UChicago Revenue Jumps 14.9% to $5.62 Billion, Restoring Operating Surplus as Debt Reaches $5.09 Billion
By Data Team | Published November 5, 2026
The University of Chicago reversed a prior-year $359.0 million operating deficit to post a $53.8 million surplus in fiscal year 2025 as total revenue climbed 14.9% to $5.62 billion, according to its latest IRS filing. Total assets reached $15.81 billion, backed by a $9.22 billion endowment whose $557.2 million annual outlay ($536.8 million in direct program and scholarship payouts plus $20.4 million in administrative costs) covers 10.0% of the university's $5.56 billion Form 990 operating budget (9.6% excluding endowment administration). Across 19,266 students, UChicago spent $242,970 per student on direct program services ($4.68 billion)—including $107,501 per student on classroom instruction and student scholarships ($2.07 billion)—while total enterprise expenditure reached $288,760 per student ($5.56 billion).
Unlike peer institutions where endowment payouts fund a fifth or more of annual operations, UChicago relies heavily on active operating inflows and capital markets leverage. Program service revenue surged 26.7% to $2.66 billion (47.3% of total revenue), led by $1.38 billion in student tuition and fees ($71,394 per student) and $838.2 million in clinical and educational services. Government grants ($1.73 billion, including U.S. Department of Energy funding for Argonne National Laboratory) and private gifts ($846.9 million) generated another $2.58 billion (45.9% of total revenue), offsetting a 26.5% decline in realized investment income to $295.5 million.
Even while servicing $5.09 billion in total debt ($173.0 million in annual interest expense), the university expanded student financial aid to $691.4 million on Form 990 Part IX. Schedule I filings record $694.4 million in direct aid across 14,597 collegiate recipients (75.8% of enrolled students)—supporting 47.1% of undergraduates in the College through the loan-free No Barriers and Odyssey scholarship programs—alongside $9.1 million for 1,542 precollegiate Charter School students.
Institutional & Governance Profile
Incorporated in Illinois in 1890 (EIN 36-2177139) and headquartered at 5801 S. Ellis Avenue in Chicago's Hyde Park neighborhood, the University of Chicago operates an undergraduate College, five graduate research divisions, eight professional schools, the Marine Biological Laboratory in Woods Hole, and two U.S. Department of Energy national laboratories: Argonne National Laboratory (via disregarded entity UChicago Argonne LLC) and Fermi National Accelerator Laboratory (jointly managed via Fermi Research Alliance LLC and Fermi Forward Discovery Group LLC).
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1890, UChicago issued 29,117 Form W-2s in calendar year 2024, filed 24,873 Form 1096 vendor returns, and engaged 6,996 alumni and community volunteers, alongside approximately 4,754 employees at Argonne and 2,024 at Fermilab.
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Academic & Student Footprint: In FY25, the university enrolled 19,266 total students—comprising 7,559 undergraduates in the College, 4,677 graduate division students, 6,277 professional school students (including the Booth School of Business, Law School, Pritzker School of Medicine, and Harris School of Public Policy), and 753 non-degree students.
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Executive Leadership: President A. Paul Alivisatos leads the university alongside Provost Katherine Baicker, Executive VP for Medical Affairs Mark Anderson, Enterprise CFO Ivan Samstein, VP and Chief Investment Officer Andrew Ward, and Booth School Dean Madhav Rajan.
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Governing Board (Schedule O): The Board of Trustees comprises 49 voting members, 45 of whom are independent. The Executive Committee and oversight committees review the draft Form 990 before posting it to a secure trustee portal prior to IRS submission, and all trustees and officers complete mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), the University of Chicago generated $10.04 billion in gross receipts and $5.62 billion in total net revenue. Total assets expanded 5.7% to $15.81 billion while net assets rose 6.7% to $9.04 billion. Unlike peers with large unrestricted reserves, 92.5% of UChicago's net assets ($8.36 billion) carry donor restrictions, leaving $679.3 million (7.5%) in unrestricted net assets.
