WashU Assets Climb 9.0% to $22.33B in FY25 as $2.26B Clinical Practice and $13.38B Endowment Drive $433.0M Operating Surplus
By Data Team | Published November 10, 2026
Washington University in St. Louis’s total assets rose 9.0% to $22.33 billion in fiscal year 2025, anchored by a $13.38 billion endowment whose $606.1 million program and scholarship payout covers 11.1% of the university's $5.47 billion Form 990 operating budget (11.7% including $33.3 million in endowment administrative outlay, and 12.3% of audited GAAP expenses), according to its latest IRS filing. That capital base enables WashU to spend $307,565 per student across all direct program services ($5.03 billion across 16,339 Fall semester students)—including $194,420 per student on regular session instruction and student financial aid ($3.18 billion)—while total enterprise expenditure reaches $334,561 per student ($5.47 billion).
WashU’s revenue profile demonstrates how an elite Midwest research institution operates simultaneously as a selective undergraduate and graduate university, a national biomedical research hub, a major clinical healthcare provider, and a global institutional investor. Student tuition and fees generate $881.8 million ($53,966 per student), representing 14.9% of WashU's $5.90 billion total revenue ($1.03 billion or 17.5% when adding $151.3 million in auxiliary housing, dining, and campus services). By contrast, patient, laboratory, and hospital support services delivered by Washington University School of Medicine (WUSM) faculty ($2.26 billion), government research grants ($943.0 million), private philanthropy ($677.7 million), and realized investment income ($691.6 million) supply over 77% of institutional inflows.
This clinical and investment engine insulates academic operations from tuition dependence and powers a $787.4 million bottom-line turnaround—swinging from a $354.4 million Form 990 operating deficit in FY24 to a $433.0 million operating surplus in FY25. During FY25, WashU disbursed $502.3 million in direct Form 990 Schedule I cash grants to domestic students—supporting 9,829 scholarship recipients (60.2% of the student body) alongside 3,925 fellowship recipients—and committed to a no-loan undergraduate financial aid policy and zero parent contributions for Missouri and southern Illinois families earning $75,000 or less.
Institutional & Governance Profile
Operating under its legal corporate title, Washington University (EIN 43-0653611), the institution is domiciled in Missouri with central financial offices in Clayton (7425 Forsyth Blvd) and its main Danforth Campus at One Brookings Drive in St. Louis, Missouri. Chartered by the Missouri General Assembly in 1853, WashU operates eight academic schools, the Siteman Comprehensive Cancer Center (in partnership with BJC HealthCare), and the Washington University Investment Management Company (WUIMC).
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1853, WashU issued 33,651 Form W-2s in calendar year 2024, filed 27,698 Form 1096 vendor returns, and engaged an estimated 6,500 alumni, advisory council, and community volunteers.
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Academic & Clinical Footprint: WashU enrolled 16,339 students in the Fall 2024 semester (15,198 in Spring 2025) across its undergraduate and graduate schools. At Washington University School of Medicine (WUSM)—operating across 23 departments, 60 divisions, and 4 allied health programs—faculty and medical students treated approximately 472,976 patients in FY25 while securing 5,045 direct and indirect sponsored research awards across the university.
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Executive Leadership: Chancellor Andrew D. Martin leads the university alongside Provost and Executive Vice Chancellor for Academic Affairs Beverly Wendland, Executive Vice Chancellor for Medical Affairs and Dean David H. Perlmutter, Executive Vice Chancellor for Administration and CAO Nichol Luoma, Chief Investment Officer Scott Wilson, and Executive Vice Chancellor for Finance and CFO David Gray (appointed full-time in April 2025 following Amy Kweskin's tenure through August 2024).
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Governing Board (Schedule O): The Board of Trustees comprises 41 voting members, 38 of whom are independent (92.7%). During FY25, WashU amended its bylaws to designate the Chancellor as a non-voting ex-officio member of all Board committees, the CIO as a non-voting ex-officio member of the Finance Committee, and the CFO as a non-voting ex-officio member of the WUIMC governing board. The Audit, Risk, and Compliance Committee reviews the Form 990 prior to full Board distribution, and three specialized committees (Institutional, Research, and Clinical COI) enforce annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), WashU generated $11.87 billion in gross receipts and $5.90 billion in total net revenue. Total assets expanded 9.0% to $22.33 billion while net assets rose 11.1% to $17.84 billion, split between donor-restricted funds (51.6%) and unrestricted reserves (48.4%).
