Vassar’s 84% Realized Investment Gain Triples Operating Surplus to $18.1M as $2.03B Asset Base and $1.39B Endowment Fund $113,000 Per-Student Program Spend
By Data Team | Published November 9, 2026
Vassar College’s total assets crossed the two-billion-dollar threshold in fiscal year 2025, rising 5.7% to $2.03 billion ($2,034,977,708), anchored by a $1.39 billion ($1,393,805,601) endowment whose $66.82 million annual Schedule D payout covers 18.9% of the college's $352.95 million Form 990 gross operating budget (26.4% of its $253.36 million audited GAAP operating expense base), according to its latest IRS filing. That capital base enables Vassar to spend $113,000 per student on direct program services ($278.20 million across 2,462 enrolled undergraduates, including $71,857 per student on regular session classroom instruction and student aid)—while total enterprise expenditure including institutional management, investment fees, and fundraising reaches $143,358 per student ($352.95 million).
Vassar’s FY25 ledger illustrates the operating model of a residential liberal arts college pairing high nominal tuition with deep tuition discounting and alternative asset returns. Driven by an 84.2% surge in realized investment income to $63.14 million and an 8.1% increase in program service revenue to $233.06 million, total Form 990 revenue rose 13.3% to $371.09 million—outpacing a 9.7% increase in expenses and more than tripling the college's realized operating surplus from $5.86 million to $18.14 million (+209.6% YoY).
While gross student tuition, fees, room, and board generated $226.69 million ($92,077 per student), Vassar returned $84.80 million directly to students in financial aid grants—supporting 1,431 scholarship recipients, or 58.1% of the student body—leaving $141.89 million ($57,634 per student) in net student revenue and relying on endowment distributions and $71.05 million in philanthropic contributions and grants to cover the remaining $55,366 per-student net educational subsidy.
Institutional & Governance Profile
Operating under its formal corporate title, Vassar College (EIN 14-1338587), the institution is legally domiciled in New York with its campus and headquarters at 124 Raymond Avenue in Poughkeepsie. Chartered in 1861 to provide women an education equal to that available at leading men's colleges and fully coeducational since 1969, Vassar oversees a 1,000-acre residential campus in the Hudson Valley, the Frances Lehman Loeb Art Center, a wholly owned realty subsidiary (College Properties LLC), and four European study-abroad offices.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1861, Vassar issued 3,715 Form W-2s in calendar year 2024 (including faculty, staff, and student employees), filed 3,707 Form 1096 returns (including 3,093 Form 1098-T tuition statements), and engaged 1,425 alumni and community volunteers.
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Academic & Faculty Footprint: Approximately 338 faculty members instruct 2,462 enrolled undergraduate students across 30 academic departments, 3 interdepartmental programs, 14 multidisciplinary programs, the Interdisciplinary Independent Program, and 50 majors offering over 1,000 courses.
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Executive Leadership: President Elizabeth Howe Bradley leads the college alongside Board Chair Sharon Chang, Vice President for Finance and Administration Bryan A. Swarthout, Vice President for Advancement Timothy Kane, Dean of the College Carlos Alamo, Interim Dean of the Faculty Brian Daly, General Counsel Shay Humphrey, and AVP of Finance and Controller Roseann Daw.
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Governing Board (Schedule O): The Board of Trustees comprises 27 voting members, 26 of whom are independent. In FY25, the Board amended its bylaws to formally establish the General Counsel as Chief Legal Officer on the senior team. The Audit Committee reviews the full draft Form 990 prior to submission, and annual conflict-of-interest questionnaires are reviewed by the VP for Finance and Administration, the Board Chair, and the Audit Committee Chair.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Vassar generated $895.05 million in gross receipts and $371.09 million in total net revenue. Total assets rose 5.7% to $2.03 billion while net assets increased 6.8% to $1.68 billion, weighted toward donor-restricted endowment and capital funds (75.1%) alongside unrestricted operating and quasi-endowment reserves (24.9%).