Balance Sheet Strength
- Total Assets $15,809,478,980 (+5.7%)
- Total Liabilities $6,768,829,155 (+4.5%)
- Total Net Assets $9,040,649,825 (+6.7%)
- Donor-Restricted Net Assets $8,361,321,000 (92.5% of Total Net Assets)
- Unrestricted Net Assets $679,328,825 (7.5% of Total Net Assets)
Operating Performance
- Total Revenue $5,617,072,703 (+14.9%)
- Total Expenses $5,563,252,626 (+6.0%)
- Operating Surplus $53,820,077 (+115.0% vs. -$359.0M)
- Unrealized Gains (Excluded) $573,072,449
Note: By holding expense growth to 6.0% while expanding total revenue by 14.9%, UChicago achieved a $412.9 million positive operating turnaround in FY25. Combining the $53.8 million realized surplus with $573.1 million in net unrealized investment gains and -$58.0 million in net transfers to affiliates accounts for the $568.8 million increase in total net assets.
Revenue Breakdown
Three of UChicago's four revenue pillars expanded in FY25, led by a 26.7% jump in program service revenue to $2.66 billion. Student tuition and fees generated $1.38 billion (24.5% of total university revenue), supplemented by $838.2 million in clinical medical practice and educational sales and $318.9 million in auxiliary housing and dining revenue. Contributions and grants rose 10.9% to $2.58 billion—anchored by $1.73 billion in federal and government grants (including Department of Energy reimbursements for Argonne National Laboratory), $760.1 million in private philanthropy, and $86.8 million from the University of Chicago Medical Center—while realized investment income declined 26.5% to $295.5 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +26.7% YoY$2,658,019,400 (47.3%)
- Tuition and Fees (Undergraduate, Graduate & Professional) $1,375,480,278
- Educational & Clinical Faculty Practice Sales & Services $838,221,281
- Auxiliary Enterprises (Student Housing, Dining & Other) $318,887,226
- Fees from Government Agencies $76,476,081
- Shared Services Revenue $48,954,534
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Contributions & Grants +10.9% YoY$2,578,850,303 (45.9%)
- Government Grants (Federal Research & Argonne DOE Contract) $1,731,995,660
- Private Philanthropy & Fundraising Events ($771.5K Events) $760,104,643
- Related Organization Grants (UChicago Medical Center) $86,750,000
- Noncash Gifts Included Above (328 Stock Gifts, Real Estate & Equipment) $19,103,549
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Investment Income -26.5% YoY$295,466,410 (5.3%)
- Realized Net Capital Gains ($4.62B Gross Securities Sales) $207,768,173
- Dividends, Interest & Other Investment Income $87,698,237
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue +34.4% YoY$84,736,590 (1.5%)
- Net Sales of Inventory ($59.7M Gross Sales less $8.8M COGS) $50,933,225
- Intellectual Property Royalties & University Press ($1.40M Press) $33,417,972
- Net Rental Income ($414.9K on $6.12M Gross Rents) & Events (-$29.5K) $385,393
Endowment Performance and Asset Allocation
The University of Chicago's Office of Investments oversees a $10.32 billion balance sheet cash and investment pool—comprising $9.77 billion in long-term investment securities and $550.5 million in cash and temporary investments—which includes the university's $9.22 billion endowment alongside $748.2 million in custodial funds held for related organizations such as the University of Chicago Medical Center (Schedule D, Part X). On Schedule D, Part VII, alternative holdings in venture capital and private partnerships ($4.99 billion) and real estate ($964.7 million) represent 57.6% of total cash and investment assets, while publicly traded securities account for $3.82 billion (37.0%).
To execute its global alternative strategy, UChicago holds $5.03 billion in foreign-domiciled investments reported on Schedule F—led by $3.84 billion in Central America and the Caribbean, $850.3 million in Europe, and $245.5 million in Sub-Saharan Africa—generating $21.4 million in unrelated business revenue (Part I, Line 7a). Per Form 990 Part V, Line 16, UChicago is subject to the federal IRC Section 4968 excise tax on net investment income, holding $478,819 in endowment assets per total enrolled student ($498,294 per degree-seeking student, and exceeding the $500,000 federal threshold per full-time tuition-paying student).
Portfolio Performance & Asset Allocation ($10.32B Total Investment & Cash Pool / $9.22B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $9,224,920,506 (+5.7% YoY), representing $478,819 per student across 19,266 enrolled students ($498,294 across 18,513 degree-seeking students).
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Net Investment Gains: $868,863,235 in total endowment investment returns (+28.6% YoY from $675.5M in FY24).
