The New School

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1919

Legal Domicile

Phone

6469093667

Tax Period

2024-07-01 to 2025-06-30

The New School, founded in 1919, is a major nonprofit in the Education sector that reported $630.6M in total revenue in fiscal year 2024.

Mission

THE NEW SCHOOL'S MISSION IS TO PREPARE OUR STUDENTS TO UNDERSTAND, CONTRIBUTE TO, AND SUCCEED IN A RAPIDLY CHANGING SOCIETY, AND THUS MAKE THE WORLD A BETTER AND MORE JUST PLACE. (Continued on Schedule O)

Program Service Accomplishments

Program 1

Expenses: $211,748,689 Revenue: $493,755,136

ACADEMIC PROGRAM: The University's academic program is composed of instructional, research, and public service activies. The University awards baccalaureate, masters, and doctoral degrees. In...

ACADEMIC PROGRAM: The University's academic program is composed of instructional, research, and public service activies. The University awards baccalaureate, masters, and doctoral degrees. In academic year 2024-2025, it enrolled 9,880 degree students and 3,229 non-degree students. The University's research and public service activities enable faculty to explore new areas of education, learning and knowledge, and provides non-instructional services to individuals and groups external to The University.

Program 2

Expenses: $168,699,882

SCHOLARSHIP AND FINANCIAL AID: The New School seeks to make its education as affordable as possible by offering financial support to students based on financial need, academic achievement, and other qualifications through scholarship and work study programs, which are funded by institutional funds and federal, state and private grants. In academic year 2024-2025, 8,693 students received institutional support.

Program 3

Expenses: $126,881,285 Revenue: $5,538,585

EDUCATIONAL SUPPORT: THE UNIVERSITY'S EDUCATIONAL SUPPORT PROGRAM IS COMPOSED OF ACADEMIC SUPPORT AND STUDENT SERVICES. ACADEMIC SUPPORT PROVIDES SUPPORT SERVICES, SUCH AS LIBRARIES, ACADEMIC...

EDUCATIONAL SUPPORT: THE UNIVERSITY'S EDUCATIONAL SUPPORT PROGRAM IS COMPOSED OF ACADEMIC SUPPORT AND STUDENT SERVICES. ACADEMIC SUPPORT PROVIDES SUPPORT SERVICES, SUCH AS LIBRARIES, ACADEMIC TECHNOLOGY, AND FACULTY AND CURRICULUM DEVELOPMENT, FOR ITS ACADEMIC PROGRAM. STUDENT SERVICES PROVIDES VARIOUS SERVICES TO STUDENTS, WHICH CONTRIBUTE TO THE STUDENTS' EMOTIONAL AND PHYSICAL WELL-BEING AND TO THEIR INTELLECTUAL, CULTURAL, AND SOCIAL DEVELOPMENT OUTSIDE THE CONTEXT OF THE UNIVERSITY'S FORMAL INSTRUCTIONAL PROGRAMS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $40,239,653

Program Service Revenue $533,206,802

Investment Income $45,777,516

Other Revenue $11,421,793

TOTAL REVENUE $630,645,764

Expense Breakdown

Grants Paid $168,699,882

Salaries & Benefits $296,465,228

Fundraising Expenses $4,902,313

Program Expenses $559,775,856

Other Expenses $189,998,515

TOTAL EXPENSES $655,163,625

Year-over-Year Comparison

	2024	2023	Change
Revenue	$630,645,764	$588,124,752	+0.1%
Expenses	$655,163,625	$639,435,391	+0.0%
Net Income	$-24,517,861	$-51,310,639	-0.5%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

