Vanderbilt Returns 60% of Tuition in Aid to 81% of Students as $10.86 Billion Endowment and Medical Center Pact Fund $138,444 Per-Student Spend
By Data Team | Published November 5, 2026
Vanderbilt University’s total assets reached $14.82 billion and net assets hit $11.18 billion in fiscal year 2025, anchored by a $10.86 billion endowment whose $515.56 million annual payout covers 21.5% of the university's $2.40 billion Form 990 operating budget (26.8% of net operating expenses excluding student aid gross-ups), according to its latest IRS filing. That capital foundation enables Vanderbilt to spend $138,444 per student on direct program services ($1.89 billion across 13,670 degree-seeking students)—comprising $102,913 per student on regular session education and financial aid ($1.41 billion) and $35,531 per student on academic and scientific research ($485.70 million)—while overall enterprise expenditure reaches $175,569 per student ($2.40 billion).
Following the 2016 legal and financial separation of Vanderbilt University Medical Center (VUMC) into an independent nonprofit corporation, Vanderbilt operates with a streamlined academic balance sheet while retaining deep clinical-research integration. Gross tuition, fees, room, and board generate $1.00 billion ($73,498 per student before aid, or $38,788 net per student), representing 35.6% of Vanderbilt’s $2.82 billion total revenue. Realized investment income ($751.30 million), private philanthropy and government research grants ($494.67 million), and VUMC affiliated entity payments ($396.12 million) supply the majority of institutional funding.
This revenue architecture supports *Opportunity Vanderbilt*, the university's need-blind, no-loan undergraduate aid initiative, alongside graduate fellowships. On Form 990 Schedule I, Vanderbilt disbursed $474.49 million in direct financial assistance across 11,065 domestic recipients—80.9% of the entire student body—returning 60.2% of gross tuition and fee dollars directly to students as financial aid.
Institutional & Governance Profile
Incorporated in Tennessee in 1873 as Vanderbilt University (EIN 62-0476822) and headquartered on its 340-acre campus in Nashville, the university encompasses 11 schools and colleges—including its recently established College of Connected Computing—and maintains formal academic and research affiliation agreements with Vanderbilt University Medical Center.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1873, Vanderbilt issued 14,639 Form W-2s in calendar year 2024, filed 18,412 Form 1096 vendor returns, and engaged 5,500 alumni and community volunteers.
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Academic & Faculty Footprint: More than 2,400 full-time faculty members (maintaining an 8:1 student-to-faculty ratio) instruct 13,670 degree-seeking students—comprising 7,366 undergraduates and 6,304 graduate and professional students—across 11 schools: College of Arts and Science, College of Connected Computing, Blair School of Music, Divinity School, School of Engineering, Graduate School, Law School, School of Medicine, School of Nursing, Owen Graduate School of Management, and Peabody College.
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Executive Leadership: Chancellor Daniel Diermeier leads the university alongside Provost and Vice Chancellor for Academic Affairs C. Cybele Raver, Vice Chancellor for Finance, IT and CFO Brett C. Sweet, Vice Chancellor for Investments and CIO Anders W. Hall, and Vice Chancellor for Athletics and Athletic Director Candice S. Lee.
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Governing Board (Schedule O): The Board of Trust comprises 35 voting members, 34 of whom are independent (chaired by Bruce R. Evans with Vice-Chairmen Jeffrey J. Rothschild and Nora W. Tyson). Following review by PwC and the General Officers, the full Board of Trust reviews the Form 990 via Diligent prior to filing, while the University Conflicts Committee and Audit Committee oversee annual conflict-of-interest management plans.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Vanderbilt generated $9.65 billion in gross receipts and $2.82 billion in total net revenue. Total assets expanded 7.6% to $14.82 billion while net assets rose 8.6% to $11.18 billion, led by $6.33 billion in unrestricted net assets (56.6%) and $4.85 billion in donor-restricted net assets (43.4%).