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Alternative & Offshore Capital: $5.95B (60.9% of investment securities) sits in venture capital/private partnerships ($4.99B) and real estate ($964.7M), with $5.03B invested across offshore vehicles in the Caribbean/Central America ($3.84B), Europe ($850.3M), and Sub-Saharan Africa ($245.5M).
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Total Payout & Budget Coverage: $557,201,625 in total endowment expenditures ($438.2M to facilities and academic programs, $98.5M to scholarships, and $20.4M in administrative expenses), covering 10.0% of Form 990 total operating expenses (9.6% or $536.8M in direct program and scholarship payouts).
Detailed Asset Mix (Part X & Schedule D Balance Sheet Pool)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of the University of Chicago's endowment from a $7.12 billion opening balance in FY21 to $9.22 billion at the close of FY25. Following a $2.63 billion investment surge in FY21 that lifted the endowment to $9.48 billion, market drawdowns in FY22 (-$804.2 million) combined with rising annual payouts kept the balance near $8.46 billion through FY23 before consecutive gains in FY24 ($675.5 million) and FY25 ($868.9 million) restored growth. Over the five-year period, the endowment took in $947.3 million in new donor contributions and $3.63 billion in net investment earnings while distributing $2.52 billion toward student scholarships ($419.7 million), academic programs and facilities ($1.94 billion), and endowment administration ($106.1 million). At year-end FY25, 72% of the endowment was held in permanent donor-restricted funds, 27% in board-designated quasi-endowment, and 1% in 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 | $8,725,028,661 | $8,456,669,472 | $8,472,886,717 | $9,484,454,182 | $7,116,270,400 |
| 1b. Contributions | $188,230,235 | $180,298,529 | $201,510,916 | $211,589,989 | $165,642,922 |
| 1c. Net investment earnings | $868,863,235 | $675,493,988 | $265,392,209 | ($804,238,065) | $2,625,667,859 |
| 1d. Grants or scholarships | ($98,508,603) | ($89,860,933) | ($83,782,462) | ($76,170,946) | ($71,422,158) |
| 1e. Other expenditures | ($438,246,927) | ($477,527,407) | ($377,528,774) | ($319,388,028) | ($331,298,363) |
| 1f. Administrative expenses | ($20,446,095) | ($20,044,988) | ($21,809,134) | ($23,360,415) | ($20,406,478) |
| 1g. End of year balance | $9,224,920,506 | $8,725,028,661 | $8,456,669,472 | $8,472,886,717 | $9,484,454,182 |
Per-Student Spending and True Cost
On Form 990 Part III (Line 4e) and Part IX (Column B), the University of Chicago reports $4,681,065,254 in total direct program service expenses across its 19,266 enrolled students (7,559 undergraduates in the College, 4,677 graduate students, 6,277 professional school students, and 753 non-degree students), equating to $242,970 per student in direct program service spending ($207,082 net per student excluding $691.4 million in student scholarship grants). Isolating regular session classroom instruction ($1,379,702,059, Line 4a) and student scholarships and fellowships ($691,413,309, Line 4c) yields $2,071,115,368, or $107,501 per student in direct instruction and aid ($71,613 per student in classroom instruction alone).
By comparison, gross tuition and fee revenue (Part VIII, Line 2a) totals $1,375,480,278, or $71,394 per student ($87,946 per student when adding $318.9 million in auxiliary housing and dining revenue). Even before accounting for $691.4 million in scholarship discounts, baseline tuition covers just 29.4% of UChicago's $242,970 per-student total program service expenditure (and 66.4% of the $107,501 per-student direct instruction and scholarship spend). Including $816.3 million in institutional management and general overhead and $65.9 million in fundraising expenses (Part IX, Columns C and D), total enterprise expenditure reaches $5,563,252,626, or $288,760 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $4,681,065,254 across 19,266 enrolled students ($242,970 gross program service spend per student; $207,082 net excluding $691.4M in scholarship grants; $208,869 excluding $657.0M in Argonne National Laboratory operations).
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Regular Session Instruction & Aid vs. Total Enterprise Spend: Direct Instruction ($1,379,702,059) plus Scholarships & Fellowships ($691,413,309) totals $2,071,115,368 ($107,501 per student), while total enterprise expenditure including administrative overhead and fundraising reaches $5,563,252,626 ($288,760 per student).
