Investment Gains Surpass Tuition at Williams College as $3.80 Billion Endowment Funds 38.4% of Budget and $163,804 Per-Student Spend
By Data Team | Published November 6, 2026
Williams College’s total assets reached $5.54 billion in fiscal year 2025, anchored by a $3.80 billion endowment whose $152.37 million annual payout covers 38.4% of the college's $396.61 million Form 990 operating budget (47.3% under audited GAAP expense parameters), according to its latest IRS filing. That capital base enables Williams to spend $163,804 per student on direct instructional, academic support, residential, and student aid program services ($352.18 million across 2,150 students)—while total enterprise expenditure including administrative overhead and fundraising reaches $184,470 per student ($396.61 million).
Williams’s financial structure shows how a residential liberal arts college operates simultaneously as an undergraduate teaching institution and an institutional asset manager. While baseline student tuition, fees, room, and board generate $178.54 million ($83,041 per student before financial aid), student charges represent 33.8% of Williams's $528.79 million total revenue. Realized investment income ($240.41 million, or 45.5% of total revenue) and private philanthropy plus government grants ($98.08 million, or 18.5%) supply nearly two-thirds of annual institutional inflows.
This reliance on investment returns and alumni giving insulates campus academic operations from net tuition revenue. In FY25, Williams disbursed $93.67 million in comprehensive student financial support—recording $76.32 million in direct Form 990 Schedule I scholarships across 1,225 domestic recipients (57.0% of the total student body and 58.3% of undergraduates), $1.75 million in international study-away and fellowship grants, and $15.59 million in supplemental student assistance and prizes under its all-grant, no-loan financial aid model.
Institutional & Governance Profile
Operating under its formal corporate title, Williams College (EIN 04-2104847), the institution is domiciled in Massachusetts with its main campus in Williamstown and its Investment Office in Boston. Chartered in 1793, the college operates a residential liberal arts curriculum across three academic divisions—humanities, social sciences, and natural sciences—alongside two specialized Master of Arts programs in Policy Economics and the History of Art.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1793, Williams issued 3,351 Form W-2s in calendar year 2024, filed 3,331 Form 1096 vendor returns, and engaged 7,681 alumni and community volunteers.
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Academic & Student Footprint: Williams enrolls approximately 2,150 full-time students—comprising 2,100 undergraduates pursuing Bachelor of Arts degrees and 50 graduate students enrolled in the Center for Development Economics and the graduate art history program co-sponsored with the Sterling and Francine Clark Art Institute.
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Executive Leadership: President Maud S. Mandel leads the college alongside Provost Eiko Siniawer, Vice President for Finance and Operations and Treasurer Michael Wagner, Chief Investment Officer Abigail Wattley, Dean of the Faculty Lara Shore-Sheppard, and Dean of the College Margaret Long.
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Governing Board (Schedule O): The Board of Trustees comprises 25 voting members, 24 of whom are independent (with President Maud Mandel serving as the sole non-independent voting member and Elizabeth A. Andersen serving as Board Chair). Senior management and the Audit Committee review the Form 990 with paid preparer Crowe LLP prior to full board distribution, and all trustees, officers, and senior staff complete mandatory annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Williams generated $988.25 million in gross receipts and $528.79 million in total net revenue. Total assets expanded 9.2% to $5.54 billion while net assets rose 7.3% to $4.41 billion, with 83.2% held in donor-restricted funds and 16.8% in unrestricted reserves.
Balance Sheet Strength
- Total Assets $5,540,530,680 (+9.2%)
- Total Liabilities $1,131,930,171 (+17.1%)
- Total Net Assets $4,408,600,509 (+7.3%)
- Donor-Restricted Net Assets $3,668,257,926 (83.2% of Total Net Assets)
- Unrestricted Net Assets $740,342,583 (16.8% of Total Net Assets)
Operating Performance
- Total Revenue $528,792,709 (+18.1%)
- Total Expenses $396,609,708 (+8.3%)
- Operating Surplus $132,183,001 (+61.6%)
- Unrealized Gains (Excluded) $169,708,127
Note: The $132.18 million reported operating surplus reflects Form 990 realized accounting parameters; adding $169.71 million in net unrealized investment gains and deducting $2.09 million in other net asset adjustments ($5.63 million in deferred excise tax accruals and $2.59 million in swap and post-employment liability adjustments, offset by $6.12 million in trust and split-interest gains) accounts for the full $299.80 million expansion in Williams's FY25 net assets.
