Yale Investment Gains Surge 56% to Lift Assets to $58.9 Billion in 2025, Driving $375,381 Per-Student Program Spend
By Data Team | Published November 3, 2026
Yale University’s total assets rose 6.7% to $58.93 billion in fiscal year 2025, propelled by a $44.55 billion endowment fund balance whose $2.10 billion operating allocation covers 31.5% of the university's $6.67 billion Form 990 expenses and 36.2% of its $5.81 billion GAAP operating budget (including 60% of Yale College's budget), according to its latest IRS filing. That capital base enables Yale to spend $375,381 per student on direct program services ($5.82 billion across 15,491 students)—including $258,130 per student on regular session instruction, student financial aid, and residential services ($4.00 billion)—while total institutional expenditure including administrative and fundraising overhead reaches $430,718 per student ($6.67 billion).
Yale’s revenue profile demonstrates how an elite research university pairs alternative asset management with clinical medicine. Gross student tuition and auxiliary fees generate $1.18 billion ($76,219 per student), representing 14.0% of Yale's $8.45 billion total Form 990 revenue. Realized investment income ($3.70 billion, up 55.6% YoY), School of Medicine clinical practice revenue ($1.68 billion), government grants ($908.9 million), and private philanthropy ($631.4 million) supply the vast majority of institutional inflows.
Endowment distributions—which totaled $1.91 billion on Schedule D, Part V ($1.76 billion in direct program and scholarship payouts plus $146.2 million in administrative fees, covering 28.6% of Form 990 total expenses)—heavily subsidize student access. Yale disbursed $658.4 million in Schedule I grants to domestic students (including $496.4 million in tuition scholarships across 10,822 recipients, or 69.9% of total enrollment) alongside $18.0 million in foreign student assistance, providing need-based grants averaging $68,129 to 56.4% of Yale College undergraduates.
Institutional & Governance Profile
Founded in 1701 and legally domiciled in New Haven, Connecticut, Yale University (EIN 06-0646973) operates as a 501(c)(3) corporation governed by the President and Fellows of Yale College (known as the Yale Corporation). The university encompasses Yale College, the Graduate School of Arts and Sciences, and 13 professional schools spanning medicine, law, management, engineering, architecture, art, divinity, drama, the environment, global affairs, music, nursing, and public health.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1701, Yale issued 35,714 Form W-2s in calendar year 2024, filed 24,750 Form 1096 vendor returns, and engaged approximately 15,000 alumni and community volunteers.
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Academic & Faculty Footprint: Nearly 5,750 faculty members instruct and administer programs for 15,491 degree-seeking students (reported as approximately 15,500 students, comprising 6,741 undergraduates and 8,750 graduate and professional students) across more than 80 undergraduate majors and 35+ degree programs.
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Executive Leadership: President Maurie McInnis (appointed effective July 1, 2024, succeeding Peter Salovey) leads the university alongside Provost Scott A. Strobel, Vice President for Finance and CFO Stephen C. Murphy, School of Medicine Dean Nancy J. Brown, and Chief Investment Officer Matthew S.T. Mendelsohn.
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Governing Board (Schedule O): The Yale Corporation comprises 17 voting members, 16 of whom are independent—including six alumni-elected trustees and two ex-officio state officials (Connecticut Governor Ned Lamont and Lieutenant Governor Susan Bysiewicz). A three-member Corporation Audit Committee reviews the Form 990 with senior management prior to filing, and all trustees, officers, and key employees sign annual conflict-of-interest disclosures.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), Yale recorded $23.38 billion in gross receipts and $8.45 billion in total net revenue (up 23.6% YoY). Total assets expanded 6.7% to $58.93 billion while net assets rose 7.3% to $48.47 billion, heavily weighted toward donor-restricted endowment and program funds (78.7%) alongside $10.34 billion in unrestricted net assets (21.3%).
Balance Sheet Strength
- Total Assets $58,926,726,383 (+6.7%)
- Total Liabilities $10,452,253,079 (+4.4%)
- Total Net Assets $48,474,473,304 (+7.3%)
- Donor-Restricted Net Assets $38,137,460,462 (78.7% of Total Net Assets)
- Unrestricted Net Assets $10,337,012,842 (21.3% of Total Net Assets)
Operating Performance
- Total Revenue $8,452,768,034 (+23.6%)
- Total Expenses $6,672,258,952 (+7.7%)
- Operating Surplus $1,780,509,082 (+176.4%)
- Unrealized Gains (Excluded) $1,310,899,589
Note: The $1.78 billion reported Form 990 surplus reflects realized capital gains ($3.04 billion) recorded during FY25; combining this surplus with $1.31 billion in net unrealized investment gains and $185.8 million in defined-benefit pension and split-interest adjustments accounts for the full $3.28 billion increase in Yale's FY25 net assets.