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Tuition & Auxiliary Revenue Coverage: $1,375,480,278 in gross tuition and fees ($71,394 per student) covers 29.4% of total program service spend ($242,970 per student) and 66.4% of direct instruction and aid ($107,501 per student), leaving a $171,576 per-student program gap bridged by research grants, clinical revenues, philanthropy, and endowment payouts.
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Sponsored Research & National Laboratories (Part III, Line 4b): $1,611,729,027 in research program expenses ($83,657 per student), supported by $811M in campus research awards ($549M federal expenditures led by HHS and NSF, $109M foundation, $104M corporate) plus $657M in research expenditures at Argonne National Laboratory ($1.109B total budget) and joint oversight of Fermilab ($736M annual budget).
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Libraries, Student Services, Museums & Global Centers (Line 4d & Schedule F): $998,220,841 ($51,813 per student) in auxiliary enterprises, libraries, IT, and student services, alongside two non-capitalized campus museums (the Smart Museum of Art and the Institute for the Study of Ancient Cultures) and five international offices supporting $13.3M in study-abroad and overseas research programs across Europe (Paris Center), South Asia (Delhi), East Asia (Hong Kong/Beijing), and the Middle East.
Financial Aid: How UChicago Deploys $691.4M in Student Support
The University of Chicago meets 100% of demonstrated financial need for admitted undergraduates through loan-free grant packages under its No Barriers program, which eliminated student loans from need-based undergraduate financial aid in 2014. Through the Empower initiative, families earning under $125,000 receive guaranteed full-tuition scholarships, while families earning below $60,000 receive full tuition, fees, and room and board. Approximately 45% of all students in the College receive grant or scholarship aid (47.1% or 3,559 undergraduates on Schedule I), including 19% supported by Odyssey Scholarships for first-generation and lower-income students, which also fund study abroad and guaranteed first-year paid internships.
On Form 990 Part III (Line 4c) and Part IX (Line 2), UChicago reports $691,413,309 in total scholarship and fellowship grants (with $647.6 million in university-wide student aid drawn from $495.9 million in unrestricted operating funds and $151.7 million in restricted gifts and endowment payouts). On Schedule I (Part III), the university itemizes $694,404,651 in direct assistance across 16,139 domestic recipients—comprising 3,559 undergraduates ($216.6 million, or $60,870 per recipient), 11,038 graduate and professional student recipients ($468.6 million, or $42,456 per recipient, reflecting guaranteed full-tuition, health insurance, and minimum $31,000 doctoral stipends), and 1,542 precollegiate Charter School students ($9.1 million). Across the 19,266-student university body, the 14,597 aided collegiate recipients represent a 75.8% aided student share (83.8% when including precollegiate recipients).
Internal Student Support (Schedule I & Part III)
- Aided Collegiate Student Share 75.8% (14,597 collegiate / 16,139 total)
- Undergraduate / Odyssey Aid Rate 47.1% Aided (3,559) / 19% Odyssey
- Undergraduate Student Aid (Schedule I) $216,635,610 ($60,870 avg.)
- Graduate & Professional Aid (11,038) $468,624,812 ($42,456 avg.)
- Total Part IX Student Aid Grants $691,413,309 (76.6% unrestricted)
Precollegiate, Global & External Grants
- Precollegiate & International Student Grants ($11,997,521) Includes $9,144,229 in precollegiate aid across 1,542 domestic recipients (Schedule I) plus $2,853,292 in international study-abroad and summer grants across 1,013 recipients on Schedule F.
- Domestic & Foreign Institutional Subawards ($95,082,249) Includes $90,893,349 in grants and research subawards to domestic organizations and governments (Part IX, Line 1) and $4,188,900 in foreign institutional research subawards across 39 global entities (Schedule F, Part II).
Executive and Investment Team Compensation
The University of Chicago’s Schedule J disclosures highlight the compensation structure required to lead a major academic health system, a $9.22 billion endowment, and premier business and surgical departments. The highest-compensated employee in FY25 was Mark Anderson, Executive Vice President for Medical Affairs and Dean of the Biological Sciences Division ($3,295,016, including $2.47 million base pay and a $745,200 bonus), followed by Vice President and Chief Investment Officer Andrew Ward ($2,759,396, including a $1.93 million investment performance bonus), Professor of Surgery Valluvan Jeevanandam ($2,250,873), and Enterprise Chief Financial Officer Ivan Samstein ($2,189,928 combined across the University and the University of Chicago Medical Center).
