Wellesley Endowment Climbs to $3.17 Billion as 58% Surge in Investment Gains and Gifts Underwrites 79% of Student Aid and 54% of Operations
By Data Team | Published November 8, 2026
Wellesley College’s total assets reached $4.21 billion in fiscal year 2025, anchored by a $3.17 billion endowment whose $201.3 million total payout equals 53.8% of the college's $374.3 million Form 990 operating budget (71.5% of GAAP operating expenses and approximately 40% of baseline operating revenue), according to its latest IRS filing. That capital base enables Wellesley to spend $125,560 per student on direct program services ($288.8 million across 2,300 undergraduates)—comprising $84,366 per student on regular session instruction and academic support, $36,006 per student on financial aid, and $5,188 per student on faculty-student sponsored research—while total institutional expenditure including management overhead and fundraising reaches $162,747 per student ($374.3 million).
Wellesley’s financial structure illustrates the capital intensity of an elite residential liberal arts college operating with a 7:1 student-to-faculty ratio and need-blind domestic admissions. While gross student tuition, fees, room, and board generate $197.8 million ($85,984 per student before financial aid), net student charges after deducting $79.0 million in grant aid provide $118.7 million ($51,623 per student). Realized investment income ($179.4 million, up 56.6% YoY) and private and government contributions ($98.9 million, up 59.6% YoY) combined for a 57.7% surge to supply 57.2% of Wellesley's $486.7 million in total Form 990 revenue.
This endowment and philanthropic engine insulates academic operations from tuition dependence. Wellesley disbursed $79.0 million in direct student financial aid grants in FY25—with $62.7 million in endowment scholarship distributions underwriting 79.4% of all grant aid—recording $68.4 million in Schedule I grants across 1,170 domestic students (50.9% of the student body) and $10.6 million across 149 international students on Schedule F (57.3% combined institutional grant recipients, and approximately 60% of all undergraduates when including federal programs).
Institutional & Governance Profile
Operating under its corporate title, Wellesley College (EIN 04-2103637), the institution is legally domiciled in Massachusetts with its campus at 106 Central Street in Wellesley, Massachusetts. Founded in 1870 to provide a liberal arts education for women, the college oversees more than 50 departmental and interdepartmental majors, the Wellesley Centers for Women, the 16,500-object Davis Museum and Cultural Center, a foreign study-abroad affiliate in Aix-en-Provence, France, and an internal Investment Office managing its $3.17 billion endowment.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1870, Wellesley issued 3,003 Form W-2s in calendar year 2024, filed 534 Form 1096 vendor returns, and employed 145 independent contractors earning over $100,000.
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Academic & Faculty Footprint: Wellesley educates approximately 2,300 undergraduate students across more than 50 departmental and interdepartmental majors, maintaining an average class size of 17 to 20 students and a 7:1 student-to-faculty ratio.
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Executive Leadership: President Paula A. Johnson leads the college alongside Provost and Dean of the College Courtney Coile (appointed July 2024, succeeding Andrew Shennan), VP for Finance and Administration and Treasurer Piper Orton, Chief Investment Officer Deborah F. Kuenstner, and Chief Operating Officer Ray Oquendo.
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Governing Board (Schedule O): The Board of Trustees comprises 34 voting members, 33 of whom are independent (97.1%). The Audit Committee reviews the KPMG-prepared Form 990 prior to distribution to the full Board, and the Clerk of the Board submits an annual report monitoring mandatory conflict-of-interest disclosures across all trustees, officers, and external investment committee members.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Wellesley generated $625.1 million in gross receipts and $486.7 million in total net revenue. Total assets expanded 7.9% to $4.21 billion while total liabilities declined 3.1% to $583.3 million. Total net assets rose 9.9% to $3.62 billion, divided between donor-restricted funds (69.5%) and unrestricted reserves (30.5%).
