Howard Hughes Medical Institute: endowment and investment office

Howard Hughes Medical Institute reports USD 27.62 billion in organizational net assets for August 31, 2025. Balance source

HHMI's audited statements report FY2025 net assets of $27,618.270 million and total assets of $29,497.763 million. Investments and derivative assets are a separate balance-sheet category. The investment portfolio supports HHMI's biomedical research and science education programs. Its fiscal year ends on August 31. Official report

Key facts

Reported value
USD 27.62 billion
As of
August 31, 2025
Portfolio
Endowment
Investment office
HHMI investment office
Office head
Donald Koch, vice president and chief investment officer; as of Nov. 2, 2026
Federal excise tax
Not a private foundation; IRC 4940 does not apply
Management model
Internal or institution-owned office; uses external managers
Portfolio facts. Howard Hughes Medical Institute
Portfolio facts. Howard Hughes Medical Institute
Data through FY2025

Balance reference Current officer source

Endowment size and reporting scope

HHMI's scale measure here is organizational net assets. Its FY2025 audit separately reports total assets of USD 29,497.763 million and net assets of USD 27,618.270 million. Investments and derivative assets form a separate balance-sheet category. Research facilities, liabilities and other assets prevent those totals from being interchangeable. The investment program supports HHMI's medical research and science education activities, which create multi-year employment, laboratory and grant commitments. Official report

Spending policy and payout

For the fiscal year ended August 31, 2025, HHMI reports $1,046.452 million in total expenses. Medical research accounts for $846.516 million and science education, fellowships and media programs for $66.080 million. These expenses describe organizational activity and are not a university endowment spending rate. Spending disclosure

Annual organizational expenses. HHMI total expenses, including medical research, education and administration.
Annual organizational expenses. HHMI total expenses, including medical research, education and administration.
Source: hhmi.org · Data through FY2025
Fiscal yearTotal organizational expenses, USD millions
FY20241,054.050
FY20251,046.452

Governance and investment office

HHMI is a medical research organization under IRC 170(b)(1)(A)(iii). Its audited statements expressly say it is not a private foundation under Chapter 42. It files Form 990. Its investment Valuation Committee reviews techniques and has authority to approve changes to valuation methods. Investment governance

The current official source names Donald Koch, vice president and chief investment officer. Officer information is stated as of November 2, 2026. Office leadership

Federal excise tax on investment income

HHMI's audited statements classify it as a medical research organization under IRC 170(b)(1)(A)(iii) and expressly state that it is not a private foundation under Chapter 42. The general private-foundation excise tax of 1.39% on net investment income therefore does not apply to HHMI. Neither does the nonoperating private-foundation distribution rule under IRC 4942. Its Form 990 filing and medical research classification should be distinguished from a private foundation filing Form 990-PF. HHMI tax classification

The private-college excise tax in Section 4968 also does not apply to this medical research organization. HHMI must meet the requirements of its medical research classification, including active research in conjunction with a hospital. Its annual research and education expenses describe its program activity, rather than a university spending rate or an assumed 5% private-foundation payout. IRS medical research classification IRS foundation tax rules

Reporting comparisons

NACUBO college endowment bands are not a peer group for this organization. Its program commitments, legal status and financial statements describe a different operating model. The financial comparisons on this page retain the organization's own accounting periods. A private university's endowment-only value cannot be substituted for the organizational net assets or endowment net assets shown here. Financial statements

Public records and reporting dates

The official investment report supplies the portfolio figures and measurement dates on this page. The institution or related reporting entity also has a public nonprofit filing record. Tax-return assets and expenses cover that legal filer and can be broader than its endowment. Nonprofit filing record

Sources

  1. https://www.hhmi.org/sites/default/files/2025-11/FY-2025-HHMI-Audited-Financial-Statements.pdf
  2. https://www.hhmi.org/about/senior-leadership/donald-koch
  3. https://www.hhmi.org/news/hhmi-names-donald-koch-vice-president-and-chief-investment-officer
  4. https://www.irs.gov/publications/p557
  5. https://www.irs.gov/charities-non-profits/irc-section-4940d-exemption-for-certain-operating-foundations
  6. https://projects.propublica.org/nonprofits/organizations/590735717
  7. https://endowments.com/
  8. https://familyoffices.com/

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