Wesleyan Spends $109,746 Per Student Against $61,592 in Net Student Revenue, Pairing a $76.6M Endowment Draw (19% of Budget) with $99.2M in Aid as Assets Hit $2.52 Billion
By Data Team | Published November 9, 2026
Wesleyan University’s total assets reached $2.52 billion in fiscal year 2025, anchored by a $1.64 billion endowment whose $76.57 million annual payout covers 19.0% of the university's $403.48 million Form 990 operating budget (19.4% under audited GAAP expense parameters), according to its latest IRS filing. That capital base enables Wesleyan to spend $109,746 per student on direct program services ($351.19 million across 3,200 enrolled students)—including $80,623 per student on regular session instruction, departmental research, and student aid ($257.99 million)—while total enterprise expenditure across all academic, administrative, and fundraising divisions reaches $126,086 per student ($403.48 million).
Wesleyan’s financial profile illustrates the operating model of a residential "Little Ivy" liberal arts university that combines intensive undergraduate instruction with select master's and doctoral research programs. Unlike large research universities that rely on clinical hospital operations or federal laboratory management, Wesleyan generates 66.9% of its $443.19 million total revenue from gross student tuition, fees, and residential auxiliary charges ($296.29 million, or $92,592 per student). Realized investment income ($79.12 million, 17.9%), private philanthropy and government grants ($56.75 million, 12.8%), and other revenue ($11.02 million, 2.5%) provide the remaining inflows.
To maintain socioeconomic access alongside high comprehensive fees, Wesleyan recycles a large share of gross tuition directly into financial aid. The university disbursed $99.20 million in direct student financial aid grants across 1,756 domestic recipients (54.9% of the 3,200-student body and 58.5% relative to the 3,000 full-time undergraduate cohort)—representing a 42.9% discount on gross tuition that reduces net student revenue to $61,592 per student and requires a $48,154 per-student subsidy to cover direct program costs.
Institutional & Governance Profile
Operating under its corporate title, Wesleyan University (EIN 06-0646959), the institution is legally domiciled in Connecticut with its 316-acre main campus headquartered at 237 High Street in Middletown, Connecticut. Founded in 1831, Wesleyan operates as a scholar-teacher liberal arts university conferring Bachelor of Arts, Master of Arts, and Doctor of Philosophy degrees, alongside its Graduate Liberal Studies program and interdisciplinary colleges in the humanities, sciences, and creative arts.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1831, Wesleyan issued 3,631 Form W-2s in calendar year 2024 (including student employees), filed 978 Form 1096 vendor returns, and engaged 967 alumni and community volunteers.
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Academic & Faculty Footprint: An ongoing faculty of more than 400 scholars—joined each semester by visiting artists and professors—instructs approximately 3,200 students (3,000 full-time undergraduates, 140 graduate students, and 60 Graduate Liberal Studies students) across more than 900 courses, 47 majors, 32 minors, and 2 certificate programs, maintaining an 8:1 student-to-instructor ratio with two-thirds of courses enrolling fewer than 20 students.
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Executive Leadership: President Michael S. Roth leads the university alongside Provost and Senior Vice President for Academic Affairs Nicole Lynn Stanton, Senior Vice President, Chief Administrative Officer and Treasurer Andrew Tanaka, Chief Financial Officer Christopher Olt, and Chief Investment Officer Anne Martin.
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Governing Board (Schedule O): The Board of Trustees comprises 40 voting members, 39 of whom are independent (97.5%; President Roth serves as the sole non-independent ex-officio voting trustee). A tax committee of the General Counsel, CFO, and Controller prepares the Form 990 with KPMG LLP for Audit Committee review in January and February before distributing the final return to all voting trustees prior to its May filing.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Wesleyan generated $677.76 million in gross receipts and $443.19 million in total net revenue. Total assets expanded 3.5% to $2.52 billion while total liabilities declined 1.8% to $525.06 million, driving a 5.0% increase in net assets to $1.99 billion—split between donor-restricted funds (65.0%) and unrestricted reserves (35.0%).
