Tufts Operating Surplus Surges 18-Fold to $79.9M in FY25 as $2.76B Endowment and $1.04B Program Revenue Lift Total Assets to $4.94B
By Data Team | Published November 10, 2026
Tufts University’s total assets reached $4.94 billion in fiscal year 2025, anchored by a $2.76 billion endowment whose $110.6 million annual draw ($104.6 million in direct program and scholarship payouts plus $6.0 million in administrative fees) covers 7.5% of the university's $1.48 billion Form 990 operating budget (8.5% of its $1.30 billion GAAP operating budget), according to its latest IRS filing. Across 12,562 full-time students, Tufts spends $100,028 per student on direct program services ($1.26 billion across instruction, research, clinical training, and student auxiliaries)—including $61,664 per student in regular session instructional program spend ($774.6 million)—while total enterprise expenditure including administrative overhead and fundraising reaches $117,553 per student ($1.48 billion).
Operating under its legal charter as Trustees of Tufts College, the university expanded its Form 990 operating surplus nearly 18-fold from $4.49 million in FY24 to $79.87 million in FY25 (+1,680.2%). Total revenue rose 12.0% to $1.56 billion while total expenses grew 6.6% to $1.48 billion. Unlike multi-billion-dollar hospital-anchored systems where clinical care and investment income dominate inflows, Tufts relies on program service revenue for 67.1% of total revenue ($1.04 billion), led by $906.5 million in student instruction charges and $127.6 million from 30 dental and veterinary teaching clinics, supplemented by $376.2 million in government grants and private gifts (24.2%) and $135.3 million in realized investment income (8.7%).
To maintain student access across its undergraduate, graduate, and health sciences schools, Tufts disbursed $204.5 million in direct student financial aid in FY25. On Form 990 Schedule I, the university recorded $202.4 million in grants to domestic students—led by $198.5 million in scholarships supporting 7,454 domestic recipients, or 59.3% of the full-time student body (rising to 62.1%, or 7,796 students, when including 342 international scholarship recipients on Schedule F).
Institutional & Governance Profile
Operating under its corporate title, Trustees of Tufts College (EIN 04-2103634), and doing business as Tufts University, the institution is domiciled in Massachusetts with corporate headquarters at 80 George Street in Medford. Chartered in 1852 as a liberal arts college, Tufts operates as a multi-campus research university spanning four Massachusetts campuses—Medford/Somerville, Boston Health Sciences (Chinatown), Boston SMFA at Fenway, and North Grafton—plus an international campus in Talloires, France.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1852, Tufts issued 13,702 Form W-2s in calendar year 2024, filed 2,718 Form 1096 vendor returns, and engaged alumni and trustee volunteers across its four campuses (uncounted on Part I, Line 6 due to decentralized campus tracking).
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Academic & Clinical Footprint: Tufts enrolls 12,562 full-time students from 137 countries across Arts and Sciences, Engineering, the Fletcher School, the Friedman School of Nutrition, the Tisch College of Civic Life, and its medical, dental, and veterinary professional schools. In 2024–2025, Tufts conferred 4,215 credentials: 1,843 undergraduate degrees, 1,527 graduate degrees, 632 professional degrees, and 213 certificates, while operating 30 dental and veterinary training clinics and the USDA Human Nutrition Research Center on Aging.
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Executive Leadership: President Sunil Kumar leads the university alongside Provost and Senior Vice President Caroline Genco, Executive Vice President Michael W. Howard, Senior Vice President for University Advancement Joshua Else, Senior Vice President for University Relations and General Counsel Mary R. Jeka, Chief Investment Officer Craig W. Smith, and Vice President for Finance and Treasurer Thomas M. Malone (succeeding James M. Hurley, who served through June 30, 2025).