Balance Sheet Strength
- Total Assets $2,034,977,708 (+5.7%)
- Total Liabilities $355,278,897 (+0.7%)
- Total Net Assets $1,679,698,811 (+6.8%)
- Donor-Restricted Net Assets $1,261,323,464 (75.1% of Total Net Assets)
- Unrestricted Net Assets $418,375,347 (24.9% of Total Net Assets)
Operating Performance
- Total Revenue $371,090,212 (+13.3%)
- Total Expenses $352,948,624 (+9.7%)
- Operating Surplus $18,141,588 (+209.6%)
- Unrealized Gains (Excluded) $87,206,595
Note: The $18.14 million reported operating surplus reflects Form 990 realized accounting parameters; adding $87.21 million in net unrealized investment gains and $1.04 million in pension and postretirement benefit valuation adjustments ($3.14 million pension liability credit less $2.09 million in postretirement benefit changes) accounts for the full $106.39 million expansion in Vassar's FY25 net assets.
Revenue Breakdown
Three of Vassar's four revenue pillars expanded in FY25, led by an 84.2% surge in realized investment income to $63.14 million as the college realized $39.76 million in net capital gains across $562.12 million in securities and asset sales alongside $23.38 million in dividends and interest. Program service revenue grew 8.1% to $233.06 million (62.8% of total revenue), anchored by $183.46 million in tuition and fees and $43.23 million in student room and board. Contributions and grants declined 4.2% year-over-year to $71.05 million following a prior-year capital gift spike, though donors contributed $18.72 million in noncash gifts including $16.49 million across 112 securities transfers and $2.21 million across 17 appraised works of art.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +8.1% YoY$233,062,466 (62.8%)
- Tuition and Fees (Gross before $84.80M Financial Aid) $183,463,928
- Student Room and Board (Residential Life & Dining) $43,229,411
- Auxiliary Enterprises ($1.24M Exempt Function, $2.23M UBI) $3,467,867
- Other Program Service Revenue $2,901,260
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Contributions & Grants -4.2% YoY$71,052,248 (19.1%)
- Private Philanthropy, Alumni Gifts & Endowment Contributions $66,422,440
- Federal & State Government Grants $4,629,808
- Noncash Gifts Included Above (112 Stock Gifts $16.49M, 17 Art Works $2.21M) $18,718,798
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Investment Income +84.2% YoY$63,135,872 (17.0%)
- Realized Net Capital Gains ($562.12M Gross Sales less $522.37M Cost Basis) $39,756,555
- Dividends, Interest & Partnership Income ($1.77M UBI) $23,379,317
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Other Revenue +9.3% YoY$3,839,626 (1.1%)
- Net Rental Income ($3.26M Gross Rents less $702.4K Property Expenses) $2,556,934
- Net Inventory Sales ($1.90M Gross Sales less $891.9K COGS) & Commissions $1,282,692
Endowment Performance and Asset Allocation
Vassar’s endowment rose 7.1% in FY25 to $1,393,805,601, representing $566,127 per enrolled student. Across Part X of its balance sheet, Vassar holds $1,385,616,386 in investment securities ($1,447,347,877 including $61.73 million in operating cash and temporary cash investments). Rather than operating an internal investment subsidiary, Vassar utilizes external investment managers—led by outsourced advisor Hall Capital Partners LLC ($4.89 million in FY25 compensation inside $18.43 million total investment management fees)—and allocates 74.3% of its securities portfolio (71.2% including cash) to alternative assets: venture capital ($662.02 million), hedge funds ($258.93 million), and real estate, oil, and gas ($108.90 million).
To execute this alternative strategy, Vassar holds $369.96 million in foreign-domiciled investment vehicles reported on Schedule F—including $301.86 million in Central America and the Caribbean, $51.07 million in Europe, $11.59 million in East Asia and the Pacific, and $5.46 million in non-U.S. North America—and reports $4.00 million in gross unrelated business revenue ($141,982 net taxable UBI on Form 990-T). Because Vassar enrolls more than 500 tuition-paying students and holds $566,127 in endowment assets per student (exceeding the $500,000 federal threshold), the college confirmed on Form 990 Part V (Line 16) that it is subject to the federal IRC Section 4968 excise tax on net investment income.
