The Brearley School Assets Surpass $411 Million, Generating 72.5% of its $69.3 million Revenue Directly from Tuition
By Data Team | Published October 26, 2026
The Brearley School's total assets reached $411.1 million in fiscal year 2025. Operating on a $66.4 million annual budget, the institution dedicates $44.2 million directly to its educational mission, translating to a core programmatic expenditure of $57,799 per student according to the institution's latest IRS filing. This financial structure allows the all-girls Manhattan day school to allocate $8.41 million annually to financial aid scholarships.
Brearley's balance sheet illustrates a distinct financial model compared to heavily endowed boarding schools. Rather than relying on massive endowment payouts to subsidize its operations, Brearley's $83.2 million endowment covers just 4.9% of its operating budget. The school depends primarily on $50.2 million in program service revenue, functioning with the endowment as a strategic capital buffer rather than the primary operational engine.
Despite this tuition-centric model, institutional wealth remains critical to supporting Brearley's outcomes on the Elite College Placement Index (ECPI). A robust philanthropic pipeline delivering nearly $14 million in annual contributions ensures the school can maintain competitive faculty compensation, fund its Manhattan physical plant, and bridge the gap between tuition revenue and the true cost of educating each student.
Institutional & Governance Profile
Founded in 1884, The Brearley School operates as an independent K-12 girls' day school in New York City. Its governance model utilizes an independent board of trustees overseeing a professional administrative cabinet to manage complex financial assets and an extensive urban campus footprint.
Institutional Scale and Board Structure
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Founding & Workforce Scale: The institution issued 376 Form W-2s in calendar year 2024 and engaged 176 documented volunteers across its operations and community network.
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Executive Leadership: Head of School Jane Foley Fried led the institution through June 2025, alongside Chief Financial and Operating Officer Rahul Tripathi.
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Governing Board (Schedule O): The board comprises 24 voting trustees, all operating as independent members ensuring objective fiduciary oversight.
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Related Entities: Brearley manages the Friends of Brearley Inc, a legally distinct 501(c)(3) charitable organization established in Delaware.
Top-Line Financials
Brearley's balance sheet reflects significant real estate holdings and steady fiscal growth. Surpassing the $411 million asset threshold in FY25 (covering July 1, 2024 through June 30, 2025), the school expanded its net assets by 7.0%, securing its long-term financial positioning amidst rising operational costs in Manhattan.
Balance Sheet Strength
- Total Assets $411,153,807 (+7.0%)
- Total Liabilities $88,302,413 (+7.0%)
- Total Net Assets $322,851,394 (+7.0%)
- Donor-Restricted Net Assets $95,890,418 (29.7% of Total Net Assets)
- Unrestricted Net Assets $226,960,976 (70.3% of Total Net Assets)
Operating Performance
- Total Revenue $69,329,550 (+1.7%)
- Total Expenses $66,443,671 (+7.2%)
- Operating Surplus $2,885,879 (-53.5%)
- Unrealized Gains (Excluded) $18,467,981
Note: The reported $2.88 million operating surplus reflects standard Form 990 accounting parameters; integrating the $18.4 million in unrealized investment gains captures the full scope of Brearley's FY25 net asset expansion.
Revenue Breakdown
Unlike tertiary-scale boarding academies, Brearley relies heavily on program service revenue—primarily tuition and fees—to fund its annual operations. Generating 72.5% of its $69.3 million revenue directly from tuition, the school offsets operational gaps with nearly $14 million in annual philanthropic contributions and realized investment income.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue (Tuition) Up 3.3% YoY$50,255,810 (72.5%)
- Tuition & Fees $50,255,810
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Contributions & Grants Up 0.5% YoY$13,985,568 (20.2%)
- Direct Contributions $13,040,304
- Fundraising Events $649,029
- Government Grants $296,235
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Investment Income Down 14.0% YoY$4,352,512 (6.3%)
- Dividends & Interest $2,280,313
- Realized Capital Gains $2,072,199
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Other Revenue$735,660 (1.0%)
Endowment Performance and Asset Allocation
The Brearley School strategically manages its $83.2 million endowment to preserve capital and ensure long-term sustainability. The institution allocates heavily toward alternative assets, deploying over $125 million across offshore hedge funds and limited partnerships out of its broader $211.7 million investment portfolio.
This allocation strategy prioritizes illiquidity premiums for higher long-term yields. Because Brearley qualifies as a secondary educational institution under federal tax code, it remains exempt from the IRC Section 4968 endowment excise tax that applies to private colleges and universities.
Portfolio Performance & Asset Allocation ($211.7M Total Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $83,224,398 (up 9.5% YoY). Comprises 160 individual funds restricted for scholarships, capital improvements, and dedicated purposes.
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Net Investment Gains: $8,508,676 generated directly within the endowment structure.
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Alternative Capital Allocation: More than 59% of the total $211.7M investment portfolio sits in Limited Partnerships and Offshore Hedge Funds (deployed via Central America and the Caribbean).