Revenue Breakdown
All four of Williams's primary revenue categories posted year-over-year growth in FY25. Realized investment income rose 30.5% to $240.41 million—driven by $226.67 million in net realized capital gains across $683.53 million in gross security sales—making investment returns the college's largest single revenue source at 45.5% of total inflows. Program service revenue increased 7.8% to $190.24 million (36.0% of revenue, comprising $178.54 million in student tuition, fees, room, and board and $11.70 million in auxiliary revenue), while contributions and grants grew 11.8% to $98.08 million (18.5% of revenue).
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income +30.5% YoY$240,409,443 (45.5%)
- Realized Net Capital Gains ($683.53M Gross Sales less $456.87M Basis) $226,665,447
- Dividends, Interest & Other Investment Income $9,450,237
- Tax-Exempt Bond Proceeds Income $4,293,759
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Program Service Revenue +7.8% YoY$190,235,968 (36.0%)
- Student Income (Tuition, Fees, Room & Board) $178,537,422
- Auxiliary Revenue (Exempt Function Portion, incl. Williams Inn LLC) $7,833,068
- Auxiliary Revenue (Unrelated Business Revenue Portion) $3,865,478
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Contributions & Grants +11.8% YoY$98,079,024 (18.5%)
- Private Philanthropy, Alumni Gifts & Foundations $92,233,643
- Government Research & Sponsored Grants $5,845,381
- Noncash Gifts Included Above (302 Stock Gifts, 6 Art Works, 4 Equipment Gifts) $16,366,726
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Other Revenue +113.9% YoY$68,274 (0.01%)
- Gross Real Estate Rental Income $2,661,476
- Less Direct Rental Expenses (Netting to $68,274 vs. -$492,911 in FY24) ($2,593,202)
Endowment Performance and Asset Allocation
The Williams College Investment Office oversees the college's Consolidated Investment Pool, which combines Williams's $3.80 billion endowment with operating reserves and $510.94 million invested on behalf of the Sterling and Francine Clark Art Institute into $4.38 billion in gross balance sheet securities ($3.87 billion net after deducting the Clark Art Institute custodial liability), supplemented by $275.51 million in cash and short-term cash investments. Global long and long/short equity funds ($1.70 billion), venture capital funds ($717.58 million), buyout funds ($684.71 million), and absolute return funds ($504.05 million) account for 82.3% of total investment securities.
To execute its global alternative strategy, Williams holds $2.18 billion in foreign-domiciled investment vehicles reported on Schedule F—including $2.07 billion in Central America and the Caribbean, $61.55 million in Sub-Saharan Africa, and $51.76 million in Europe—and generates $63.29 million in gross unrelated business income ($49.76 million taxable on Form 990-T). Because Williams holds $1.77 million in endowment assets per student, it is subject to the federal IRC Section 4968 1.4% endowment excise tax and carries $13.31 million in current and deferred excise tax liabilities on Schedule D, Part X.
Portfolio Performance & Asset Allocation ($4.38B Gross Investment Pool / $3.87B Net College Securities)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $3,796,600,334 (+7.5% YoY), representing $1,765,861 per enrolled student across 2,150 students.
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Net Investment Gains: $396,217,054 in endowment investment earnings (+18.5% YoY from $334.33M in FY24).
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Alternative & Offshore Capital: 60.9% of gross investment securities sit in venture capital, buyouts, absolute return hedge strategies, and real assets, with $2.07B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $152,365,868 ($102.18M to facilities, faculty, and academic programs; $42.89M to student financial aid; $7.30M to endowment administration), funding 38.4% of Form 990 total expenses (47.3% of GAAP operating expenses; 36.6% when measuring the $145.06M direct program and scholarship payout alone).
