University & Higher Education Advertising + Fundraising Study

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This analysis examines advertising and fundraising patterns across 1,258 U.S. higher education institutions with revenues between $1M-$10BN, based on Form 990 data from 2023. This cohort of higher education institutions had a combined revenue of $310BN, expenses of $296BN, and employed over 2.5M people, representing a significant economic impact. The study specifically excluded institutions without employees, museums, religious institutions, hospitals, and membership organizations to focus on traditional higher education institutions like Harvard, NYU, Johns Hopkins, Stanford, Duke, and others.

Key Statistics

Institutional & Revenue Distribution

Traditional Colleges & Universities (94.4%): 1,187 institutions
Community Colleges (2.5%): 32 institutions
Other Schools (1.7%): 21 institutions
Technical/Trade Schools (0.8%): 10 institutions
Other Categories (0.6%): 8 institutions (including hospitals, professional development, and foundations)

Spending Distribution Analysis

The distribution charts reveal distinct patterns in how different types of institutions allocate their marketing and fundraising resources. Online-focused institutions like Southern New Hampshire University and National University lead in advertising spend, investing heavily in student acquisition through marketing channels.

Meanwhile, traditional elite institutions such as Harvard, Stanford, and Columbia show a reversed pattern, with significantly higher fundraising expenses relative to their advertising spend. This suggests a clear strategic divergence: newer or online-focused institutions prioritize direct marketing to drive enrollment, while established prestigious universities invest more heavily in development and donor relations. The total advertising spend across the sector ($2.3B) compared to fundraising spend ($4.4B) reflects this overall emphasis on development activities.

Notably, some institutions like WGU Corporation and Ultimate Medical Academy maintain relatively balanced investments across both areas, suggesting a hybrid approach to institutional advancement. This spending pattern diversity reflects different business models and revenue-generation strategies across the higher education landscape.

FAQs From the University Ad Study

How much did universities spend on fundraising in 2023?

According to a 2023 study of 1,258 U.S. higher education institutions, universities spent a total of $4.4 billion on fundraising activities. The median fundraising expense per institution was $1.0 million, with colleges and universities averaging $3.7 million in fundraising expenses. This spending covers development staff salaries, donor relations, fundraising events, grant writing, and capital campaign operations.

What percentage of university budgets goes to advertising?

Based on 2023 Form 990 data, successful higher education institutions typically allocate 0.69% of their total expenses to direct advertising and promotion, with a median spend of $406,100. However, this figure only represents direct promotional costs and doesn’t include other marketing-related expenses like student recruitment activities and staff salaries, which are categorized differently in financial reporting.

Which states spend the most on university advertising?

According to 2023 data, Colorado leads university advertising spending with a median expenditure of $3 million per institution. The other top spending states are Rhode Island, Delaware, Oklahoma, and Hawaii. These high advertising investments likely reflect competitive market conditions and the need for institutional differentiation in these regions.

How much do trade schools spend on advertising compared to traditional universities?

Technical and trade schools stand out with the highest average advertising spend of approximately $5 million per institution, significantly higher than traditional universities. This contrasts with their relatively low fundraising expenses, indicating a business model that prioritizes student recruitment through marketing over donor development, unlike traditional universities which typically focus more on fundraising activities.