Balance Sheet Strength
- Total Assets $14,819,492,400 (+7.6%)
- Total Liabilities $3,639,041,938 (+4.9%)
- Total Net Assets $11,180,450,462 (+8.6%)
- Donor-Restricted Net Assets $4,849,508,932 (43.4% of Total Net Assets)
- Unrestricted Net Assets $6,330,941,530 (56.6% of Total Net Assets)
Operating Performance
- Total Revenue $2,818,556,976 (+9.8%)
- Total Expenses $2,400,025,861 (+4.5%)
- Operating Surplus $418,531,115 (+54.7%)
- Unrealized Gains (Excluded) $464,575,954
Note: The $418.5 million reported operating surplus (+54.7% YoY from $270.5 million in FY24) reflects Form 990 realized accounting parameters; adding $464.6 million in net unrealized investment gains and $4,038 in net minority interest and deconsolidated distribution adjustments accounts for the full $883.1 million expansion in Vanderbilt's FY25 net assets.
Revenue Breakdown
Three of Vanderbilt's four primary revenue streams expanded in FY25, pushing total revenue up 9.8% to $2.82 billion. Program service revenue rose 8.7% to $1.53 billion, anchored by $788.77 million in gross tuition and fees, $396.12 million in VUMC affiliated entity revenue, and $215.94 million in room, board, and auxiliary receipts. Realized investment income edged up 1.6% to $751.30 million on $556.71 million in net securities gains, while contributions and grants surged 33.0% to $494.67 million ($261.78 million in private gifts and $232.89 million in government grants). Other revenue declined 11.8% to $42.85 million across technology royalties, hospitality operations, and commercial rents.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +8.7% YoY$1,529,734,239 (54.3%)
- Tuition and Fees (Gross before $474.5M Financial Aid) $788,772,471
- Affiliated Entity Revenue (VUMC Academic & Clinical Affiliation) $396,119,914
- Room, Board & Auxiliary Operations $215,942,020
- Research & Other Sponsored Contracts $95,361,442
- Other Auxiliary ($8.66M) & All Other Program Revenue ($24.88M) $33,538,392
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Investment Income +1.6% YoY$751,299,590 (26.7%)
- Realized Net Capital Gains ($7.39B Gross Securities Sales) $556,706,891
- Dividends, Interest & Other Investment Income $186,331,764
- Tax-Exempt Bond Proceeds Income $8,260,935
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Contributions & Grants +33.0% YoY$494,671,806 (17.6%)
- Private Philanthropy, Related Orgs & Fundraising Events $261,782,373
- Government Research & Sponsored Grants $232,889,433
- Noncash Gifts Included Above (398 Public Stock Gifts, $5.0M LLC Interest) $74,662,262
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Other Revenue -11.8% YoY$42,851,341 (1.5%)
- Intellectual Property & Technology Royalties $21,624,114
- Hospitality & Miscellaneous Revenue (West Trace LLC) $16,485,634
- Net Rental Income ($4.80M on $10.98M Gross Rents) & Events (-$61.3K) $4,741,593
Endowment Performance and Asset Allocation
Vanderbilt’s Office of Investments oversees $12.06 billion in total balance sheet cash and investment holdings—anchored by its $10.86 billion endowment ($794,220 per student across 13,670 students) and pooled operating reserves, including $1.30 billion held via its disregarded investment subsidiary Star V Partners LLC (Schedule R, Part I). On Part X and Schedule D (Part VII), Vanderbilt holds $6.02 billion in alternative and other securities—led by $5.28 billion in private equity, venture capital, real estate, and hedge fund limited partnerships—alongside $4.88 billion in publicly traded securities and $1.14 billion in cash and short-term investments. The university also carries $508.77 million in short-sale securities liabilities (Schedule D, Part X) to hedge market exposure and paid $185.30 million in total investment management fees ($77.74 million) and direct investment expenses ($107.56 million).
To execute its global multi-asset strategy, Vanderbilt holds $1.22 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $973.59 million in Central America and the Caribbean, $175.62 million in Europe, $51.75 million in Sub-Saharan Africa, and $16.78 million in East Asia and the Pacific—generating $98.89 million in gross unrelated business revenue ($0 net taxable income on Form 990-T after deductions and carryforwards). Because Vanderbilt exceeds the federal $500,000 per-student endowment threshold, it is subject to the IRC Section 4968 excise tax on net investment income (Part V, Line 16), and notes in its Schedule D FIN 48 footnote that it is evaluating the expanded tax provisions of the July 2025 One Big Beautiful Bill Act (OBBBA) taking effect for Vanderbilt in FY27.
