Swarthmore Endowment Reaches $2.84 Billion as Investment Returns Supply 52% of Revenue, Outpacing Tuition to Cover 45% of Operations and Loan-Free Aid
By Data Team | Published November 7, 2026
Swarthmore College’s total assets reached $3.87 billion in fiscal year 2025, anchored by a $2.84 billion endowment whose $142.0 million direct program and scholarship payout covers 43.1% of the college's $329.42 million Form 990 operating budget (45.1% including $6.59 million in endowment administrative fees, and 53.9% under internal GAAP operating expense parameters), according to its latest IRS filing. That capital base enables Swarthmore to spend $151,363 per student on direct academic instruction, student life, and financial aid ($257.62 million across 1,702 students)—while total enterprise expenditure including administrative overhead and fundraising reaches $193,549 per student ($329.42 million).
Swarthmore’s financial structure illustrates how a capital-intensive undergraduate liberal arts and engineering college operates primarily on endowment returns rather than tuition dependence. While student tuition, room, and board generate $142.40 million ($83,667 per student before aid), student charges represent 37.3% of Swarthmore's $382.19 million total revenue. Realized investment income ($198.81 million, or 52.0% of total revenue), private philanthropy and government grants ($32.04 million, up 89.8% year-over-year), and auxiliary hospitality and retail operations ($8.94 million) supply the majority of institutional inflows.
This investment-led model insulates campus academic operations from tuition reliance and funds a loan-free financial aid program. Swarthmore disbursed $60.53 million in direct student scholarship grants in FY25—supporting nearly 54% of students with need-based Swarthmore scholarships and recording 979 total grant recipients (57.5% of the student body) across Schedule I (870 domestic students receiving $52.50 million) and Schedule F (109 international students receiving $8.02 million).
Institutional & Governance Profile
Operating under its corporate title, Swarthmore College (EIN 23-1352683), the institution is legally domiciled in Pennsylvania and located on a 425-acre arboretum campus in the Borough of Swarthmore, Delaware County. Founded in 1864 as a co-educational Quaker institution, the college offers undergraduate liberal arts and engineering degrees and manages the Scott Arboretum, the Crum Woods, and commercial hospitality operations through its wholly owned subsidiary, Parrish LLC.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1864, Swarthmore issued 2,907 Form W-2s in calendar year 2024 (including faculty, staff, and student employees), filed 2,449 Form 1096 vendor returns, and engaged 1,045 alumni and community volunteers.
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Academic & Student Footprint: Swarthmore enrolled an average of 1,702 undergraduate degree-seeking students in FY25—comprising 1,459 domestic students and 243 international students—with 191 students participating in study-abroad programs across Europe and East Asia.
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Executive Leadership: President Valerie Smith leads the college alongside Vice President for Finance and Administration and Treasurer Robert Goldberg, Provost and Dean of the Faculty Kathleen Howard (appointed September 2024, succeeding Tomoko Sakomura), Chief Investment Officer Frank C. Grunseich, and Vice President and Dean of Admissions James L. Bock III.
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Governing Board (Schedule O): The Board of Managers comprises 39 voting members, all 39 of whom are independent (with President Valerie Smith and Trustee Ayanna Johnson serving as ex officio board members). The Audit and Risk Management Committee and Finance Committee review the PwC-prepared Form 990 prior to distribution to the full Board, and all board members and supervisory staff complete mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Swarthmore generated $1.60 billion in gross receipts and $382.19 million in total net revenue. Total assets rose 7.6% to $3.87 billion while net assets increased 4.0% to $3.18 billion, divided between donor-restricted funds (58.4%) and unrestricted reserves (41.6%).
