The Loomis Chaffee School Assets Reach $564 Million and Spends $102,063 Per Student as $280M Endowment Funds 34.6% of Operating Budget
By Data Team | Published October 22, 2026
The Loomis Chaffee School’s assets reached $564.5 million in fiscal year 2025, backed by a $280.7 million endowment covering 34.6% of its operating budget. According to its latest IRS filing, this capital enables the Windsor boarding school to spend $102,063 per student annually—far exceeding its tuition rate—and provide $11.1 million in financial aid.
This financial framework secures Loomis Chaffee’s competitive standing. While tuition generates baseline revenue, endowment payouts fund a premium student experience and accessibility for 26.5% of the student body. This capital buffer directly supports the academic infrastructure behind the school's performance in the Elite College Placement Index (ECPI).
Such independent wealth ensures operational stability. Instead of relying solely on tuition hikes, Loomis Chaffee uses perpetual investment returns to recruit elite faculty, maintain a $177.6 million campus, and shield programs from domestic economic volatility.
Institutional & Governance Profile
Operating legally as The Loomis Institute (d/b/a The Loomis Chaffee School), the institution blends historic legacy with modern corporate governance. An independent board of trustees oversees executive leadership, managing a half-billion-dollar balance sheet and an expansive Connecticut campus.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1874, the school issued W-2s to 476 employees in calendar year 2024 and engaged 483 volunteers across its operations.
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Executive Leadership: Head of School Joann Reilly Soja currently leads the institution, alongside Chief Financial Officer Richard Esposito. (FY25 marks a leadership transition, succeeding Former Head of School Sheila Culbert).
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Governing Board (Schedule O): The board consists of 28 voting trustees, of which 26 are classified as independent members.
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Conflict of Interest Oversight: The Board of Trustees mandates annual conflict of interest disclosures for all senior administrators and trustees to ensure rigorous compliance.
Top-Line Financials
Loomis Chaffee crossed $564.5 million in total assets in FY25 (covering July 1, 2024 through June 30, 2025). The school expanded its net asset base by over 5% while effectively trimming liabilities. A sharp year-over-year revenue decline reflects the normalization of philanthropic gifts following an anomalous $77.0 million capital surge the prior year.
Balance Sheet Strength
- Total Assets $564,579,237 (+4.4%)
- Total Liabilities $83,371,539 (-1.0%)
- Total Net Assets $481,207,698 (+5.4%)
- Donor-Restricted Net Assets $263,816,747 (54.8% of Total Net Assets)
- Unrestricted Net Assets $217,390,951 (45.2% of Total Net Assets)
Operating Performance
- Total Revenue $80,498,468 (-41.6%)
- Total Expenses $75,526,676 (+3.8%)
- Operating Surplus $4,971,792 (-92.4%)
- Unrealized Gains (Excluded) $19,854,921
Note: The sharp year-over-year revenue drop is tied to a normalization in philanthropic gifts. Factoring in $19.85 million in unrealized investment gains captures the full scope of Loomis Chaffee's FY25 net asset growth.
Revenue Breakdown
Unlike highly tuition-dependent day schools, Loomis Chaffee relies heavily on alternative income streams typical of elite boarding institutions. While program service revenue (tuition) supplies $51.9 million, robust contributions and investment income provide a heavy $28.4 million cushion.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 3.5% YoY$51,936,772 (64.5%)
- Tuition & Fees $50,904,769
- Student Activities $570,013
- Summer Programs $433,067
- All Other (Facility Rentals) $28,923
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Contributions & Grants Down 79.0% YoY$16,215,811 (20.1%)
- Noncash Stock Gifts $1,158,037
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Investment Income Up 15.8% YoY$12,184,583 (15.1%)
- Realized Capital Gains $7,153,508
- Dividends & Interest $5,031,075
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Other Revenue Up 44.6% YoY$161,302 (0.2%)
Endowment Performance and Asset Allocation
Loomis Chaffee deploys its $280.7 million endowment with heavy exposure to alternative assets, maximizing long-term real growth. Following modern portfolio theory utilized by university endowments, the school allocates deeply into private equity, global equities, and flexible capital strategies.
The strategy includes significant offshore structures. The school reports $88.3 million in investments held in Central America and the Caribbean, leveraging tax-efficient domiciles for its alternative asset management.
Portfolio Performance & Asset Allocation ($282.1M Total Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $280,693,794 (up 9.2% YoY).
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Net Investment Earnings: $26,202,411 (Form 990, Schedule D, Part V).
