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$164 million
- Howard strives to return tuition and fee revenue in the form of scholarships to students. For fiscal year 2021, the University recognized $164 million of net tuition and fee revenue; gross tuition and fee revenue was $312 million and institutional aid was $148 million.
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Academic services revenue increased 26% or $68.1 million to $326.8 million, due to increase in revenue from tuition and fees, net, grants and contracts, and a rebound of 415% in auxiliary services to $40.9 million, following prior years decline with fewer students on campus during COVID-19.
income, increased 96% to $255.5 million. The University’s operating expenses increased by $16.7 million, or 2%, to $857.4 million for the fiscal year ending June 30, 2021. Employment expense (i.e., salaries, wages, and benefits) increased 4%, or $20.3 million, to $479.8 million.
The Howard University Consolidated Financial Statements For Fiscal Years Ended June 30, 2021 and 2020
The Howard University Annual Report provides an overview of the academic and fiscal year, including information on the University's accomplishments, enrollment, and operating performance.
- Howard University. Howard University has the largest endowment of all the HBCUs with $692.8 million as of June 30, according to HBCU Money. By comparison, Harvard University’s endowment is worth more than $40 billion.
- Spelman College. Atlanta-based private liberal arts women’s college Spelman comes in the No. 2 slot with an endowment of $390.4 million. Cambridge Associates acts as the endowment’s investment consultant, but the college also has an in-house endowment team.
- Hampton University. Hampton is ranked No. 3 in HBCU endowments with an endowment of $282.5 million. The private institution landed in the No. 218 spot on the US News & World Report 2020 annual list of best colleges.
- Meharry Medical College. Meharry Medical College has an endowment trove of $159.1 million. Opened 11 years after the end of the Civil War, Meharry’s founding mission was to educate African Americans “to serve the underserved.”
For fiscal year 2021, the University recognized $164 million of net tuition and fee revenue; gross tuition and fee revenue was $312 million and institutional aid was $148 million. Therefore, on average, for every dollar of tuition and fee revenue charged, 47 percent is provided back to students as a discount.
At Howard, approximately 48% of students took out student loans averaging $5,628 a year. That adds up to $22,512 over four years for those students. The student loan default rate at Howard is 6.0%.