You’re viewing the FY2024 filing — not the latest on file.
See the latest (FY2025) →
Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1992.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
86 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
42 people listed on the 990; $24.9M paid to officers and key staff.
Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Trustee & President
$2,335,529Pt VII · Sec A
Chief Investment Officer
$2,320,131Pt VII · Sec A
SR Director of Private Equity
$2,057,602Pt VII · Sec A
Managing Director, Investments
$1,772,887Pt VII · Sec A
Managing Director, Investments
$1,703,069Pt VII · Sec A
Chair, Neurosurgery
$1,683,353Pt VII · Sec A
Managing Director, Investments
$1,671,148Pt VII · Sec A
Former Director of Investments
$1,607,501Pt VII · Sec A
Dean, School of Medicine
$1,130,957Pt VII · Sec A
Provost
$887,887Pt VII · Sec A
SR VP for Institutional Affairs
$881,218Pt VII · Sec A
SR VP for Operations
$828,950Pt VII · Sec A
VP for Alumni Affairs & Development
$817,363Pt VII · Sec A
VP for Facilities, Campus Development & Sustainability
$663,536Pt VII · Sec A
VP for Finance & CFO
$596,624Pt VII · Sec A
Former SR Director, Investments
$540,712Pt VII · Sec A
Former VP for Global Strategy
$539,793Pt VII · Sec A
Secretary & VP for University Life
$530,671Pt VII · Sec A
Former Provost
$496,033Pt VII · Sec A
VP for Technology and Campus Services
$472,613Pt VII · Sec A
VP for HR
$435,377Pt VII · Sec A
VP for Communications
$393,137Pt VII · Sec A
Former Dean, School of Medicine
$344,409Pt VII · Sec A
Former Interim VP for Communications
$238,586Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee (through 5/29/24)
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee (ex-Officio)
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
Trustee (ex-Officio)
$0Pt VII · Sec A
Alexander C Banker’s $4.1M as SR Director of Finance is at the 96th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| David F Swensen | — | — | — | $6,646,375 | $4,444,002 | $7,542,474 |
| Alexander C Banker | $4,102,577 | $1,607,501 | $1,430,489 | $1,280,537 | — | — |
| Peter Salovey | $3,921,313 | $2,335,529 | $2,209,809 | $2,160,396 | $1,845,366 | $1,810,684 |
| Dean J Takahashi | $1,603,495 | $540,712 | $529,770 | $357,443 | $2,233,134 | $3,371,207 |
| Carrie Abildgaard | $3,087,594 | — | — | — | — | — |
| Matthew S T Mendelsohn | $2,736,107 | $2,320,131 | $1,704,888 | $1,236,196 | — | — |
| Timothy R Sullivan | $2,347,383 | $2,057,602 | $1,849,321 | $1,674,745 | $1,531,236 | $1,491,074 |
| Alan Forman | — | — | $1,906,869 | $1,542,843 | — | $1,340,488 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
- Loans to or from officersSch L · Pt II2 listed
Programs and updates
Advances global knowledge and trains future innovators through extensive academic research, world-class education, and the preservation of scientific and cultural discoveries.
Questions for Yale University
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Provided by the organization
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3 programs · $4.5B · in their own filed words · FY2023
01
Instruction
The program service costs include salaries, fringe benefits and supplies of teaching approximately 15,000 students including 6,749 undergraduates and 8,263 graduate and professional school students.
$2.6Bprogram expense
02
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.
$1.0Bprogram expense
03
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.
$872.5Mprogram expense
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Schedule I · received and paid
Grants received · FY2025
National Brain Tumor Society INCFY2025$1.5M
Hispanic Scholarship FundFY2025$350K
Credo Housing Development CorporationFY2025$250K
Kennedy's Disease Association INCFY2025$177K
Conn Breast Health Initiative INCFY2025$169K
Scleroderma Research FoundationFY2025$125K
Total grants receivedfrom 34 funders$8.2M
Grants paid · 2,021 grants · $1.3B · 2019–2024
Unitemized GrantFY2024$135,270,344
Yale New Haven HospitalCT · FY2024$14,308,657
Regents of the University of California at San DiegoCA · FY2024$8,554,704
Unitemized GrantFY2024$7,446,486
New Haven Promise INCCT · FY2024$4,559,905
Children's Hospital CorporationMA · FY2024$3,611,092
University of California San FranciscoCA · FY2024$2,920,916
Mass General Brigham IncorporatedMA · FY2024$2,910,442
Mayo ClinicMN · FY2024$2,857,317
Trustees of the University of PennsylvaniaPA · FY2024$2,761,334
University of CincinnatiFY2024$2,687,586
Washington UniversityMO · FY2024$2,621,902
The Trustees of Columbia University in the City of New YorkNY · FY2024$2,396,871
Duke UniversityNC · FY2024$2,277,990
President and Fellows of Harvard CollegeMA · FY2024$2,200,431
University of PittsburghPA · FY2024$2,196,012
Icahn School of Medicine at Mount SinaiNY · FY2024$2,107,463
Mass General Brigham IncorporatedMA · FY2024$2,066,081
By the numbers
The FY2024 990, line by line.
