Roxbury Latin School Assets Rose 5.4% to $331 Million, Derives Less Than Half of $25.8 Million Revenue from Gross Tuition
By Data Team | Published October 29, 2026
The Roxbury Latin School's total assets reached $331.1 million in fiscal year 2025, anchored by a $225.1 million endowment whose $8.74 million annual payout covers 31.9% of the school's $27.41 million total operating budget (and 37.2% of its $23.47 million GAAP audited expenses), according to its latest IRS filing. That capital base enables the West Roxbury boys' day school to spend $72,109 per student in direct program services ($88,717 per student in total institutional expenses) while awarding $3.29 million in financial aid.
Roxbury Latin's balance sheet demonstrates how high per-capita endowment wealth ($728,582 per boy across 309 students) supports need-blind admissions at a small day school. While baseline tuition generates $40,600 per student—roughly $20,000 below Boston-area peer independent schools—endowment distributions and annual philanthropy subsidize direct instructional spending by $31,509 per student and fund financial aid for 38.5% of the student body, reinforcing the academic model examined in our Elite College Placement Index (ECPI) coverage.
Instead of relying on high sticker tuition to cover operations, the school pairs an institutional alternative-asset portfolio with steady alumni giving to keep baseline tuition intentionally discounted while maintaining a 6:1 student-to-faculty ratio across Grades 7–12.
Institutional & Governance Profile
Founded in 1645 under charter from King Charles I, The Roxbury Latin School is the oldest school in continuous existence in North America. Located on 117 acres in West Roxbury, Massachusetts, the school operates with a lean administrative structure overseen by a fully independent board of trustees.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Established in 1645 to educate boys in Grades 7–12 (309 students in FY25), the school issued 99 Form W-2s in calendar year 2024 and engaged 200 documented volunteers.
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Executive Leadership: Headmaster Samuel Schaffer assumed leadership in July 2024—succeeding long-serving Head of School Emeritus Kerry Brennan—alongside Chief Financial Officer Michael Stanton.
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Governing Board (Part VI): The governing body comprises 26 voting trustees at year-end, all 26 (100%) of whom are independent members serving without compensation, led by Chairman Michael J. Giarla and President Ethan M. Berman.
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Audit & Disclosure Governance (Schedule O): External auditor Kahn Litwin Renza & Co. Ltd. prepares the Form 990 for review by the CFO and Board Audit Committee before distribution to all trustees (with Schedule B donor identities redacted). Audited financial statements are filed publicly via Massachusetts Form PC.
Top-Line Financials
Roxbury Latin's balance sheet exceeds $1.07 million in total assets per enrolled student. During FY25 (covering July 1, 2024 through June 30, 2025), total assets rose 5.4% to $331.1 million and net assets expanded 6.0% to $300.7 million. While lower realized capital gains and capital gifts produced a $1.60 million Form 990 operating deficit, $18.50 million in unrealized investment appreciation drove a $16.90 million net asset gain.
Balance Sheet Strength
- Total Assets $331,131,431 (+5.4%)
- Total Liabilities $30,418,437 (+0.5%)
- Total Net Assets $300,712,994 (+6.0%)
- Donor-Restricted Net Assets $231,241,800 (76.9% of Total Net Assets)
- Unrestricted Net Assets $69,471,194 (23.1% of Total Net Assets)
Operating Performance
- Total Revenue $25,814,757 (-18.7%)
- Total Expenses $27,413,695 (+1.9%)
- Operating Deficit -$1,598,938 (-132.9%)
- Unrealized Gains (Excluded) $18,500,950
Note: Form 990 excludes unrealized market gains from Part I revenue; incorporating the $18.5 million in net unrealized investment gains (Part XI, Line 5) yields a $16.9 million total surplus on GAAP audited financial statements.
Revenue Breakdown
Unlike conventional day schools that rely on tuition for 80% or more of annual revenue, Roxbury Latin derives less than half (48.6%) of its $25.8 million Form 990 revenue from gross tuition. Contributions and realized investment income supply another 49.6%, insulating instructional budgets from enrollment pressure.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 3.9% YoY$12,545,400 (48.6%)
- Gross Tuition (309 Boys at $40,600) $12,545,400
- Net Tuition (After $3,292,395 Aid) $9,253,005
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Contributions & Grants Down 31.8% YoY$9,183,095 (35.6%)
- Annual Operating & Restricted Gifts $5,131,608
- Endowment Additions (Schedule D) $4,051,487
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Investment Income Down 37.0% YoY$3,603,394 (14.0%)
- Realized Capital Gains ($66.9M Sales) $2,428,053
- Dividends, Interest & Partnership UBI ($843K) $1,175,341
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Other Revenue (Miscellaneous) Down 4.9% YoY$482,868 (1.9%)
Endowment Performance and Asset Allocation
Advised by Cambridge Associates LLC ($433,374 in calendar year 2024 compensation; $626,319 in total FY25 investment management fees), Roxbury Latin invests its $234.5 million securities portfolio using an institutional endowment model. Limited partnerships and hedge funds represent 87.0% ($204.0 million) of all investment holdings, complemented by $53.0 million deployed across offshore structures in Central America, the Caribbean, and Europe.