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Total Payout: $3,230,383 drawn specifically for facilities and academic programming operations.
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Brearley's endowment across its Schedule D, Part V disclosures. Starting from a $61.9 million beginning balance in FY21, the endowment received direct contributions and generated investment earnings while distributing essential payouts for operations. After a sharp market contraction in FY22, the endowment rebounded strongly, pushing its ending balance to a robust $83.2 million in FY25 (comprising 30% permanent endowment and 70% 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 | $76,009,952 | $68,875,469 | $65,590,540 | $75,731,813 | $61,896,393 |
| 1b. Contributions | $1,936,153 | $882,325 | $887,469 | $811,543 | $1,541,763 |
| 1c. Net investment earnings | $8,508,676 | $9,179,346 | $4,713,372 | ($9,132,083) | $14,532,239 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($3,230,383) | ($2,927,188) | ($2,315,912) | ($1,820,733) | ($2,238,582) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $83,224,398 | $76,009,952 | $68,875,469 | $65,590,540 | $75,731,813 |
Per-Student Spending and True Cost
Program Service Accomplishments (Part III, Line 4a)
"THE BREARLEY SCHOOL CHALLENGES GIRLS OF ADVENTUROUS INTELLECT AND DIVERSE BACKGROUNDS TO THINK CRITICALLY AND CREATIVELY, AND TO ACT WITH COURAGE AND INTEGRITY. THE SCHOOL FOSTERS A LOVE OF LEARNING, EXCELLENCE IN THE LIBERAL ARTS, AND ENGAGEMENT IN A LIVELY AND INCLUSIVE COMMUNITY. GUIDED BY DEDICATED FACULTY AND STAFF, STUDENTS LEARN TO UPLIFT ONE ANOTHER AS THEY GRAPPLE WITH COMPLEX IDEAS AND DEVELOP A STRONG SENSE OF SELF. WE VALUE EMPATHY, ORIGINALITY, AND DEPTH OF THOUGHT AND CHARACTER. THE BREARLEY COMMUNITY CULTIVATES THE JOY OF LASTING FRIENDSHIPS, THE CONFIDENCE TO PURSUE ONE'S AMBITIONS, AND A COMMITMENT TO THE GREATER GOOD."
Executing this core educational mission requires strategic resource allocation. According to Brearley's latest IRS disclosures, the institution deployed $44,217,307 in direct program service expenses—which includes $8,414,715 in financial aid grants—supported directly by $50,255,810 in program service revenue (tuition).
Isolating this direct programmatic expenditure across its student body, Brearley spends $57,799 per student specifically on academic operations, student services, and core mission fulfillment. When factoring in the total institutional overhead (including physical plant, administration, and development), the comprehensive true cost to run the entire facility rises to over $86,000 per student.
Operations vs. Revenue
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Program Service Spend (Per-Student): $44,217,307 deployed directly into the educational mission translates to $57,799 in core academic and programmatic spending per student.
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Tuition & Fee Revenue: The $50,255,810 in generated program service revenue successfully covers the direct academic cost, highlighting the strength of its core tuition model.
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Overall Operational Spend: $66,443,671 in total functional expenditures translates to a comprehensive true cost of $86,854 per student to run the institution holistically.
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Philanthropic Dependency: The school utilizes nearly $14.0 million in annual contributions and grants to fund its comprehensive overhead and financial aid pool, ensuring the endowment is preserved.
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Endowment Distribution Ratio: The $3.23 million annual endowment payout covers approximately 4.9% of total operational expenditures, highlighting the fund's role as a strategic buffer rather than the primary revenue source.
Financial Aid: How Brearley Spends $8.4M on Access
Brearley commits substantial resources to maintaining socioeconomic diversity within its Manhattan campus through direct tuition reduction grants. As disclosed on Schedule I, the school provided $8.41 million in financial assistance to 153 students, ensuring access for approximately 20% of its student body.
Rather than writing direct cash stipends, Brearley applies these scholarships directly to awarded students' accounts in the form of tuition reduction. Families applying for aid are assessed utilizing the nationwide School and Student Service for Financial Aid (SSS) framework, allowing the school to systematically allocate its multi-million dollar aid pool based on rigorous, standardized need analysis.
Internal Student Support
- Aided Student Share ~20% (153 students)
- Total Tuition Grants $8,414,715
- Average Grant per Student $55,000
- Method of Disbursement Direct Tuition Reduction
Public Outreach & External Grants
- Domestic Organizations ($0) Unlike tertiary-scale boarding schools that frequently fund external community programs, Brearley reported $0 in grants to domestic organizations on Schedule I, Part II.
- Resource Concentration 100% of the institution's $8.41 million financial aid and grant budget is directed internally to support its own enrolled student body.
Executive Compensation
The compensation matrix at The Brearley School reflects the demands of steering a highly complex non-profit institution in New York City. The school evaluates top executive packages using comparability data from peer institutions and an independent compensation consultant, securing approval via the Board of Trustees.
