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Financial Analysis

Smith College Tops $3.89 Billion in Total Assets as $201.3M Investment Surge Drives $86.2M Surplus Turnaround and $147,348 Per-Student Program Spend

By Data Team | Published November 9, 2026

Smith College’s total assets reached $3.89 billion ($3,887,000,859) in fiscal year 2025, anchored by a $2.71 billion ($2,709,530,098) endowment whose $141.99 million annual distribution covers 31.8% of the college's $446.30 million Form 990 operating budget (30.1% excluding endowment administrative fees, and approximately 44% under internal GAAP net operating revenue parameters), according to its latest IRS filing. That capital base enables Smith to spend $147,348 per student on direct program services ($368.37 million across its 2,500-student baseline enrollment, or $141,681 across 2,600 combined undergraduate and graduate students)—while regular session undergraduate program expenditure totals $128,009 per student ($320.02 million) and total institutional expenditure reaches $178,519 per student ($446.30 million).

Smith’s FY25 financial performance reflects a sharp revenue expansion driven by investment realizations and philanthropy, flipping a prior-year Form 990 operating deficit of -$21.46 million into an $86.24 million surplus. Total Form 990 revenue climbed 36.5% year-over-year to $532.54 million, propelled by a 104.1% surge in realized investment income ($201.35 million) and a 31.3% increase in contributions and grants ($71.27 million). While undergraduate tuition, room, and board generated $224.92 million ($89,969 per student), student charges accounted for 42.2% of total revenue (46.0% across all degree and auxiliary programs), allowing endowment payouts and donor gifts to subsidize $57,379 per student in direct program service costs.

This balance sheet strength supports one of the largest financial aid commitments among American liberal arts colleges. Smith disbursed $120.81 million in total student financial aid in FY25—recording $111.74 million in Schedule I grants to domestic students (including $107.08 million in direct tuition grants across 1,895 recipients, or 75.8% of the undergraduate student body, and $1.37 million in emergency and supplemental aid across 2,471 awards) alongside $9.08 million in Schedule F financial aid across 578 international and study-abroad recipients.

Institutional & Governance Profile

Operating under its formal corporate title, The Trustees of the Smith College (EIN 04-1843040), Smith is legally domiciled in Massachusetts with its main campus in Northampton, Massachusetts. Chartered in 1871 as one of the original Seven Sisters colleges, the institution operates an undergraduate liberal arts college for women alongside coeducational graduate programs, the Smith College School for Social Work, the Campus School of Smith College (K–6), the Smith College Museum of Art, and four European study-abroad centers.

Chicardgo Favicon Institutional Scale and Board Structure

  • •
    Founding & Workforce Scale: Founded in 1871, Smith issued 4,519 Form W-2s in calendar year 2024 (including faculty, administrative staff, and student employees), filed 1,184 Form 1096 vendor returns, and engaged approximately 6,000 alumnae and community volunteers.
  • •
    Academic & Global Footprint: Smith offers 1,000 courses across more than 50 areas of study to 2,500 undergraduate students, alongside 100 graduate students in Master of Arts in Teaching, Master of Fine Arts, and Master of Science programs, plus Master of Social Work (MSW) and Ph.D. candidates in the School for Social Work. The college maintains foreign bank accounts and study-abroad operations in France (Paris), Germany (Hamburg), Italy (Florence), and Switzerland (Geneva), plus over 100 chartered student organizations and 12 varsity sports teams.
  • •
    Executive Leadership: President Sarah Willie-LeBreton leads the college alongside Provost and Dean of the Faculty Daphne M. Lamothe, Executive Vice President for Finance and Administration David C. Deswert, Chief Investment Officer Lisa Marie Howie, Senior Vice President for Development Beth B. Raffeld, and Associate Vice President for Finance and Controller Jillian McGrath.
  • •
    Governing Board (Schedule O): The Board of Trustees comprises 30 voting members, 29 of whom are independent (with President Willie-LeBreton serving as the sole non-independent voting member). An Executive Committee of at least five members exercises board authority between sessions. The Audit and Risk Committee and paid tax advisors (PwC US Tax LLP) review the Form 990 prior to full board distribution, and all trustees, officers, and investment committee members sign mandatory annual conflict-of-interest disclosures.

