DUKE UNIVERSITY

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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

1841

Legal Domicile

Principal Officer

VINCENT E PRICE

Phone

9196842006

Tax Period

2024-07-01 to 2025-06-30

DUKE UNIVERSITY, founded in 1841, is a large national nonprofit in the Education sector that reported $4.8B in total revenue in fiscal year 2024. Expenses of $4.4B left a modest 9% surplus.

Mission

ORGANIZATION'S MISSION "JAMES B. DUKE'S FOUNDING INDENTURE OF DUKE UNIVERSITY DIRECTED THE MEMBERS OF THE UNIVERSITY TO 'PROVIDE REAL LEADERSHIP IN THE EDUCATIONAL WORLD' BY CHOOSING INDIVIDUALS OF 'OUTSTANDING CHARACTER, ABILITY, AND VISION' TO SERVE AS ITS OFFICERS, TRUSTEES AND FACULTY; BY CAREFULLY SELECTING STUDENTS OF 'CHARACTER, DETERMINATION AND APPLICATION; AND BY PURSUING THOSE AREAS OF TEACHING AND SCHOLARSHIP THAT WOULD 'MOST HELP TO DEVELOP OUR RESOURCES, INCREASE OUR WISDOM, AND PROMOTE HUMAN HAPPINESS.' "TO THESE ENDS, THE MISSION OF DUKE UNIVERSITY IS TO PROVIDE A SUPERIOR LIBERAL EDUCATION TO UNDERGRADUATE STUDENTS, ATTENDING NOT ONLY TO THEIR INTELLECTUAL GROWTH BUT ALSO THEIR DEVELOPMENT AS ADULTS COMMITTED TO HIGH ETHICAL STANDARDS AND FULL PARTICIPATION AS LEADERS IN THEIR COMMUNITIES; TO PREPARE FUTURE MEMBERS OF THE LEARNED PROFESSIONS FOR LIVES OF SKILLED AND ETHICAL SERVICE BY PROVIDING EXCELLENT GRADUATE AND PROFESSIONAL EDUCATION; TO ADVANCE THE FRONTIERS OF KNOWLEDGE AND CONTRIBUTE BOLDLY TO THE INTERNATIONAL COMMUNITY OF SCHOLARSHIP; TO PROMOTE AN INTELLECTUAL ENVIRONMENT BUILT ON A COMMITMENT TO FREE AND OPEN INQUIRY; TO HELP THOSE WHO SUFFER, CURE DISEASE, AND PROMOTE HEALTH, THROUGH SOPHISTICATED MEDICAL RESEARCH AND THOUGHTFUL PATIENT CARE; TO PROVIDE WIDE RANGING EDUCATIONAL OPPORTUNITES, ON AND BEYOND OUR CAMPUSES, FOR TRADITIONAL STUDENTS, ACTIVE PROFESSIONALS AND LIFE-LONG LEARNERS USING THE POWER OF INFORMATION TECHNOLOGIES; AND TO PROMOTE A DEEP APPRECIATION FOR THE RANGE OF HUMAN DIFFERENCE AND POTENTIAL, A SENSE OF THE OBLIGATIONS AND REWARDS OF CITIZENSHIP, AND A COMMITMENT TO LEARNING, FREEDOM AND TRUTH. "BY PURSUING THESE OBJECTIVES WITH VISION AND INTEGRITY, DUKE UNIVERSITY SEEKS TO ENGAGE THE MIND, ELEVATE THE SPIRIT, AND STIMULATE THE BEST EFFORT OF ALL WHO ARE ASSOCIATED WITH THE UNIVERSITY; TO CONTRIBUTE IN DIVERSE WAYS TO THE LOCAL COMMUNITY, THE STATE, THE NATION AND THE WORLD; AND TO ATTAIN AND MAINTAIN A PLACE OF REAL LEADERSHIP IN ALL THAT WE DO."

