The New School

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THE NEW SCHOOL'S MISSION IS TO PREPARE OUR STUDENTS TO UNDERSTAND, CONTRIBUTE TO, AND SUCCEED IN A RAPIDLY CHANGING SOCIETY, AND THUS MAKE THE WORLD A BETTER AND MORE JUST PLACE. (Continued on Schedule O)

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 13-3297197) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
Run by 187 volunteers and 6,964 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
0 of 6
filings with a surplus
Average deficit $29.9M a year · 5% of revenue · last 6 filings
A surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
85%
of spending
85% of spending went to programs.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$8.9M
to officers and key staff · 1% of spending
Pay to officers and key staff is 1% of spending.
Part VII, Section A
0.1 mo
of spending, in cash
Plus $534.6M in investments, Pt X · Ln 11–13
0.1 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $137K
2 funders name it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$1.1B
64% of total assets
Liabilities are 64% of assets.
Pt X · Ln 26
Independent board members
28
of 31 voting members
28 of 31 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$630.6M
+7% vs prior year
Spent
$655.2M
To programs
85%
Net assets
$621.2M
By yearFY2020–FY2025
Revenue
$630.6M
FY2025▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$559.0M
FY2021$468.4M
FY2022$625.5M
FY2023$602.9M
FY2024$588.1M
FY2025$630.6M
Expenses
$655.2M
FY2025▲ +2%
Tap a bar for its year
Expenses by fiscal year
FY2020$579.3M
FY2021$539.3M
FY2022$627.1M
FY2023$613.8M
FY2024$639.4M
FY2025$655.2M
Net assets
$621.2M
FY2025▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$564.6M
FY2021$593.1M
FY2022$557.2M
FY2023$590.2M
FY2024$600.4M
FY2025$621.2M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1986.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $559.8M Management & general 14% · $90.5M Fundraising 1% · $4.9M

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

60 people listed on the 990; $8.9M paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
Interim EVP for Business and Operations (through January 2025)
$786,220Pt VII · Sec A
President (beginning August 2024)
$658,344Pt VII · Sec A
Provost & Executive Vice President for Academic Affairs
$655,857Pt VII · Sec A
Interim President (through July 2024)
$476,496Pt VII · Sec A
SVP for Marketing and Business Development
$452,822Pt VII · Sec A
General Counsel
$393,134Pt VII · Sec A
$382,066Pt VII · Sec A
Executive Dean
$381,575Pt VII · Sec A

Mark Diaz’s $786K as Interim EVP for Business and Operations (through January 2025) is at the 65th 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
David Van Zandt———$301,703$2,676,314$856,444
Dwight a McBride—$623,760$904,331$815,044$547,287—
Mark Gibbel————$848,124$404,790
Mark Diaz$786,220$227,615————
Joel Towers$658,344$350,719$322,617$258,018$305,493$360,994
Rene White$655,857$618,605$594,741———
Olatokumbo Shobowale—$409,213$527,400$604,440$468,009$429,337
Tim Marshall—————$592,181

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.

See The New School executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides higher education, academic support, and student services to prepare students to succeed in and contribute to a rapidly changing, more just society.

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3 programs · $507.3M · in their own filed words · FY2024
01

Academic Program

The University's academic program is composed of instructional, research, and public service activies. The University awards baccalaureate, masters, and doctoral degrees. In academic year 2024-2025, it enrolled 9,880 degree students and 3,229 non-degree students.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 13-3297197) · Dispute this line
$211.7Mprogram expense
02

Scholarship and Financial Aid

The New School seeks to make its education as affordable as possible by offering financial support to students based on financial need, academic achievement, and other qualifications through scholarship and work study programs, which are funded by institutional funds and federal, state and private grants.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 13-3297197) · Dispute this line
$168.7Mprogram expense
03

Educational Support

The university's educational support program is composed of academic support and student services. Academic support provides support services, such as libraries, academic technology, and faculty and curriculum development, for its academic program.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 13-3297197) · Dispute this line
$126.9Mprogram 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
Total grants receivedfrom 2 funders$137K
Grants paid · 6 grants · $962.4M · 2019–2024
Unitemized GrantFY2024$168,699,882
Unitemized GrantFY2023$167,418,892
Unitemized GrantFY2022$159,235,643
Unitemized GrantFY2021$165,217,547
Unitemized GrantFY2020$151,621,598
Unitemized GrantFY2019$150,179,720

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jun 2025 · $73.3M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$57.2M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$7.8M
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Through State of New York, Department of Homeland Security, and Emergency Services$3.6M
Federal Perkins Loan Program_federal Capital ContributionsDepartment of Education · ALN 84.038 · Direct$1.6M
Federal Work-Study ProgramDepartment of Education · ALN 84.033 · Direct$1.0M

Plus 17 smaller programs.