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Offshore Capital: The academy utilizes Central American and Caribbean structures to house $88.3M of its investment portfolio (Form 990, Schedule F).
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Total Annual Payout: $26,167,827 ($21.7M to operations/facilities; $4.4M explicitly classified as scholarships from the endowment).
Detailed Asset Mix
5-Year Endowment History
Our data team traced Loomis Chaffee’s endowment trajectory over the past five fiscal years using Schedule D disclosures. From a $208.9 million balance in FY21, the endowment generated solid net investment earnings and capital contributions, expanding its ending balance to $280.7 million in FY25. Despite a temporary market correction in FY22, the portfolio maintained robust compounding (comprising 46.12% permanent endowment, 21.5% term endowment, and 32.38% 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 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 | $256,952,555 | $241,730,797 | $230,485,027 | $260,910,589 | $208,933,756 |
| 1b. Contributions | $23,706,655 | $11,730,663 | $10,947,255 | $4,469,360 | $3,338,739 |
| 1c. Net investment earnings | $26,202,411 | $24,563,237 | $20,919,650 | $14,916,041 | $57,060,614 |
| 1d. Grants or scholarships | ($4,447,161) | ($4,643,613) | ($5,226,722) | ($3,906,776) | ($3,831,532) |
| 1e. Other expenditures | ($21,720,666) | ($16,428,529) | ($15,394,413) | ($16,072,106) | ($4,590,988) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $280,693,794 | $256,952,555 | $241,730,797 | $230,485,027 | $260,910,589 |
Per-Student Spending and True Cost
Assessing total institutional expenses against student body size underscores the true capital intensity of a Loomis Chaffee education. Even for families paying full sticker price, the baseline tuition revenue does not fully cover what the school spends per pupil to maintain its academic programming and facilities.
By heavily subsidizing operational expenditures with endowment payouts, Loomis Chaffee spends an estimated $102,063 per student. This financial mechanism guarantees resources for intimate seminar formats, specialized global learning programs, and expansive campus infrastructure unencumbered by sole reliance on tuition increases.
Operations vs. Revenue
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Gross Per-Student Spend: Loomis Chaffee reports $75,526,676 in total annual expenses. Across an estimated 740 students, this represents approximately $102,063 spent per student annually.
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Tuition Gap: The school collected $50,904,769 in net tuition and fees. Endowment income and robust philanthropic contributions bridge the $33,266 per-student gap between actual operational costs and incoming tuition.
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Instructional & Campus Life Costs: The academy allocated a significant $22.8 million to instructional compensation and $3.5 million toward food services, ensuring highly competitive faculty recruitment and student support.
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International Admissions Recruiting: $13,400 spent abroad, with 75.7% ($10,150) concentrated in East Asia and the Pacific.
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Summer Programs: Generated $433,067 in revenue complementing the regular session budget.
Financial Aid: Investing $11.1M in Access
Loomis Chaffee demonstrates its commitment to socioeconomic diversity through substantial direct financial assistance. Schedule I disclosures reveal that the school deployed $11.1 million in tuition reduction grants to domestic individuals.
By structuring these scholarships as direct credits against student accounts, Loomis Chaffee successfully lowered the financial barrier of entry for 196 students, granting an average tuition discount of $56,671 per aided student.
Internal Student Support
- Aided Student Share 26.5% (196 students)
- Total Tuition Grants $11,107,606
- Average Grant per Student $56,671
- Wraparound Noncash Aid $0
Policy Framework
Financial aid is allocated on the basis of demonstrated need as calculated through a standardized Financial Aid Need-Analysis system. Unlike some peers offering noncash living stipends, Loomis Chaffee awards these scholarships strictly as direct credits against student accounts, lowering the baseline financial barrier without supplemental cash distributions.
Executive Compensation
The highest-paid employee at Loomis Chaffee during FY25 was Former Head of School Sheila Culbert. The school’s compensation disclosures reflect structured retirement and deferred compensation mechanisms used to reward long-tenured executive leadership.
A significant portion of top executive earnings came via vested nonqualified deferred compensation payouts. Specifically, former Head of School Sheila Culbert and Chief Financial Officer Richard Esposito received substantial deferred sums recognizing 17 and 5 years of service, respectively.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Loomis Chaffee spent $31.48 million on total employee compensation and benefits (representing 41.6% of total expenses) across 476 W-2 employees, with 34 staff members earning over $100,000.
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Top Executive Packages: Former Head of School Sheila Culbert earned $991,574 (inclusive of a $428,794 deferred compensation payout). Chief Investment Officer Richard Esposito earned $643,732 in total compensation (including a $190,597 bonus), while current Head of School Joann Reilly Soja received $396,785.