Program Service Accomplishments

Program 1

Expenses: $2,237,395,261 Revenue: $1,134,176,642

DUKE UNIVERSITY CONFERS UNDERGRADUATE, GRADUATE, AND PROFESSIONALDEGREES TO APPROXIMATELY 6,818 STUDENTS ANNUALLY

Program 2

Expenses: $1,216,495,537 Revenue: $1,497,060,511

DUKE UNIVERSITY ENGAGES IN WORLD-RENOWNED RESEARCH WORKSPONSORED BY NUMEROUS FEDERAL, STATE, LOCAL AGENCIES, AND PRIVATE GRANTS

Program 3

Expenses: $447,993,747 Revenue: $233,506,534

DUKE UNIVERSITY AUXILIARY ENTERPRISES PROVIDE SUPPORTSERVICES TO THE DUKE UNIVERSITY COMMUNITY

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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 $1,975,474,083

Program Service Revenue $1,479,979,763

Investment Income $1,146,576,952

Other Revenue $152,314,868

TOTAL REVENUE $4,754,345,666

Expense Breakdown

Grants Paid $518,261,261

Salaries & Benefits $2,439,701,930

Fundraising Expenses $105,154,267

Program Expenses $3,901,884,545

Other Expenses $1,389,543,185

TOTAL EXPENSES $4,350,043,942

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,754,345,666	$4,479,223,078	+0.1%
Expenses	$4,350,043,942	$4,143,403,564	+0.0%
Net Income	$404,301,724	$335,819,514	+0.2%