Portfolio Performance & Asset Allocation ($12.06B Total Cash & Investment Pool / $10.86B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $10,856,983,511 (+5.9% YoY), representing $794,220 per enrolled student across 13,670 degree-seeking students.
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Net Investment Gains: $990,983,018 in endowment investment earnings (+13.0% YoY from $876.82M in FY24).
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Alternative & Offshore Capital: 49.9% of total cash and investment assets ($6.02B) sit in limited partnerships and non-public securities, with $1.22B deployed across international investment vehicles ($973.59M in Central America and the Caribbean) and $508.77M in short-sale hedging positions.
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Total Payout & Budget Coverage: $515,558,277 ($344.02M to academic programs, endowed chairs, and facilities; $171.54M to student scholarships and fellowships), funding 21.5% of Form 990 total expenses (26.8% of net operating expenses excluding student aid gross-ups, and 27.2% of direct program services).
Detailed Asset Mix ($12.06B Balance Sheet Cash & Investment Pool)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Vanderbilt’s endowment from a $6.92 billion opening balance in FY21 to $10.86 billion at the close of FY25 (+57.0% cumulative growth). Over that five-year window, the endowment received $921.66 million in new gifts and transfers alongside $5.13 billion in cumulative net investment earnings—highlighted by a $3.93 billion surge in FY21 and consecutive gains of $876.82 million in FY24 and $990.98 million in FY25 that offset the FY22–FY23 market pullbacks. Simultaneously, the endowment distributed $2.12 billion toward campus operations ($709.75 million for scholarships and $1.41 billion for academic programs, faculty chairs, and facilities), increasing annual payouts by 48.3% from $347.54 million in FY21 to $515.56 million in FY25. At year-end FY25, the pool comprised 58.8% board-designated quasi-endowment, 24.6% term endowment, and 16.6% permanent endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $10,247,727,489 | $9,684,196,092 | $10,206,067,253 | $10,928,512,328 | $6,917,370,798 |
| 1b. Contributions | $133,831,281 | $149,947,785 | $91,636,549 | $122,443,535 | $423,800,008 |
| 1c. Net investment earnings | $990,983,018 | $876,815,518 | ($197,457,616) | ($470,441,456) | $3,934,880,718 |
| 1d. Grants or scholarships | ($171,541,494) | ($155,992,194) | ($137,615,126) | ($127,116,659) | ($117,488,246) |
| 1e. Other expenditures | ($344,016,783) | ($307,239,712) | ($278,434,968) | ($247,330,495) | ($230,050,950) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $10,856,983,511 | $10,247,727,489 | $9,684,196,092 | $10,206,067,253 | $10,928,512,328 |
Per-Student Spending and True Cost
On Form 990 Part III (Line 4e) and Part IX (Column B), Vanderbilt reports $1,892,525,315 in direct program service expenses across its 13,670 degree-seeking students (7,366 undergraduates and 6,304 graduate and professional students), equating to $138,444 per student in direct program service spend. Within that total, regular session education and student aid (Part III, Line 4a) account for $1,406,821,926, or $102,913 per student ($68,203 net per student excluding $474.49 million in financial aid grants), while academic and scientific research (Line 4b) accounts for $485,703,389, or $35,531 per student.
By comparison, gross tuition and fee revenue ($788,772,471, or $57,701 per student) plus room and board ($215,942,020, or $15,797 per student) totals $1,004,714,491 ($73,498 per student before aid; $38,788 net per student after deducting $474.49 million in institutional financial aid). Even on a gross basis before subtracting financial aid, student charges cover just 53.1% of Vanderbilt's $138,444 per-student direct program service expenditure, leaving a $64,946 per-student structural subsidy ($99,656 per student net of financial aid) bridged by the $515.56 million endowment payout, $396.12 million in VUMC academic affiliation revenue, and $494.67 million in philanthropy and government grants. When adding $452.89 million in management and general expenses (which includes $185.30 million in investment fees and expenses) and $54.61 million in fundraising costs, overall institutional expenditure reaches $2,400,025,861, or $175,569 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $1,892,525,315 across 13,670 undergraduate and graduate students ($138,444 per student in direct program services; $96,803 net per student excluding $569.23M in student and research grants).