Portfolio Performance & Asset Allocation ($1.39B Invested Securities / $1.45B Total Cash & Investments)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $1,393,805,601 (+7.1% YoY), representing $566,127 per enrolled student across 2,462 undergraduates.
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Net Investment Gains: $128,269,628 in endowment investment earnings (+15.1% YoY from $111.42M in FY24).
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Alternative & Offshore Capital: 74.3% of invested securities (71.2% including cash) sit in venture capital, hedge funds, and real estate/energy partnerships, with $301.86M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $66,816,538 on Schedule D ($64.24M for facilities and academic programs; $2.57M in direct Schedule D scholarship lines, with ~$70M in total endowment/trust draw cited in Part III), funding 18.9% of Form 990 total expenses (26.4% of audited GAAP operating expenses).
Detailed Asset Mix (Balance Sheet Cash & Investments)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of Vassar’s endowment from a $1.10 billion opening balance in FY21 to $1.39 billion at the close of FY25 (+26.9%). Over that five-year window, the endowment absorbed $102.35 million in new donor gifts and generated $504.30 million in cumulative net investment earnings—weathering a -$134.58 million market contraction in FY22 between a $326.02 million post-pandemic surge in FY21 and consecutive gains of $111.42 million in FY24 and $128.27 million in FY25. Simultaneously, the endowment distributed $310.82 million toward student scholarships ($12.59 million on Line 1d) and academic programs, faculty support, and campus facilities ($298.24 million on Line 1e). At year-end FY25, the portfolio comprised 47.48% term endowment, 37.60% permanent endowment (85.08% combined donor-restricted), and 14.92% board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g).
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| 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 | $1,300,989,120 | $1,224,163,708 | $1,196,336,464 | $1,378,988,146 | $1,097,975,650 |
| 1b. Contributions | $31,363,391 | $30,416,429 | $16,942,767 | $10,499,826 | $13,130,757 |
| 1c. Net investment earnings | $128,269,628 | $111,415,274 | $73,171,587 | ($134,576,896) | $326,021,010 |
| 1d. Grants or scholarships | ($2,574,587) | ($2,413,156) | ($2,626,174) | ($2,573,660) | ($2,399,959) |
| 1e. Other expenditures | ($64,241,951) | ($62,593,135) | ($59,660,936) | ($56,000,952) | ($55,739,312) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $1,393,805,601 | $1,300,989,120 | $1,224,163,708 | $1,196,336,464 | $1,378,988,146 |
Per-Student Spending and True Cost
Because Vassar operates exclusively as a residential liberal arts college without medical centers or external research institutes, its entire $278,204,095 in Form 990 Program Service Expenses (Part III, Line 4e and Part IX, Column B) is dedicated to its 2,462 enrolled undergraduates. That equates to $113,000 per student in direct program service expenditure ($78,471 net per student excluding $85.01 million in grants and scholarships). Within that direct program total, Regular Session Instruction and Student Financial Aid (Line 4a) accounts for $176,911,697 ($71,857 per student, or $37,414 net of financial aid), Academic Support Services (Line 4b—libraries, the Frances Lehman Loeb Art Center, and international programs) represents $39,897,113 ($16,205 per student), Student Services (Line 4c—residential life, health, counseling, and career education) totals $34,669,387 ($14,082 per student), and Other Program Services (Line 4d—departmental research and auxiliary operations) adds $26,725,898 ($10,855 per student).
By comparison, gross student tuition and fees ($183,463,928, or $74,518 per student) plus student room and board ($43,229,411, or $17,559 per student) totaled $226,693,339 ($92,077 per student before financial aid discounts)—covering 81.5% of direct program service costs. Once Vassar's $84.80 million in student financial aid grants ($34,443 per enrolled student) is deducted, net student revenue drops to $141,894,099 ($57,634 per student), covering 51.0% of direct program expenditure and requiring $55,366 per student in annual endowment and philanthropic subsidies. When adding $60.00 million in management and general expenses (which includes $18.43 million in external investment management fees) and $14.74 million in fundraising expenses, Vassar's total enterprise expenditure reaches $352,948,624 ($143,358 per student).