Balance Sheet Strength
- Total Assets $3,870,675,000 (+7.6%)
- Total Liabilities $694,607,000 (+28.1%)
- Total Net Assets $3,176,068,000 (+4.0%)
- Donor-Restricted Net Assets $1,853,350,000 (58.4% of Total Net Assets)
- Unrestricted Net Assets $1,322,718,000 (41.6% of Total Net Assets)
Operating Performance
- Total Revenue $382,192,696 (+5.7%)
- Total Expenses $329,419,722 (+9.5%)
- Operating Surplus $52,772,974 (-13.3%)
- Unrealized Gains (Excluded) $70,310,026
Note: The $52.77 million reported operating surplus reflects Form 990 realized accounting parameters; adding $70.31 million in net unrealized investment gains and deducting $1.58 million in actuarial adjustments to life income and postretirement benefit obligations accounts for the full $121.50 million expansion in Swarthmore's FY25 net assets.
Revenue Breakdown
Three of Swarthmore's four primary revenue streams expanded in FY25, led by an 89.8% surge in contributions and grants. Realized investment income remained the college's largest revenue engine at $198.81 million (52.0% of total revenue), edging down 0.6% year-over-year while exceeding gross student tuition, room, and board ($142.40 million) by $56.41 million. Contributions and grants nearly doubled from $16.89 million to $32.04 million (split between $20.36 million in private gifts and $11.69 million in government grants), while hospitality and auxiliary enterprises generated $8.94 million in net other revenue.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income -0.6% YoY$198,807,285 (52.0%)
- Dividends, Interest & Partnership Distributions $143,909,123
- Realized Net Capital Gains ($1.27B Gross Sales) $52,586,974
- Tax-Exempt Bond Proceeds Income $2,311,188
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Program Service Revenue +4.8% YoY$142,401,000 (37.3%)
- Tuition & Student Fees $112,049,053
- Student Room & Board $30,351,947
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Contributions & Grants +89.8% YoY$32,044,000 (8.4%)
- Private Philanthropy & Foundation Grants $20,356,000
- Government Research & Institutional Grants $11,688,000
- Noncash Gifts Included Above (47 Stock Gifts of $2.66M & 1 Art Work of $100K) $2,755,582
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Other Revenue +0.9% YoY$8,940,411 (2.3%)
- The Inn at Swarthmore (Inn & Restaurant) $5,189,660
- Bookstore at Swarthmore ($1.77M), Summer Programs ($120K) & Misc. ($2.28M) $4,170,135
- Net Rental Real Estate Loss ($757K Gross Rents less $1.18M Expenses) -$419,384
Endowment Performance and Asset Allocation
Swarthmore’s Investment Office, led by Chief Investment Officer Frank C. Grunseich, manages the college's $2.84 billion endowment alongside operating and bond proceeds across $2.92 billion in balance sheet securities ($2.97 billion including $52.84 million in temporary cash investments). Alternative assets—comprising private equity ($959.90 million), marketable alternatives ($502.25 million), and real assets ($401.69 million)—represent 63.8% of total securities ($1.86 billion), complemented by $1.06 billion in directly held and commingled public equities (36.1%).
To execute its global alternative strategy, Swarthmore holds $646.39 million in foreign-domiciled investment vehicles reported on Schedule F—including $570.09 million in Central America and the Caribbean, $54.62 million in Europe, and $21.68 million in non-U.S. North America—and controls two investment partnerships reported on Schedule R: The Varde Asia Credit Fund II LP (91.46% ownership; $6.23 million EOY assets) and Highland Capital Partners VIII (65.33% ownership; $948,827 EOY assets). Partnership investments and hospitality operations generated $16.23 million in gross unrelated business revenue ($1.72 million in net taxable UBI on Form 990-T). Because Swarthmore holds $1.67 million in endowment assets per student across 1,702 students, the college is subject to the federal IRC Section 4968 endowment excise tax on net investment income (Part V, Line 16).
Portfolio Performance & Asset Allocation ($2.92B Invested Securities / $2.97B Including Cash)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $2,842,685,000 (+4.2% YoY), representing $1,670,203 per enrolled student across 1,702 students.
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Net Investment Gains: $258,365,000 in endowment investment earnings (+69.5% YoY from $152.42M in FY24, reflecting a 9.5% return on beginning balance).
