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Financial Analysis

Harvard-Westlake Assets Surge 23.5% to $831.5M as $100.8M Bond Issue and $275.6M Endowment Power $69,435 Per-Student Spend

By Data Team | Published November 2, 2026

Harvard-Westlake School's total assets surged 23.5% ($158.34 million) to $831.53 million in fiscal year 2025, anchored by a $275.63 million endowment whose $8.64 million annual payout covers 7.7% of the school's $112.83 million total operating budget (and 10.1% of direct instructional program spend), according to its latest IRS filing. Across 1,625 students in Grades 7–12, the Los Angeles independent day school spends $69,435 per student in total institutional expenses—including $52,629 per student in direct program services—while awarding $13.77 million in Schedule I financial aid credits ($14.77 million on a GAAP audited basis).

Harvard-Westlake's finances illustrate how collegiate-scale capital formation and high-volume day-school enrollment reinforce each other at the top of the West Coast independent school market. While published tuition and fees bring in $50,215 per student ($81.60 million total), direct program expenditures surpass baseline tuition by $2,414 per student and all-in institutional spending exceeds tuition by $19,220 per student. That structural subsidy is financed by $26.40 million in annual contributions ($243.92 million over five years), $13.76 million in realized investment income, and endowment payouts that support the academic infrastructure behind Harvard-Westlake's top standing in the Los Angeles Elite College Placement Index (ECPI).

Fiscal year 2025 also reshaped the school's capital structure. Rather than liquidating investment reserves to build its Studio City River Park athletic and community complex, Harvard-Westlake issued $100.75 million in tax-exempt municipal bonds through the California Infrastructure and Economic Development Bank—expanding net land, buildings, and equipment by 42.1% to $265.64 million while allowing its endowment and public securities portfolio to compound in the market.

Institutional & Governance Profile

Operating as a California 501(c)(3) public charity headquartered at its Upper School campus on Coldwater Canyon in Studio City—alongside its Middle School campus in Holmby Hills—Harvard-Westlake functions with the workforce and balance-sheet scale of a private liberal arts college. Its corporate governance separates salaried executive administration from board fiduciary oversight, pairing a seven-member senior leadership team reported on Schedule J with a 100% independent board of trustees.

Chicardgo Favicon Institutional Scale and Board Structure

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    Founding & Workforce Scale: Formed in 1911 (EIN 95-1644019), the school educates approximately 1,625 students across Grades 7–12, issued 762 Form W-2s in calendar year 2024, filed 232 Form 1096 vendor information returns, and engaged 250 estimated volunteers.
  • •
    Executive Leadership: President Richard Commons serves as Principal Officer alongside Chief Financial Officer David Weil, Head of School Laura Davidson Ross, Head of External Relations Edward Hu, Chief of Construction James De Matte, Director of Information Technology David Ruben, and Controller Brian Bouchey.
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    Governing Board (Schedule O): The Board of Trustees comprises 34 voting members at fiscal year-end—all 34 of whom are independent (receive $0 compensation)—led by Chair Alan Wilson, Vice Chair Wendy Wachtell, Treasurer William Barnum, and Secretary Shirley Wang.
  • •
    Voting Dynamics & Fiduciary Controls: All voting trustees hold equal voting rights with no external stockholders or corporate members (Part VI, Lines 1a, 6, and 7). Every trustee receives the full Form 990 before filing and signs an annual conflict-of-interest statement requiring recusal from conflicted deliberations and votes; consolidated financials are audited annually by Armanino Advisory LLC.

Top-Line Financials

Harvard-Westlake's FY25 balance sheet (covering July 1, 2024 through June 30, 2025) reflects simultaneous capital expansion and investment appreciation. Total assets grew by $158.34 million (+23.5%) to $831.53 million—driven by $99.85 million in tax-exempt bond proceeds deployed into campus construction, $35.55 million in unrealized investment gains, and a $15.35 million Form 990 operating surplus—pushing total net assets past $707.22 million.