While partnership holdings generated $843,320 in gross unrelated business income ($122,620 in net taxable income on Form 990-T), the school's classification as a secondary institution exempts its $225.1 million endowment ($728,582 per student) from the federal IRC Section 4968 net investment income excise tax.
Portfolio Performance & Asset Allocation ($234.5M Total Securities)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $225,131,955 (up 7.6% YoY), representing $728,582 per student across 309 enrolled boys.
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Net Investment Earnings (Schedule D): $20,532,230 (combining $18.50M in unrealized appreciation with realized gains and dividends, net of $626,319 in investment fees).
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Alternative & Offshore Capital (Schedule F): 87.0% of the $234.5M securities portfolio sits in limited partnerships and hedge funds, including $50.63M in Central America/Caribbean vehicles and $2.40M in Europe.
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Total Endowment Payout: $8,735,163 (4.17% of beginning endowment value), funding 31.9% of total Form 990 expenses ($27.41M) and 37.2% of GAAP audited expenses ($23.47M).
Detailed Asset Mix
5-Year Endowment History
Schedule D, Part V traces a 53.0% expansion in Roxbury Latin's endowment over five years, climbing from a $147.1 million beginning balance in FY21 to $225.1 million at the close of FY25. Across that span, the school added $32.7 million in endowment gifts and generated $85.3 million in cumulative net investment earnings—weathering a $26.8 million market pullback in FY22—while distributing $40.0 million to support facilities and academic operations.
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 | $209,283,401 | $187,119,349 | $178,246,171 | $197,856,420 | $147,106,281 |
| 1b. Contributions | $4,051,487 | $9,192,938 | $3,069,324 | $14,845,109 | $1,510,147 |
| 1c. Net investment earnings | $20,532,230 | $21,601,180 | $13,742,012 | ($26,779,669) | $56,239,992 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($8,735,163) | ($8,630,066) | ($7,938,158) | ($7,675,689) | ($7,000,000) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $225,131,955 | $209,283,401 | $187,119,349 | $178,246,171 | $197,856,420 |
Per-Student Spending and True Cost
Comparing direct program service expenses against tuition receipts illustrates Roxbury Latin's structural subsidy. Full sticker tuition of $40,600 covers only 56.3% of the $72,109 the school spends per student on direct program services (and 45.8% of its $88,717 total institutional spend per student).
Because Roxbury Latin sets baseline tuition roughly $20,000 below rival Boston-area independent day schools while spending $72,109 per boy in direct program expenses, every student—including full-paying families—receives a $31,509 direct program subsidy funded by the $8.74 million endowment draw ($28,269 per boy) and annual giving.
Operations vs. Revenue
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Regular Session Program Spend: $22,281,763 in direct program services across 309 boys in Grades 7–12 ($72,109 gross program spend per student; $61,454 net program spend excluding financial aid grants).
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Total Institutional Spend: $27,413,695 across all functional categories ($88,717 per student, comprising $22.28M in Program Services, $3.16M in Management and General, and $1.97M in Fundraising).
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Tuition & Fee Revenue: $12,545,400 ($40,600 per student before financial aid discounts; $29,945 net per student). Endowment payouts and annual gifts cover the $31,509 per-student direct program gap.
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Instructional & Dining Services: Direct student programming includes $1,403,368 in departmental instructional expenses, $657,284 in food service expenses, and $157,012 in faculty professional development.
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Physical Plant Allocation: Program services absorb $2,623,976 in facility depreciation, $1,093,704 in campus occupancy costs, and $871,249 in tax-exempt bond interest.
Financial Aid: How Roxbury Latin Spends $3.29M on Access
Roxbury Latin is one of the few independent day schools in New England that practices need-blind admissions while meeting 100% of demonstrated financial need. According to Schedule I, Part III, the school disbursed $3,292,395 in financial aid and scholarships in FY25 (up 5.9% from $3,107,730 in FY24) to 119 students, representing 38.5% of the 309-boy student body.