Sample of Universities and Higher Education Institutions Included

New York University	Long Island University	Gettysburg College	Hobart and William Smith Colleges	Drew University	Meredith College	Thomas More University	Florida Memorial University	Spertus Institute for Jewish Learning and Leadership	Cazenovia College
Johns Hopkins University	The Corporation of Mercer University	Dickinson College	Olivet Nazarene University	Dominican University	Franklin Pierce University	Christian Brothers University	University of Mount Olive	Albany Law School	University of Western States
University of Pennsylvania	Fairfield University	Kenyon College	Le Moyne College	Ohio Wesleyan University	Knox College	Mount St Joseph University	Graceland University	Illinois College of Optometry	Mitchell College
Stanford University	Gonzaga University	DePauw University	Cooper Union for the Advancement of Science and Art	Lebanon Valley College	The Master’s University and Seminary	Albany College of Pharmacy and Health Sciences	Central College	Lees-Mcrae College	Metropolitan College of New York
Mayo Clinic	Williams College	Rollins College	Baldwin Wallace University	Benedictine College	Goucher College	Grace College & Theological Seminary	Barton College	Palo Alto University	College of the Atlantic
Columbia University	High Point University	Corporation of Haverford College	Saint Leo University	Alvernia University	Park University	Walla Walla University	Covenant College	Kansas City Art Institute	Franciscan Missionaries of Our Lady University
Yale University	Berklee College of Music	Florida Institute of Technology	University of Findlay	University of Dallas	Carlow University	Heidelberg University	University of Mobile	King University	Bryan College
Emory University	University of Tampa	Trine University	Southwestern University	Kansas City University	Holy Family University	Becker College	Southern California University Health Sciences	Truett McConnell University	Bethel College
Harvard University	National University	University of La Verne	Lynn University	American Musical & Dramatic Academy	Marymount Manhattan Colleg	Cabrini University	Northwest University	Livingstone College	Nebraska Methodist College of Nursing and Allied Health
University of Miami	Ultimate Medical Academy	Siena College	Dallas Baptist University	Concordia University Irvine	Manhattanville College	Chestnut Hill College	Baker University	Howard Payne University	Johnson University
Cornell University	Elon University	Cedarville University	Rosalind Franklin University of Medicine and Science	College of St. Scholastica	Claremont Graduate University	Northwestern College	Goshen College	Wilmington College	Harcum College
University of Rochester	Catholic University of America	Meharry Medical College	Bellevue University	Linfield University	University of Pikeville	McKendree University	Milligan University	Kansas Wesleyan University	Union College
University of Southern California	Wellesley College	Loyola University	Artcenter College of Design	University of Mount Saint Vincent	Hartwick College	Simpson College	Albertus Magnus College	Trinity International University	Spring Hill College
Washington University in St. Louis	Yeshiva University	A. T. Still University of Health Sciences	Colorado Christian University	Roseman University of Health Sciences	New York Law School	Manchester University	Rocky Mountain College	Vermont Law and Graduate School	Union College
Massachusetts Institute of Technology	AMHERST COLLEGE Trustees	Occidental College	Messiah University	Roanoke College	American International College	Morningside University	MidAmerica Nazarene University	Southern Virginia University	LeMoyne-Owen College
The University of Chicago	Bucknell University	Berry College	Eckerd College	Randolph-Macon College	College of Saint Rose	Anderson University	Ohio Dominican University	Simpson University	Oklahoma Wesleyan University
Yale New Haven Hospital	Providence College	Davidson College	Morehouse College	Eastern University	Hardin-Simmons University	Southern Nazarene University	Geisinger Commonwealth SCH of Med	Briar Cliff University	American Jewish University
California Institute of Technology	Touro University	Mercy College	Whitworth University	Washington and Jefferson College	Ouachita Baptist University	Gordon College	Saint Joseph’s College of Maine	Point University	College of Saint Mary
Icahn School of Medicine at Mount Sinai	Loma Linda University	Trustees of Union College in the Town of Schenectady in the State of New York	Hampden Sydney College	California College of the Arts	Parker University	Hollins University Corporation	College of Our Lady of the Elms	Lourdes University	Bushnell University
Duke University	Illinois Institute of Technology	Lake Erie College of Osteopathic Medicine	Seattle Pacific University	Westmont College	Antioch University / Coalition for the Common Good	Newberry College	University of Jamestown	Remington College	William Peace University
The Trustees of Princeton University	The Trustees of Grinnell College	St Lawrence University	York College of Pennsylvania	Otterbein University	Husson University	Maharishi International University	Anna Maria College	Edward Waters University	Salem Academy and College
Northwestern University	Ithaca College	Indiana Wesleyan University	Lake Forest College	Alfred University	Bridgewater College	Millsaps College	West Virginia Wesleyan College	Tennessee Wesleyan University	University of Rio Grande
Trustees of Boston University	Bowdoin College	Hampton University / Denise Nichols	College of Saint Benedict and Saint John’s University	Saint Francis University	Lawrence Technological University	Mitchell Hamline School of Law	North Carolina Wesleyan University	Erikson Institute	Northland College
University of Pittsburgh	New York Institute of Technology	Rider University	St Norbert College	Centre College	Felician University	Belhaven University	California Western School of Law	University of Sioux Falls	Spartanburg Methodist College
Rush University Medical Center	Colgate University	Endicott College	North Central College	St. John’s College	Des Moines University	Guilford College	Union Theological Seminary	Huntingdon College	Lyon College
University of Notre Dame	Seattle University	Barry University	Elmhurst University	Adrian College	Pontifical Catholic University of Puerto Rico	Illinois Wesleyan University	Notre Dame College	Culver-Stockton College	Randolph College
Northeastern University	Bentley University	Spelman College	Saint Anselm College	Concordia University St Paul	Cumberland University	Johnson C Smith University	University of the Ozarks	Corban University	Coker University