Balance Sheet Strength
- Total Assets $22,330,732,000 (+9.0%)
- Total Liabilities $4,493,817,016 (+1.4%)
- Total Net Assets $17,836,914,984 (+11.1%)
- Donor-Restricted Net Assets $9,203,959,079 (51.6% of Total Net Assets)
- Unrestricted Net Assets $8,632,955,905 (48.4% of Total Net Assets)
Operating Performance
- Total Revenue $5,899,375,814 (+13.4%)
- Total Expenses $5,466,387,066 (-1.7%)
- Operating Surplus $432,988,748 (+222.2%)
- Unrealized Gains (Excluded) $1,350,485,220
Note: The $433.0 million reported operating surplus reflects Form 990 realized accounting parameters (reversing a -$354.4 million operating deficit in FY24); adding $1.35 billion in net unrealized investment gains and deducting $1.86 million in split-interest and pledge reserve adjustments ($930,593 and $924,551, respectively) accounts for the full $1.78 billion expansion in WashU's FY25 net assets.
Revenue Breakdown
WashU’s 13.4% top-line revenue growth in FY25 was propelled by surges in realized investment income and external grant funding that more than offset a modest contraction in program service receipts. Contributions and grants jumped 36.7% to $1.62 billion—led by $943.0 million in government research grants and $677.7 million in private gifts—while realized investment income soared 263.7% to $691.6 million on the strength of $548.1 million in realized net capital gains. Program service revenue declined 6.3% year-over-year to $3.53 billion, anchored by $2.26 billion in WUSM patient, laboratory, and hospital support revenue and $881.8 million in student tuition and fees.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue -6.3% YoY$3,534,175,001 (59.9%)
- Patient, Lab and Hospital Support (WUSM Clinical Practice) $2,259,655,032
- Student Tuition and Fees $881,756,375
- Research Contracts and Other Sponsored Agreements $199,508,314
- Auxiliary Sales and Service (Housing, Dining, Parking) $151,347,027
- Educational Sales and Service $41,908,253
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Contributions & Grants +36.7% YoY$1,620,683,178 (27.5%)
- Government Grants (Federal & State Sponsored Research) $942,959,707
- Private Philanthropy & Fundraising Events $677,723,471
- Noncash Gifts Included Above (272 Stock Gifts, 2 Real Estate, 20 Art Works) $87,189,099
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Investment Income +263.7% YoY$691,588,476 (11.7%)
- Realized Net Capital Gains ($6.51B Gross Sales) $548,052,390
- Dividends, Interest & Other Investment Income $143,536,086
- Tax-Exempt Bond Proceeds Income $0
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Other Revenue -8.2% YoY$52,929,159 (0.9%)
- Other Educational Revenue $39,912,621
- Intellectual Property Royalties & Net Fundraising Events (-$3,203) $13,016,538
Endowment Performance and Asset Allocation
Washington University Investment Management Company (WUIMC), overseen by a dedicated governing board chaired in FY25 by Trustee Eric Upin and managed by CIO Scott Wilson, directs WashU's $13.38 billion endowment alongside working capital and long-term reserves totaling $16.14 billion in balance sheet investment securities ($16.56 billion including $423.0 million in temporary cash investments). Private equity ($8.59 billion) and publicly traded securities ($5.16 billion) form the core of the portfolio, accounting for 85.2% of invested securities, complemented by real assets ($1.23 billion) and absolute return hedge strategies ($610.7 million).
To execute its global investment mandate, WashU holds $7.78 billion in foreign-domiciled investment vehicles reported on Schedule F—including $6.91 billion in Central America and the Caribbean, $471.7 million in Sub-Saharan Africa, and $389.3 million in Europe—and generated $24.1 million in gross unrelated business revenue ($17.5 million from investment partnerships, yielding $2.51 million in net taxable income on Form 990-T). Because WashU holds $819,197 in endowment assets per Fall student, the university is subject to the federal IRC Section 4968 1.4% excise tax on net investment income (Form 990, Part V, Line 16 and Schedule D, Part XIII).