Detailed Asset Mix (Gross Consolidated Pool Securities)
5-Year Endowment History
Schedule D, Part V traces the five-year trajectory of Williams’s endowment from a $2.74 billion opening balance in FY21 to $3.80 billion at the close of FY25. Over that five-year window, the endowment absorbed $104.77 million in new donor gifts alongside $1.74 billion in net investment earnings—highlighted by a $1.35 billion post-pandemic surge in FY21, a $440.19 million market contraction in FY22, and consecutive recoveries of $334.33 million in FY24 and $396.22 million in FY25. Simultaneously, the endowment distributed $793.40 million toward student financial aid scholarships ($186.66 million), academic programs, faculty chairs, and infrastructure ($567.67 million), and investment administration ($39.07 million). At year-end FY25, the portfolio comprised 86.33% permanent endowment, 10.81% board-designated quasi-endowment, and 2.86% term endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $3,530,439,950 | $3,368,671,196 | $3,411,185,988 | $4,025,701,926 | $2,742,044,936 |
| 1b. Contributions | $22,309,198 | $15,698,167 | $24,733,810 | $16,930,533 | $25,098,149 |
| 1c. Net investment earnings | $396,217,054 | $334,326,067 | $99,124,060 | ($440,193,050) | $1,353,707,368 |
| 1d. Grants or scholarships | ($42,886,405) | ($38,545,032) | ($38,022,809) | ($44,904,769) | ($22,296,237) |
| 1e. Other expenditures | ($102,175,444) | ($140,512,525) | ($121,653,542) | ($137,175,288) | ($66,154,793) |
| 1f. Administrative expenses | ($7,304,019) | ($9,197,923) | ($6,696,311) | ($9,173,364) | ($6,697,497) |
| 1g. End of year balance | $3,796,600,334 | $3,530,439,950 | $3,368,671,196 | $3,411,185,988 | $4,025,701,926 |
Per-Student Spending and True Cost
Evaluating per-student spending at a residential liberal arts college centers on direct program service expenses reported on Form 990 Part III (Line 4a) and Part IX (Column B). In FY25, Williams expended $352,179,597 on direct program services—covering undergraduate and graduate instruction, Oxbridge-style tutorials, departmental research, residential life, and student financial aid—across its 2,150 full-time students (2,100 undergraduates and 50 graduate students). That equates to $163,804 per student in direct academic and residential program spend ($126,624 net per student when excluding $79.94 million in grants and scholarships).
By comparison, baseline student tuition, fees, room, and board revenue (Part VIII, Line 2a) totals $178,537,422, or $83,041 per student—covering 50.7% of direct program service costs before financial aid discounts and leaving an $80,763 per-student structural subsidy funded by endowment distributions ($102.18 million for academic programs and facilities plus $42.89 million for scholarships) and annual alumni philanthropy. When netting out $76.32 million in domestic financial aid scholarships ($35,500 per enrolled student across the entire student body), net student revenue ($102.21 million, or $47,541 per student) covers just 29.0% of direct program service expenditure. Including $33.46 million in management and general overhead and $10.97 million in fundraising expenses, total enterprise expenditure (Part IX, Line 25) reaches $396,609,708 ($184,470 per student).
Operations vs. Revenue
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Regular Session Direct Program Spend (Part III, Line 4a & Part IX, Col B): $352,179,597 across 2,150 undergraduate and graduate students ($163,804 gross direct program spend per student; $126,624 net excluding $79.94M in student aid and community grants).
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Total Enterprise Spend (Part IX, Line 25, Col A): $396,609,708 in overall institutional spend ($184,470 per student), comprising 88.8% Program Services ($352.18M), 8.4% Management and General ($33.46M), and 2.8% Fundraising ($10.97M).