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Alternative & Offshore Capital: 63.8% of balance sheet securities sit in private equity, marketable alternatives, and real assets, with $570.09M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $142,002,000 in direct program and scholarship payouts ($114.69M to academic programs, faculty chairs, and facilities; $27.31M to student scholarships) plus $6,586,000 in investment fees ($148.59M total draw), funding 43.1% of Form 990 total expenses (45.1% including investment management fees, and 53.9% of GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of Swarthmore’s endowment from a $2.10 billion opening balance in FY21 to $2.84 billion at the close of FY25. Over that five-year window, the endowment received $23.63 million in direct donor additions and generated $1.35 billion in cumulative net investment earnings—anchored by a $906.28 million post-pandemic surge in FY21 and $258.37 million in FY25 investment gains, which offset a $73.56 million market contraction in FY22. Simultaneously, the endowment distributed $605.03 million toward student scholarships ($111.85 million) and academic programs, professorships, and facilities ($493.19 million) alongside $34.56 million in investment management fees. At year-end FY25, the portfolio comprised 61.0% permanent endowment, 36.0% board-designated quasi-endowment, and 3.0% term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $2,728,473,000 | $2,720,329,000 | $2,725,238,000 | $2,899,312,000 | $2,103,670,000 |
| 1b. Contributions | $4,435,000 | $2,851,000 | $2,501,000 | $7,044,000 | $6,803,000 |
| 1c. Net investment earnings | $258,365,000 | $152,418,000 | $111,475,000 | -$73,564,000 | $906,280,000 |
| 1d. Grants or scholarships | ($27,311,000) | ($21,970,000) | ($21,404,000) | ($19,511,000) | ($21,650,000) |
| 1e. Other expenditures | ($114,691,000) | ($119,774,000) | ($90,565,000) | ($80,240,000) | ($87,918,000) |
| 1f. Administrative expenses | ($6,586,000) | ($5,381,000) | ($6,916,000) | ($7,803,000) | ($7,873,000) |
| 1g. End of year balance | $2,842,685,000 | $2,728,473,000 | $2,720,329,000 | $2,725,238,000 | $2,899,312,000 |
Per-Student Spending and True Cost
Standardized higher education financial analysis measures direct program services per student to compare academic resource intensity across institutions. On Form 990 Part III (Line 4a) and Part IX (Column B), Swarthmore reports $257,619,156 in direct program service expenses across its 1,702 enrolled undergraduate students. That equates to $151,363 per student in direct program service expenditure ($115,802 net per student after excluding $60.53 million in financial aid grants).
By comparison, gross student tuition, room, and board revenue (Part VIII, Lines 2a–2b) totals $142,401,000, or $83,667 per student—covering 55.3% of direct program service costs and leaving a $67,696 per-student structural subsidy before financial aid discounts. After deducting $60.53 million in scholarship grants, net student revenue ($81.88 million, or $48,106 per student) covers 31.8% of direct program spend, requiring $103,257 per student in endowment distributions and gift support. When adding institutional management and general overhead ($61.86 million, or $36,347 per student) and fundraising operations ($9.94 million, or $5,839 per student), Swarthmore's total enterprise expenditure reaches $329,419,722, or $193,549 per student.
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $257,619,156 across 1,702 undergraduate students ($151,363 gross direct academic spend per student; $115,802 net excluding $60.53M in student scholarship grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $257,619,156 in total program services ($151,363 per student, representing 78.2% of total expenses) and $329,419,722 in overall institutional spend ($193,549 per student, including $61.86M in management overhead and $9.94M in fundraising).
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Tuition & Room/Board Revenue: $142,401,000 ($83,667 gross per student; $81,876,000 or $48,106 net per student after financial aid), covering 55.3% of direct academic program expenditure on a gross basis and 31.8% on a net basis.
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Instructional Payroll & Student Life Delivery (Part IX, Col B): Includes $114,976,812 in program-allocated faculty and staff compensation, $18,912,218 in academic facility depreciation, $11,665,072 in bond interest allocated to program facilities, and $5,148,320 in campus dining food and beverage costs.