Top-Line Financials

During FY25 (covering July 1, 2024 through June 30, 2025), Smith generated $1.12 billion ($1,120,746,535) in gross receipts and $532.54 million in total net revenue, reversing a prior-year Form 990 operating deficit of -$21.46 million into an $86.24 million operating surplus. Total assets grew 4.3% to $3.89 billion while total liabilities edged down 0.4% to $639.09 million, lifting net assets 5.3% to $3.25 billion. Donor-restricted funds represent 70.5% of net assets, with unrestricted reserves accounting for 29.5%.

Balance Sheet Strength

  • Total Assets $3,887,000,859 (+4.3%)
  • Total Liabilities $639,090,073 (-0.4%)
  • Total Net Assets $3,247,910,786 (+5.3%)
  • Donor-Restricted Net Assets $2,290,656,874 (70.5% of Total Net Assets)
  • Unrestricted Net Assets $957,253,912 (29.5% of Total Net Assets)

Operating Performance

  • Total Revenue $532,538,934 (+36.5%)
  • Total Expenses $446,297,536 (+8.4%)
  • Operating Surplus $86,241,398 (+501.9%)
  • Unrealized Gains (Excluded) $81,744,740

Note: The $86.24 million reported operating surplus reflects Form 990 realized accounting parameters (reversing a -$21.46 million deficit in FY24); adding $81.74 million in net unrealized investment gains and deducting $3.97 million in split-interest life income fund valuation changes (Part XI, Line 9) accounts for the full $164.02 million expansion in Smith's FY25 net assets.

Revenue Breakdown

All four of Smith College's primary revenue categories posted year-over-year gains in FY25. Program service revenue rose 7.7% to $244.94 million, led by $224.92 million in undergraduate tuition, room, and board and $9.18 million from the School for Social Work. Realized investment income more than doubled (+104.1%) to $201.35 million on the strength of $163.53 million in realized net capital gains from $749.25 million in gross security sales. Contributions and grants expanded 31.3% to $71.27 million, while other revenue increased 54.1% to $14.98 million.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Program Service Revenue +7.7% YoY
    $244,939,189 (46.0%)
    • Undergraduate Programs (Tuition, Room & Board) $224,923,744
    • School for Social Work $9,176,667
    • Graduate Programs $4,264,182
    • Campus School & Center for Early Childhood Education $4,212,233
    • Executive Education & Summer Programs ($378,993 UBI) $2,362,363
  • Investment Income +104.1% YoY
    $201,348,478 (37.8%)
    • Realized Net Capital Gains ($749.25M Gross Sales) $163,527,989
    • Dividends, Interest & Other Investment Income ($5.81M UBI) $37,820,489
    • Tax-Exempt Bond Proceeds Income $0
  • Contributions & Grants +31.3% YoY
    $71,269,988 (13.4%)
    • Private Philanthropy, Alumnae Gifts & Bequests $64,984,146
    • Government Research & Sponsored Grants $6,285,842
    • Noncash Gifts Included Above (221 Stock Gifts, 190 Art Works, Books) $8,560,600
  • Other Revenue +54.1% YoY
    $14,981,279 (2.8%)
    • Miscellaneous, Rebates ($3.30M) & Departmental ($1.62M) $11,229,475
    • General Services ($1.02M Related; $1.62M UBI) $2,641,579
    • Net Rental Income ($951,845 on $2.96M Gross), Inventory & Royalties $1,110,225

Endowment Performance and Asset Allocation

Smith’s internal Investment Office—led by Chief Investment Officer Lisa Marie Howie alongside two Directors of Investments—manages an institutional portfolio heavily weighted toward alternative partnership vehicles. Across Smith's $3.01 billion in total cash and investment holdings ($2.92 billion in balance sheet investment securities plus $88.08 million in cash and short-term savings), private and alternative limited partnerships account for $2.78 billion, or 92.3% of total liquid and invested assets (95.1% of long-term investment securities).