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Governing Board (Schedule O): The Board of Trustees comprises 40 voting members, 37 of whom are independent (92.5%), chaired by Jeffrey M. Moslow (succeeding Peter R. Dolan on November 2, 2024). The in-house tax department prepares the Form 990 with limited-scope review by PricewaterhouseCoopers LLP (PwC); the Audit, Risk, and Compliance Committee reviews the draft return before distribution to the full board prior to IRS filing, and enforces annual electronic conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Tufts generated $3.54 billion in gross receipts and $1.56 billion in total net revenue. Total assets increased 4.4% to $4.94 billion while total liabilities declined 2.4% to $1.21 billion. Total net assets grew 6.8% to $3.73 billion, split nearly evenly between unrestricted reserves (50.4%) and donor-restricted funds (49.6%).
Balance Sheet Strength
- Total Assets $4,937,994,986 (+4.4%)
- Total Liabilities $1,207,721,118 (-2.4%)
- Total Net Assets $3,730,273,868 (+6.8%)
- Donor-Restricted Net Assets $1,851,915,955 (+9.8%) (49.6% of Total Net Assets)
- Unrestricted Net Assets $1,878,357,913 (+4.0%) (50.4% of Total Net Assets)
Operating Performance
- Total Revenue $1,556,567,693 (+12.0%)
- Total Expenses $1,476,698,115 (+6.6%)
- Operating Surplus $79,869,578 (+1,680.2%)
- Unrealized Gains (Excluded) $154,323,333
Note: The $79.87 million reported operating surplus reflects Form 990 realized accounting parameters (up from $4.49 million in FY24); adding $154.32 million in net unrealized investment gains and $2.51 million in other net asset adjustments (including split-interest agreements, interest rate swap valuations, and shared service investments) accounts for the full $236.70 million expansion in Tufts' FY25 net assets.
Revenue Breakdown
All four of Tufts University's primary revenue categories posted year-over-year gains in FY25. Program service revenue rose 7.8% to $1.04 billion, supplying 67.1% of total institutional inflows through $906.5 million in student instruction charges, $127.6 million in clinical and educational revenues across its dental and veterinary clinics, and $10.4 million in auxiliary enterprise receipts. Contributions and grants expanded 18.8% to $376.2 million—driven by $262.3 million in government research grants and $113.9 million in private philanthropy—while realized investment income climbed 30.6% to $135.3 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.8% YoY$1,044,501,692 (67.1%)
- Instruction (Tuition & Comprehensive Fees) $906,500,916
- Clinical & Other Education (30 Dental & Veterinary Clinics, Cont. Ed) $127,604,703
- Auxiliary Enterprises ($10.03M Exempt + $368K Unrelated Business) $10,396,073
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Contributions & Grants +18.8% YoY$376,187,173 (24.2%)
- Government Grants (Sponsored Research & Federal Student Aid) $262,291,403
- Private Philanthropy, Foundation Grants & Bequests $113,609,208
- Fundraising Events (SMFA Annual Art Sale Contributions) $286,562
- Noncash Gifts Included Above (146 Stock Gifts at $7.35M, 15 Art Works, 1 Horse) $8,693,188
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Investment Income +30.6% YoY$135,286,761 (8.7%)
- Realized Net Capital Gains ($2.08B Gross Sales less $1.98B Basis) $102,031,792
- Dividends, Interest & Other Investment Income ($30.96M Exempt + $2.29M UBI) $33,254,969
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue +430.2% YoY$592,067 (0.04%)
- Net Rental Income ($3.24M Gross Rents less $2.56M Property Expenses) $676,805
- Intellectual Property Royalties $41,812
- Net Loss from Fundraising Events ($319K SMFA Gross less $446K Direct Costs) -$126,550
Endowment Performance and Asset Allocation
Tufts University’s Investment Office oversees $2.76 billion in net endowment funds alongside working capital and capital reserves, forming a $3.25 billion balance sheet securities portfolio ($3.31 billion including $52.0 million in temporary cash investments). During FY25, Tufts restructured its liquid holdings by reducing directly held publicly traded securities on Part X, Line 11 from $522.5 million to $323.7 million (-38.1%) while expanding Schedule D, Part VII pooled public, private, and alternative funds from $2.53 billion to $2.91 billion (+14.9%). Across the combined $3.25 billion securities portfolio, public equities and publicly traded securities represent 45.5% ($1.48 billion), private equities represent 27.7% ($900.9 million), and marketable alternatives represent 13.7% ($445.0 million).