Balance Sheet Strength
- Total Assets $2,515,092,000 (+3.5%)
- Total Liabilities $525,064,000 (-1.8%)
- Total Net Assets $1,990,028,000 (+5.0%)
- Donor-Restricted Net Assets $1,294,235,000 (65.0% of Total Net Assets)
- Unrestricted Net Assets $695,793,000 (35.0% of Total Net Assets)
Operating Performance
- Total Revenue $443,190,970 (-1.3%)
- Total Expenses $403,475,000 (+8.0%)
- Operating Surplus $39,715,970 (-47.2%)
- Unrealized Gains (Excluded) $59,396,000
Note: The $39.72 million reported operating surplus reflects Form 990 realized accounting parameters (down from $75.25 million in FY24 due to lower realized capital sales); adding $59.40 million in net unrealized investment gains, $49,030 in donated services, and subtracting $4.21 million in split-interest and postretirement benefit adjustments accounts for the full $94.95 million expansion in Wesleyan's FY25 net assets.
Revenue Breakdown
Three of Wesleyan's four primary revenue streams posted year-over-year expansion in FY25, balancing a normalization in realized capital gains. Program service revenue rose 6.4% to $296.29 million, anchored by $231.28 million in student tuition and fees and $65.02 million in campus residential and dining charges. Contributions and grants grew 10.3% to $56.75 million (split between $48.41 million in private philanthropy and $8.35 million in government research and student aid grants), while other revenue increased 73.0% to $11.02 million. Realized investment income declined 29.9% to $79.12 million as portfolio appreciation shifted toward unrealized market gains ($59.40 million).
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +6.4% YoY$296,294,000 (66.9%)
- Tuition and Fees (Part VIII, Line 2a) $231,278,000
- Auxiliary Services — Room & Board (Part VIII, Line 2b) $65,016,000
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Investment Income -29.9% YoY$79,122,000 (17.9%)
- Realized Net Capital Gains ($302.43M Gross Sales less $232.08M Cost Basis) $70,350,000
- Dividends, Interest & Other Investment Income $8,772,000
- Unrelated Business Investment Income Included Above (Form 990-T) $2,360,505
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Contributions & Grants +10.3% YoY$56,754,970 (12.8%)
- Private Philanthropy, Alumni Gifts & Foundation Grants $48,408,970
- Government Research & Student Aid Grants (DOE, NSF, HHS) $8,346,000
- Noncash Gifts Included Above (157 Stock Gifts, 7 Art Works, 2 Equipment Gifts) $7,575,396
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Other Revenue +73.0% YoY$11,020,000 (2.5%)
- Miscellaneous Institutional Revenue (Part VIII, Line 11a) $9,861,000
- Net Sales of Inventory ($3.64M Gross Sales less $2.50M COGS) $1,144,000
- Intellectual Property & Licensing Royalties $15,000
Endowment Performance and Asset Allocation
Wesleyan’s Investment Office manages $1.67 billion in balance sheet securities ($1.84 billion including $176.54 million in cash and short-term investments), encompassing the university's $1.64 billion endowment across approximately 1,300 individual funds. To generate equity-like returns while dampening market volatility, Wesleyan allocates 92.6% of its $1.67 billion securities portfolio outside direct domestic public equities—led by private equity ($779.46 million, 46.8%), commingled global equity ($351.46 million, 21.1%), absolute return hedge strategies ($285.82 million, 17.1%), and real assets ($118.30 million, 7.1%).
To execute this alternative strategy, Wesleyan holds $528.05 million in foreign-domiciled investment vehicles reported on Schedule F—concentrated in Central America and the Caribbean ($444.66 million), Europe ($65.98 million), and Sub-Saharan Africa ($17.41 million)—generating $2.36 million in gross unrelated business income ($270,566 net taxable income on Form 990-T). Because Wesleyan holds $512,899 in endowment assets per enrolled student ($547,092 per full-time undergraduate), the university exceeds the $500,000 per-student threshold and is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Portfolio Performance & Asset Allocation ($1.67B Securities Portfolio / $1.84B Total Cash & Investments)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $1,641,277,000 (+3.7% YoY), representing $512,899 per student across 3,200 total students ($547,092 per full-time undergraduate).
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Net Investment Gains: $118,346,000 in endowment investment earnings (+56.8% YoY from $75.47M in FY24).