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $278,204,095 across 2,462 undergraduate students ($113,000 gross direct program spend per student; $78,471 net per student excluding $85.01M in grants).
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Regular Session Instruction & Core Academic Spend (Part III, Lines 4a–4c): $176,911,697 in classroom instruction and student aid ($71,857 per student), $39,897,113 in academic support services ($16,205 per student), and $34,669,387 in residential and student services ($14,082 per student)—totaling $251,478,197 ($102,144 per student) in core educational delivery, while total enterprise expenditure across all Part IX functions reaches $352,948,624 ($143,358 per student).
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Tuition & Room/Board Revenue: $226,693,339 gross ($92,077 per student before aid) and $141,894,099 net of $84.80M in financial aid ($57,634 net per student), covering 51.0% of direct program service expenditure. Endowment payouts and gifts bridge the remaining $55,366 per-student net gap.
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Retention & Graduation Outcomes (Part III, Lines 4b–4c): Supported by faculty advising and residential programming, Vassar achieves an approximate 90% four-year graduation rate (exceeding 90% at six years across both Pell and non-Pell cohorts), with over 90% of graduates employed, enrolled in graduate school, or holding competitive fellowships within six months.
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Art Museum, Libraries & Global JYA Programs (Part IX & Schedule D/F): Vassar holds $84,611,718 in capitalized museum collections at the Frances Lehman Loeb Art Center ($2.21M in FY25 art gifts), spends $1,943,930 on library materials (over 1 million volumes), and expends $5,778,035 on Junior Year Abroad (JYA) programs including four European study offices ($1.40M in European instruction and $858.2K in European study scholarships).
Financial Aid: How Vassar Deploys $84.8M in Student Support
Vassar admits undergraduate applicants in both Early Decision and Regular Decision without regard to ability to pay and meets 100% of full demonstrated financial need for all four years of enrollment. During FY25, the college expanded its student aid outlays by 12.3% year-over-year, disbursing $84,799,240 in total student financial aid (up from $75.47 million in FY24) and eliminating student loans from financial aid packages for lower-income families. As noted in Part III (Line 4a), this aid budget is anchored by approximately $70 million drawn annually from endowment and trust funds.
On Form 990 Schedule I (Part III), Vassar reports $83,027,730 in tuition-related scholarships across 1,402 domestic students ($59,221 average grant), alongside $874,397 in student fellowships across 246 recipients and $38,918 in nursery school and other aid across 52 recipients. On Schedule F (Part III), Vassar records an additional $858,195 in scholarships wired to 29 international/study-abroad students in Europe ($29,593 average grant). Combined, 1,431 students—representing 58.1% of Vassar’s 2,462-student body—received direct tuition scholarships averaging $58,620 per aided student, with roughly 20% of Vassar undergraduates receiving Federal Pell Grants.
Internal Student Support (Schedule I & F)
- Aided Student Share (Schedule I & F) 58.1% (1,431 students)
- Pell Grant / Need-Based Aid Rate ~20% Pell / 100% Need Met
- Domestic Tuition Scholarships (1,402) $83,027,730 ($59,221 avg.)
- International Scholarships & Fellowships $1,771,510 (29 Int'l / 246 Fell.)
- Total Student Financial Aid Grants $84,799,240 (+12.3% YoY)
Endowment Subsidy & Community Grants
- Endowment-Backed Tuition Discounting (~$70,000,000 Draw) Vassar recycles 46.2% of gross tuition ($183.46M) and 37.4% of total student charges ($226.69M) directly back into $84.80M of need-based aid, supported by ~$70M in annual endowment and trust payouts.
- Schedule I Domestic Community & Civic Grants ($210,168) Includes $101,230 to Climate Vault Inc. and $108,938 in Hudson Valley "Community Works" and local municipal/non-profit grants across Poughkeepsie and Dutchess County.