To execute its global alternative strategy, Tufts holds $947.8 million in foreign-domiciled investments reported on Schedule F—including $859.9 million in Central America and the Caribbean, $70.0 million in Europe, $9.0 million in Sub-Saharan Africa, and $8.9 million in non-U.S. North America—and generated $14.26 million in gross unrelated business revenue ($0 net taxable income on Form 990-T after deductions). Because Tufts holds $219,779 in endowment assets per full-time student across 12,562 students—well below the $500,000 per-student federal threshold—the university is exempt from the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($3.25B Total Investment Securities / $2.76B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $2,760,866,396 (+7.1% YoY), representing $219,779 per full-time student across 12,562 students.
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Net Investment Gains: $238,703,659 in endowment investment earnings (+19.2% YoY from $200.28M in FY24).
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Alternative & Offshore Capital: 53.4% of total balance sheet securities ($1.74B) sit in private equity, marketable alternatives, private real estate, natural resources, and private credit, with $859.9M domiciled in Central American and Caribbean fund vehicles.
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Total Payout & Budget Coverage: $110,583,362 in total endowment expenditures ($67.07M to facilities and academic programs, $37.54M to student scholarships, and $5.97M in administrative fees), funding 7.5% of Form 990 total expenses (7.1% excluding admin fees) and 8.5% of Tufts' $1.30B GAAP operating budget.
Detailed Asset Mix ($3.25B Balance Sheet Securities Portfolio)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Tufts University’s endowment from a $1.94 billion opening balance in FY21 to $2.76 billion at the close of FY25. Over that five-year span, the endowment absorbed $329.38 million in new donor contributions alongside $966.60 million in cumulative net investment earnings—recovering from a $271.70 million market contraction in FY22 with consecutive gains of $75.02 million in FY23, $200.28 million in FY24, and $238.70 million in FY25. Simultaneously, the endowment distributed $472.13 million toward student scholarships ($160.84 million), academic programs and campus facilities ($282.98 million), and investment administration ($28.56 million). At year-end FY25, the endowment comprised 42.0% board-designated quasi-endowment, 35.5% permanent endowment, and 22.5% 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 | $2,577,833,802 | $2,449,948,375 | $2,391,304,115 | $2,698,529,774 | $1,937,273,772 |
| 1b. Contributions | $54,912,297 | $34,504,727 | $48,398,160 | $55,810,353 | $135,758,727 |
| 1c. Net investment earnings | $238,703,659 | $200,283,679 | $75,023,106 | ($271,696,170) | $724,280,771 |
| 1d. Grants or scholarships | ($37,543,123) | ($34,599,981) | ($31,059,172) | ($29,143,211) | ($28,499,308) |
| 1e. Other expenditures | ($67,067,229) | ($65,920,395) | ($28,108,217) | ($57,246,300) | ($64,642,354) |
| 1f. Administrative expenses | ($5,973,010) | ($6,382,603) | ($5,609,617) | ($4,950,331) | ($5,641,834) |
| 1g. End of year balance | $2,760,866,396 | $2,577,833,802 | $2,449,948,375 | $2,391,304,115 | $2,698,529,774 |
Per-Student Spending and True Cost
Standardized across major private research universities, direct program service expenditure provides the primary benchmark for per-student resource allocation. On Form 990 Part III (Line 4e) and Part IX (Column B, Line 25), Tufts reports $1,256,553,006 in total direct program service expenses across its 12,562 full-time students. That equates to $100,028 per student in direct program service spending ($80,354 net per student when excluding $247.15 million in student financial aid and research subawards). Within that program total, regular session instruction and student financial aid (Part III, Line 4a) account for $774,621,415, or $61,664 per student ($45,387 net per student excluding $204.47 million in direct student aid grants).