President A. Paul Alivisatos received $2,082,741 in total compensation ($1,399,992 base salary, $399,360 bonus, $232,212 other reportable compensation, and $51,177 in retirement and nontaxable benefits), while Booth School of Business Dean Madhav Rajan earned $1,165,432 and Provost Katherine Baicker received $1,150,932. Former CFO MaryFrances McCourt received a $1,500,000 severance payment during calendar year 2024 following her October 2023 departure. Because UChicago pays over $1 million to multiple covered executives and medical faculty, it is subject to the federal IRC Section 4960 21% excise tax on excess executive remuneration (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: UChicago expended $3,038,813,648 in total salaries, wages, pensions, and employee benefits in FY25 (+5.3% YoY, representing 54.6% of all university expenses) across 29,117 W-2 employees, with 7,580 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Executive Committee of the Board of Trustees conducts an annual review of compensation for the President, officers, and key employees using external consultant comparability data and qualitative and quantitative performance benchmarks.
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Executive Housing, Loans & Related-Party Disclosures (Schedule J & L): The university provides and maintains a campus residence for the President, approved taxable housing allowances for four individuals, and reimburses officers for business dues at the on-campus Quadrangle Club. Under Schedule L, Part II, UChicago holds $1,150,000 in outstanding board-approved loans to two leaders—Booth School Dean Madhav Rajan ($1,000,000 balance on a $1,250,000 loan) and Provost Katherine Baicker ($150,000 balance on a $500,000 loan)—and disclosed endowment management fees paid to firms led by trustees Emmanuel Roman (PIMCO, $619,551) and David M. Rubenstein (The Carlyle Group, $93,621).
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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) |
| Mark AndersonExec. VP Medical Affairs | $2,468,596 | $745,200 | $19,915 | $27,600 | $33,705 | $3,295,016 | $0 |
| Andrew WardVP and Chief Investment Officer | $704,000 | $1,929,021 | $57,368 | $27,600 | $41,407 | $2,759,396 | $0 |
| Valluvan JeevanandamProfessor of Surgery | $1,939,694 | $260,983 | $0 | $27,600 | $22,596 | $2,250,873 | $0 |
| Ivan SamsteinEnterprise CFO ($141.5K UChicago / $2.05M UCMC) | $1,085,522 | $833,378 | $15,130 | $214,114 | $41,784 | $2,189,928 | $0 |
| A. Paul AlivisatosPresident / Trustee | $1,399,992 | $399,360 | $232,212 | $27,600 | $23,577 | $2,082,741 | $0 |
| Luca VricellaProfessor of Surgery | $1,521,389 | $223,772 | $0 | $27,600 | $43,422 | $1,816,183 | $0 |
| Christopher SalernoProfessor of Surgery | $1,298,059 | $439,800 | $0 | $27,600 | $42,765 | $1,808,224 | $0 |
| Husam BalkhyProfessor of Surgery | $1,361,522 | $207,454 | $0 | $27,600 | $31,778 | $1,628,354 | $0 |
| Mohamed FarhatProfessor | $492,207 | $1,012,361 | $0 | $27,600 | $33,617 | $1,565,785 | $0 |
| MaryFrances McCourtChief Financial Officer (until 10/1/23) | $0 | $0 | $1,500,000 | $0 | $0 | $1,500,000 | $0 |
| David BarclayChief Operating Officer, CRSP | $641,772 | $500,000 | $0 | $27,600 | $25,956 | $1,195,328 | $0 |
| Madhav RajanDean, Booth School of Business | $947,060 | $94,706 | $96,050 | $27,600 | $16 | $1,165,432 | $0 |
| Katherine BaickerProvost | $942,318 | $95,000 | $59,670 | $27,600 | $26,344 | $1,150,932 | $0 |
| Armin AfsahiVP Alumni Relations & Development | $835,455 | $85,000 | $8,546 | $27,600 | $32,846 | $989,447 | $0 |
| James NondorfVP Enrollment & Student Advancement | $847,099 | $85,612 | $10,170 | $27,600 | $15,945 | $986,426 | $0 |
| Ka Yee Christina LeeInterim Dean | $733,157 | $66,113 | $12,398 | $27,600 | $89,103 | $928,371 | $0 |
| Nadya MasonInterim VP Science, Innovation & Partnerships | $641,458 | $30,000 | $153,348 | $27,600 | $24,225 | $876,631 | $0 |
| Juan Jose De PabloVP National Laboratories (until 10/1/24) | $539,344 | $171,347 | $7,673 | $27,600 | $32,145 | $778,109 | $0 |
| Paul RandVP Communications (until 8/15/25) | $613,401 | $40,520 | $15,173 | $27,600 | $44,023 | $740,717 | $0 |