Executive and Faculty Compensation
Vassar’s Schedule J disclosures highlight the compensation structure of an undergraduate liberal arts institution that outsources endowment management ($4.89 million paid to Hall Capital Partners LLC) and operates no medical school or commercial athletics program. Consequently, all five of Vassar’s Highest Compensated Employees outside the corporate officer ranks are senior tenured professors: Professor of Sociology William Hoynes ($380,044), Professor of History Robert K. Brigham ($360,473), Professor of English Robert DeMaria ($332,656), Professor of Economics David A. Kennett ($301,177), and Professor of Hispanic Studies Lizabeth Paravisini-Gebert ($270,357).
President Elizabeth Howe Bradley was Vassar's highest-compensated employee in FY25 at $877,110 in total compensation ($716,264 base salary, $6,070 in other reportable compensation, $41,400 in retirement contributions, and $113,376 in nontaxable benefits including mandatory on-campus presidential residence and housekeeping services), followed by Vice President for Advancement Timothy Kane ($487,098), Vice President for Finance and Administration Bryan A. Swarthout ($446,356), and Vice President for Technology and Human Resources / CIO Carlos Leoncio Garcia ($378,900). Because no Vassar employee exceeded $1 million in annual remuneration, the college is not 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: Vassar expended $156,465,317 in total salaries, wages, pensions, benefits, and payroll taxes in FY25 (+5.9% YoY, representing 44.3% of all college expenses) across 3,715 W-2 employees (including student workers), with 274 staff members earning over $100,000.
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Board Compensation Governance (Schedule J & O): Vassar participates in an annual third-party compensation benchmarking survey with 20 peer liberal arts colleges. An independent compensation analyst summarizes peer pay into quartile ranges for the Board's Personnel and Compensation Committee, which approves senior officer raises and maintains permanent substantiation records to meet the IRS rebuttable presumption.
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Presidential Residence & Fixed Pay Structure (Schedule J, Part I & III): On-campus housing and housekeeping services are provided to the President as a condition of employment and for the convenience of the College, with their estimated value included in Column D ($113,376). Vassar paid $0 in bonuses, incentive pay, or severance across all 18 Schedule J individuals in FY25.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 18 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) |
| Elizabeth Howe BradleyPresident & Trustee | $716,264 | $0 | $6,070 | $41,400 | $113,376 | $877,110 | $0 |
| Timothy KaneVP for Advancement | $405,845 | $0 | $1,188 | $41,400 | $38,665 | $487,098 | $0 |
| Bryan A. SwarthoutVP for Finance & Administration | $347,353 | $0 | $23,610 | $40,424 | $34,969 | $446,356 | $0 |
| William HoynesProfessor of Sociology | $313,876 | $0 | $1,188 | $36,418 | $28,562 | $380,044 | $0 |
| Carlos Leoncio GarciaVP for Tech. & HR / Chief Info. Officer | $307,020 | $0 | $180 | $35,381 | $36,319 | $378,900 | $0 |
| Carlos AlamoDean of the College | $295,049 | $0 | $9,520 | $35,686 | $26,811 | $367,066 | $0 |
| Robert K. BrighamProfessor of History | $249,696 | $0 | $42,932 | $33,715 | $34,130 | $360,473 | $0 |
| Shay HumphreyGeneral Counsel | $292,320 | $0 | $774 | $34,799 | $13,508 | $341,401 | $0 |
| Robert DeMariaProfessor of English | $265,113 | $0 | $5,686 | $30,168 | $31,689 | $332,656 | $0 |
| Victoria GranthamVP for Communications | $265,869 | $0 | $14,373 | $31,746 | $1,889 | $313,877 | $0 |
| Sonya SmithDean of Admin. & Student Fin. Services | $264,763 | $0 | $414 | $31,492 | $13,657 | $310,326 | $0 |
| Marianne BegemannDean of Strat. Planning & Academic Resources | $254,802 | $0 | $7,186 | $29,891 | $15,963 | $307,842 | $0 |
| David A. KennettProfessor of Economics | $239,439 | $0 | $5,686 | $27,458 | $28,594 | $301,177 | $0 |
| Lizabeth Paravisini-GebertProfessor of Hispanic Studies | $226,641 | $0 | $2,036 | $26,739 | $14,941 | $270,357 | $0 |
