Inside Westridge School's $83.7M Balance Sheet: How a $51.2M Liquid Endowment and 18% Financial Aid Expansion Back $43,497 in Per-Student Program Spending
By Data Team | Published November 2, 2026
Westridge School for Girls expanded its total assets to $83.68 million in fiscal year 2025, anchored by a $51.21 million endowment whose $1.90 million annual payout covers 6.2% of the Pasadena day school's $30.73 million operating budget (7.0% of GAAP operating expenses), according to its latest IRS filing. Across 550 students in Grades 4–12, Westridge directs $43,497 per student into direct program services ($55,868 per student in total institutional spending) while expanding need-based financial aid by 18.0% to $3.50 million.
The school's financial disclosures show how an established single-sex day institution sustains academic depth without carrying municipal bond or mortgage debt. While gross tuition and fees average $45,018 per student, net tuition after financial aid brings in $38,647 per pupil—leaving a $4,850 per-student gap in direct instructional spend ($17,221 against total expenditure) funded by annual philanthropy and endowment distributions that support Westridge's standing in the Elite College Placement Index (ECPI).
Unlike boarding institutions that lock capital in illiquid offshore funds, Westridge keeps 100% of its $48.40 million securities portfolio in publicly traded markets alongside $6.22 million in cash and savings. That liquid, bond-free balance sheet enables the school to fund 115 aided students (20.9% of enrollment) and maintain historic Pasadena campus architecture while generating a $777,332 operating surplus.
Institutional & Governance Profile
Operating under its formal legal title, Westridge School for Girls Inc. (EIN 95-1644047), the Pasadena institution has educated young women since 1913 under the founding motto Surgere Tentamus ("We Strive to Rise"). Its corporate governance pairs an uncompensated, wholly independent board of trustees with an eight-member senior administrative cabinet overseeing Lower (Grades 4–6), Middle (Grades 7–8), and Upper (Grades 9–12) divisions.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1913 by Mary Lowther Ranney, Westridge enrolled 550 students in Grades 4–12 (including 74 seniors in the Class of 2025 who earned 686 college acceptances across 179 institutions), issued 233 Form W-2s and 56 Forms 1099 in calendar year 2024, and engaged 60 documented volunteers.
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Executive Leadership: Head of School Andrea Kassar leads the institution alongside Chief Finance and Operations Officer (CFOO) Linda Ross and Assistant Head of School for Strategic Priorities Sarah Jallo.
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Governing Board (Schedule O): The Board of Trustees comprises 22 voting members—all 22 of whom (100%) are independent and uncompensated—led by Board Chair Valerie Rubio Lemmon, Vice Chair/Treasurer Mike Burke, Vice Chairs Donald L. Morgan, Emily Chung-Yee Wang, Kirsten L. Hansen, and Joseph J. Ybarra, and Alumnae Board Chair Nicole Rabaudi.
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Voting Dynamics & Audit Oversight: Per Schedule O, no board committee holds authority to act independently on behalf of the governing body; the full board reviews the Form 990 online prior to filing, conflict-of-interest abstentions are formally recorded in board minutes, and CliftonLarsonAllen LLP conducts the annual independent GAAP audit.
Top-Line Financials
Westridge School closed FY25 (covering July 1, 2024 through June 30, 2025) with $83.68 million in total assets against just $7.54 million in total liabilities—72.5% of which consists of deferred tuition revenue ($5.46 million) alongside $1.73 million in accounts payable and accrued expenses rather than interest-bearing debt. Combined with an 8.0% revenue increase and $3.81 million in unrealized market appreciation, total net assets grew 6.4% to $76.14 million.
