The Taft School Assets Surpass $530 Million and Spends $98,042 Per Student as $367M Endowment Funds 20.8% of Operating Budget
By Data Team | Published October 22, 2026
The Taft School's total assets reached $530.6 million in fiscal year 2025, powered by a $367.4 million endowment that covers 20.8% of the boarding school's operating budget, according to the school's latest IRS filing. Fueled by a massive 52.8% surge in total revenue this fiscal year, that investment engine allows Taft to spend $98,042 per student annually—well above its published tuition rate—while awarding $11.08 million in financial aid.
For prospective families and education policymakers, Taft's finances illustrate how independent wealth shapes admissions access and student outcomes at top-tier private boarding schools. While published tuition and fees bring in roughly $75,423 per student, endowment payouts and investment yields subsidize every enrolled student by nearly $23,000 annually and fund comprehensive financial aid for 35.0% of the student body. This capital efficiency directly supports the academic infrastructure driving Taft's elite college matriculation outcomes.
This capitalization alters the institution's operational model. Rather than relying solely on annual tuition increases to balance the books, Taft draws on aggressive alternative investments and perpetual returns to fund holistic educational programming, robust financial aid, and specialized academic initiatives regardless of domestic economic cycles.
Institutional & Governance Profile
Operating formally as The Taft School Corporation, the institution manages its resources with a professional executive cabinet and an independent board of trustees to steward its balance sheet.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1890, the school issued 399 Form W-2s in calendar year 2024 and engaged 29 documented volunteers across its operations.
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Executive Leadership: President and Head of School Peter Becker leads the school alongside Chief Financial Officer John H. Odden.
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Governing Board (Schedule O): The board comprises 29 voting trustees, all 29 of whom are designated as independent voting members.
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Voting Dynamics: Unlike schools with tiered alumni board structures, all 29 of Taft's trustees hold full and equal voting privileges on corporate matters, ensuring a unified fiduciary approach.
Top-Line Financials
The Taft School's balance sheet reflects significant financial expansion. Crossing the $530 million asset threshold in FY25 (covering July 1, 2024 through June 30, 2025), the school grew its net assets by 8.1%. A massive 52.8% surge in total revenue—driven primarily by robust investment income—propelled the school's operating surplus up by an astounding 274.4% year-over-year, successfully insulating its academic operations from short-term market volatility.
Balance Sheet Strength
- Total Assets $530,630,018 (+7.5%)
- Total Liabilities $66,602,095 (+3.3%)
- Total Net Assets $464,027,923 (+8.1%)
- Donor-Restricted Net Assets $263,045,459 (56.7% of Total Net Assets)
- Unrestricted Net Assets $200,982,464 (43.3% of Total Net Assets)
Operating Performance
- Total Revenue $122,752,450 (+52.8%)
- Total Expenses $68,406,313 (+3.9%)
- Operating Surplus $54,346,137 (+274.4%)
- Unrealized Losses (Excluded) -$19,549,889
Revenue Breakdown
A defining feature of Taft's financial model is revenue diversification. The school generates a significant portion of its $122.7 million in revenue from realized investment income and robust philanthropy, shielding the operating budget from enrollment shifts.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 4.9% YoY$43,368,442 (35.3%)
- Student Tuition $41,654,390
- Program Fees $1,714,052
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Investment Income Up 171.2% YoY$53,557,205 (43.6%)
- Realized Capital Gains $49,632,074
- Dividends & Interest $3,925,131
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Contributions & Grants Up 33.6% YoY$25,152,151 (20.5%)
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Other Revenue$674,652 (0.5%)
- Insurance Settlement $220,000
- Hockey Rink $214,953
Endowment Performance and Asset Allocation
The Taft School manages a $367.4 million endowment, maintaining a sophisticated institutional asset allocation that behaves much like a major research university rather than a traditional high school. The school relies heavily on alternative investments—allocating a massive 86.8% of its holdings to private equities and alternative vehicles.
This aggressive posture mirrors the "Yale Model" popularized by Ivy+ university endowments, prioritizing illiquidity premiums and long-horizon capital appreciation over conventional fixed-income yields. Crucially, because Taft qualifies as a secondary school under federal tax law, the institution remains exempt from the IRC Section 4968 endowment excise tax on net investment income that applies to wealthy colleges and universities.
