona’s Investment Office—supported by external consultant Cambridge Associates ($1.28 million fee)—manages a pooled investment portfolio that reached $3.25 billion in endowment net assets at the close of FY25. Across the broader balance sheet (Part X), Pomona holds $3.71 billion in total cash and investment assets: $3.15 billion in alternative and pooled securities on Schedule D, Part VII, $375.2 million in direct publicly traded securities (Line 11), $152.8 million in temporary cash investments (Line 2), and $31.0 million in program-related investments (Line 13). Venture capital ($681.9 million), absolute return strategies ($592.3 million), real assets ($341.0 million), and private equity ($291.7 million) represent 60.5% of the $3.15 billion Schedule D pooled portfolio.
To execute its global alternative strategy, Pomona holds $562.0 million in foreign-domiciled investment vehicles reported on Schedule F—including $358.3 million in Central America and the Caribbean, $109.3 million in East Asia and the Pacific, $40.8 million in Europe, and $35.2 million in North America—and generated $23.18 million in gross unrelated business revenue ($0 net taxable income on Form 990-T). Because Pomona holds $1.95 million in endowment assets per student across 1,666 undergraduates, it is subject to the federal IRC Section 4968 endowment excise tax (Form 990, Part V, Line 16), carries $3.90 million in federal income tax liabilities on Schedule D, Part X, and spent $60,000 on direct federal lobbying regarding endowment tax legislation (Schedule C, Part II-B).
Portfolio Performance & Asset Allocation ($3.15B Schedule D Pooled Portfolio / $3.71B Total Cash & Investments)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $3,245,675,198 (+7.9% YoY), representing $1,948,184 per enrolled student across 1,666 students.
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Net Investment Gains: $339,751,712 in endowment investment earnings (+8.6% YoY from $312.78M in FY24).
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Alternative & Offshore Capital: 60.5% of Schedule D, Part VII pooled holdings ($1.91B) sit in venture capital, absolute return strategies, real assets, and private equity, with $358.3M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $117,041,741 ($63.20M to student financial aid, $45.52M to academic programs and facilities, and $8.32M to administrative/investment fees), funding 36.7% of Form 990 total expenses (34.1% ex-fees) and 48.5% of GAAP operating expenses (45.0% ex-fees).
Detailed Asset Mix (Schedule D, Part VII Pooled Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of Pomona’s endowment across approximately 1,803 individual funds from a $2.25 billion opening balance in FY21 to $3.25 billion at the close of FY25. Over that five-year window, the endowment absorbed $69.1 million in new donor contributions alongside $1.47 billion in cumulative net investment earnings—highlighted by an $865.2 million surge in FY21, a -$175.7 million contraction in FY22, and consecutive gains of $312.8 million in FY24 and $339.8 million in FY25. Governed by a board spending policy that appropriates 4.5% to 5.5% of the portfolio's trailing 20-quarter average fair value, the endowment distributed $545.1 million over five years toward student scholarships ($274.6 million), campus facilities and academic programs ($228.6 million), and investment management fees ($42.0 million). At year-end FY25, the portfolio comprised 58.12% permanent donor-restricted endowment and 41.88% 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 | $3,008,964,989 | $2,797,022,341 | $2,764,971,820 | $3,031,447,003 | $2,254,547,362 |
| 1b. Contributions | $14,000,238 | $12,456,160 | $14,348,586 | $14,162,426 | $14,157,679 |
| 1c. Net investment earnings | $339,751,712 | $312,783,030 | $125,116,465 | ($175,679,397) | $865,191,000 |
| 1d. Grants or scholarships | ($63,203,345) | ($60,428,688) | ($55,234,189) | ($52,383,929) | ($43,302,882) |
| 1e. Other expenditures | ($45,517,625) | ($46,954,813) | ($38,882,988) | ($44,599,935) | ($52,619,680) |
| 1f. Administrative expenses | ($8,320,771) | ($5,913,041) | ($13,297,353) | ($7,974,348) | ($6,526,476) |
| 1g. End of year balance | $3,245,675,198 | $3,008,964,989 | $2,797,022,341 | $2,764,971,820 | $3,031,447,003 |
Per-Student Spending and True Cost
Because Pomona College is an exclusively undergraduate residential institution without graduate schools, hospitals, or federal laboratories, all four of its Form 990 Part III program service categories directly support its 1,666 enrolled students. Across all direct program services (Part III, Line 4e and Part IX, Column B), Pomona expends $280,989,004—equating to $168,661 per student ($130,724 net per student when excluding $63.20 million in financial aid grants). Isolating regular session academic instruction, departmental research, and student aid (Part III, Line 4a), Pomona spends $149,928,355, or $89,993 per student ($52,056 net of student aid grants).
