Inside Princeton’s $45.9 Billion Fortress: $1.78 Billion Endowment Payout Funds Over Half of Operations and $310,604 Per-Student Program Spend
By Data Team | Published November 3, 2026
Princeton University’s total assets reached $45.86 billion in fiscal year 2025, anchored by a $35.74 billion endowment whose $1.78 billion programmatic and scholarship payout ($1.82 billion including endowment administration) covers 55.7% of the university's $3.20 billion Form 990 operating budget—and roughly 65% of its net GAAP operating budget—according to its latest IRS filing. That capital concentration enables Princeton to spend $310,604 per student across all direct program services ($2.80 billion across 9,000 students), including $179,790 per student for regular session instruction, academic support, and residential life ($1.62 billion), while total enterprise expenditure reaches $355,134 per student ($3.20 billion).
Unlike peer research universities that operate large academic medical centers, Princeton combines an undergraduate-focused residential college with a global research enterprise and the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (PPPL). Student tuition, fees, room, and board generated $675.6 million ($75,066 per student), representing 21.1% of Princeton's $3.21 billion total Form 990 revenue. Realized investment income ($1.54 billion, 48.0%) and government and philanthropic contributions ($873.2 million, 27.2%) provide over तीन-quarters of annual institutional revenue.
Because endowment distributions fund more than half of annual operations, Princeton returns 86.3% of its gross tuition and auxiliary housing charges to students as direct financial aid. In FY25, the university disbursed $582.8 million in direct student grants—comprising $559.3 million to domestic undergraduates and graduate fellows on Schedule I and $23.5 million to international recipients on Schedule F—supporting roughly 75% of the student body without requiring student loans.
Institutional & Governance Profile
Operating under its formal corporate name, The Trustees of Princeton University (EIN 21-0634501), Princeton is a 501(c)(3) nonsectarian research institution chartered in 1746 and domiciled in Princeton, New Jersey. Administrative books and records are maintained by the Office of Finance and Treasury at 701 Carnegie Center, while executive governance operates out of Nassau Hall.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1746, Princeton issued 17,462 Form W-2s in calendar year 2024 (including regular staff, faculty, graduate assistants, and student workers), filed 9,723 Form 1096 vendor returns, and engaged approximately 27,000 alumni and community volunteers.
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Academic & Residential Footprint: Approximately 1,300 faculty and 6,700 core administrative and research staff serve 9,000 degree-seeking students—comprising 5,700 undergraduates and 3,300 graduate students—with 2,500 degrees conferred in the 2024–25 academic year. Nearly 100% of undergraduates and 70% of graduate students live in university housing.
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Executive Leadership: President Christopher L. Eisgruber leads the university alongside Provost Jennifer Rexford, Executive Vice President Catherine Callow-Wright, Vice President for Finance and Treasurer James Matteo, Controller Kenneth Molinaro, and Princeton University Investment Company (PRINCO) President Vincent Tuohey.
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Governing Board (Schedule O): The Board of Trustees comprises up to 40 members, with 37 voting trustees at year-end (33 independent), including New Jersey Governor Philip Murphy ex officio and 13 alumni-elected trustees serving four-year terms. The Audit & Compliance Committee and Compensation Committee review Form 990 prior to filing, and all trustees and staff execute annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Princeton recorded $3.79 billion in gross receipts and $3.21 billion in net Form 990 revenue. Total assets expanded 7.0% to $45.86 billion while net assets rose 5.5% to $38.11 billion, split between donor-restricted funds (54.0%) and unrestricted net assets (46.0%).
Balance Sheet Strength
- Total Assets $45,858,792,000 (+7.0%)
- Total Liabilities $7,745,874,000 (+15.3%)
- Total Net Assets $38,112,918,000 (+5.5%)
- Donor-Restricted Net Assets $20,569,174,000 (54.0% of Total Net Assets)
- Unrestricted Net Assets $17,543,744,000 (46.0% of Total Net Assets)
Operating Performance
- Total Revenue $3,208,577,000 (+3.6%)
- Total Expenses $3,196,203,000 (+10.8%)
- Operating Surplus $12,374,000 (-94.2%)
- Unrealized Gains (Excluded) $1,932,737,000
Note: The $12.4 million Form 990 operating surplus reflects realized cash and accrual flows after a 10.8% increase in campus payroll, interest, and depreciation; adding $1.93 billion in net unrealized investment gains and $48.7 million in post-retirement benefit adjustments accounts for the full $1.99 billion increase in FY25 net assets.