To execute its alternative investment strategy, Smith holds $702.08 million in foreign-domiciled investment vehicles reported on Schedule F—comprising $536.92 million in Central America and the Caribbean and $165.17 million in Europe—and generated $7.93 million in gross unrelated business income ($4.91 million net taxable income on Form 990-T, primarily from alternative partnership pass-throughs). Because Smith holds $1.08 million in endowment assets per undergraduate student ($1.04 million across 2,600 combined undergraduate and graduate students), the college is subject to the federal IRC Section 4968 1.4% excise tax on net investment income (Form 990, Part V, Line 16). On Schedule C (Part II-B, Line 1g), Smith disclosed spending $12,836 through a multi-college consortium lobbying against federal endowment tax increases.

Chicardgo Favicon Portfolio Performance & Asset Allocation ($3.01B Total Cash & Investments / $2.71B Endowment)

Part X & Schedule D, Part VII Allocation

  • •
    Endowment Balance (EOY): $2,709,530,098 (+5.7% YoY), representing $1,083,812 per undergraduate student across 2,500 students ($1,042,127 across 2,600 degree students).
  • •
    Net Investment Gains: $244,690,102 in total endowment investment earnings (+26.5% YoY from $193.49M in FY24).
  • •
    Alternative & Offshore Capital: 92.3% of total cash and investment assets sit in limited partnerships ($2.78B), with $536.92M domiciled in Central American and Caribbean vehicles and $165.17M in European funds.
  • •
    Total Payout & Budget Coverage: $141,994,473 ($81.86M to facilities, faculty, and academic programs; $52.45M to student financial aid; $7.68M to endowment administration), funding 31.8% of Form 990 total expenses (30.1% excluding administrative fees, and 44% of net GAAP operating revenue per Schedule D, Part XIII).

Detailed Asset Mix (Balance Sheet Cash & Investment Holdings)

Limited Partnerships
$2.78B (92.3%)
Publicly Traded Securities
$115.02M (3.8%)
Cash & Short-Term Savings
$88.08M (2.9%)
Funds Held by Outside Trustee
$27.41M (0.9%)
Program-Related Investments ($608,713) & FY25 Endowment Allocation (39% Aid, 21% Faculty, 20% Ops, 20% Academic)
$0.61M (0.02%)

5-Year Endowment History

Schedule D, Part V traces the five-year trajectory of Smith’s endowment from a $1.91 billion opening balance in FY21 to $2.71 billion at the close of FY25—a net expansion of 42.1% ($802.35 million) over five years. During that span, the endowment received $189.97 million in donor contributions and generated $1.22 billion in cumulative net investment earnings—anchored by a $712.28 million surge in FY21 and $244.69 million in FY25 gains, which more than offset a -$13.20 million market dip in FY22. Concurrently, Smith distributed $611.87 million from the endowment toward scholarships ($226.19 million), academic programs and facilities ($367.74 million), and investment/endowment administration ($17.94 million). At year-end FY25, the endowment comprised 54.35% term endowment, 25.66% permanent endowment, and 19.99% board-designated quasi-endowment.

FY25 Endowment Waterfall (Schedule D, Part V)

Visualizing the bridge from Beginning of Year (1a) to End of Year (1g).