6964

Volunteers

187

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$5,492,685

Total Directors

$2,134,769

Key Employees

$2,245,614

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Donna Shalala	Interim President (through July 2024)	60.0	Officer Director	$476,496	$289,889	$766,385
ELLIOT STEIN	VICE CHAIR	1.0	Officer Director	$0	$0	$0
FRANCI J BLASSBERG	VICE CHAIR	1.0	Officer Director	$0	$0	$0
Joel Towers	President (beginning August 2024)	60.0	Officer Director	$658,344	$102,386	$760,730
LINDA E RAPPAPORT	CHAIR	1.0	Officer Director	$0	$0	$0
SUSAN L FOOTE	VICE CHAIR	1.0	Officer Director	$0	$0	$0
ANTHONY J MANNARINO	TRUSTEE (through May 2025)	1.0	Director	$0	$0	$0
ASMITA BHATIA	TRUSTEE	1.0	Director	$0	$0	$0
BEVIS LONGSTRETH	TRUSTEE	1.0	Director	$0	$0	$0
Caitlyn McKoy	Trustee (Beginning May 2025)	1.0	Director	$0	$0	$0
CHARLES R PERRIN	TRUSTEE (Through May 2025)	1.0	Director	$0	$0	$0
CHRISTOPHER J CASTANO	TRUSTEE	1.0	Director	$0	$0	$0
CRAIG BERNECKER	FACULTY TRUSTEE (through May 2025)	40.0	Director	$173,788	$51,099	$224,887
DANIEL T MOTULSKY	TRUSTEE	1.0	Director	$0	$0	$0
DAVID POMA	TRUSTEE	1.0	Director	$0	$0	$0
DOMINIQUE BLUHDORN	TRUSTEE	1.0	Director	$0	$0	$0
DOUGLAS D DURST	TRUSTEE	1.0	Director	$0	$0	$0
Gregory Bernstein	Trustee (beginning May 2025)	1.0	Director	$0	$0	$0
JANE DEFLORIO	TRUSTEE (Through May 2025)	1.0	Director	$0	$0	$0
JEFFREY GURAL	TRUSTEE	1.0	Director	$0	$0	$0
JOSEPH R GROMEK	TRUSTEE	1.0	Director	$0	$0	$0
JOSHUA SAPAN	TRUSTEE	1.0	Director	$0	$0	$0
Julia Foulkes	FACULTY TRUSTEE (Beginning May 2025)	40.0	Director	$135,849	$59,989	$195,838
KAY UNGER	TRUSTEE	1.0	Director	$0	$0	$0
LILIAN SHIAO-YEN WU	TRUSTEE	1.0	Director	$0	$0	$0
Monique Jefferson	Trustee (beginning Sept 2024)	1.0	Director	$0	$0	$0
NANCYE GREEN	TRUSTEE	1.0	Director	$0	$0	$0
Nsisong Udosen	Student Trustee (through May 2025)	1.0	Director	$0	$0	$0
Rhea Alexander	Faculty Trustee (Beginning May 2025)	40.0	Director	$135,148	$51,781	$186,929
ROBERT H MUNDHEIM	TRUSTEE	1.0	Director	$0	$0	$0
Sasa Li	Trustee (Beginning Sept 2024)	1.0	Director	$0	$0	$0
SHEILA C JOHNSON	TRUSTEE	1.0	Director	$0	$0	$0
STANLEY P SILVERSTEIN	TRUSTEE	1.0	Director	$0	$0	$0
STEVEN H BLOOM	TRUSTEE	1.0	Director	$0	$0	$0
Sylvestre Corti Maderna	Student Trustee (through May 2025)	1.0	Director	$0	$0	$0
Ted GoldThorpe	TRUSTEE	1.0	Director	$0	$0	$0
TIMOTHY L PORTER	TRUSTEE	1.0	Director	$0	$0	$0
WILLIAM D ZABEL	TRUSTEE (through April 2025)	1.0	Director	$0	$0	$0
WILLIAM E HAVEMEYER	TRUSTEE	1.0	Director	$0	$0	$0
Alex Perez	General Counsel	40.0	Officer	$393,134	$83,564	$476,698
Anne Adriance	SVP for Marketing and Business Development	40.0	Officer	$452,822	$82,679	$535,501
Jennifer Hobbs	SVP, University Secretary, Chief of Staff	40.0	Officer	$354,551	$53,119	$407,670
Jonah Nigh	Senior Vice President for Development & Alumni Engagement	40.0	Officer	$219,690	$47,399	$267,089
Lin Zhou	SVP and Chief Information Officer (Through September 2024)	40.0	Officer	$248,387	$79,283	$327,670
Loretta Ferrari	Vice President of Finance and Budget & Chief Financial Officer	40.0	Officer	$241,927	$69,865	$311,792
Mark Diaz	Interim EVP for Business and Operations (through January 2025)	40.0	Officer	$786,220	$117,394	$903,614
Rene White	Provost & Executive Vice President for Academic Affairs	40.0	Officer	$655,857	$79,679	$735,536
Christopher Cox	Executive Dean	40.0	Key Emp	$305,228	$42,947	$348,175
Mary Watson	Full Time Faculty	40.0	Key Emp	$367,208	$59,782	$426,990
Richard Kessler	Executive Dean	40.0	Key Emp	$381,575	$79,022	$460,597
Thomas Aleinikoff	Executive Dean	40.0	Key Emp	$272,436	$70,124	$342,560
William Milberg	Full Time Faculty	40.0	Key Emp	$202,079	$63,380	$265,459
Yvonne Watson	Interim Executive Dean, Parsons School of Design	40.0	Key Emp	$352,926	$48,907	$401,833
Ann Stoler	Faculty	40.0	Highest	$292,844	$72,149	$364,993
Darrick Hamilton	Faculty	40.0	Highest	$382,066	$48,772	$430,838
Joseph Sloan	Executive Director and Dean of Continuing and Professional Education (Through Sept 2024)	40.0	Highest	$335,721	$25,589	$361,310
Rachel Schreiber	Former Dean/Current Faculty	40.0	Highest	$286,339	$42,579	$328,918
Robert Mack	Vice Provost Student Success & Engagement	40.0	Highest	$303,143	$28,074	$331,217
Joshua Burgher	Former Chief Financial Officer	0.0		$187,335	$28,585	$215,920
Stephanie Browner	Former Provost/Current Faculty	40.0		$286,309	$38,856	$325,165

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$630,645,764	$655,163,625	$1,744,712,844	$-24,517,861
2024	No data	No data	No data	No data
2023	$602,901,362	$613,832,450	$1,706,553,269	$-10,931,088
2022	$625,459,245	$627,131,831	$1,709,557,575	$-1,672,586
2021	$468,399,427	$539,301,555	$1,684,598,012	$-70,902,128
2020	$558,997,855	$579,311,739	$1,263,076,833	$-20,313,884
2019	$562,838,419	$558,991,385	$1,261,758,123	$3,847,034
2018	$530,009,657	$540,953,826	$1,243,478,751	$-10,944,169