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Governance & Review: The Board of Trustees utilizes comparative data to annually review and approve the Head of School's compensation package, enforcing strict accountability measures. Housing is provided for key officers as a condition of employment and reported as a nontaxable benefit.
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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) |
| Sheila CulbertFormer Head of School | $512,945 | $0 | $428,794 | $34,500 | $15,335 | $991,574 | $423,510 |
| Richard EspositoChief Financial Officer | $351,112 | $0 | $190,597 | $69,500 | $32,523 | $643,732 | $190,597 |
| Joann Reilly SojaHead of School | $249,653 | $20,000 | $10,000 | $48,500 | $68,632 | $396,785 | $0 |
| Timothy StruthersDirector of Development | $243,994 | $0 | $0 | $27,624 | $75,289 | $346,907 | $0 |
| Webster TrenchardAssociate Head of School | $186,619 | $0 | $69,926 | $34,329 | $37,309 | $328,183 | $69,926 |
| Amy ThompsonDean of Enrollment | $182,995 | $0 | $0 | $21,542 | $21,109 | $225,646 | $0 |
| Lance HallDirector of Physical Plant | $163,274 | $0 | $0 | $37,001 | $18,769 | $219,044 | $0 |
| Lynn PetrilloDirector of Communications | $173,851 | $0 | $0 | $20,009 | $18,522 | $212,382 | $0 |
| Julia KnightBusiness Manager | $177,714 | $0 | $0 | $19,711 | $156 | $197,581 | $0 |
Facilities, Debt, and Municipal Relations
Loomis Chaffee commands an extensive historic campus demanding continuous capital optimization. The school utilizes the tax-exempt municipal bond market to efficiently finance large-scale architectural projects, preserving its high-yield endowment capital.
Unlike several peer institutions, Loomis Chaffee does not report direct Payment in Lieu of Taxes (PILOT) grants to domestic municipal governments on Schedule I, channeling resources internally toward campus improvements and academic infrastructure while leveraging structured debt through state-sponsored educational authorities.
Capital Debt & Municipal Engagement
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Physical Plant Valuation: The school holds $177.6 million in net buildings and equipment (after depreciation), managing over $300.5 million in gross historical capital costs.
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Tax-Exempt Bond Liabilities: Loomis Chaffee carries $55.7 million in tax-exempt bond liabilities. This is supported by the Connecticut Health and Educational Facilities Authority (Series K-1 for $39.8M and Series L for $15.4M).
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Town-Gown Dynamics: The school reports no explicit domestic grants allocated to municipal authorities for PILOT programs, differing from some regional boarding competitors.
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Major Construction Services: Over $13.4 million was paid directly to Newfield Construction Inc. in FY25 for ongoing campus development and infrastructural modernization.
Editorial Note
All financial figures in this report derive from The Loomis Chaffee School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025) and have been reviewed by the data team.
While Loomis Chaffee spends an estimated $102,063 per student, Chicardgo School does not imply that financial expenditure mathematically causes higher placement into Ivy+, Top 25 National University, or Top 15 Liberal Arts College tiers. Rather, these financial resources fund the faculty, need-blind admissions access, and academic programming that operate alongside the school's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Loomis Chaffee's audited financial statements to IRS Form 990 will note a difference in total expenses. Form 990 reports $75.52M (which records $11.1M in financial aid grants as an operating expense), whereas GAAP audited financials typically net financial aid directly against gross tuition revenue.
Frequently Asked Questions: Loomis Chaffee's Form 990 Financials
As of Fiscal Year 2025, Loomis Chaffee's endowment is valued at $280.7 million. It funds 34.6% of the school's operating budget.
Loomis Chaffee spends an average of $102,063 per student annually (gross program spend), which substantially exceeds the baseline tuition revenue.
Loomis Chaffee disbursed $11.1 million in financial aid to 196 domestic students in FY25, averaging $56,671 per aided student.
The highest-paid employee in FY25 was Former Head of School Sheila Culbert, who received $991,574 in total compensation, which included deferred retirement payouts.
Yes. Because federal law classifies Loomis Chaffee 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.
Loomis Chaffee's total assets reached $564.5 million in fiscal year 2025, driven by its investment portfolio and $177.6 million in net campus real estate.
Further Reading
High School
October 8, 2026How does Loomis Chaffee School's Elite Placements Compare to New York City Private schools
Analysis of The Loomis Chaffee School's college placement data, comparing its Ivy+ pipelines and T25 matriculation to New York City private day schools.
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).