Howard Hughes Medical Institute

EIN: 590735717 501(c)(3) Medical Research

CHEVY CHASE, MD

Total Revenue
$2,004,784,057
Total Expenses
$1,178,202,544
Total Assets
$29,497,763,012
Net Assets
$27,618,269,570
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1953
Legal Domicile
DE
Phone
3012158500
Tax Period
2024-09-01 to 2025-08-31

Howard Hughes Medical Institute, founded in 1953, is a large national nonprofit in the Medical Research sector that reported $2.0B in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. The organization ran a surplus of $826.6M, a strong 41% operating margin.

Mission

THE MISSION OF THE INSTITUTE HAS REMAINED CONSTANT SINCE ITS FOUNDING IN 1953. AS ITS RESTATED ARTICLES OF INCORPORATION STATE THE PRIMARY PURPOSE AND OBJECTIVE OF THE HOWARD HUGHES MEDICAL INSTITUTE SHALL BE THE PROMOTION OF HUMAN KNOWLEDGE BY CONDUCTING DISCOVERY RESEARCH AND SCIENCE EDUCATION, PRINCIPALLY WITHIN FIELDS ASSOCIATED WITH BASIC BIOMEDICAL SCIENCES, AND THE DISSEMINATION AND APPLICATION OF THAT KNOWLEDGE FOR THE BENEFIT OF HUMANITY.

Program Service Accomplishments

Program 1
Expenses: $832,476,143 Revenue: $4,559,258

MEDICAL RESEARCH ORGANIZATION ACTIVITIES THE HHMI INVESTIGATOR PROGRAM THE HOWARD HUGHES MEDICAL INSTITUTE'S APPROACH TO BIOMEDICAL RESEARCH CAN BE SUMMARIZED IN THREE WORDS: PEOPLE, NOT PROJECTS...