Revenue Breakdown
Princeton’s revenue profile is led by investment returns rather than tuition or clinical operations. Realized investment income totaled $1.54 billion in FY25 (48.0% of total revenue, down 4.7% YoY due to the timing of partnership realizations while unrealized gains rose $1.93 billion). Contributions and grants expanded 10.9% to $873.2 million—split between $475.6 million in federal research and PPPL grants and $397.6 million in private philanthropy—while program service revenue from tuition, fees, and campus housing/dining rose 7.5% to $675.9 million and other partnership and rental revenue surged 84.9% to $118.4 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income -4.7% YoY$1,541,159,000 (48.0%)
- Dividends, Interest & Partnership Distributions ($112.9M UBI) $1,540,942,000
- Tax-Exempt Bond Proceeds Investment Income $425,000
- Net Realized Gain/(Loss) on Asset Sales ($567.4M Gross Sales) ($208,000)
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Contributions & Grants +10.9% YoY$873,197,769 (27.2%)
- Government Grants (Federal Research & DOE PPPL) $475,621,000
- Private Philanthropy, Alumni Giving & Events ($138.9K PUAM Fall Ball) $397,576,769
- Noncash Gifts Included Above (770 Security Gifts, 73 Art Works) $60,741,206
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Program Service Revenue +7.5% YoY$675,866,000 (21.1%)
- Student Tuition and Fees (Gross before Aid) $549,140,000
- Auxiliary Activities (Campus Housing, Dining & Conferences) $126,457,000
- Advertising & Publication Revenue $269,000
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Other Revenue +84.9% YoY$118,354,231 (3.7%)
- Other Revenue (Energy/Resource Partnerships & Misc. Income) $111,194,029
- Net Rental Income ($14.68M Gross Rents less $9.69M Expenses) $4,987,000
- Intellectual Property Royalties ($2.29M) & Net Event Loss (-$113.8K) $2,173,202
Endowment Performance and Asset Allocation
The Princeton University Investment Company (PRINCO) manages the university's $35.74 billion endowment within a broader $37.45 billion cash and investment portfolio reported on Form 990 Part X ($37.08 billion in securities plus $372.8 million in cash and short-term savings). On Schedule D, Part VII, alternative limited partnerships ($35.09 billion across private equity, venture capital, real assets, and independent return strategies) represent 93.7% of total cash and investment holdings, complemented by $915.7 million in bond proceeds awaiting capital drawdown and $771.8 million in direct publicly traded securities.
To execute its global manager-mandate strategy, Princeton holds $11.35 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $8.33 billion in Central America and the Caribbean, $2.16 billion in Sub-Saharan Africa, $500.0 million in Europe, and $329.4 million in North America—generating $113.2 million in gross unrelated business revenue ($0 net taxable income on Form 990-T after deductions and carryforwards). Because Princeton holds $3.97 million in endowment assets per student across its 9,000-student enrollment, it is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Balance Sheet Asset Allocation ($37.45B Total Cash & Investments)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $35,738,823,000 (+7.0% YoY), representing $3,970,980 per enrolled student across 9,000 students.
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Net Investment Gains: $3,605,052,000 in endowment investment earnings (+195.0% YoY from $1.22B in FY24, reflecting an 11.0% PRINCO return).
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Limited Partnership & Offshore Capital: 93.7% of balance sheet cash and investments sit in limited partnerships ($35.09B), with $11.35B deployed across foreign investment regions on Schedule F.
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Total Payout & Budget Coverage: $1,780,536,000 in programmatic and scholarship payouts ($1,466.7M to facilities and academic programs; $313.9M to scholarships, plus $35.6M in administration for $1.82B total), funding 55.7% of Form 990 total expenses (56.8% including administration, and ~65% of the net GAAP operating budget).
