Yale University
Yale University reported $8.45 billion in revenue and $6.67 billion in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $87.15 went to program services, $11.39 to management and general costs and $1.46 to fundraising. Its largest source of revenue was investment income: 43.8% of the total. Government grants made up 10.8%. The highest compensation it reported for one person was $5,384,798 (Chief Investment Officer). 7,072 people received more than $100,000 in reportable compensation. Revenue rose 51% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $6.67BFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $8.45BThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 87.2% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 11.4% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 1.5% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.06 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 18.2% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 10.8% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 37.4% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $5,384,798 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.08% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 7,072 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 87.2 | 13.3 |
| Independent voting board members Part VI 1a–1b | 16 of 17 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseInstruction: The program service costs include salaries, fringe benefits and supplies of teaching approximately 15,500 students including 6,741 undergraduates and 8,750 graduate and professional school students. A faculty of nearly 5,750 teach and administer programs across a range of disciplines in the sciences and engineering, the social sciences, the humanities, and the various learned professions. More than 80 majors are available in the undergraduate college and more than 35 different degree programs are offered by the university. In addition to the graduate school of arts and sciences…
Student financial aid and services: Yale college admits students for their academic and personal promise without regard to their ability to pay. Yale is committed to an admissions policy that does not consider a student's ability to pay, and a financial aid policy that meets the full need of all students with no loans required. These two principles: need-blind admissions and need-based financial aid, ensure that a Yale education is affordable for everyone. With this policy, Yale strives to create a learning environment accessible to the most talented students from around the world and that…
Research: The University engages in extensive research in medicine, science, engineering, the arts, social sciences, and humanities. The University's research activities are aimed at the advancement of knowledge as well as training students in the research process. As integral parts of a unified, innovative, and accessible student-centered research University, Yale's labs and classrooms are turning out groundbreaking medical and scientific discoveries and the next generation of innovators in many areas of research excellence. The University's outstanding facilities devoted to research are…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| Chief Investment Officer Key employee, 50.0 hrs/week | $2,736,107 | $0 | $2,648,691 | $5,384,798 |
| Managing Director, Investments Highest compensated employee, 50.0 hrs/week | $1,862,086 | $0 | $2,722,743 | $4,584,829 |
| Sr Director of Private Equity Highest compensated employee, 50.0 hrs/week | $2,347,383 | $0 | $1,828,042 | $4,175,425 |
| Sr Director of Finance Highest compensated employee, 50.0 hrs/week | $4,102,577 | $0 | $63,612 | $4,166,189 |
| President (through 6/30/24) Highest compensated employee, 50.0 hrs/week | $3,921,313 | $0 | $98,044 | $4,019,357 |
| Director, Investments Highest compensated employee, 50.0 hrs/week | $3,087,594 | $0 | $72,634 | $3,160,228 |
| Former Sr Director, Investments Former, 50.0 hrs/week | $1,603,495 | $0 | $46,368 | $1,649,863 |
| Dean, School of Medicine Key employee, 50.0 hrs/week | $1,203,172 | $0 | $53,087 | $1,256,259 |
7,072 people received more than $100,000 in reportable compensation from Yale University (Part VII, line 2). Compensation of current officers, directors and key employees totaled $16M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b17 · 16 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26Yes
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 535,714
- Volunteers Part I, line 615,000
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| THE WHITING-TURNER CONTRACTING COMPANY construction & related services | $73,407,823 |
| TURNER CONSTRUCTION COMPANY Construction & related services | $57,278,327 |
| DIMEO CONSTRUCTION COMPANY Construction & related services | $49,467,322 |
| Shawmut Woodworking & Supply Inc Construction & Related Services | $45,201,588 |
| PETRA CONSTRUCTION CORP Construction & related services | $40,852,434 |
Individuals listed as contractors are left out. 485 contractors were paid more than $100,000 in all.
Private foundation grants it received
550 private foundations reported grants to Yale University totaling $126M on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Yale University's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Yale University, you can publish a response that is linked from this page.
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Of every $100 Yale University spent in FY2025, $87.15 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- President and Fellows of Harvard CollegeCambridge, MA · revenue $8.32B · programs 85.6% · FY2025
- The Board of Trustees of the Leland Stanford Junior UniversityRedwood City, CA · revenue $10.2B · programs 88.6% · FY2025
- Emory UniversityAtlanta, GA · revenue $7.86B · programs 93.5% · FY2025
- Johns Hopkins UniversityBaltimore, MD · revenue $10.6B · programs 90.1% · FY2025
- The Trustees of Columbia University in the City of New YorkNew York, NY · revenue $7.51B · programs 90.1% · FY2025
Questions people ask
How much of Yale University's spending goes to programs?
In the fiscal year ending June 30, 2025, Yale University reported that 87.2% of its $6.67 billion in expenses went to program services, 11.4% to management and general and 1.5% to fundraising (Form 990, Part IX).
How much does Yale University pay its top executive?
The largest total compensation Yale University reported for one person in the fiscal year ending June 30, 2025 was $5,384,798, for the role of Chief Investment Officer (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Yale University get its money?
Of $8.45 billion in revenue in the fiscal year ending June 30, 2025, 18.2% came from contributions and grants (including 10.8% from government grants) and 37.4% from program service revenue (Form 990, Part VIII).
Is Yale University a registered charity?
The IRS lists EIN 06-0646973 as a 501(c)(3) organization (school), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202641359349303914 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202501359349304220 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202441369349303279 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202321359349305547 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202211369349304576 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202141379349304104 · read the filing
All filings for EIN 06-0646973: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.