Balance Sheet Strength

  • Total Assets $831,526,557 (+23.5%)
  • Total Liabilities $124,304,441 (+636.7%)
  • Total Net Assets $707,222,116 (+7.8%)
  • Donor-Restricted Net Assets $451,151,871 (63.8% of Total Net Assets)
  • Unrestricted Net Assets $256,070,245 (36.2% of Total Net Assets)

Operating Performance

  • Total Revenue $128,185,316 (-17.1%)
  • Total Expenses $112,832,457 (+4.3%)
  • Operating Surplus $15,352,859 (-66.9%)
  • Unrealized Gains (Excluded) $35,553,742

Note: The $15.35 million reported operating surplus reflects standard Form 990 parameters following a $57.98 million capital campaign contribution spike in FY24; adding the $35.55 million in unrealized investment gains accounts for the full $50.91 million (+7.8%) expansion in net assets.

Revenue Breakdown

Harvard-Westlake's $128.19 million revenue profile ($129.52 million in gross receipts before inventory cost of goods sold) pairs growing tuition inflows with substantial alumni and parent philanthropy. Program service revenue rose 5.1% year-over-year to $87.47 million (68.2% of total revenue), while contributions ($26.40 million) and realized investment income ($13.76 million) generated 31.3% of total inflows. Over the five-year Schedule A lookback period (FY21–FY25), Harvard-Westlake raised $243.92 million in cumulative gifts and grants, maintaining a 68.90% public support percentage.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Program Service Revenue Up 5.1% YoY
    $87,468,058 (68.2%)
    • Tuition & Fees (NAICS 611710) $81,599,863
    • Auxiliary Services (NAICS 611710) $5,868,195
  • Contributions & Grants Down 54.5% YoY
    $26,400,225 (20.6%)
    • Cash Contributions & Pledges $25,109,264
    • Noncash Stock Gifts (83 items on Schedule M) $880,448
    • Bitcoin (BTC) Cryptocurrency Gift (1 item; Form 8282 filed) $410,513
    • 5-Year Cumulative Gifts (Schedule A, FY21–FY25) $243,919,470
  • Investment Income Up 22.3% YoY
    $13,755,591 (10.7%)
    • Dividends & Interest $9,667,145
    • Realized Capital Gains on Securities $2,438,571
    • Realized Capital Gains on Other Assets $1,649,875
  • Other Revenue Down 73.2% YoY
    $561,442 (0.4%)
    • Net Inventory Sales ($1,847,985 gross less $1,332,173 COGS) $515,812
    • Net Real Estate Rental Income ($0 rental expense) $45,630

Endowment Performance and Asset Allocation

Harvard-Westlake's endowment rose 13.5% in FY25 to $275.63 million ($169,616 per enrolled student), generating $37.82 million in net investment returns. Per Schedule D, Part V and Part XIII, the school drew $8.64 million from the endowment to supplement its operating budget for financial aid, faculty salaries, and employee professional development—covering 7.7% of total Form 990 operating expenses ($112.83 million), 8.9% of GAAP audited expenses ($97.23 million), and 10.1% of direct program service expenses ($85.52 million).

Unlike East Coast boarding academies that follow the "Yale Model" by placing over half of their portfolios into illiquid private equity and offshore Caribbean hedge funds, Harvard-Westlake maintains a highly liquid domestic asset allocation. In FY25, the school increased its publicly traded securities by 38.8% to $294.98 million and cash reserves by 20.5% to $159.63 million, while trimming "other securities" by 35.8% to $34.60 million (4.2% of total assets, below the 5% IRS Schedule D, Part VII reporting threshold) and reporting zero foreign investments on Schedule F. Because federal tax law classifies Harvard-Westlake as a secondary school rather than a college or university, it is also exempt from the IRC Section 4968 endowment excise tax on net investment income (Part V, Line 16).