5-Year Historical Endowment Balances (Line 1g)

End of year balance progression in billions (FY21 - FY25).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $2,564,121,244 $2,470,414,645 $2,467,995,704 $2,559,082,629 $1,907,178,022
1b. Contributions $42,713,225 $32,540,507 $39,500,778 $41,695,530 $33,524,285
1c. Net investment earnings $244,690,102 $193,493,769 $86,983,753 ($13,195,108) $712,279,624
1d. Grants or scholarships ($52,445,177) ($49,872,188) ($46,141,073) ($42,848,801) ($34,886,163)
1e. Other expenditures ($81,864,540) ($79,392,847) ($75,578,211) ($72,529,960) ($58,374,432)
1f. Administrative expenses ($7,684,756) ($3,062,642) ($2,346,306) ($4,208,586) ($638,707)
1g. End of year balance $2,709,530,098 $2,564,121,244 $2,470,414,645 $2,467,995,704 $2,559,082,629
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 54.35% term endowment, 25.66% permanent endowment, and 19.99% board-designated or quasi-endowment (80.01% restricted by donor stipulation), and includes funds held and administered by unrelated outside trustees (Line 3a(i)).

Per-Student Spending and True Cost

To maintain an apples-to-apples comparison with peer institutions, Chicardgo School evaluates per-student educational expenditure using Form 990 Total Program Service Expenses (Part III, Line 4e / Part IX, Line 25B). In FY25, Smith College expended $368,370,287 on direct program services across its 2,500-student baseline enrollment—equating to $147,348 per student in direct program service spend ($141,681 per student when including the 100 graduate students specified in Part III, Line 4c, or $98,859 net per student after deducting $121.22 million in financial aid and external grants).

Isolating regular session undergraduate educational programs (Part III, Line 4a), Smith spent $320,023,680 across its 2,500 undergraduates, or $128,009 per undergraduate student ($82,741 net of $113.17 million in undergraduate scholarship grants). By comparison, gross undergraduate tuition, room, and board revenue (Part VIII, Line 2a) totaled $224,923,744, or $89,969 per student—covering 61.1% of total program service costs ($147,348 per student) and 70.3% of regular session undergraduate program costs ($128,009 per student). Endowment payouts ($141.99 million) and annual giving bridge the remaining $57,379 per-student total program subsidy ($38,040 per student on regular session undergraduate programs alone). When incorporating $70.64 million in management and general administrative expenses and $7.29 million in fundraising expenses, Smith's overall enterprise expenditure reaches $446,297,536, or $178,519 per student ($171,653 across 2,600 combined undergraduate and graduate students).

Operations vs. Revenue

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    Total Direct Program Service Spend (Part III, Line 4e & Part IX, Line 25B): $368,370,287 across 2,500 baseline students ($147,348 per student; $141,681 across 2,600 undergraduate and graduate students; $98,859 net excluding $121.22M in grants).
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    Regular Session Undergraduate Program Spend (Part III, Line 4a): $320,023,680 across 2,500 undergraduate students ($128,009 gross per undergraduate student; $82,741 net excluding $113.17M in undergraduate financial aid).
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    Total Institutional / Enterprise Spend (Part I, Line 18 & Part IX, Line 25A): $446,297,536 in overall college expenses ($178,519 per student across 2,500 students; $171,653 across 2,600 students), including $70,638,940 in management/general overhead (15.8%) and $7,288,309 in fundraising (1.6%).
  • •
    Tuition & Room/Board Revenue: $224,923,744 in undergraduate student income ($89,969 per student before financial aid discounts; $244,939,189 across all academic divisions), leaving a $57,379 per-student direct program gap ($38,040 on Line 4a undergraduate programs) covered by endowment distributions and gifts.
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    Graduate, Social Work & Outreach Programs (Lines 4b, 4c & 4d): $13,056,651 for the School for Social Work ($9,176,667 revenue; $4,406,699 grants), $6,067,120 for coeducational graduate degree programs ($4,264,182 revenue; $3,346,319 grants across 100 students), and $29,222,836 for other program services ($18,454,720 revenue), including Smith Executive Education for Women, pre-college summer science/engineering programs, sponsored faculty research, and the laboratory Campus School (K–6).
  • •
    Global Study Abroad & Capitalized Museum Assets (Schedule F & Schedule D): Smith expended $8,046,163 in Home School Fees (Part IX, Line 24b) and $2,874,166 across four European offices and eight overseas staff in Florence, Geneva, Hamburg, and Paris (Schedule F, Part I), while maintaining $81,664,170 in capitalized works of art and library collections at the Smith College Museum of Art and Smith College Libraries (holding over 1.4 million items).