By comparison, gross student tuition and fees ($111.65 million) plus room and board ($35.99 million) total $147,642,510, or $88,621 per student before financial aid discounts ($50,684 net per student after subtracting $63.20 million in scholarship grants). Even full-pay gross tuition and room/board covers only 52.5% of Pomona's $168,661 per-student direct program service cost, leaving an $80,040 per-student structural subsidy ($117,977 per student on a net tuition basis) funded by endowment distributions and private philanthropy. When factoring in central management and general overhead ($16.20 million) and fundraising ($21.48 million), total institutional expenditure reaches $318,676,147 ($191,282 per student).
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $280,989,004 across 1,666 undergraduate students ($168,661 gross direct program spend per student; $130,724 net excluding $63.20M in student aid grants), representing 88.2% of total college expenses.
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Regular Session Instruction & Research Spend (Part III, Line 4a): $149,928,355 ($89,993 per student gross; $52,056 per student net of $63.20M in financial aid grants), supporting 48 majors, 650 annual courses, and the Summer Undergraduate Research Program (SURP).
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Total Enterprise Spend (Part IX, Line 25, Col A): $318,676,147 ($191,282 per student), adding $16,203,262 in management and general expenses (5.1%) and $21,483,881 in fundraising expenses (6.7%).
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Tuition & Room/Board Revenue (Part VIII, Lines 2a & 2b): $147,642,510 ($88,621 per student gross; $84.44M or $50,684 per student net of financial aid), covering 52.5% of gross direct program service expenditure (30.1% net of aid).
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Residential Auxiliaries, Student Services & Campus Museums (Lines 4b, 4c, 4d & Schedule F): $42,745,732 for Auxiliary Enterprises (14 residence halls housing 97% of students, three self-operated dining halls spending $6.07M on food supplies, Bridges Auditorium, Seaver Theatre, and Haldeman Aquatics Center); $32,163,273 for Student Services (including $6.83M in Schedule F study-abroad expenses across seven global regions); and $56,151,644 for Academic Support, the non-capitalized 20,000-object Benton Museum of Art, and the Draper Center for Community Partnerships.
Financial Aid: How Pomona Deploys $63.2M in Loan-Free Student Support
Pomona practices need-blind admissions for all domestic applicants (including U.S. citizens, permanent residents, and undocumented/DACA students graduated from U.S. high schools) and meets 100% of demonstrated financial need for all admitted students with loan-free scholarship packages. On Form 990 Part IX (Lines 2 and 3), Pomona reported $63,203,345 in direct student grants (+4.6% YoY from $60.43 million in FY24)—all funded directly by endowment scholarship distributions (Schedule D, Part V, Line 1d).
On Schedule I (Part III), Pomona recorded $58,807,429 in institutional scholarship aid across 922 domestic students (55.3% of its 1,666-student body, averaging $63,782 per aided domestic student), plus $463,735 in other student assistance across 237 recipients. Additionally, on Schedule F (Part III), Pomona disbursed $3,932,181 in direct tuition credits across 93 international students from eight global regions. Combined, 1,015 students—60.9% of total undergraduate enrollment—received institutional grant support in FY25, alongside $2,635,037 in supplemental direct student payments reported on Part IX, Line 24c.
Internal Student Support (Schedule I & D)
- Total Aided Student Share (Schedule I + F) 60.9% (1,015 students)
- Domestic Institutional Aid Share (Schedule I) 55.3% (922 students)
- Domestic Institutional Aid Grants $58,807,429 ($63,782 avg.)
- Other Domestic Student Grants (237 recipients) $463,735
- Total Domestic Student Grants (Part IX, Line 2) $59,271,164
International Aid & Supplemental Student Funding
- International Student Tuition Credits ($3,932,181 across 93 Recipients) Disbursed on Schedule F across Sub-Saharan Africa (28 recipients, $1.28M), Europe (26, $1.03M), South America (11, $488K), East Asia/Pacific (11, $438K), Russia/NIS (6, $279K), Central America/Caribbean (4, $167K), South Asia (4, $161K), and MENA (3, $87K).