By comparison, gross student instruction revenue (Part VIII, Line 2a) totals $906,500,916 ($72,162 per student before financial aid discounts), and auxiliary enterprise revenue adds $10,396,073 ($828 per student), bringing combined gross student charges to $916,896,989 ($72,990 per student). Even before deducting $204.47 million in student financial aid grants, gross student revenue covers 73.0% of Tufts' $100,028 per-student direct program service cost; on a net tuition basis ($702.04 million, or $55,886 per student), student tuition covers 55.9% of direct program service expenditure, leaving a $44,142 per-student structural subsidy funded by sponsored research grants, clinical revenues, philanthropy, and endowment payouts. When adding $191.55 million in management and general overhead and $28.60 million in fundraising costs (Part IX, Columns C and D), overall institutional expenditure reaches $1,476,698,115, or $117,553 per student.
Operations vs. Revenue
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Total Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $1,256,553,006 across 12,562 full-time students ($100,028 gross direct program spend per student; $80,354 net excluding $247.15M in total grants). Total institutional spend including overhead and fundraising (Part IX, Col A) reaches $1,476,698,115 ($117,553 per student).
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Regular Session Instructional Program Spend (Part III, Line 4a): $774,621,415 ($61,664 gross instructional spend per student; $45,387 net excluding $204.47M in student financial aid grants), supporting 4,215 degrees and certificates conferred in FY25.
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Tuition & Auxiliary Revenue vs. Program Cost: $906,500,916 in gross instructional tuition ($72,162 per student) plus $10,396,073 in auxiliary receipts ($72,990 combined per student). After netting $204.47M in student aid ($55,886 net tuition per student), net student revenue covers 55.9% of direct program service costs, with research grants, clinical fees, gifts, and endowment payouts bridging the remaining $44,142 per-student gap.
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Sponsored Research & Clinical Training (Part III, Line 4b): $364,411,717 in organized research expenses ($29,009 per student, including $42.68M in subawards) across 1,189 government and 701 non-government active grants in the Medical, Dental, Veterinary, and Arts, Sciences & Engineering schools, plus the USDA Human Nutrition Research Center on Aging and 30 dental and veterinary teaching clinics ($127.60M in clinical and educational revenue).
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Auxiliary Enterprises, Art Collections & Global Study (Line 4c, Schedule D & Schedule F): $117,519,874 ($9,355 per student) for student housing (77 residence halls housing 4,201 students), dining (~5,299 meal plans sold per semester), and student health services; $7.26M in capitalized University Art Gallery collections; and $16.12M in overseas program expenditures across 12 international offices (led by $7.16M in European study-abroad programs and $2.89M in Sub-Saharan African research grants).
Financial Aid: How Tufts Deploys $204.5M in Student Support
Tufts University disbursed $204,465,703 in direct student financial aid grants in FY25 (Part III, Line 4a), representing a 12.7% increase in total grant assistance over the prior year. Under Schedule E (Part I, Line 6a), Tufts supplements institutional endowment and operating scholarships with federal student assistance, including Pell Grants, Supplemental Educational Opportunity Grants (SEOG), Federal Work-Study, Health Professions Loan and Scholarship funds, Federal Direct Loans, and graduate fellowships from the National Science Foundation (NSF), National Institutes of Health (NIH), Department of Veterans Affairs (VA), and NASA.
