Baylor University EIN 74-1159753 Form 990 (PDF) Claim this org

Baylor University

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Educates students for global leadership and service by integrating academic excellence and Christian commitment through comprehensive instruction, research, and support services. For fiscal year 2025 it reported $1.6B in revenue, $1.5B in expenses, and $3.2B in net assets.Pt I

Founded
1845
Type
Higher education institution · Colleges & Universities
Location
Waco, TX
Website
www.baylor.edu
Filings
6 on file (2020–2025)
Revenue
$1.6BFY2025
Expenses
$1.5B
Net assets
$3.2B
People
58
Filings
6
Updates
0
More identity details & actions ⌄
EIN  74-1159753 Higher education institution Waco, TX Founded 1845
Form 990 (PDF)
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Figures match the IRS filing checked 7/3/26 · see original: IRS
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Size
$100M+
What they do
Educates students for global leadership and service by integrating academic excellence and Christian commitment through comprehensive instruction, research, and support services.
Leadership
Scott Drew · Head Men's Basketball Coac · $6.7M
Money in and out
$1.6B revenue, $1.5B expenses
Bottom line
+4% operating surplus
Financial scale & money flow · FY2025
Total revenue
$1.6B
Pt VIII · Ln 12
Total expenses
$1.5B
Pt IX · Ln 25
Net assets
$3.2B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $54.6M
Where spending went · Part IX cols B–D
Program services $0.82 Management & general $0.17 Fundraising $0.01
Operating surplus
+4%
revenue over expenses, this legal entity▼ -2% vs prior filing year
Payroll share
39%
of this entity's spending is salaries & benefits▼ -0.5% vs prior filing year
Program spending
82%
of expenses reach program services▲ +3% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$1.6B
FY2025▲ +7%
Expenses
$1.5B
FY2025▲ +7%
Total assets
$4.4B
FY2025▲ +4%
Total liabilities
$1.1B
FY2025▲ +12%
Total revenue
$1.6B
Pt VIII · Ln 12
Total expenses
$1.5B
Pt IX · Ln 25
Net assets
$3.2B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$54.6M
Total assetsPt X · Ln 16$4.4B
Program-expense ratioPt IX · col B82%
Voting members of governing bodyPt I · Ln 332
Independent voting membersPt I · Ln 426
Mission & Programs · Part III

Where the work happens

3 program services account for $1.0B of program spending, described in the organization's own filed words · FY2024.
01

Instruction

Baylor university stands as one of the premier institutions of higher education in the WORLD.CHARTERED in 1845 by the republic of texas and affiliated with the baptist general convention oftexas, the university is the oldest continuously operating institution of higher learning in the state of texas.

$676.7Mprogram expense
02

Student Services

Baylor university's student services and activities contribute to students' spiritual, social and physical well-being. Student services and activities include areas such as career guidance, job placement upon graduation, enrollment management, student financial aid, student activities, student organizations, intramurals, health center…

$247.7Mprogram expense
03

Academic Support

Baylor university provides academic support services for the primary missions of instruction, as well as research and public service activities. Academic support services include areas such as libraries, technology support, museums and services that directly assist instructional activities.

$90.3Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CBaylor University
EINHdr · item D74-1159753
Principal addressHdr · item CWaco, TX
WebsiteHdr · item Jwww.baylor.edu
Year of formationHdr · item L1845
State of legal domicileHdr · item MTX
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B430)
Ruling yearIRS BMFFeb 1991

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a32
Independent voting membersPt VI · Ln 1b26
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 · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Head Men's Basketball Coac
$6,708,797Pt VII · Sec A
Football Head Coach
$4,299,627Pt VII · Sec A
VP & Director of Athletics
$3,136,773Pt VII · Sec A
$2,579,024Pt VII · Sec A
Head Women's Basketball Co
$1,388,517Pt VII · Sec A
Chief Investment Officer
$1,249,959Pt VII · Sec A
Football Offensive Coordinator
$999,279Pt VII · Sec A
Managing Dir of Investments
$864,068Pt VII · Sec A