Revenue Breakdown
Three of Yale's four primary revenue streams expanded in FY25, led by a 55.6% surge in realized investment income to $3.70 billion (43.8% of total revenue). Program service revenue rose 5.9% to $3.16 billion—anchored by $1.68 billion in clinical medical services from the Yale School of Medicine faculty practice, which surpassed the $1.18 billion combined total of student tuition/fees ($996.7 million) and residential/dining auxiliary services ($184.0 million). Contributions and grants grew 8.5% to $1.54 billion, while other revenue declined 10.3% to $53.1 million.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income +55.6% YoY$3,701,944,184 (43.8%)
- Realized Net Capital Gains ($17.95B Gross Asset Sales) $3,039,506,206
- Dividends, Interest & Other Investment Income $659,457,157
- Tax-Exempt Bond Proceeds Income $2,980,821
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Program Service Revenue +5.9% YoY$3,157,344,143 (37.4%)
- Medical Services (School of Medicine Clinical Practice) $1,680,904,887
- Student Income (Gross Tuition & Fees) $996,691,417
- Government & Non-Government Contract Income $228,765,753
- Auxiliary Services (Housing, Dining & Campus Services) $184,014,763
- Publication Income ($21.2M) & Other Program Revenue ($45.8M) $66,967,323
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Contributions & Grants +8.5% YoY$1,540,361,903 (18.2%)
- Government Research & Sponsored Grants $908,949,297
- Private Philanthropy, Related Organizations & Events $631,412,606
- Noncash Gifts Included Above (904 Stock Gifts of $72.6M, 68 Art Works of $2.25M, Real Estate) $75,712,166
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Other Revenue -10.3% YoY$53,117,804 (0.6%)
- Parking ($16.48M) & Utilities ($14.66M) $31,133,991
- Intellectual Property Royalties ($19.35M), Net Rents ($2.76M) & Event Net (-$126K) $21,983,813
Endowment Performance and Asset Allocation
Pioneered by the Yale Investments Office (YIO), the "Yale Model" of institutional investing emphasizes illiquid private partnerships over domestic public securities. Across Yale's $48.70 billion in total balance sheet investment holdings (Part X, Lines 11–13), $42.69 billion (87.7%) sits in Schedule D Part VII "Other Securities"—dominated by $40.98 billion in private equity, venture capital, absolute return, and real asset equity partnerships, alongside $1.04 billion in investment receivables and $667.6 million in other alternative holdings—while publicly traded securities account for $5.90 billion (12.1%) and program-related investments represent $114.1 million (0.2%).
To execute this multi-asset strategy, Yale utilizes 143 controlled investment partnerships and 24 corporations or trusts disclosed on Schedule R (led by Fourth Century LLC with $7.46 billion in year-end assets and $1.32 billion in income, Fifth Century LP with $1.62 billion, New FYI Ltd with $1.39 billion, and Wingspan LP with $1.38 billion). On Schedule F, Yale reports $9.81 billion in foreign-domiciled investment holdings—including $7.17 billion in Central America and the Caribbean, $1.74 billion in Europe, $703.1 million in North America, and $192.2 million in Sub-Saharan Africa—generating $29.52 million in gross unrelated business revenue on Form 990-T ($0 net taxable UBTI after deductions and carryforwards, with $603,517 paid in state UBIT). With $2.88 million in endowment funds per student, Yale is subject to the federal IRC Section 4968 excise tax on net investment income (Part V, Line 16).
Portfolio Performance & Asset Allocation ($48.70B Total Invested Securities / $44.55B Endowment Funds)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $44,554,435,955 on Schedule D Part V (+6.9% YoY; $44.2B in net endowment assets), representing $2,876,150 per enrolled student across 15,491 students.
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Net Investment Gains: $4,507,628,000 in endowment investment earnings (+98.5% YoY from $2.27B in FY24).