On Form 990 Schedule I (Part III), Tufts reports $202,400,076 in direct grants to domestic individuals, anchored by $198,541,143 in scholarships awarded to 7,454 domestic students—representing 59.3% of its 12,562 full-time student body ($26,635 average scholarship per recipient). In addition, Schedule F (Part III) records $2,065,627 in direct grants to 467 international students across nine global regions, including 342 international scholarship recipients ($1,029,474) and 93 international fellowship recipients ($840,118), bringing total scholarship recipients to 7,796 students (62.1% of enrollment).
Internal Student Support (Schedule I & F)
- Aided Student Share (Schedule I) 59.3% (7,454 students)
- Total Aided Share (Incl. Schedule F Intl.) 62.1% (7,796 students)
- Domestic Student Scholarships $198,541,143
- Domestic Fellowships, Stipends & Prizes $3,858,933
- Total Domestic Student Cash Grants $202,400,076 ($26,635 avg.)
Fellowships, Stipends & External Research Grants
- Domestic Fellowships, Stipends & Prizes ($3,858,933) Comprises $2,765,067 across 656 domestic graduate fellowships, $616,993 across 574 student and faculty academic prizes, and $476,873 across 821 student stipends, reconciled monthly by the Financial Aid Office (FAO).
- International Aid & Institutional Grants ($44,747,264) Includes $2,065,627 in Schedule F grants across 467 foreign students ($1.03M scholarships, $840K fellowships), $4,393,123 in foreign research subcontracts, and $38,288,514 in Part IX, Line 1 grants to domestic research and municipal entities.
Executive and Investment Team Compensation
Tufts University’s Schedule J compensation disclosures reflect executive pay across university administration, health sciences deanships, endowment management, and specialized surgical faculty. Unlike institutions with multi-million-dollar athletics coaches or spin-out investment subsidiaries, Tufts' top compensation package in FY25 went to University President Sunil Kumar at $1,356,483 ($1,062,475 base salary, $27,902 other reportable compensation, $127,320 retirement and 457(f) deferred compensation, and $138,786 in nontaxable benefits including mandatory on-campus presidential housing). Following Kumar were Senior Vice President for University Advancement Joshua Else ($935,605, including a $121,077 bonus and $155,656 in other reportable payouts), Provost Caroline Genco ($901,850), School of Medicine Dean Helen W. Boucher ($829,884), former President and current University Professor Anthony P. Monaco ($824,902), and Executive Vice President Michael W. Howard ($777,646).
Among specialized investment and clinical personnel, Chief Investment Officer Craig W. Smith received $600,962 ($520,706 base salary and $0 bonus payout in CY24 under a two-year vested portfolio incentive plan), while Dental School Oral and Maxillofacial Surgery Chair Edward T. Lahey earned $599,245 (including $165,000 in clinical incentive compensation from the Tufts Dental Faculty Practice based on net clinical collections). Former Graduate Biomedical Sciences Dean Daniel Jay received $597,223, which included a one-time $378,127 voluntary separation agreement. Because Tufts pays remuneration exceeding $1 million 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: Tufts expended $779,696,984 in total salaries, wages, pensions, and employee benefits in FY25 (+5.4% YoY, representing 52.8% of all university expenses) across 13,702 Form W-2 employees, with 1,903 staff members earning over $100,000 (Part VII, Section A, Line 2).
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Board Compensation Governance (Schedule O): The Trustee Compensation Committee sets executive pay using external peer benchmarking from Willis Towers Watson and the CUPA Higher Education Salary Survey. President Kumar, Provost Genco, and SVP Else participate in performance-based 457(f) deferred compensation plans (up to 10% of base salary annually, vesting in 2028, 2025, and 2029, respectively), while CIO Craig Smith participates in a two-year vesting incentive plan tied to portfolio performance (allowing up to 100% of base salary).