Financial Aid: How Smith Deploys $120.8M in Student Support

Smith College commits to meeting 100% of demonstrated financial need for all admitted students, assessing family financial capacity through the College Scholarship Service (CSS) Profile and supplementing need-based grants with merit scholarships, funded academic internships, and emergency student assistance. In FY25, total student financial assistance reached $120,812,723—representing 27.1% of the college's entire operating expense budget and 49.3% of gross program service revenue.

On Form 990 Schedule I (Part III), Smith reported $111,737,241 in direct grants to domestic students, led by $107,080,786 in scholarships applied directly to tuition and fees across 1,895 recipients—representing 75.8% of Smith's 2,500 undergraduate enrollment (72.9% of the 2,600 combined undergraduate and graduate student body), with an average domestic tuition grant of $56,507. In addition, Smith awarded $2,913,447 in funded academic internships across 1,529 recipients (61.2% of baseline enrollment), $1,370,040 in emergency and supplemental financial assistance across 2,471 awards (98.8% of baseline enrollment), and $372,968 in academic prizes to 366 students. On Schedule F (Part III), Smith disbursed an additional $9,075,482 in financial aid across 578 foreign and study-abroad recipients—led by 449 awards in Europe ($7,162,980) and 65 awards in East Asia and the Pacific ($886,427).

Internal Student Support (Schedule I & D)

  • Aided Student Share (Schedule I) 75.8% (1,895 students)
  • Internship / Emergency Aid Reach 1,529 Interns / 2,471 Awards
  • Domestic Tuition & Fee Scholarships $107,080,786
  • Internships, Prizes & Emergency Aid $4,656,455
  • Total Domestic Student Cash Grants $111,737,241 ($56,507 avg.)

International Aid & External Civic Grants

  • Foreign & Study-Abroad Financial Aid ($9,075,482) Disbursed across 578 recipients in nine regions on Schedule F, led by Europe ($7.16M across 449 recipients), East Asia & Pacific ($886,427; 65), South America ($417,342; 22), and North America ($261,037; 20).
  • Domestic Municipal & Civic Grants ($410,682) Reported on Schedule I, Part II, funding the City of Northampton ($250,000), Cooley Dickinson Hospital ($83,333), Greater Northampton Chamber of Commerce ($31,500), Historic Northampton ($13,000), and New England Public Media ($11,543).

Executive and Investment Team Compensation

Smith’s Schedule J disclosures highlight the compensation premium commanded by institutional endowment managers relative to campus academic executives. The college’s highest-compensated employee in FY25 was Chief Investment Officer Lisa Marie Howie, who received $1,683,902 in total compensation (comprising $685,246 in base pay, an $882,000 performance bonus, $63,727 in other reportable compensation, and $52,929 in retirement and nontaxable benefits). Two Directors of Investments—Caroline Thomas ($678,328, including a $292,500 bonus) and Corey Walker ($659,118, including a $292,500 bonus)—ranked third and fourth across the institution, while Director of Investment Operations Brian John Dwyer earned $375,730 (including a $75,000 bonus). Combined, the four listed investment officers received $3.40 million in total compensation.