The auditor reported no findings.

Year ending Jun 2024 · $71.2M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$57.8M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$6.1M
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Through State of New York, Department of Homeland Security, and Emergency Services$2.6M
Federal Perkins Loan Program_federal Capital ContributionsDepartment of Education · ALN 84.038 · Direct$1.5M
Federal Work-Study ProgramDepartment of Education · ALN 84.033 · Direct$1.1M

Plus 14 smaller programs.

The auditor reported no findings.

Year ending Jun 2023 · $79.4M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$57.9M
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Through State of New York Department of Homeland Security and Emergency Services$8.2M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$6.1M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$3.9M
Federal Work-Study ProgramDepartment of Education · ALN 84.033 · Direct$978K

Plus 14 smaller programs.

The auditor reported no findings.

Year ending Jun 2022 · $80.9M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$59.7M
Education Stabilization FundDepartment of Education · ALN 84.425 · Direct$7.8M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$6.2M
Federal Perkins Loan ProgramDepartment of Education · ALN 84.038 · Direct$4.1M
Federal Supplemental Educational Opportunity GrantsDepartment of Education · ALN 84.007 · Direct$974K

Plus 13 smaller programs.

The auditor reported no findings.

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$630.6M
Ln 12
Fees for servicesLn 2g$533.2M
Gifts and grantsLn 1h$40.2M
Other incomeLn 4–11$32.2M
Money outPt IX
$655.2M
Ln 25
Programscol B$559.8M
Managementcol C$90.5M
Fundraisingcol D$4.9M
Owns and owesPt X
$621.2M
net assets · Ln 32
Cash and savingsLn 1–2$4.5M
Total assetsLn 16$1.7B
LiabilitiesLn 26$1.1B
PeoplePt VI, VII
60
listed · VII A
PaidVII A26
Voting boardVI 1a31
IndependentVI 1b28
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$40.2M
Government grantsLn 1e$8.0M
Noncash giftsLn 1g$878K
Fundraising eventsLn 1c$1.1M
Fees for servicesLn 2g$533.2M
Investment incomeLn 3$25.0M
Other incomeLn 4–11$32.2M
Gains on assetsLn 7$19.9M
Total revenueLn 12$630.6M
Assets in detailPt X, end of year
CashLn 1$4.4M
SavingsLn 2$87K
Cash and savings togetherLn 1–2$4.5M
Pledges and grants receivableLn 3$22.7M
Accounts receivableLn 4$23.2M
Notes and loans receivableLn 7$141K
Prepaid expenses and deferred chargesLn 9$13.0M
Land, buildings, equipmentLn 10c$789.3M
InvestmentsLn 11–13$534.6M
Other assetsLn 15$357.3M
Total assetsLn 16$1.7B
LiabilitiesLn 26$1.1B
Net assetsLn 32$621.2M
OperationsPt I, VI
EmployeesI 56,964
VolunteersI 6187
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$647.2M
Bond issues listedSch K Pt I3
Raised by those issuesSch K Pt I$611.5M
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$878K
Investment feesPt IX, Sch D
Investment fees, as reportedPt IX 11f$17.7M
Share of the $506.0M endowmentSch D 1g3.5%
Typical, median of 2,202 orgs0.44%
EndowmentSch D · Pt V
LineFY25FY24FY23FY22FY21
End of yearLn 1g$506.0M$487.0M$449.9M$421.8M$481.7M
AddedLn 1b$2.4M$2.9M$4.4M$6.5M$7.9M
SpentLn 1d–1f$36.0M$17.3M$19.1M$19.9M$16.4M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$201K$4.5M
InvestmentsLn 11–13$494.7M$534.6M
Land, buildings, equipmentLn 10c$813.3M$789.3M
Total assetsLn 16$1.70B$1.74B
LiabilitiesLn 26$1.10B$1.12B
Net assetsLn 32$600.4M$621.2M
Business incomeForm 990-T, Part I
LineFY25FY24
Gross−$512K−$739K
Net−$512K−$739K
Tax$0$0
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$168.7M$168.7M
Pay of officers and key staff (Part IX, line 5)Ln 5$7.5M$2.4M$5.2M$10K
Pay of disqualified personsLn 6$875K$875K
Other salaries and wagesLn 7$211.7M$184.8M$24.2M$2.7M
Pension plan contributionsLn 8$17.3M$15.2M$1.9M$215K
Other employee benefitsLn 9$43.4M$38.0M$4.9M$539K
Payroll taxesLn 10$15.7M$13.7M$1.8M$195K
Legal feesLn 11b$1.5M$196K$1.3M
Accounting feesLn 11c$565K$565K
Lobbying feesLn 11d$5K$5K
Investment management feesLn 11f$17.7M$17.7M
Other fees for servicesLn 11g$18.4M$14.9M$2.8M$685K
Advertising and promotionLn 12$3.1M$477K$2.6M$14K
Office expensesLn 13$10.8M$9.1M$1.7M$33K
Information technologyLn 14$5.6M$1.7M$3.8M$16K
RoyaltiesLn 15$924K$554K$359K$11K
OccupancyLn 16$41.4M$37.8M$3.5M$62K
TravelLn 17$3.9M$3.6M$258K$46K
Conferences, conventions and meetingsLn 19$3.4M$2.7M$359K$400K
InterestLn 20$27.0M$22.1M$4.9M
Depreciation, depletion and amortizationLn 22$31.4M$26.0M$5.4M
InsuranceLn 23$5.2M$1.2M$4.0M
Other expenses (24a–d)Ln 24$19.0M$15.5M$3.5M
All other expensesLn 24e$290K$289K$0$851
Total functional expensesLn 25$655.2M$559.8M$90.5M$4.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS May 15, 2026 $630.6M$655.2M−$24.5M$621.2M 990 PDF
FY2024Filed with the IRS May 15, 2025 $588.1M$639.4M−$51.3M$600.4M 990 PDF
FY2023Filed with the IRS May 15, 2024 $602.9M$613.8M−$10.9M$590.2M 990 PDF
FY2022 $625.5M$627.1M−$1.7M$557.2M 990 PDF
FY2021Filed with the IRS May 12, 2022 $468.4M$539.3M−$70.9M$593.1M 990 PDF
FY2020Filed with the IRS May 14, 2021 $559.0M$579.3M−$20.3M$564.6M 990 PDF