| Lori BerkoVP & Secretary | $508,273 | $149,163 | $2,804 | $27,600 | $16,424 | $704,264 | $0 |
| Kenneth S. PolonskyExec. VP Medical Affairs (thru 9/30/22) | $644,894 | $0 | $0 | $27,600 | $30,278 | $702,772 | $0 |
| Christian MitchellVP Civic Engagement (until 7/18/25) | $546,757 | $91,154 | $2,159 | $27,600 | $14,870 | $682,540 | $0 |
| Kimberly TaylorVP & General Counsel (until 8/2/24) | $535,368 | $64,450 | $7,600 | $27,600 | $27,983 | $663,001 | $0 |
| Erin LaneVP and Chief of Staff | $518,563 | $52,800 | $0 | $13,800 | $36,017 | $621,180 | $0 |
| Laila RashidVP & Associate Dean | $481,156 | $95,476 | $0 | $27,600 | $1,016 | $605,248 | $0 |
| Michele RasmussenDean of Students (until 9/2/24) | $384,524 | $155,597 | $4,761 | $27,600 | $10,203 | $582,685 | $0 |
| Michael DeLorenzoVP for Operations (eff. 9/15/24) | $218,503 | $0 | $54,328 | $17,619 | $4,041 | $294,491 | $0 |
Facilities, Debt, and Municipal Relations
To build engineering, quantum, and clinical facilities across its 217-acre Hyde Park campus while preserving endowment principal, the University of Chicago utilizes substantial municipal and commercial debt. At year-end FY25, UChicago carried $5.09 billion in total debt—comprising $2.12 billion in tax-exempt revenue bonds issued through the Illinois Finance Authority (Schedule K), $2.89 billion in unsecured taxable notes and commercial credit lines, and $79.4 million in secured mortgages—resulting in $173.0 million in annual interest expense (3.1% of total university expenditures).
Protected by its 1890 Illinois state charter exemption on educational real estate, UChicago does not issue standalone voluntary PILOT payments to the City of Chicago. Instead, the university structures its municipal and South Side civic relations through $90.9 million in Schedule I grants to domestic organizations and public entities, commercial property tax payments on taxable retail and commercial redevelopment corridors (held through disregarded entities such as Harper Court Holdings LLC and 53rd Street Labs LLC), $11.0 million in combined support for the University of Chicago Charter School Corporation and precollegiate student aid, and South Side security and economic development programs.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: UChicago holds $6.59 billion in gross land, buildings, and equipment ($3.19 billion net book value after $3.39 billion in accumulated depreciation), recording $204.0 million in annual depreciation, $131.2 million in occupancy expenses, $62.0 million in alterations and repairs, and $31.8 million in electrical supply machinery.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $2.12 billion in tax-exempt Illinois Finance Authority (IFA) bonds across eight active series (including the $724.5M Series 2024A and $437.9M Series 2024B refunding and new-money issues), alongside $2.89 billion in unsecured taxable notes and $79.4 million in secured mortgages, generating $173.0 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Posture & Municipal Relations: While academic buildings are exempt from Cook County property taxes, UChicago channels its local municipal footprint through $90.9M in Schedule I domestic organizational and government grants, commercial property taxes and $5.70M in operating expenses on its $6.12M commercial rental portfolio (including 53rd Street Labs LLC, Harper Court Holdings LLC, 6014 Cottage Grove Holdings LLC, and Lake Park Associates), $1.88M in direct grants to the UChicago Charter School Corporation (plus $9.14M in precollegiate student aid for 1,542 local students), and $228.4K in federal and state legislative advocacy (Schedule C).
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Top Independent Contractors (Part VII, Section B): Among 1,019 independent contractors receiving over $100,000 in FY25, UChicago's five largest vendor outlays went to Huron Consulting Services LLC ($26.65M for IT consulting), Bulley & Andrews LLC ($18.33M for campus construction), HSRE-Capstone Chicago ($15.47M for housing/hygiene operations), Allied Universal Security Services ($13.37M for campus and neighborhood security), and Hyland & Nolan Contractors ($10.55M for construction).