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

32100

Volunteers

15837

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

$9,281,813

Total Directors

$2,203,045

Key Employees

$13,892,347

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAM SILVER	TRUSTEE	6.00	Director	$0	$0	$0
AMY ABERNETHY	TRUSTEE	2.00	Director	$0	$0	$0
ANN PELHAM	TRUSTEE	2.00	Director	$0	$0	$0
CARMICHAEL S ROBERTS JR	TRUSTEE	1.00	Director	$0	$0	$0
DAVID S TAYLOR	TRUSTEE	2.00	Director	$0	$0	$0
EDDY H CUE	TRUSTEE	2.00	Director	$0	$0	$0
EDGAR VIRGUEZ	TRUSTEE	2.00	Director	$0	$0	$0
EDWARD A GILHULY	TRUSTEE	4.00	Director	$0	$0	$0
GRANT H HILL	TRUSTEE	2.00	Director	$0	$0	$0
GREGORY V PALMER	TRUSTEE	2.00	Director	$3,000	$0	$3,000
JB PRITZKER	TRUSTEE	1.00	Director	$0	$0	$0
JAMES C ZELTER	TRUSTEE	2.00	Director	$0	$0	$0
JEFFREY W UBBEN	TRUSTEE	4.00	Director	$0	$0	$0
KAREN M KING	TRUSTEE	2.00	Director	$0	$0	$0
KATHRYN A HOLLISTER	TRUSTEE	4.00	Director	$0	$0	$0
L FREDERICK SUTHERLAND	TRUSTEE	4.00	Director	$0	$0	$0
LAURENE M SPERLING	TRUSTEE	6.00	Director	$0	$0	$0
LISA M BORDERS	TRUSTEE	4.00	Director	$0	$0	$0
MARY T BARRA	TRUSTEE	6.00	Director	$0	$0	$0
MELISSA BERNSTEIN	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL G RHODES	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL J BINGLE	TRUSTEE	2.00	Director	$0	$0	$0
MICHAEL R STONE	TRUSTEE	2.00	Director	$0	$0	$0
NANCY M SCHLICHTING	TRUSTEE	2.00	Director	$0	$0	$0
NANCY-ANN DEPARLE	TRUSTEE	2.00	Director	$0	$0	$0
PATRICIA RODERICK MORTON	TRUSTEE	4.00	Director	$0	$0	$0
ROBERT R PENN	TRUSTEE	2.00	Director	$0	$0	$0
SHARON MARCIL	TRUSTEE	2.00	Director	$0	$0	$0
STEPHEN G PAGLIUCA	TRUSTEE	1.00	Director	$0	$0	$0
SYDNEY HUNT	TRUSTEE	2.00	Director	$0	$0	$0
THOMAS H LISTER	TRUSTEE	2.00	Director	$0	$0	$0
TIMOTHY D COOK	TRUSTEE	2.00	Director	$0	$0	$0
VIKAS J PATEL	TRUSTEE	2.00	Director	$0	$0	$0
WARREN LATTIMORE	TRUSTEE	2.00	Director	$0	$0	$0
WILLIAM G KAELIN JR	TRUSTEE	2.00	Director	$0	$0	$0
XIQING GAO	TRUSTEE	2.00	Director	$0	$0	$0
VINCENT E PRICE	PRESIDENT/TRUSTEE	48.00	Officer Director	$2,137,417	$62,628	$2,200,045
DANIEL G ENNIS	EXECUTIVE VICE PRESIDENT	40.00	Officer	$1,464,086	$73,368	$1,537,454
MARY E KLOTMAN MD	EVP FOR HEALTH AFFAIRS & DEAN OF SOM	49.00	Officer	$1,522,644	$58,317	$1,580,961
ALEC GALLIMORE	PROVOST	50.00	Officer	$1,081,866	$76,763	$1,212,129
PAMELA J BERNARD	PART YEAR VP & UNIVERSITY COUNSEL	55.00	Officer	$702,209	$60,737	$762,946
RACHEL SATTERFIELD	TREASURER & VP OF FINANCE	40.00	Officer	$670,285	$57,702	$727,987
MARGARET W EPPS	UNIVERSITY SECRETARY	50.00	Officer	$521,815	$56,621	$578,436
KIM TAYLOR	PART YEAR VP & UNIVERSITY COUNSEL	40.00	Officer	$610,592	$71,263	$681,855
NEAL F TRIPLETT	CHIEF INVESTMENT OFFICER	50.00	Key Emp	$4,885,718	$127,007	$5,012,725
GARY BENNETT	DEAN, COLLEGE OF A & S	60.00	Key Emp	$729,880	$65,729	$795,609
JAMES SCOTT GIBSON	EXEC VICE DEAN OF ADMIN, SOM	55.00	Key Emp	$987,123	$73,226	$1,060,349
JOHN J NOONAN	VP FOR FACILITIES	40.00	Key Emp	$499,153	$71,105	$570,258
KAVITA NAYAR	INVESTMENT MANAGER	40.00	Key Emp	$1,614,964	$284,915	$1,899,879
JUSTIN B NIXON	INVESTMENT MANAGER	40.00	Key Emp	$1,921,010	$360,745	$2,281,755
EVAN L JONES	INVESTMENT MANAGER	40.00	Key Emp	$1,925,902	$345,870	$2,271,772
MANUEL DIAZ	COACH	40.00	Highest	$4,171,974	$119,221	$4,291,195
JONATHAN SCHEYER	COACH	40.00	Highest	$2,764,179	$63,029	$2,827,208
JONATHAN COOK MD	PHYSICIAN	1.90	Highest	$215,316	$62,670	$3,376,664
JOSEPH TUREK MD	PHYSICIAN	6.20	Highest	$432,127	$69,346	$2,594,284
JENNIFER FRANCIS	PROFESSOR	40.00	Highest	$2,935,454	$50,274	$2,985,728
MOHAMED NOOR	FORMER KEY EMPLOYEE	40.00		$548,577	$62,496	$611,073

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	$4,754,345,666	$4,350,043,942	$22,131,922,809	$404,301,724
2024	$4,479,223,078	$4,143,403,564	$21,158,472,538	$335,819,514
2023	$3,747,197,275	$3,840,261,811	$20,396,848,043	$-93,064,536
2022	$4,604,378,802	$3,624,272,862	$20,871,034,050	$980,105,940
2021	$4,700,604,083	$3,270,558,153	$21,418,812,041	$1,430,045,930
2020	$3,194,489,301	$3,412,594,625	$15,807,758,924	$-218,105,324
2019	$3,302,826,991	$3,354,786,675	$14,959,910,895	$-51,959,684
2018	$3,380,471,454	$3,207,381,976	$14,655,049,117	$173,089,478