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InstitutionAssets (consolidated)Land, buildings, equipment (consolidated)Liabilities (consolidated)Right-of-use assetsNet financial assets = Assets minus land, liabilities, and right-of-use assets (consolidated)Historic gift value of restricted gifts (consolidated)Appreciation on restricted gifts + unexpended gifts balances (consolidated)FFE (consolidated)Endowment assets with restrictionsEndowment assets without restrictions (including "undesignated")Harvard's General Operating AccountCash paid for interest (consolidated)Principal payments on debt instruments (consolidated). Mean over four years 2025-2028Next year's endowment payoutFFE available for operationsCash, notes, and short term investmentsLiquidity resourcesNotes receivable and pledge payments1-year liquidity resourcesRevenueTuition revenue (net)Endowment payout(Government) grants and contractsEndowment payout as percentage of revenue(Government) grants as percentage of revenueDebt servicing as percentage of tuition revenueDebt servicing as percentage of revenueDebt (bonds and notes payable)Debt load as a percentage of net financial assets
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Brown10,065,2831,638,7191,728,85169,0616,628,6522,234,1883,490,406994,1915,788,072930,71327,3519,688350,669788,138325,00078,7891,542,5961,361,863412,243280,757298,60220.62%21.93%8.98%2.72%1,282,10819.34%
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Cal Tech7,827,5091,263,4602,685,1923,878,857782,7013,458,380782,70163,10252,500227,461433,655405,000386,5741,452,6903,535,38153,296211,0343,104,3435.97%87.81%216.91%3.27%1,595,06941.12%
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Chicago with hospital in highlighted segments20,335,7465,180,7728,746,043296,8566,112,0752,835,7123,297,0022,323,9556,369,4422,355,586231,410105,497593,983173,803321,752675,0001,040,9812,805,5197,536,890611,299565,691561,2567.51%7.45%55.11%4.47%6,143,517100.51%
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Chicago without hospital in highlighted segments20,335,7465,180,7728,746,043296,8566,112,0752,835,7123,297,0022,323,9556,369,4422,355,586231,410105,497511,948173,803118,434675,000340,2451,819,4303,027,337609,991499,059543,23316.49%17.94%55.23%11.13%6,143,517100.51%
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Columbia24,835,9316,089,0775,041,632254,35513,450,8674,778,87910,588,4518,502,57667,32568,235661,4382,341,031900,000825,9904,728,4596,449,041919,563539,0601,329,0098.36%20.61%14.74%2.10%2,249,56416.72%
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Dartmouth12,045,4971,359,8681,673,6789,011,9512,430,1333,986,5771,856,6056,416,7101,856,60540,34610,438449,2001,120,085570,000388,6842,527,9691,300,330243,646412,465185,26731.72%14.25%20.84%3.91%983,94310.92%
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Harvard76,783,1348,933,09612,451,836675,08954,723,11310,007,06231,895,2049,636,7179,636,71743,598,48810,425,470226,40587,4652,767,2742,193,7094,500,000778,83110,239,8146,409,0891,152,1122,392,379686,46837.33%10.71%27.24%4.90%7,134,08013.04%
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Johns Hopkins23,110,9954,006,3394,931,363199,83113,973,4628,140,2542,036,2152,886,60410,176,4692,886,60454,38718,111704,0611,136,485970,2812,810,8278,868,595851,851544,4784,801,6996.14%54.14%8.51%0.82%1,786,96112.79%
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MIT39,982,4985,425,4516,431,621198,59127,926,83517,507,6137,207,417163,07940,7581,379,1712,234,089500,000450,8634,564,1235,065,009427,9931,166,5972,324,86923.03%45.90%47.63%4.02%4,430,39615.86%
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Notre Dame26,690,0092,740,0864,592,62919,357,2943,149,2665,896,4987,570,7609,045,7647,570,76046,65611,562652,332301,458841,500182,2431,977,5331,759,925375,213566,698213,29832.20%12.12%15.52%3.31%1,261,2486.52%
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Penn with hospital in highlighted segments40,606,0209,853,1519,653,19721,099,6727,993,37011,398,19219,554,631143,162100,1367,993,3702,718,541196,3031,836,54212,744,75615,791,0121,377,6701,063,4151,000,0006.73%6.33%17.66%1.54%4,273,94020.26%
