University of Chicago
University of Chicago reported $5.62 billion in revenue and $5.56 billion in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $84.14 went to program services, $14.67 to management and general costs and $1.19 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 47.3% of the total. Government grants made up 30.8%. The highest compensation it reported for one person was $3,295,016 (EXEC. VP MEDICAL AFFAIRS). 7,580 people received more than $100,000 in reportable compensation. Revenue rose 52% 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 $5.56BFor 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 $5.62BThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 84.1% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 14.7% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 1.2% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.03 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 45.9% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 30.8% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 47.3% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $3,295,016 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.06% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 7,580 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 19.5 | 13.3 |
| Independent voting board members Part VI 1a–1b | 45 of 49 | 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: In 2024-2025, the University enrolled 19,266 students; of that total, 7,559 were undergraduate students in the college (the University's undergraduate school), 4,677 were graduate students, 6,277 were students in the University's professional schools and 753 were non-degree students
Research: University of Chicago faculty cross traditional disciplinary boundaries to transform understandings in business, economics, history, law, literature, religion, physics, chemistry and biology and medicine, among other fields. In pursuit of these research endeavors, during fiscal year 2024-2025 the University was awarded a total of $811 million in research funding from federal agencies, non-federal government entities, corporations, foundations, and other sources. This fiscal year $549 million was expended from federal government sponsors of research, with the U.S. Department of…
Scholarships & Fellowships: The University meets 100% of a student's demonstrated need with an extensive financial aid program which is designed to enable the most qualified students to attend the University regardless of their financial circumstances. For the 2024-2025 academic year, approximately 45% of all students in the College received financial aid in the form of grants and scholarships. University-wide expenditures for scholarships and fellowships amounted to $647.6 million. Of this amount, approximately $495.9 million was provided from unrestricted funds; the remaining $151.7 million…
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 |
|---|---|---|---|---|
| EXEC. VP MEDICAL AFFAIRS Officer, 40.0 hrs/week | $3,233,711 | $0 | $61,305 | $3,295,016 |
| VP AND CHIEF INVEST. OFFICER Officer, 40.0 hrs/week | $2,690,389 | $0 | $69,007 | $2,759,396 |
| PROFESSOR OF SURGERY Highest compensated employee, 40.0 hrs/week | $2,200,677 | $0 | $50,196 | $2,250,873 |
| ENTERPRISE CHIEF FINANCIAL OFFICER Officer, 40.0 hrs/week | $138,158 | $1,795,872 | $255,898 | $2,189,928 |
| PRESIDENT Director/trustee, officer, 40.0 hrs/week | $2,031,564 | $0 | $51,177 | $2,082,741 |
| PROFESSOR OF SURGERY Highest compensated employee, 40.0 hrs/week | $1,745,161 | $0 | $71,022 | $1,816,183 |
| PROFESSOR Highest compensated employee, 40.0 hrs/week | $1,737,859 | $0 | $70,365 | $1,808,224 |
| PROFESSOR OF SURGERY Highest compensated employee, 40.0 hrs/week | $1,568,976 | $0 | $59,378 | $1,628,354 |
7,580 people received more than $100,000 in reportable compensation from University of Chicago (Part VII, line 2). Compensation of current officers, directors and key employees totaled $19M (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–1b49 · 45 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 2Yes
- 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 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 529,117
- Volunteers Part I, line 66,996
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| HURON CONSULTING SERVICES LLC It consulting | $26,647,283 |
| HSRE-CAPSTONE CHICAGO Hygiene services | $18,466,972 |
| BULLEY REWS LLC Construction svcs | $18,333,823 |
| ALLIED UNIVERSAL SECURITY SERVICES Security services | $13,367,074 |
Individuals listed as contractors are left out. 1,019 contractors were paid more than $100,000 in all.
Private foundation grants it received
356 private foundations reported grants to University of Chicago totaling $87M 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 University of Chicago's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for University of Chicago, you can publish a response that is linked from this page.
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Of every $100 University of Chicago spent in FY2025, $84.14 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Emory Group ReturnAtlanta, GA · revenue $4.83B · programs 97.9% · FY2025
- Washington UniversitySaint Louis, MO · revenue $5.90B · programs 91.9% · FY2025
- Duke UniversityDurham, NC · revenue $4.75B · programs 89.7% · FY2025
- University of Southern CaliforniaLos Angeles, CA · revenue $5.93B · programs 81.5% · FY2025
- Icahn School of Medicine at Mount SinaiNew York, NY · revenue $4.49B · programs 88.5% · 2024
Questions people ask
How much of University of Chicago's spending goes to programs?
In the fiscal year ending June 30, 2025, University of Chicago reported that 84.1% of its $5.56 billion in expenses went to program services, 14.7% to management and general and 1.2% to fundraising (Form 990, Part IX).
How much does University of Chicago pay its top executive?
The largest total compensation University of Chicago reported for one person in the fiscal year ending June 30, 2025 was $3,295,016, for the role of EXEC. VP MEDICAL AFFAIRS (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does University of Chicago get its money?
Of $5.62 billion in revenue in the fiscal year ending June 30, 2025, 45.9% came from contributions and grants (including 30.8% from government grants) and 47.3% from program service revenue (Form 990, Part VIII).
Is University of Chicago a registered charity?
The IRS lists EIN 36-2177139 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 202601349349303110 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202541359349309109 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202421349349306107 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202321329349307887 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202201329349304120 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202111329349304371 · read the filing
All filings for EIN 36-2177139: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.