Balance Sheet Strength
- Total Assets $83,682,165 (+6.3%)
- Total Liabilities $7,541,351 (+5.7%)
- Total Net Assets $76,140,814 (+6.4%)
- Donor-Restricted Net Assets $52,047,592 (68.4% of Total Net Assets)
- Unrestricted Net Assets $24,093,222 (31.6% of Total Net Assets)
Operating Performance
- Total Revenue $31,504,950 (+8.0%)
- Total Expenses $30,727,618 (+6.5%)
- Operating Surplus $777,332 (+159.1%)
- Unrealized Gains (Excluded) $3,809,402
Note: The $777,332 reported operating surplus reflects standard Form 990 accounting parameters; adding the $3.81 million in unrealized investment gains captures the full scope of Westridge's $4.59 million FY25 net asset expansion.
Revenue Breakdown
Westridge generates 81.7% of its $31.50 million revenue base ($32.44 million in gross receipts) from program services, supplemented by $3.37 million in philanthropic contributions and $2.34 million in realized investment income. In FY25, realized investment income jumped 55.2% year-over-year on the strength of $1.39 million in net security gains and $953,254 in portfolio dividends and interest.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 7.2% YoY$25,751,020 (81.7%)
- Tuition & Fees $24,759,941
- Food Service Revenue $715,341
- Other Program Revenue $275,738
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Contributions & Grants Down 6.4% YoY$3,372,372 (10.7%)
- Cash Contributions & Annual Giving $2,681,870
- Noncash Publicly Traded Stock Gifts (8 Gifts) $690,502
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Investment Income Up 55.2% YoY$2,339,527 (7.4%)
- Realized Capital Gains ($2.32M Gross Sales) $1,386,273
- Dividends & Interest $953,254
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Other Revenue Up 155.7% YoY$42,031 (0.1%)
- Miscellaneous Revenue $26,651
- Net Rental Income $15,380
Endowment Performance and Asset Allocation
Westridge School's endowment reached $51.21 million at the close of FY25—an increase of 9.6% year-over-year that equates to $93,117 per enrolled student and 166.7% of the school's annual operating budget. Its $1.90 million annual endowment payout funds 6.2% of Westridge's $30.73 million Form 990 operating budget (7.0% of GAAP audited operating expenses and 7.9% of direct program service costs), supporting scholarships, faculty development, science curriculum, technology, and general operations.
Unlike mega-endowments that lock capital into private equity or offshore partnerships, Westridge maintains a 100% domestic, transparent balance sheet with zero Schedule D alternative securities or foreign accounts. Across its $83.68 million in total assets, $48.40 million sits in publicly traded securities alongside $6.22 million in cash and short-term savings, keeping investment management fees to $129,559 (25 basis points of ending endowment value). Crucially, because Westridge qualifies as a Grades 4–12 school under federal tax law, it remains exempt from the IRC Section 4968 endowment excise tax on net investment income.
Portfolio Performance & Asset Allocation ($83.68M Total Assets)
Part X & Schedule D Balance Sheet Mix
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Endowment Balance (EOY): $51,214,197 (up 9.6% YoY), representing $93,117 per student across 550 enrolled students (63.76% permanent endowment; 36.24% term endowment; 0% quasi-endowment).
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Net Investment Gains: $5,939,111 in total endowment investment return (reflecting $1.39M in realized gains, $953K in dividends/interest, and $3.81M in unrealized market gains).
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Liquid Domestic Portfolio: 100% of investment holdings ($48.40M) are held in publicly traded securities with $0 in private equity, hedge funds, or offshore structures, managed at $129,559 in fees.
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Total Payout & Budget Coverage: $1,899,150 distributed for facilities and academic programs, covering 6.2% of Form 990 total expenses (7.0% of GAAP operating expenses).