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Tuition & Room/Board Revenue: $178,537,422 ($83,041 per student gross; $47,541 per student net of domestic scholarship grants), covering 50.7% of direct program expenditure gross and 29.0% net. Endowment distributions and gifts bridge the remaining $80,763 to $116,263 per-student academic gap.
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Academic Personnel & Residential Operations (Part IX, Col B): $155,177,751 in program-dedicated salaries, pensions, benefits, and payroll taxes ($72,176 per student), $24,934,776 in program facility depreciation, $20,680,515 in contracted program services, $8,628,573 in campus occupancy, and $4,773,314 in direct dining operations.
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Campus Museums, Rare Books & Global Study (Schedule D & Schedule F): Williams holds $70,598,609 in capitalized museum art and rare book collections on its balance sheet across the Williams College Museum of Art (WCMA) and Chapin Library (adding $3.69M in donated artwork in FY25), and expended $1,762,796 in foreign instructional, research, and study-away program services across Europe, East Asia, North America, South Asia, and Sub-Saharan Africa—anchored by the Williams-Exeter Programme at Oxford University ($1.82M Schedule R reimbursement).
Financial Aid: How Williams Deploys $93.7M in All-Grant Student Support
Williams practices need-blind admissions for domestic undergraduate applicants and meets 100% of demonstrated financial need for all admitted students worldwide through an all-grant financial aid program. Under this structure, Williams eliminates all student loans and all required academic-year or summer work-study contributions from its aid packages. Across all Form 990 expense lines in FY25, the college deployed $93.67 million in comprehensive student support.
On Form 990 Schedule I (Part III), Williams reports $76,324,302 in direct scholarship grants to 1,225 domestic students—representing 57.0% of its 2,150-student body (and 58.3% of its 2,100 undergraduates), with an average scholarship of $62,306 per aided recipient. Beyond tuition and residential scholarships, Williams recorded $13,691,597 in supplemental student assistance on Part IX (Line 24c)—funding free required textbooks and course materials for all aided students, health insurance, travel allowances, and summer stipends—alongside $1,900,503 in fellowships and student prizes (Line 24a) and $1,751,250 in international study-away and fellowship grants on Schedule F.
Internal Student Support (Schedule I, D & Part IX)
- Aided Student Share (Schedule I) 57.0% (1,225 students)
- Undergraduate Aid Rate / Model 58.3% Undergrad / 100% All-Grant
- Endowment-Funded Scholarships (Sch. D) $42,886,405 (56.2% of Aid)
- Supplemental Student Assistance & Prizes $15,592,100
- Total Domestic Student Cash Grants $76,324,302 ($62,306 avg.)
Global Study Away & External Community Grants
- International Study Away & Fellowships ($1,751,250) Reported on Schedule F, Part III, led by $1,599,063 for 50 students studying in Europe (including the Williams-Exeter Programme at Oxford) and $152,187 across 26 international fellowships, stipends, and research awards.
- Domestic Municipal & Nonprofit Grants ($1,861,608) Reported on Schedule I, Part II across 18 organizations, anchored by $1,033,233 to the Williamstown Fire District, $190,000 to Mt. Greylock Regional High School, $146,116 to The Boston Foundation (via Williams's $3.31M Donor Advised Fund on Schedule D, Part I), and $492,259 to regional cultural and community organizations.
Executive and Investment Team Compensation
Williams’s Schedule J disclosures reflect the distinct labor markets of Boston-based institutional endowment management and Williamstown campus administration. The highest-compensated individual on the FY25 filing was former Chief Investment Officer Collette Chilton (who stepped down on June 30, 2023) at $1,646,388—driven by $1,537,871 in vested multi-year performance bonus payouts ($1,000,000 of which was accrued and reported as deferred compensation on prior Forms 990). Among active staff, President Maud Mandel received $992,690 in total compensation ($729,853 base salary, $75,000 bonus, and $138,965 in retirement and deferred compensation), followed by Investment Office Managing Director Paul Mace ($791,646), VP for Finance and Operations Michael Wagner ($658,848), Chief Investment Officer Abigail Wattley ($624,933), and Director of Investment Operations John Lewis ($541,786).
