St. Paul's School Assets Exceed $1 Billion and Spends $125,200 Per Student as $788M Endowment Funds 46% of Operating Budget
By Data Team | Published October 21, 2026
St. Paul's School's total assets reached $1.05 billion in fiscal year 2025, powered by a $788.3 million endowment that covers 46.4% of the boarding school's operating budget, according to the school's latest IRS filing. That investment engine allows the Concord, New Hampshire academy to spend approximately $125,200 per student annually—well above its published tuition rate—while awarding $12.8 million in direct financial aid.
For prospective families and education policymakers, St. Paul's finances illustrate how university-scale wealth shapes admissions access and student outcomes at the nation's top-ranked private boarding schools. While published tuition and fees bring in roughly $72,605 per student, endowment payouts and robust investment gains subsidize every enrolled student by over $52,000 annually. This financial buffer directly supports the academic infrastructure driving the school's performance in the Elite College Placement Index (ECPI).
This level of independent capitalization fundamentally alters the institution's operational model. Rather than relying heavily on annual tuition increases to balance its books, St. Paul's School draws on perpetual investment returns to fund global admissions recruiting, comprehensive financial aid, and specialized academic programs regardless of domestic economic cycles.
Institutional & Governance Profile
Operating as a fully residential academic community in Concord, New Hampshire, St. Paul's School functions with the organizational complexity of a private liberal arts college. Its corporate governance balances 19th-century charter traditions with modern fiduciary oversight, pairing a professional executive cabinet with an independent board of trustees to steward its billion-dollar balance sheet.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1856, the school issued 413 Form W-2s in calendar year 2024 and engaged 22 documented volunteers across its operations.
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Executive Leadership: Rector Kathleen Giles leads the school alongside Vice Rector for Finance & Administration Dr. Caroline Brooks Seay.
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Governing Board (Schedule O): The board comprises 23 voting trustees. Rector Giles serves as the sole non-independent voting member among the 22 independent trustees.
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Voting Dynamics: Certain designees of the Alumni and Parents Associations serve as members of the Board of Trustees and hold the same voting authority as other elected members. The full board approves all significant decisions.
Top-Line Financials
St. Paul's School's balance sheet mirrors the financial architecture of a mid-sized university. Crossing the $1.05 billion asset threshold in FY25 (covering July 1, 2024 through June 30, 2025), the academy expanded its net assets while trimming its total liabilities, insulating academic operations from short-term market volatility.
Balance Sheet Strength
- Total Assets $1,054,322,060 (+3.7%)
- Total Liabilities $101,197,719 (-1.6%)
- Total Net Assets $953,124,341 (+4.3%)
- Donor-Restricted Net Assets $614,146,318 (64.4% of Total Net Assets)
- Unrestricted Net Assets $338,978,023 (35.6% of Total Net Assets)
Operating Performance
- Total Revenue $133,709,674 (+35.2%)
- Total Expenses $89,097,183 (+4.1%)
- Operating Surplus $44,612,491 (+236.4%)
- Unrealized Gains/Losses -$6,399,394
Note: The $44.6 million reported operating surplus reflects standard Form 990 accounting parameters; factoring in the -$6.4 million in unrealized investment losses captures the full scope of St. Paul's FY25 net asset expansion.
Revenue Breakdown
A defining feature of St. Paul's School's financial model is its extreme revenue diversification. Whereas most private day schools depend on tuition for 80% or more of their annual inflows, St. Paul's generates over 70% of its $133.7 million in revenue from realized investment income and philanthropic contributions, shielding the operating budget from enrollment shifts.
Primary Revenue Streams
FY25 Revenue Distribution
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Investment Income Up 67.7% YoY$78,833,901 (59.0%)
- Realized Capital Gains $66,840,775
- Dividends & Interest $9,860,115
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Program Service Revenue Up 2.4% YoY$38,843,672 (29.0%)
- Tuition & Fees $38,843,672
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Contributions & Grants Up 15.9% YoY$15,797,913 (11.8%)
- Noncash Stock Gifts $1,110,551
- Art Donations $16,000
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Other Revenue Down 24.6% YoY$234,188 (0.2%)
Endowment Performance and Asset Allocation
St. Paul's School manages its $788.3 million endowment following institutional asset allocation frameworks, prioritizing illiquidity premiums and long-horizon capital appreciation. The school allocates nearly half of its total investment portfolio to alternative assets—primarily hedge funds and private equity—and deploys substantial capital through offshore investment vehicles in Central America and the Caribbean.
Because St. Paul's qualifies as a secondary school under federal tax law, the academy remains entirely exempt from the IRC Section 4968 endowment excise tax on net investment income that applies to similarly wealthy colleges and universities.