Chicardgo Favicon Portfolio Performance & Asset Allocation ($505.5M Financial & Real Estate Holdings)

Part X & Schedule R Asset Mix

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    Endowment Balance (EOY): $275,626,217 (up 13.5% YoY), representing $169,616 per student across 1,625 students (plus $73.67M in net pledges receivable).
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    Net Investment Gains: $37,822,539 in endowment investment earnings (alongside $35.55M in organization-wide unrealized gains and $13.76M in realized investment income).
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    Endowment Structure & Trusts: Comprises 59.53% term endowment ($164.08M) and 40.47% permanent endowment ($111.55M), supplemented by 17 related California Charitable Remainder Trusts (Schedule R, Part IV).
  • •
    Total Payout & Tax Status: $8,638,358 annual draw for financial aid, faculty salaries, and professional development; 100% exempt from IRC Section 4968 endowment excise taxes.

Detailed Financial & Real Estate Asset Mix

Publicly Traded Securities
$295.0M (58.3%)
Savings & Temp. Cash
$156.8M (31.0%)
Other / Alternative Sec.
$34.6M (6.8%)
Disregarded Real Estate LLCs
$16.3M (3.2%)
Non-Interest-Bearing Cash
$2.8M (0.6%)

5-Year Endowment History

Our data team examined the five-year trajectory of Harvard-Westlake's endowment across its Schedule D, Part V disclosures (FY21 through FY25). Starting from a $148.01 million beginning balance in FY21, the endowment grew by 86.2% to $275.63 million at the close of FY25. Across that five-year window, the endowment absorbed $33.76 million in direct endowment contributions and generated $130.79 million in cumulative net investment earnings—weathering a $24.01 million market contraction in FY22 before posting back-to-back surges of $43.75 million in FY24 and $37.82 million in FY25—while distributing $36.94 million to support financial aid, faculty salaries, and academic programs.

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).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $242,905,867 $197,619,365 $180,702,907 $201,819,587 $148,007,391
1b. Contributions $3,536,169 $9,246,325 $6,915,847 $9,688,123 $4,377,984
1c. Net investment earnings $37,822,539 $43,753,548 $16,952,514 ($24,013,847) $56,278,497
1d. Grants or scholarships $0 $0 $0 $0 $0
1e. Other expenditures ($8,638,358) ($7,713,371) ($6,951,903) ($6,790,956) ($6,844,285)
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $275,626,217 $242,905,867 $197,619,365 $180,702,907 $201,819,587
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 40.47% permanent endowment and 59.53% term endowment (0% board-designated or quasi-endowment), with 100% of funds held directly by the school (Line 3a).

Per-Student Spending and True Cost

Comparing tuition revenue against functional expenditures reveals the underlying economics of Harvard-Westlake's dual-campus day model. Across 1,625 students in Grades 7–12, the school spent $85,521,878 on direct program services in FY25—equating to $52,629 per student ($44,154 net of Schedule I financial aid grants). Baseline tuition and fees generated $81,599,863 ($50,215 per student before financial aid discounts), covering 95.4% of direct instructional program spend and leaving a $2,414 per-student direct program subsidy.

When factoring in $21,922,441 in management and general operations (19.4% of total expenses) and $5,388,138 in institutional advancement (4.8% of expenses, with $0 paid to outside fundraising firms), all-in institutional spending reaches $112,832,457—or $69,435 per student. Against that full institutional cost, gross tuition covers 72.3% of total expenditure, leaving a $19,220 per-student gap financed by endowment payouts, auxiliary surpluses, and annual philanthropy.