Portfolio Performance & Asset Allocation ($363M Total Holdings)
Schedule D, Part VII & Part X
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Endowment Balance (EOY): $367,382,295 (up 10.3% YoY).
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Net Investment Earnings: $31,446,363 for the fiscal year.
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Alternative Capital: 86.8% of the investment portfolio resides in alternative or private equity instruments ($315.1M).
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Total Payout: $14,250,000 ($8.17M to operations; $6.08M to scholarships).
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Taft's endowment across its Schedule D, Part V disclosures. The endowment closed FY25 at $367.4 million (comprising 68.8% permanent endowment and 31.2% board-designated quasi-endowment). During the current fiscal year, robust net investment earnings ($31.4M) and contributions ($17.0M) more than offset the $14.2M paid out to support school operations and financial aid.
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 | $333,181,991 | $305,868,322 | $285,460,807 | $317,757,768 | $255,973,204 |
| 1b. Contributions | $17,003,941 | $11,107,590 | $17,565,697 | $9,767,003 | $279,934 |
| 1c. Net investment earnings | $31,446,363 | $30,206,079 | $15,841,818 | ($30,863,964) | $73,504,630 |
| 1d. Grants or scholarships | ($6,082,983) | ($5,455,791) | ($5,261,612) | ($4,530,934) | ($4,294,050) |
| 1e. Other expenditures | ($8,167,017) | ($8,544,209) | ($7,738,388) | ($6,669,066) | ($7,705,950) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $367,382,295 | $333,181,991 | $305,868,322 | $285,460,807 | $317,757,768 |
Per-Student Spending and True Cost
Comparing tuition revenue against total instructional expenditure highlights the hidden economics of a Taft education. Even for families paying full sticker price, tuition and fees cover just a fraction of what the school actually spends per pupil during the regular academic year.
When a secondary school outspends its baseline tuition revenue by over $22,000 per student, the resulting resource availability creates a deeply supportive academic environment. That structural subsidy finances world-class instructional environments and holistic programmatic development.
Operations vs. Revenue
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Program Spend: $56,374,375 across 575 students in Grades 9–PG ($98,042 gross spend per student).
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Tuition & Fee Revenue: $43,368,442 ($75,423 per student before financial aid discounts). Annual endowment distributions cover the nearly $23,000 per-student gap.
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Endowment Support: The endowment pays out $14,250,000 annually, covering 20.8% of the school's total $68.4M operating expenses.
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Campus Auxiliary Operations: Generating over $300,000 combined from general auxiliary income and operations of its campus hockey rink.
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Fundraising Efficiency: The school spent $3.99 million on fundraising to generate $25.15 million in contributions, yielding a highly efficient return on advancement expenditure.
Financial Aid Access
The Taft School utilizes its endowment yields to broaden access, discounting tuition for 35.0% of the student body. The school disbursed over $11 million in financial assistance directly reducing the barrier to entry for highly qualified applicants. By pairing tuition grants with a deeply resourced campus environment, the academy reduces socioeconomic barriers inside its residential boarding community.
Beyond its own student body, Taft extends its educational reach and facilities to the broader public. The school leverages its resources to support local initiatives and provides access to its athletic and academic facilities, ensuring the surrounding region benefits from the institution's robust capitalization.
Internal Student Support
- Aided Student Share 35.0% (201 students)
- Total Financial Aid $11,076,555
- Average Grant per Student $55,107
- Total Enrolled Students 575
Community & Educational Outreach
- Local Educational Support Taft shares its campus resources and faculty expertise with the surrounding Watertown community, functioning as a local educational anchor.
- Campus Facilities Utilization The school's athletic and academic facilities, including its hockey rink, are frequently utilized for community events and regional programming.
Executive Compensation and Governance
Taft relies on a highly professionalized administrative and educational staff to run its boarding operations. In total, the school employs 399 staff members, 36 of whom earn over $100,000 annually. Total salaries and employee benefits amounted to $30.38 million in FY25.
Compensation governance is handled by an independent board committee that evaluates market rates. As a residential boarding school, several top executives—including the Head of School—are required to reside on campus, resulting in non-taxable housing benefits under IRC Section 119.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Taft paid $30.38 million in salaries and benefits (accounting for 44.4% of all expenses) across 399 W-2 employees, with 36 staff members earning over $100,000 annually.