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Alternative & Offshore Capital: 87.7% of balance sheet investments sit in non-public equity partnerships and alternative vehicles, with $9.81B held across foreign investment structures ($7.17B in Central America and the Caribbean) and $318.3M expensed in external investment management fees (Part IX, Line 11f).
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Total Payout & Budget Coverage: $2.10B allocated to FY25 operating activities (+7.0% YoY under Yale's 5.25% target spending rule), funding 31.5% of Form 990 total expenses and 36.2% (over one-third) of GAAP operating expenses (including 60% of Yale College's budget). Direct Schedule D Part V distributions totaled $1,908,636,839 ($1.51B to facilities/programs, $256.4M to scholarships, and $146.2M to administration), or 28.6% of Form 990 total expenses.
Detailed Asset Mix (Form 990 Part X & Schedule D, Part VII)
5-Year Endowment History
Schedule D, Part V tracks Yale’s endowment funds from a $31.24 billion opening balance in FY21 to $44.55 billion at the close of FY25 ($15.3 billion spent from the endowment over the past decade). Over this five-year span, the endowment received $1.72 billion in new gifts and generated $19.86 billion in net investment earnings—anchored by a $12.05 billion surge in FY21 and $4.51 billion in FY25 returns. Over the same five years, Yale distributed $8.27 billion from the endowment, including $1.11 billion in direct student scholarships, $6.54 billion for academic programs and campus facilities, and $615.1 million in administrative expenses. At year-end FY25, the endowment comprised 68.21% term endowment, 17.36% board-designated quasi-endowment, and 14.43% permanent 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 | $41,696,311,794 | $40,920,934,244 | $41,501,681,084 | $42,356,948,318 | $31,244,272,067 |
| 1b. Contributions | $259,133,000 | $231,477,000 | $291,890,000 | $301,355,000 | $636,119,000 |
| 1c. Net investment earnings | $4,507,628,000 | $2,271,310,000 | $758,684,000 | $265,880,000 | $12,052,824,000 |
| 1d. Grants or scholarships | ($256,351,706) | ($237,316,799) | ($219,895,942) | ($200,886,111) | ($194,279,342) |
| 1e. Other expenditures | ($1,506,130,540) | ($1,353,482,003) | ($1,287,616,145) | ($1,110,684,565) | ($1,284,375,555) |
| 1f. Administrative expenses | ($146,154,593) | ($136,610,648) | ($123,808,753) | ($110,931,558) | ($97,611,852) |
| 1g. End of year balance | $44,554,435,955 | $41,696,311,794 | $40,920,934,244 | $41,501,681,084 | $42,356,948,318 |
Per-Student Spending and True Cost
Measuring per-student expenditure on Form 990 relies on direct program service expenses rather than administrative overhead. Across Yale's 15,491 degree-seeking students (6,741 undergraduates and 8,750 graduate and professional students, reported as approximately 15,500 students), total direct program service expenditure (Part III, Line 4e / Part IX, Column B) reaches $5,815,033,579—equating to $375,381 per student ($319,787 net per student after deducting $861.2 million in program grants). Focusing strictly on regular session instruction ($2.94 billion on Line 4a) and student financial aid, housing, dining, and campus life services ($1.06 billion on Line 4b), Yale expends $3,998,694,794, or $258,130 per student ($189,450 per student on classroom and clinical instruction alone).
By comparison, gross student tuition and fee income ($996,691,417 on Part VIII, Line 2b, or $64,340 per student) plus residential and dining auxiliary revenue ($184,014,763 on Line 2d) totals $1,180,706,180, or $76,219 per student. Gross student charges cover 20.3% of total direct program services ($375,381 per student) and 29.5% of regular session instruction and student services ($258,130 per student)—leaving a structural subsidy of $181,911 to $299,162 per student financed by endowment payouts, clinical practice margins, and philanthropy. When adding $759.7 million in management and general expenses (which includes $318.3 million in investment management fees) and $97.5 million in fundraising costs, overall enterprise expenditure reaches $6,672,258,952, or $430,718 per student.
Operations vs. Revenue
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Total Direct Program Service Spend (Part III, Line 4e & Part IX, Col. B): $5,815,033,579 across 15,491 undergraduate, graduate, and professional students ($375,381 per student across instruction, student aid/services, organized research, and academic/public support; $375,163 using rounded 15,500 enrollment).