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Alternative & Offshore Capital: 71.0% of invested securities sit in private equity, absolute return, and real assets, with $444.66M domiciled in Central American and Caribbean investment structures.
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Total Payout & Budget Coverage: $76,571,000 ($60.27M to academic programs and facilities; $16.30M to student financial aid), governed by the Tobin Spending Rule (70% prior year spending plus HEPI inflation; 30% based on 4.5% of prior year-end market value) and funding 19.0% of Form 990 total expenses (19.4% of GAAP operating expenses).
Detailed Asset Mix ($1,667,100,000 Balance Sheet Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Wesleyan’s endowment from a $1.13 billion opening balance in FY21 to $1.64 billion at the close of FY25. Over that five-year window, the endowment captured $100.97 million in donor contributions and $720.74 million in net investment earnings—highlighted by a $574.54 million post-pandemic surge in FY21 and $118.35 million in FY25 net gains, which more than offset a -$79.95 million market contraction in FY22. Simultaneously, Wesleyan distributed $311.33 million from the endowment to campus operations, comprising $67.69 million in direct scholarship grants and $243.64 million for instruction, research, and facilities. At year-end FY25, the endowment consisted of 45.03% term endowment, 28.61% board-designated quasi-endowment, and 26.36% permanent endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.
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 | $1,583,306,000 | $1,554,388,000 | $1,564,521,000 | $1,669,796,000 | $1,130,907,000 |
| 1b. Contributions | $16,196,000 | $20,244,000 | $20,675,000 | $33,307,000 | $10,549,000 |
| 1c. Net investment earnings | $118,346,000 | $75,465,000 | $32,343,000 | ($79,952,000) | $574,535,000 |
| 1d. Grants or scholarships | ($16,302,000) | ($15,278,000) | ($13,676,000) | ($11,455,878) | ($10,984,000) |
| 1e. Other expenditures | ($60,269,000) | ($51,513,000) | ($49,475,000) | ($47,174,122) | ($35,211,000) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $1,641,277,000 | $1,583,306,000 | $1,554,388,000 | $1,564,521,000 | $1,669,796,000 |
Per-Student Spending and True Cost
Following standard institutional methodology across Form 990 analyses, direct program service expenditure provides the primary benchmark for per-student educational investment. On Form 990 Part III (Line 4e) and Part IX (Column B), Wesleyan reports $351,187,975 in total direct program service expenses across its 3,200 enrolled students (3,000 full-time undergraduates, 140 graduate students, and 60 Graduate Liberal Studies students)—equating to $109,746 per student in direct program spending ($78,746 net per student excluding $99.20 million in financial aid grants, or $117,063 per student when measured against the 3,000 full-time undergraduate cohort).
Within that program budget, regular session Instruction, Departmental Research, and Student Aid (Part III, Line 4a) account for $257,992,000 ($80,623 per student gross; $49,623 net excluding grants), Auxiliary Residential and Dining Services (Line 4b) total $66,833,000 ($20,885 per student), University Libraries (Line 4c) represent $14,172,000 ($4,429 per student), and Student Services (Line 4d) total $12,190,975 ($3,810 per student). When adding Management and General overhead ($39.74 million) and Fundraising ($12.55 million), Wesleyan’s overall institutional expenditure reaches $403,475,000, or $126,086 per student. By comparison, subtracting $99.20 million in financial aid from $296.29 million in gross student charges yields $197.09 million in net student revenue ($61,592 per student)—covering 56.1% of direct program service costs and leaving a $48,154 per-student program subsidy ($64,494 per-student total institutional subsidy) bridged by the $76.57 million endowment draw and $56.75 million in annual contributions and grants.
Operations vs. Revenue
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Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $351,187,975 across 3,200 total students ($109,746 gross direct program spend per student; $78,746 net excluding $99.20M in financial aid grants; $117,063 per full-time undergraduate).
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Regular Session Instruction & Total Enterprise Spend (Line 4a & Part IX): $257,992,000 in regular session instruction, departmental research, and student aid ($80,623 per student gross; $49,623 net) and $403,475,000 in overall institutional expenditure ($126,086 per student across program services, $39.74M management overhead, and $12.55M fundraising).