Balance Sheet Strength
- Total Assets $4,206,499,425 (+7.9%)
- Total Liabilities $583,313,487 (-3.1%)
- Total Net Assets $3,623,185,938 (+9.9%)
- Donor-Restricted Net Assets $2,519,579,938 (69.5% of Total Net Assets)
- Unrestricted Net Assets $1,103,606,000 (30.5% of Total Net Assets)
Operating Performance
- Total Revenue $486,737,193 (+28.4%)
- Total Expenses $374,318,026 (+3.5%)
- Operating Surplus $112,419,167 (+547.3%)
- Unrealized Gains (Excluded) $189,082,231
Note: The $112.4 million reported operating surplus reflects Form 990 realized accounting parameters; adding $189.1 million in net unrealized investment gains and $24.3 million in other net asset additions (primarily $23.9 million from the merger of the Wellesley College Alumnae Association) accounts for the full $325.8 million expansion in Wellesley's FY25 net assets.
Revenue Breakdown
Three of Wellesley's four primary revenue streams posted substantial year-over-year gains in FY25, driving total revenue up 28.4% to $486.7 million. Program service revenue rose 7.0% to $205.9 million (42.3% of total revenue), anchored by $153.7 million in tuition and fees and $44.0 million in student room and board. Realized investment income surged 56.6% to $179.4 million (36.9% of total revenue) on $156.3 million in net capital gains, while contributions and grants increased 59.6% to $98.9 million (20.3% of total revenue). Other revenue declined 75.3% to $2.49 million, consisting entirely of gross receipts from the college-operated Nehoiden Golf Club.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.0% YoY$205,917,971 (42.3%)
- Student Tuition and Fees $153,724,044
- Student Room and Board $44,038,589
- Auxiliary Enterprises $3,495,885
- All Other Program Service Revenue $2,711,260
- Wellesley Centers for Women ($1.60M) & Sponsored Research ($347.6K) $1,948,193
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Investment Income +56.6% YoY$179,405,620 (36.9%)
- Realized Net Capital Gains ($294.6M Gross Sales less $138.3M Basis) $156,276,957
- Dividends, Interest & Other Investment Income $23,128,663
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Contributions & Grants +59.6% YoY$98,926,717 (20.3%)
- Private Philanthropy, Alumnae Gifts & Bequests $94,079,948
- Government Research & Educational Grants $4,846,769
- Noncash Gifts Included Above (157 Stock Gifts, 36 Art Works, 15 Scholars' Rocks) $7,564,413
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Other Revenue -75.3% YoY$2,486,885 (0.5%)
- Nehoiden Golf Club Operations (Unrelated Business Revenue, Code 713990) $2,486,885
Endowment Performance and Asset Allocation
Wellesley’s internal Investment Office manages a $3.17 billion endowment alongside working capital and split-interest trust assets, totaling $3.24 billion in balance sheet securities ($3.39 billion including $148.9 million in cash and short-term savings). Alternative assets reported on Schedule D, Part VII account for 63.9% ($2.07 billion) of invested securities, led by private equity ($1.14 billion, 35.4%), absolute return hedge strategies ($688.2 million, 21.3%), real assets ($157.6 million, 4.9%), and miscellaneous other investments ($78.8 million, 2.4%), while publicly traded securities represent 36.1% ($1.17 billion).
To execute its global multi-asset strategy, Wellesley holds $1.14 billion in foreign-domiciled investment vehicles reported on Schedule F—including $959.2 million in Central America and the Caribbean, $144.1 million in Europe, $29.2 million in Sub-Saharan Africa, and $5.1 million in North America (Canada and Mexico)—and reports $11.40 million in gross unrelated business revenue ($2.53 million in net unrelated business taxable income on Form 990-T). Because Wellesley holds $1.38 million in endowment assets per student across approximately 2,300 students, the college is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($3.24B Invested Securities / $3.17B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $3,169,721,949 (+6.0% YoY), representing $1,378,140 per enrolled student across 2,300 students.
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Net Investment Gains: $332,909,853 in net endowment investment earnings (+60.6% YoY from $207.2M in FY24).
