Howard Hughes Medical Institute
Howard Hughes Medical Institute reported $2.00 billion in revenue and $1.18 billion in expenses for the fiscal year ending August 31, 2025. Of every $100 it spent, $80.17 went to program services, $19.83 to management and general costs and $0.00 to fundraising. Its largest source of revenue was investment income: 98.1% of the total. The highest compensation it reported for one person was $2,004,966 (VP & CHIEF INVESTMENT OFFICER). 955 people received more than $100,000 in reportable compensation. Revenue rose 37% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending August 31, 2025 · Form 990, Part IX, line 25 · total expenses $1.18BFor context, the median across 169 covered medical research charities: $87.02 programs, $12.87 management, $0.11 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending August 31, 2025 · Form 990, Part VIII · total revenue $2.00BThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 80.2% | 83.9% |
| Management & general Part IX 25(C) ÷ 25(A) | 19.8% | 12.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.1% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 0.1% | 72.7% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.2% | 5.8% |
| Highest reported compensation Part VII-A, columns D–F | $2,004,966 | $628,890 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.17% | 1.94% |
| People paid over $100,000 Part VII, line 2 | 955 | 18 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 281.3 | 13.3 |
| Independent voting board members Part VI 1a–1b | 12 of 12 | 93.8% |
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 expenseMedical research organization activities the hhmi investigator program the Howard Hughes Medical Institute's approach to biomedical research can be summarized in three words: people, not projects. This commitment is reflected in the hhmi investigator program. Rather than awarding research grants, this program employs scientists,providing them with long-term, flexible funding that they may use to pursue their scientific interests. Hhmi believes that scientists of exceptional talent and imagination will make fundamental discoveries of lasting scientific value andthatbenefithuman healthif they…
Science education, fellowships, and media programs through its science education, fellowships, and media programs, hhmi invests in individuals, initiatives, and media that advance learning and promote success in science across educational and career stages. Science education programs infy25,hhmirefocuseditsscience education effortsaround student-centeredinitiatives.during the 2024-2025 academic year, thescience education alliance (sea)programsupported7,779 students toparticipateinsea-phages, a two-semesterdiscovery basedcoursethatimmerses students in hands-onscientificresearch.biointeractive…
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 |
|---|---|---|---|---|
| VP & CHIEF INVESTMENT OFFICER Officer, 40.0 hrs/week | $1,928,020 | $0 | $76,946 | $2,004,966 |
| PRESIDENT Officer, 40.0 hrs/week | $1,652,120 | $0 | $69,264 | $1,721,384 |
| MANAGING DIRECTOR, PRIVATE MARKETS Highest compensated employee, 40.0 hrs/week | $1,207,419 | $0 | $36,651 | $1,244,070 |
| MANAGING DIRECTOR, PUBLIC MARKETS Highest compensated employee, 40.0 hrs/week | $1,160,055 | $0 | $36,152 | $1,196,207 |
| MANAGING DIRECTOR & HEAD OF INVESTMENT OPERATIONS Highest compensated employee, 40.0 hrs/week | $1,043,689 | $0 | $74,835 | $1,118,524 |
| VP & GENERAL COUNSEL & SECRETARY Officer, 40.0 hrs/week | $831,890 | $0 | $55,620 | $887,510 |
| INVESTIGATOR Highest compensated employee, 40.0 hrs/week | $806,661 | $0 | $48,264 | $854,925 |
| VP & CHIEF SCIENTIFIC OFFICER Officer, 40.0 hrs/week | $772,292 | $0 | $78,035 | $850,327 |
955 people received more than $100,000 in reportable compensation from Howard Hughes Medical Institute (Part VII, line 2). Compensation of current officers, directors and key employees totaled $12M (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–1b12 · 12 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 26No
- 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 52,627
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| ARAMARK SERVICES INCOPORATED Conference center management | $8,495,550 |
| JONES LANG LASALLE AMERICAS INC Facilities management | $3,503,353 |
| WHITEHAWK CAPITAL PARTNERS Investment management | $2,840,656 |
| ACCEL Investment management | $2,500,241 |
Individuals listed as contractors are left out. 143 contractors were paid more than $100,000 in all.
Private foundation grants it received
1 private foundation reported grants to Howard Hughes Medical Institute totaling $70,000 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 Howard Hughes Medical Institute's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Howard Hughes Medical Institute, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Howard Hughes Medical Institute spent in FY2025, $80.17 went to programs. The full breakdown, from its IRS Form 990:
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All medical research charities · Largest charities in Maryland
Questions people ask
How much of Howard Hughes Medical Institute's spending goes to programs?
In the fiscal year ending August 31, 2025, Howard Hughes Medical Institute reported that 80.2% of its $1.18 billion in expenses went to program services, 19.8% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Howard Hughes Medical Institute pay its top executive?
The largest total compensation Howard Hughes Medical Institute reported for one person in the fiscal year ending August 31, 2025 was $2,004,966, for the role of VP & CHIEF INVESTMENT OFFICER (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Howard Hughes Medical Institute get its money?
Of $2.00 billion in revenue in the fiscal year ending August 31, 2025, 0.1% came from contributions and grants and 0.2% from program service revenue (Form 990, Part VIII).
Is Howard Hughes Medical Institute a registered charity?
The IRS lists EIN 59-0735717 as a 501(c)(3) organization (hospital or medical research organization), 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 August 31, 2025, object 202640419349301864 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending August 31, 2024, object 202510459349301966 · read the filing
- FY2023: Form 990 for the fiscal year ending August 31, 2023, object 202420529349301717 · read the filing
- FY2022: Form 990 for the fiscal year ending August 31, 2022, object 202330539349300943 · read the filing
- FY2021: Form 990 for the fiscal year ending August 31, 2021, object 202210399349301501 · read the filing
- FY2020: Form 990 for the fiscal year ending August 31, 2020, object 202140779349300539 · read the filing
All filings for EIN 59-0735717: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.