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Regular Session Instruction & Student Services Spend (Part III, Lines 4a & 4b): $3,998,694,794 combined—comprising $2,935,120,712 in direct instruction ($189,450 per student) and $1,063,574,082 in student financial aid, dining halls (3,007,780 meals served), dormitories (housing 5,057 undergraduates and 954 graduate students), and 35 varsity athletic teams—equating to $258,130 per student ($214,617 net excluding $674.1M in Line 4a/4b grants). Including $857.2M in management and fundraising overhead, total institutional expenditure (Part IX, Line 25) is $6,672,258,952 ($430,718 per student).
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Tuition & Auxiliary Revenue vs. Program Cost: $1,180,706,180 in combined student tuition ($996.7M, or $64,340 per student) and auxiliary fees ($184.0M), averaging $76,219 per student before financial aid discounts and covering 20.3% of total program service costs (29.5% of regular session instruction and student services).
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Organized Research & Clinical Medicine (Line 4c & Part VIII): $936,048,613 in direct research program expenses ($60,425 per student, including $156.0M in research subawards), while Yale School of Medicine clinical practice operations generated $1,680,904,887 in medical service revenue inside the $2.64B Line 4a instructional revenue base.
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Academic Support, Free Public Museums & Global Footprint (Line 4d, Schedule D & F): $880,290,172 in academic, library, and institutional support ($53.3M spent on non-capitalized collection acquisitions), operating admission-free cultural institutions—the Yale University Art Gallery (300,000+ objects), Yale Center for British Art (reopened March 2025), Yale Peabody Museum (14M+ specimens), Morris Steinert Collection, and Sterling/Beinecke Libraries—plus $196.4M in global program, research, and grantmaking expenditures across nine world regions.
Financial Aid: How Yale Deploys $676.5M in Student Support
Yale College operates under a dual commitment of need-blind admissions for all applicants (domestic and international) and 100% need-based financial aid packaged with zero required loans. In FY25, 3,801 of Yale's 6,741 undergraduates—representing 56.4% of the undergraduate student body—received need-based scholarships or grants from Yale sources averaging $68,129 per aided student (Part III, Line 4b).
Across all undergraduate, graduate, and professional schools, Yale disbursed $676,465,337 in direct student assistance on Form 990 ($658,448,284 to domestic students on Part IX, Line 2 and $18,017,053 to international students on Schedule F, Part III). On Schedule I, Part III, Yale recorded $496,417,417 in scholarship tuition reductions across 10,822 domestic recipients (69.9% of the 15,491 student body), $135,270,344 in student stipends and fellowships across 7,694 recipients, $19,314,037 in student health premium awards across 4,676 recipients, and $7,446,486 in academic prizes and awards across 2,168 recipients (with some students receiving multiple award types during the fiscal year).
Domestic Student Support (Schedule I & Part III)
- Aided Student Share (Schedule I Scholarships) 69.9% (10,822 recipients)
- Yale College Undergrad Need-Based Aid 56.4% (3,801 students / $68,129 avg.)
- Domestic Scholarships (Tuition Reduction) $496,417,417
- Domestic Stipends, Fellowships & Prizes $142,716,830 (7,694 stipends / 2,168 prizes)
- Total Domestic Student Grants (plus $19.3M Health) $658,448,284 ($60,844 avg. per scholar)
International Student Aid & External Subawards
- Foreign Student Stipends, Scholarships & Health ($18,017,053) Reported on Schedule F, Part III across nine regions, including $16,503,935 in graduate stipends/fellowships (1,396 recipients), $1,351,021 in scholarships (250 recipients), and $162,201 in health awards (64 recipients).
- Domestic & Foreign Institutional Grants ($184,711,670) Includes $168,401,424 in domestic research subawards, New Haven civic grants, and $15.6M in Donor Advised Fund distributions across 359 organizations (Schedule I), plus $16,310,246 in foreign institutional research subawards (Schedule F).
Executive and Investment Team Compensation
Yale’s Schedule J disclosures highlight the compensation structure of its internal investment management office alongside a presidential transition. Five of the university's six highest-compensated employees in FY25 served in the Yale Investments Office or senior financial leadership: Chief Investment Officer Matthew S.T. Mendelsohn ($5,384,798, including $1.70 million in vested incentive payouts and $2.61 million in newly accrued deferred compensation), Managing Director of Investments Amelia Chivetta ($4,584,829), Senior Director of Private Equity Timothy R. Sullivan ($4,175,425), Senior Director of Finance Alexander C. Banker ($4,166,189), and Director of Investments Carrie Abildgaard ($3,160,228), while former Senior Director of Investments Dean J. Takahashi received $1,649,863 in final vested deferred bonus earnings.
