The Chapin School Assets Surpass $361 Million, Reduced Liabilities While Expanding Net Assets Through Strategic Investment Gains and Consistent Tuition Revenue
By Data Team | Published October 27, 2026
The Chapin School's total assets reached $361.7 million in fiscal year 2025, anchored by an urban real estate footprint and a $109.1 million endowment that covers 3.6% of the K-12 day school's operating budget, according to the institution's latest IRS filing. This financial framework allows Chapin to dedicate $55.28 million ($66,607 per student) directly to program services, while its fully loaded true cost reaches $85,743 per student, alongside awarding $8.28 million in financial aid to 153 students.
According to its Form 990, Chapin generates $54.84 million in program service revenue, yielding approximately $66,084 per student. To fulfill its mission, the school utilizes 134 instructional staff and 61 support employees. The $20,000 gap between program revenue and the $85,743 true operating cost is covered by the school's endowment and annual giving, which also funds grants given by the school in the form of financial aid to eligible students. This capitalized approach fortifies the academic engine behind its ranking in the Elite College Placement Index (ECPI).
This capitalized approach secures the institution against external economic variables. By balancing tuition dependence with perpetual investment returns and strategic tax-exempt bond financing, Chapin funds comprehensive faculty compensation, continuous facility enhancements, and need-based access without compromising operational liquidity.
Institutional & Governance Profile
Operating formally as The Chapin School Ltd, the institution functions as a premier independent day school for young women in New York City. Its corporate governance balances nearly a century of educational tradition with rigorous financial oversight, utilizing an independent board of trustees to direct strategic planning and executive performance.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Formed in 1929, the school issued 317 Form W-2s in calendar year 2024 and engaged 450 documented volunteers across its operations and community network.
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Executive Leadership: Head of School Suzanne Fogarty leads the academy alongside Chief Financial Officer Mary P. Foster.
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Governing Board (Schedule O): The board comprises 23 voting trustees, including 22 independent members ensuring fiduciary accountability.
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Academic Structure: The school meets the educational needs of approximately 830 students from Kindergarten through 12th grade, supported by an instructional staff of 134 and the additional support of 61 employees. During the year, 153 eligible students were awarded scholarships.
Top-Line Financials
Chapin's balance sheet reflects the financial strength required to maintain a world-class academic program in Manhattan. Crossing the $361.7 million asset threshold in FY25 (covering July 1, 2024 through June 30, 2025), the school reduced its liabilities while expanding net assets through strategic investment gains and consistent tuition revenue.
Balance Sheet Strength
- Total Assets $361,756,793 (+1.6%)
- Total Liabilities $99,707,921 (-1.4%)
- Total Net Assets $262,048,872 (+2.9%)
- Donor-Restricted Net Assets $32,839,586 (12.5% of Total Net Assets)
- Unrestricted Net Assets $229,209,286 (87.5% of Total Net Assets)
Operating Performance
- Total Revenue $68,927,419 (+4.9%)
- Total Expenses $71,166,899 (-0.3%)
- Operating Deficit -$2,239,480 (-60.8%)
- Unrealized Gains (Excluded) $9,569,694
Note: The $2.24 million reported operating deficit reflects standard Form 990 accounting parameters; incorporating the $9.57 million in unrealized investment gains captures the full scope of Chapin's FY25 net asset expansion.
Revenue Breakdown
A defining feature of Chapin's financial model is its strong tuition base paired with disciplined philanthropy and investment returns. Generating $68.9 million in total revenue, the school primarily relies on program service revenue (tuition), but supports growth through steady donor contributions and an actively managed portfolio.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 5.4% YoY$54,849,824 (79.6%)
- Tuition Income $54,081,460
- Other Student Fees $500,364
- Technology Fees $268,000
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Contributions & Grants Up 0.7% YoY$11,673,998 (16.9%)
- Direct Public Support $10,526,000
- Government Grants $694,038
- Noncash Stock Gifts $453,974
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Investment Income Up 14.9% YoY$2,072,452 (3.0%)
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Other Revenue$331,145 (0.5%)
Endowment Performance and Asset Allocation
The Chapin School manages its $109.1 million endowment using sophisticated allocation strategies typically reserved for larger university portfolios. The school allocates nearly a third of its investment portfolio to alternative assets—primarily offshore hedge funds and portfolio funds—domiciled in Central America and the Caribbean.
This institutional asset allocation prioritizes long-horizon capital appreciation over conventional fixed-income yields. Crucially, because Chapin qualifies as a secondary school under federal tax law, it remains entirely exempt from the IRC Section 4968 endowment excise tax on net investment income that applies to wealthy colleges and universities.