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Gross vs. Net Tuition & Auxiliary Revenue: $296,294,000 gross ($92,592 per student: $72,274 tuition/fees + $20,318 room/board), which after $99.20M in financial aid discounts equals $197,094,000 net ($61,592 per student)—covering 56.1% of direct program service costs and requiring a $48,154 per-student program subsidy.
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Residential Life, Libraries & Student Services (Lines 4b, 4c & 4d): $66,833,000 for campus housing and dining across 8 residence halls, 7 apartment complexes, 25+ program houses, and 140+ senior house units ($23.72M in direct dining outlay); $14,172,000 for university libraries; and $12,190,975 for admissions, financial aid administration, health services, and career planning.
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Art Collections & Global Study Programs (Schedule D & Schedule F): Wesleyan expends $7,800,638 on foreign study-abroad programs (operating the Paris consortium program in FY25 alongside Vassar and Wellesley in Spain and Italy) and maintains the non-capitalized 25,000-work Davison Art Collection for teaching and public exhibition at the Pruzan Art Center and Goldrach Gallery.
Financial Aid: How Wesleyan Deploys $99.2M in Student Support
Wesleyan structures its financial aid budget primarily through need-based scholarship grants paired with graduate tuition remissions and fellowships. In FY25, total student financial aid grants on Form 990 Part IX (Line 2) rose 15.4% year-over-year from $85.96 million to $99,200,000. That $99.20 million outlay equates to a 42.9% tuition discount rate against $231.28 million in gross tuition and fees (and a 33.5% discount against $296.29 million in combined tuition, room, and board).
On Form 990 Schedule I (Part III), Wesleyan reports distributing that $99,200,000 across 1,756 domestic recipients—representing 54.9% of the entire 3,200-student body (and 58.5% relative to the 3,000 full-time undergraduate population), at an average grant of $56,492 per aided student. Beyond Schedule I grants, Wesleyan expended an additional $3,114,016 in fellowships and student awards (Part IX, Line 24d) and $7,800,638 in foreign study-abroad program expenses (Part IX, Line 24b & Schedule F, where student financial aid transfers directly to approved consortium programs in Paris, Madrid, and Bologna).
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 54.9% (1,756 students / 58.5% FT UG)
- Effective Tuition Discount Rate 42.9% Tuition (33.5% Total Charges)
- Endowment-Funded Scholarships (Sch. D) $16,302,000 (+6.7%)
- Operating & Federal Grant-Funded Aid $82,898,000
- Total Domestic Student Cash Grants $99,200,000 (+15.4% / $56,492 avg.)
Fellowships, Study Abroad & Consortium Aid
- Student Fellowships & Academic Awards ($3,114,016) Reported on Part IX, Line 24d ($2,822,099 in program services, $284,825 in management, and $7,092 in fundraising), bringing combined direct student aid and fellowship support to $102,314,016.
- International Study-Abroad Consortium ($7,800,638) Wesleyan alternates managing European study-abroad centers in Spain, Italy, and France with Vassar and Wellesley (running the Paris program in FY25), expending $2,087,515 in direct regional costs on Schedule F ($1.69M in Europe and $153.5K in East Asia/Pacific) while transferring need-based aid directly to host-school charges.
Executive and Investment Team Compensation
Wesleyan’s Schedule J disclosures highlight the compensation structure required to manage an institutional alternative investment portfolio alongside long-serving university leadership. The university’s highest-compensated employee in FY25 was Chief Investment Officer Anne Martin at $1,375,606 ($644,379 base salary, $603,023 quantitative/qualitative investment bonus, and $128,204 in retirement and other benefits), closely followed by President Michael S. Roth at $1,374,453 ($726,888 base salary, $125,000 board fundraising incentive bonus, $346,000 in retirement and deferred compensation, and $176,565 in nontaxable campus housing and other benefits).