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Westridge's endowment across its Schedule D, Part V disclosures. Starting from a $35.63 million beginning balance in FY21, the endowment absorbed $9.79 million in five-year donor contributions—highlighted by a $6.89 million influx in FY22 that cushioned a $6.92 million market downturn—and generated $15.93 million in cumulative net investment earnings. Across this five-year window, the endowment distributed $10.13 million toward campus facilities and academic programs while expanding its ending balance by 43.7% to a record $51.21 million (comprising 63.76% permanent endowment and 36.24% term 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 | $46,724,512 | $43,302,757 | $42,696,913 | $44,235,752 | $35,627,992 |
| 1b. Contributions | $449,724 | $571,271 | $417,436 | $6,886,881 | $1,463,670 |
| 1c. Net investment earnings | $5,939,111 | $4,749,271 | $3,659,363 | ($6,922,000) | $8,505,090 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($1,899,150) | ($1,898,787) | ($3,470,955) | ($1,503,720) | ($1,361,000) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $51,214,197 | $46,724,512 | $43,302,757 | $42,696,913 | $44,235,752 |
Per-Student Spending and True Cost
Evaluating Westridge's functional expenses on the standard direct program services basis shows that the school spends $43,497 per student across its 550 students in Grades 4–12 ($23,923,273 in regular-session program service expenses, or $37,125 per student net of financial aid grants). When management and general overhead ($5.56 million) and fundraising ($1.25 million) are included, total institutional spending reaches $55,868 per student ($30,727,618 overall).
Although gross tuition and fees average $45,018 per student ($24.76 million), discounting tuition by $3.50 million in financial aid leaves $38,647 in net tuition revenue per enrolled student ($21.26 million). Consequently, net tuition covers 88.8% of direct program service expenditures and 69.2% of total institutional expenses—meaning every Westridge student receives a $4,850 instructional subsidy ($17,221 against total expenses) underwritten by annual gifts and investment returns.
Operations vs. Revenue
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Regular Session Program Spend: $23,923,273 across 550 students in Grades 4–12 ($43,497 gross program spend per student; $37,125 net excluding financial aid grants), accounting for 77.9% of total functional expenses.
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Total Institutional Spend: $30,727,618 across all functional categories ($55,868 total spend per student; $49,261 per student on a GAAP audited basis excluding financial aid and investment fees), including $5,557,289 in management and general expenses (18.1%) and $1,247,056 in fundraising (4.1%).
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Tuition & Fee Revenue: $24,759,941 gross ($45,018 per student before financial aid discounts) and $21,255,662 net of financial aid ($38,647 per student), leaving a $4,850 per-student program gap covered by philanthropy and endowment income.
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Instructional, Co-Curricular & College Outcomes: Includes $15.06 million in program salaries, benefits, and payroll taxes, $919,537 in direct instructional and student programming, $848,654 in athletics, and $390,942 in program technology—supporting 74 Class of 2025 seniors who earned 686 college acceptances to 179 institutions.
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Campus Dining Operations: Food service generated $715,341 in program revenue against $403,430 in direct food service expenses, contributing a $311,911 net surplus toward broader campus operations.
Financial Aid: How Westridge Spends $3.5M on Access
Westridge increased its domestic financial aid disbursements by 18.0% in FY25, awarding $3,504,279 across 115 students (up from $2,970,790 in FY24). Per Schedule I, 20.9% of the 550-student body received need-based tuition grants averaging $30,472 per recipient—offsetting roughly two-thirds of average baseline tuition for aided families.
As documented in Schedule I, Part IV, Westridge awards strictly need-based aid and prohibits merit scholarships, calibrating grants to each family's documented financial need to sustain socioeconomic and ethnic diversity across Grades 4–12. Beyond internal tuition assistance, Schedule R and Schedule D highlight Westridge's partnership with The Fund for Partnership for Success, a related 501(c)(3) supporting organization that funds multi-summer public-school academic enrichment in Pasadena.
Internal Student Support
- Aided Student Share 20.9% (115 students)
- Total Financial Aid Grants $3,504,279 (+18.0% YoY)
- Average Grant per Student $30,472
- Prior Year Aid (FY24) $2,970,790
- Merit Awards Disbursed $0 (100% Need-Based)
Public Outreach Programs
- The Fund for Partnership for Success (EIN 82-3396946) Related 501(c)(3) Type I supporting organization on Schedule R (Part II & Part V, Line 1l) advancing public-private summer educational enrichment for Pasadena Unified School District students.