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Alternative & Offshore Capital: 63.9% of total securities sit in private equity, absolute return, real assets, and other alternative strategies, with $959.2M domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $201,282,708 ($138.6M for facilities, faculty salaries, and academic programs; $62.7M for student financial aid grants), equal to 53.8% of Form 990 total expenses (71.5% of GAAP operating expenses, while baseline endowment operating draws supply roughly 40% of operating revenue).
Detailed Asset Mix ($3.24B Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Wellesley’s endowment from a $2.29 billion opening balance in FY21 to $3.17 billion at the close of FY25. Over that five-year window, the endowment received $153.1 million in donor contributions—highlighted by a $46.9 million inflow in FY25 (+163.1% YoY)—and generated $1.37 billion in cumulative net investment earnings, led by a $1.03 billion post-pandemic surge in FY21 and $332.9 million in FY25. Simultaneously, the endowment distributed $646.6 million toward college operations, comprising $279.8 million in direct student financial aid scholarships and $366.9 million for academic programs, faculty salaries, and campus facilities. At year-end FY25, 72.58% of the endowment was held as donor-restricted permanent endowment and 27.42% as board-designated quasi-endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $2,991,223,949 | $2,888,869,551 | $2,846,864,931 | $3,236,785,461 | $2,285,397,056 |
| 1b. Contributions | $46,870,855 | $17,816,296 | $43,749,570 | $23,310,440 | $21,401,639 |
| 1c. Net investment earnings | $332,909,853 | $207,245,641 | $108,025,943 | -$306,875,113 | $1,026,472,781 |
| 1d. Grants or scholarships | ($62,723,148) | ($60,470,205) | ($53,816,843) | ($48,331,934) | ($44,409,376) |
| 1e. Other expenditures | ($138,559,560) | ($62,237,334) | ($55,954,050) | ($58,023,923) | ($52,076,639) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $3,169,721,949 | $2,991,223,949 | $2,888,869,551 | $2,846,864,931 | $3,236,785,461 |
Per-Student Spending and True Cost
Standard higher education financial analysis measures per-student spending using direct program service expenses reported on Form 990 Part III and Part IX (Column B), isolating core educational, student aid, and research delivery from institutional overhead. Across approximately 2,300 students in FY25, Wellesley expended $288,788,871 on total direct program services (Part III, Line 4e)—equating to $125,560 per student in direct program spending ($91,200 net per student excluding $79.0 million in financial aid grants). Within that program total, regular session academic instruction and student support ("Outstanding Education," Line 4a) accounted for $194,040,763 ($84,366 per student), financial aid operations (Line 4b) totaled $82,814,658 ($36,006 per student), and faculty-student sponsored research (Line 4c) totaled $11,933,450 ($5,188 per student).
By comparison, gross student tuition, fees, room, and board revenue (Part VIII, Lines 2a and 2b) totaled $197,762,633, or $85,984 per student before financial aid—covering 68.5% of Wellesley's $125,560 per-student direct program expenditure and leaving a $39,576 per-student baseline subsidy before accounting for scholarship discounts. Once $79.0 million in financial aid grants are netted against gross charges, net student revenue averages $51,623 per student, requiring $73,937 per student in endowment payouts and philanthropy to cover direct program costs. When adding $76.0 million in management and general expenses and $9.5 million in fundraising costs (Part IX, Columns C and D), Wellesley's total institutional spend reaches $374,318,026, or $162,747 per student.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col B): $288,788,871 across 2,300 undergraduate students ($125,560 gross direct program spend per student; $91,200 net excluding $79.0M in student aid grants).
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Regular Session Instruction & Total Enterprise Spend (Part III, Line 4a & Part IX, Col A): $194,040,763 in core regular session instruction and academic support ($84,366 per student), $276,855,421 in combined instruction and financial aid ($120,372 per student), and $374,318,026 in total enterprise expenditure ($162,747 per student including $76.0M administrative overhead and $9.5M fundraising).
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Tuition & Room/Board Revenue: $197,762,633 ($85,984 gross per student before aid; $51,623 net per student after $79.0M in grant aid), covering 68.5% of gross direct program service expenditure.