- Other Student Payments & Fellowships ($2,635,037) Reported on Part IX, Line 24c, funding Summer Undergraduate Research Program (SURP) stipends, Pomona College Internship Program (PCIP) awards, and direct student support.
Executive and Investment Team Compensation
Pomona’s Schedule J disclosures highlight the compensation structure of a top-ten national liberal arts college with an internally managed $3.25 billion endowment. President G. Gabrielle Starr was the college's highest-compensated individual in FY25 at $1,638,758—comprising $717,960 in base salary, $100,880 in other reportable compensation (including taxable private childcare services), $113,028 in retirement and deferred compensation accruals, and $706,890 in nontaxable benefits (reflecting the estimated value of her mandatory on-campus presidential residence and business-related security).
Following President Starr were Chief Investment Officer David Wallace ($708,436, including a $148,698 quantitative endowment performance bonus) and Director of Investments Joshua Ross ($520,710, including a $98,162 performance bonus). Two departing administrators received separation payouts reported in Column B(iii): former AVP of Development Craig Hyland ($518,274 total, including $145,433 in severance equal to 7.2 months of pay and a $7,483 tax gross-up) and former VP for Strategy and Dean of Admissions Seth Allen ($422,060 total, including $102,617 in severance equal to 6 months of pay). Because no employee received over $1 million in W-2 reportable remuneration (President Starr’s reportable Box D compensation was $818,840), Pomona was not subject to the IRC Section 4960 21% excise tax on excess executive pay (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Pomona expended $129,477,979 in total salaries, wages, pensions, and benefits in FY25 (+5.6% YoY, representing 40.6% of all college expenses) across 2,985 W-2 employees (including student workers), with 310 staff and faculty members earning over $100,000.
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Board Compensation Governance (Schedule O & J): The Executive Committee of the Board of Trustees, acting as the Compensation Committee, sets executive and key faculty salaries each May using peer higher-education survey medians. Under Schedule J, Part III, the CIO and Director of Investments earn non-fixed bonuses (25% deferred over three years) weighted 80% on 3-year and 5-year rolling portfolio returns versus policy benchmarks and 20% on individual performance. President Starr participates in an IRC Section 409A/457(f) retention agreement dated July 1, 2022, vesting 50% on June 30, 2027 and 100% on June 30, 2030.
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Campus Housing & Officer Relocation Loans (Schedule J & L): President Starr is required to reside on campus as a condition of employment. Under Schedule L, Part II, Pomona holds $2,877,262 in outstanding board-approved mortgage relocation loans across seven officers and key employees to support regional recruitment: Jonathan Williams ($800,000), Jeffrey Roth ($486,486), Maria Watson ($473,051), Yuqing Wu ($404,130), Robert Robinson ($301,920), Robert Gaines ($286,675), and Christina Ciambriello ($125,000). Schedule L, Part IV also discloses $75,800 in salary and benefits paid to Sandra Lundergan Price, a family member of a trustee.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 21 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) |
| G. Gabrielle StarrPresident | $717,960 | $0 | $100,880 | $113,028 | $706,890 | $1,638,758 | $0 |
| David WallaceAsst Treasurer / CIO | $489,997 | $148,698 | $0 | $38,028 | $31,713 | $708,436 | $0 |
| Joshua RossDirector of Investments | $301,795 | $98,162 | $46,000 | $38,028 | $36,725 | $520,710 | $0 |
| Craig HylandAVP Development (thru 12/2/24) | $307,984 | $0 | $174,163 | $24,564 | $11,563 | $518,274 | $0 |
| Maria WatsonVP Advancement | $398,054 | $0 | $0 | $38,028 | $31,763 | $467,845 | $0 |
| Jeff RothVP Treasurer, COO | $409,261 | $0 | $0 | $28,028 | $22,039 | $459,328 | $0 |
| Seth AllenVP Strategy / Dean Adm (thru 2/25/25) | $192,563 | $0 | $185,367 | $30,136 | $13,994 | $422,060 | $0 |
| Robert GainesProfessor / Fmr Dean of College | $343,140 | $0 | $23,000 | $38,028 | $9,294 | $413,462 | $0 |
| Avis HinksonVP Dean of Students | $314,356 | $0 | $26,000 | $37,621 | $9,915 | $387,892 | $0 |
| Yuqing WuVP Dean of College (thru 6/30/25) | $260,519 | $0 | $53,500 | $34,689 | $17,945 | $366,653 | $0 |