Operations vs. Revenue

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    Regular Session Program Spend: $85,521,878 in direct program service expenses across 1,625 students in Grades 7–12 ($52,629 gross program spend per student; $44,154 net excluding $13.77M in financial aid grants).
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    Total Institutional Spend: $112,832,457 in total functional expenses ($69,435 per student), comprising $85.52M in program services (75.8%), $21.92M in management and general (19.4%), and $5.39M in fundraising (4.8%).
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    Tuition & Fee Revenue: $81,599,863 ($50,215 per student gross; $41,740 net after Schedule I financial aid credits). Endowment distributions and philanthropy bridge the $2,414 per-student direct program gap and the $19,220 all-in expense gap.
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    Instructional & Technology Infrastructure: Program service outlays include $43.34M in instructional salaries and benefits, $6.35M in specialized non-employee program services, $4.41M in departmental instructional supplies, $2.47M in classroom information technology, and $883,670 in program travel and academic conferences.
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    Auxiliary Services & Store Surplus: $5,868,195 in auxiliary revenue against $805,685 in direct auxiliary expenses, plus $515,812 in net campus store inventory income, generating $5.58 million in net operational support.

Financial Aid: How Harvard-Westlake Spends $14.8M on Access

On Schedule I, Part III, Harvard-Westlake reports $13,772,114 in direct financial aid credits awarded to 326 students—representing 20.1% of its 1,625-student enrollment and an average tuition grant of $42,246 per aided recipient (covering 84.1% of baseline per-student tuition). Furthermore, in its GAAP financial statement reconciliation on Schedule D, Parts XI and XII, Harvard-Westlake reports $14,766,114 in total financial aid, capturing an additional $994,000 in supplemental student assistance beyond baseline Schedule I tuition credits.

Per Schedule I, Part IV and Schedule E, all admitted students are eligible for need-based financial aid, evaluated strictly on current and anticipated household income, expenses, and net worth without discrimination. Unlike East Coast boarding schools that also disburse Schedule I, Part II grants to external domestic organizations, Harvard-Westlake recorded $0 in Schedule I, Part II organizational grants—concentrating 100% of its financial aid directly on enrolled students while expanding public community access through its Studio City River Park athletic and open-space complex.

Internal Student Support

  • Aided Student Share 20.1% (326 students)
  • Schedule I Tuition Credits $13,772,114
  • Average Grant per Student $42,246
  • Supplemental Aid (Schedule D) $994,000
  • Total GAAP Financial Aid $14,766,114

Endowment Draw & Access Governance

  • Endowment Subsidy ($8,638,358 Draw) Schedule D, Part V endowment distributions underwrite 62.7% of the school's $13.77M Schedule I financial aid budget alongside faculty salaries and professional development.
  • Need-Based & Rev. Proc. 2019-22 Compliance Grants are awarded strictly on financial need (income, expenses, and net worth) with zero governmental aid (Schedule E, Line 6a) and full racial nondiscrimination compliance.

Executive and Leadership Team Compensation

Because Harvard-Westlake invests primarily through publicly traded securities rather than employing an in-house Wall Street-style endowment team, its compensation hierarchy is led by its academic, financial, and capital construction executives. President Richard Commons received $1,151,201 in total FY25 compensation, followed by Chief Financial Officer David Weil ($466,596), Head of School Laura Davidson Ross ($430,162), Head of External Relations Edward Hu ($383,163), and Chief of Construction James De Matte ($340,083).

Although Commons's total package exceeded $1.15 million, Harvard-Westlake answered "No" to the federal IRC Section 4960 excess executive compensation excise tax on Part V, Line 15. Because Section 4960 applies to Form W-2 reportable remuneration exceeding $1 million—and Commons's reportable compensation stood at $920,496 ($859,908 base salary plus $60,588 other reportable compensation), with the remaining $230,705 consisting of $193,277 in retirement and unvested Section 457(f) accruals and $37,428 in nontaxable benefits—the school did not trigger the 21% federal excise tax in FY25.

