University of Chicago
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It reported loans to or from officers, directors or other insiders.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
THE MISSION OF THE UNIVERSITY OF CHICAGO HAS BEEN TO SUSTAIN AT THE HIGHEST LEVEL OF EXCELLENCE, THE COMMUNICATION OF KNOWLEDGE, THE CREATION OF KNOWLEDGE AND THE FOSTERING OF A DYNAMIC COMMUNITY OF SCHOLARS AND STUDENTS.
- Income
- $5.6 billion
- Spending
- $5.6 billion
- Spent on programs
- 84%
- Reserves
- -5.4 months of spending
- Largest source of income
- fees for its services, 47%
- Employees
- 29,117
- Volunteers
- 6,996
- Highest pay
- $3.3 million, exec. vp medical affairs
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 52 out of 100. Higher than 27% of charities in its peer group (education, over $100m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
10 of 20It owes 43% of what it owns.
Living within its means
12 of 15Income exceeded spending by 1% of income.
Income trend
15 of 15Income rose 15% on the year before.
Spending floor
15 of 1584% of spending went to programs and raising each dollar of donations cost 3 cents.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 90 out of 100. Higher than 14% of charities in its peer group (education, over $100m).
Independent board
25 of 2545 of 49 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
0 of 10Reports at least one of: diversion of assets, excess benefits, loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (5)
- $1.6 billion spent. Instruction: In 2024-2025, the University enrolled 19,266 students; of that total, 7,559 were undergraduate students in the college (the University's undergraduate school), 4,677 were graduate students, 6,277 were students in the University's professional schools and 753 were non-degree students.
- $1.4 billion spent. Research: University of Chicago faculty cross traditional disciplinary boundaries to transform understandings in business, economics, history, law, literature, religion, physics, chemistry and biology and medicine, among other fields. In pursuit of these research endeavors, during fiscal year 2024-2025 the University was awarded a total of $811 million in research funding from federal agencies, non-federal government entities, corporations, foundations, and other sources. This fiscal year $549 million was expended from federal government sponsors of research, with the U.S. Department of Health and Human Services and the National Science Foundation providing the largest amounts of funding. Foundation research sponsorship awards totaled $109 million, followed by corporate research sponsorship of $104 million. The University also conducts scientific research in collaboration with Argonne National Laboratory, owned by the United States Government and operated by the University through a disregarded entity, under the terms of a cost reimbursement contract with the U.S. Department of Energy. Argonne is a multi-purpose science laboratory with a $1,109 million annual budget and approximately 4,754 employees. Program Service research expenditures were $657 million and are included in the research program service expense amount, as is required for a disregarded entity. In addition, Fermi Research Alliance, LLC, an entity jointly owned by the University and Universities Research Association Inc., operates Fermi National Accelerator Laboratory ("Fermilab") for the U.S. Department of Energy. Fermilab is the nation's preeminent center for high-energy physics and an international center for scientific research in elementary particle physics and astrophysics. Fermilab has a $736 million annual budget and approximately 2,024 employees.
- $691.4 million spent. Scholarships & Fellowships: The University meets 100% of a student's demonstrated need with an extensive financial aid program which is designed to enable the most qualified students to attend the University regardless of their financial circumstances. For the 2024-2025 academic year, approximately 45% of all students in the College received financial aid in the form of grants and scholarships. University-wide expenditures for scholarships and fellowships amounted to $647.6 million. Of this amount, approximately $495.9 million was provided from unrestricted funds; the remaining $151.7 million came from restricted sources. Approximately 19% of students in the College (the University's undergraduate college) currently receive Odyssey Scholarships. The Odyssey Scholarships provide increased access by providing scholarship support for first generation students and students with family incomes typically below $125,000. The Odyssey Scholarship also provides funds for other educational opportunities like study abroad and providing a paid internship after the student's first year in the College. In October 2014, The University launched the No Barriers Program to eliminate the student loan requirement from all undergraduate, need-based financial aid packages. The loans were replaced by the University with direct grants. Beginning with the class of 2023, the University's Empower initiative will provide a grant/scholarship award guaranteed to cover full-tuition for families earning less than $125,000 and full-tuition, fees and room and board for families earning less than $60,000. In 2019, the University announced a new funding model for doctoral students. All students are guaranteed full tuition support, paid health insurance and an annual stipend of at least $31,000, beginning with students enrolling in 2020-2021.
- $998.2 million spent. The other program services that support the mission of instruction and research are: Auxiliary Enterprises Library Other Student Services Information Services Ancillary Services
- (Expenses $ 998,220,841 including grants of $ 4,414,534)(Revenue $ 445,203,945) The other program services that support the mission of instruction and research are: Auxiliary Enterprises Library Other Student Services Information Services Ancillary Services
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since October 1951.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.