Download 990
1The main four
Money inPt VIII
$6.8B
Ln 12
Fees for servicesLn 2g$3.0B
Investment incomeLn 3$2.4B
Gifts and grantsLn 1h$1.4B
Money outPt IX
$6.2B
Ln 25
Programscol B$5.3B
Managementcol C$787.3M
Fundraisingcol D$86.7M
Owns and owesPt X
$45.2B
net assets · Ln 32
Cash and savingsLn 1–2$1.1B
Total assetsLn 16$55.2B
LiabilitiesLn 26$10.0B
PeoplePt VI, VII
42
listed · VII A
PaidVII A24
Voting boardVI 1a18
IndependentVI 1b17
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.4B
Government grantsLn 1e$859.6M
Noncash giftsLn 1g$163.3M
Fundraising eventsLn 1c$294K
Fees for servicesLn 2g$3.0B
Investment incomeLn 3$2.4B
Other incomeLn 4–11$59.2M
Gains on assetsLn 7$1.71B
Total revenueLn 12$6.8B
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$1.06B
Cash and savings togetherLn 1–2$1.1B
InvestmentsLn 11–13$45.70B
Land, buildings, equipmentLn 10c$6.15B
Other assetsLn 15$602.0M
Total assetsLn 16$55.2B
LiabilitiesLn 26$10.0B
Net assetsLn 32$45.2B
OperationsPt I, VI
EmployeesI 535,714
VolunteersI 615,000
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$2.99B
Bond issues listedSch K Pt I10
Raised by those issuesSch K Pt I$2.86B
Abroad and in kindSch F, M
Grants to other countriesSch F Pt II–III$33.3M
Noncash gifts receivedSch M Pt I$163.3M
EndowmentSch D · Pt V
| Line | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|
| End of yearLn 1g | $41.70B | $40.92B | $41.50B | $42.36B | $31.24B |
| Given inLn 1b | $231.5M | $291.9M | $301.4M | $636.1M | $331.7M |
| SpentLn 1d–1f | $1.73B | $1.63B | $1.42B | $1.58B | $1.38B |
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $844.0M | $1.06B |
| InvestmentsLn 11–13 | $45.31B | $45.70B |
| Land, buildings, equipmentLn 10c | $5.98B | $6.15B |
| Total assetsLn 16 | $54.31B | $55.21B |
| LiabilitiesLn 26 | $10.41B | $10.01B |
| Net assetsLn 32 | $43.90B | $45.20B |
5Every line
Statement of functional expensesPt IX · every line
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $137.4M | $137.4M | ||
| Grants to domestic individualsLn 2 | $630.2M | $630.2M | ||
| Grants and assistance to foreign recipientsLn 3 | $33.4M | $33.4M | ||
| Benefits paid to or for membersLn 4 | $0 | $0 | ||
| Pay of current officers, directors and key staffLn 5 | $15.5M | $1.8M | $12.7M | $924K |
| Pay of disqualified personsLn 6 | $26.4M | $11.4M | $14.9M | $0 |
| Other salaries and wagesLn 7 | $2.51B | $2.28B | $180.7M | $43.4M |
| Pension plan contributionsLn 8 | $198.2M | $174.6M | $19.4M | $4.2M |
| Other employee benefitsLn 9 | $451.8M | $396.5M | $45.8M | $9.6M |
| Payroll taxesLn 10 | $145.4M | $127.4M | $15.0M | $3.1M |
| Management feesLn 11a | $0 | $0 | $0 | $0 |
| Legal feesLn 11b | $17.9M | $1.4M | $16.5M | $7K |
| Accounting feesLn 11c | $1.2M | $51K | $1.2M | $2K |
| Lobbying feesLn 11d | $175K | $175K | $0 | $0 |
| Professional fundraising feesLn 11e | $0 | $0 | ||
| Investment management feesLn 11f | $265.7M | $0 | $265.7M | $0 |
| Other fees for servicesLn 11g | $401.0M | $324.0M | $72.4M | $4.6M |
| Advertising and promotionLn 12 | $8.5M | $6.1M | $2.3M | $79K |
| Office expensesLn 13 | $33.4M | $30.6M | $0 | $2.8M |
| Information technologyLn 14 | $58.5M | $45.0M | $12.6M | $849K |
| RoyaltiesLn 15 | $2.8M | $2.8M | $0 | $0 |
| OccupancyLn 16 | $96.3M | $92.3M | $3.3M | $766K |
| TravelLn 17 | $80.3M | $72.9M | $4.2M | $3.3M |
| Travel and entertainment for public officialsLn 18 | $7K | $7K | $0 | $0 |
| Conferences, conventions and meetingsLn 19 | $25.7M | $20.8M | $1.7M | $3.1M |
| InterestLn 20 | $115.0M | $110.2M | $3.8M | $932K |
| Payments to affiliatesLn 21 | $0 | $0 | $0 | $0 |
| Depreciation, depletion and amortizationLn 22 | $355.0M | $340.4M | $11.7M | $2.9M |
| InsuranceLn 23 | $69.5M | $62.3M | $7.1M | $361 |
| Other expenses (24a–d)Ln 24 | $279.5M | $248.3M | $30.2M | $1.1M |
| All other expensesLn 24e | $239.8M | $168.6M | $66.1M | $5.1M |
| Total functional expensesLn 25 | $6.20B | $5.32B | $787.3M | $86.7M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $8.5B | $6.7B | $1.8B | $48.5B | 990 PDF |