Portfolio Performance & Asset Allocation ($16.14B Total Invested Securities / $13.38B Endowment)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $13,384,860,788 (+11.1% YoY), representing $819,197 per enrolled student across 16,339 Fall semester students.
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Net Investment Gains: $1,758,900,824 in endowment investment earnings (+78.0% YoY from $988.0M in FY24).
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Alternative & Offshore Capital: 68.0% of WashU's $16.14B investment securities portfolio is allocated to alternative and non-public vehicles ($10.91B in Schedule D other securities and $66.4M in program-related investments), with $6.91B domiciled in Central American and Caribbean structures.
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Total Payout & Budget Coverage: $606,063,920 in direct program and scholarship distributions ($468.0M to academic programs, professorships, and facilities; $138.1M to student scholarships), funding 11.1% of Form 990 total expenses (12.3% of audited GAAP expenses; 11.7% or $639.4M including $33.3M in endowment administrative expenses).
Detailed Asset Mix ($16.14B Balance Sheet Investment Securities)
5-Year Endowment History
Schedule D, Part V documents the five-year trajectory of WashU’s endowment from an opening balance of $8.52 billion in FY21 to $13.38 billion at the close of FY25. Following a $5.51 billion post-pandemic investment surge in FY21 that lifted the endowment to $13.67 billion, market pullbacks in FY22 (-$1.11 billion) and FY23 (-$233.7 million) temporarily compressed the pool to $11.51 billion before consecutive recoveries in FY24 (+$988.0 million) and FY25 (+$1.76 billion) restored the endowment to near-record levels. Over the five-year span, the endowment absorbed $960.0 million in donor contributions while distributing $2.71 billion toward student scholarships ($456.0 million) and academic programs, faculty chairs, and facilities ($2.26 billion), alongside $290.3 million in administrative outlays. At year-end FY25, the portfolio comprised 60.00% permanent donor-restricted endowment and 40.00% 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 | $12,046,413,777 | $11,511,773,748 | $12,282,058,885 | $13,665,385,858 | $8,515,200,208 |
| 1b. Contributions | $218,917,864 | $187,947,993 | $113,834,595 | $279,352,761 | $159,994,568 |
| 1c. Net investment earnings | $1,758,900,824 | $988,014,058 | ($233,654,264) | ($1,110,682,646) | $5,510,916,212 |
| 1d. Grants or scholarships | ($138,096,039) | ($101,908,093) | ($92,305,009) | ($67,766,887) | ($55,939,919) |
| 1e. Other expenditures | ($467,967,881) | ($488,999,496) | ($504,564,862) | ($441,600,619) | ($354,410,016) |
| 1f. Administrative expenses | ($33,307,757) | ($50,414,433) | ($53,595,596) | ($42,629,582) | ($110,375,195) |
| 1g. End of year balance | $13,384,860,788 | $12,046,413,777 | $11,511,773,749 | $12,282,058,885 | $13,665,385,858 |
Per-Student Spending and True Cost
Calculating per-student resource intensity at WashU requires examining Form 990 Part III program service expenses across both regular academic instruction and the university's full four-pillar operational footprint. Across all four Form 990 direct program service pillars (Part III, Line 4e)—Instruction ($3.18 billion), Organized Research ($989.0 million), Academic Support ($522.1 million), and Auxiliary & Student Support Services ($337.6 million)—WashU’s total direct program service spend reaches $5,025,307,854 across its Fall enrollment of 16,339 students (15,198 in Spring), or $307,565 per student (representing 91.9% of all institutional expenses). Within that figure, regular session Instruction and student financial aid (Part III, Line 4a) totals $3,176,629,305—encompassing credit and non-credit academic courses, WUSM clinical instruction across 472,976 patients, and $506.3 million in instructional and student aid grants—equating to $194,420 per student ($163,430 net per student excluding instructional grants).