Across the 20 individuals reported on Schedule J, five of the eight highest-paid active employees work in the Investment Office, where annual bonuses are determined by investment portfolio performance relative to the policy benchmark established by the Board Investment Committee, paid out over multiple years, and subject to negative-earnings provisions. Because no active covered employee exceeded $1 million in statutory remuneration during the year, Williams reported that it was not subject to the IRC Section 4960 excess executive compensation excise tax on Form 990 Part V (Line 15), though it maintains a combined current and deferred accrual for investment and compensation excise taxes on Schedule D (Part X).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Williams expended $185,860,809 in total salaries, wages, pensions, benefits, and payroll taxes in FY25 (+8.3% YoY, representing 46.9% of Form 990 expenses and 57.7% of GAAP expenses) across 3,351 W-2 employees, with 407 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Executive Committee of the Board of Trustees (constituted as the Compensation Committee) met on May 2, 2025, to review and approve presidential and senior executive compensation using multi-year benchmarking surveys from CUPA-HR and Mercer.
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Campus Housing, Mortgage Loans & Interested Transactions (Schedule J & L): President Maud Mandel is required to reside on campus as a condition of employment, while one officer received a taxable housing allowance. Under Schedule L, Part II, Williams holds $221,788 in primary residence mortgages across four officers—Michael Wagner ($99,568 balance), former Provost David Love ($47,828), Provost Eiko Siniawer ($43,914), and Dean Margaret Long ($30,478)—and disclosed $510,400 in spousal employment agreements on Schedule L, Part IV (Anthony Sheppard at $247,218, Noah Sandstrom at $224,587, and Steven Simon at $38,595).
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Form 990, Schedule J, Part II: Compensation Breakdown — All 20 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) |
| Collette ChiltonFormer Chief Investment Officer (thru 6/30/23) | $13,153 | $1,537,871 | $86,812 | $8,552 | $0 | $1,646,388 | $1,000,000 |
| Maud MandelPresident / Trustee | $729,853 | $75,000 | $15,803 | $138,965 | $33,069 | $992,690 | $75,000 |
| Paul MaceManaging Director / Investment Office | $419,896 | $212,500 | $1,620 | $118,653 | $38,977 | $791,646 | $0 |
| Michael WagnerVP for Finance & Operations, Treasurer | $509,821 | $0 | $69,985 | $38,965 | $40,077 | $658,848 | $0 |
| Abigail WattleyChief Investment Officer (eff. 7/1/23) | $566,488 | $0 | $19,032 | $38,965 | $448 | $624,933 | $0 |
| John LewisDirector of Investment Operations | $338,631 | $103,500 | $1,620 | $59,138 | $38,897 | $541,786 | $0 |
| Megan MoreyVP of College Relations | $412,336 | $10,000 | $5,750 | $38,965 | $40,138 | $507,189 | $0 |
| Bradford WakemanManaging Dir / COO, Inv Office | $423,401 | $0 | $1,620 | $38,965 | $34,344 | $498,330 | $0 |
| Julia BrodyManaging Director / Investment Office | $325,903 | $56,473 | $0 | $37,648 | $336 | $420,360 | $0 |
| Margaret LongDean of the College | $296,317 | $0 | $12,185 | $35,391 | $44,875 | $388,768 | $0 |
| Eiko SiniawerProvost | $286,825 | $0 | $23,488 | $35,391 | $25,011 | $370,715 | $0 |
| Lara Shore-SheppardDean of the Faculty | $271,514 | $0 | $23,000 | $34,517 | $40,138 | $369,169 | $0 |
| James ShepardProfessor of English | $295,707 | $0 | $0 | $16,224 | $35,643 | $347,574 | $0 |
| Leticia Smith-Evans HaynesVP Institutional Diversity, Equity & Inclusion | $264,976 | $10,000 | $0 | $31,076 | $39,999 | $346,051 | $0 |
| James ReischeFormer VP Communications, Special Advisor | $205,334 | $0 | $11,500 | $25,052 | $33,144 | $275,030 | $0 |
| Meike KaanChief Communications Officer (eff. 7/1/24) | $205,391 | $8,000 | $0 | $23,589 | $37,191 | $274,171 | $0 |