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Sponsored Research & Wellesley Centers for Women (Part III, Line 4c & Part VIII, Line 2d): $11,933,450 in teacher-scholar sponsored research ($5,188 per student against $347,568 in direct research revenue) and $1,600,625 in program revenue from the Wellesley Centers for Women.
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Davis Museum & Global Study Abroad (Schedule D, Part III & Schedule F): $7,465,456 in study-abroad and global internship expenditures across nine international regions (led by $6.24M in Europe, including the Wellesley-in-Aix center in France, and $450,503 in East Asia), alongside the non-capitalized 16,500-object Davis Museum and Cultural Center used directly in undergraduate coursework.
Financial Aid: How Wellesley Deploys $79.0M in Student Grants
Wellesley practices need-blind admissions for U.S. citizens and permanent residents, meeting 100% of demonstrated financial need for all admitted students. During FY25, the college dedicated $82,814,658 to its financial aid program (Part III, Line 4b), including $79,030,421 in direct student scholarship grants (Part IX, Lines 2 and 3). Endowment scholarship distributions ($62,723,148 on Schedule D, Part V, Line 1d) underwrote 79.4% of all direct student grant aid.
On Form 990 Schedule I (Part III), Wellesley reports $68,396,680 in direct cash grants credited to the accounts of 1,170 domestic students—representing 50.9% of its 2,300-student enrollment and averaging $58,459 per domestic recipient. In addition, Schedule F (Part III) records $10,633,741 in financial aid grants across 149 international students ($71,367 average grant), bringing total institutional grant recipients to 1,319 students (57.3% of the student body). Including students participating in federal Pell Grants, Supplemental Educational Opportunity Grants, Perkins Loans, and College Work-Study (Schedule E, Part II), approximately 60% of Wellesley undergraduates receive financial aid.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I Domestic) 50.9% (1,170 students)
- Total Institutional / Overall Aid Rate 57.3% (1,319) / ~60% Overall
- Endowment Scholarship Payout (Schedule D) $62,723,148 (79.4% of Aid)
- Operating & Gift-Funded Grant Aid $16,307,273
- Total Domestic Student Cash Grants $68,396,680 ($58,459 avg.)
International Student Aid & Federal Programs
- Foreign Student Financial Aid Grants ($10,633,741 across 149 Students) Disbursed across 9 global regions on Schedule F ($71,367 avg.), led by East Asia and the Pacific (51 recipients, $2.42M), Sub-Saharan Africa (24 recipients, $2.14M), South Asia (15 recipients, $1.24M), and South America (13 recipients, $1.00M).
- Federal Student Aid & Program Administration ($82,814,658 Total) Combines $79,030,421 in direct student grants (including participation in U.S. Department of Education Pell Grants, SEOG, Perkins Loans, and Federal Work-Study on Schedule E) with $3,784,237 in student financial services administration (Part III, Line 4b).
Executive and Investment Team Compensation
Wellesley’s Schedule J disclosures highlight the compensation structure required to manage a $3.17 billion multi-asset endowment alongside senior academic administration. Four of the five highest-compensated individuals at Wellesley in FY25 served in the college's Investment Office, led by Chief Investment Officer Deborah F. Kuenstner ($1,863,837 total compensation, including $740,399 base salary and a $1,050,815 performance bonus), Deputy CIO Rose C. Carpenter ($1,200,520, including a $450,000 bonus), Chief Operating Officer Ray Oquendo ($1,027,967, including a $435,000 bonus), and Investment Director Matthew Veilleux ($589,727).
President Paula A. Johnson was the second-highest-compensated individual overall at $1,364,215, comprising $761,542 in base salary, $439,900 in other reportable compensation (reflecting a required distribution of vested deferred compensation under an IRC Section 457(f) plan), $36,225 in retirement plan contributions, and $126,548 in nontaxable benefits (including mandatory on-campus presidential housing). Because Wellesley paid remuneration exceeding $1 million to four covered executives in FY25, the college is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Wellesley expended $156,489,140 in total salaries, wages, pensions, and employee benefits in FY25 (+5.8% YoY, representing 41.8% of all Form 990 expenses) across 3,003 W-2 employees, with 382 staff members earning over $100,000 (Part VII, Section A, Line 2).