| FY2024 ViewingFiled with the IRS May 15, 2025 | $6.8B | $6.2B | $644.2M | $45.2B | 990 PDF |
| FY2023Filed with the IRS May 15, 2024 | $6.3B | $5.6B | $702.3M | $43.9B | 990 PDF |
| FY2022 | $7.4B | $5.1B | $2.3B | $43.8B | 990 PDF |
| FY2021Filed with the IRS May 16, 2022 | $7.6B | $4.7B | $3.0B | $43.4B | 990 PDF |
| FY2020Filed with the IRS May 17, 2021 | $5.6B | $4.6B | $1.0B | $31.0B | 990 PDF |
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Schedules filed Part IV
III · Programs
R · Related orgs
G · Fundraising
L · Interested persons
I · Grants
A · Public support
F · Foreign
M · Noncash
J · Pay
O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $6,841,256,079 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,328,427,356$1,419,967,393
I-9 Program service revenuePrior year $2,747,218,097$2,982,357,785
I-10 Investment incomePrior year $2,196,267,937$2,379,740,354
I-11 Other revenuePrior year $43,110,398$59,190,547
I-12 Total revenuePrior year $6,315,023,788$6,841,256,079
I-13 Grants and similar amounts paidPrior year $713,315,715$800,884,314
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $3,072,987,279$3,345,923,969
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,826,398,254$2,050,262,976
I-18 Total expensesPrior year $5,612,701,248$6,197,071,259
I-19 Revenue less expensesPrior year $702,322,540$644,184,820
Part VI · Governance 17 of 18 board members independent, no flags
VI-1a Voting members of the governing body18
VI-1b Independent voting members17
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $6,841,256,079 across 16 lines filed
Lines not itemized here account for $43,223,654 of total revenue; see the IRS return.
VIII-1a Federated campaigns$230,137
VIII-1b Membership dues$0
VIII-1c Fundraising events$293,604
VIII-1d Related organizations$4,035,500
VIII-1e Government grants$859,628,199
VIII-1f All other contributions, gifts and grants$555,779,953
VIII-1g Noncash contributions (included above)$163,268,024
VIII-1h Total contributions, gifts and grants$1,419,967,393
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,938,700,315 · Unrelated business $433,816 · Excluded from tax $0$2,939,134,131
VIII-3 Investment incomeRelated to mission $0 · Unrelated business −$34,354,795 · Excluded from tax $702,051,457$667,696,662
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $20,535,204$20,535,204
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $9,298,678$9,298,678
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $7,797,092 · Excluded from tax $1,704,246,600$1,712,043,692
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax −$201,075−$201,075
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $0 · Unrelated business $1,608,021 · Excluded from tax $27,949,719$29,557,740
VIII-12 Total revenueRelated to mission $2,980,633,093 · Unrelated business −$23,224,990 · Excluded from tax $2,463,880,583$6,841,256,079
Part IX · Statement of functional expenses $6,197,071,259 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $137,367,227$137,367,227
IX-2 Grants to domestic individualsPrograms $630,165,415$630,165,415
IX-3 Grants and assistance to foreign recipientsPrograms $33,351,672$33,351,672
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $1,826,650 · Management $12,731,027 · Fundraising $924,111$15,481,788
IX-6 Pay of disqualified personsPrograms $11,442,240 · Management $14,946,301 · Fundraising $0$26,388,541
IX-7 Other salaries and wagesPrograms $2,284,492,702 · Management $180,708,058 · Fundraising $43,351,804$2,508,552,564
IX-8 Pension plan contributionsPrograms $174,566,163 · Management $19,439,945 · Fundraising $4,212,259$198,218,367
IX-9 Other employee benefitsPrograms $396,481,400 · Management $45,754,384 · Fundraising $9,599,355$451,835,139
IX-10 Payroll taxesPrograms $127,384,696 · Management $14,976,261 · Fundraising $3,086,613$145,447,570
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $1,426,466 · Management $16,493,628 · Fundraising $6,539$17,926,633
IX-11c Accounting feesPrograms $51,347 · Management $1,169,056 · Fundraising $1,901$1,222,304