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Global Study, Collections & Sustainability (Line 24b, Schedule D & Part III): $5,938,651 in off-campus study-abroad programs (supporting 191 students across Europe and East Asia), $4,876,000 in capitalized art and historical collections (Schedule D, Part III), and an internal campus carbon charge funding energy conservation across the 425-acre arboretum and Crum Woods.
Financial Aid: How Swarthmore Deploys $60.5M in Loan-Free Student Support
Swarthmore meets 100% of determined financial need for all admitted students through loan-free financial aid awards that combine institutional scholarship grants with part-time campus employment. In FY25, total student scholarship grant expenditures rose 9.0% year-over-year from $55.52 million to $60.53 million, representing 18.4% of the college's total operating budget and reducing gross tuition and room/board charges by 42.5%.
Per Part III (Line 4a), nearly 54% of Swarthmore students received need-based college scholarship aid in FY25. Across Form 990 Schedule I (Part III) and Schedule F (Part III), Swarthmore recorded 979 total scholarship recipients—representing 57.5% of its 1,702-student enrollment—comprising 870 domestic recipients ($52.50 million, or $60,346 average grant) and 109 foreign national recipients ($8.02 million, or $73,611 average grant).
Internal Student Support (Schedule I, F & D)
- Aided Student Share (Schedule I + F) 57.5% (979 students)
- Need-Based Scholarship Rate (Part III) ~54.0% (Loan-Free Aid)
- Domestic Student Grants (870 recipients) $52,501,422 ($60,346 avg.)
- Foreign Student Grants (109 recipients) $8,023,578 ($73,611 avg.)
- Total Scholarship Aid Disbursed $60,525,000 (+9.0% YoY)
Global Scholarships & Government Aid Programs
- International Aid by Region ($8,023,578 across 109 Students) Led by Sub-Saharan Africa (38 recipients, $2.75M), East Asia & the Pacific (20 recipients, $1.32M), South Asia (17 recipients, $1.25M), MENA (8 recipients, $674K), South America (8 recipients, $673K), Russia/NIS (7 recipients, $491K), North America (5 recipients, $410K), Central America/Caribbean (3 recipients, $257K), and Europe (3 recipients, $201K).
- Endowment & Federal/State Aid Funding (Schedule D & E) Funded by $27,311,000 in restricted endowment scholarship payouts and $33,214,000 in general operating funds, alongside participation in Federal Pell, FSEOG, Federal Work Study, Perkins, Direct Loans, and the Pennsylvania PHEAA Institutional Assistance Grant.
Executive and Investment Team Compensation
Swarthmore’s Schedule J disclosures detail compensation across the college's senior academic administration, investment office, and tenured faculty. The college's highest-compensated individual in FY25 was President Valerie Smith at $1,414,844—comprising $762,341 in base salary, $90,650 in nontaxable benefits (including mandatory campus residence housing), and $561,853 in deferred compensation accruals under her Supplemental Executive IRC Section 457(f) Retirement Plan (SERP), 457(b) plan, qualified retirement plan, and accrued leave. Under Schedule J, Part III, President Smith's SERP vests if she remains in office through June 30, 2026, and no cash distributions were paid from the SERP during FY25.
Following President Smith were former Vice President of College Advancement Elizabeth Boluch-Wood ($821,928, including $286,371 in base pay and $516,554 in severance), Vice President for Finance and Administration and Treasurer Robert Goldberg ($671,401, including a $50,000 bonus), Chief Investment Officer Frank C. Grunseich ($632,569), and outgoing Provost and Dean of the Faculty Tomoko Sakomura ($493,125). Because no employee received over $1 million in reportable W-2 remuneration (President Smith's reportable compensation was $762,341), Swarthmore was not subject to the federal IRC Section 4960 21% excise tax on excess executive compensation in FY25 (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Swarthmore expended $148,705,006 in total salaries, wages, pensions, and employee benefits in FY25 (+6.6% YoY from $139.55M in FY24, representing 45.1% of all college expenses) across 2,907 W-2 employees (including student workers), with 366 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Compensation Committee of the Board of Managers annually reviews and approves remuneration for the President, officers, and key employees using independent compensation consultant comparability data and formal performance evaluations.
