Choate Rosemary Hall Assets Approach $1 Billion and Spends $106,822 Per Student as $569M Endowment Anchors Finances
By Data Team | Published October 19, 2026
Choate Rosemary Hall's total assets reached $925.9 million in fiscal year 2025, supported by a $569.3 million endowment, according to the school's latest IRS filing. This investment foundation allows Choate to spend $106,822 per student annually, supplementing tuition revenue while awarding $15.5 million in financial aid.
For prospective families and educational analysts, Choate's financial footprint demonstrates how robust capital reserves fund high-level academic resources. While baseline tuition and fees generate approximately $68,105 per student, philanthropic gifts and endowment returns cover the remaining per-student costs. This model subsidizes every enrolled student and funds comprehensive financial aid for 32.9% of the regular-session student body.
This independent capitalization provides structural stability. Instead of relying solely on tuition to balance operations, Choate draws on a diversified revenue base to maintain its 1.4-million-square-foot campus, recruit global talent, and sustain specialized programming.
Institutional & Governance Profile
Operating as Choate Rosemary Hall Foundation Incorporated, the institution balances charter principles with modern fiduciary oversight. A professional executive team collaborates with an independent board of trustees to steward its assets in Wallingford, Connecticut.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1890, the school issued 617 Form W-2s in calendar year 2024 and engaged 578 documented volunteers to support operations.
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Executive Leadership: Head of School Alexander D. Curtis guides the institution alongside Chief Financial Officer Patrick T. Durbin.
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Governing Board (Schedule O): The board comprises 21 voting trustees, including 20 independent members and Alexander D. Curtis as the sole non-independent voting member.
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Enrollment: Choate educates approximately 850 students annually across its academic, residential, and athletic programs.
Top-Line Financials
Choate Rosemary Hall expanded its net assets in FY25 (covering July 1, 2024, through June 30, 2025) while reducing its total liabilities. Total assets grew to $925.9 million, reinforcing the school's long-term financial security.
Balance Sheet Strength
- Total Assets $925,940,039 (+7.4%)
- Total Liabilities $94,304,817 (-1.1%)
- Total Net Assets $831,635,222 (+8.4%)
- Donor-Restricted Net Assets $488,125,829 (58.7% of Total Net Assets)
- Unrestricted Net Assets $343,509,393 (41.3% of Total Net Assets)
Operating Performance
- Total Revenue $99,339,717 (-5.6%)
- Total Expenses $105,213,000 (+5.3%)
- Operating Surplus (Deficit) -$5,873,283
- Unrealized Gains (Excluded) $70,993,306
Note: The $5.9 million reported operating deficit reflects standard Form 990 accounting parameters; incorporating the $71.0 million in unrealized investment gains captures Choate's full FY25 net asset expansion.
Revenue Breakdown
Choate relies on diversified revenue. While program service revenue (chiefly tuition) constitutes the largest share at $65.1 million, contributions and investment income provide crucial supplemental funding to sustain operations.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue$65,085,968 (65.5%)
- Tuition & Fees $57,890,093
- Summer Programs $5,710,237
- Student Activities & Other $1,485,638
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Contributions & Grants$31,207,355 (31.4%)
- Direct Philanthropy $31,207,355
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Investment Income$2,888,107 (2.9%)
- Interest & Dividends $2,838,046
- Net Gain on Sales $50,061
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Other Revenue$158,287 (0.2%)
Endowment Performance and Asset Allocation
Choate allocates its $548.5 million investment portfolio heavily into alternative assets. Nearly the entire portfolio sits within a multi-strategy limited partnership.
This structure prioritizes diversified returns through a pooled fund approach. As a secondary school, Choate remains exempt from the federal excise tax on net investment income that applies to major colleges.
Portfolio Performance & Asset Allocation ($548.5M Total Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $569,291,914 (up 11.3% YoY), representing $669,755 per regular-session student.
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Net Investment Gains: $69,561,623.
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Limited Partnership Capital: 98.6% of the $548.5M reported security investments sits in a Multi-Strategy Limited Partnership.