Schedules filed Part IV

A · Public support B · Donors C · Political and lobbying D · Assets and endowments E · Schools F · Foreign G · Fundraising I · Grants J · Pay K · Bonds L · Interested persons M · Noncash O · Explanations R · Related orgs
See the full FY2025 990
Part I · Summary $630,645,764 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $44,480,582$40,239,653
I-9 Program service revenuePrior year $537,999,962$533,206,802
I-10 Investment incomePrior year −$1,732,268$45,777,516
I-11 Other revenuePrior year $7,376,476$11,421,793
I-12 Total revenuePrior year $588,124,752$630,645,764
I-13 Grants and similar amounts paidPrior year $167,418,892$168,699,882
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $290,148,136$296,465,228
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $181,868,363$189,998,515
I-18 Total expensesPrior year $639,435,391$655,163,625
I-19 Revenue less expensesPrior year −$51,310,639−$24,517,861
Part VI · Governance 28 of 31 board members independent, 1 to look at
VI-1a Voting members of the governing body31
VI-1b Independent voting members28
VI-2 Family or business relationship among officers or directorsYes
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 $630,645,764 across 12 lines filed
Lines not itemized here account for $3,727,950 of total revenue; see the IRS return.
VIII-1c Fundraising events$1,106,960
VIII-1e Government grants$7,994,318
VIII-1f All other contributions, gifts and grants$31,344,375
VIII-1g Noncash contributions (included above)$878,014
VIII-1h Total contributions, gifts and grants$40,239,653
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $533,206,802$533,206,802
VIII-3 Investment incomeUnrelated business −$537,394 · Excluded from tax $25,547,099$25,009,705
VIII-6 Net rental income or lossExcluded from tax $6,459,622$6,459,622
VIII-7 Net gain or loss on sales of assetsUnrelated business $24,995 · Excluded from tax $19,905,470$19,930,465
VIII-8 Net income from fundraising eventsExcluded from tax −$576,414−$576,414
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,647,981$2,647,981
VIII-12 Total revenueRelated to mission $538,745,387 · Unrelated business −$512,399 · Excluded from tax $52,173,123$630,645,764
Part IX · Statement of functional expenses $655,163,625 across 24 lines filed
IX-2 Grants to domestic individualsPrograms $168,699,882$168,699,882
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $2,382,351 · Management $5,153,169 · Fundraising $10,332$7,545,852
IX-6 Pay of disqualified personsPrograms $874,513$874,513
IX-7 Other salaries and wagesPrograms $184,830,228 · Management $24,174,245 · Fundraising $2,676,423$211,680,896
IX-8 Pension plan contributionsPrograms $15,151,953 · Management $1,942,490 · Fundraising $215,060$17,309,503
IX-9 Other employee benefitsPrograms $37,962,437 · Management $4,866,848 · Fundraising $538,827$43,368,112
IX-10 Payroll taxesPrograms $13,731,120 · Management $1,760,338 · Fundraising $194,894$15,686,352
IX-11b Legal feesPrograms $196,366 · Management $1,283,807$1,480,173
IX-11c Accounting feesManagement $565,420$565,420
IX-11d Lobbying feesManagement $4,892$4,892
IX-11f Investment management feesManagement $17,657,915$17,657,915
IX-11g Other fees for servicesPrograms $14,923,499 · Management $2,751,484 · Fundraising $684,955$18,359,938
IX-12 Advertising and promotionPrograms $476,943 · Management $2,610,192 · Fundraising $13,505$3,100,640