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Regular Session Education & Total Enterprise Spend (Part III, Line 4a & Part IX): $1,406,821,926 in direct Education program services ($102,913 gross per student; $68,203 net excluding $474.49M in student aid) and $2,400,025,861 in overall institutional spend including management, investment overhead, and fundraising ($175,569 per student).
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Tuition & Room/Board Revenue: $1,004,714,491 combined ($788.77M tuition/fees and $215.94M room/board, or $73,498 gross per student and $38,788 net per student after aid), covering 53.1% of direct program service costs before aid (28.0% net of aid).
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Academic and Scientific Research (Part III, Line 4b): $485,703,389 in direct research program expenses ($35,531 per student, including $94.74M in research subawards and $6.22M in specialized research support services), funded by $232.89M in government grants and $95.36M in research contracts.
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Libraries, Art Collections & Global Programs (Schedule D & Schedule F): $18.54M in annual library acquisitions supporting a collection with a $501.5M replacement value and a $50.2M fine art collection (Schedule D, Part XIII), alongside $8.07M in global academic program services and $3.36M in international research grants across 10 world regions (Schedule F, Part I).
Financial Aid: How Vanderbilt Deploys $474.5M in Student Support
Through *Opportunity Vanderbilt*, the university practices need-blind admissions for U.S. citizens and eligible non-citizens and meets 100% of demonstrated undergraduate financial need without student loans, while also awarding competitive merit scholarships and graduate fellowships across its 11 schools. In FY25, Vanderbilt disbursed $474,486,535 in direct institutional financial aid grants for tuition, room, board, and student hardship—an effective tuition discount rate of 60.2% against its $788.77 million in gross tuition and fee revenue.
On Form 990 Schedule I (Part III), Vanderbilt reports that those $474.49 million in direct grants supported 11,065 domestic recipients—representing 80.9% of its 13,670 degree-seeking students at an average award of $42,882 per aided student. Dedicated endowment scholarship payouts (Schedule D, Part V, Line 1d) directly funded $171.54 million (36.2%) of that aid total, with the remaining $302.95 million funded through unrestricted university operating revenues and annual gifts.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 80.9% (11,065 students)
- Effective Tuition Discount Rate 60.2% of Gross Tuition
- Endowment Scholarship Payout (Line 1d) $171,541,494 (36.2% of Aid)
- Operating & Gift-Funded Aid $302,945,041 (63.8% of Aid)
- Total Domestic Student Cash Grants $474,486,535 ($42,882 avg.)
Federal Programs & External Research Subawards
- Federal & State Aid Participation (Schedule E) Participates in Federal Pell Grants, FSEOG, Federal Work-Study, Direct Stafford/PLUS/Nursing Loans, Tennessee Student Assistance Awards, and the Tennessee Education Lottery Scholarship Program.
- Domestic & Foreign Research Grants ($94,739,247) Includes $91,376,810 in domestic subrecipient research and institutional grants (Part IX, Line 1, plus 2 Donor Advised Funds holding $43.58M on Schedule D) and $3,362,437 across 27 foreign research subawards (Schedule F).
Executive and Investment Team Compensation
Vanderbilt’s Schedule J disclosures highlight the market dynamics of endowment asset management and Southeastern Conference (SEC) athletics. The university’s highest-compensated employee in FY25 was Vice Chancellor for Investments and Chief Investment Officer Anders W. Hall ($8,427,395, comprising $1.08 million in base pay, $2.53 million in annual bonus, $2.14 million in other reportable pay including $2.11 million in vested prior-year deferred compensation, and $2.63 million in current retirement and deferred accruals). SEC coaching contracts and leadership transitions accounted for four of the next five spots: departing Head Men's Basketball Coach Jerry Stackhouse ($4,788,385, including a $3,460,000 severance payout), Head Football Coach Clark Lea ($4,354,357), incoming Head Men's Basketball Coach Mark Byington ($2,710,329), and Head Baseball Coach Timothy C. Corbin ($2,047,379).