Detailed Asset Mix (Form 990 Balance Sheet & Schedule D, Part VII)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Princeton’s endowment from a $25.94 billion opening balance in FY21 to $35.74 billion at the close of FY25. Over that five-year span, the endowment received $2.36 billion in new gifts and transfers and generated $15.53 billion in net investment gains—anchored by an $11.88 billion surge in FY21 and $3.61 billion in net investment gains in FY25, which more than offset modest market pullbacks in FY22 (-$489.0 million) and FY23 (-$689.7 million). Over the same period, Princeton withdrew $8.10 billion from the endowment to fund $1.42 billion in scholarships, $6.49 billion in academic programs and facilities, and $190.0 million in administration. At year-end FY25, the endowment comprised 47% term endowment, 45% board-designated quasi-endowment, and 8% 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).
| 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 | $33,401,865,000 | $33,380,863,000 | $35,126,217,000 | $37,026,442,000 | $25,944,283,000 |
| 1b. Contributions | $548,050,000 | $486,964,000 | $556,921,000 | $117,556,000 | $651,218,000 |
| 1c. Net investment earnings | $3,605,052,000 | $1,222,278,000 | ($689,719,000) | ($489,044,000) | $11,883,451,000 |
| 1d. Grants or scholarships | ($313,884,000) | ($298,023,000) | ($285,910,000) | ($287,352,000) | ($232,613,000) |
| 1e. Other expenditures | ($1,466,652,000) | ($1,339,146,000) | ($1,289,030,000) | ($1,203,493,000) | ($1,192,252,000) |
| 1f. Administrative expenses | ($35,608,000) | ($51,071,000) | ($37,616,000) | ($37,892,000) | ($27,645,000) |
| 1g. End of year balance | $35,738,823,000 | $33,401,865,000 | $33,380,863,000 | $35,126,217,000 | $37,026,442,000 |
Per-Student Spending and True Cost
On Form 990 Part III (Line 4e) and Part IX (Column B), Princeton reports $2,795,437,000 in direct program service expenses across its 9,000 degree-seeking students (5,700 undergraduates and 3,300 graduate students)—equating to $310,604 per student in direct program service spending ($241,681 net per student after deducting $620.3 million in grants). Within those program services, regular session academic instruction, student support, and residential life (Lines 4b, 4c, and 4d) total $1,618,107,000, or $179,790 per student—comprising $996.4 million in direct Education and financial aid ($110,714 per student), $445.6 million in Academic and Student Support ($49,509 per student), and $176.1 million in Auxiliary residential and dining operations ($19,567 per student)—while Research (Line 4a, spanning 1,740 externally funded projects and PPPL) accounts for $1,177,330,000 ($130,814 per student).
By comparison, gross student tuition, fees, and auxiliary housing/dining revenue (Part VIII, Lines 2a and 2b) totaled $675,597,000, or $75,066 per student ($61,016 in tuition and fees plus $14,051 in room, board, and conference services). Gross student charges cover just 24.2% of Princeton's $310,604 per-student program service spend (and 41.8% of the $179,790 per-student regular session instruction, support, and housing cost), leaving a $235,538 per-student program subsidy ($104,724 per student on regular session education and residential life alone) funded by endowment payouts and sponsored research grants. Including $362.4 million in institutional management and general overhead and $38.3 million in fundraising (Part IX, Line 25), total university expenditure reaches $3,196,203,000, or $355,134 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $2,795,437,000 across 9,000 undergraduate and graduate students ($310,604 gross direct program spend per student; $241,681 net excluding $620.3M in grants).
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Regular Session Instruction, Support & Total Enterprise Spend: $1,618,107,000 in combined Education ($996.4M / $110,714 per student), Academic/Student Support ($445.6M), and Residential Auxiliaries ($176.1M)—totaling $179,790 per student—while overall enterprise expenditure including administrative overhead and fundraising reaches $3,196,203,000 ($355,134 per student).
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Tuition & Auxiliary Housing/Dining Revenue: $675,597,000 ($75,066 per student before financial aid discounts, comprising $549.1M in tuition/fees and $126.5M in auxiliary services), covering 24.2% of total program service expenditure. Endowment distributions and research grants bridge the remaining $235,538 per-student program gap.
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Sponsored & Departmental Research (Line 4a): $1,177,330,000 ($130,814 per student, including $111.5M in research grants and $52.3M in sub-awards across 371 external research institutions) supporting 1,740 externally funded projects, PPPL fusion research, and mandatory undergraduate independent senior theses.