| David LoveFormer Provost, Prof of Economics | $210,298 | $0 | $946 | $23,668 | $32,950 | $267,862 | $0 |
| Marlene SandstromFormer Dean of College, Prof of Psych | $199,819 | $0 | $0 | $22,396 | $32,827 | $255,042 | $0 |
| Denise BuellFormer Dean of the Faculty, Prof of Religion | $182,923 | $0 | $0 | $20,838 | $43,115 | $246,876 | $0 |
| Keli GailSecretary of the College (thru 7/14/24) | $151,979 | $0 | $28,004 | $17,973 | $8,553 | $206,509 | $0 |
Facilities, Debt, and Municipal Relations
Located in the Berkshire Hills of northwestern Massachusetts, Williams manages a residential academic campus alongside commercial hospitality and real estate holdings in Williamstown. Rather than liquidating endowment principal to build academic halls, museum facilities, and residential dormitories, the college pairs philanthropy with tax-exempt municipal bonds issued through the Massachusetts Development Finance Agency (MassDevelopment).
Williams’s town-gown fiscal relationship with Williamstown and Berkshire County operates through two primary mechanisms: direct Schedule I voluntary municipal and public school grants (PILOT-equivalent support) and property and commercial taxation on its non-exempt hospitality and rental real estate portfolio, including the Williams Inn LLC.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Williams holds $1.37 billion ($1,365,452,036) in gross land, buildings, and equipment ($738.81 million net book value after $626.64 million in accumulated depreciation), recording $28.66 million in annual depreciation, $8.84 million in occupancy expenses, and $5.12 million in non-capitalized plant expenses.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The college carries $466.02 million in tax-exempt MassDevelopment and HEFA bond liabilities (up 30.9% YoY following the $125.93 million Series V capital bond issuance on August 27, 2024, with $34.41 million spent and $90.59 million in unspent proceeds reserved for ongoing construction) and $8.72 million in unsecured notes, paying $13.54 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: On Schedule I, Part II, Williams disbursed $1,861,608 in domestic organizational and municipal grants, anchored by $1,033,233 to the Williamstown Fire District and $190,000 to Mt. Greylock Regional High School, plus regional grants to the Center for EcoTechnology ($100,000), MASS MoCA Foundation ($50,000), Williamstown Community Chest ($32,564), Images Cinema ($26,100), Williamstown Youth Center ($15,000), NAACP Berkshire County ($13,300), WilliNet ($10,625), and $8,000 each to the Stockbridge-Munsee Community, Berkshire Immigrant Center, Multicultural BRIDGE, Rites of Passage and Empowerment, Soul Fire Farm, and Harmony Homestead. Additionally, Williams operates the disregarded entity Williams Inn LLC ($7.76M revenue, $3.09M assets), the 501(c)(2) Williams College Land Foundation, and $2.66M in gross rental properties ($2.59M in rental expenses).
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Top Construction, Architecture & Consulting Contractors: Among 56 independent contractors paid over $100,000 in FY25, the five highest-compensated firms were Suffolk Construction Company Inc. ($7.68M), Perry Dean Rogers & Partners Architects ($4.25M), Consigli Construction Co. Inc. ($4.24M), Huron Consulting Services LLC ($3.87M), and Cannon Boston Inc. ($2.11M).
Editorial Note
All financial figures in this report derive from Williams College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 2,150 full-time students—2,100 undergraduates and 50 graduate students) and have been reviewed by the data team.
While Williams expends $163,804 per student on direct academic, residential, and student aid program services ($184,470 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 tutorial pedagogy, faculty ratios, and all-grant financial aid model that operate alongside Williams’s student selectivity.