Among academic and administrative leaders, President Sarah Willie-LeBreton ranked second overall at $745,032 ($600,000 base salary, $19,663 other reportable pay, $100,943 in retirement and Section 457(f) deferred compensation credits, and $24,426 in nontaxable benefits), followed by SVP for Development Beth B. Raffeld ($608,549), Former President Kathleen McCartney ($539,056), and EVP for Finance and Administration David C. Deswert ($523,434). Because CIO Lisa Marie Howie received over $1 million in remuneration, Smith 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

  • •
    Total Institutional Payroll: Smith expended $189,263,048 in total salaries, wages, pension contributions, benefits, and payroll taxes in FY25 (+11.4% YoY from $169,904,718 in FY24, representing 42.4% of all college expenses) across 4,519 W-2 employees, with 308 staff members earning over $100,000.
  • •
    Board Compensation Governance (Schedule O): The Executive Committee of the Board of Trustees evaluates and approves compensation for the President, officers, and key employees annually using independent market comparability studies of selective liberal arts colleges—benchmarking admissions overlap, endowment scale, and geographic market—and documents all deliberations contemporaneously in board minutes.
  • •
    Presidential Residence, 457(f) Vesting, Severance & Interested-Party Loans (Schedule J & L): President Willie-LeBreton is required to live on campus in the President's House as a condition of employment; under a non-qualified Section 457(f) plan established July 1, 2023, she received a $58,442 deferred retirement credit in FY25 scheduled to vest in 2030. Two separated key employees received severance payments of $141,000 and $53,479 (Schedule J, Part III). Under Schedule L, Smith holds a board-approved home purchase loan to Provost Daphne Lamothe with an outstanding balance of $65,685 ($75,000 original principal) and reported $198,445 in employment compensation paid to Sara Pruss, a family member of EVP David C. Deswert.
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown — All 18 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)
Lisa Marie HowieChief Investment Officer $685,246 $882,000 $63,727 $42,500 $10,429 $1,683,902 $0
Sarah Willie-LeBretonPresident / Trustee $600,000 $0 $19,663 $100,943 $24,426 $745,032 $0
Caroline ThomasDirector of Investments $318,625 $292,500 $7,016 $42,500 $17,687 $678,328 $0
Corey WalkerDirector of Investments $248,673 $292,500 $51,100 $42,500 $24,345 $659,118 $0
Beth B. RaffeldSVP for Development $510,385 $50,000 $4,232 $42,500 $1,432 $608,549 $0
Kathleen McCartneyFormer President $406,731 $89,346 $0 $42,500 $479 $539,056 $0
David C. DeswertEVP Finance and Administration $395,986 $42,042 $32,511 $42,500 $10,395 $523,434 $0
Julia YagerVP of College Relations & Comm $247,984 $30,771 $103,724 $41,460 $13,721 $437,660 $0
Michael T. ThurstonFmr Officer - Chair of World Lit $92,755 $32,175 $229,170 $42,500 $16,759 $413,359 $0
Samantha S. EarpVP for IT (until 3/23/2025) $271,929 $30,396 $30,639 $41,829 $24,708 $399,501 $0
Brian John DwyerDirector Operations Investment $232,854 $75,000 $3,714 $40,354 $23,808 $375,730 $0
Joanna MayVP Enrollment $262,760 $28,938 $32,479 $39,837 $10,232 $374,246 $0
Marianne R.M. YoshiokaDean School of Social Work $299,903 $0 $5,707 $36,502 $10,326 $352,438 $0
Alexandra L.M. KellerVP Campus Life & College Dean $127,130 $24,110 $116,487 $33,270 $23,382 $324,379 $0
James GrayFormer AVP Fac & Oper $100,554 $0 $195,350 $15,276 $3,577 $314,757 $0
Daphne M. LamotheProvost & Dean of the Faculty $138,462 $0 $60,499 $24,954 $22,017 $245,932 $0
Jillian McGrathAVP for Finance & Controller $194,961 $1,000 $16,709 $25,194 $584 $238,448 $0
Elena J. PalladinoSecretary & AVP Strategic Init $138,525 $14,826 $6,815 $18,714 $24,297 $203,177 $0

Facilities, Debt, and Municipal Relations

Smith College is continuing a multi-year capital modernization of its Northampton campus—including its campus-wide geothermal energy conversion and historic building renovations—driving an 11.9% increase in net physical plant value to $818.87 million in FY25. To optimize its cost of capital, Smith executed a major debt refinancing in February 2025, issuing $123.80 million in tax-exempt Massachusetts Development Finance Agency (MDFA) bonds (Series 2025A and 2025B) to refund higher-cost taxable debt.