Portfolio Performance & Asset Allocation ($807.1M Total Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $788,285,452 (up 4.3% YoY), representing massive capitalization per regular-session student.
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Net Investment Earnings: $67,395,202 (comprising $66.8M in realized gains and interest, offset by unrealized losses).
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Alternative & Offshore Capital: 46.2% of the $807M portfolio sits in marketable and non-marketable alternatives, with $318.8M deployed via Central American and Caribbean structures.
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Total Payout (Draw): $41,371,424 ($27.5M to facilities/programs, $7.7M to grants/scholarships, $6.2M to administrative fees).
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of St. Paul's endowment across its Schedule A and Schedule D, Part V disclosures. Starting from a $614.4 million beginning balance in FY21, the endowment absorbed robust net investment gains—including a $136.5 million surge in FY21—and recovered quickly from a broader market contraction in FY22. Across this five-year window, the endowment distributed substantial funding toward scholarships, facilities, and academic programs while pushing its ending balance up to $788.3 million (comprising 73% permanent endowment and 27% 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 | $755,457,495 | $702,438,205 | $673,159,678 | $742,994,887 | $614,403,597 |
| 1b. Contributions | $6,804,179 | $1,106,833 | $7,733,588 | $4,703,402 | $23,755,225 |
| 1c. Net investment earnings | $67,395,202 | $89,266,492 | $59,423,910 | ($39,273,285) | $136,520,063 |
| 1d. Grants or scholarships | ($7,719,361) | ($6,984,938) | ($6,927,869) | ($6,284,550) | ($6,085,594) |
| 1e. Other expenditures | ($27,458,015) | ($27,184,429) | ($25,294,953) | ($23,052,391) | ($22,556,652) |
| 1f. Administrative expenses | ($6,194,048) | ($3,184,668) | ($5,656,149) | ($5,928,385) | ($3,041,752) |
| 1g. End of year balance | $788,285,452 | $755,457,495 | $702,438,205 | $673,159,678 | $742,994,887 |
Per-Student Spending and True Cost
Comparing tuition revenue against total instructional expenditure reveals the underlying economics of a St. Paul's education. Even for families paying full sticker price, tuition and fees cover just a fraction of what the academy actually spends per pupil during the regular academic year.
When a secondary school outspends its baseline tuition revenue by over $52,000 per student, the resulting resources strictly resemble a residential college campus. That structural subsidy finances an immersive, coeducational boarding environment dedicated to the pursuit of scholarship, equipping students with vast capital resources before they ever apply to college.
Operations vs. Revenue
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Regular Session Program Spend: $66,980,721 across an estimated 535 students in Grades 9–12 ($125,200 gross spend per student).
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Tuition & Fee Revenue: $38,843,672 ($72,605 per student before financial aid discounts). Annual endowment distributions and investment returns cover the remaining $52,595 per-student gap.
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Campus Safety & Medical Care: Emphasizing residential operations, St. Paul's invests heavily in campus life, including $191,924 allocated to the Director of Campus Safety and $248,296 for the Medical Director alone.
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Global Admissions Recruiting: $43,314 spent abroad on program services and admission visits, with over half ($22,801) concentrated in East Asia and the Pacific.
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Summer Session Investment: The Advanced Studies Program (ASP) generated $800,800 in revenue against $1,364,549 in expenses, representing a purposeful $563,749 operational subsidy to support public educational outreach.
Financial Aid: Investing $12.8M in Access
St. Paul's School ensures that its elite educational framework remains accessible to high-performing students regardless of socioeconomic background, funding 100% of determined financial need. Detailed on Schedule I, the academy disbursed $12.84 million in direct financial aid grants to 205 domestic students in FY25. By pairing comprehensive tuition grants with everyday living support, the academy structurally reduces socioeconomic barriers inside its residential boarding community.
Beyond its own student body, St. Paul's commits substantial capital annually to tuition-subsidized public educational outreach. Founded in 1958, St. Paul's operates the Advanced Studies Program (ASP), an intensive five-and-a-half-week summer immersion that provides talented New Hampshire public and parochial high school students with challenging, college-level curriculum and interactive writing workshops.
Internal Student Support
- Aided Student Share 38.3% (205 students)
- Total Financial Aid Grants $12,836,718
- Average Grant per Student $62,618
Public Outreach Programs
- Advanced Studies Program (ASP) A five-and-a-half-week summer immersion offering college-level curriculum to talented NH public and parochial high schoolers.
- Total ASP Expenditure $1,364,549
Executive Compensation
St. Paul's School utilizes an independent compensation committee to evaluate market comparability and retain top-tier administrative and faculty talent. Total institutional payroll amounted to $39.8 million in salaries and benefits across 413 employees.
