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J. Paul Getty Trust: endowment and investment office
J. Paul Getty Trust reports USD 9.37 billion in endowment net assets for June 30, 2025. Balance source
Getty's audited endowment note reports $9,367.682 million in endowment net assets, compared with $8,962.493 million a year earlier. It separates $9,351.688 million in board-designated funds from $15.994 million in donor-restricted funds. Total trust assets and the filing's fair-market-value asset measure have broader scopes. Official report
Key facts
- Reported value
- USD 9.37 billion
- As of
- June 30, 2025
- Portfolio
- Endowment
- Investment office
- Getty Investment Office
- Spending policy
- 5% on stated policy basis
- Federal excise tax
- Exempt operating foundation under IRC 4940(d)(2)
Endowment size and reporting scope
Getty's size measure is endowment net assets, rather than total trust assets. Its FY2025 note identifies USD 9,351.688 million in board-designated endowment funds and USD 15.994 million in donor-restricted endowment, totaling USD 9,367.682 million. The trust operates cultural programs as well as making grants. Its financial statements therefore report program costs and endowment appropriations as separate items. Investment income in dollars includes accounting gains and losses and does not itself provide a time-weighted percentage return. Official report
Spending policy and payout
For the fiscal year ended June 30, 2025, Getty appropriated $462.991 million of endowment assets for expenditure. The note reports $868.180 million in total endowment investment income. This income is an accounting amount. It is not presented here as a percentage investment return. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 462.991 |
The policy formula controls how the operating budget receives support across market cycles. Its averaging base can differ from the latest fiscal-year-end balance. The dollar distribution records support for a stated year, while a budget-support percentage measures the institution's reliance on that support. Distribution basis
Governance and investment office
Getty is a private operating foundation that files Form 990-PF. Its audited financial statements and annual tax returns are available from its financial-information page. The board oversees the trust's investment and spending responsibilities. The endowment note separately reports board-designated funds and donor-restricted funds. Investment governance
Federal excise tax on investment income
Getty is a private operating foundation under IRC 4942(j)(3), and its FY2025 audited statements identify it as an exempt operating foundation under IRC 4940(d)(2). It therefore pays no federal excise tax on net investment income under Section 4940. The general 1.39% private-foundation investment-income tax has an exemption for qualifying exempt operating foundations. Getty's unrelated business income can still be taxable. Getty tax note
The 5% minimum-investment-return calculation under IRC 4942 generally concerns nonoperating private foundations. Operating foundations are excepted from that undistributed-income tax; they must meet their own operating-foundation tests. Getty's own budget rule uses 5% of the prior thirty-six-month average endowment value, which is a spending policy rather than a claim that the nonoperating-foundation minimum applies. The private-college rates under Section 4968 do not apply to Getty. IRS investment-income rules IRS operating-foundation rules Getty budget rule
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
- https://media.getty.edu/Text/8c7dcf11-0b17-5cec-af08-36494da10f2c.pdf
- https://www.getty.edu/news/katharine-krieger-named-chief-investment-officer-of-getty/
- https://www.irs.gov/charities-non-profits/irc-section-4940d-exemption-for-certain-operating-foundations
- https://www.irs.gov/charities-non-profits/private-foundations/private-operating-foundations
- https://www.getty.edu/about/leadership-governance/financials/
- https://projects.propublica.org/nonprofits/organizations/951790021
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- The Ohio State University (USD 9.70 billion)
- Rice University (USD 8.50 billion)
- Dartmouth College (USD 10.00 billion)
- Oxford University Endowment Management (GBP 6.70 billion)
- University of Southern California (USD 9.03 billion)
- Mayo Clinic (USD 7.92 billion)