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Campus Housing & Employee Mortgage Loans (Schedule J & L): The President and Dean of Students are required to reside in college-provided campus housing as a condition of employment, and the college maintains business club memberships at the Yale Club (New York) and Penn Club (Philadelphia). Under Schedule L, Part II, Swarthmore holds $202,295 in outstanding board-approved mortgage and down-payment assistance loans across five officers and administrators (James L. Bock III, Jason Parkhill, Kathleen Howard, Andrew Hirsch, and Anthony Coschignano).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 25 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) |
| Valerie SmithPres./Ex Officio Board Member | $762,341 | $0 | $0 | $561,853 | $90,650 | $1,414,844 | $0 |
| Elizabeth Boluch-WoodFrmr VP of College Advance | $286,371 | $0 | $516,554 | $18,411 | $592 | $821,928 | $0 |
| Robert GoldbergVP Finance & Admin & Treasurer | $562,367 | $50,000 | $0 | $34,500 | $24,534 | $671,401 | $0 |
| Frank C GrunseichChief Investment Officer | $551,123 | $0 | $0 | $34,500 | $46,946 | $632,569 | $0 |
| Tomoko SakomuraProvost & Dean (Until 08/24) | $380,517 | $50,000 | $0 | $32,434 | $30,174 | $493,125 | $0 |
| Thomas HunterProfessor | $51,734 | $0 | $379,720 | $5,528 | $13,466 | $450,448 | $0 |
| Andrew HirschVP for Communications | $309,932 | $35,000 | $0 | $30,999 | $30,575 | $406,506 | $0 |
| James L Bock IIIVP and Dean of Admissions | $285,650 | $25,000 | $0 | $29,290 | $62,531 | $402,471 | $0 |
| Sharmaine Bradham Lamar EsqGeneral Counsel | $253,859 | $35,000 | $0 | $25,926 | $50,396 | $365,181 | $0 |
| Stephanie IvesVP for Student Affairs | $283,990 | $35,000 | $0 | $26,976 | $14,600 | $360,566 | $0 |
| Renee AtkinsonAssociate VP Gift Planning | $295,910 | $10,000 | $0 | $29,523 | $23,864 | $359,297 | $0 |
| Beth GlassmanVP Human Resources | $271,461 | $25,000 | $0 | $27,392 | $30,575 | $354,428 | $0 |
| S Brooke VickVP for DEI | $255,103 | $35,000 | $0 | $21,333 | $30,532 | $341,968 | $0 |
| Erin Brownlee DellChief of Staff & Secretary | $235,494 | $35,000 | $0 | $23,900 | $39,375 | $333,769 | $0 |
| Ying HanDirector of Investments | $300,444 | $0 | $0 | $0 | $29,597 | $330,041 | $0 |
| Andrew FeickFormer Co-Interim VP Fin&Admin | $250,989 | $20,000 | $0 | $25,500 | $30,517 | $327,006 | $0 |
| Anthony CoschignanoAssociate VP Campus Svcs | $207,583 | $65,000 | $0 | $21,471 | $30,445 | $324,499 | $0 |
| Donna Jo NapoliProfessor | $261,472 | $0 | $0 | $25,544 | $8,669 | $295,685 | $0 |
| Kathleen HowardProvost & Dean (As of 09/24) | $209,923 | $0 | $0 | $20,506 | $55,739 | $286,168 | $0 |
| Jason ParkhillChief Information Officer | $217,518 | $0 | $0 | $21,471 | $46,819 | $285,808 | $0 |
| Alice TurbivilleAVP Finance & Asst Treasurer | $196,545 | $0 | $0 | $19,642 | $23,713 | $239,900 | $0 |
| Robin Huntingdon ShoresAssistant Secretary | $177,895 | $0 | $0 | $18,163 | $24,307 | $220,365 | $0 |
| Bradley KochDirector of Athletics | $198,105 | $0 | $0 | $19,727 | $830 | $218,662 | $0 |
| Sarah PearsonVP fr Advancement | $192,005 | $0 | $0 | $0 | $420 | $192,425 | $0 |
| Carrie DiennaFormer Acting Asst Treasurer | $169,731 | $0 | $0 | $16,908 | $802 | $187,441 | $0 |
Facilities, Debt, and Municipal Relations
Swarthmore’s 425-acre campus in Delaware County encompasses academic laboratories, residence halls, dining facilities, the Scott Arboretum, and the Crum Woods. Rather than liquidating endowment principal to fund campus modernization and sustainability projects, the college pairs philanthropy with tax-exempt municipal bonds issued through the Swarthmore Borough Authority alongside taxable debt.
