Yeshiva University’s latest IRS Form 990 shows that the school ended fiscal year 2023 deeper in the red than the prior year, as spending again exceeded reported revenue.
The filing, which the Commentator, a student paper, reported, lists $394 million in total revenue and $427 million in total expenses, producing a $33 million net loss. The shortfall widened substantially from 2022, when it reported an $8 million loss.
Major spending categories included more than $130 million in salaries and wages, more than $116 million in grants and other assistance, $11 million in interest payments, $15 million in security costs and $5 million in food service expenses, per the filing.
A university spokesman told the Commentator that Form 990 figures can miss important context due to reporting rules that “may not reflect an organization’s true financial results,” adding that Yeshiva’s “significant unrealized investment gains are not included in the Form 990 revenues.”
“If the unrealized investment activity was included in the Form 990 reporting, YU’s net results would not have been as markedly different than the prior year,” the spokesman said. “Yeshiva University is continuing to pursue its multi-year strategy focused on reducing deficits through enhanced revenue generation and operating cost reductions.”
The filing also reports about $997 million in assets at the end of 2023, an endowment of $466 million and significant debt, including $152 million owed to bondholders and $134 million in secured mortgage debt.