Editorial Note
All financial figures in this report derive from the University of Chicago’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 19,266 enrolled students—7,559 undergraduates in the College, 4,677 graduate students, 6,277 professional school students, and 753 non-degree students) and have been reviewed by the data team.
While the University of Chicago expends $242,970 per student across all direct program services ($107,501 per student on classroom instruction and student scholarships, and $288,760 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 research laboratories, doctoral stipends, loan-free undergraduate financial aid, and faculty ratios that operate alongside the university’s student selectivity.
Accounting Reconciliation: Readers comparing the University of Chicago’s consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $5.56B in total expenses by recording $691.4M in student scholarships and fellowships as an operating expense (Part IX, Line 2), whereas GAAP financial statements net student tuition discounts directly against gross tuition revenue. Second, per Form 990 Part IV (Lines 12a–12b) and Schedule R, UChicago's consolidated GAAP statements combine the University with the separately incorporated 501(c)(3) University of Chicago Medical Center (UCMC, EIN 36-3488183) and its Ingalls and Northwest Indiana hospital affiliates, whereas this Form 990 represents the standalone legal filing of the University (capturing $838.2M in Biological Sciences Division faculty clinical/educational revenue, $86.8M in UCMC grants to the University, $579.2M in UCMC expense reimbursements, and $748.2M in custodial investment liabilities held for affiliates on Schedule D, Part X, while excluding UCMC's separate hospital corporate operating budget). Third, because UChicago Argonne LLC is a wholly owned disregarded entity (Schedule R, Part I), $1.25B in Argonne National Laboratory total income and $657.0M in direct research program expenditures are consolidated directly into the University's Form 990 revenue and expense lines, whereas Fermi Research Alliance LLC is a jointly owned related organization accounted for separately.
Frequently Asked Questions: UChicago's Form 990 Financials
As of Fiscal Year 2025, the University of Chicago's endowment stands at $9.22 billion ($9,224,920,506), up 5.7% year-over-year after generating $868.9 million in net investment earnings. Its $557.2 million total annual outlay ($438.2 million for facilities and academic programs, $98.5 million for scholarships, and $20.4 million in administrative costs) covers 10.0% of the university's $5.56 billion Form 990 operating budget (9.6% excluding endowment administration).
The University of Chicago spends $242,970 per student annually across all direct Form 990 program services ($4.68 billion across 19,266 enrolled students). Within that total, regular session classroom instruction ($1.38 billion) and student scholarships ($691.4 million) account for $107,501 per student, compared to $71,394 per student collected in baseline tuition and fees. Including administrative overhead and fundraising, total enterprise expenditure reaches $288,760 per student ($5.56 billion).
The University of Chicago reported $691.4 million in total Form 990 scholarship and fellowship grants in FY25. On Schedule I, the university recorded $694.4 million in direct aid across 14,597 collegiate recipients (75.8% of the 19,266-student body)—comprising $216.6 million for 3,559 undergraduates (47.1% of the College) and $468.6 million for 11,038 graduate and professional recipients—plus $9.1 million for 1,542 precollegiate Charter School students.
The highest-paid employee in FY25 is Mark Anderson, Executive Vice President for Medical Affairs, who received $3,295,016 in total compensation, followed by Vice President and Chief Investment Officer Andrew Ward ($2,759,396), Professor of Surgery Valluvan Jeevanandam ($2,250,873), Enterprise CFO Ivan Samstein ($2,189,928 combined across UChicago and UCMC), and President A. Paul Alivisatos ($2,082,741).
Yes. On Form 990 Part V, Line 16, the University of Chicago confirmed that it is subject to the federal IRC Section 4968 1.4% excise tax on net investment income, holding $9.22 billion in endowment assets across 19,266 enrolled students ($478,819 per total student and exceeding the $500,000 federal threshold when calculated per full-time tuition-paying student).
The University of Chicago's total assets reached $15.81 billion ($15,809,478,980) in Fiscal Year 2025, anchored by $9.77 billion in balance sheet investment securities ($5.95 billion in venture capital and real estate alternatives and $3.82 billion in publicly traded securities) and $3.19 billion in net physical plant. Total liabilities stand at $6.77 billion, including $5.09 billion in institutional debt ($2.12 billion in tax-exempt bonds, $2.89 billion in unsecured notes, and $79.4 million in mortgages).
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