YU’s 2022 Form 990 Released; Reveals Deficit for the First Time Since 2019
Yeshiva University’s expenses outpaced its revenue during the 2022 fiscal year, its first year of net revenue loss since 2019, according to the university’s most recent Form 990 filings with the Internal Revenue Service (IRS).
For the 2022 fiscal year, YU’s total revenue fell to $382.4 million — a $2.6 million drop from $385 million the previous year. YU’s expenses totaled $390.7 million, resulting in a deficit of $8.3 million.
Form 990, required annually from tax-exempt organizations, provides transparency into the university’s financial data, including revenue, expenses, and executive compensation. The form is submitted to the IRS each May and becomes publicly available shortly after.
The primary drivers of expenses were employee salaries and benefits, which accounted for $160.2 million, and academic support and student services, which came out to $119 million of the budget. YU also spent approximately $105,213,968 in scholarships for 4,187 students.
The majority of the university’s revenue came from program services, specifically tuition and related services, which totalled to $279.5 million — up from $250.2 million the previous year.
Other major sources of revenue included $60.9 million in contributions and grants, a decrease from the $71.9 million in 2021. Investment income also decreased, dropping from $61.9 million in 2021 to $39.8 million in 2022.
YU's securities investments, such as stocks and bonds, also saw a decline, with publicly traded securities falling from $542 million to $471 million by the end of the fiscal year, a $70.7 million decrease.
YU President Ari Berman remained the highest-paid official at YU, receiving total compensation of $896,718, an increase of over $90,000 from the previous fiscal year. Berman’s compensation included a base salary of $731,776, bonuses and additional benefits such as a parsonage housing at a two-story residence purchased by the university in Teaneck, NJ.
Other top-paid officials include Chief Investment Officer Ahron Herring, with a compensation of $718,233, and Vice President and General Counsel Andrew Lauer, who earned $652,329. Both of these employees had compensation that remained consistent with the previous fiscal year.
Former YU President Richard Joel’s salary was not included in the form for the first time since he stepped down as president in 2017. In the previous fiscal year he received a total compensation of $430,138.
In terms of philanthropy, YU reported a total of $60.9 million in contributions and grants, with the largest donation reported being $18 million. Overall contributions saw a slight decline from the prior fiscal year, with the names and addresses of donors omitted for privacy reasons.
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Photo Caption: IRS filings reveal compensation of senior officials and university finances
Photo Credit: Kelly Sikkema / Unsplash
