Net tuition revenue / FTETuition revenue per full-time-equivalent student after institutional aid/discounts, what tuition actually nets.
Strong
$12,601
70th percentile in peer grouppeer median $9,404
2024-25233 peers
Instructional spend / FTESpending on instruction per FTE student, how much of the budget reaches the classroom.
Strong
$61,257
98th percentile in peer grouppeer median $10,785
2024-25233 peers
Endowment (end of year)Total endowment value at year end, long-term invested wealth that funds operations and cushions shocks.
Average
$19.3M
56th percentile in peer grouppeer median $14.2M
FY2022-23132 peers
Value of endowment assets at the end of the fiscal year (IPEDS finance, FY2022-23: FASB F2H02 / GASB F1H02), co-vintage with the other finance-year metrics on this page. Usually filed at the parent campus: most branch and online sub-units show the parent's endowment as a clearly labeled inherited value, and a few report a small endowment of their own alongside it. Multi-year trend from College Scorecard, shown only where it matches the IPEDS filing.
Avg monthly faculty salaryAverage monthly salary of full-time faculty (IPEDS) – a proxy for faculty investment.
Strong
$7,562
77th percentile in peer grouppeer median $5,668
2024-25224 peers
Average monthly salary of full-time faculty, as reported to IPEDS.
Operating marginNet surplus as a share of total revenue, whether the institution runs in the black.
Strong
42.4%
95th percentile in peer grouppeer median 8.5%
FY2022-23231 peers
Net surplus as a share of total revenue (IPEDS FY2022-23): (total revenues − total expenses) ÷ total revenues. A surplus above 4% is strong; a thin surplus near 0% leaves little margin for shocks.
Tuition dependencyTuition's share of total revenue, how exposed the budget is to enrollment swings.
6%
12th percentile in peer grouppeer median 25.2%
FY2022-23231 peers
Tuition & fees as a share of total revenue (IPEDS FY2022-23). Higher = more exposed to enrollment swings.
Tuition discount rateInstitutional grant aid as a share of gross tuition (IPEDS, private nonprofits only) – the tuition-discount rate. The share of sticker tuition handed back as aid; a high rate (the national average is ~56%) signals heavy price competition for students.
Moderate
34.8%
62nd percentile in peer grouppeer median 27.4%
FY2022-23233 peers
Institutional grant aid as a share of gross tuition & fee revenue (IPEDS FY2022-23, FASB): allowances applied to tuition ÷ (net tuition revenue + those allowances) – the tuition-discount rate enrollment leaders track, i.e. the share of sticker tuition handed back as institutional aid. Private nonprofit institutions only; public (GASB) institutions report tuition differently and are not shown. The national private-college average is roughly 56% (NACUBO); above ~60% signals heavy price competition.
State appropriations shareState appropriations' share of total revenue, material for public institutions, near zero for private.
0%
100th percentile in peer grouppeer median 0%
FY2022-23231 peers
State appropriations as a share of total revenue (IPEDS FY2022-23). Material for public institutions; ~0 for private.
Administrative cost shareInstitutional support (central administration, governance, general administration, fundraising, and under FASB the operation & maintenance of plant) as a share of total expenses, private nonprofit (FASB) institutions only, where the figure is comparable. An informational gauge of administrative intensity, not a measure of waste.
33.9%
67th percentile in peer grouppeer median 28.8%
FY2022-23232 peers
Institutional support, central administration, executive management, governance, general administration, fundraising and (under FASB rules) operation & maintenance of plant, as a share of total expenses (IPEDS FY2022-23, FASB). Private nonprofit institutions only: public (GASB) institutions report functional expenses on a different basis and frequently consolidate large hospital and auxiliary operations, which makes a comparable ratio unreliable, so they are not shown. Because FASB folds plant operations into institutional support, this runs higher than a narrow 'central-office' figure, and schools with sizable hospital or auxiliary operations show a lower ratio as those costs enlarge total expenses. An informational benchmark of administrative intensity, compared within the peer group, not a measure of waste or quality.
Months of operating cushionMonths of operating expenses covered by expendable reserves, the institution's cash cushion.
Strong
11.9 mo
52nd percentile in peer grouppeer median 10.8 mo
FY2022-23227 peers
How many months of operating expenses the institution could cover from expendable reserves (IPEDS FY2022-23 primary reserve ratio × 12). About 5 months, one semester, is the accreditor benchmark for solid footing; below ~3 months is thin. A negative figure means expendable reserves are themselves negative.
Reserves vs. debtExpendable reserves divided by long-term debt, whether reserves could cover the debt.
Strong
16.97×
91st percentile in peer grouppeer median 2.07×
FY2022-2387 peers
Expendable reserves ÷ plant-related debt (IPEDS FY2022-23 viability ratio). At or above 1.25×, reserves fully cover long-term debt. Shown blank when the institution carries little or no plant debt.