By comparison, gross student tuition and fees (Part VIII, Line 2b: $881,756,375, or $53,966 per student) plus auxiliary housing, dining, and campus parking revenue (Line 2d: $151,347,027, or $9,263 per student) generate $1,033,103,402 ($63,229 per student)—covering 20.6% of total direct program service expenses and 32.5% of direct instructional costs. That leaves a $244,336 per-student total program subsidy ($131,191 per-student instructional subsidy) funded by WUSM clinical revenue, endowment payouts ($606.1 million), and sponsored research grants. When adding $359.1 million in management and general overhead and $81.9 million in fundraising expenses (Part IX, Line 25), overall institutional spend reaches $5,466,387,066, or $334,561 per student.
Operations vs. Revenue
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Regular Session Instructional Program Spend (Part III, Line 4a): $3,176,629,305 across 16,339 Fall students ($194,420 gross direct instructional spend per student; $163,430 net excluding $506.3M in grants). Adding Academic Support ($522.1M) and Auxiliary/Student Services ($337.6M) brings non-research student and academic program spend to $247,034 per student ($4.04B).
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Total Direct Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $5,025,307,854 in total direct program services ($307,565 per student across Instruction, Research, Academic Support, and Auxiliary/Student Services) and $5,466,387,066 in overall institutional spend ($334,561 per student).
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Tuition & Auxiliary Revenue Coverage: $1,033,103,402 ($881.8M tuition and fees [$53,966/student] plus $151.3M auxiliary services [$9,263/student]), covering 20.6% of total direct program service expenditure and 32.5% of regular instructional spend. Clinical margins, endowment distributions, and philanthropy bridge the remaining gap.
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Organized Research & Academic Support (Lines 4b & 4d): $989,018,101 in separately budgeted research ($60,531 per student, including $144.1M in subawards across 5,045 active awards) and $522,073,448 in Academic Support ($31,953 per student for libraries, deans' offices, animal care, and human research compliance, including $19.4M in library volumes).
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Campus Museums, Global Study & Auxiliaries (Line 4c, Schedule D & Schedule F): $337,587,000 for student housing, dining, athletics, career services, and admissions, alongside the non-capitalized Mildred Lane Kemper Art Museum (founded in 1881, housing 19th–21st century European and American art and over 100 Old Master prints) and $75.3M in international program, research, and grantmaking expenditures across 66 foreign offices and 228 overseas personnel on Schedule F.
Financial Aid: How WashU Deploys $512.2M in Direct Student Grants
Following its landmark $1 billion Gateway to Success student aid investment and adoption of need-blind undergraduate admissions, WashU eliminated federal student loans from all undergraduate financial aid packages and provides full tuition, room, and board support (zero parent contribution) for admitted Missouri and southern Illinois students from families earning $75,000 or less. On Form 990 Part IX (Line 2) and Schedule I (Part III), WashU reported $502,271,951 in direct cash grants to domestic students in FY25, supplemented by $9,939,905 in scholarships, fellowships, and awards to 401 international students on Schedule F (Part III), bringing total Form 990 direct student grant aid to $512,211,856.
Under Schedule I (Part III), WashU disbursed $422,936,815 in domestic student scholarships across 9,829 recipients—representing 60.2% of its 16,339 Fall student headcount at an average scholarship of $43,030 per recipient. In addition, the university awarded $77,410,864 in fellowships across 3,925 domestic recipients ($19,723 average) to fund graduate and professional tuition and living stipends, plus $1,924,273 in academic, writing, design, and service prizes across 1,454 recipients. Across all three domestic categories, Schedule I records 13,754 combined scholarship and fellowship awards (84.2% of Fall enrollment) and 15,208 total student awards.
Internal Student Support (Schedule I & F)
- Aided Student Share (Schedule I Scholarships) 60.2% (9,829 students)
- Scholarship & Fellowship Awards Rate 84.2% (13,754 awards)
- Domestic Student Scholarships $422,936,815 ($43,030 avg.)
- Domestic Fellowships & Academic Awards $79,335,137 (5,379 awards)
- Total Domestic Student Cash Grants $502,271,951 ($512.2M w/ Int'l)
Endowment Aid & External Subawards
- Endowment Scholarship Payout ($138,096,039) Up 35.5% YoY from $101.9M in FY24 (Schedule D, Part V, Line 1d), directly funding need-blind undergraduate scholarships and endowed fellowships alongside $374.1M in operating tuition discounts and external grants.