In central university governance, Chancellor Daniel Diermeier received $3,416,810 in total compensation ($1,615,362 base salary and $1,083,200 performance incentive), Vice Chancellor for Finance and CFO Brett C. Sweet earned $2,015,539, Vice Provost for Enrollment Affairs Douglas Christiansen received $1,510,028 (including a $500,000 vested supplemental retirement payout), Vice Chancellor for Athletics Candice S. Lee earned $1,396,932, and Provost C. Cybele Raver received $1,182,896. Because Vanderbilt pays remuneration exceeding $1 million to covered executives and coaches, the university is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Vanderbilt expended $977,629,939 in total salaries, wages, pensions, and benefits in FY25 (+5.4% YoY, representing 40.7% of all university expenses) across 14,639 W-2 employees, with 1,976 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): An independent Compensation Committee of the Board of Trust reviews and approves executive compensation annually using external consulting studies and market comparability data, with the Chancellor's compensation ratified by the Executive Committee.
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Deferred Vesting, Severance & Housing Loans (Schedule J & L): Three executives received vested payouts from nonqualified supplemental retirement plans in calendar year 2024: CIO Anders Hall ($2,114,182), Vice Provost Douglas Christiansen ($500,000), and VC for Administration Darren Reisberg ($30,000), while former coach Jerry Stackhouse received $3,460,000 in severance. Under Schedule L, Part II, Vanderbilt holds a written housing loan with Provost C. Cybele Raver ($500,000 original principal; $458,062 year-end balance due).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 23 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) |
| Anders W. HallVC for Investments & CIO | $1,081,252 | $2,530,491 | $2,136,234 | $2,625,958 | $53,460 | $8,427,395 | $2,114,182 |
| Jerry StackhouseHead Men's Basketball Coach (until 5/1/24) | $1,223,740 | $60,000 | $3,495,761 | $8,122 | $762 | $4,788,385 | $0 |
| Clark LeaHead Football Coach | $4,082,289 | $194,000 | $26,540 | $20,390 | $31,138 | $4,354,357 | $0 |
| Daniel DiermeierChancellor / Board Member | $1,615,362 | $1,083,200 | $322,237 | $371,501 | $24,510 | $3,416,810 | $0 |
| Mark ByingtonHead Men's Basketball Coach (eff. 5/15/24) | $2,477,196 | $100,000 | $23,051 | $92,179 | $17,903 | $2,710,329 | $0 |
| Timothy C. CorbinHead Baseball Coach | $1,632,416 | $105,500 | $4,510 | $282,531 | $22,422 | $2,047,379 | $0 |
| Brett C. SweetVC for Finance, IT & CFO | $1,283,574 | $370,665 | $26,107 | $290,390 | $44,803 | $2,015,539 | $0 |
| Douglas ChristiansenVP Enrollment Affairs & Dean of Admissions | $767,395 | $125,076 | $514,329 | $78,082 | $25,146 | $1,510,028 | $0 |
| Candice S. LeeVC for Athletics & Athletic Director | $1,203,476 | $93,000 | $4,920 | $70,390 | $25,146 | $1,396,932 | $0 |
| John M. LutzVC for Development & Alumni Relations | $979,064 | $218,097 | $26,684 | $20,390 | $16,330 | $1,260,565 | $0 |
| C. Cybele RaverProvost & VC for Academic Affairs | $861,865 | $249,291 | $26,684 | $20,390 | $24,666 | $1,182,896 | $0 |
| Ruby ShellawayVC, General Counsel & Univ. Secretary | $701,247 | $207,034 | $21,640 | $20,390 | $42,097 | $992,408 | $0 |
| Eric C. KopstainVC for Administration (until 12/31/24) | $612,649 | $130,052 | $25,442 | $90,390 | $16,026 | $874,559 | $0 |
| John KuriyanDean, School of Medicine Basic Sciences | $777,186 | $18,000 | $14,179 | $20,390 | $31,707 | $861,462 | $0 |
| Timothy P. McNamaraDean, College of Arts and Science | $649,155 | $110,000 | $37,582 | $20,390 | $23,334 | $840,461 | $0 |
| Sydney SavionVC for People, Culture and Belonging | $525,027 | $214,813 | $14,183 | $20,390 | $15,019 | $789,432 | $0 |
| John GeerFormer Dean, College of Arts and Science | $697,632 | $0 | $37,843 | $20,390 | $30,796 | $786,661 | $0 |
| Andre L. ChurchwellFormer VC for Equity, Diversity & Inclusion | $644,130 | $32,010 | $4,326 | $20,390 | $24,960 | $725,816 | $0 |