In its host community of Northampton, Smith maintains active town-gown fiscal relationships through direct voluntary municipal payments, healthcare and civic grants, and commercial real estate operations. On Schedule I (Part II), Smith reported $410,682 in total grants to domestic governments and organizations, anchored by a $250,000 unrestricted municipal grant (PILOT payment) to the City of Northampton, alongside grants to Cooley Dickinson Hospital ($83,333), the Greater Northampton Chamber of Commerce ($31,500), Historic Northampton ($13,000), and New England Public Media ($11,543).

Capital Debt & Municipal Engagement

  • •
    Physical Plant & Campus Operations (Schedule D, Part VI): Smith holds $1,316,091,496 in gross land, buildings, and equipment ($955.68M in buildings, $181.63M in equipment, $168.85M in construction in progress/other, and $9.92M in land) and $818,871,034 in net book value after $497.22M in accumulated depreciation (+11.9% YoY from $731.67M). The college recorded $29.99M in FY25 depreciation, $14.32M in occupancy expenses, and $25.58M in FIN 47 conditional asset retirement obligations.
  • •
    Tax-Exempt Bond Refinancing & Institutional Debt (Schedule K & Part X): Tax-exempt bond liabilities rose +169.7% YoY from $72.96M to $196,760,000 following the February 1, 2025 issuance of $75,065,000 in MDFA Series 2025A bonds and $48,735,000 in MDFA Series 2025B bonds, which refunded a major portion of Smith's unsecured taxable notes—reducing unsecured notes payable by -27.9% (-$122.87M) from $440.76M to $317,888,882 (plus $1.32M in secured mortgages). Total FY25 interest expense was $17,000,763.
  • •
    Schedule I Town-Gown PILOT Payments & Municipal Relations: Beyond its tax-exempt academic footprint, Smith paid $250,000 directly to the City of Northampton (EIN 04-6001406) for general municipal support, $83,333 to Cooley Dickinson Hospital, $31,500 to the Greater Northampton Chamber of Commerce, $13,000 to Historic Northampton, and $11,543 to New England Public Media. Smith also operates non-exempt rental real estate ($2.96M gross rents; $2.01M direct expenses) and owns The Ellery Hotel LLC (259 Elm Street, Northampton), a disregarded hospitality entity generating $1,633,702 in total income with $5,253,542 in year-end assets (Schedule R, Part I).
  • •
    Top Construction & Engineering Contractors (Part VII, Section B): All five of Smith's highest-compensated independent contractors (among 139 contractors paid over $100,000) were construction management and engineering firms executing campus infrastructure projects: Bond Building Construction Inc. ($47,599,811), Keiter Corporation ($14,092,207), Consigli Construction Co. Inc. ($7,246,927), Allegrone Construction Co. Inc. ($6,683,136), and Salas O'Brien North LLC ($3,142,019).

Editorial Note

All financial figures in this report derive from Smith College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 2,500 undergraduate students, 100 coeducational graduate students, and School for Social Work cohorts) and have been reviewed by the data team.

While Smith expends $147,348 per student on direct program services ($128,009 per student on regular session undergraduate programs and $178,519 per student in total institutional expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or career outcomes. Rather, these financial resources underwrite the faculty-student ratios, need-based financial aid packages, global study-abroad centers, and laboratory facilities that operate alongside Smith’s student selectivity.