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Total Payout: $22,413,485 ($14.5M to operations; $7.9M to financial aid grants).
Detailed Asset Mix
5-Year Endowment History
We reviewed the five-year trajectory of Choate's endowment. Starting from $396.3 million in FY21, the endowment generated substantial investment returns. Across this five-year window, Choate distributed funds toward scholarships and academic programs while expanding its ending balance to $569.3 million.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in millions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in millions (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 | $511,495,319 | $469,662,647 | $444,520,354 | $508,661,048 | $396,252,198 |
| 1b. Contributions | $13,254,286 | $15,383,058 | $22,085,274 | $15,668,805 | $10,456,833 |
| 1c. Net investment earnings | $69,561,623 | $50,156,980 | $25,574,154 | ($58,754,606) | $124,127,247 |
| 1d. Grants or scholarships | ($7,920,976) | ($7,816,070) | ($7,138,720) | ($6,700,974) | ($6,159,519) |
| 1e. Other expenditures | ($14,492,509) | ($13,676,504) | ($13,479,819) | ($12,770,539) | ($12,630,465) |
| 1f. Administrative expenses | ($2,605,829) | ($2,214,792) | ($1,898,596) | ($1,583,380) | ($3,385,246) |
| 1g. End of year balance | $569,291,914 | $511,495,319 | $469,662,647 | $444,520,354 | $508,661,048 |
Per-Student Spending and True Cost
Tuition and fees cover only a fraction of what Choate spends per pupil. For its 850 students, the school spends an average of $106,822 per student in regular-session program expenditures.
With baseline tuition revenue generating roughly $68,105 per student, philanthropic gifts and endowment returns cover the remaining per-student gap. This structural subsidy supports the academic programming and facility maintenance required of a residential boarding community.
Operations vs. Revenue
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Regular Session Program Spend: $90,799,373 across 850 students ($106,822 gross spend per student; $88,948 net excluding financial aid grants).
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Tuition & Fee Revenue: $57,890,093 ($68,105 per student before financial aid discounts). Annual endowment distributions and gifts cover the remaining per-student gap.
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Physical Plant & Campus Operations: $24.3 million spent annually to support 1.4 million square feet of residential, academic, and athletic space.
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Auxiliary & Contracted Services: $15.9 million deployed toward management fees for essential food service and housekeeping support.
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Summer Programs: Generated $5,710,237 in summer program revenue to actively subsidize year-round academic operations.
Financial Aid Access
Choate directs substantial capital toward financial aid to recruit and retain talented students. According to Schedule I disclosures, the school discounts tuition heavily, distributing $15.19 million to regular session students.
By pairing tuition grants with summer program assistance, Choate reduces socioeconomic barriers inside its residential community. This translates to an average grant of $54,261 for aided regular-session students.
Internal Student Support
- Aided Student Share 32.9% (280 students)
- 9-Month Tuition Grants $15,193,248
- Average Grant per Student $54,261
- Wraparound Noncash Aid Not Disclosed
- Direct Cash Stipends Not Disclosed
Summer & Auxiliary Support
- Summer Aided Students 65
- Summer Session Aid ($339,104) Financial aid reduction in tuition specifically targeted to support students attending Choate's summer programs.
Executive and Investment Team Compensation
Choate’s highest-paid employee is Head of School Alexander D. Curtis, who received $1,078,000 in total compensation. The leadership team also benefits from non-taxable perks including on-campus housing, a common condition of employment in residential boarding schools.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Choate paid $43.4 million in total employee compensation in FY25 (accounting for 41.2% of all institutional expenses) across 617 W-2 employees, with 42 staff members earning over $100,000.
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Top Executive Packages: Head of School Alexander D. Curtis earned $1,078,000 in total compensation. Chief Financial Officer Patrick T. Durbin earned $452,211.
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On-Campus Housing: Key administrators receive tax-free on-campus housing as a condition of employment, treating their residence as an integral part of the residential campus environment.