On Form 990 Schedule I (Part II) and Part IX (Line 1), Swarthmore reports $0 in direct cash grants or standalone voluntary PILOT (Payment in Lieu of Taxes) contributions to domestic governments or municipal agencies. Instead, Swarthmore's municipal fiscal relationship with the Borough of Swarthmore operates through taxable commercial hospitality and retail enterprises, property expenses on non-exempt residential real estate, local municipal bond conduit financing, and public access to its arboretum grounds.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Swarthmore holds $977.77 million in gross land, buildings, and equipment ($706.32 million net book value after $271.45 million in accumulated depreciation, up +10.6% YoY), recording $24.83 million in annual depreciation, $7.75 million in equipment maintenance, and $3.72 million in occupancy costs.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): Tax-exempt bond liabilities rose 33.5% in FY25 from $436.96 million to $583.48 million across seven active series issued by the Swarthmore Borough Authority (Series 2015, 2016A, 2016B, 2018, 2021B, 2023, and the $180.34 million Series 2025A issued in June 2025, holding $141.09 million in unspent capital proceeds at year-end), alongside $18.21 million in taxable bonds and $15.22 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: While reporting $0 in Schedule I municipal cash grants, Swarthmore anchors the borough's commercial town center through Parrish LLC (a wholly owned disregarded entity on Schedule R), operating The Inn at Swarthmore ($5.19M gross revenue, including $4.56M in taxable unrelated business revenue) and the Bookstore at Swarthmore ($1.77M revenue). The college also incurred $1.18M in direct operating expenses and taxes on rental housing ($757K gross rents), maintains 425 acres of arboretum and woodland trails open to the public at no cost, and spent $9,817 on federal higher-education policy advocacy (Schedule C).
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Top Construction Contractors: All five of Swarthmore's highest-compensated independent contractors (among 87 contractors paid over $100,000) were regional building and construction firms: Whiting-Turner Contracting Company ($25.23M), P. Agnes Inc. ($17.49M), Warfel Construction ($10.74M), LF Driscoll Company LLC ($8.16M), and Target Building Construction Inc. ($5.40M).
Editorial Note
All financial figures in this report derive from Swarthmore College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across an average enrollment of 1,702 degree-seeking undergraduate students—1,459 domestic and 243 international) and have been reviewed by the data team.
While Swarthmore expends $151,363 per student on direct academic instruction, student life, and financial aid ($193,549 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 faculty-to-student ratios, loan-free financial aid packages, and undergraduate research facilities that operate alongside Swarthmore’s student selectivity.
