Financial Review

Harvey Mudd maintained a strong financial position while navigating an ever-changing and complex economic and political environment, including rising costs and new federal regulations. Through our continued partnership with the Claremont Investment Fund, the College’s endowment has reached its highest level to date, reinforcing our ability to deliver positive financial outcomes. This year, the College launched the Innovation Accelerator to advance our strategic plan, STEM for a Better World. Designed to foster bold, collaborative proposals that drive institutional impact, the initiative reflects our commitment to innovation and long-term priorities. As we look ahead, the College remains committed to prudent resource management while investing in initiatives that support academic excellence, innovation, and sustainable growth.

Endowment Market Value

(In thousands)

Statement of Activities

Revenue

Category	2025	2024
Tuition, fees, room and board	$81,053	$78,127
Less financial aid	($22,823)	($22,451)
Net student revenues	$58,230	$55,676
Federal grants	$2,851	$4,565
Private gifts and grants	$13,774	$12,487
Private contracts	$1,519	$1,639
Contribution of non-financial assets	$103	$0
Endowment payout	$18,235	$17,531
Other revenue	$3,278	$3,437
Total Revenue	$97,990	$95,335

Expenses

Category	2025	2024
Instruction	$35,672	$34,548
Research	$4,769	$4,627
Public service	$924	$855
Academic support	$8,298	$7,914
Students services	$10,935	$10,008
Institutional support	$16,593	$15,369
Auxiliary enterprises	$13,969	$13,352
Total Expenses	$91,160	$86,673

Total Expenses	$91,160	$86,673
Excess revenue over expenses	$6,830	$8,662
Pooled investment gains (losses), net of endowment payout	$38,226	$33,336
Other changes in net assets	($531)	($131)
Change in net assets	$44,525	$41,867