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Presidential Residence, Tax Gross-Ups & Related-Party Employment (Schedule J & L): President Kumar is required to reside on campus as a condition of employment, reimburses the university for personal housecleaning services, and is provided a driver and vehicle for official university events. Two current officers, one highest-compensated employee, and one former key employee received taxable gross-up payments. Under Schedule L, Part IV, Tufts disclosed $465,755 in ordinary employment compensation paid to two family members of leadership: Steven Block ($360,736, spouse of a trustee) and Robert Ferrin ($105,019, spouse of an officer).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 27 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) |
| Sunil KumarTrustee & University President | $1,062,475 | $0 | $27,902 | $127,320 | $138,786 | $1,356,483 | $0 |
| Joshua ElseSVP - University Advancement | $580,394 | $121,077 | $155,656 | $43,320 | $35,158 | $935,605 | $0 |
| Caroline GencoProvost and Senior Vice President | $780,182 | $0 | $34,186 | $74,320 | $13,162 | $901,850 | $0 |
| Helen W. BoucherDean of Medical School | $751,128 | $0 | $5,637 | $43,320 | $29,799 | $829,884 | $0 |
| Anthony P. MonacoUniversity Professor / Former President | $729,766 | $0 | $17,348 | $43,320 | $34,468 | $824,902 | $0 |
| Michael W. HowardExecutive VP | $671,420 | $0 | $28,033 | $43,320 | $34,873 | $777,646 | $0 |
| Eric C. JohnsonSr. Philanthropic Advisor (thru 6/30/25) | $574,615 | $0 | $31,169 | $43,320 | $28,614 | $677,718 | $0 |
| Mary R. JekaSVP - Univ. Relations & General Counsel | $556,840 | $0 | $33,988 | $43,320 | $12,957 | $647,105 | $0 |
| Craig W. SmithChief Investment Officer | $520,706 | $0 | $874 | $43,320 | $36,062 | $600,962 | $0 |
| Edward T. LaheyAssociate Professor & Chair | $382,781 | $165,000 | $898 | $43,320 | $7,246 | $599,245 | $0 |
| Daniel JayFormer Dean, Grad. Biomedical Sciences | $139,184 | $0 | $436,444 | $16,140 | $5,455 | $597,223 | $0 |
| James M. HurleyCFO, VP-Finance & Treasurer (thru 6/30/25) | $491,176 | $0 | $29,782 | $43,320 | $10,610 | $574,888 | $0 |
| Matthias ScheutzProfessor of Computer Science | $473,174 | $0 | $1,579 | $43,320 | $46,559 | $564,632 | $0 |
| Kyongbum LeeDean of Engineering | $437,992 | $0 | $1,110 | $43,320 | $69,292 | $551,714 | $0 |
| Nadeem KarimbuxDean Dental School | $461,813 | $0 | $3,378 | $43,320 | $32,501 | $541,012 | $0 |
| Sara M. JudgeVP Development | $436,327 | $0 | $26,156 | $43,320 | $12,468 | $518,271 | $0 |
| Barbara SteinVP Operations | $371,204 | $0 | $6,886 | $43,320 | $34,215 | $455,625 | $0 |
| Kim RyanVP Human Resources (thru 7/30/24) | $305,667 | $0 | $66,986 | $43,160 | $25,850 | $441,663 | $0 |
| Alastair E. CribbDean Cummings School | $349,941 | $0 | $2,459 | $43,320 | $28,145 | $423,865 | $0 |
| Amartya Kumar RayVP Strategic Initiatives & Chief of Staff | $303,285 | $0 | $20,157 | $42,630 | $35,367 | $401,439 | $0 |
| Christopher M. SedoreVP Information Tech. & CIO (thru 7/1/24) | $256,291 | $0 | $80,874 | $34,455 | $16,636 | $388,256 | $0 |
| Barbara BrizuelaDean ad interim Arts & Sciences | $309,601 | $0 | $729 | $39,222 | $22,587 | $372,139 | $0 |
| Michael RodmanVP Communications & Marketing | $263,756 | $0 | $21,186 | $36,210 | $31,087 | $352,239 | $0 |
| Paul J. TringaleSecretary of Corporation | $189,141 | $0 | $1,232 | $22,351 | $138,525 | $351,249 | $0 |
| Elizabeth McClainAssociate Treasurer | $227,670 | $0 | $960 | $26,906 | $89,943 | $345,479 | $0 |
| James M. GlaserDean Arts & Sciences (thru 6/30/24) | $227,992 | $0 | $37,403 | $30,128 | $5,235 | $300,758 | $0 |
| Joyce S. KnollFaculty Member / Former Interim Dean | $198,121 | $0 | $2,210 | $20,736 | $12,319 | $233,386 | $0 |
Facilities, Debt, and Municipal Relations
Tufts University’s physical plant spans four Massachusetts campuses straddling the municipal boundaries of Medford, Somerville, Boston (Chinatown and Fenway), and North Grafton. To finance academic laboratories, clinical teaching facilities, and 77 student residence halls without depleting endowment principal, Tufts utilizes tax-exempt municipal bonds issued through the Massachusetts Health and Educational Facilities Authority (MHEFA) and the Massachusetts Development Finance Agency (MDFA).