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Board Compensation Governance (Schedule O & Schedule J): The Talent and Compensation Committee of the Board of Trustees determines executive pay using independent external compensation consultants and peer comparability data under Treasury Regulation Section 53.4958-6. Investment Office personnel receive incentive bonuses tied directly to the investment performance of the Wellesley endowment.
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Campus Housing, Personal Services & Executive Mortgage Loan (Schedule J & L): The President, Vice President, and Dean of Students receive tax-exempt campus housing under IRC Section 119 as a condition of employment; the college also provides housekeeping and business-function chef services for the President's House and reimburses presidential spousal travel for official alumnae and development events. Under Schedule L, Part II, Wellesley holds a $300,000 board-approved mortgage loan receivable (Part X, Line 5) from former Provost and Dean of the College Andrew Shennan, and paid $95,738 in severance to former VP for Development Crystal Daugherty (Schedule J, Part III).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 17 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) |
| Deborah F. KuenstnerChief Investment Officer | $740,399 | $1,050,815 | $6,096 | $36,225 | $30,302 | $1,863,837 | $0 |
| Paula A. JohnsonPresident / Trustee | $761,542 | $0 | $439,900 | $36,225 | $126,548 | $1,364,215 | $0 |
| Rose C. CarpenterDeputy CIO | $575,960 | $450,000 | $480 | $141,105 | $32,975 | $1,200,520 | $0 |
| Ray OquendoChief Operating Officer | $519,742 | $435,000 | $3,168 | $36,225 | $33,832 | $1,027,967 | $0 |
| Matthew VeilleuxInvestment Director | $313,782 | $193,278 | $1,324 | $74,398 | $6,945 | $589,727 | $0 |
| Piper OrtonVP for Fin. & Admin. & Treas. | $454,904 | $15,000 | $6,096 | $36,225 | $11,845 | $524,070 | $0 |
| Karen PetrulakisGeneral Counsel | $403,982 | $15,000 | $22,588 | $36,225 | $33,026 | $510,821 | $0 |
| Christopher ParkerInvestment Director | $306,441 | $97,500 | $324 | $61,928 | $31,562 | $497,755 | $0 |
| Andrew ShennanProvost & Dean of College (until 6/24) | $378,696 | $30,000 | $5,136 | $35,789 | $22,673 | $472,294 | $0 |
| Sheilah HortonDean of Students | $308,806 | $15,000 | $4,046 | $34,383 | $91,176 | $453,411 | $0 |
| Crystal DaughertyVP Dev. & Pub. Affairs (until 10/24) | $293,005 | $0 | $117,988 | $20,337 | $868 | $432,198 | $0 |
| Megan NunezDean of Faculty Affairs | $258,318 | $15,000 | $4,603 | $30,097 | $93,875 | $401,893 | $0 |
| Michael JeffriesDean of Academic Affairs | $250,864 | $15,000 | $253 | $27,236 | $26,970 | $320,323 | $0 |
| Theresa Peaches ValdesDean of Admission & Stu. Fin. Svcs. | $276,776 | $0 | $416 | $28,732 | $11,101 | $317,025 | $0 |
| Courtney CoileProvost & Dean of College (as of 7/24) | $246,846 | $0 | $569 | $26,098 | $0 | $273,513 | $0 |
| Ann VelenchikFormer Dean of Academic Affairs | $204,835 | $0 | $8,755 | $22,632 | $10,030 | $246,252 | $0 |
| Marisa JaffeVP for Development & Pub. Affairs | $216,308 | $0 | $480 | $22,651 | $0 | $239,439 | $0 |
Facilities, Debt, and Municipal Relations
Wellesley’s 500-acre campus in the Town of Wellesley encompasses Lake Waban, historic collegiate Gothic residential quadrangles, the Science Center, and botanical gardens. To modernize dormitories and academic facilities without liquidating endowment principal, the college pairs capital gifts and board-authorized endowment draws ($138.6 million in Schedule D, Line 1e expenditures in FY25) with tax-exempt municipal bonds issued through the Massachusetts Health and Educational Facilities Authority (MHEFA) / Massachusetts Development Finance Agency (MDFA) and taxable notes.