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MEDICAL RESEARCH ORGANIZATION ACTIVITIES THE HHMI INVESTIGATOR PROGRAM THE HOWARD HUGHES MEDICAL INSTITUTE'S APPROACH TO BIOMEDICAL RESEARCH CAN BE SUMMARIZED IN THREE WORDS: PEOPLE, NOT PROJECTS. THIS COMMITMENT IS REFLECTED IN THE HHMI INVESTIGATOR PROGRAM. RATHER THAN AWARDING RESEARCH GRANTS, THIS PROGRAM EMPLOYS SCIENTISTS,PROVIDING THEM WITH LONG-TERM, FLEXIBLE FUNDING THAT THEY MAY USE TO PURSUE THEIR SCIENTIFIC INTERESTS. HHMI BELIEVES THAT SCIENTISTS OF EXCEPTIONAL TALENT AND IMAGINATION WILL MAKE FUNDAMENTAL DISCOVERIES OF LASTING SCIENTIFIC VALUE ANDTHATBENEFITHUMAN HEALTHIF THEY ARE GIVEN THE RESOURCES, TIME, AND FREEDOM TO PURSUE CHALLENGING QUESTIONS. HHMI INVESTIGATORS RECEIVE A SEVEN-YEAR APPOINTMENT, WHICH ISRENEWABLEPENDING FAVORABLE SCIENTIFIC REVIEW. AMONG THE MORE THAN265 CURRENT HHMI INVESTIGATORS, 16 ARENOBEL LAUREATES ANDNEARLY150AREMEMBERS OF THE NATIONAL ACADEMY OF SCIENCES. HHMI INVESTIGATORS DIRECT HHMI RESEARCH LABORATORIESLOCATEDON THE CAMPUSES OFMORE THAN 55HOSPITALS,UNIVERSITIES,AND OTHER RESEARCHINSTITUTIONSTHROUGHOUT THE UNITED STATES. SINCE THE EARLY 1990S, INVESTIGATORS HAVE BEEN SELECTED THROUGH RIGOROUS NATIONAL COMPETITIONS. THE INSTITUTESOLICITSAPPLICATIONS DIRECTLY FROM SCIENTISTS AT RESEARCH INSTITUTIONS IN THE UNITED STATES, WITH THE AIM OFIDENTIFYINGTHOSE WHO HAVE THE POTENTIAL TO MAKE SIGNIFICANT CONTRIBUTIONS TO SCIENCE. HHMI EMPLOYS AN OPEN APPLICATION PROCESS TO ENSURE THAT IT SELECTS ITS RESEARCHERS FROM A BROAD AND DEEP POOL OF SCIENTIFIC TALENT. JANELIA RESEARCH CAMPUS HHMI'S JANELIA RESEARCH CAMPUS IN ASHBURN, VIRGINIA, INNOVATES RESEARCH PRACTICES, TOOLS, AND TECHNOLOGIES TO SOLVE BIOLOGY'S DEEPEST MYSTERIES. AT JANELIA, INTEGRATED TEAMS OF LAB SCIENTISTS AND TOOL-BUILDERS PURSUE A SMALL NUMBER OF KEY SCIENTIFIC QUESTIONS WITH THE POTENTIAL FOR TRANSFORMATIVE IMPACT. TO DRIVE SCIENCE, THESE DISCOVERIES ARE SHARED OPENLY WITH THE SCIENTIFIC COMMUNITY. IN FY24, HHMI ANNOUNCED AI@HHMI, A 10-YEAR, $500 MILLION INVESTMENT TO SUPPORT AI-DRIVEN PROJECTS AND EMBED AI SYSTEMS THROUGHOUT EVERY STAGE OF THE SCIENTIFIC PROCESS. IN FY25, THE INSTITUTE ANNOUNCED SIX AMBITIOUS AI PROJECTS SPEARHEADED BY BOTH HHMI INVESTIGATORS AND JANELIA GROUP LEADERS. IN THE CURRENT FISCAL YEAR, THERE WERE27GROUP LEADERS,16SENIOR GROUP LEADERS, AND8JANELIA SCHOLARS AT JANELIA, IN ADDITION TO GRADUATE STUDENTS, POSTDOCS, AND VISITING SCIENTISTS. JANELIA ALSO HOSTS A VIBRANT SCIENTIFIC CONFERENCE PROGRAM, WHICH BRINGS MANY SCIENTISTS TO ITS CAMPUS EACH YEAR FOR EDUCATIONAL MEETINGS. THE FREEMAN HRABOWSKI SCHOLARS PROGRAM THE FREEMAN HRABOWSKI SCHOLARS PROGRAM SUPPORTS OUTSTANDING EARLY CAREER BASIC RESEARCHERS WHO HAVE STRONG POTENTIAL TO BECOME LEADERS IN THEIR FIELDS. SCHOLARS PRIORITIZE SCIENTIFIC EXCELLENCE IN THEIR OWN RESEARCH WHILE CREATING LAB CLIMATES IN WHICH EVERYONE CAN THRIVE. LIKE HHMI INVESTIGATORS, SCHOLARS ARE EMPLOYEES OF THE INSTITUTEBASED AT HOSPITALS, UNIVERSITIES, AND OTHER RESEARCH INSTITUTES IN THE UNITED STATES,ANDAREPROVIDED WITH LONG-TERM, FLEXIBLE FUNDING TO PURSUE THEIR BOLDEST IDEAS. EACH SCHOLAR IS APPOINTED FOR UP TO TWO FIVE-YEAR TERMS. INTHE SUMMER OF 2025, HHMI ANNOUNCED ITS SECOND COHORT OF FREEMAN HRABOWSKI SCHOLARS: 30 EXCEPTIONAL SCIENTISTS FROM 23 U.S. RESEARCH INSTITUTIONS. ONCE APPOINTED, THEY WILL JOIN THE 31 INAUGURAL FREEMAN HRABOWSKI SCHOLARS.THE PROGRAM IS NAMED AFTER FREEMAN A. HRABOWSKI III, PRESIDENT EMERITUS OF THE UNIVERSITY OF MARYLAND, BALTIMORE COUNTY.

Program 2
Expenses: $112,031,924 Revenue: $49,474

SCIENCE EDUCATION, FELLOWSHIPS, AND MEDIA PROGRAMS THROUGH ITS SCIENCE EDUCATION, FELLOWSHIPS, AND MEDIA PROGRAMS, HHMI INVESTS IN INDIVIDUALS, INITIATIVES, AND MEDIA THAT ADVANCE LEARNING AND...