- Domestic & Foreign Institutional Grants ($138,425,279) Includes $124,848,334 in Schedule I grants across 359 domestic research universities, hospitals, and St. Louis civic organizations (led by Univ. of Minnesota [$6.23M], Univ. of Pittsburgh [$5.95M], and Vanderbilt Medical Center [$4.55M]) plus $13,576,945 in Schedule F foreign research subawards across 106 entities.
Executive and Investment Team Compensation
WashU’s Schedule J disclosures highlight the specialized compensation structures governing institutional endowment management, high-acuity academic surgery, and university administration. The university’s two highest-compensated employees in FY25 led the Washington University Investment Management Company (WUIMC): Chief Investment Officer Scott Wilson received $13,031,999 in total compensation ($1,069,710 base salary, $10,792,533 in performance-based annual and multi-year vested incentive bonuses, and $1,029,743 in deferred compensation accruals), followed by Deputy CIO Andrew Choquette at $4,973,267 ($718,740 base and $3,612,883 in incentive bonuses). WUIMC Chief Operating Officer Jennifer Voelker ranked fifth overall at $2,144,285. Per Schedule J (Part III), 50% of WUIMC annual incentive bonuses are deferred over three subsequent service periods alongside a five-year vesting long-term incentive plan tied to peer and market benchmarks.
Medical school leadership and clinical surgical faculty accounted for five of the top nine earners: Executive Vice Chancellor for Medical Affairs David Perlmutter ranked third at $2,480,417, followed by Ophthalmology Department Head Todd Margolis ($2,100,421), Orthopedic Surgery Professor John Clohisy ($1,971,799), Associate Professor of Orthopedic Surgery Ryan Nunley ($1,852,382), and Vice Chancellor for Clinical Affairs Paul Scheel Jr. ($1,259,066). Chancellor Andrew D. Martin ranked fourth overall at $2,382,064 ($1,555,235 base salary, $310,000 bonus, $342,500 retirement/deferred compensation including a $308,000 457(f) contribution, and $140,826 in nontaxable benefits), while Provost Beverly Wendland earned $1,054,107. Because WashU paid over $1 million in remuneration to multiple covered employees, it is subject to the federal IRC Section 4960 21% excise tax (Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: WashU expended $3,230,797,278 in total salaries, wages, pensions, and benefits in FY25 (+9.3% YoY, representing 59.1% of all university expenses) across 33,651 W-2 employees, with 5,873 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board of Trustees Compensation Committee (composed of independent voting trustees) reviews third-party comparability data and peer Form 990s to approve executive pay. The WUIMC Governing Board sets compensation for investment staff and recommends the CIO’s package to the Executive Committee.
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Campus Housing, Split-Dollar Loans & Internal Controls (Schedule J, L & O): Chancellor Andrew Martin is required to reside on campus in a university-owned residence with housekeeping provided as a condition of employment, and holds two board-approved split-dollar life insurance loans totaling $4,000,000 ($2,000,000 each) reported on Schedule L, Part II. Three officers received taxable housing allowances. Additionally, on Schedule O (Part VI, Line 5), WashU disclosed that its Internal Audit department and the FBI uncovered a $400,000+ computer equipment embezzlement scheme by an assistant professor, resulting in a 27-month federal prison sentence, full restitution orders, and reinforced university-wide procurement controls.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 36 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) |
| Scott WilsonChief Investment Officer | $1,069,710 | $10,792,533 | $109,001 | $1,029,743 | $31,012 | $13,031,999 | $482,356 |
