Major Categories of Revenue

Tuition and fees net of financial aid for undergraduate and graduate students is the main source of NYU’s revenue, accounting for 59% of the total budget. The combined rate of increase in undergraduate tuition and fees in the fiscal 2022 budget over the prior year is 2.95%, with freshman room and board charges at Washington Square schools increasing by 2.3%.  The combined rate of increase is significantly below the average compared to a peer group of 25 private non-profit colleges and universities.

Student housing and dining contribute 10% of operating revenue, while all other auxiliary operations account for 1% of the total.  Sponsored research and sponsored educational programs account for 9% and 8% of total operating revenue, respectively.

Expendable philanthropic contributions account for 4% of total revenue for operations. Note that gifts to endowment and gifts for construction (i.e., not expendable for operations) are in addition to this total.

Endowment distributions, combined with earnings on short-term investments of operating cash balances, provide 4% of the revenue budget. Although the NYU endowment is large in absolute terms, with a market value at August 31, 2021 of approximately $5.7 billion, of which $1.4 billion was for NYU Langone Health, it is not large relative to the number of students enrolled at NYU. In a national study by NACUBO of 717 college and university endowments at June 30, 2020, NYU's total endowment (including the School of Medicine) was the 27th largest in total size among American universities, but 192nd in endowment per student (or $82,052 per FTE student). A note on endowment performance can be found on the Investment Office web page.

Income from real estate represents 2% of the revenue budget, while clinical income from dental patient care provides 1% of operating revenue, and all other sources of revenue total 2%. The latter category includes many relatively small items.