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SCIENCE EDUCATION, FELLOWSHIPS, AND MEDIA PROGRAMS THROUGH ITS SCIENCE EDUCATION, FELLOWSHIPS, AND MEDIA PROGRAMS, HHMI INVESTS IN INDIVIDUALS, INITIATIVES, AND MEDIA THAT ADVANCE LEARNING AND PROMOTE SUCCESS IN SCIENCE ACROSS EDUCATIONAL AND CAREER STAGES. SCIENCE EDUCATION PROGRAMS INFY25,HHMIREFOCUSEDITSSCIENCE EDUCATION EFFORTSAROUND STUDENT-CENTEREDINITIATIVES.DURING THE 2024-2025 ACADEMIC YEAR, THESCIENCE EDUCATION ALLIANCE (SEA)PROGRAMSUPPORTED7,779 STUDENTS TOPARTICIPATEINSEA-PHAGES, A TWO-SEMESTERDISCOVERY BASEDCOURSETHATIMMERSES STUDENTS IN HANDS-ONSCIENTIFICRESEARCH.BIOINTERACTIVE, A MULTIMEDIA RESOURCE FOR HIGH SCHOOL AND COLLEGE-LEVEL INTRODUCTORY BIOLOGY,CONTINUED TO PROVIDE HIGH-QUALITY EDUCATIONAL MATERIALSAND PROFESSIONAL DEVELOPMENT WORKSHOPSAT NO CHARGETO BIOLOGY INSTRUCTORS THROUGHOUT THE COUNTRY, REACHINGMORE THAN 70% OF HIGH SCHOOL AND COLLEGE BIOLOGY CLASSROOMS.HHMIALSOANNOUNCEDA NEW PROGRAM CALLEDSUCCESS IN SCIENCE,WHICHPROVIDES GRANTSTO12INSTITUTIONSFOR IMPLEMENTINGPROGRAMSDESIGNED TOINCREASE UNDERGRADUATE PERSISTENCE IN SCIENCE. FELLOWSHIP PROGRAMS FOUNDED IN 2004, THE GILLIAM FELLOWS PROGRAM SUPPORTSEXCEPTIONALBIOMEDICAL PHD STUDENTS AND THEIR ADVISORSTO ADVANCECUTTING-EDGERESEARCHAND FOSTER THE DEVELOPMENT OF INCLUSIVE SCIENTIFIC TRAINING ENVIRONMENTS. IN FY25, 30 GRADUATE STUDENTS WERE SELECTED,REPRESENTING23 DIFFERENT INSTITUTIONS ACROSS THE US.SINCE 2017,THE HANNA H. GRAY FELLOWS PROGRAMHASSUPPORTEDOUTSTANDINGPOSTDOCS AS THEY TRANSITION INTO THEIR FIRST FACULTY POSITION.THE INSTITUTEWELCOMED25POSTDOCSIN FY25 AS MEMBERS OF THE NEWESTCOHORT.IN MAY,HHMITEMPORARILYPAUSEDCOMPETITIONSFORBOTHPROGRAMSIN ORDER TODEVOTEADDITIONALRESOURCES TO CURRENT HHMI SCIENTISTS. TANGLED BANK STUDIOS TANGLEDBANK STUDIOS, LLC, CAPTURES COMPELLING STORIES ACROSS ALL BRANCHES OF SCIENTIFIC DISCOVERY. IN FY25, TANGLED BANK RELEASED 23 DOCUMENTARY FEATURES AND SHORTS, WHICH RECEIVED A RANGE OF AWARDS, INCLUDING THE 2025 SCIENCE & TECHNOLOGY DOCUMENTARY EMMY AWARD FOR THE "HUNT FOR THE OLDEST DNA," FIVE GIANT SCREEN CINEMA ASSOCIATION AWARDS FOR "BLUE WHALES: RETURN OF THE GIANTS, THE GRAND TETON AWARD AT THE JACKSON WILD MEDIA AWARDS FOR "TURTLE WALKER." THE STUDIO ALSO LAUNCHED THESCIENCE@MYLIBRARYIMPACT INITIATIVE, WHICH BRINGS LOCAL SCIENCE STORIES AND ACTIVITIES TO MORE THAN 250 PUBLIC LIBRARIES AROUND THE COUNTRY.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,783,098
Program Service Revenue $4,608,732
Investment Income $1,966,414,132
Other Revenue $31,978,095
TOTAL REVENUE $2,004,784,057

Expense Breakdown

Grants Paid $63,319,232
Salaries & Benefits $490,580,362
Fundraising Expenses $0
Program Expenses $944,508,067
Other Expenses $624,302,950
TOTAL EXPENSES $1,178,202,544

Year-over-Year Comparison

2024 2023 Change
Revenue $2,004,784,057 $1,760,221,928 +0.1%
Expenses $1,178,202,544 $1,152,447,870 +0.0%
Net Income $826,581,513 $607,774,058 +0.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
12
Independent Members
12
Employees
2627
Volunteers
N/A