| Andrew ChoquetteDep Chief Investment Officer | $718,740 | $3,612,883 | $67,357 | $537,460 | $36,827 | $4,973,267 | $246,934 |
| David PerlmutterExec VC Medical Affairs | $1,825,982 | $273,162 | $46,978 | $317,223 | $17,072 | $2,480,417 | $0 |
| Andrew MartinChancellor | $1,555,235 | $310,000 | $33,503 | $342,500 | $140,826 | $2,382,064 | $0 |
| Jennifer VoelkerCOO Investment Mgmt | $534,005 | $1,062,257 | $49,198 | $481,324 | $17,501 | $2,144,285 | $146,434 |
| Todd MargolisDept Head & Ophthalmology Prof | $900,683 | $0 | $1,136,535 | $32,200 | $31,003 | $2,100,421 | $0 |
| John ClohisyProf of Ortho Surg | $703,461 | $1,162,970 | $28,866 | $39,675 | $36,827 | $1,971,799 | $0 |
| Ryan NunleyAssoc Prof of Ortho Surg | $666,116 | $1,090,769 | $24,170 | $34,500 | $36,827 | $1,852,382 | $0 |
| Paul Scheel JrVC Clinical Affairs | $1,091,269 | $100,000 | $26,931 | $24,150 | $16,716 | $1,259,066 | $0 |
| Amy KweskinExec VC Fin & CFO (until 8/24) | $587,293 | $53,976 | $26,956 | $470,941 | $24,393 | $1,163,559 | $0 |
| Beverly WendlandProvost & Exec VC Acad Affairs | $855,064 | $86,583 | $63,917 | $24,150 | $24,393 | $1,054,107 | $0 |
| Pamella HensonExec VC University Advancement | $462,381 | $911 | $61,572 | $469,578 | $25,913 | $1,020,355 | $25,000 |
| Nichol LuomaExec VC Admin & CAO | $534,503 | $221,500 | $104,508 | $24,150 | $29,392 | $914,053 | $0 |
| Richard StantonVC Medical Finance & Admin | $566,184 | $242,000 | $27,337 | $34,500 | $28,671 | $898,692 | $0 |
| Philip PayneVC Bio Info & Data (as of 5/25) | $778,090 | $0 | $19,667 | $24,150 | $33,639 | $855,546 | $0 |
| Monica AllenVC & General Counsel | $653,859 | $64,894 | $32,670 | $39,675 | $17,503 | $808,601 | $0 |
| Jessie MintonVC & Chief Info Officer | $679,940 | $0 | $1,152 | $24,150 | $24,393 | $729,635 | $0 |
| Greg BarrettVC Bio Med S&M (until 5/25) | $439,252 | $135,000 | $25,466 | $84,150 | $17,503 | $701,371 | $0 |
| Rebecca BrownVC Strategic Initiatives & Gov | $497,850 | $50,547 | $24,314 | $34,500 | $35,827 | $643,038 | $0 |
| Mark LoweVC Research | $548,332 | $0 | $31,516 | $34,500 | $25,913 | $640,261 | $0 |
| Eva AagaardVC Medical Education | $489,431 | $60,000 | $8,394 | $30,150 | $33,639 | $621,614 | $0 |
| Anna GonzalezVC Student Affairs | $423,313 | $45,061 | $71,718 | $48,150 | $17,503 | $605,745 | $0 |
| William StollSr VC University Advancement | $455,569 | $435 | $29,744 | $39,675 | $36,827 | $562,250 | $0 |
| Scot BemisVC Human Resources (until 10/24) | $439,594 | $0 | $20,495 | $24,150 | $8,774 | $493,013 | $0 |
| Julie FloryVC Marketing & Communications | $355,631 | $35,060 | $1,618 | $33,624 | $36,803 | $462,736 | $0 |
| JD BurtonVC Govt Affairs & Com Rel | $370,786 | $36,200 | $579 | $24,150 | $8,775 | $440,490 | $0 |
| William ArvinVC Med Advancement | $350,113 | $14,951 | $333 | $24,150 | $33,570 | $423,117 | $0 |
| Russ AustinVC Development (as of 07/24) | $356,360 | $4,282 | $572 | $24,150 | $36,750 | $422,114 | $0 |
| Brian FiedlerVC Philan Strat (as of 07/24) | $310,649 | $4,368 | $23,528 | $34,350 | $28,548 | $401,443 | $0 |
| Marion CrainFormer Provost & Exec VC Acad | $279,271 | $0 | $26,688 | $30,449 | $16,884 | $353,292 | $0 |
| Amye KimAssoc VC for Fin & Treas | $303,567 | $0 | $311 | $21,565 | $16,401 | $341,844 | $0 |
| Robert WildFormer VC Students | $259,568 | $3,365 | $611 | $31,195 | $33,366 | $328,105 | $0 |
| Apryle GladneyVC & Chief HR Off (as of 10/24) | $271,451 | $0 | $616 | $27,826 | $22,803 | $322,696 | $0 |
| Kurt DirksFormer VC Int'l Affairs | $215,778 | $0 | $1,200 | $25,273 | $20,765 | $263,016 | $0 |
| James DwyerVC Univ Bus Svcs (as of 10/24) | $68,726 | $100,000 | $16,289 | $4,083 | $11,371 | $200,469 | $0 |
| Pamela LokkenFormer VC Govt & Com Rel | $0 | $0 | $112,904 | $0 | $0 | $112,904 | $112,904 |