| Jose RodriguezVP Chief Information Officer | $285,614 | $0 | $19,900 | $33,822 | $19,617 | $358,953 | $0 |
| Robert RobinsonAsst VP of Facilities | $313,471 | $0 | $0 | $33,992 | $9,019 | $356,482 | $0 |
| Gary SmithProfessor | $262,108 | $2,800 | $0 | $29,071 | $22,033 | $316,012 | $0 |
| April MayesProfessor | $197,600 | $57,306 | $0 | $27,808 | $28,993 | $311,707 | $0 |
| Rodger DivineProfessor | $244,125 | $0 | $13,400 | $26,426 | $25,284 | $309,235 | $0 |
| Mary Lou WoodsAsst VP / Assoc Treasurer | $237,072 | $0 | $23,000 | $28,109 | $15,001 | $303,182 | $0 |
| Christina CiambrielloChief of Staff / Board Sec (thru 7/24) | $223,999 | $0 | $18,504 | $24,739 | $15,905 | $283,147 | $0 |
| Dana WoodAsst Treasurer (thru 11/1/24) | $97,574 | $0 | $74,980 | $17,638 | $16,413 | $206,605 | $0 |
| Mark KendallChief Comm Officer (thru 8/2/24) | $90,880 | $0 | $75,779 | $16,908 | $12,983 | $196,550 | $0 |
| Erin CollinsRegistrar | $143,478 | $0 | $4,541 | $15,137 | $19,179 | $182,335 | $0 |
| Jonathan WilliamsVP Strategy / Dean Adm (as of 8/1/24) | $148,213 | $0 | $0 | $12,083 | $7,537 | $167,833 | $0 |
Facilities, Debt, and Municipal Relations
Pomona’s 140-acre residential campus in Claremont encompasses 14 residence halls (including the first LEED-Platinum large-scale residence halls in the American West), three dining halls, the Benton Museum of Art, Bridges Auditorium (2,500 seats), Seaver Theatre, and the Center for Athletics, Recreation and Wellness. To preserve endowment liquidity for investment returns, the college finances long-term capital construction through municipal bond issuances and gift annuities while coordinating shared municipal and consortium infrastructure across the Claremont Colleges.
Unlike Northeast liberal arts colleges that make standalone voluntary Payment in Lieu of Taxes (PILOT) checks on Schedule I, Pomona reported $0 in Schedule I, Part II grants to domestic governments or external organizations. Instead, Pomona’s town-gown and municipal footprint combines direct property taxes and operating expenses on its non-exempt rental real estate ($1.81 million in gross rents with $920,943 in rental expenses), shared campus safety and central infrastructure operated through The Claremont Colleges Services (TCCS), free public museum programming, and college-access partnerships for local public high schools.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Pomona holds $745.40 million in gross land, buildings, and equipment ($405.12 million net book value after $340.28 million in accumulated depreciation), recording $22.32 million in annual depreciation and $9.25 million in occupancy expenses while working toward its 2030 carbon-neutrality commitment.
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Tax-Exempt Bonds & "Pomona Plan" Annuity Liabilities (Schedule K & D): The college carries $237.48 million in bond liabilities (paying $7.85 million in FY25 interest expense) across historical CEFA and CMFA issuances (including $154.65 million refunded with taxable bonds in 2020), alongside $148.52 million in Life Income Annuities Payable under the "Pomona Plan" (which encompasses 82 charitable remainder trusts and 3 pooled income funds on Schedule R and distributed $6.50 million in FY25 annuity payouts).
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Schedule I Town-Gown PILOT Payments & Municipal Relations: While reporting $0 in standalone Schedule I municipal cash grants, Pomona funds regional services through The Claremont Colleges Services (TCCS, a related 501(c)(3) on Schedule R providing centralized campus safety, health, and facilities, plus $298,279 in direct joint program outlays), pays $920,943 in direct expenses and property taxes on $1.81M of non-exempt rental properties, provides free public admission to the 20,000-object Benton Museum of Art, and operates the Draper Center for Community Partnerships and Pomona College Academy for Youth Success (PAYS) for local public school students.
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Top Independent Contractors (Part VII, Section B): Among 18 independent contractors paid over $100,000 in FY25, the five highest-compensated were Hirschfeld Kraemer LLP ($2.39M, legal services), Solomon Cordwell Buenz ($1.83M, architectural services), Cambridge Associates LLC ($1.28M, investment management services), Control Risks Group LLC ($966.7K, security services), and KPMG LLP ($652.6K, audit/tax services).