Rounding out the top five highest-compensated personnel were Investment Office Director Jonathan Don Farrar ($715,793, including a $275,303 bonus), Investment Office Director Matthew Magenheim ($589,818, including a $187,320 bonus), and Senior Vice President, Chief Administrative Officer & Treasurer Andrew Tanaka ($462,290). In total, four of Wesleyan’s top ten highest-compensated employees serve in the Investment Office (Anne Martin, Jonathan Don Farrar, Matthew Magenheim, and Director of Operations & Investments Brett A. Salafia at $380,793). Because CIO Anne Martin’s reportable W-2 compensation ($1,270,452) exceeded $1 million, Wesleyan is subject to the federal IRC Section 4960 21% excise tax on excess executive remuneration (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Wesleyan expended $171,359,791 in total salaries, wages, pensions, and benefits in FY25 (+6.3% YoY, representing 42.5% of all university expenses) across 3,631 W-2 employees, with 407 staff members earning over $100,000.
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Board Compensation Governance (Schedule O & Schedule J): A three-member Compensation Committee of the Board of Trustees—chaired by the Board Chair—sets executive salaries using annual peer comparability surveys conducted by an independent compensation consultant. The President's incentive bonus is tied to annual fundraising targets established by the Board, while Investment Office bonuses are weighted 50% on quantitative investment returns and 50% on qualitative performance evaluations by the CIO and Board.
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Campus Housing, Tuition Gross-Ups & Related-Party Employment (Schedule J & L): President Michael S. Roth and VP for Student Affairs Michael J. Whaley are required to live in university-owned campus residences as a condition of employment (reported as nontaxable benefits in Column D). VP for Equity & Inclusion Willette Burnham-Williams received a taxable housing allowance, and VP & Dean of Admission and Financial Aid Amin Abdul-Malik Gonzalez received a taxable tuition benefit gross-up (reported in Column B-iii). Under Schedule L (Part IV), Wesleyan reported two ordinary-course employment relationships with spouses of officers/key employees: Kari Weil (spouse of President Michael Roth, compensated $254,768) and Francesca Baird (spouse of VP for IT/CIO Dave Baird, compensated $149,345).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 21 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) |
| Anne MartinChief Investment Officer | $644,379 | $603,023 | $23,050 | $46,000 | $59,154 | $1,375,606 | $0 |
| Michael S. RothPresident and Trustee | $726,888 | $125,000 | $35,791 | $346,000 | $140,774 | $1,374,453 | $0 |
| Jonathan Don FarrarDirector of Investments | $311,442 | $275,303 | $23,000 | $43,010 | $63,038 | $715,793 | $0 |
| Matthew MagenheimDirector, Investment Office | $294,356 | $187,320 | $23,100 | $39,959 | $45,083 | $589,818 | $0 |
| Andrew TanakaSVP, Chief Admin Off. & Treasurer | $348,228 | $0 | $23,000 | $46,000 | $45,062 | $462,290 | $0 |
| Frantz Williams Jr.VP for Advancement | $358,283 | $0 | $0 | $44,556 | $28,356 | $431,195 | $0 |
| David Stuart WinakorGeneral Counsel / Secretary | $287,682 | $30,000 | $7,800 | $36,959 | $44,953 | $407,394 | $0 |
| Nicole Lynn StantonProvost, Sr. VP Academic Affairs | $318,180 | $0 | $0 | $39,987 | $44,628 | $402,795 | $0 |
| Martha GilmoreFaculty (Professor) | $300,885 | $0 | $375 | $38,193 | $52,184 | $391,637 | $0 |
| Brett A. SalafiaDirector, Ops & Invest | $206,622 | $125,525 | $7,425 | $25,383 | $15,838 | $380,793 | $0 |
| Amin Abdul-Malik GonzalezVP & Dean of Admission / Fin Aid | $236,713 | $0 | $73,146 | $29,226 | $37,682 | $376,767 | $0 |
| Michael J. WhaleyVP for Student Affairs | $267,853 | $30,000 | $275 | $32,831 | $39,208 | $370,167 | $0 |
| Ishita MukerjiProfessor | $268,173 | $0 | $13,500 | $35,524 | $51,574 | $368,771 | $0 |
| Renell M. WynnVP for Communications | $274,198 | $0 | $0 | $25,625 | $30,681 | $330,504 | $0 |
| Willette Burnham-WilliamsVP for Equity & Inclusion (eff. 3/24) | $222,002 | $0 | $31,600 | $27,203 | $39,166 | $319,971 | $0 |
| Dave BairdVice President for IT / CIO | $214,932 | $0 | $23,000 | $29,452 | $31,155 | $298,539 | $0 |
