Collegiate School Assets Reach $350M, Supported by $104.7M Investment Portfolio and $34.1M Endowment
By Data Team | Published October 27, 2026
Collegiate School's total assets reached $350.4 million in fiscal year 2025. Supported by a $104.7 million investment portfolio, the school's investment income covers 22.6% of its operating budget, according to its latest IRS filing. The school's $34.1 million endowment balance equates to 54.8% of this annual operating budget. This financial foundation allows the New York City all-boys day school to spend $75,188 per student annually on direct program services while awarding $6.75 million in financial aid.
Collegiate's finances illustrate how top-tier private day schools operate independent of standard tuition models. While published tuition generates roughly $66,915 per student, robust investment returns and philanthropy subsidize every enrolled student by over $8,200 annually. This structure funds comprehensive financial aid for 17.5% of the student body and powers the academic infrastructure behind Collegiate's performance in the Elite College Placement Index (ECPI).
Rather than relying entirely on annual tuition increases, Collegiate leverages significant real estate assets—centered around its $221.4 million campus on Freedom Place South—and alternative investment vehicles to fund its elite academic programs.
Institutional & Governance Profile
Operating under its formal legal title, Collegiate School Inc., the institution functions as an elite all-boys day school in New York City. Its corporate governance involves a professional executive cabinet and an independent board of trustees overseeing a $350 million balance sheet.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1628, the school issued W-2s to 265 employees in calendar year 2024 and engaged 126 documented volunteers.
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Executive Leadership: Head of School Ellanor Brizendine leads the academy following the departure of former Head of School David Lourie.
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Governing Board (Schedule O): The board comprises 24 independent voting trustees.
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Corporate Structure: Collegiate wholly owns 301 Freedom Place South LLC, a disregarded entity holding $221.4 million in campus real estate assets.
Top-Line Financials
Collegiate School expanded its net assets while successfully trimming total liabilities in FY25 (covering July 1, 2024 through June 30, 2025). This growth insulates its academic operations from short-term market volatility and reinforces its long-term financial security.
Balance Sheet Strength
- Total Assets $350,359,384 (+0.1%)
- Total Liabilities $64,710,752 (-2.4%)
- Total Net Assets $285,648,632 (+0.7%)
- Donor-Restricted Net Assets $41,780,797 (14.6% of Total Net Assets)
- Unrestricted Net Assets $243,867,835 (85.4% of Total Net Assets)
Operating Performance
- Total Revenue $65,791,158 (+20.8%)
- Total Expenses $62,297,091 (+7.6%)
- Operating Surplus $3,494,067 (+201.9%)
- Unrealized Losses (Excluded) -$1,464,526
Revenue Breakdown
A defining feature of Collegiate School's financial model is its revenue diversification. While tuition remains the primary driver, the school generated 21.4% of its $65.8 million revenue from realized investment income. This effectively shields the operating budget from enrollment shifts and supports specialized academic programming.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue Up 5.3% YoY$46,424,955 (70.6%)
- Tuition & Fees $44,297,980
- Special Programs $2,126,975
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Investment Income Up 278.6% YoY$14,082,695 (21.4%)
- Realized Capital Gains $12,208,539
- Dividends & Interest $1,874,156
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Contributions & Grants Down 23.4% YoY$5,059,335 (7.7%)
- Noncash Stock Gifts $1,958,163
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Other Revenue$224,173 (0.3%)
Endowment Performance and Asset Allocation
Collegiate School manages a focused $34.1 million restricted endowment alongside a broader $104.7 million total investment portfolio. The school allocates nearly a quarter of its total portfolio to alternative assets—primarily hedge funds—and deploys substantial capital through offshore investment vehicles in Central America and the Caribbean.
Because Collegiate qualifies as a secondary school under federal tax law, it remains exempt from the IRC Section 4968 endowment excise tax on net investment income that applies to wealthy colleges and universities.
Portfolio Performance & Asset Allocation ($104.7M Total Holdings)
Schedule D, Part VII Allocation
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Endowment Balance (EOY): $34,122,826. This restricted balance alone equates to 54.8% of the annual operating budget.
