Operating Budget
2022–23: $2,729,986,000
2023–24 (projected): $2,923,472,000
The total operating budget for 2022–23 included funding for sponsored research at the Princeton Plasma Physics Laboratory (PPPL), which totals $175 million. PPPL operates on a federal fiscal year that ends on Sept. 30, 2023.
Income and Expenditures, 2022–23
All percentages rounded
| Income | % | Amount (in thousands) |
|---|---|---|
| Endowment payout and other investment income | 59% | $1,605,568 |
| Student fees | 17% | $464,931 |
| Sponsored research | 17% | $455,497 |
| Auxiliary activities and service income | 4% | $114,781 |
| Gifts and other income, net of transfers | 3% | $89,209 |
| Expenditures | % | Amount (in thousands) |
|---|---|---|
| Academic departments | 33% | $895,145 |
| Physical facilities/strategic initiatives | 26% | $701,039 |
| Student aid | 15% | $404,003 |
| Administrative services | 12% | $327,793 |
| Library/Computing/Museum | 6% | $181,505 |
| PPPL | 6% | $175,000 |
| Athletics | 1% | $45,500 |
The Endowment
The endowment is the financial foundation that underpins the University’s teaching and research mission and supports Princeton’s exceptional financial aid program, which makes it possible for students from all backgrounds to live and learn at the University without incurring debt.
Princeton’s endowment is the fifth-largest in the country, with a portfolio value of $34.2 billion as of March 31, 2023. The earnings from the endowment cover approximately two-thirds of the University’s annual operating budget and help fund the University’s highest priority strategic initiatives, while preserving real value for future generations. To pursue this goal, the endowment maintains an equity-biased portfolio and seeks to partner with best-in-class investment management firms across diverse asset categories.
The annualized return on Princeton’s endowment—defined as “dividends and interest on portfolio holdings, plus or minus capital appreciation or depreciation”—is estimated to be approximately 11% over the 25-year period ending June 30, 2023.