Unlike institutions that report voluntary municipal PILOT (Payment in Lieu of Taxes) contributions as charitable grants on Schedule I, Part II, Wellesley reports $0 in Schedule I domestic governmental or organizational cash grants (Part IV, Line 21 and Part IX, Line 1). Instead, the college’s local fiscal footprint is structured through $7.35 million in campus occupancy and municipal utility expenses, taxable commercial operations at its 9-hole Nehoiden Golf Club ($2.49 million in unrelated business revenue), $130,036 in Schedule C government relations and association lobbying disclosures, and a $26.27 million balance sheet liability for environmental and asset retirement obligations.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Capital Expansion: Wellesley holds $1.21 billion in gross land, buildings, and equipment ($732.6 million net book value after $472.7 million in accumulated depreciation, up +15.7% YoY from $633.3M), recording $33.1 million in annual depreciation and $7.35 million in occupancy expenses.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The college carries $216.0 million in tax-exempt MHEFA/MDFA bond liabilities across three active series—2008 Series I ($57.4M issue price, variable rate hedged via a JP Morgan interest rate swap), 2018 Series L ($105.7M issue price), and 2022 Series M ($50.9M issue price)—alongside $228.6 million in taxable notes and mortgages (Part X, Line 23), paying $15.8 million in annual interest (Part IX, Line 20) and $8.16 million in bank fees (Line 24a).
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Wellesley reported $0 in Schedule I, Part II grants to domestic governments or organizations in FY25. Instead, town-gown fiscal relations with the Town of Wellesley center on municipal electric, water, and occupancy charges ($7.35M), unrelated business income taxes on the Nehoiden Golf Club ($2.49M gross revenue) and auxiliary enterprises ($3.50M), $26.27M in environmental and asset retirement reserves (Schedule D, Part X), $130,036 in Schedule C legislative relations, and free public access to the 16,500-object Davis Museum and campus conservation lands.
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Top Construction Contractors: All five of Wellesley's highest-compensated independent contractors (among 145 contractors paid over $100,000) were regional construction firms executing major campus renovations, totaling $103.1 million: Turner Construction Company ($57.38M), Dellbrook Construction LLC ($18.42M), Walsh Brothers Incorporated ($11.60M), Suffolk Construction Company Inc. ($9.05M), and Bowdoin Construction ($6.68M).
Editorial Note
All financial figures in this report derive from Wellesley College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 2,300 undergraduate students) and have been reviewed by the data team.
While Wellesley expends $125,560 per student on direct program services ($84,366 per student on regular session instruction and academic support, $36,006 on financial aid, and $5,188 on sponsored research, with total enterprise expenditure reaching $162,747 per student), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the 7:1 student-to-faculty ratio, 17-to-20 student class sizes, and need-blind domestic admissions that operate alongside Wellesley’s student selectivity.
Accounting Reconciliation: Readers comparing Wellesley’s KPMG-audited GAAP financial statements to IRS Form 990 (Schedule D, Parts XI, XII, and XIII) will note three primary accounting differences. First, Form 990 reports $374.32M in total expenses (versus $281.46M on the audited GAAP statements) because IRS rules require adding back $68.36M in student financial aid and non-operating expenses (which GAAP nets directly against gross tuition revenue) and $24.49M in external investment management fees (which GAAP nets against investment return). Second, audited GAAP revenue and support totals $607.24M (versus $486.74M on Form 990) because GAAP includes $189.08M in net unrealized investment gains and $24.28M in other net asset changes—comprising a $23.91M addition from the FY25 merger of the Wellesley College Alumnae Association into the college, $950,100 in periodic pension adjustments, and a -$579,382 unrealized interest rate swap loss—while netting out the $92.85M in financial aid and investment expenses added to Form 990 revenue. Third, per Schedule R, this Form 990 includes the college's disregarded UK fundraising subsidiary (Wellesley College Foundation UK Limited, $189,004 income and $188,955 assets) and reports related-party linkages to its French study-abroad affiliate (Wellesley-in-Aix), five pooled income funds ($236,132 in transfers), and two charitable remainder trusts ($196,059 in transfers).