Facilities, Debt, and Municipal Relations
WashU’s physical footprint straddles the boundary between the City of St. Louis and St. Louis County, anchored by the 169-acre Danforth Campus adjacent to Forest Park, the 164-acre Washington University Medical Center campus in the Central West End, the West and North administrative campuses in Clayton, and the Tyson Research Center. To finance biomedical research laboratories, clinical facilities, and residential halls without liquidating endowment principal, WashU utilizes long-term taxable institutional notes alongside tax-exempt bonds issued through the Health and Educational Facilities Authority of the State of Missouri (HEFA).
Because WashU’s academic properties are exempt from municipal property taxes under its 1853 state charter, town-gown fiscal relations in St. Louis center on two structural channels: (1) off-campus real estate redevelopment and tax-paying property subsidiaries in adjacent neighborhoods (including the Delmar Loop, Skinker-DeBaliviere, and the Cortex Innovation Community), and (2) direct Schedule I financial grants, sponsorships, and research partnerships with St. Louis municipal bodies, public health clinics, and civic organizations.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: WashU holds $7.60 billion in gross land ($246.5M), buildings ($6.41B), and equipment ($942.9M), carrying a net book value of $3.82 billion ($3,815,888,662) after $3.78 billion in accumulated depreciation. In FY25, the university recorded $151.1 million in occupancy expenses and $288.1 million in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $3.12 billion in unsecured notes and loans payable, $113.0 million in tax-exempt bond liabilities (including the Missouri HEFA Series 2003A issue on Schedule K, with 1.61% private business use), and $52.2 million in secured mortgages, paying $112.3 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments, Off-Campus Real Estate & Municipal Relations: Rather than issuing a single lump-sum municipal PILOT check, WashU channels civic and municipal support through Schedule R neighborhood real estate affiliates and Schedule I domestic grants ($124.8M total). Through wholly owned subsidiaries—including Quadrangle Housing Company, Quadrangle Management Company, Parallel Properties LLC, and Big Brick, Crescent, and Lewis Center LLCs—WashU manages off-campus housing and commercial corridors that pay local property taxes and Community Improvement District assessments. On Schedule I, WashU funded local governmental and civic entities including St. Louis County ($77,064), St. Louis Zoological Park ($30,000), East Loop Community Improvement District ($7,000), St. Louis County Library ($6,500), and the St. Louis Land Clearance for Redevelopment Authority ($6,000), alongside regional economic and health anchors such as BioSTL ($1,928,322), Saint Louis University ($1,200,052), St. Louis Integrated Health Network ($798,035), Parents as Teachers National Center ($229,041), The Black Repertory Company ($133,205 in cash and space rental), Junior Achievement of Greater St. Louis ($50,000), Missouri Historical Society ($50,000), Forward Through Ferguson ($17,000), and Forest Park Forever ($15,000), overseen by its 10-person Office of Government and Community Relations ($1.08M lobbying outlay on Schedule C).
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Top Construction & Research Contractors: Among 795 independent contractors paid over $100,000 in FY25, three St. Louis construction firms led all capital vendors: Alberici Constructors LLC ($62.48M), Clayco Construction Company ($50.28M), and McCarthy Building Companies Inc. ($24.40M), alongside Medical Research Network Ltd ($46.77M) and IQVIA RDS Inc. ($22.21M).