Payroll Scale and Compensation Governance

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    Total Institutional Payroll: Harvard-Westlake paid $60,815,976 in total employee compensation in FY25 ($45.90M in salaries, $3.76M in 401(k)/403(b) pension contributions, $7.75M in employee benefits, and $3.41M in payroll taxes, representing 53.9% of all institutional expenses) across 762 W-2 employees, with 231 staff members earning over $100,000.
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    Board Review & Benchmarking (Schedule J, Part I): To establish executive pay, the Board of Trustees uses five formal governance mechanisms: a compensation committee, a written employment contract, peer Form 990 filings, national independent school compensation surveys, and formal board approval with contemporaneous substantiation.
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    Presidential Housing & Sec. 457(f) Plan: Per Schedule J, Part III, President Richard Commons is required to occupy school-owned housing for the convenience of the school to host official functions, holds a business-purpose discretionary spending account, and accrued $150,000 in a Section 457(f) nonqualified deferred compensation plan in FY25.
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown (FY25)
Name & Title (A) Base Comp (B-i) Bonus (B-ii) Other (B-iii) Retirement & Deferred (C) Nontaxable Benefits (D) Total (E) Prior Deferred (F)
Richard CommonsPresident $859,908 $0 $60,588 $193,277 $37,428 $1,151,201 $0
David WeilChief Financial Officer $402,455 $0 $1,260 $39,501 $23,380 $466,596 $0
Laura Davidson RossHead of School $361,805 $0 $1,932 $43,045 $23,380 $430,162 $0
Edward HuHead of External Relations $322,704 $0 $3,612 $41,054 $15,793 $383,163 $0
James De MatteChief of Construction $254,985 $0 $15,771 $31,899 $37,428 $340,083 $0
David RubenDirector of Information Technology $243,368 $0 $10,668 $28,492 $27,062 $309,590 $0
Brian BoucheyController $249,634 $0 $840 $30,556 $15,793 $296,823 $0

Facilities, Debt, and Municipal Relations

Fiscal year 2025 marked the peak construction phase of Harvard-Westlake's River Park athletic and community campus expansion in Studio City. Rather than liquidating endowment equities to pay for construction, the school tapped the tax-exempt municipal bond market on November 13, 2024, issuing $100,752,465 in fixed-rate tax-exempt bonds through the California Infrastructure and Economic Development Bank (Schedule K) and deploying $58.16 million of those bond proceeds into capital expenditures before fiscal year-end.

Unlike New England boarding academies that disburse voluntary Payment in Lieu of Taxes (PILOT) grants to local towns on Schedule I, Part II, Harvard-Westlake reported $0 in Schedule I municipal government grants. Instead, the school structures its off-campus real estate holdings through five wholly owned California disregarded LLCs (Schedule R, Part I)—including 4141 Whitsett Management LLC at the Studio City River Park site and four Domus residential real estate LLCs holding $16.33 million in combined property assets—while providing public-access recreational facilities under its City of Los Angeles entitlements.

Capital Debt & Municipal Engagement

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    Physical Plant & Construction Surge (Schedule D, Part VI): Gross land, buildings, and equipment reached $406.74 million ($265.64 million net book value after $141.10 million in accumulated depreciation), comprising $71.68M in land, $188.92M in buildings ($77.87M net), $114.30M in construction-in-progress and other facilities ($110.77M net), $28.38M in equipment ($4.45M net), and $3.47M in leasehold improvements ($873K net). Occupancy totaled $4.64 million alongside $8.26 million in depreciation.
  • •
    $100.75M Tax-Exempt Bond Issue (Schedule K): Issued November 13, 2024 via the California Infrastructure and Economic Development Bank (CUSIP 13034A5X4), carrying a year-end liability of $99.85 million ($58.16M spent on capital projects in FY25; $737K in issuance costs; 0% private business use; $381,242 in FY25 interest expense).
  • •
    Town-Gown Relations & Disregarded Real Estate LLCs: Harvard-Westlake recorded $0 in Schedule I municipal PILOT grants. It holds $16.33 million in Los Angeles real estate across five disregarded LLCs (4141 Whitsett Management LLC, Domus Primus LLC [$3.10M], Domus 4297 LLC [$7.39M], Domus 4100 LLC [$5.85M], and Domus Member LLC) generating $476,461 in net income.
  • •
    Top Vendors (36 Contractors >$100K): Led by Matt Construction Corp ($28.73M for River Park and campus construction), Healthy Choice Catering Corp ($3.89M for dining operations), Pacific Platinum Services ($3.81M for security and janitorial), Mission School Transportation ($2.00M for student busing), and Alba Construction ($1.48M for construction).