Frequently Asked Questions: Wellesley's Form 990 Financials
As of Fiscal Year 2025, Wellesley College's endowment stands at $3.17 billion ($3,169,721,949), up 6.0% year-over-year ($1.38 million per student). Its $201.3 million total payout in FY25 ($62.7 million for financial aid scholarships and $138.6 million for facilities, faculty salaries, and academic programs) equals 53.8% of total Form 990 operating expenses (71.5% of GAAP operating expenses, while baseline endowment operating draws supply approximately 40% of operating revenue).
Wellesley spends $125,560 per student annually in direct program services ($288.8 million across approximately 2,300 students)—comprising $84,366 per student in core educational instruction and support ($194.0 million), $36,006 per student in financial aid ($82.8 million), and $5,188 per student in sponsored research ($11.9 million)—compared to $85,984 per student collected in gross tuition, fees, room, and board ($51,623 net per student after grant aid). Including administrative overhead and fundraising, total institutional expenditure reaches $162,747 per student ($374.3 million).
Wellesley disbursed $79.0 million ($79,030,421) in direct student financial aid grants in FY25 ($82.8 million including financial aid program administration). On Schedule I, Wellesley reported $68.4 million in cash grants across 1,170 domestic students (50.9% of total enrollment, averaging $58,459 per recipient), alongside $10.6 million across 149 international students on Schedule F (57.3% combined institutional grant recipients, and approximately 60% of the student body when including federal aid programs).
The highest-paid employee is Chief Investment Officer Deborah F. Kuenstner, who received $1,863,837 in total compensation in FY25 (including $740,399 in base pay and $1,050,815 in investment performance bonus), followed by President Paula A. Johnson at $1,364,215 (including $761,542 in base salary and $439,900 in vested Section 457(f) deferred compensation) and Deputy CIO Rose C. Carpenter at $1,200,520.
Yes. With $1.38 million in endowment assets per student across approximately 2,300 enrolled students (exceeding the $500,000 per-student threshold for private colleges with over 500 tuition-paying students), Wellesley answered "Yes" on Form 990 Part V, Line 16 confirming it is subject to the IRC Section 4968 federal excise tax on net investment income.
Wellesley College's total assets reached $4.21 billion ($4,206,499,425) in Fiscal Year 2025, anchored by $3.24 billion in invested securities ($1.17 billion publicly traded and $2.07 billion in private equity, absolute return, and real assets), $732.6 million in net land, buildings, and equipment, and $148.9 million in cash and short-term investments.
Further Reading
Data Analysis
June 18, 2026Elite American Universities are Defining New Baseline for Asian Enrollment: Caltech, MIT, Carnegie Mellon, Berkeley Above 33% Mark, UPenn and Cornell Surpass One Fourth
Analysis of Elite American universities unprecedented and universal expansion in Asian undergraduate representation over the past half-decade
Financial Analysis
November 7, 2026Swarthmore Endowment Reaches $2.84 Billion as Investment Returns Supply 52% of Revenue, Outpacing Tuition to Cover 45% of Operations and Loan-Free Aid
Financial analysis of Swarthmore College's FY25 Form 990, detailing its $3.87 billion asset base, $2.84 billion endowment, $151,363 per-student program spend, and Schedule J executive compensation
Financial Analysis
November 9, 2026Bowdoin Endowment Climbs to $2.91 Billion on 73% Gift Surge and $389M Investment Return, Overtaking Tuition as Top Revenue Stream to Power $143,229 Per-Student Spend
Financial analysis of Bowdoin College's FY25 Form 990, detailing its $3.56 billion asset base, $2.91 billion endowment, $143,229 per-student program spend, and Schedule J executive compensation.