Portfolio Performance & Asset Allocation ($101.28M Analyzed Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $109,110,410, representing $131,458 per regular-session student.
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Net Investment Earnings: $11,396,120 generated during the fiscal year.
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Alternative & Offshore Capital: 31.6% of the analyzed portfolio sits in alternative assets, with $32.03 million deployed via Central American and Caribbean structures.
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Total Payout: $2,561,442 distributed to support facilities and programs (3.6% of operating expenses).
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Chapin's endowment across its Schedule A and Schedule D, Part V disclosures. Starting from a $99.19 million beginning balance in FY21, the endowment absorbed $29.49 million in direct endowment contributions alongside $23.12 million in cumulative net investment earnings. Across this five-year window, the endowment distributed $52.67 million toward facilities and operations, settling at an ending balance of $109.11 million (comprising 83.68% board-designated quasi-endowment and 12.30% permanent 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 | $97,474,457 | $71,575,859 | $65,853,682 | $66,777,337 | $99,195,178 |
| 1b. Contributions | $2,801,275 | $18,675,556 | $1,835,349 | $5,328,611 | $855,433 |
| 1c. Net investment earnings | $11,396,120 | $9,569,692 | $6,124,392 | ($3,766,242) | $9,767,812 |
| 1d. Grants or scholarships | $0 | $0 | $0 | $0 | $0 |
| 1e. Other expenditures | ($2,561,442) | ($2,346,650) | ($2,237,564) | ($2,486,023) | ($43,041,086) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $109,110,410 | $97,474,457 | $71,575,859 | $65,853,683 | $66,777,337 |
Per-Student Spending and True Cost
Comparing program service revenue against total instructional and operational expenditure reveals the underlying economics of a Chapin education. Based on Form 990 Part III 4a data, the school directs $55,284,004 specifically toward program services for its approximately 830 students, translating to a direct educational spend of $66,607 per pupil.
However, with a total operating budget of $71.1 million, the school executes a fully loaded "true cost" of $85,743 per student annually. Both the direct program spend and the fully loaded true cost outpace the $54,849,824 (or $66,084 per student) generated in program service revenue. This structural deficit emphasizes the necessity of annual giving and endowment returns to support comprehensive faculty retention and need-blind access.
Operations vs. Revenue (Based on Part III)
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Direct Program Spend: $55,284,004 deployed strictly for program services, equating to $66,607 per student.
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Fully Loaded True Cost: $71,166,899 in total functional expenses across 830 students, equating to an institutional true cost of $85,743 per student (incorporating $19,136 per pupil for management, general operations, and fundraising).
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Program Service Revenue: $54,849,824 ($66,084 per student before financial aid discounts), leaving a gap between program tuition revenue and operational costs.
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Instructional & Support Staff: The school meets the educational needs of approximately 830 students from Kindergarten through 12th grade, with an instructional staff of 134 and the additional support of 61 employees.
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Financial Aid Grants: Grants are given by the school in the form of financial aid to eligible students. During the school year ended June 30 2025, 153 eligible students were awarded such scholarships, totaling $8,285,547.
Financial Aid: How Chapin Spends $8.28M on Access
Chapin supports socioeconomic diversity within its urban environment through detailed financial aid disclosures on Schedule I and Part III. The school dedicated $8,285,547 to tuition reduction grants, awarded to 153 eligible students, ensuring that academically qualified applicants have access regardless of demonstrated financial need.
Rather than relying on secondary noncash living stipends, the school consolidates its support directly into primary tuition reduction. Additionally, Chapin integrates $694,038 in financial assistance from the New York State Department of Education for mandated services into its overall financial model, maintaining essential resources while serving its community.
Internal Student Support
- Aided Student Share 18.4% (153 students)
- Tuition Grants $8,285,547
- Average Grant per Student $54,154
- Wraparound Noncash Aid $0
Government Assistance
- NYS Mandated Services ($694,038) Financial assistance received from the New York State Department of Education to fulfill state-mandated administrative and educational services.
Executive Compensation
The Chapin School compensates its executive leadership competitively for the New York City market. Head of School Suzanne Fogarty is the institution's highest-paid employee, receiving $1,167,035 in total compensation in FY25. This structural approach ensures the school can attract and retain top-tier administrative talent capable of managing a $361 million organization.
Total employee compensation constitutes $34.23 million, accounting for a massive 48.1% of all operating expenses. Like many leading institutions, Chapin requires its Head of School to utilize a school-owned residence to conduct official business and host community activities, ensuring continuous engagement with the school's philanthropic and academic network.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Chapin paid $34.2 million in total employee compensation (including benefits and pension accruals) across 317 W-2 employees, with 107 staff members earning over $100,000.