- Dedicated Leadership & Custodial Stewardship ($145,602) Westridge staffs an Upper School Director for Partnership for Success ($196,860 total compensation) and stewards $145,602 in Schedule D, Part IV custodial accounts for the Parent Council, The Fund for Partnership for Success, and student clubs.
Executive and Administrative Compensation
Personnel costs represent the core of Westridge School's operating model, totaling $18.65 million in FY25—or 60.7% of all institutional expenditures. Across 233 W-2 employees, 49 faculty and staff members (21.0% of the workforce) earned more than $100,000 in reportable compensation, while eight senior leaders exceeded the $150,000 threshold for itemized disclosure on Schedule J.
Head of School Andrea Kassar received $527,981 in total compensation, consisting of $378,481 in base salary, $41,400 in retirement contributions, and $108,100 in nontaxable benefits that include mandatory residency in a school-owned Greene & Greene house valued at approximately $7,000 per month ($84,000 annually). Chief Finance and Operations Officer Linda Ross followed at $293,501, with zero employees receiving bonuses or triggering the federal $1 million IRC Section 4960 excise tax.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Westridge paid $18,648,645 in total employee compensation in FY25 (up 3.9% YoY and accounting for 60.7% of all institutional expenses) across 233 W-2 employees, with 49 staff members earning over $100,000.
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Top Executive Packages: Head of School Andrea Kassar earned $527,981 in total compensation ($378,481 base salary and $149,500 in retirement and nontaxable benefits), while CFOO Linda Ross received $293,501 and Assistant Head Sarah Jallo received $226,769.
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Peer Benchmarking Governance (Schedule O): Each spring, the Board's Executive Committee reviews NAIS Stats Online data comparing executive and key employee pay against national benchmarks and 16 Los Angeles-area independent schools with high school divisions before presenting the budget via the Asset Management Committee.
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On-Campus Housing Valuation: Under her written contract, Head of School Andrea Kassar resides in a school-owned historic residence as a condition of employment, valued at approximately $7,000 per month ($84,000 annually) based on comparable area rents, alongside reimbursed property housekeeping maintenance and a membership at The Athenaeum.
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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) |
| Andrea KassarHead of School | $378,481 | $0 | $0 | $41,400 | $108,100 | $527,981 | $0 |
| Linda RossChief Finance & Operations Officer | $230,162 | $0 | $0 | $43,508 | $19,831 | $293,501 | $0 |
| Sarah JalloAsst. Head for Strategic Priorities | $182,048 | $0 | $0 | $35,772 | $8,949 | $226,769 | $0 |
| Zanita KellyDirector of Lower & Middle School | $176,518 | $0 | $0 | $15,924 | $8,949 | $201,391 | $0 |
| Jessica Perez Del ToroUpper School Spanish & Dir. Partnership for Success | $155,272 | $0 | $0 | $29,132 | $12,456 | $196,860 | $0 |
| Ian TatumDirector of Equity | $171,358 | $0 | $0 | $15,525 | $9,683 | $196,566 | $0 |
| Sally MillerDirector of Technology | $153,096 | $0 | $0 | $27,006 | $10,476 | $190,578 | $0 |
| Kimberly KerscherDirector of Marketing & Communications | $151,713 | $0 | $0 | $23,853 | $11,860 | $187,426 | $0 |
Facilities, Debt, and Municipal Relations
Westridge stewards a $59.37 million historic physical plant in Pasadena's South Arroyo neighborhood ($25.42 million net book value after $33.95 million in accumulated depreciation) while remaining completely free of tax-exempt municipal bond or commercial mortgage debt. The school recorded $0 in interest expense in FY25, with non-operating capital obligations limited to $199,450 in equipment lease financing.
While Schedule I, Part II records $0 in voluntary municipal Payment in Lieu of Taxes (PILOT) cash grants to the City of Pasadena, Westridge maintains formal civic and architectural stewardship through a certified historic conservation easement with Pasadena Heritage covering its 2013 Greene & Greene Head of School residence. The school also holds adjacent residential property through a wholly owned disregarded entity, 310 Arlington LLC ($2.77 million in assets).