In academic leadership, outgoing President Peter Salovey (who stepped down June 30, 2024) received $4,019,357 in calendar year 2024 compensation ($1,893,876 base salary, $1,500,000 bonus, and $527,437 in other reportable compensation including vested supplemental retirement earnings), while incoming President Maurie McInnis (appointed effective July 1, 2024) earned $890,194 for her initial half-year of service ($741,567 base salary). School of Medicine Dean Nancy J. Brown received $1,256,259 and Provost Scott A. Strobel earned $1,221,571. Because Yale pays over $1 million in remuneration to multiple covered employees, it is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Yale expended $3,599,006,423 in total salaries, wages, pension contributions, and employee benefits in FY25 (+7.6% YoY, representing 53.9% of all university expenses) across 35,714 W-2 employees, with 7,072 staff members earning over $100,000.
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Board Compensation Governance (Schedule J & O): The Yale Corporation Compensation Committee determines executive and investment officer pay using independent compensation consultants and peer comparability surveys. Investment staff bonuses operate under a long-term incentive plan with deferred vesting tied to multi-year endowment performance.
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Campus Housing, Tuition Benefits & Interested-Person Loans (Schedule J & L): The President and the Dean of Yale College (former officer Pericles Lewis) are required to reside on campus for the convenience of the university. Column (D) nontaxable benefits also include dependent college scholarships under Yale's nondiscriminatory qualified tuition reduction plan for employees with six or more years of service ($174,850 reported on Schedule L, Part III). Under Schedule L, Part II, Yale holds an outstanding housing loan balance of $98,402 ($100,000 original principal) to School of Medicine Dean Nancy J. Brown.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 23 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) |
| Matthew S.T. MendelsohnChief Investment Officer | $1,009,585 | $23,000 | $1,703,522 | $2,605,577 | $43,114 | $5,384,798 | $345,622 |
| Amelia ChivettaManaging Director, Investments | $719,551 | $1,119,145 | $23,390 | $2,705,662 | $17,081 | $4,584,829 | $0 |
| Timothy R. SullivanSr. Director of Private Equity | $807,393 | $23,000 | $1,516,990 | $1,782,988 | $45,054 | $4,175,425 | $323,750 |
| Alexander C. BankerSr. Director of Finance | $3,471,799 | $274,501 | $356,277 | $38,910 | $24,702 | $4,166,189 | $280,583 |
| Peter SaloveyPresident (through 6/30/24) | $1,893,876 | $1,500,000 | $527,437 | $38,910 | $59,134 | $4,019,357 | $120,000 |
| Carrie AbildgaardDirector, Investments | $410,635 | $2,546,859 | $130,100 | $38,910 | $33,724 | $3,160,228 | $0 |
| Dean J. TakahashiFormer Sr. Director, Investments | $15,041 | $0 | $1,588,454 | $14,182 | $32,186 | $1,649,863 | $0 |
| Nancy J. BrownDean, School of Medicine | $1,160,172 | $0 | $43,000 | $38,910 | $14,177 | $1,256,259 | $0 |
| Scott A. StrobelProvost | $927,932 | $200,000 | $26,038 | $38,910 | $28,691 | $1,221,571 | $0 |
| Alexander E. DreierSr. VP Institutional Affairs & Gen. Counsel | $867,055 | $73,000 | $0 | $38,910 | $78,392 | $1,057,357 | $0 |
| Jack F. Callahan Jr.Sr. VP for Operations | $882,587 | $0 | $0 | $38,910 | $51,460 | $972,957 | $0 |
| Joan E. O'NeillVP for Alumni Affairs & Development | $797,051 | $0 | $79,440 | $38,910 | $41,256 | $956,657 | $0 |
| Maurie McInnisPresident (effective 7/1/24) | $741,567 | $0 | $61,881 | $27,140 | $59,606 | $890,194 | $0 |
| Stephen C. MurphyVP for Finance & CFO | $611,970 | $0 | $23,000 | $38,910 | $116,598 | $790,478 | $0 |
| Pericles LewisFormer VP Global Strategy / Dean Yale College | $544,598 | $0 | $23,524 | $38,910 | $111,182 | $718,214 | $0 |
| Jack Michael BellamyVP Facilities, Campus Dev. & Sustainability | $570,635 | $0 | $23,000 | $38,910 | $2,120 | $634,665 | $0 |
| John BardenVP for Technology & Campus Services | $546,863 | $0 | $0 | $38,910 | $40,968 | $626,741 | $0 |
| Kimberly M. Goff-CrewsSecretary & VP for University Life | $531,409 | $0 | $23,000 | $38,910 | $17,834 | $611,153 | $0 |
| Benjamin PolakFormer Provost | $490,267 | $0 | $23,000 | $38,910 | $41,017 | $593,194 | $0 |