IX-11d Lobbying feesPrograms $175,175 · Management $0 · Fundraising $0$175,175
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $265,662,827 · Fundraising $0$265,662,827
IX-11g Other fees for servicesPrograms $323,969,975 · Management $72,439,582 · Fundraising $4,582,870$400,992,427
IX-12 Advertising and promotionPrograms $6,061,761 · Management $2,342,756 · Fundraising $78,604$8,483,121
IX-13 Office expensesPrograms $30,612,793 · Management $0 · Fundraising $2,816,623$33,429,416
IX-14 Information technologyPrograms $45,049,844 · Management $12,624,618 · Fundraising $848,701$58,523,163
IX-15 RoyaltiesPrograms $2,831,795 · Management $0 · Fundraising $0$2,831,795
IX-16 OccupancyPrograms $92,288,766 · Management $3,257,805 · Fundraising $765,501$96,312,072
IX-17 TravelPrograms $72,852,769 · Management $4,157,239 · Fundraising $3,312,194$80,322,202
IX-18 Travel and entertainment for public officialsPrograms $7,153 · Management $0 · Fundraising $0$7,153
IX-19 Conferences, conventions and meetingsPrograms $20,778,399 · Management $1,738,616 · Fundraising $3,135,858$25,652,873
IX-20 InterestPrograms $110,249,333 · Management $3,785,454 · Fundraising $932,147$114,966,934
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $340,431,598 · Management $11,669,749 · Fundraising $2,873,622$354,974,969
IX-23 InsurancePrograms $62,349,487 · Management $7,146,540 · Fundraising $361$69,496,388
IX-24 Other expenses (24a–d)Programs $248,304,534 · Management $30,153,876 · Fundraising $1,051,074$279,509,484
IX-24e All other expensesPrograms $168,571,395 · Management $66,114,527 · Fundraising $5,088,118$239,774,040
IX-25 Total functional expensesPrograms $5,323,090,755 · Management $787,312,249 · Fundraising $86,668,255$6,197,071,259
Part X · Balance sheet $55,210,972,740 assets, 24 lines filed
Asset lines not itemized here account for $100,964,623; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$0
X-2 Savings and temporary cash investmentsStart of year $843,999,221$1,056,767,942
X-3 Pledges and grants receivableStart of year $1,100,584,439$1,000,818,973
X-4 Accounts receivableStart of year $268,896,646$312,153,450
X-8 Inventories for sale or useStart of year $16,015,744$17,000,237
X-9 Prepaid expenses and deferred chargesStart of year $200,427,560$274,468,451
X-10c Land, buildings and equipment, netStart of year $5,979,748,505$6,150,379,163
X-11 Publicly traded securitiesStart of year $5,822,025,735$4,544,079,686
X-12 Other securitiesStart of year $39,423,024,052$41,070,820,353
X-13 Program-related investmentsStart of year $63,520,238$81,513,394
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $484,746,357$602,006,468
X-16 Total assetsStart of year $54,308,947,172$55,210,972,740
X-17 Accounts payable and accrued expensesStart of year $596,177,641$730,230,344
X-18 Grants payableStart of year $10,485,240$14,911,322
X-19 Deferred revenueStart of year $200,492,619$181,946,454
X-20 Tax-exempt bond liabilitiesStart of year $3,003,836,129$2,988,254,461
X-24 Unsecured notes and loans payableStart of year $2,116,209,322$1,859,047,764
X-25 Other liabilitiesStart of year $4,479,644,953$4,237,346,606
X-26 Total liabilitiesStart of year $10,409,366,761$10,013,756,266
X-27 Net assets without donor restrictionsStart of year $8,758,802,417$9,441,856,086
X-28 Net assets with donor restrictionsStart of year $35,140,777,994$35,755,360,388
X-32 Total net assets or fund balancesStart of year $43,899,580,411$45,197,216,474
X-33 Total liabilities and net assetsStart of year $54,308,947,172$55,210,972,740
Part XI · Reconciliation of net assets $45,197,216,474 net assets at year end
XI-1 Total revenue$6,841,256,079
XI-2 Total expenses$6,197,071,259
XI-3 Revenue less expenses$644,184,820
XI-4 Net assets at start of year$43,899,580,411
XI-5 Net unrealized gains (losses) on investments$523,041,625
XI-9 Other changes in net assets$130,409,618
XI-10 Net assets at end of year$45,197,216,474
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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