Accounting Reconciliation: Readers comparing Williams’s audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences documented on Schedule D (Parts X, XI, XII, and XIII) and Schedule R. First, Form 990 reports $396,609,708 in total expenses versus $321,878,608 on the audited GAAP statements—a $74,731,100 variance caused primarily by IRS rules requiring $76,324,302 in domestic student financial aid scholarships to be reported both as gross tuition revenue and as an operating grant expense on Part IX (whereas GAAP financial statements net student financial aid directly against gross tuition revenue), alongside a -$2,593,202 rental expense netting adjustment and a +$1,000,000 interest expense reclassification. Second, audited GAAP total revenue and support of $621,678,464 includes $169,708,127 in net unrealized investment gains (offset by -$3,091,272 in split-interest, trust present value, swap, post-employment liability, and deferred excise tax adjustments), which are excluded from Form 990 total realized revenue of $528,792,709. Third, under a February 2017 participation agreement disclosed on Schedule R (Part VII) and Schedule D (Part X), the Sterling and Francine Clark Art Institute (a Type I 501(c)(3) supporting organization) invests substantially all of its endowment inside Williams’s Consolidated Investment Pool; consequently, Williams’s Part X balance sheet includes $510,943,528 in pooled assets and a corresponding $510,943,528 custodial liability ("Invest. on Behalf of Supp Org"), with the Clark Institute withdrawing $13,000,000 during FY25.
Frequently Asked Questions: Williams College's Form 990 Financials
As of Fiscal Year 2025, Williams College's endowment stands at $3.80 billion ($3,796,600,334), up 7.5% year-over-year, or $1,765,861 per enrolled student. Its $152.37 million annual payout ($145.06 million in direct scholarships and academic/facility support plus $7.30 million in endowment administration) covers 38.4% of the college's $396.61 million Form 990 operating expenses (47.3% under audited GAAP operating expense metrics).
Williams spends $163,804 per student annually in direct academic, residential, and student aid program services ($352.18 million across 2,150 students)—compared to $83,041 per student generated in baseline tuition, fees, room, and board. When including $33.46 million in administrative overhead and $10.97 million in fundraising, overall enterprise expenditure is $184,470 per student ($396.61 million).
Williams disbursed $93.67 million in comprehensive student support in FY25 under its all-grant, no-loan, no-work-study financial aid program. On Schedule I, Williams reported $76.32 million in direct cash scholarships across 1,225 domestic students (57.0% of total enrollment and 58.3% of undergraduates, averaging $62,306 per recipient), supplemented by $13.69 million in direct student assistance (free textbooks, travel, health insurance, and stipends), $1.90 million in fellowships and prizes, and $1.75 million in international study-away grants.
In FY25, the highest-compensated individual on Schedule J was former Chief Investment Officer Collette Chilton at $1,646,388 (reflecting $1,537,871 in vested multi-year bonus payouts, including $1.0 million previously reported as deferred on prior Forms 990). Among current employees, President Maud Mandel received $992,690 in total compensation, followed by Investment Office Managing Director Paul Mace ($791,646), VP for Finance and Operations Michael Wagner ($658,848), and Chief Investment Officer Abigail Wattley ($624,933).
Yes. Because Williams is a private college with more than 500 tuition-paying students and holds $1,765,861 in endowment assets per student (well above the $500,000 federal threshold), it is subject to the IRC Section 4968 1.4% excise tax on net investment income and carries $13.31 million in current and deferred excise tax liabilities on Schedule D, Part X.
Williams College's total assets reached $5.54 billion ($5,540,530,680) in Fiscal Year 2025, anchored by $4.38 billion in gross balance sheet securities ($3.87 billion net of $510.94 million invested on behalf of the Clark Art Institute), $738.81 million in net physical plant, $275.51 million in cash and short-term investments, and $70.60 million in museum art and rare book collections.
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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
Admissions & Policy
August 6, 2026Admissions Offices Deploy Fraud Squads and Zero-Tolerance Verification to Combat Artificial Intelligence in Applications
How elite universities and state college systems are deploying 'fraud squads' and biometric verifications to combat AI-generated applications and fabricated extracurriculars.