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Top Executive Packages: President/Head of School Peter Becker earned $665,163 in total compensation.
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Governance: Compensation for the Head of School is determined annually by the Governance Committee using comparable survey data from 39 peer boarding schools.
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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) |
| Peter BeckerPres./Head of School | $495,381 | $0 | $5,181 | $48,600 | $116,001 | $665,163 | $0 |
| William MacmullenFormer Pres./Head | $359,228 | $0 | $35,000 | $39,062 | $37,508 | $470,798 | $0 |
| John H OddenCFO | $321,187 | $0 | $0 | $49,120 | $75,447 | $445,754 | $0 |
| Arthur L CrimminsChief Adv. Officer | $287,345 | $0 | $478 | $23,850 | $60,482 | $372,155 | $0 |
| David Jeremy LacasseAssist. Head | $182,381 | $0 | $19,080 | $0 | $105,962 | $307,423 | $0 |
| Kaitlin OrfitelliDir. Marketing | $170,051 | $0 | $0 | $16,112 | $106,512 | $292,675 | $0 |
| Kiersten C. MarichSr. Dir. Advancement | $161,187 | $0 | $0 | $13,600 | $57,732 | $232,519 | $0 |
| Alvin I Reiff JrMath Dept Head | $161,199 | $0 | $0 | $17,670 | $31,828 | $210,697 | $0 |
| Heidi LeathermanController | $174,235 | $0 | $0 | $14,200 | $17,303 | $205,738 | $0 |
| Richard J GalietteDir. Major Gifts | $167,600 | $0 | $0 | $4,667 | $103 | $172,370 | $0 |
Facilities, Debt, and Municipal Relations
The Taft School operates a historic New England campus with $123.4 million in net real estate and equipment value. Rather than liquidating endowment holdings to pay for major building renovations, the school actively utilizes the tax-exempt municipal bond market to optimize its capital structure.
Issuing tax-exempt municipal bonds allows Taft to secure low-cost capital for continued campus construction while keeping its endowment compounding in higher-yielding markets. Simultaneously, the school navigates its town-gown relations around its substantial tax-exempt real estate footprint.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Taft holds $242.5 million in gross property, buildings, and equipment ($123.4 million net book value after accumulated depreciation).
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Tax-Exempt Bond Borrowing: The school holds $34.5 million in tax-exempt bond liabilities, primarily facilitated via the Connecticut Health and Educational Facilities Authority (Series K and L).
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Town-Gown Relations: As a 501(c)(3) nonprofit, Taft's campus is generally tax-exempt. The current Form 990 does not detail voluntary Payment in Lieu of Taxes (PILOT) to the town of Watertown.
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Top Vendors: The largest independent contractor disbursements went to Aramark Corporation ($2.37M for food services) and Bushka Lumber & Millwork ($1.62M for construction services).
Editorial Note
All financial figures in this report derive from The Taft School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 575 enrolled students) and have been reviewed by the data team.
While Taft spends $98,042 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 Taft's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Taft's audited financial statements to IRS Form 990 will note a difference in total expenses. Form 990 reports $68.41M (which records $11.08M in financial aid grants and $1.68M in investment fees as an operating expense), whereas GAAP audited financials report $56.02M (which nets financial aid directly against gross tuition revenue).
Frequently Asked Questions: Taft's Form 990 Financials
As of Fiscal Year 2025, Taft's endowment stands at $367.4 million, funding 20.8% of the school's total operating budget.
Taft spends an average of $98,042 per student annually in gross program expenditures, which significantly exceeds the $75,423 generated per student in baseline tuition and fees. Endowment payouts support the difference.
Taft disbursed $11.08 million in financial aid in FY25, supporting 35.0% of its student body (201 students) with an average grant exceeding $55,000.
The highest-paid employee is President/Head of School Peter Becker, who received $665,163 in total compensation in FY25, including standard non-taxable housing provisions.
Yes. Because federal law classifies Taft as a secondary school rather than an institution of higher education, it is exempt from the federal IRC Section 4968 excise tax on net investment income.
Taft's total assets reached $530.6 million in fiscal year 2025, largely composed of its endowment portfolio and physical campus real estate.
Further Reading
High School
September 3, 2026How does The Taft School's Elite Placements Compare to New York City Private schools
Analysis of The Taft 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).