Former Head of School Jane Foley Fried (who served through June 2025) led the payroll hierarchy with a total compensation package exceeding $1.1 million, reflecting her mandate to manage the school’s academic execution and physical expansion. Under her employment agreement, the school provided a tax-free residence for personal use, a customary provision for heads of elite urban day schools.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Brearley issued $39.58 million in total employee compensation and benefits in FY25 (accounting for 59.5% of all institutional expenses) across 376 W-2 employees. A significant 103 staff members earned over $100,000.
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Top Executive Packages: Former Head of School Jane Foley Fried earned $1,128,864 in total compensation, while CFO/COO Rahul Tripathi received $585,646.
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Supplemental Retirement: The school maintains a supplemental nonqualified retirement plan for eligible employees, contributing $54,420 into the structure during FY25.
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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) |
| Jane Foley FriedHead of School (to 6/25) | $952,520 | $0 | $5,000 | $66,320 | $105,024 | $1,128,864 | $0 |
| Rahul TripathiCFO/COO | $498,489 | $0 | $5,000 | $66,320 | $15,837 | $585,646 | $0 |
| James E MulkinAsst. Head Academic Life | $395,254 | $0 | $5,000 | $26,696 | $9,045 | $435,995 | $0 |
| Phoebe GeerDirector of Advancement | $307,190 | $0 | $5,000 | $38,397 | $0 | $350,587 | $0 |
| Carolyn ClarkDir. of College Advising | $266,333 | $0 | $5,000 | $34,110 | $32,623 | $338,066 | $0 |
| Maria-Anna ZimmermannHead of Lower School | $272,735 | $0 | $5,000 | $34,661 | $19,847 | $332,243 | $0 |
| Doris ColemanDirector of Facilities | $240,103 | $0 | $5,000 | $31,785 | $38,260 | $315,148 | $0 |
| Betty NoelHead of Upper School | $254,464 | $0 | $5,000 | $31,207 | $0 | $290,671 | $0 |
Facilities, Debt, and Municipal Relations
Managing a premier educational footprint on Manhattan's Upper East Side requires substantial capital engineering. Brearley utilizes the tax-exempt municipal bond market to execute construction and physical plant optimization without prematurely liquidating highly profitable endowment holdings.
Unlike sprawling New England boarding academies that often execute voluntary municipal contributions to surrounding towns, Brearley recorded no Payment in Lieu of Taxes (PILOT) to municipal authorities in FY25, typical for space-constrained NYC day schools focused purely on vertical physical infrastructure.
Capital Debt & Operations
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Physical Plant Valuation: Brearley holds $230.8 million in gross property and buildings, returning a net book value of $178.6 million after factoring $52.1 million in accumulated depreciation.
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Tax-Exempt Bond Liabilities: The school successfully leveraged $50.0 million in tax-exempt municipal bonds issued through the Build NYC Resource Corporation to finance institutional project work.
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Town-Gown PILOT Payments: While holding $178.6 million in net tax-exempt campus real estate, Brearley recorded no Payment in Lieu of Taxes (PILOT) to municipal authorities in FY25, a stark contrast to the voluntary municipal contributions often made by sprawling boarding academies.
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Construction & External Services: The school deployed heavy capital for campus maintenance and operations, remitting over $10.0 million to Shawmut Design and Construction, and $530,253 to Flik Hospitality Group for food services.
Editorial Note
All financial figures in this report derive from The Brearley School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025) and have been verified by the data team.
While Brearley maintains significant institutional wealth, Chicardgo School does not imply that financial expenditure mechanically guarantees higher placement into Ivy+, Top 25 National University, or Top 15 Liberal Arts College tiers. Rather, these resources construct the faculty pipelines and academic infrastructure that facilitate historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Brearley's audited financial statements to IRS Form 990 will note differences regarding tuition discounting. Form 990 nets $8.41 million in financial aid grants directly against tuition revenue, reducing gross reporting, whereas distinct GAAP standards may categorize these disbursements alternatively.
Frequently Asked Questions: Brearley's Form 990 Financials
As of Fiscal Year 2025, Brearley's endowment stands at $83.2 million, generating annual distributions that fund approximately 4.9% of the school's operating budget.
Brearley reported total operating expenses of $66.4 million in FY25, with $44.2 million dedicated directly to program services (translating to $57,799 per student). This is supported primarily by $50.2 million in program service revenue (tuition) and supplemented by contributions.
Brearley disbursed $8.41 million in financial aid scholarships in FY25. This tuition reduction program supported 153 students, representing approximately 20% of its student body.
The highest-paid employee is Head of School Jane Foley Fried, who received $1,128,864 in total compensation in FY25.
Yes. Brearley utilizes the municipal bond market, holding a $50 million tax-exempt bond issue administered through the Build NYC Resource Corporation to finance its campus optimization.
Brearley's total assets reached $411.1 million in fiscal year 2025, anchored heavily by $178.6 million in net physical campus real estate in Manhattan and an $83.2 million endowment.
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