| Lawrence J. MarnettFormer Dean, Med. School Basic Sciences | $552,238 | $0 | $35,941 | $20,390 | $24,005 | $632,574 | $0 |
| Nathan GreenVC for Government & Community Relations | $405,232 | $116,819 | $2,461 | $13,565 | $68,895 | $606,972 | $0 |
| Steve ErtelVC for Communications and Marketing | $385,550 | $93,537 | $747 | $45,390 | $55,269 | $580,493 | $0 |
| Darren ReisbergVC for Administration (eff. 1/1/25) | $464,036 | $0 | $61,173 | $20,390 | $24,524 | $570,123 | $0 |
| Nicholas S. ZepposChancellor Emeritus | $223,542 | $0 | $0 | $0 | $0 | $223,542 | $0 |
Facilities, Debt, and Municipal Relations
Vanderbilt is executing a multi-year physical transformation across its 340-acre Nashville campus—spanning residential colleges, science laboratories, and the Vandy United athletics facilities overhaul—while establishing regional footprints in West Palm Beach, Florida (*Vanderbilt Education Florida LLC*) and New York City (*Vanderbilt Chelsea Holdings LLC*). To preserve endowment liquidity for investment compounding, the university finances capital construction through philanthropy, taxable notes, and tax-exempt municipal bonds issued via The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County (HEFB).
Unlike northeastern municipalities that rely on standalone voluntary PILOT checks, Vanderbilt’s town-gown fiscal relationship with Metro Nashville and surrounding Tennessee communities combines $91.38 million in Schedule I grants and research subawards to domestic organizations and public agencies, direct property and operating outlays on commercial rental properties ($6.17 million in expenses on $10.98 million in gross rents), and taxable commercial subsidiaries including West Trace LLC ($16.49 million in hospitality revenue) and Vanderbilt Legends Club Inc. ($11.53 million in golf club revenue).
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations (Schedule D, Part VI): Vanderbilt holds $3.95 billion in gross land, buildings, and equipment ($2.37 billion net book value after $1.58 billion in accumulated depreciation, up +14.1% YoY), recording $119.22 million in annual occupancy costs and $116.39 million in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): In August 2024, Vanderbilt issued $351.62 million in tax-exempt HEFB of Metro Nashville bonds ($359.89M total proceeds) to finance campus capital improvements and refund $75.00 million of its February 2023 commercial paper issue. At year-end, the university carried $344.67 million in tax-exempt bond liabilities, $628.35 million in taxable mortgages and notes, and $27.51 million in lease liabilities, paying $29.59 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments and Municipal Relations: While academic buildings are tax-exempt, Vanderbilt disbursed $91.38M in Schedule I grants to domestic organizations and government entities, incurred $6.17M in direct expenses on its $10.98M commercial real estate portfolio, operated taxable hospitality and recreational entities (West Trace LLC with $70.41M in assets and C-corp Vanderbilt Legends Club Inc. in Franklin, TN with $37.89M in assets), and expended $1.06M on Schedule C federal, state, and local legislative and municipal engagement overseen by its Division of Government and Community Relations.
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Top Construction & Affiliation Contractors (Part VII, Section B): Four of Vanderbilt's five highest-compensated independent contractors (among 429 contractors paid over $100,000) were major construction firms building campus and athletic infrastructure: Barton Malow Builders ($120.04M), Brasfield & Gorrie LP ($82.74M), Skanska USA Building Inc. ($27.02M), and Layton Construction Company LLC ($10.95M), alongside Vanderbilt University Medical Center ($52.81M for clinical-academic affiliation services).
Editorial Note
All financial figures in this report derive from Vanderbilt University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 13,670 degree-seeking students—7,366 undergraduates and 6,304 graduate and professional students) and have been reviewed by the data team.