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Art Museum, Firestone Special Collections & Global Programs (Schedule D & F): $445,577,000 in academic support, student services, athletics, and the Princeton University Art Museum (disclosing $375.4M in Form 990 art and rare book collections across 300,000 rare printed works and 45,000 linear feet of manuscripts in Firestone and Mudd Libraries), plus $46.0M in foreign research, study abroad, and grant activities across 10 world regions.
Financial Aid: How Princeton Deploys $582.8M in Zero-Loan Student Support
Princeton was the first university in the United States to eliminate student loans from its financial aid packages in 2001 and practices need-blind admissions for both domestic and international undergraduate applicants. Families earning up to $100,000 with typical assets pay zero tuition, room, or board, while families earning up to $150,000 pay zero tuition. In FY25, Princeton disbursed $582,837,985 in direct student financial aid grants—representing 86.3% of the $675.6 million collected in gross tuition, fees, and auxiliary housing/dining charges.
On Form 990 Schedule I (Part III), Princeton reports $559,288,021 in direct grants to domestic students, split almost evenly between undergraduate need-based scholarships ($280,442,450 across 6,047 tuition grant entries and 3,867 non-tuition room/board grant recipients) and graduate fellowships ($278,845,570 across 3,091 tuition fellowship recipients and 1,848 non-tuition stipend recipients). On Schedule F (Part III), Princeton disbursed an additional $23,549,964 across 2,081 international scholarship and fellowship awards (led by $13.36 million in Europe and $4.22 million in East Asia and the Pacific). Across the 9,000-student campus, approximately 65% of undergraduates and 93.7% of graduate students (~75% of the total student body, with 63.5% receiving direct domestic non-tuition housing/living grants alone) receive direct university financial assistance.
Internal Student Support (Schedule I & D)
- Aided Student Share (Campus-Wide) ~75.0% (63.5% Non-Tuition Grants)
- Undergraduate / Graduate Aid Rate ~65% Undergrad / 93.7% Grad
- Undergraduate Scholarships (Tuition & Room/Board) $280,442,450
- Graduate Fellowships (Tuition & Living Stipends) $278,845,570
- Total Domestic Student Cash Grants $559,288,021
International Aid, Sub-Awards & Municipal Grants
- Foreign Student Scholarships & Fellowships ($23,549,964) Disbursed across 2,081 international awards on Schedule F (Part III), bringing total FY25 direct student financial aid grants to $582,837,985 ($313.9M funded directly by Schedule D endowment scholarship distributions).
- Domestic Municipal/Civic Grants & Research Sub-Awards ($89,724,323) Includes $15,035,699 in Schedule I grants to 28 domestic governments and non-profits, $22,437,001 in Schedule F foreign organizational grants across 429 entities, and $52,251,623 in research sub-awards across 371 institutions.
Executive and Investment Team Compensation
Princeton’s Schedule J disclosures highlight the compensation gap between institutional endowment managers and academic administrators. The seven highest-compensated individuals at Princeton in FY25 were current or former executives of the Princeton University Investment Company (PRINCO), led by PRINCO President Vincent Tuohey ($4,722,776, including an $876,250 bonus, $2.03 million in other reportable incentive payouts, and $918,390 in deferred retirement accruals), followed by PRINCO Managing Directors Jonathan Erickson ($2,953,681), Tae Kyoon Kim ($2,654,521), Jennifer Birmingham ($2,575,719), Susan Butler Ciniglio ($2,291,759), and Ting Zhou ($1,844,951).
Among academic and administrative officers, President Christopher L. Eisgruber ranked seventh overall at $1,657,737 ($1,360,953 base salary), followed by former PRINCO President Andrew Golden ($1,598,789), Executive Vice President Catherine Callow-Wright ($1,313,236), Vice President and General Counsel Ramona Romero ($1,064,022), and Provost Jennifer Rexford ($1,051,999 including $2,500 from a related organization). Because Princeton pays over $1 million in annual remuneration to covered executives, the university is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Princeton expended $1,514,735,000 in total salaries, wages, pension contributions, employee benefits, and payroll taxes in FY25 (+8.9% YoY, representing 47.4% of total expenses) across 17,462 W-2 employees, with 3,490 staff members earning over $100,000.