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Form 990, Schedule J, Part II: Compensation Breakdown (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) |
| Alexander D CurtisHead of School | $678,300 | $0 | $0 | $172,861 | $159,203 | $1,078,000 | $67,636 |
| Patrick T DurbinChief Financial Officer | $343,794 | $0 | $0 | $53,625 | $54,792 | $452,211 | $0 |
| Anne BergenChief Development Officer | $338,000 | $0 | $1,573 | $50,700 | $26,857 | $417,130 | $0 |
| Jennifer ElliottHead of Student & Academ | $294,693 | $0 | $0 | $45,750 | $54,792 | $395,235 | $0 |
| Heather CordesDirector of Annual Giving | $144,959 | $83,000 | $0 | $23,126 | $19,181 | $270,266 | $0 |
| Kathryn LevesqueDean of Faculty | $204,000 | $0 | $2,072 | $30,600 | $26,650 | $263,322 | $0 |
| Jeffrey BeatonChief Enrollment Officer | $188,303 | $0 | $0 | $26,875 | $42,746 | $257,924 | $0 |
Facilities, Debt, and Municipal Relations
Choate maintains a vast New England campus. It utilizes the tax-exempt municipal bond market to optimize its capital structure, securing low-cost capital for construction while preserving endowment growth.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Choate holds $432.6 million in gross property and buildings ($207.9 million net book value after depreciation).
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Tax-Exempt Bond Refinancing: The school holds $33.2 million in tax-exempt bond liabilities. Choate issued $38.5 million in Series F Bonds via CHEFA (Connecticut Health and Educational Facilities Authority) in 2020 to refinance prior campus improvements, recording $924,626 in FY25 interest expense.
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Town-Gown PILOT Payments: Unlike some municipal peers, Choate reported no voluntary Payment in Lieu of Taxes (PILOT) contributions on Schedule I.
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Top Vendors: The largest independent contractor disbursements went to KBE Building Corp ($13.8M for construction) and Babbidge Construction Inc ($5.4M).
Editorial Note
All financial figures in this report derive from Choate Rosemary Hall's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025) and have been reviewed by the data team.
While Choate spends $106,822 per student, Chicardgo School does not imply that financial expenditure mathematically causes higher placement into Ivy+ or top-tier colleges. Rather, these financial resources fund the faculty, need-blind admissions access, and academic programming operating alongside Choate's historical outcomes.
Accounting Reconciliation: Readers comparing Choate's audited financial statements to IRS Form 990 will note a difference in total expenses. Form 990 reports $105.21M (which records $15.53M in financial aid grants as an operating expense), whereas GAAP audited financials report $87.71M (which nets financial aid and other costs directly against revenue).
Frequently Asked Questions
As of Fiscal Year 2025, Choate's endowment stands at $569.3 million, supporting operations and allowing sustained academic program investment.
Choate spends an average of $106,822 per student annually in gross regular-session program expenditures, exceeding the $68,105 generated per student in baseline tuition and fees.
Choate disbursed $15.5 million in total financial aid in FY25, supporting 280 regular-session students and 65 summer session students.
The highest-paid employee is Head of School Alexander D. Curtis, who received $1,078,000 in total compensation in FY25.
Yes. Because federal law classifies Choate as a secondary school rather than an institution of higher education, the academy is exempt from the federal IRC Section 4968 excise tax on net investment income.
Choate's total assets reached $925.9 million in fiscal year 2025, anchored by its investment portfolio and physical campus.
Further Reading
High School
August 25, 2026How does Choate Rosemary Hall's Elite Placements Compare to New York City Private schools
Objective analysis of Choate Rosemary Hall's college placement data, examining its ECPI ranking, Ivy+ pipelines, and regional matriculation footprint across five graduating classes (2021-2025).
Data Analysis
October 9, 2026The Eight Schools Association and Ten Schools Admission Organization: Billion-Dollar Endowments and the Pipeline to Elite College
Analysis of college placement data across the nation's premier boarding consortiums: the Eight Schools Association (ESA) and the Ten Schools Admission Organization (TSAO).