In its host municipalities, Tufts pairs tax-exempt campus development with commercial real estate taxation, voluntary Payments in Lieu of Taxes (PILOT), and Schedule I municipal and community allocations. Through real estate subsidiaries including Walnut Hill Properties Corp and JM Holdings Inc., along with direct commercial property holdings generating $3.24 million in gross rents ($2.56 million in property operating expenses and local taxes), Tufts maintains municipal partnership agreements with Medford, Somerville, Boston, and Grafton while disbursing $38.29 million in Part IX, Line 1 grants to domestic organizations and local public entities.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Tufts holds $2,507,261,413 in gross land ($110.00M), buildings ($2,093.26M), and equipment ($303.99M), carrying a net book value of $1,290,516,140 after $1,216,745,273 in accumulated depreciation. In FY25, Tufts recorded $79.16 million in depreciation, $72.40 million in occupancy costs, $15.67 million in direct equipment purchases, and $26.71 million in subsidiary veterinary hospital expenses (TVETS).
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $911,523,580 in tax-exempt bond liabilities (-2.1% YoY) across seven active MHEFA and MDFA series (Series N, M, G, P, Q, R, and a 2015 Master Lease Agreement), plus $34.41 million in operating lease liabilities and $19.99 million in interest rate swap agreements with Deutsche Bank and BNY Mellon, paying $38,145,037 in FY25 interest expense. Proceeds from the sale of a Boston building were deployed in remedial actions to retire $37.40 million of Series N debt and defease $2.37 million of Series Q debt.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Tufts reported $38,288,514 on Part IX, Line 1 (Schedule I) in grants and assistance to domestic organizations and domestic governments. Across its four host municipalities—Medford, Somerville, Boston, and Grafton—Tufts funds municipal PILOT agreements, public school partnerships, and local property taxes on non-exempt residential and commercial parcels managed through Walnut Hill Properties Corp ($3.54M in total expenditures and $10.20M in intercompany financing) and TUDC LLC, supported by $687,127 in Schedule C legislative and municipal lobbying expenditures.
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Top Construction & Facility Contractors: Four of Tufts' five highest-compensated independent contractors (among 322 contractors paid over $100,000) were Massachusetts construction firms: Windover Construction Inc. ($19.56M, Beverly), Dellbrook JKS ($15.53M, Braintree), C & W Facility Services Inc. ($14.51M, Auburndale, cleaning services), Chapman Construction Design Company ($13.35M, Newton), and Elaine Construction Co. Inc. ($10.11M, Newton).
Editorial Note
All financial figures in this report derive from Trustees of Tufts College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 12,562 full-time students) and have been reviewed by the data team.
While Tufts expends $100,028 per student on direct program services ($61,664 per student on regular session instruction and student aid, and $117,553 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 clinical training clinics, laboratory infrastructure, financial aid grants, and faculty ratios that operate alongside Tufts’ student selectivity.