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Westridge holds $59.37 million in gross land, buildings, and equipment ($7.22M land, $38.97M buildings, $8.15M leasehold improvements, and $5.03M equipment; $25.42M net book value), spending $2.14 million on occupancy alongside $1.54 million in annual depreciation. Furthermore, 310 Arlington LLC (Schedule R, Part I) holds $2,770,944 in property assets and generated $60,385 in income.
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Zero Bond or Mortgage Debt: The school carries $0 in tax-exempt bond liabilities (Part X, Line 20) and $0 in commercial mortgages or notes payable (Lines 23–24), reporting only $199,450 in lease financing liabilities (down 18.2% from $243,967 in FY24).
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Town-Gown PILOT Payments & Preservation Easement: Westridge reported $0 in Schedule I, Part II domestic government grants or PILOT payments. Instead, its municipal preservation commitment centers on a historic conservation easement with Pasadena Heritage (Schedule D, Part II) protecting its Greene & Greene Head of School residence through annual inspections ($1,329 in annual monitoring expense).
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Top Vendors & Professional Services: Two independent contractors received over $100,000 in calendar year 2024—Allied Universal ($247,943 for campus security guard services) and Joseph Espinoza ($222,645 for campus construction)—alongside $428,100 in legal fees, $129,559 in investment management fees, and $66,697 in accounting fees.
Editorial Note
All financial figures in this report derive from Westridge School for Girls Inc.'s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 550 students in Grades 4–12) and have been reviewed by the data team.
While Westridge spends $43,497 per student in direct program services ($55,868 in total institutional expenditure), 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 admissions access, and advanced curriculum operating alongside Westridge's matriculation outcomes.
Accounting Reconciliation: Readers comparing Westridge's audited financial statements (prepared with CliftonLarsonAllen LLP) to IRS Form 990 will note standard presentation differences on Schedule D, Parts XI and XII. Form 990 reports $31.50M in total revenue and $30.73M in total expenses (recording $3,504,279 in financial aid grants and $129,559 in investment management fees as operating expenses while excluding $3,809,402 in unrealized investment gains), whereas GAAP audited financials report $31.68M in total revenue/gains and $27.09M in total expenses (netting financial aid directly against gross tuition revenue and including unrealized portfolio gains).
Frequently Asked Questions: Westridge's Form 990 Financials
As of Fiscal Year 2025, Westridge School's endowment stands at $51.21 million ($51,214,197, up 9.6% YoY), or $93,117 per enrolled student. Its $1.90 million annual payout covers 6.2% of the school's $30.73 million Form 990 operating budget (7.0% of GAAP audited operating expenses).
Westridge spends an average of $43,497 per student annually in direct regular-session program service expenses ($23.92 million across 550 students in Grades 4–12), and $55,868 per student in total institutional expenditure ($30.73 million). After financial aid discounts, net tuition averages $38,647 per student, with philanthropy and endowment income covering the remaining gap.
Westridge disbursed $3,504,279 in strictly need-based financial aid grants in FY25 (up 18.0% from $2,970,790 in FY24), supporting 20.9% of its student body (115 of 550 students) with an average grant of $30,472 per aided student.
The highest-paid employee is Head of School Andrea Kassar, who received $527,981 in total compensation in FY25 ($378,481 base salary, $41,400 retirement contributions, and $108,100 in nontaxable benefits including mandatory residency in a school-owned Greene & Greene house valued at ~$7,000/month), followed by CFOO Linda Ross at $293,501.
Yes. Because federal law classifies Westridge as a Grades 4–12 secondary and elementary school rather than a college or university, it is exempt from the federal IRC Section 4968 excise tax on net investment income. The school also operates with $0 in tax-exempt bond or commercial mortgage debt.
Westridge School's total assets reached $83.68 million ($83,682,165) in fiscal year 2025, anchored by $48.40 million in publicly traded securities, $25.42 million in net campus real estate and equipment, $6.22 million in cash and short-term savings, and $3.14 million in net pledges receivable.
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