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Top Executive Packages: Head of School Suzanne Fogarty earned $1,167,035 in total compensation, while Chief Financial Officer Mary P. Foster received $533,437.
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Compensation Governance: The Board's Compensation Committee determines the annual increase for the Head of School, relying on published comparable salary data for similar schools in the area.
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On-Campus Housing: The Head of School is required to use a school-owned residence for the convenience of the school, generating $114,792 in reported nontaxable benefits.
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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) |
| Suzanne FogartyHead of School | $962,493 | $0 | $14,750 | $75,000 | $114,792 | $1,167,035 | $0 |
| Mary P. FosterChief Financial Officer | $478,924 | $0 | $14,750 | $39,763 | $0 | $533,437 | $0 |
| Marita AltmanDirector of Advancement | $326,056 | $0 | $14,750 | $38,904 | $0 | $379,710 | $0 |
| Xiomara HallAssociate Head of School | $316,800 | $0 | $14,750 | $36,516 | $0 | $368,066 | $0 |
| Therese CruiteHead of Lower School | $288,400 | $0 | $14,750 | $30,450 | $0 | $333,600 | $0 |
| Karey Boals SchnerDir. of College Guidance | $260,543 | $0 | $14,750 | $28,921 | $0 | $304,214 | $0 |
| Allison BishopHead of Upper School | $259,836 | $0 | $14,750 | $29,582 | $0 | $304,168 | $0 |
Facilities, Debt, and Municipal Relations
Managing a complex physical plant in Manhattan requires sophisticated capital structuring. The Chapin School holds $342.7 million in gross property and buildings (valued at $225.6 million net of depreciation), utilizing tax-exempt municipal bonds to fund construction while preserving liquidity.
By issuing bonds through the New York City Industrial Development Agency, Chapin secures low-cost capital for campus expansion. Unlike some suburban institutions, Chapin does not record voluntary Payment in Lieu of Taxes (PILOT) to its municipality on its Schedule I disclosures, instead operating within the standard tax-exempt framework typical of urban educational nonprofits.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Chapin maintains a $225.6 million net real estate footprint in New York City, deploying $3.89 million annually on building maintenance alongside $13.3 million in depreciation.
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Tax-Exempt Bond Liabilities: The school holds $82.6 million in tax-exempt bond liabilities issued through the New York City Industrial Development Agency, recording $2.19 million in total FY25 interest expense.
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Schedule I Town-Gown Relations: The school does not disclose any voluntary Payment in Lieu of Taxes (PILOT) to municipal governments on its Schedule I.
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Top Vendors: The largest independent contractor disbursements went to Aramark Corporation ($2.33M for food services) and ABM Industries ($1.7M for campus maintenance).
Editorial Note
All financial figures in this report derive from The Chapin School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 830 K-12 students) and have been reviewed by the data team.
While Chapin's total operational footprint demands a fully loaded cost of $85,743 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 faculty, need-blind admissions access, and academic programming that operate alongside Chapin's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Chapin's audited financial statements to IRS Form 990 will note adjustments in total revenue tracking. Form 990 records unrealized gains of $9.56M outside of total operating revenue (Line 12), shifting the net asset bridge significantly from the base $68.9M revenue figure. Additionally, $8.28M in scholarship expense is broken out in Schedule D reconciliation.
Frequently Asked Questions: Chapin's Form 990 Financials
As of Fiscal Year 2025, Chapin's endowment stands at $109.1 million. The total endowment equates to 153.3% of the school's total operating budget, with its annual payout directly funding 3.6% of school operations.
Based on its Form 990 (Part III), Chapin dedicates $55,284,004 directly to program services, equating to $66,607 per student for its 830 enrollees. However, when factoring in all management, general operations, and fundraising costs, the fully loaded 'true cost' is $85,743 per student. This outpaces the $66,084 generated per student in program revenue.
Chapin awarded $8,285,547 in financial aid to 153 eligible students in FY25, providing an average grant of $54,154.
The highest-paid employee is Head of School Suzanne Fogarty, who received $1,167,035 in total compensation in FY25, including a $75,000 retirement contribution and $114,792 in nontaxable benefits (such as required on-campus housing).
Yes. Because federal law classifies Chapin as a secondary school rather than an institution of higher education, the school is exempt from the federal IRC Section 4968 excise tax on net investment income.
Chapin's total assets reached $361.7 million in fiscal year 2025, anchored by its $225.6 million net real estate footprint and its sophisticated investment portfolio.
Further Reading
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