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Penn without hospital in highlighted segments40,606,0209,853,1519,653,19721,099,6727,993,37010,345,62412,002,324143,162100,1367,993,3702,718,541196,3031,836,54212,744,7566,331,5421,377,6701,063,415188,87016.80%2.98%17.66%3.84%4,273,94020.26%
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Princeton43,043,9186,5236,719,93336,317,4622,550,91215,974,29014,876,66319,707,00016,617132,856146,9461,779,700396,3651,677,053157,0834,010,2012,649,410136,643748,561406,18028.25%15.33%204.77%10.56%5,422,39314.93%
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Stanford with hospital in highlighted segments80,144,00014,512,00016,601,00049,031,00011,584,43611,433,41316,825,16925,814,37629,066,395272,175318,7031,987,5625,983,9101,671,4022,720,82712,363,70118,314,000499,4152,226,0971,571,45812.16%8.58%118.31%3.23%5,507,00011.23%
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Stanford without hospital in highlighted segments63,332,0008,691,00010,865,00043,776,00011,282,11111,178,88616,672,42924,961,46222,307,702272,175318,7031,902,7001,481,435985,402717,4065,086,9438,407,271499,4152,211,0631,571,42526.30%18.69%118.31%7.03%5,507,00012.58%
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Yale55,315,4816,011,1239,278,431139,71739,886,2106,152,66429,663,0387,243,90036,147,5059,762,20388,0744,135,000562,6004,697,6005,881,045468,0351,943,8531,192,35233.05%20.27%18.82%1.50%4,847,30212.15%
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CalTech records $197,372 in deferred government billings. Despite misgivings about their status under the current administration, I record these as assetsStanford: This figure represents funds "Subject to restrictions in perpetuity."Brown and Harvard combine funds without restrictions and FFE. Penn records as quasi-endowment all non-donor-restricted funds, but in its quantification of liquidity, it uses 7,993,370 (labelled as "investments") to identify investments it treats as available to meet operating expenses.Stanford: This figure is "Total net assets with donor restrictions" less "Plant facilities." Yale: This is "total net assets" less "Student loans, perpetual in nature"Stanford: This is "Total net assets without donor restrictions" less "Net investment in plant facilities." Yale: This is board-designated endowment and undesignated endowment (excluding therefore derivaties, non-controlling interest, etc.)CalTech records 46,185 in cash paid for interest as an operating expense and another 16,287 as a non-operating expense.Penn explicitly includes the full amount of quasi-endowment funds for general expenditures.Note: Yale does not list any lines of credit, etc.Dartmouth: I include unexpended taxable debt in this category.Stanford: I don't include "Assets limited as to use." Beyond an idiosyncratic tabulation of financials assets it could liquidate within a year (followed by a more conventional discursive account), Yale allows that it has FFE of $7,243.9 million on which it could draw.Harvard reports "Net student income," a figure that includes "board and lodging." It also reports tuition, feeds, and board and lodging at published rates, as well as "scholarships." The figure above represents tuition and fees and published rates, less "scholarships," with the caveat that some portion of "scholarships" is likely directed to pay "board and lodging."Where relevant (e.g., Stanford), I aggregate endowment payout and other investment income.Not all universities easily break out federal government grants and contracts from a total of all grants and contracts, in which case I use the global category. Caltech records $163,176 in indirect costs and allowances; this must be separate from the contract payments for JPL operations. Harvard breaks down government sponsored revenue into direct and indirect costs ($190,344). Johns Hopkins records cost recoveries of $471,109; the contract for the Applied Physics Lab accounts for $2,493,323 of this total. MIT recoprds indirect cost recovery at $289,172. Stanford: I exclude SLAC National Accelerator Laboratory, since it's managed for DOE. Stanford breaks down direct costs as $1,201,597 and indirect costs as $369,828.Princeton's figure is "Indebtedness to third parties."
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