| Angelique CrumpController (thru 06/2025) | $196,542 | $0 | $236 | $21,700 | $39,822 | $258,300 | $0 |
| Brian DalyInt. Dean of Faculty (as of 07/2024) | $214,785 | $0 | $2,798 | $24,837 | $8,448 | $250,868 | $0 |
| Gladwyn LopezAVP Deputy to the VP for Communications | $169,555 | $0 | $3,282 | $18,907 | $39,047 | $230,791 | $0 |
| Wesley DixonSecretary of the Board | $186,024 | $0 | $1,129 | $16,766 | $13,626 | $217,545 | $0 |
Facilities, Debt, and Municipal Relations
Vassar’s 1,000-acre Poughkeepsie campus encompasses more than 100 academic, residential, and artistic buildings, including the National Historic Landmark Main Building, the Ecological Preserve, and the Frances Lehman Loeb Art Center. Rather than liquidating endowment principal to fund capital construction and historic preservation, the college pairs donor gifts with tax-exempt municipal bonds issued through the Dutchess County Local Development Corporation alongside long-term unsecured institutional notes.
In its Town-Gown municipal relations with the Town and City of Poughkeepsie, Vassar combines direct Schedule I community and civic grants with a substantial tax-paying commercial and residential real estate footprint in the adjacent Arlington business district. Through its wholly owned disregarded realty subsidiary, College Properties LLC (Schedule R, Part I), and direct investment real estate, Vassar maintains commercial properties on local Town of Poughkeepsie and Arlington Fire District tax rolls—generating $3.26 million in gross rents while paying $702,421 in direct rental property taxes and operating expenses alongside its annual "Community Works" philanthropic distributions.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Vassar holds $1.02 billion ($1,015,513,187) in gross land, buildings, and equipment ($545.88 million net book value after $469.63 million in accumulated depreciation, +2.0% YoY) plus $84.61 million in capitalized art collections, recording $19.19 million in annual depreciation and $9.80 million in occupancy costs.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The college carries $172.82 million in tax-exempt Dutchess County Local Development Corporation bond liabilities (-1.4% YoY)—comprising the $112.12 million Series 2017 refunding issue and $74.21 million Series 2020 refunding and capital improvement issue—plus $102.20 million in unsecured notes payable and $50.49 million in postretirement, asset retirement, and split-interest obligations, paying $11.15 million in FY25 interest expense.
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Schedule I Town-Gown PILOT / Civic Grants & Commercial Property Taxes: On Schedule I (Parts II & IV), Vassar disbursed $210,168 in domestic organizational grants—including $101,230 to Climate Vault Inc., $9,000 to Poughkeepsie's The Art Effect of the Hudson Valley, $6,610 each to Angels of Light, Brielle Grace Breast Cancer Foundation, Dutchess County Pride Center, and Ulster Immigrant Defense Network via its "Community Works" campaign, plus $73,508 in direct contributions under $5,000 to local non-profit and governmental entities—while paying $702,421 in property and operating expenses across its taxable real estate portfolio ($8.57M in College Properties LLC and $4.44M in investment land/buildings).
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Top Construction Contractors & Federal Lobbying (Part VII & Schedule C): Vassar's five highest-compensated independent contractors (among 161 contractors paid over $100,000) were Consigli Construction Co. Inc. ($15.76M), dining vendor Compass Group USA ($8.10M), construction firm Daniel O'Connell's Sons ($7.82M), investment advisor Hall Capital Partners LLC ($4.89M), and Direct Energy Marketing Inc. ($1.50M). On Schedule C, Vassar spent $77,083 on federal lobbying ($75,000 to ACG Advocacy LLC plus $2,083 in NAICU, CICU, and NACUBO dues) addressing endowment taxation and federal student aid.
Editorial Note
All financial figures in this report derive from Vassar College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 2,462 enrolled undergraduate students) signed on May 13, 2026, and have been reviewed by the data team.