| Renee KopkowskiVP for Communications | $416,716 | $0 | $66,798 | $38,910 | $35,839 | $558,263 | $0 |
| John WhelanVP for Human Resources | $444,471 | $0 | $24,544 | $38,910 | $43,228 | $551,153 | $0 |
| Robert J. AlpernFormer Dean, School of Medicine | $332,849 | $0 | $23,000 | $38,910 | $3,218 | $397,977 | $0 |
| Karen PeartFormer Interim VP for Communications | $266,008 | $0 | $0 | $29,738 | $15,345 | $311,091 | $0 |
Facilities, Debt, and Municipal Relations
Yale’s urban campus in New Haven, Connecticut encompasses historic residential colleges, biomedical laboratories, and cultural museums alongside substantial commercial real estate holdings. To finance capital construction without disrupting long-term illiquid endowment commitments, Yale utilizes tax-exempt municipal bonds issued through the State of Connecticut Health and Educational Facilities Authority (CHEFA) paired with taxable institutional notes.
As New Haven's largest employer and property holder, Yale maintains an extensive Town-Gown municipal fiscal relationship. In FY25, Yale recorded $31.02 million in Subsidies, Community Support, and municipal payments on Part IX, Line 24d (capturing its landmark voluntary Payment in Lieu of Taxes [PILOT] and fire-service contributions to the City of New Haven), paid $17.58 million in direct property expenses on its $20.34 million commercial rental portfolio, and disbursed millions in targeted New Haven civic, educational, and economic development grants reported on Schedule I.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Yale holds $11.32 billion in gross land, buildings, and equipment ($6.63 billion net book value after $4.69 billion in accumulated depreciation), recording $385.1 million in annual depreciation, $130.5 million in occupancy expenses, and $48.6 million in building materials and equipment.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $3.44 billion in tax-exempt CHEFA bond liabilities across 10 active series (including a $547.5 million CHEFA bond issuance on May 15, 2025 for campus facilities and renovations) plus $1.76 billion in unsecured notes and loans, paying $111.7 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & New Haven Civic Grants: Alongside $31,021,723 in Part IX, Line 24d Subsidies and Community Support (which includes Yale's voluntary municipal PILOT payments to New Haven) and $17.58M in rental property expenses, Schedule I, Part II details direct New Haven community grants: New Haven Promise Inc. ($4,559,905) for local public school college scholarships, Continuum of Care ($1,085,909), APT Foundation ($506,639), Carbon Containment Lab ($457,082), CT Agricultural Experiment Station ($357,945), Market New Haven ($343,750), Urban League of Southern CT ($288,282), ClimateHaven ($250,000), International Festival of Arts & Ideas ($233,000), Urban Community Alliance ($215,257), United Way of Greater New Haven ($187,224), Fair Haven Community Health Clinic ($180,680), New Haven Works ($161,616), Community Action Agency of New Haven ($152,500), Dwight Hall at Yale ($104,000), Achievement First ($100,000), CT Innovations ($100,000), Squash Haven ($79,000), and the City of New Haven ($16,700), alongside $796,632 in Schedule C direct legislative lobbying.
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Top Construction Contractors: All five of Yale's highest-compensated independent contractors (among 485 contractors paid over $100,000) were regional and national construction firms: Whiting-Turner Contracting ($73.41M), Turner Construction ($57.28M), Dimeo Construction ($49.47M), Shawmut Woodworking & Supply ($45.20M), and North Haven-based Petra Construction Corp. ($40.85M).
Editorial Note
All financial figures in this report derive from Yale University’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 15,491 degree-seeking students—6,741 undergraduates and 8,750 graduate and professional students, reported as approximately 15,500 students) and have been reviewed by the data team.
While Yale expends $375,381 per student on direct program services ($258,130 per student on regular session instruction and student aid/services, and $430,718 per student in total institutional expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the laboratory infrastructure, need-blind undergraduate admissions, and faculty ratios that operate alongside Yale’s student selectivity.