Accounting Reconciliation: Readers comparing Swarthmore’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences documented on Schedule D (Parts XI–XIII) and Schedule R. First, Form 990 reports $329,419,722 in total expenses compared to $263,485,000 on the audited financial statements—a $65,934,722 difference driven by IRS rules that require grossing up $60,525,000 in student financial aid grants and $6,586,000 in investment management fees as operating expenses (whereas GAAP nets scholarship aid against tuition revenue and investment fees against investment return), partially offset by reclassifying $1,176,278 in rental housing expenses against gross rental income on Part VIII, Line 6b. Second, Form 990 reports $382,192,696 in total revenue compared to $384,984,000 in total revenue, gains, and support on the audited GAAP statements—reflecting the exclusion of $70,310,026 in net unrealized investment gains from Form 990 revenue (reported separately on Part XI, Line 5), offset by the addition of $60,525,000 in grossed-up student aid, $6,586,000 in investment management fees, and $1,584,000 in life income fund valuation changes, less $1,176,278 in rental housing costs. Third, on Schedule R, Swarthmore consolidates its wholly owned disregarded hospitality subsidiary Parrish LLC ($5.20M income) directly into Form 990 while reporting its controlled literary C-corporation Marjay Productions Inc. ($186,828 income; $265,000 royalty/estate transfer to Swarthmore), two controlled investment partnerships (The Varde Asia Credit Fund II LP and Highland Capital Partners VIII), and 41 charitable remainder trusts as related organizations.
Frequently Asked Questions: Swarthmore's Form 990 Financials
As of Fiscal Year 2025, Swarthmore College's endowment stands at $2.84 billion ($2,842,685,000), up 4.2% year-over-year, or $1,670,203 per enrolled student. Its $142.0 million direct program and scholarship payout covers 43.1% of the college's $329.42 million Form 990 operating budget (45.1% including $6.59 million in endowment administrative fees, and 53.9% under GAAP operating expense metrics).
Swarthmore spends $151,363 per student annually in direct academic program services—instruction, academic support, student services, and student financial aid ($257.62 million across 1,702 students)—compared to $83,667 per student generated in gross tuition, room, and board ($48,106 net of financial aid). Including institutional management overhead ($61.86 million) and fundraising ($9.94 million), overall enterprise expenditure is $193,549 per student ($329.42 million).
Swarthmore disbursed $60,525,000 in loan-free scholarship grants in FY25, up 9.0% year-over-year. Nearly 54% of students received need-based Swarthmore scholarship aid, and the college recorded 979 total grant recipients (57.5% of its 1,702 students) across Schedule I (870 domestic students receiving $52.50 million, or $60,346 on average) and Schedule F (109 international students receiving $8.02 million, or $73,611 on average).
The highest-paid employee is President Valerie Smith, who received $1,414,844 in total compensation in FY25 ($762,341 in base compensation, $561,853 in 457(f) SERP and retirement plan accruals, and $90,650 in nontaxable benefits), followed by former VP of College Advancement Elizabeth Boluch-Wood ($821,928, including severance), VP for Finance and Administration Robert Goldberg ($671,401), and Chief Investment Officer Frank C. Grunseich ($632,569).
Yes. Because Swarthmore is a private college with more than 500 tuition-paying students and holds $1.67 million in endowment assets per student across 1,702 students (well above the $500,000 federal per-student threshold), the college is subject to the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Swarthmore College's total assets reached $3.87 billion ($3,870,675,000) in Fiscal Year 2025, anchored by $2.92 billion in balance sheet investment securities ($2.26 billion in private equity, marketable alternatives, real assets, and commingled equity funds plus $656.84 million in directly held public securities), $52.84 million in cash equivalents, and $706.32 million in net physical plant.
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Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Financial Analysis
November 7, 2026Pomona College Endowment Reaches $3.25 Billion as Doubling Investment Gains Supply 60% of Revenue and Fund $168,661 Per-Student Spend
Financial analysis of Pomona College's FY25 Form 990, detailing its $4.20 billion asset base, $3.25 billion endowment, $168,661 per-student program spend, and Schedule J executive compensation
Financial Analysis
November 8, 2026Wellesley Endowment Climbs to $3.17 Billion as 58% Surge in Investment Gains and Gifts Underwrites 79% of Student Aid and 54% of Operations
Financial analysis of Wellesley College's FY25 Form 990, detailing its $4.21 billion asset base, $3.17 billion endowment, $125,560 per-student program spend, and Schedule J executive compensation