Editorial Note

All financial figures in this report derive from Harvard-Westlake School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 1,625 enrolled students in Grades 7–12) and have been reviewed by the data team.

While Harvard-Westlake spends $52,629 per student in direct program services ($69,435 per student in total institutional expenditures), 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 underwrite the faculty compensation, need-based aid, and dual-campus infrastructure that operate alongside Harvard-Westlake's historical matriculation outcomes.

Accounting Reconciliation: Readers comparing Harvard-Westlake's audited financial statements (Schedule D, Parts XI and XII) to IRS Form 990 will note differences in reported revenue and expenses. GAAP audited financial statements report $148.13M in total revenue and gains (which includes $35.55M in net unrealized investment gains and nets $14.77M in financial aid and $2.17M in uncollectible pledges against revenue) vs. $128.19M on Form 990 (which excludes unrealized gains and nets $1.33M in inventory cost of goods sold). Similarly, Form 990 reports $112.83M in total expenses (recording $14.77M in GAAP financial aid and $2.17M in uncollectible pledges as operating expenses while netting $1.33M in inventory COGS), whereas GAAP audited financials report $97.23M in total expenses.

Frequently Asked Questions: Harvard-Westlake's Form 990 Financials

As of Fiscal Year 2025, Harvard-Westlake's endowment stands at $275.63 million ($169,616 per student), up 13.5% year-over-year. Its $8.64 million annual payout covers 7.7% of the school's $112.83 million total Form 990 operating budget (8.9% of GAAP audited expenses and 10.1% of direct program service expenses).

Harvard-Westlake spends $52,629 per student annually in direct program service expenditures ($85.52 million across 1,625 students), exceeding the $50,215 per student generated in gross tuition and fees. When including management ($21.92 million) and fundraising ($5.39 million), total institutional spending reaches $69,435 per student ($112.83 million total).

Harvard-Westlake disbursed $13.77 million in direct Schedule I financial aid credits to 326 students in FY25 (20.1% of the student body), averaging $42,246 per recipient. Including $994,000 in supplemental student support recorded on Schedule D, total GAAP financial aid reached $14.77 million.

President Richard Commons is the highest-compensated employee at $1,151,201 in total FY25 compensation ($859,908 base salary, $60,588 other reportable compensation, $193,277 retirement and Section 457(f) deferred compensation, and $37,428 nontaxable benefits), followed by CFO David Weil ($466,596) and Head of School Laura Davidson Ross ($430,162).

Yes. Because federal law classifies Harvard-Westlake as a secondary school (Grades 7–12) rather than an institution of higher education, the school is exempt from the federal IRC Section 4968 excise tax on net investment income (confirmed on Form 990, Part V, Line 16).

Total liabilities increased from $16.87 million to $124.30 million because the school issued $100.75 million in tax-exempt municipal bonds via the California Infrastructure and Economic Development Bank in November 2024 ($99.85 million year-end balance) to fund the River Park athletic and campus construction project.

Harvard-Westlake's total assets reached $831.53 million in fiscal year 2025 (up 23.5% from $673.19 million in FY24), comprising $329.57 million in investment securities, $265.64 million in net land, buildings, and equipment, $159.63 million in cash and short-term reserves, and $73.67 million in net pledges receivable.

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