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Board Compensation Governance & 457(f) Plans (Schedule J & O): The Board Committee on Compensation meets each spring with an independent compensation consultant to set presidential and officer pay (updating its delegated authority via a January 18, 2025 bylaw amendment). PRINCO executives participate in unfunded nonqualified 457(f) incentive plans tied to multi-year investment benchmark performance; Column (F) reflects $3.48M in current-year bonus payouts already reported as deferred compensation on prior Form 990s.
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Official Residences & Employee Mortgage Loans (Schedule J & L): The President, Dean of the Graduate School, and VP for Campus Life are required to reside in official university residences as a condition of employment. Under Schedule L, Part II, Princeton holds $6,413,991 in outstanding mortgage, recruitment, and parent loans across 14 officers and key employees (topped by Provost Jennifer Rexford at $1,072,619, VP Gadi Dechter at $821,745, VP Ramona Romero at $737,840, and former Dean Sanjeev Kulkarni at $719,363), alongside seven spousal employee compensation disclosures totaling $1,756,090 on Schedule L, Part IV.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 30 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) |
| Vincent TuoheyPresident of PRINCO | $860,440 | $876,250 | $2,026,057 | $918,390 | $41,639 | $4,722,776 | $0 |
| Jonathan EricksonManaging Director of PRINCO | $1,019,536 | $1,756,645 | $9,330 | $42,140 | $126,030 | $2,953,681 | $1,566,287 |
| Tae Kyoon KimManaging Director of PRINCO | $765,796 | $1,210,062 | $73,179 | $570,681 | $34,803 | $2,654,521 | $1,052,547 |
| Jennifer BirminghamManaging Director of PRINCO | $864,987 | $1,048,199 | $89,620 | $500,184 | $72,729 | $2,575,719 | $865,293 |
| Susan Butler CiniglioManaging Director of PRINCO | $765,603 | $847,832 | $72,647 | $570,681 | $34,996 | $2,291,759 | $0 |
| Ting ZhouManaging Director of PRINCO | $600,750 | $711,813 | $43,841 | $460,453 | $28,094 | $1,844,951 | $0 |
| Christopher EisgruberPresident / Trustee | $1,360,953 | $0 | $157,292 | $42,140 | $97,352 | $1,657,737 | $0 |
| Andrew GoldenFormer President of PRINCO | $767,278 | $762,224 | $3,429 | $42,140 | $23,718 | $1,598,789 | $0 |
| Catherine Callow-WrightExecutive Vice President | $849,491 | $0 | $387,309 | $42,140 | $34,296 | $1,313,236 | $0 |
| Ramona RomeroVP and General Counsel | $857,121 | $0 | $91,966 | $42,140 | $72,795 | $1,064,022 | $0 |
| Jennifer RexfordProvost (incl. $2,500 Related Org) | $879,600 | $0 | $86,794 | $42,140 | $43,465 | $1,051,999 | $0 |
| Pablo DebenedettiFormer Dean for Research | $389,468 | $0 | $511,597 | $40,894 | $20,764 | $962,723 | $0 |
| Kevin HeaneyVP for Advancement | $734,623 | $0 | $69,212 | $42,140 | $49,812 | $895,787 | $0 |
| Gene Andrew JarrettDean of the Faculty (incl. $600 Rel.) | $681,268 | $0 | $119,170 | $42,140 | $38,313 | $880,891 | $0 |
| James MatteoVP for Finance and Treasurer | $607,986 | $0 | $47,914 | $42,140 | $45,881 | $743,921 | $0 |
| Sanjeev KulkarniProf., Former Dean of Faculty ($1K Rel.) | $499,532 | $0 | $167,151 | $42,140 | $31,623 | $740,446 | $0 |
| Sarah-Jane LeslieProf., Former Dean of Grad School | $505,489 | $0 | $164,637 | $42,140 | $26,822 | $739,088 | $0 |
| Peter SchifferDean for Research | $565,616 | $0 | $76,668 | $42,140 | $31,110 | $715,534 | $0 |
| Daren HubbardVP for Information Tech & CIO | $541,147 | $0 | $84,833 | $42,140 | $24,044 | $692,164 | $0 |
| Gadi DechterVP Communications & Gov. Affairs | $561,334 | $0 | $42,142 | $42,140 | $41,426 | $687,042 | $0 |
| W. Rochelle CalhounVP for Campus Life | $518,100 | $0 | $59,616 | $42,140 | $64,810 | $684,666 | $0 |
| Hilary ParkerVP and Secretary | $574,125 | $0 | $35,868 | $42,140 | $27,290 | $679,423 | $0 |
| Charlotte Treby WilliamsFormer Executive Vice President | $533,386 | $0 | $71,190 | $42,140 | $23,965 | $670,681 | $0 |
| KyuJung WhangVP for Facilities | $555,555 | $0 | $39,980 | $42,140 | $23,162 | $660,837 | $0 |