Accounting Reconciliation: Readers comparing Tufts University’s PwC-audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, Form 990 reports $1,476,698,115 in total expenses compared to $1,303,143,625 in audited GAAP expenses because Form 990 reclassifies $204,214,842 in institutional tuition discounts/scholarships (masked as XXX-XX-XXXX by the IRS automated 9-digit filter on Schedule D, Part XI, Line 2d and Part XII, Line 4b, but mathematically exact to the dollar from the reconciliation subtotals) as a grant expense rather than netting it against gross tuition revenue. Second, audited GAAP revenue ($1,539,844,510) includes $154,323,334 in net unrealized investment gains that are excluded from Form 990 total revenue ($1,556,567,693). Third, Tufts’ consolidated GAAP financial statements include $28,806,085 in revenue and $31,685,583 in expenses from separately incorporated Schedule R controlled affiliates—including Tufts Veterinary Emergency Treatment & Specialties Inc. ($25.96M expenses), Tufts Shared Services Inc. ($25.23M expenses), Walnut Hill Properties Corp ($3.54M expenses), Omidyar-Tufts Active Citizenship Trust ($961K expenses), and Tufts Global Inc. ($234K expenses)—and net $2,562,310 in rental property expenses and $445,956 in SMFA Art Sale direct expenses directly against gross receipts on Form 990 Part VIII.
Frequently Asked Questions: Tufts' Form 990 Financials
As of Fiscal Year 2025, Tufts University's endowment stands at $2.76 billion ($2,760,866,396), up 7.1% year-over-year ($219,779 per full-time student). Its $110.58 million annual draw ($104.61 million in direct scholarships, facilities, and academic program payouts plus $5.97 million in administrative expenses) covers 7.5% of the university's $1.48 billion Form 990 operating expenses (7.1% excluding administrative fees) and 8.5% of its $1.30 billion GAAP operating budget (8.0% excluding administrative fees).
Tufts spends $100,028 per student annually in direct program services ($1.26 billion across 12,562 full-time students covering instruction, sponsored research, clinical training, and student auxiliaries). Within that figure, regular session instructional program spend is $61,664 per student ($774.62 million, or $45,387 net of student aid). Including $191.55 million in administrative overhead and $28.60 million in fundraising, total institutional expenditure reaches $117,553 per student ($1.48 billion).
Tufts disbursed $204.47 million in direct student financial aid grants in FY25. On Schedule I, Tufts reported $202.40 million in domestic student grants—led by $198.54 million in scholarships awarded to 7,454 domestic students (59.3% of the full-time student body, averaging $26,635 per recipient), plus $3.86 million in fellowships, stipends, and prizes—alongside $2.07 million in Schedule F scholarships and fellowships across 467 international students (bringing total scholarship recipients to 62.1% of enrollment).
The highest-paid employee in FY25 was University President Sunil Kumar, who received $1,356,483 in total compensation ($1,062,475 base salary, $27,902 other reportable compensation, $127,320 retirement and deferred compensation, and $138,786 in nontaxable benefits), followed by Senior Vice President for University Advancement Joshua Else ($935,605), Provost Caroline Genco ($901,850), and School of Medicine Dean Helen W. Boucher ($829,884).
No. While Tufts is a private university with more than 500 tuition-paying students, its $2.76 billion endowment equates to $219,779 per student across 12,562 full-time students—well below the $500,000 per-student federal threshold under IRC Section 4968 (Form 990, Part V, Line 16).
Tufts University's total assets reached $4.94 billion ($4,937,994,986) in Fiscal Year 2025, anchored by $3.25 billion in balance sheet investment securities ($323.66 million in directly held publicly traded securities, $2.91 billion in Schedule D pooled public and alternative securities, and $20.47 million in program-related investments), $1.29 billion in net land, buildings, and equipment, and $120.14 million in net pledges and grants receivable.
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