Editorial Note
All financial figures in this report derive from Pomona College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,666 degree-seeking undergraduate students) and have been reviewed by the data team.
While Pomona expends $168,661 per student across all direct program services ($89,993 per student in regular session instruction, research, and student aid, and $191,282 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 7:1 student-to-faculty ratio, summer undergraduate research stipends, and 100% need-blind domestic financial aid that operate alongside Pomona’s admissions selectivity.
Accounting Reconciliation: Readers comparing Pomona College’s KPMG-audited standalone GAAP financial statements to IRS Form 990 will find the exact bridge on Schedule D, Parts XI and XII. First, on the revenue side, audited GAAP total revenue, gains, and support stood at $519,340,370, compared to $501,709,667 on Form 990. Form 990 excludes $78,836,543 in net unrealized investment gains, $21,339,078 in actuarial gift liability adjustments, and $920,943 in rental expenses netted against rental revenue ($101.10M total deducted), while adding back $63,203,345 in student financial aid reported gross of tuition, $8,320,771 in investment management fees, $6,503,306 in reclassed charitable gift annuity payouts, and $5,438,439 in life income fund adjustments ($83.47M total added). Second, on the expense side, audited GAAP total expenses were $241,569,668, compared to $318,676,147 on Form 990. That $77.11M variance occurs because Form 990 reclassifies $63,203,345 in student financial aid grants from a tuition discount into a direct operating expense, adds $8,320,771 in investment management fees and $6,503,306 in "Pomona Plan" annuity distribution payouts to functional expenses, and nets $920,943 in rental property expenses against gross rental revenue.
Frequently Asked Questions: Pomona's Form 990 Financials
As of Fiscal Year 2025, Pomona College's endowment stands at $3.25 billion ($3,245,675,198), up 7.9% year-over-year—equating to $1,948,184 per student across 1,666 enrolled undergraduates. Its $117.04 million total annual draw ($108.72 million in direct scholarships and academic program payouts plus $8.32 million in investment management fees) covers 36.7% of the college's $318.68 million Form 990 operating budget (34.1% excluding investment fees) and 48.5% of its $241.57 million audited GAAP operating expenses (45.0% excluding investment fees).
Pomona spends $168,661 per student annually across all direct Form 990 program services ($280,989,004 across 1,666 students, or $130,724 net per student excluding $63.20 million in financial aid grants), compared to $88,621 per student generated in gross tuition, fees, room, and board ($50,684 net of financial aid). Isolating regular session academic instruction, departmental research, and student aid (Part III, Line 4a), Pomona spends $89,993 per student ($149,928,355 gross, or $52,056 net of aid), while overall enterprise spend including management overhead and fundraising reaches $191,282 per student ($318,676,147).
Pomona disbursed $63,203,345 in direct, loan-free scholarship grants in FY25 across 1,015 aided students—representing 60.9% of its 1,666-student undergraduate body. On Schedule I, Pomona reported $58,807,429 in institutional scholarship grants across 922 domestic students (55.3% of total enrollment, averaging $63,782 per recipient) plus $463,735 in other assistance across 237 domestic students. On Schedule F, Pomona awarded $3,932,181 in tuition credits across 93 international students from eight global regions, supplemented by $2,635,037 in other direct student payments for research and internships.
The highest-paid employee at Pomona College in FY25 was President G. Gabrielle Starr, who received $1,638,758 in total compensation ($717,960 base salary, $100,880 in other reportable compensation, $113,028 in retirement and deferred compensation accruals, and $706,890 in nontaxable benefits including her mandatory on-campus presidential residence), followed by Assistant Treasurer and Chief Investment Officer David Wallace ($708,436) and Director of Investments Joshua Ross ($520,710).
Yes. Because Pomona is a private college with more than 500 tuition-paying students and holds $1.95 million in endowment assets per student (nearly four times the $500,000 federal baseline threshold), it is subject to the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16), carries $3.90 million in federal income tax liabilities on Schedule D, Part X, and spent $60,000 in FY25 on direct federal lobbying regarding endowment tax legislation.
Pomona College's total assets reached $4.20 billion ($4,197,450,352) in Fiscal Year 2025, anchored by $3.71 billion in total cash and investments ($3.15 billion in Schedule D pooled alternative and equity securities, $375.21 million in direct publicly traded securities, $152.79 million in temporary cash investments, and $31.02 million in program-related investments) and $405.12 million in net physical plant.
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