| Rodney PriestleyDean of the Graduate School | $439,088 | $0 | $107,060 | $42,140 | $67,257 | $655,545 | $0 |
| Jill DolanDean of the College (thru 6/30/24) | $499,524 | $0 | $29,939 | $42,140 | $23,428 | $595,031 | $0 |
| Romy RiddickVP for Human Resources | $489,881 | $0 | $23,425 | $42,140 | $35,862 | $591,308 | $0 |
| Chad KlausVP for University Services | $488,205 | $0 | $27,729 | $42,140 | $30,991 | $589,065 | $0 |
| Michael GordinDean of the College (as of 7/1/24) | $492,869 | $0 | $27,891 | $42,140 | $23,177 | $586,077 | $0 |
| Nilufer ShroffVP & Chief Audit and Compliance Officer | $460,553 | $0 | $22,116 | $42,140 | $32,619 | $557,428 | $0 |
Facilities, Debt, and Municipal Relations
Princeton is in the midst of a multi-year campus expansion—encompassing new engineering and environmental studies precincts, residential colleges, the new Princeton University Art Museum, and geo-exchange sustainability infrastructure—bringing gross land, buildings, and equipment to $10.01 billion ($7.22 billion net book value after $2.79 billion in accumulated depreciation). To preserve liquidity within PRINCO’s high-return investment partnerships, Princeton finances capital construction through tax-exempt bonds issued via the New Jersey Educational Facilities Authority (NJEFA) and taxable notes.
Because Princeton’s academic real estate footprint represents a substantial share of local land in Mercer County, the university maintains one of the most structured Town-Gown PILOT (Payment in Lieu of Taxes) and voluntary municipal contribution programs in American higher education. On Form 990 Schedule I (Part II), Princeton discloses $15.04 million in direct grants to 28 domestic governments and non-profit organizations—anchored by $10.18 million in direct cash contributions to local municipal, school, county, transit, and emergency service agencies.
Capital Debt, Schedule I PILOT Payments & Contractors
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Physical Plant & Campus Operations: Princeton holds $10.01 billion in gross property ($8.46B in buildings, $846.2M in other capital facilities, $544.1M in equipment, and $154.1M in land; $7.22B net book value), recording $231.5 million in annual depreciation and $94.1 million in occupancy expenses.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Tax-exempt NJEFA bond liabilities increased 15.6% to $4.18 billion across 11 reported bond and commercial paper series (highlighted by the $1.50B March 2024 issuance and $772.7M May 2025 issuance, plus $113.0M in June 2025 commercial paper notes), alongside $2.18 billion in unsecured and secured notes payable ($6.36B total debt), generating $221.8 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Out of $15,035,699 in Schedule I domestic institutional grants, Princeton paid $5,304,000 to the Municipality of Princeton, $2,886,800 to Princeton Public Schools, $1,416,168 to the County of Mercer, $300,000 to Princeton Mass Transit, $200,000 to the Princeton Fire Department, and $70,000 to the Princeton First Aid & Rescue Squad ($10.18M combined local government support). Additional regional and civic grants supported the Community Foundation of New Jersey ($1.32M), Mary J. Goree Scholarship ($788.5K), LEDA ($672.4K in cash and conference services), McCarter Theatre Company ($657.3K), Environmental Defense Fund ($410.6K), Wilderness Society ($168.2K), Climate Central ($157.2K), Housing Initiatives of Princeton ($100K), and 101 Inc ($100K), while paying $9.69M in rental property expenses and $677,960 in Schedule C lobbying expenditures.
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Top Independent Contractors (Part VII, Section B): Among 1,074 independent contractors paid over $100,000 in CY24, the top five reflect Princeton's plasma physics research, campus transit, and museum construction: General Atomics ($14.82M for research and design), WeDriveU Inc. ($6.47M for campus shuttle transportation), Hammel Green & Abrahamson ($5.78M for architectural fees), SmithGroup ($5.48M for architectural fees), and Kubik Maltbie Inc. ($4.95M for museum exhibit design and fabrication).