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
12
$9,681,295
Total Directors
13
$785,000
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ALISON F RICHARD PHD TRUSTEE 3.0
Director
$70,000 $0 $70,000
CHARLENE BARSHEFSKY ESQ TRUSTEE, CHAIR NOM & GOV COMM 4.0
Director
$87,500 $0 $87,500
CLAYTON S ROSE PHD TRUSTEE, CHAIR 6.0
Director
$100,000 $0 $100,000
DAVID JULIUS PHD TRUSTEE, CHAIR RESEARCH COMM 3.0
Director
$60,000 $0 $60,000
DEBORA L SPAR PHD TRUSTEE, CHAIR AUDIT & COMP 4.0
Director
$70,000 $0 $70,000
EDITH HEARD PHD TRUSTEE (AS OF 02/25)/ADVISORY BOARD MEMBER (2024) 2.0
Director
$12,500 $0 $12,500
FRED R LUMMIS TRUSTEE, CHAIR FINANCE COMM 4.0
Director
$70,000 $0 $70,000
JAY JACOBS TRUSTEE (AS OF 11/24) 2.0
Director
$15,000 $0 $15,000
JOSEPH L GOLDSTEIN MD TRUSTEE 3.0
Director
$70,000 $0 $70,000
KURT L SCHMOKE ESQ TRUSTEE (THRU 10/24) 2.0
Director
$50,000 $0 $50,000
MARGARET D TUTWILER TRUSTEE 2.0
Director
$60,000 $0 $60,000
PAUL M NURSE PHD TRUSTEE 2.0
Director
$60,000 $0 $60,000
RISA LAVIZZO-MOUREY MD MBA TRUSTEE, CHAIR EDUCATION COMM 3.0
Director
$60,000 $0 $60,000
BLANTON TOLBERT PHD VP SCIENCE LEADERSHIP AND CULTURE (THRU 05/25)/LAB HEAD 40.0
Officer
$778,489 $54,879 $833,368
BODO STERN PHD CHIEF OF STRATEGIC INITIATIVES 40.0
Officer
$446,695 $54,115 $500,810
DONALD KOCH VP & CHIEF INVESTMENT OFFICER 40.0
Officer
$1,928,020 $76,946 $2,004,966
ERIN K O'SHEA PHD PRESIDENT 40.0
Officer
$1,652,120 $69,264 $1,721,384
HEIDI E HENNING ESQ VP & GENERAL COUNSEL & SECRETARY 40.0
Officer
$831,890 $55,620 $887,510
JEREMY COMPTON CONTROLLER 40.0
Officer
$265,218 $40,264 $305,482
KRISTIAN GREENE DIRECTOR, TREASURY OPERATIONS & ASSISTANT TREASURER 40.0
Officer
$176,055 $55,676 $231,731
KRISTINA HEIBERGER ESQ DEPUTY GENERAL COUNSEL & ASSISTANT SECRETARY 40.0
Officer
$425,011 $82,272 $507,283
LESLIE B VOSSHALL PHD VP & CHIEF SCIENTIFIC OFFICER 40.0
Officer
$772,292 $78,035 $850,327
LYNNE LOCHTE CHIEF FINANCIAL OFFICER & TREASURER 40.0
Officer
$481,161 $53,729 $534,890
NELSON SPRUSTON PHD VP & EXEC DIR, JANELIA RESEARCH CAMPUS 40.0
Officer
$643,812 $71,571 $715,383
SETH GROSSMAN ESQ VP, CHIEF OPERATING OFFICER & SENIOR ADVISOR TO THE PRESIDENT 40.0
Officer
$541,218 $46,943 $588,161
GLEN ZWICKER MANAGING DIRECTOR & HEAD OF INVESTMENT OPERATIONS 40.0
Highest
$1,043,689 $74,835 $1,118,524
KAREN EIFLER MANAGING DIRECTOR, PUBLIC MARKETS 40.0
Highest
$1,160,055 $36,152 $1,196,207
MARK SPROLES MANAGING DIRECTOR, PRIVATE MARKETS 40.0
Highest
$1,207,419 $36,651 $1,244,070
RICHARD AXEL MD INVESTIGATOR 40.0
Highest
$806,661 $48,264 $854,925
RONALD VALE PHD SENIOR GROUP LEADER/FORMER VP & EXEC. DIR., JRC 40.0
Highest
$769,522 $56,548 $826,070
DAVID E CLAPHAM PHD SENIOR GROUP LEADER/FORMER VP & CHIEF SCIENTIFIC OFFICER 40.0
$590,291 $73,447 $663,738
GERALD M RUBIN PHD SENIOR GROUP LEADER/FORMER VP & EXEC. DIR., JRC 40.0
$599,415 $62,422 $661,837
NATASHA NEISES SENIOR DIRECTOR, FINANCIAL PLANNING & ANALYSIS 40.0
$294,592 $45,058 $339,650
SEAN B CARROLL PHD INVESTIGATOR/FORMER VP SCI. & ED. MEDIA GROUP 40.0
$593,698 $61,567 $655,265
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 $2,004,784,057 $1,178,202,544 $29,497,763,012 $826,581,513
2024 $1,760,221,928 $1,152,447,870 $27,296,895,597 $607,774,058
2023 $749,022,788 $1,147,090,579 $25,892,499,538 $-398,067,791
2022 $2,117,477,557 $986,289,955 $25,877,392,654 $1,131,187,602
2021 $2,096,794,078 $954,764,083 $29,343,107,763 $1,142,029,995
2020 $1,467,289,681 $947,377,660 $23,840,455,852 $519,912,021
2019 $1,411,381,183 $1,081,673,510 $22,544,411,510 $329,707,673
2018 $1,527,324,317 $925,718,713 $23,816,259,445 $601,605,604
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