This two-pronged affordability model—combining a baseline tuition rate priced roughly 35% below peer Boston independent schools with an average grant of $27,667 (68.1% of tuition)—allows Roxbury Latin to recruit across Greater Boston neighborhoods, with City of Boston residents comprising 34% of enrolled students.
Internal Student Support
- Aided Student Share 38.5% (119 of 309 boys)
- Total Financial Aid Grants $3,292,395
- Average Grant per Aided Boy $27,667 (68.1% of Tuition)
- Average Aided Family Outlay $12,933
- Effective Tuition Discount Rate 26.2% of Gross Tuition
Affordability & Regional Access Model
- Universal Tuition Compression ($40,600 Sticker) By pricing baseline tuition roughly $20,000 below Boston-area peer day schools while spending $72,109 per boy in direct program services, the school delivers an automatic $31,509 program subsidy to every family.
- Need-Blind Boston Pipeline (34% City Residents) Need-blind admissions and 100% need fulfillment support enrollment across Boston neighborhoods without requiring families to finance full sticker rates.
Executive and Faculty Compensation
Roxbury Latin's FY25 Schedule J disclosures reflect both its 2024 leadership transition and its compensation structure for senior faculty. Because Form 990 Part VII reports calendar year 2024 W-2 earnings, the filing captures six months of compensation for retiring Head of School Emeritus Kerry Brennan ($422,977 total compensation) alongside the initial six-month tenure of incoming Headmaster Samuel Schaffer ($291,356 total compensation).
Unlike larger boarding schools that manage investments in-house, Roxbury Latin outsources portfolio oversight to Cambridge Associates LLC and directs internal payroll toward academic and administrative staff. Notably, two classroom teachers—James Ryan ($200,940) and Ernesto Guerra ($196,742)—rank among the ten individuals on Schedule J earning over $100,000.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Roxbury Latin paid $13,163,461 in total salaries, wages, benefits, and payroll taxes in FY25 (up 8.8% YoY and accounting for 48.0% of all institutional expenses) across 99 W-2 employees, with exactly 10 staff members earning over $100,000 in reportable compensation.
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Executive Packages & 457(b) Plan: Behind retiring Head of School Emeritus Kerry Brennan ($422,977), top earners included Assistant Headmaster for Advancement Thomas Guden ($328,228), CFO Michael Stanton ($324,945), and Headmaster Samuel Schaffer ($291,356). The school maintains a supplemental nonqualified IRC Section 457(b) deferred compensation plan for the Head of School.
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Board Oversight & Housing Allowance: A Board Compensation Committee annually evaluates the Headmaster using industry salary surveys and records deliberations in board minutes, while the Headmaster sets compensation for other officers and key employees subject to board review (Schedule O). The school also provides a personal residence or housing allowance under written policy (Schedule J, Part I).
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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) |
| Kerry BrennanHead of School Emeritus (Former) | $359,073 | $0 | $32,978 | $23,000 | $7,926 | $422,977 | $0 |
| Thomas GudenAsst. Headmaster for Advancement | $268,732 | $0 | $0 | $28,000 | $31,496 | $328,228 | $0 |
| Michael StantonChief Financial Officer | $289,743 | $0 | $0 | $28,667 | $6,535 | $324,945 | $0 |
| Samuel SchafferHeadmaster | $227,212 | $0 | $24,650 | $23,500 | $15,994 | $291,356 | $0 |
| Michael DoCurralDirector of Operations | $175,377 | $0 | $0 | $18,700 | $26,180 | $220,257 | $0 |
| Bryan DunnAsst. Headmaster for Programs | $167,525 | $0 | $0 | $18,000 | $31,252 | $216,777 | $0 |
| Matthew McDonaldDirector of Admissions | $185,454 | $0 | $0 | $18,000 | $6,272 | $209,726 | $0 |
| James RyanFaculty | $178,772 | $0 | $0 | $15,967 | $6,201 | $200,940 | $0 |
| Ernesto GuerraFaculty | $173,841 | $0 | $0 | $16,700 | $6,201 | $196,742 | $0 |
| Erin BergDirector of Communications | $170,840 | $0 | $0 | $5,700 | $6,201 | $182,741 | $0 |
Facilities, Debt, and Municipal Relations
Roxbury Latin stewards $119.5 million in gross land, buildings, and equipment across its 117-acre West Roxbury campus while preserving endowment liquidity through tax-exempt municipal bond financing.