IX-13 Office expensesPrograms $9,087,666 · Management $1,675,153 · Fundraising $33,371$10,796,190
IX-14 Information technologyPrograms $1,714,963 · Management $3,822,419 · Fundraising $15,798$5,553,180
IX-15 RoyaltiesPrograms $553,743 · Management $359,067 · Fundraising $10,703$923,513
IX-16 OccupancyPrograms $37,825,326 · Management $3,467,240 · Fundraising $61,793$41,354,359
IX-17 TravelPrograms $3,585,845 · Management $258,243 · Fundraising $46,275$3,890,363
IX-19 Conferences, conventions and meetingsPrograms $2,668,285 · Management $359,273 · Fundraising $399,526$3,427,084
IX-20 InterestPrograms $22,082,732 · Management $4,900,790$26,983,522
IX-22 Depreciation, depletion and amortizationPrograms $26,044,818 · Management $5,368,871$31,413,689
IX-23 InsurancePrograms $1,168,695 · Management $3,996,808$5,165,503
IX-24 Other expenses (24a–d)Programs $15,525,374 · Management $3,506,792$19,032,166
IX-24e All other expensesPrograms $289,117 · Management $0 · Fundraising $851$289,968
IX-25 Total functional expensesPrograms $559,775,856 · Management $90,485,456 · Fundraising $4,902,313$655,163,625
Part X · Balance sheet $1,744,712,844 assets, 25 lines filed
X-1 Cash, non-interest-bearingStart of year −$215,418$4,386,639
X-2 Savings and temporary cash investmentsStart of year $416,531$87,383
X-3 Pledges and grants receivableStart of year $19,738,684$22,738,876
X-4 Accounts receivableStart of year $18,153,335$23,194,635
X-5 Loans to officers and key peopleStart of year $0$0
X-6 Loans to other insidersStart of year $0$0
X-7 Notes and loans receivableStart of year $48,677$141,149
X-9 Prepaid expenses and deferred chargesStart of year $13,204,636$12,979,484
X-10c Land, buildings and equipment, netStart of year $813,276,537$789,290,446
X-11 Publicly traded securitiesStart of year $207,290,176$221,333,213
X-12 Other securitiesStart of year $285,831,350$311,835,318
X-13 Program-related investmentsStart of year $1,583,600$1,420,371
X-15 Other assetsStart of year $336,569,005$357,305,330
X-16 Total assetsStart of year $1,695,897,113$1,744,712,844
X-17 Accounts payable and accrued expensesStart of year $52,560,042$50,255,796
X-19 Deferred revenueStart of year $9,196,370$8,045,248
X-20 Tax-exempt bond liabilitiesStart of year $673,434,588$647,245,141
X-22 Loans from officers and insidersStart of year $0$0
X-23 Secured mortgages and notes payableStart of year $16,870,846$74,382,260
X-25 Other liabilitiesStart of year $343,410,649$343,611,354
X-26 Total liabilitiesStart of year $1,095,472,495$1,123,539,799
X-27 Net assets without donor restrictionsStart of year $331,191,010$331,256,871
X-28 Net assets with donor restrictionsStart of year $269,233,608$289,916,174
X-32 Total net assets or fund balancesStart of year $600,424,618$621,173,045
X-33 Total liabilities and net assetsStart of year $1,695,897,113$1,744,712,844
Part XI · Reconciliation of net assets $621,173,045 net assets at year end
XI-1 Total revenue$630,645,764
XI-2 Total expenses$655,163,625
XI-3 Revenue less expenses−$24,517,861
XI-4 Net assets at start of year$600,424,618
XI-5 Net unrealized gains (losses) on investments$42,185,434
XI-8 Prior period adjustments$3,631,296
XI-9 Other changes in net assets−$550,442
XI-10 Net assets at end of year$621,173,045

Form 990 e-file FY2025 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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