| Christopher OltChief Financial Officer | $245,006 | $0 | $150 | $29,444 | $14,552 | $289,152 | $0 |
| Joseph M. SiryFormer Chair of Faculty | $185,476 | $0 | $23,000 | $25,192 | $26,217 | $259,885 | $0 |
| Sean McCannFormer Chair of Faculty | $181,846 | $0 | $0 | $22,387 | $43,632 | $247,865 | $0 |
| Gary ShawFormer Chair of Faculty | $192,305 | $0 | $0 | $20,355 | $28,723 | $241,383 | $0 |
| Andrea L. PatalanoFormer Chair of Faculty | $158,087 | $0 | $285 | $18,641 | $24,854 | $201,867 | $0 |
Facilities, Debt, and Municipal Relations
Wesleyan’s 316-acre Middletown campus encompasses 8 residence halls, 7 apartment complexes, more than 25 theme and program houses, and over 140 senior house units, alongside major ongoing capital construction in the sciences and arts. In FY25, net land, buildings, and equipment increased 16.1% from $556.61 million to $646,317,000 ($987.17 million gross cost less $340.85 million in accumulated depreciation), driven by $182.86 million in active construction-in-progress and capital projects. To finance these long-lived facilities without liquidating invested endowment principal, Wesleyan pairs capital philanthropy with $55.50 million in tax-exempt municipal bonds issued through the Connecticut Health and Educational Facilities Authority (CHEFA) and $380.52 million in taxable institutional notes.
In examining Schedule I Town-Gown PILOT Payments and Municipal Relations, Wesleyan answered "No" on Form 990 Part IV, Line 21 and reported $0 on Schedule I (Part II) in direct cash grants or standalone voluntary PILOT (Payment in Lieu of Taxes) disbursements to the City of Middletown or domestic organizations. Instead, Wesleyan’s fiscal and regulatory relationship with Middletown operates through Connecticut’s state-funded municipal PILOT grant architecture (under which the State of Connecticut directly reimburses municipalities for tax-exempt private college property), direct local property tax payments on non-exempt residential and commercial parcels embedded within the university's $14.34 million occupancy budget, and formal environmental and historic preservation co-governance with municipal authorities.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Wesleyan holds $987,167,000 in gross physical plant ($41.67M in land, $613.57M in buildings, $149.07M in equipment, and $182.86M in construction/other assets), resulting in a $646,317,000 net book value (+16.1% YoY). Annual facility operations required $14,336,946 in occupancy costs and $15,761,104 in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $436,015,000 in total debt principal ($438.58M including $2.57M in unamortized bond premiums)—comprising $55,495,000 in tax-exempt CHEFA bonds (the $20.11M 2010 Series H refunding issue and the $45.34M 2021 Series I capital issue) and $380,520,000 in unsecured taxable notes (Part X, Line 24)—generating $14,198,873 in annual interest expense.
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Schedule I Town-Gown PILOT Payments & Middletown Co-Governance: While recording $0 in direct Schedule I municipal cash grants, Wesleyan manages 2 restricted properties spanning 10.00 acres under state and municipal oversight. The Long Lane parcel is governed by a Connecticut Department of Energy and Environmental Protection (CT DEEP) Transfer Act Agreement requiring ongoing monitoring of remediated soils and protected wetlands, while all renovations to campus historic structures undergo mandatory review by the City of Middletown Design Preservation and Review Board (DRPB) and the Middletown Director of Planning.
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Top Construction & Campus Service Contractors: Among 41 independent contractors paid over $100,000 in CY24, construction and campus dining dominated outlays: FIP Construction Inc. ($31,000,129 — construction), Compass Group USA Inc. ($7,677,242 — dining services, within a $23.72M total dining budget), SMG Corporate Services ($1,754,141 — custodial services), AZ Corporation ($1,443,949 — construction), and Clark Companies ($1,194,832 — construction).
Editorial Note
All financial figures in this report derive from Wesleyan University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 3,200 enrolled students—3,000 full-time undergraduates, 140 graduate students, and 60 Graduate Liberal Studies students) and have been reviewed by the data team.