Editorial Note
All financial figures in this report derive from Washington University in St. Louis’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 16,339 Fall semester students and 15,198 Spring semester students) and have been reviewed by the data team.
While WashU expends $307,565 per student across all Form 990 direct program services ($194,420 per student on regular session instruction and student aid, and $334,561 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 biomedical research infrastructure, need-blind undergraduate aid packages, and faculty-to-student ratios that operate alongside WashU’s student selectivity.
Accounting Reconciliation: Readers comparing WashU’s PwC-audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI and XII) will note three structural accounting differences. First, Form 990 reports $5,466,387,066 in total expenses compared to $4,937,824,024 on WashU's audited financial statements—a $528,563,042 variance driven by IRS rules requiring $432,620,008 in student scholarships (which GAAP nets directly against gross tuition revenue) and $96,899,567 in external investment management fees (which GAAP nets against investment return) to be added back as operating expenses, offset by -$924,552 in pledge receivable reserve changes and -$31,982 in fundraising event expenses. Second, audited GAAP revenue and gains total $6,719,442,847 compared to $5,899,375,814 on Form 990 Part VIII, because GAAP includes $1,350,485,220 in net unrealized investment gains while netting out the $432.6M tuition scholarship discount and $96.9M in investment fees. Third, while WashU's Form 990 captures $2.26B in clinical revenue from the Washington University School of Medicine faculty practice and 21 disregarded pediatric and clinical LLCs on Schedule R, its partner teaching hospitals—Barnes-Jewish Hospital and St. Louis Children's Hospital—are separately incorporated affiliates of BJC HealthCare and file independent returns.
Frequently Asked Questions: WashU's Form 990 Financials
As of Fiscal Year 2025, Washington University in St. Louis's endowment stands at $13.38 billion ($13,384,860,788), up 11.1% year-over-year after generating $1.76 billion in net investment earnings. Its $606.1 million annual payout for scholarships and academic programs covers 11.1% of WashU's $5.47 billion Form 990 operating budget (11.7% including $33.3 million in endowment administrative expenses, and 12.3% of audited GAAP operating expenses).
WashU spends $307,565 per student annually across all four Form 990 direct program service pillars ($5.03 billion across 16,339 Fall students)—including $194,420 per student in direct regular session instruction and student financial aid ($3.18 billion), $60,531 in organized research ($989.0 million), $31,953 in academic support ($522.1 million), and $20,661 in auxiliary/student services ($337.6 million)—compared to $53,966 per student collected in tuition and fees ($63,229 per student including auxiliary room and board). Overall enterprise spend including administrative overhead and fundraising is $334,561 per student ($5.47 billion).
WashU disbursed $512.2 million in direct Form 990 student grants in FY25, comprising $502.3 million to domestic students on Schedule I and $9.9 million to 401 international students on Schedule F. Domestic student support included $422.9 million in scholarships across 9,829 recipients (covering 60.2% of the 16,339 Fall student body at an average of $43,030), $77.4 million in fellowships across 3,925 graduate recipients, and $1.9 million in academic prizes across 1,454 recipients.
The highest-paid employee is Scott Wilson, Chief Investment Officer of the Washington University Investment Management Company (WUIMC), who received $13,031,999 in total compensation in FY25 (including $10.79 million in performance-based and multi-year vested incentive payouts), followed by Deputy CIO Andrew Choquette ($4,973,267), Executive Vice Chancellor for Medical Affairs David Perlmutter ($2,480,417), and Chancellor Andrew D. Martin ($2,382,064).
Yes. With $819,197 in endowment assets per student across 16,339 enrolled Fall students (above the $500,000 federal statutory threshold), WashU answered "Yes" on Form 990 Part V, Line 16 and confirmed in Schedule D, Part XIII that it is subject to the federal IRC Section 4968 1.4% excise tax on net investment income.
Washington University in St. Louis's total assets reached $22.33 billion ($22,330,732,000) in Fiscal Year 2025 (up 9.0% year-over-year), anchored by $16.14 billion in balance sheet investment securities ($10.91 billion in private equity, real assets, and absolute return funds plus $5.16 billion in publicly traded securities) and $3.82 billion in net land, buildings, and equipment.
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