While Vanderbilt expends $138,444 per student on direct program services ($102,913 per student on regular session education and student aid, $35,531 per student on academic and scientific research, and $175,569 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 infrastructure, need-blind domestic undergraduate admissions, and 8:1 student-to-faculty ratio that operate alongside Vanderbilt’s student selectivity.
Accounting Reconciliation: Readers comparing Vanderbilt’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $2.40B in total expenses by recording $569.2M in grants ($474.5M in student financial aid on Part IX, Line 2) as a functional operating expense, whereas GAAP financial statements net student financial aid directly against gross tuition and room/board revenue. Second, Form 990 includes $185.3M in investment management fees ($77.7M on Part IX, Line 11f) and direct investment expenses ($107.6M on Part IX, Line 24a) inside Management and General expenses while excluding $464.6M in net unrealized investment gains (Part XI, Line 5) from Part VIII total revenue ($2.82B), whereas GAAP statements net investment expenses directly against total investment return. Third, following the 2016 legal reorganization of Vanderbilt University Medical Center (VUMC) into an independent 501(c)(3) corporation, VUMC’s hospital operations are excluded from the University’s consolidated financial statements and Form 990 balance sheet; instead, Form 990 captures the bilateral academic-clinical relationship through $396.1M in Affiliated Entity Revenue received from VUMC (Part VIII, Line 2b) and $52.8M in Affiliation Services paid to VUMC (Part VII, Section B), while consolidating wholly owned disregarded LLCs on Schedule R, Part I—most notably Star V Partners LLC ($1.30B in assets and $138.2M in income), West Trace LLC ($70.4M in assets and $16.5M in hospitality revenue), and Royal Tree LLC ($38.0M in assets).
Frequently Asked Questions: Vanderbilt's Form 990 Financials
As of Fiscal Year 2025, Vanderbilt University's endowment stands at $10.86 billion ($10,856,983,511), up 5.9% year-over-year after generating $990.98 million in net investment gains. Its $515.56 million annual payout covers 21.5% of the university's $2.40 billion Form 990 operating expenses (26.8% of net operating expenses excluding student financial aid gross-ups).
Vanderbilt spends $138,444 per student annually in direct program services ($1.89 billion across 13,670 degree-seeking students)—broken down into $102,913 per student on regular session education and student aid ($1.41 billion) and $35,531 per student on academic and scientific research ($485.70 million)—compared to $73,498 per student collected in gross tuition, fees, room, and board ($38,788 net per student after financial aid). Including administrative and investment overhead ($452.89 million) and fundraising ($54.61 million), total institutional expenditure is $175,569 per student ($2.40 billion).
On Form 990 Schedule I, Vanderbilt awarded $474.49 million ($474,486,535) in direct student financial assistance across 11,065 domestic recipients in FY25—covering 80.9% of its 13,670-student body at an average grant of $42,882 per aided student and returning 60.2% of gross tuition and fee revenue directly to students.
The highest-paid employee in FY25 is Anders W. Hall, Vice Chancellor for Investments and Chief Investment Officer, who received $8,427,395 in total compensation (including $2.11 million in vested prior-year deferred compensation and $2.63 million in current retirement/deferred accruals), followed by former Head Men's Basketball Coach Jerry Stackhouse ($4,788,385, including $3.46 million in severance), Head Football Coach Clark Lea ($4,354,357), and Chancellor Daniel Diermeier ($3,416,810).
Yes. Because Vanderbilt enrolls more than 500 tuition-paying students and holds $794,220 in endowment assets per student across 13,670 students (above the $500,000 federal statutory threshold), it is subject to the IRC Section 4968 excise tax on net investment income (Part V, Line 16) and recorded $8.45 million in tax expenses on Part IX, Line 24d.
Vanderbilt University's total assets reached $14.82 billion ($14,819,492,400) in Fiscal Year 2025, anchored by $10.92 billion in balance sheet investment securities ($6.02 billion in limited partnerships and alternative securities and $4.88 billion in publicly traded securities), $1.14 billion in cash and temporary cash investments, and $2.37 billion in net physical plant.
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