Accounting Reconciliation: Readers comparing Smith College’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will encounter three primary accounting differences. First, Form 990 reports $446.30M in total operating expenses by recording $121.22M in grants ($120.81M in domestic and foreign student financial aid) as an explicit functional expense on Part IX (Lines 1–3), whereas GAAP financial statements net student financial aid directly against gross tuition and fee revenue as a tuition discount. This structural distinction explains why Smith's $141.99M endowment distribution ($134.31M net of investment administrative fees) covers 31.8% (30.1% net) of gross Form 990 expenses while providing approximately 44% of net operating revenue under internal GAAP reporting (Schedule D, Part XIII). Second, Form 990 Part VIII revenue ($532.54M) captures only realized investment income and capital gains ($201.35M), excluding $81.74M in net unrealized investment gains and -$3.97M in split-interest life income fund valuation changes that flow directly to net assets on Part XI (Lines 5 and 9). Third, per Form 990 Part IV (Lines 12a–12b) and Schedule R, Smith’s audited financial statements are prepared on a consolidated basis; this Form 990 incorporates the college's wholly owned disregarded hospitality entity, The Ellery Hotel LLC ($1.63M income; $5.25M assets), and reports related-party transactions with the separately incorporated 501(c)(3) Alumnae Association of Smith College ($1.56M expense reimbursement on Schedule R, Part V) and Smith Students' Aid Society Inc., as well as 33 charitable remainder trusts, 40 pooled income funds, and 6 perpetual trusts, while holding $13.00M in custodial agency liabilities for affiliated alumnae and student aid organizations on Part X (Line 21).

Frequently Asked Questions: Smith's Form 990 Financials

As of Fiscal Year 2025, Smith College's endowment stands at $2.71 billion ($2,709,530,098), up 5.7% year-over-year. Its $141.99 million total annual distribution ($134.31 million in direct scholarships and academic/facility expenditures plus $7.68 million in administrative expenses) covers 31.8% of the college's $446.30 million Form 990 operating budget (30.1% excluding administrative fees, and approximately 44% of net operating revenue under internal GAAP accounting).

Smith spends $147,348 per student annually in total direct program services ($368.37 million across 2,500 baseline students, or $141,681 across 2,600 combined undergraduate and graduate students), compared to $89,969 per student collected in gross undergraduate tuition, room, and board ($224.92 million). Isolating regular session undergraduate programs (Part III, Line 4a), Smith spends $128,009 per undergraduate student ($320.02 million), while overall institutional expenditure including management overhead and fundraising reaches $178,519 per student ($446.30 million).

Smith disbursed $120.81 million in total student financial aid in FY25, comprising $111.74 million in Schedule I grants to domestic students and $9.08 million in Schedule F aid across 578 international and study-abroad recipients. On Schedule I, 1,895 domestic students—representing 75.8% of Smith's 2,500 undergraduate enrollment—received $107.08 million in direct tuition and fee grants ($56,507 average grant), supplemented by $2.91 million in funded academic internships across 1,529 students and $1.37 million in emergency and other assistance across 2,471 awards.

The highest-paid employee is Chief Investment Officer Lisa Marie Howie, who received $1,683,902 in total compensation in FY25 (including $685,246 in base pay and an $882,000 bonus), followed by President Sarah Willie-LeBreton at $745,032 and Directors of Investments Caroline Thomas ($678,328) and Corey Walker ($659,118). Across the entire college, 308 employees earned more than $100,000 in reportable compensation.

Yes. With $1.08 million in endowment assets per undergraduate student ($1.04 million across 2,600 combined undergraduate and graduate students), Smith exceeds the $500,000 per-student statutory threshold and confirmed on Form 990 Part V (Line 16) that it is subject to the federal IRC Section 4968 excise tax on net investment income. Smith also reported spending $12,836 on Schedule C to lobby via a higher-education consortium against increases to the endowment tax.

Smith College's total assets reached $3.89 billion ($3,887,000,859) in Fiscal Year 2025, anchored by $2.92 billion in investment securities ($2.78 billion in private/alternative limited partnerships, $115.02 million in publicly traded securities, and $27.41 million in outside trusts), $818.87 million in net land, buildings, and equipment (including $81.66 million in capitalized museum art and library collections), and $88.08 million in cash and short-term savings.

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