Accounting Reconciliation: Readers comparing Yale’s independent audited consolidated GAAP financial statements to IRS Form 990 (Schedule D, Parts XI, XII, and XIII) will note three structural accounting differences that reconcile GAAP total revenue/support ($9,141,680,693) and GAAP total expenses ($5,807,911,298) to Form 990 revenue ($8,452,768,034) and expenses ($6,672,258,952). First, GAAP financial statements net student tuition discounts directly against gross tuition revenue, whereas Form 990 adds $497,859,991 in scholarship tuition discounts back into both Student Income (Part VIII) and Grants to Individuals (Part IX, Line 2). Second, GAAP statements net external investment management expenses against investment return, whereas Form 990 adds $401,465,633 in investment expenses (including $318,266,474 in external investment management fees on Part IX, Line 11f) to both gross revenue and management expenses. Third, GAAP total revenue/gains include $1,310,899,589 in net unrealized investment gains (excluded from Form 990 Part VIII revenue and reported on Part XI, Line 5), $67,544,131 in non-Yale consolidated entity revenue eliminations ($12,318,978 in expense eliminations), pension/split-interest actuarial adjustments, and $22,658,992 in direct rental ($17.58M) and fundraising event ($384K) expenses netted against gross receipts on Part VIII. Additionally, Yale New Haven Hospital (EIN 06-0646652) is an independent 501(c)(3) corporation—receiving $14.33M in Schedule I DAF and charitable distributions from Yale—and is separate from the Yale School of Medicine's $1.68B faculty clinical practice reported on Part VIII, Line 2a.
Frequently Asked Questions: Yale's Form 990 Financials
As of Fiscal Year 2025, Yale University's endowment funds stand at $44.55 billion ($44,554,435,955) on Form 990 Schedule D, Part V (up 6.9% year-over-year, with net endowment assets of $44.2 billion). Endowment returns allocated to operating activities rose 7% to $2.10 billion—covering 31.5% of Yale's $6.67 billion Form 990 expenses and 36.2% (more than one-third) of its $5.81 billion GAAP operating budget, including 60% of Yale College's budget. Direct Schedule D, Part V endowment distributions totaled $1.91 billion ($1.76 billion in program and scholarship payouts plus $146.2 million in administrative fees), representing 28.6% of Form 990 total expenses.
Yale spends $375,381 per student annually across all direct Form 990 program services ($5.82 billion across 15,491 undergraduate, graduate, and professional students), including $258,130 per student on regular session instruction ($2.94 billion) and student financial aid, housing, dining, and campus life ($1.06 billion). By comparison, gross student tuition and auxiliary revenue averages $76,219 per student ($1.18 billion). When including administrative overhead ($759.7 million) and fundraising ($97.5 million), total enterprise expenditure reaches $430,718 per student ($6.67 billion).
Yale disbursed $676.5 million in direct student financial aid in FY25, comprising $658.4 million to domestic students (Schedule I, Part III) and $18.0 million to international students (Schedule F, Part III). Domestic aid included $496.4 million in scholarship tuition reductions across 10,822 recipients (69.9% of total enrollment), $135.3 million in student stipends and fellowships (7,694 recipients), $19.3 million in health premium awards (4,676 recipients), and $7.4 million in prizes. At Yale College, 3,801 undergraduates (56.4%) received need-based grants averaging $68,129 with zero loans required.
The highest-paid employee is Matthew S.T. Mendelsohn, Chief Investment Officer, who received $5,384,798 in total compensation in FY25, followed by Managing Director of Investments Amelia Chivetta ($4,584,829), Senior Director of Private Equity Timothy R. Sullivan ($4,175,425), Senior Director of Finance Alexander C. Banker ($4,166,189), and outgoing President Peter Salovey ($4,019,357).
Yes. Because Yale is a private university with more than 500 tuition-paying students and holds $2.88 million in endowment funds per student across 15,491 students (well above the $500,000 federal statutory threshold), it is subject to the IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).
Yale University's total assets reached $58.93 billion ($58,926,726,383) in Fiscal Year 2025, anchored by $48.70 billion in investment holdings ($42.69 billion in alternative and other securities, $5.90 billion in publicly traded securities, and $114.1 million in program-related investments), $6.63 billion in net land, buildings, and equipment, and $992.9 million in net pledges receivable.
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