Duke University EIN 56-0532129

Duke University

EIN  56-0532129 Higher education institution Durham, NC Founded 1841
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Size
$100M+
What they do
Provides superior liberal education, prepares future professionals, advances scientific research, and delivers healthcare services to promote global health and alleviate suffering.
Leadership
Neal F Triplett · Chief Investment Officer · $4.9M
Money in and out
$4.8B revenue, $4.4B expenses
Bottom line
+9% operating surplus

Provides superior liberal education, prepares future professionals, advances scientific research, and delivers healthcare services to promote global health and alleviate suffering. For fiscal year 2024 it reported $4.8B in revenue, $4.4B in expenses, and $17.5B in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$4.8B
Pt VIII · Ln 12
Total expenses
$4.4B
Pt IX · Ln 25
Net assets
$17.5B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $404.3M
Where spending went · Part IX cols B–D
Program services $0.90 Management & general $0.08 Fundraising $0.02
Operating surplus
+9%
revenue over expenses, this legal entity▲ +13% vs prior filing year
Payroll share
56%
of this entity's spending is salaries & benefits▲ +1% vs prior filing year
Program spending
90%
of expenses reach program services▼ -1% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$4.8B
FY2024▲ +6%
Expenses
$4.4B
FY2024▲ +5%
Total assets
$22.1B
FY2024▲ +5%
Total liabilities
$4.6B
FY2024▲ +1%
Total revenue
$4.8B
Pt VIII · Ln 12
Total expenses
$4.4B
Pt IX · Ln 25
Net assets
$17.5B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$404.3M
Total assetsPt X · Ln 16$22.1B
Program-expense ratioPt IX · col B90%
Voting members of governing bodyPt I · Ln 337
Independent voting membersPt I · Ln 434
Mission & Programs · Part III

Where the work happens

3 program services account for $3.9B of program spending, described in the organization's own filed words · FY2024.
01

Duke university confers undergraduate, graduate, and professionaldegrees to approximately 6,818 students annually

$2.2Bprogram expense
02

Duke university engages in world-renowned research worksponsored by numerous federal, state, local agencies, and private grants

$1.2Bprogram expense
03

Duke university auxiliary enterprises provide supportservices to the duke university community

$448.0Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CDuke University
EINHdr · item D56-0532129
Principal addressHdr · item CDurham, NC
WebsiteHdr · item Jwww.duke.edu
Year of formationHdr · item L1841
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B430)
Ruling yearIRS BMFJun 1939

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a37
Independent voting membersPt VI · Ln 1b34
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Chief Investment Officer
$4,885,718Pt VII · Sec A
$4,171,974Pt VII · Sec A
$2,935,454Pt VII · Sec A
$2,764,179Pt VII · Sec A
President/Trustee
$2,137,417Pt VII · Sec A
Investment Manager
$1,925,902Pt VII · Sec A
Investment Manager
$1,921,010Pt VII · Sec A
Investment Manager
$1,614,964Pt VII · Sec A

Neal F Triplett’s $4.9M as Chief Investment Officer 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Michael W Krzyzewski$8,364,652$6,409,991$12,507,340$6,331,096
Neal F Triplett$4,885,718$4,539,339$4,191,717$2,842,965$3,354,282
David N Cutcliffe$4,334,560$2,907,206$2,809,635$2,848,237
Manuel Diaz$4,171,974
Michael Elko$3,816,742$3,843,212
A Eugene Washington MD$3,135,552$3,142,252$2,678,662$1,996,038$2,555,301
Neal Triplett$3,059,765
Jennifer Francis$2,935,454$980,832$944,968$739,504$676,144$613,759

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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Statement of Revenue

Part VIII
Contributions & grants$2.0B · 42%
Program service revenue$1.5B · 31%
Investment income$1.1B · 24%
Other revenue$152.3M · 3%
Contributions & grants42%$2.0B
Program service revenue31%$1.5B
Investment income24%$1.1B
Other revenue3%$152.3M
— government grantsLn 1e$1.1B
Total revenueLn 12$4.8B

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.90 Management & general $0.08 Fundraising $0.02
Program services90%$3.9B
Management & general8%$343.0M
Fundraising2%$105.2M
Total functional expensesLn 25$4.4B

Balance Sheet

Part X · end of year
CashLn 1$237.8M
Total assetsLn 16$22.1B
Total liabilitiesLn 26$4.6B
Total net assetsLn 32$17.5B
Months of cash on handcomputed0.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $16.8B · Operating expenses (Pt IX) $4.4B · Less non-cash grants $58.1M · Cash operating expenses/yr $4.3B
47.0 months
Where the money goes
Program services
Program services $3.9B · Total expenses $4.4B
90%
Management & General
Management & general $343.0M · Total expenses $4.4B
8%
Fundraising
Fundraising $105.2M · Total expenses $4.4B
2%
Cost to raise $1
Fundraising expense (3-yr avg) $92.3M · Solicited contributions (3-yr avg) $899.0M
$0.10 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $2.0B · Total revenue $4.8B
42%
Government reliance
Government grants $1.1B · Total revenue $4.8B
23%
Earned-income share
Program service revenue $1.5B · Total revenue $4.8B
31%
Investment reliance
Investment income $1.1B · Total revenue $4.8B
+24%
Program self-sufficiency
Program service revenue $1.5B · Total expenses $4.4B
34%
Growth & trend
Revenue growth (YoY)
This year $4.8B · Prior year $4.5B
+6%
Revenue CAGR
FY2019 $3.2B · FY2024 $4.8B
+8%
Net-asset trend (YoY)
End of year $17.5B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $4.8B · Expenses $4.4B
+9%
Liabilities-to-Assets
Total liabilities — · Total assets $22.1B
Net-asset ratio
Net assets $17.5B · Total assets $22.1B
79%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $3.6B · Other securities (Pt X, ln 12) $13.0B · Total assets (Pt X, ln 16) $22.1B
75%
People & payroll
Highest Reported Total Compensation
Individual Neal F Triplett · Reported title CHIEF INVESTMENT OFFICER · Highest reported compensation $4.9M · Total expenses $4.4B
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.4B · Total expenses $4.4B
56%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 90%
Overhead ratio 8%
Fundraising cost ratio 5%
Revenue growth 6%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
See all 64 funders →
Grants paid · 648 grants · $2.0B · 2019–2024
Unitemized GrantFY2024$185,814,815
Unitemized GrantFY2024$141,665,354
Unitemized GrantFY2024$103,571,865
Unitemized GrantFY2024$37,812,717
Dana-Farber Cancer InstituteMA · FY2024$344,591
Durham Technical Community CollegeFY2024$283,004
Solar Freeze INCMD · FY2024$150,000
Caring House INCNC · FY2024$103,000
National Humanities CenterNC · FY2024$100,000
Nc State UniversityFY2024$96,086
See all 648 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$4.5B revenue · ⤓ 990 PDF
FY2023$3.7B revenue · ⤓ 990 PDF
FY2022$4.6B revenue · ⤓ 990 PDF
FY2021$4.7B revenue · ⤓ 990 PDF
FY2020$3.2B revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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