Unlike suburban boarding schools that disburse direct cash grants to host towns on Schedule I, Part II, Roxbury Latin reported $0 in direct municipal cash payments on Form 990, satisfying half of the City of Boston's voluntary PILOT assessment through documented community benefit credits tied to its financial aid and enrollment of city residents.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Roxbury Latin holds $119.5 million in gross property ($28.08M land, $74.13M buildings, $13.51M leasehold improvements, and $3.78M equipment/other) with a net book value of $77.6 million after $41.89 million in accumulated depreciation. Annual occupancy costs totaled $1.36 million alongside $2.88 million in depreciation.
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Tax-Exempt Bond Debt (Schedule K): The school carries $23.75 million in tax-exempt bond liabilities (down from $24.64 million BOY) stemming from a $25.0 million Massachusetts Development Financing Agency bond issued in December 2014 for campus construction completed in 2016, recording $871,249 in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: Roxbury Latin reported $0 in direct cash grants to domestic governments on Form 990, Part IX, Line 1 and Schedule I, Part II. Under the City of Boston's FY25 PILOT program—which requested $367,259 on a $52.90 million tax-exempt valuation—the school made $0 in direct cash contributions, meeting 50% ($183,629) of the city's request through the maximum allowable Community Benefits credit via its $3.29 million financial aid program and enrollment of Boston residents.
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Top Independent Contractors: Five vendors received over $100,000 in calendar year 2024: Trane ($1,025,624 for HVAC contracting), SAGE Dining Service ($779,518 for campus dining), A&A Transportation ($448,238 for student transportation), Cambridge Associates LLC ($433,374 for investment advisory), and James W. Flett ($332,617 for construction services).
Editorial Note
All financial figures in this report derive from The Roxbury Latin School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 309 enrolled boys in Grades 7–12) and have been verified by the data team.
While Roxbury Latin spends $72,109 per student in direct program services ($88,717 in total institutional expenses), 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 compensation, discounted baseline tuition, and need-blind admissions access that operate alongside the school's historical matriculation outcomes.
Accounting Reconciliation (Schedule D, Parts XI–XIII): Readers comparing Roxbury Latin's audited financial statements to IRS Form 990 will note differences in reported revenue and expenses. GAAP audited financial statements report $40,370,970 in total revenue and gains (which includes $18,500,950 in net unrealized investment gains but nets $3,292,395 in financial aid grants, $26,023 in bad debt, and $626,319 in investment management fees), whereas Form 990 reports $25,814,757 in total revenue. Similarly, Form 990 reports $27,413,695 in total functional expenses (grossing up $3,292,395 in financial aid grants, $26,023 in bad debt expense, and $626,319 in investment fees), compared to $23,468,958 on GAAP audited financial statements.
Frequently Asked Questions: Roxbury Latin's Form 990 Financials
As of Fiscal Year 2025, Roxbury Latin's endowment stands at $225.1 million, or $728,582 per enrolled boy. Its $8.74 million annual payout funds 31.9% of the school's $27.41 million Form 990 operating budget (and 37.2% of its $23.47 million GAAP audited operating expenses).
Roxbury Latin spends $72,109 per student annually in direct program services ($61,454 net of financial aid grants) and $88,717 per student in total institutional expenses across its 309 students. Full tuition of $40,600 covers 56.3% of direct program spending, leaving a $31,509 per-student subsidy covered by endowment distributions and annual giving.
Roxbury Latin awarded $3,292,395 in need-based financial aid in FY25, supporting 38.5% of its student body (119 of 309 boys) with an average grant of $27,667 (68.1% of stated tuition).
In calendar year 2024 W-2 disclosures, retiring Head of School Emeritus Kerry Brennan received $422,977 in total compensation, followed by Assistant Headmaster for Advancement Thomas Guden ($328,228), CFO Michael Stanton ($324,945), and incoming Headmaster Samuel Schaffer ($291,356 for his first six months).
Yes. Because federal law classifies Roxbury Latin as a secondary school rather than an institution of higher education, the school is exempt from the IRC Section 4968 excise tax on net investment income despite holding $728,582 in endowment assets per student.
Roxbury Latin's total assets reached $331.1 million in fiscal year 2025, anchored by $234.5 million in total investment securities and $77.6 million in net campus real estate.
Further Reading
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Analysis of Roxbury Latin School's college placement, examining its Harvard matriculation, need-blind financial aid, the removal of AP courses, and its #4 standing in our ECPI
Data Analysis
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