Editorial Note
All financial figures in this report derive from The Trustees of Princeton University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 9,000 degree-seeking students—5,700 undergraduates and 3,300 graduate students) and have been verified by the data team.
While Princeton expends $310,604 per student across all direct program services ($179,790 per student in regular session instruction, academic support, and residential life, and $355,134 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 fund the zero-loan financial aid policy, senior thesis research infrastructure, and low student-to-faculty ratios that operate alongside Princeton’s student selectivity.
Accounting Reconciliation: Readers comparing Princeton’s PwC-audited consolidated GAAP financial statements (published in the Report of the Treasurer) to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $3.20B in total expenses by recording $620.3M in grants ($582.8M in domestic and foreign student scholarships and fellowships) as an operating expense and $549.1M in gross tuition and fees on Part VIII, whereas GAAP financial statements net student financial aid directly against gross tuition and fee revenue (resulting in a lower net GAAP operating budget of roughly $2.7B, of which the $1.78B–$1.82B endowment payout covers ~65%). Second, Form 990 Part I reports $1.54B in realized investment income and a $12.4M operating surplus while excluding $1.93B in net unrealized investment gains and $48.7M in post-retirement benefit adjustments reported on Part XI (Lines 5 and 9), which together drive the $1.99B (+5.5%) expansion in total net assets to $38.11B. Third, because Princeton is audited on a consolidated basis alongside its controlled tax-exempt and taxable affiliates listed on Schedule R (such as Forrestal Investment Corporation, Stanley J. Seeger Hellenic Fund, and Princeton University Press), Schedule D Parts XI and XII are left blank per IRS instructions, while Schedule D Part III (Line 1b) includes $375.4M in Princeton University Art Museum and Firestone Library collection assets and $8.06M in contributed art revenue that are not capitalized under GAAP.
Frequently Asked Questions: Princeton's Form 990 Financials
As of Fiscal Year 2025, Princeton University's endowment stands at $35.74 billion ($35,738,823,000), up 7.0% year-over-year and equating to $3.97 million per student across 9,000 enrolled students. Its $1.78 billion programmatic and scholarship payout ($1.82 billion including administrative expenses) covers 55.7% of the university's $3.20 billion Form 990 operating expenses (56.8% including administration, and roughly 65% under internal net GAAP operating budget metrics).
Princeton spends $310,604 per student annually in direct program services ($2.80 billion across 9,000 students)—comprising $179,790 per student in regular session instruction, student financial aid, academic support, and residential life ($1.62 billion) and $130,814 per student in organized and departmental research ($1.18 billion). Including administrative overhead and fundraising, total enterprise spend is $355,134 per student ($3.20 billion), compared to $75,066 per student collected in gross tuition, fees, room, and board.
Princeton disbursed $582.8 million in direct student financial aid grants in FY25, including $559.3 million to domestic students on Schedule I ($280.4 million in undergraduate scholarships and $278.8 million in graduate fellowships) and $23.5 million across 2,081 international awards on Schedule F. Roughly 65% of undergraduates and 93.7% of graduate students (~75% of the entire student body) receive direct financial aid with zero student loans.
The highest-paid employee is Vincent Tuohey, President of the Princeton University Investment Company (PRINCO), who received $4,722,776 in total compensation in FY25, followed by PRINCO Managing Directors Jonathan Erickson ($2,953,681), Tae Kyoon Kim ($2,654,521), and Jennifer Birmingham ($2,575,719). University President Christopher L. Eisgruber earned $1,657,737.
Yes. Because Princeton enrolls more than 500 tuition-paying students and holds $3.97 million in endowment assets per student (nearly eight times the $500,000 federal threshold), it is subject to the IRC Section 4968 excise tax on net investment income, as reported on Form 990 Part V, Line 16 and Schedule D, Part XIII.
Princeton University's total assets reached $45.86 billion ($45,858,792,000) in Fiscal Year 2025, anchored by $36.31 billion in investment limited partnerships and other securities, $771.8 million in publicly traded securities, $7.22 billion in net land, buildings, and equipment, and $562.8 million in net pledges receivable.
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