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Net Investment Earnings: $4,100,370 directly credited to the endowment fund during FY25.
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Alternative & Offshore Capital: Hedge funds comprise $25.7 million of the portfolio, deployed via Central American and Caribbean structures.
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Total Endowment Payout: $889,799 distributed specifically for grants and scholarships. Overall investment returns funded 22.6% of operations.
Detailed Asset Mix
5-Year Endowment History
Our data team examined the five-year trajectory of Collegiate's restricted endowment across its Schedule A and Schedule D, Part V disclosures. Starting from a $30.08 million balance in FY21, the endowment absorbed direct contributions alongside steady net investment gains. Across this five-year window, the endowment distributed critical scholarship support while expanding its ending balance to $34.1 million (comprising 73% permanent endowment and 27% 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 | $30,520,132 | $26,631,900 | $25,483,145 | $30,076,030 | $23,639,876 |
| 1b. Contributions | $392,123 | $666,300 | $332,099 | $775,259 | $321,771 |
| 1c. Net investment earnings | $4,100,370 | $3,475,933 | $2,026,191 | -$5,368,144 | $7,302,232 |
| 1d. Grants or scholarships | -$889,799 | -$254,000 | -$1,209,536 | $0 | -$1,187,849 |
| 1e. Other expenditures | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $34,122,826 | $30,520,132 | $26,631,900 | $25,483,145 | $30,076,030 |
Per-Student Spending and True Cost
Comparing tuition revenue against total instructional expenditure reveals the underlying economics of a Collegiate education. Even for families paying full sticker price, tuition and fees cover significantly less than what the academy actually spends per pupil during the regular academic year.
When an elite day school outspends its baseline tuition revenue by over $8,200 per student, the resulting resources power highly specialized academics. This structural subsidy finances advanced programs, small class sizes, robust educational travel, and extensive instructional supplies.
Operations vs. Revenue
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Regular Session Program Spend: $49,774,623 across approximately 662 students ($75,188 gross program spend per student; $64,984 net excluding financial aid grants).
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Tuition & Fee Revenue: $44,297,980 ($66,915 per student before financial aid discounts). Annual investment distributions and philanthropic contributions cover the remaining $8,273 per-student programmatic gap.
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Instructional & Dining Investment: Operations are directly supported by $2.85 million in instructional supplies and $1.84 million in campus food services.
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Global Engagement & Travel: The academy disbursed $405,884 to Envoys for specialized educational travel services, contributing to a broader $1.90 million institutional travel budget to enhance student learning beyond the campus.
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Special Programs Revenue: Beyond standard tuition, Collegiate generated $2.12 million from specialized course programs and summer activities, diversifying its program service income.
Financial Aid Access
Collegiate School backs its commitment to accessibility through detailed financial aid disclosures. The academy funds significant tuition grants so aided students can participate fully in its rigorous academic community. Families apply for these funds annually through Collegiate and Student Services, ensuring objective financial assessments.
Internal Student Support
- Aided Student Share 17.5% (116 students)
- Tuition Grants $6,754,792
- Average Grant per Student $58,230
Financial Aid Valuation
Financial aid is formally reported as a tuition reduction based on fair market value (FMV). By directly discounting tuition requirements for qualified families, the school effectively lowers socioeconomic barriers inside its selective NYC community.
Executive Compensation
In a telling reflection of elite independent school leadership transitions, Collegiate’s highest-paid employee in FY25 was former Head of School David Lourie. His $974,959 in total compensation was significantly elevated by a $340,184 negotiated severance agreement. As outlined in Schedule J, this arrangement illustrates the substantial financial commitments institutions make to ensure orderly executive transitions, compensating outgoing leadership while simultaneously funding the incoming administration of active Head of School Ellanor Brizendine, who received $759,026.
Notably, while compensation at the highest levels is substantial, Collegiate’s packages remain just below the $1 million threshold that would trigger federal IRC Section 4960 excise taxes—a regulatory provision that frequently impacts university-scale endowments and larger boarding schools. Furthermore, executive compensation includes significant non-cash benefits; the Head of School's package incorporates a housing allowance valued at $165,547, reflecting the high cost of executive real estate retention in the New York City market.