While Vassar expends $113,000 per student on direct program services ($71,857 per student on regular session classroom instruction and student aid and $143,358 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 need-blind financial aid packages, 8:1 student-to-faculty ratio, and residential infrastructure that operate alongside Vassar’s student selectivity.
Accounting Reconciliation: Readers comparing Vassar’s Grant Thornton-audited standalone GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences explaining why Form 990 reports $371.09M in total revenue and $352.95M in total expenses compared to $359.75M in GAAP total revenue/gains and $253.36M in GAAP total expenses. First, Form 990 reports $352.95M in total expenses by recording $85.01M in grants ($82,052,174 in reconciled institutional student aid) as an operating expense, whereas GAAP financial statements net student financial aid directly against gross tuition revenue as a tuition discount. Second, GAAP statements net external investment management fees ($18,429,731) against investment return and include inventory cost of goods sold ($891,917) in operating expenses, whereas Form 990 grosses up $18.43M in investment fees into both revenue and management expenses (Part IX, Line 11f) while netting $891,917 in cost of goods sold directly against gross inventory sales on Part VIII (Line 10b). Third, GAAP total support includes $87,206,595 in net unrealized investment gains and $1,042,795 in net pension and postretirement benefit valuation adjustments ($3,136,933 pension liability adjustment less $2,094,138 postretirement benefit change), which Form 990 excludes from Part VIII operating revenue and reports on Part XI (Lines 5 and 9) to reconcile to the identical $1,679,698,811 ending net asset balance.
Frequently Asked Questions: Vassar's Form 990 Financials
As of Fiscal Year 2025, Vassar College's endowment stands at $1.39 billion ($1,393,805,601), up 7.1% year-over-year, or $566,127 per student. Its $66.82 million Schedule D annual payout (roughly $70 million including outside trust distributions) covers 18.9% of Vassar's $352.95 million Form 990 operating expenses and 26.4% of its $253.36 million audited GAAP operating expense base.
Vassar spends $113,000 per student annually in direct program services ($278,204,095 across 2,462 enrolled undergraduates, or $78,471 net per student excluding financial aid grants)—comprising $71,857 per student in regular session classroom instruction and student aid (Line 4a), $16,205 in academic support services (Line 4b), $14,082 in student services (Line 4c), and $10,855 in research and auxiliary program operations (Line 4d). Across the entire institution, including management overhead, investment fees, and fundraising, total enterprise spend is $143,358 per student ($352,948,624), compared to $57,634 per student collected in net tuition, room, and board after financial aid ($92,077 gross).
Vassar disbursed $84.80 million ($84,799,240, up 12.3% YoY) in student financial aid in FY25. On Schedule I and Schedule F, Vassar reported $83.03 million in tuition scholarships across 1,402 domestic undergraduates ($59,221 average grant) and $858,195 across 29 international scholarship recipients—supporting 1,431 students, or 58.1% of total enrollment—alongside $913,315 in fellowships and other student aid.
The highest-paid employee is President Elizabeth Howe Bradley, who received $877,110 in total compensation in FY25 ($716,264 base salary, $6,070 other reportable compensation, $41,400 retirement contributions, and $113,376 in nontaxable benefits including mandatory on-campus presidential housing), followed by Vice President for Advancement Timothy Kane ($487,098), Vice President for Finance and Administration Bryan A. Swarthout ($446,356), and Professor of Sociology William Hoynes ($380,044).
Yes. Because Vassar is a private college with more than 500 tuition-paying students and holds $566,127 in endowment assets per student (exceeding the $500,000 federal statutory threshold), it confirmed on Form 990 Part V, Line 16 that it is subject to the IRC Section 4968 excise tax on net investment income.
Vassar College's total assets reached $2.03 billion ($2,034,977,708) in Fiscal Year 2025, anchored by $1.39 billion in balance sheet investment securities ($355.76 million publicly traded and $1.03 billion in venture capital, hedge funds, and real estate), $545.88 million in net physical plant, $84.61 million in capitalized museum art collections, and $61.73 million in cash and short-term investments.
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