Scott Drew’s $6.7M as Head Men's Basketball Coac is at the 100th percentile of top reported officer pay among 144 <$100K 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
Scott Drew$6,708,797$5,361,887
Scott Drew$5,327,972$5,087,221$3,653,586$3,462,040
Dave Aranda$4,299,627$4,644,744
Dave Aranda$4,485,934$2,770,649$3,751,561
Matthew Rhule$4,093,370
Mack Rhoades$3,136,773$3,041,745
Kim Mulkey$1,200,064$2,659,526$2,997,866
Mack Rhoades IV$2,807,733$2,524,874$2,427,334$2,122,433

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
Program service revenue$1.3B · 83%
Contributions & grants$117.1M · 8%
Investment income$128.0M · 8%
Other revenue$17.1M · 1%
Program service revenue83%$1.3B
Contributions & grants8%$117.1M
Investment income8%$128.0M
Other revenue1%$17.1M
— government grantsLn 1e$14.2M
Total revenueLn 12$1.6B

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.82 Management & general $0.17 Fundraising $0.01
Program services82%$1.2B
Management & general17%$254.6M
Fundraising1%$17.8M
Total functional expensesLn 25$1.5B

Balance Sheet

Part X · end of year
CashLn 1$223.0M
Total assetsLn 16$4.4B
Total liabilitiesLn 26$1.1B
Total net assetsLn 32$3.2B
Months of cash on handcomputed1.8

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $2.6B · Operating expenses (Pt IX) $1.5B · Less non-cash grants $7.5M · Cash operating expenses/yr $1.5B
21.1 months
Where the money goes
Program services
Program services $1.2B · Total expenses $1.5B
82%
Management & General
Management & general $254.6M · Total expenses $1.5B
17%
Fundraising
Fundraising $17.8M · Total expenses $1.5B
1%
Cost to raise $1
Fundraising expense (3-yr avg) $17.1M · Solicited contributions (3-yr avg) $112.0M
$0.15 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $117.1M · Total revenue $1.6B
8%
Government reliance
Government grants $14.2M · Total revenue $1.6B
0.9%
Earned-income share
Program service revenue $1.3B · Total revenue $1.6B
83%
Investment reliance
Investment income $128.0M · Total revenue $1.6B
+8%
Program self-sufficiency
Program service revenue $1.3B · Total expenses $1.5B
86%
Growth & trend
Revenue growth (YoY)
This year $1.6B · Prior year $1.5B
+7%
Revenue CAGR
FY2019 $1.3B · FY2024 $1.6B
+4%
Net-asset trend (YoY)
End of year $3.2B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.6B · Expenses $1.5B
+4%
Liabilities-to-Assets
Total liabilities — · Total assets $4.4B
Net-asset ratio
Net assets $3.2B · Total assets $4.4B
74%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $18.9M · Other securities (Pt X, ln 12) $2.4B · Total assets (Pt X, ln 16) $4.4B
55%
People & payroll
Highest Reported Total Compensation
Individual Scott Drew · Reported title HEAD MEN'S BASKETBALL COAC · Highest reported compensation $6.7M · Total expenses $1.5B
0.4%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $592.0M · Total expenses $1.5B
39%
Fundraising vendors
Fundraiser cost ratio
Paid to fundraisers $368K · Gross raised $1.2M
31%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 82%
Overhead ratio 17%
Fundraising cost ratio 15%
Revenue growth 7%
Investment management fee ratio 0.2%
Legal fee ratio 0.3%
Accounting fee ratio 0.03%
Fundraising fee ratio 0.02%

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 13 funders →
Grants paid · 381 grants · $2.5B · 2019–2024
Unitemized GrantFY2024$430,229,665
Unitemized GrantFY2024$2,451,898
Gallup INCFY2024$2,450,127
UtsaFY2024$421,589
Center for Open Science INCVA · FY2024$333,284
Texas A&m Sponsored Research ServicesFY2024$321,216
Virginia TechFY2024$293,821
Unitemized GrantFY2024$286,433
University of Texas at AustinFY2024$158,207
Colorado State UniversityFY2024$121,120
Wheaton CollegeIL · FY2024$120,974
Hampton UniversityVA · FY2024$107,003
Texas A&m Sponsored Research ServicesFY2024$84,575
See all 381 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
FY2025 (Latest)$1.6B revenue · viewing · ⤓ 990 PDF
FY2024$1.5B revenue · ⤓ 990 PDF
FY2023$1.5B revenue · ⤓ 990 PDF
FY2022$1.4B revenue · ⤓ 990 PDF
FY2021$1.4B revenue · ⤓ 990 PDF
FY2020$1.3B revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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