While Wesleyan expends $109,746 per student on direct program services ($80,623 per student on regular session instruction, departmental research, and student aid, and $126,086 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 8:1 student-faculty ratio, small-seminar curriculum, and need-based financial aid packages that operate alongside Wesleyan’s student selectivity.
Accounting Reconciliation: Readers comparing Wesleyan’s KPMG-audited standalone GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three primary accounting differences. First, audited GAAP total revenue and support was $490,295,000, compared to $443,190,970 on Form 990 Part VIII (Line 12); this $47.10M variance reflects the exclusion on Form 990 of $59,396,000 in net unrealized investment gains, $49,030 in donated services/facilities, and -$4,207,000 in split-interest agreement (-$394,000) and postretirement benefit obligation (-$3,813,000) adjustments, offset by the addition of $8,134,000 in investment expenses. Second, audited GAAP total expenses were $395,341,000, compared to $403,475,000 on Form 990 Part IX (Line 25), a difference of exactly $8,134,000 resulting from IRS rules requiring investment management expenses to be grossed up in functional expenses rather than netted against investment return. Third, Form 990 reports $99,200,000 in student financial aid as a functional grant expense (Part IX, Line 2) rather than a contra-revenue deduction against gross tuition, and Schedule R (Parts IV–V) discloses 15 controlled split-interest trusts (1 Charitable Remainder Trust, 12 Charitable Remainder Unitrusts in CT and CA, and 2 Pooled Income Funds) that transferred $1,196,815 to the university in FY25.
Frequently Asked Questions: Wesleyan's Form 990 Financials
As of Fiscal Year 2025 (ended June 30, 2025), Wesleyan University's endowment stands at $1.64 billion ($1,641,277,000), up 3.7% year-over-year from $1.58 billion in FY24. Guided by the Tobin Spending Rule, its $76.57 million annual payout ($60.27 million for programs and facilities and $16.30 million for scholarships) covers 19.0% of the university's $403.48 million Form 990 operating budget (19.4% of its $395.34 million audited GAAP expense base).
Wesleyan spends $109,746 per student annually in direct program services ($351,187,975 across 3,200 enrolled students, or $117,063 per full-time undergraduate), compared to $61,592 per student collected in net tuition, fees, room, and board after financial aid discounts. Within program services, regular session instruction, departmental research, and student aid (Part III, Line 4a) total $80,623 per student ($257.99 million), while total institutional expenditure including administrative overhead and fundraising reaches $126,086 per student ($403.48 million).
Wesleyan disbursed $99.20 million ($99,200,000) in direct financial aid grants in FY25 (up 15.4% year-over-year), plus $3.11 million in student fellowships and awards. On Form 990 Schedule I, Wesleyan reported awarding $99.20 million across 1,756 domestic students (54.9% of the 3,200-student body and 58.5% relative to the 3,000 full-time undergraduate cohort), averaging $56,492 per recipient and discounting gross tuition by 42.9%.
The highest-paid employee at Wesleyan University in FY25 was Chief Investment Officer Anne Martin, who received $1,375,606 in total compensation ($644,379 base salary, $603,023 bonus, and $128,204 in retirement and benefits), followed closely by President Michael S. Roth at $1,374,453 ($726,888 base salary, $125,000 fundraising bonus, $346,000 deferred/retirement, and $176,565 in benefits and campus housing) and Director of Investments Jonathan Don Farrar at $715,793.
Yes. On Form 990 Part V (Line 16), Wesleyan confirms that it is subject to the federal IRC Section 4968 excise tax on net investment income. With $1.64 billion in endowment assets across 3,200 total students ($512,899 per student, and $547,092 per full-time undergraduate), Wesleyan exceeds the $500,000 per-student threshold applicable to private colleges with at least 500 tuition-paying students.
Wesleyan University's total assets reached $2.52 billion ($2,515,092,000) at the close of Fiscal Year 2025, anchored by $1.67 billion in invested securities ($1.54 billion in private equity, global equity, absolute return, and real assets plus $124.13 million in publicly traded securities), $176.54 million in cash and short-term investments, and $646.32 million in net land, buildings, and equipment.
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