Because it is a fully residential academic community, all faculty members are required to live on campus and are provided nontaxable housing as a condition of employment (valued at up to $28,800 internally). Performance-based bonuses and Section 457(f) deferred retirement plans further bolster executive retention.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: St. Paul's paid $39.8 million in total employee compensation in FY25 (accounting for 44.7% of all institutional expenses) across 413 W-2 employees, with 45 staff members earning over $100,000.
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Top Executive Package: Rector Kathy Giles earned $1,048,590 in total compensation, which included a base salary of $726,325, a $126,000 performance bonus, and substantial deferred compensation vesting.
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Residential Housing Benefits: Top listed employees received tax-free housing allowances valued between $14,400 and $28,800.
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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) |
| Kathy GilesRector | $726,325 | $126,000 | $41,400 | $59,890 | $94,975 | $1,048,590 | $0 |
| Dr. Caroline Brooks SeayVice Rector for Finance & Admin. | $353,752 | $24,525 | $41,400 | $55,881 | $0 | $475,558 | $0 |
| Dr. Theresa FernsVice Rector of School Life | $226,059 | $0 | $238 | $29,002 | $69,024 | $324,323 | $0 |
| Scott P. BohanChief Advancement Officer | $242,133 | $83 | $0 | $30,235 | $51,002 | $323,453 | $0 |
| Dr. John C. BassiMedical Director | $248,058 | $0 | $238 | $29,897 | $30,951 | $309,144 | $0 |
| Lori BohanVR for Academics & Faculty | $183,472 | $0 | $0 | $22,017 | $14,862 | $220,351 | $0 |
| Donald SullivanDirector of Campus Safety | $191,841 | $0 | $83 | $23,387 | $3,470 | $218,781 | $0 |
Facilities, Debt, and Municipal Relations
St. Paul's School maintains a historic New Hampshire campus whose scale rivals that of a residential college. Rather than liquidating endowment holdings to pay for major building renovations, the school actively taps the tax-exempt municipal bond market to optimize its capital structure.
Issuing tax-exempt municipal bonds allows St. Paul's to secure low-cost capital for campus construction while keeping its core endowment compounding in higher-yielding alternative markets. Unlike some peer institutions in Massachusetts, St. Paul's School did not report voluntary municipal Payment in Lieu of Taxes (PILOT) contributions on its Schedule I filings for the local Concord government.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: St. Paul's holds $368.5 million in gross property and buildings ($225.4 million net book value after depreciation), expensing over $10.7 million annually in depreciation.
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Tax-Exempt Bond Refinancing: The school holds $81.48 million in tax-exempt bond liabilities. This is driven by series issues through the NHHEFA Revenue Bonds, including a $30,000,000 issue in 2020 and a $12,000,000 issue in 2015.
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Town-Gown Relations: The school's Form 990 Schedule I reported zero grants or assistance distributed to domestic organizations or local municipal governments.
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Top Vendors: The largest independent contractor disbursements went to Harvey Construction Corp of NH ($11.8M for construction), Flik Hospitality ($5.7M for dining services), and JH Spain Commercial Services ($4.9M).
Editorial Note
All financial figures in this report derive from St. Paul's School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025) and have been reviewed by the data team.
While St. Paul's spends $125,200 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 elite faculty, need-blind admissions access, and intensive academic programming that operate alongside St. Paul's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing St. Paul's audited financial statements to IRS Form 990 will note a difference in total expenses. Form 990 reports $89.10M (which records operations and administrative fees), whereas GAAP audited financials report $70.71M (which nets $12.60M in financial aid directly against gross tuition revenue alongside $5.89M in netted investment management expenses).
Frequently Asked Questions: St. Paul's Form 990 Financials
As of Fiscal Year 2025, St. Paul's School's endowment stands at $788.3 million. It funds 46.4% of the school's operating budget.
St. Paul's spends approximately $125,200 per student annually in gross regular-session program expenditures. This significantly exceeds the roughly $72,600 generated per student in baseline tuition and fees, with endowment payouts covering the difference.
St. Paul's School disbursed $12.84 million in direct financial aid grants to 205 domestic students in FY25, averaging over $62,600 per aided student.
The highest-paid employee is Rector Kathy Giles, who received $1,048,590 in total compensation in FY25.
Yes. Because federal law classifies St. Paul's 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, despite holding over $1.47 million in endowment assets per student.
St. Paul's total assets reached $1.05 billion in fiscal year 2025, anchored by its $788.3 million endowment and $225.4 million in net campus real estate.
Further Reading
High School
August 24, 2026How does St. Paul's School (New Hampshire) Compare to Boston-Area Private Schools
Analysis of St. Paul's School's college placement data, examining its Ivy+ pipelines, T25 matriculation footprint, and its performance against elite New England boarding peers.
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).