Overview of Yale’s Budget

Yale’s budget is built through a collaborative annual process that addresses the university’s short-term needs and makes concrete its long-term goals.

Watch an explainer of Yale’s budget, featuring university leadership.

Yale’s annual budget balances expected revenue with anticipated needs.

Revenues and Expenses

Yale’s annual budget balances expected revenue with anticipated needs.

The budget is divided into two categories: the operating budget, which covers the university’s day-to-day operations, and the capital budget, which pays for building construction, renovations, and equipment.

The annual operating budget for the fiscal year 2025 (which runs from July 1, 2024 until June 30, 2025) includes expected revenue of approximately $6.03 billion, including net revenue from tuition and room and board of $489 million (about 8 percent), and about $2.07 billion (34 percent) from the endowment.

Snapshot of Financial Sources

FY25 Operating Revenue

$6.03BN

100%

Endowment Income

$2.07BN

34%

Medical Services Income

$1.71BN

29%

Grant and Contract Income

$1.19BN

20%

Investments and other income

$380M

Net Tuition, Room and Board

$489M

Contributions

$197M

Pie Chart

Every year, the anticipated expenses of the annual budget are typically close to the amount of anticipated revenue; for the fiscal year 2025, expected expenses, net of internal revenue, are about $5.85 billion.

Salaries and benefits for faculty and staff account for the most significant part of Yale’s spending — $3.73 billion, or nearly two-thirds of the budgeted expenses. Non-salary expenses account for another $2.02 billion of the budget. These include utilities, medical supplies and services, lab supplies and equipment, consulting and professional services, acquisitions of books, periodicals, and art works, travel and entertainment and many other costs.

ANNUAL OPERATING BUDGET

The capital budget for the fiscal year 2025 is $761.4 million, including $425.6 million for major projects that will cost $4 million or more.

Building the Annual Budget

Yale’s budget process ensures that the university’s financial allocations are aligned with its short-term needs and its long-term ambitions.

Every year, officers, deans, and unit leaders, with the support of their lead administrators, assemble budget proposals for their respective areas in partnership with Yale’s budget office. These proposals are reviewed by the Budget Advisory Group, a provost-led committee of faculty and administrative leaders who consider the proposed budgets in light of the availability of the expected revenues of the university.

The individual school and unit proposals, once reviewed and approved by the provost, come together to form the overall university budget proposal. The provost, along with the senior vice president for operations and vice president for finance, present the final proposed university budget to the president. The president in turn requests its approval from the board of trustees, typically in June of each year.

FAQs

Check our Frequently Asked Questions page for answers to common questions about Yale’s endowment and budget.

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Overview of Yale’s Budget

Watch an explainer of Yale’s budget, featuring university leadership.

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Yale’s annual budget balances expected revenue with anticipated needs.

Revenues and Expenses

Snapshot of Financial Sources

FY25 Operating Revenue

Pie Chart

ANNUAL OPERATING BUDGET

Building the Annual Budget

Building the Annual Budget

FAQs