Return on net assetsChange in net assets over the year, whether the institution grew wealthier.
Strong
14.2%
85th percentile in peer grouppeer median 3.6%
FY2022-23224 peers
Change in total net assets ÷ net assets (IPEDS FY2022-23) – whether the institution grew wealthier over the year. 2–4% is adequate; above 4% is strong.
Endowment per FTE studentEndowment per full-time-equivalent student, the FTE-correct measure of endowment wealth per student.
Strong
$316,238
70th percentile in peer grouppeer median $98,452
FY2022-23132 peers
End-of-year endowment ÷ 12-month FTE enrollment, endowment wealth per full-time-equivalent student. The FTE-correct companion to endowment-per-undergraduate; FTE counts graduate and part-time load, so research universities look less wealthy on this basis than on a headcount basis.
Spent on instructionInstruction as a share of total functional expenses (private-nonprofit reporting).
63.1%
96th percentile in peer grouppeer median 31.5%
2024-25233 peers
Instruction spending divided by total functional expenses (IPEDS Finance, FY2022-23 (FASB)). 'Where the money goes' context, reported here for private-nonprofit (FASB) institutions only, where the functional split is comparable; not computed for public or for-profit institutions. Higher is not automatically better; research universities and those with hospitals or large auxiliaries spread spending across other functions.
Spent on student servicesStudent services as a share of total functional expenses (private-nonprofit reporting).
2%
15th percentile in peer grouppeer median 9.4%
2024-25233 peers
Student-services spending (admissions, registrar, student life, counseling) divided by total functional expenses (IPEDS Finance, FY2022-23 (FASB)). Private-nonprofit (FASB) institutions only. Spending-mix context, not a quality measure.
Spent on academic supportAcademic support as a share of total functional expenses (private-nonprofit reporting).
0.9%
20th percentile in peer grouppeer median 7%
2024-25233 peers
Academic-support spending (libraries, academic computing, deans' offices) divided by total functional expenses (IPEDS Finance, FY2022-23 (FASB)). Private-nonprofit (FASB) institutions only. Context, not a quality measure.
Spent on researchResearch as a share of total functional expenses (private-nonprofit reporting).
0%
89th percentile in peer grouppeer median 0%
2024-25233 peers
Research spending divided by total functional expenses (IPEDS Finance, FY2022-23 (FASB)). Private-nonprofit (FASB) institutions only; near zero at teaching-focused colleges and sizeable at research universities. Spending-mix context, not a quality measure.
Financial responsibility scoreED financial-responsibility composite score (-1.0 to 3.0; >=1.5 is passing).
Average
2.2
33rd percentile in peer grouppeer median 2.6
FY2022-23 (Federal Student Aid)209 peers
The U.S. Department of Education's financial-responsibility composite score, a -1.0 to +3.0 measure of an institution's solvency built from its audited finances. 1.5 and above passes; 1.0-1.4 is a zone needing oversight; below 1.0 fails and can trigger letter-of-credit or cash-monitoring requirements. ED computes it only for private non-profit and proprietary schools, so it is reported only where scored. Higher is safer. Banded against the school's peer group.
Heightened Cash MonitoringOn ED's Heightened Cash Monitoring list (HCM1 documentation, HCM2 reimbursement).
HCM1
Mar 2026 (Federal Student Aid)
The U.S. Department of Education places schools with financial-responsibility or compliance concerns on Heightened Cash Monitoring. HCM1 requires extra documentation before drawing federal aid; HCM2 is the more severe tier, paying the school only by reimbursement after it has disbursed its own funds. Shown only for currently flagged schools; most institutions are not on the list. A red flag for closure or solvency risk.
Grad PLUS exposureShare of the school's graduate federal loan dollars that came from Grad PLUS, the program the 2025 budget law eliminates for new borrowers from July 2026 (FSA Direct Loan data). Higher = more graduate borrowing that will disappear above the new caps.
Moderate exposure
22.4%
2024-25
Share of the institution's graduate federal loan dollars (Grad Unsubsidized + Grad PLUS) that came from Grad PLUS, the program the 2025 budget law eliminates for new borrowers from July 1, 2026, alongside new caps on graduate borrowing. A higher share means more of the school's graduate students rely on borrowing that will no longer exist above the unsubsidized cap. Source: U.S. Dept. of Education / Federal Student Aid Direct Loan Dashboard, primarily award year 2025-26 (year-to-date through Q2, December 2025), the most current federal data; schools not yet reporting Grad PLUS in 2025-26 retain their most recent complete year (2024-25), shown per school. The reliance share is stable across the two vintages. Shown only for schools with Grad PLUS originations; an exposure signal, not a forecast of revenue loss.
Avg Grad PLUS loanAverage Grad PLUS loan per borrower (FSA). The 2025 law caps unsubsidized grad borrowing at $20,500/yr and ends Grad PLUS, this is the average per-student amount that vanishes above the cap. The depth half of the Grad PLUS shock; pair with Grad PLUS exposure (the reliance share).