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Collegiate paid $33.85 million in total employee compensation in FY25 (accounting for 54.3% of all institutional expenses) across 265 W-2 employees, with 97 staff members earning over $100,000.
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Top Executive Packages: Former Head of School David Lourie earned $974,959 in total compensation (including a $340,184 severance payment), while active Head of School Ellanor Brizendine received $759,026.
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On-Campus Housing Valuation: The Head of School received a housing allowance valued at $165,547.
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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) |
| David LourieHead of School (thru 6/10/24) | $488,169 | $340,184 | $0 | $64,400 | $82,206 | $974,959 | $0 |
| Ellanor BrizendineHead of School | $562,860 | $0 | $0 | $67,850 | $128,316 | $759,026 | $0 |
| Theresa FoyCFOO (thru 1/31/25) | $543,816 | $0 | $0 | $61,525 | $1,200 | $606,541 | $0 |
| Melanie HutchinsonHead of Lower School | $307,147 | $0 | $0 | $36,650 | $33,848 | $377,645 | $0 |
| Andrew PrinceHead of Upper School | $304,195 | $0 | $0 | $18,501 | $47,893 | $370,589 | $0 |
| Hassan JonesHead of Middle School | $288,647 | $0 | $0 | $20,076 | $47,893 | $356,616 | $0 |
| Rekha PuriAsst Head for Adm & Enroll | $302,201 | $0 | $0 | $20,129 | $33,848 | $356,178 | $0 |
| Dwight VidaleAssoc Head for Inst Equity | $286,939 | $0 | $0 | $18,403 | $47,893 | $353,235 | $0 |
Facilities, Debt, and Municipal Relations
Collegiate School maintains a prime New York City campus. Rather than fully liquidating holdings to pay for major construction, the school taps the tax-exempt municipal bond market to optimize its capital structure, allowing its other assets to compound.
While Collegiate does not make voluntary municipal payments to local governments, it receives beneficial aid from state and local municipalities for mandated services, highlighting a unique financial relationship with its locale.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Collegiate holds $269.3 million in gross property and buildings ($224.8 million net book value after depreciation).
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Tax-Exempt Bond Refinancing: The school holds $37.0 million in tax-exempt bond liabilities originating from the 2016 Build NYC Resource Corporation project.
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Town-Gown PILOT Payments: The school made $0 in voluntary Payment in Lieu of Taxes (PILOT) contributions to local governments.
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Municipal Aid Received: Collegiate received $444,884 from the New York State Department of Education for mandated services and $96,027 from the NYC Department of Citywide Administrative Services.
Editorial Note
All financial figures in this report derive from Collegiate School's FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025) and have been reviewed by the data team.
While Collegiate spends $75,188 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 Collegiate's historical matriculation outcomes.
Accounting Reconciliation: Readers comparing Collegiate's audited financial statements to IRS Form 990 will note variations in total revenues and expenses. Form 990 reports $62.3M in expenses (which records $6.75M in financial aid grants as an operating expense), whereas GAAP audited financials report $55.1M (which nets financial aid directly against gross tuition revenue). Specific non-operating adjustments, such as $153,300 in special event expenses, also apply.
Frequently Asked Questions: Collegiate's Form 990 Financials
As of Fiscal Year 2025, Collegiate holds a $34.1 million restricted endowment alongside broader investments. The official endowment balance is equivalent to 54.8% of its annual operating budget.
Collegiate spends an average of $75,188 per student annually in direct program service expenditures ($49.7 million total). This amount exceeds the $66,915 average per-student baseline generated in tuition and fees. Investment returns and philanthropy fund the difference.
Collegiate disbursed $6.75 million in financial aid in FY25. This supports 17.5% of its student body (116 students) through tuition reductions.
The highest-paid employee in FY25 was former Head of School David Lourie, who received $974,959, which included a $340,184 severance payment. Active Head of School Ellanor Brizendine earned $759,026.
Yes. Because federal law classifies Collegiate 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.
Collegiate's total assets reached $350.4 million in fiscal year 2025, largely driven by its $221.4 million campus real estate and investment portfolio.
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