Above the cap
$39,668
2024-25
Average Grad PLUS loan per recipient (FSA Direct Loan Dashboard, award year 2025-26 year-to-date through Q2, with 2024-25 full-year retained where 2025-26 is not yet reported). The 2025 budget law eliminates Grad PLUS for new borrowers from July 1, 2026 and caps unsubsidized graduate borrowing at $20,500/year, so this is the average per-borrower amount that will no longer be available above that cap. Paired with Grad PLUS exposure (the institution's reliance share), it is the depth axis of the Grad PLUS shock: how much each affected borrower stands to lose. Shown only where Grad PLUS was originated.
Structural risk indexAn indicative 0–100 structural-risk index (higher = more pressure) blending operating margin, months of cash cushion, tuition dependency and the home-state enrollment cliff. Screens for the financial and demographic strain that precedes closures and mergers, directional, not a prediction.
Low
21
2024-25
An indicative 0–100 structural-risk index (higher = more pressure), an equal-weight blend of the stress signals we measure: thin or negative operating margin, low months of operating cushion, high tuition dependency, and a shrinking home-state high-school-graduate pipeline (enrollment cliff). Averaged over whichever signals are available (at least two required). It screens for the financial and demographic pressures that precede closures and mergers, a directional indicator, NOT a prediction that any institution will close, and not a credit rating.
Gifts and grants receivedTotal contributions, gifts, and grants received in the filing year (Form 990).
Strong
$6.3M
78th percentile in peer grouppeer median $2.4M
FY2023 (IRS Form 990 (ProPublica Nonprofit Explorer))36 peers
Total contributions, gifts, and grants the institution received in the filing year, from its Form 990. This is the broadest available measure of philanthropic and grant support reaching the institution, covering alumni giving, foundation grants, and government grants recorded as contributions. Read it against enrollment: strong giving at a small school is a real cushion against tuition dependence. Higher is better. Sourced from the institution's IRS Form 990, matched on the Employer Identification Number it reported in its federal Single Audit. Only private nonprofit institutions file a Form 990: public universities are government units and file none, and for-profit institutions file none. A school with no value did not file, which is not the same as a value of zero.
Tax-exempt bond debtTax-exempt bond liabilities outstanding at year end (Form 990).
$0
97th percentile in peer grouppeer median $0
FY2023 (IRS Form 990 (ProPublica Nonprofit Explorer))36 peers
Tax-exempt bond debt the institution still owed at the end of the filing year. Colleges borrow through municipal bonds to build dormitories, labs, and stadiums, so a large balance is not by itself a warning: it reflects a building programme. It becomes a risk when it is large relative to the institution's net assets, which is what the bond-debt-to-net-assets figure on this page measures. A zero here means the institution reported no tax-exempt bond debt outstanding, which is a genuine, debt-free result. Context metric, not better or worse. Sourced from the institution's IRS Form 990, matched on the Employer Identification Number it reported in its federal Single Audit. Only private nonprofit institutions file a Form 990: public universities are government units and file none, and for-profit institutions file none. A school with no value did not file, which is not the same as a value of zero.
Bond debt vs net assetsTax-exempt bond debt as a share of total net assets. Lower is better.
Low leverage
0%
97th percentile in peer grouppeer median 0%
FY2023 (IRS Form 990 (ProPublica Nonprofit Explorer))36 peers
The institution's outstanding tax-exempt bond debt divided by its total net assets. It answers the question the raw debt figure cannot: how heavy is this borrowing relative to what the institution actually owns. A wealthy university with billions in net assets carries a large bond balance comfortably; a tuition-dependent college with thin reserves does not. Above roughly 50% the debt is a material claim on the institution's resources. Shown only where net assets are positive. Lower is better. Sourced from the institution's IRS Form 990, matched on the Employer Identification Number it reported in its federal Single Audit. Only private nonprofit institutions file a Form 990: public universities are government units and file none, and for-profit institutions file none. A school with no value did not file, which is not the same as a value of zero.
Officer pay, share of expensesCompensation of current officers and key employees as a share of total expenses.
3.8%
41st percentile in peer grouppeer median 5.3%
FY2023 (IRS Form 990 (ProPublica Nonprofit Explorer))29 peers
What the institution paid its current officers, directors, trustees, and key employees, as a share of its total functional expenses. At almost every college this is a fraction of one percent, because the denominator includes all faculty and staff salaries. The figure is useful mainly at the extremes and at small institutions, where an unusually high share can indicate a top-heavy cost structure. It is not a measure of executive pay in absolute terms. Context metric, not better or worse. Sourced from the institution's IRS Form 990, matched on the Employer Identification Number it reported in its federal Single Audit. Only private nonprofit institutions file a Form 990: public universities are government units and file none, and for-profit institutions file none. A school with no value did not file, which is not the same as a value of zero.