Baylor College of Medicine	University of New Haven	University of Indianapolis	Wofford College	The Chicago School of Professional Psychology / The Chicago School – California Inc	Mount Saint Mary College	Asbury University	Southwest Baptist University	Voorhees College	Baptist Health Sciences University
Vanderbilt University	Babson College	Norwich University	Nazareth University	Kettering University	Emory and Henry College	Bay Path University	Huntington University	Midway University	Maine College of Art and Design
Georgetown University	Oberlin College	Bates College	Willamette University	Albion College	John Brown University	Albright College	California Institute of Integral Studies	The Shaw University	Allen University
Carnegie Mellon University	Johnson & Wales University	Hult International Business School	Lindenwood University	University of the Sciences in Philadelphia	Coe College	Siena Heights University	Limestone University	Chowan University	Bluefield University
The George Washington University	MCPHS University	Jacksonville University	Salve Regina University	Pitzer College	Cornell College	Westminster College / PNC Bank Na	Lancaster Bible College	Minneapolis College of Art and Design	Philander Smith College
Syracuse University	Suffolk University	Calvin University	Carroll University	Regis College	Oglethorpe University	Viterbo University	LaGrange College	Thomas Aquinas College	Universidad Central del Caribe
Tulane University	Pratt Institute	Lewis University	Bellarmine University	Curry College	LeTourneau University	Grand View University	Friends University	Hiram College	Southwestern Adventist University
Thomas Jefferson University	Melrosewakefield Healthcare	Franklin and Marshall College	Mount St. Mary’s University	Mississippi College	Beloit College	Nichols College	Franklin College	Beacon College	Holy Cross College
Dartmouth College	Loyola University Maryland	St Francis College	Campbellsville University	University of Dubuque	Lasell University	New England Law Boston	Malone University	Pennsylvania College of Health Sciences	Roger Williams University School of Law
Brown University	Marist College	Macalester College	University of Mary Hardin-Baylor	Rockhurst University	Wittenberg University	Columbia International University	Columbus College of Art & Design	Saint Mary-of-the-Woods College	Jarvis Christian University
Liberty University	Xavier University	Oral Roberts University	College of the Ozarks	Bethune-Cookman University	New England Institute of Technology	Mary Baldwin University	William James College	Cambridge College	Rochester University
Case Western Reserve University	Emerson College	Iona University	Moravian University	Union University	Saint Martin’s University	Maryville College	Hampshire College Trustees	North Central University	CBD COLLEGE
Medical College of Wisconsin	Hillsdale College	Tuskegee University	St Joseph’s University New York	Charles R. Drew University of Medicine and Science	Walsh University	Belmont Abbey College	Dillard University	Lake Erie College	Alaska Pacific University
Baylor University	Adelphi University	University of Redlands	Roosevelt University	University of the Arts	Nebraska Wesleyan University	East Texas Baptist University	University of Health Sciences and Pharmacy In St Louis	Brevard College Corporation	American Academy of Dramatic Arts
Drexel University	Abilene Christian University	Connecticut College	Anderson University	Canisius University	Otis College of Art and Design	Medaille University	Warren Wilson College	Turtle Mountain Community College	Defiance College
Southern New Hampshire University	Barnard College	St Edward’s University	Ashland University	Texas Wesleyan University	The University of Charleston	Southwestern Law School	Bethel University	Tabor College	Pacific Oaks College and Children’s School
Boston College	Trustees of the College of the Holy Cross	Hope College	Taylor University	Catawba College	Caldwell University	Unity Environmental University	Pacific Northwest University of Health Sciences	Converse University	Fielding Graduate University
Tufts University	Bard College	Wheaton College	Augsburg University	Lenoir-Rhyne University	Methodist University	Edgewood College	Marshall B Ketchum University	Thomas College	Thomas M Cooley Law School
Howard University	Azusa Pacific University	The Juilliard School	St Catherine University	Northwood University	Bennington College Corporation	Georgian Court University	Pfeiffer University	Southern California Institute of Architecture	Fisher College
Rice University	University of Tulsa	Stonehill College	DeSales University	Agnes Scott College	Wabash College	Geneva College	Logan University	Asbury Theological Seminary	Stillman College
Saint Louis University	Carleton College	Pacific University	Champlain College	Hendrix College	Whittier College	Missouri Baptist University	Sweet Briar College	Bluffton University	University of Holy Cross
Texas Christian University	Merrimack College	California Lutheran University	Franciscan University of Steubenville	Gardner-Webb University	Manhattan School of Music	Midland University	Pacific Union College	Houghton University	Sterling College
Kettering Health Main Campus System	Butler University	Point Loma Nazarene University	San Francisco Conservatory of Music	Lee University	Ripon College	Wayland Baptist University	Rockford University	Northwestern Health Sciences University	Prescott College
Rochester Institute of Technology	Teachers College Columbia University	Clark Atlanta University	Augustana University	Andrews Academy	The College of Idaho	Fuller Theological Seminary	Reinhardt University	Miles College	Oakland City University
Southern Methodist University	Wesleyan University	University of the Cumberlands	La Salle University	Austin College	Westminster University	Spring Arbor University	Landmark College	The Southwestern College	Wiley College
Fordham University	President and Trustees of Colby College	University of Detroit Mercy	McDaniel College	Saint Mary’s University of Minnesota	Evangel University	Trinity Washington University	Ranken Technical College	Bethany College	Eastern Nazarene College
Loyola University Chicago	Vassar College	University of The South	Saint Mary’s College	Seton Hill University	Lindsey Wilson College	Carson-Newman University	Curtis Institute of Music	Cardinal Stritch University	Cornish College of the Arts
Nova Southeastern University	Mount Holyoke College	Philadelphia College of Osteopathic Medicine	Webster University	Delaware Valley University	Joseph and Harvey Meyerhoff Family Charitable Funds	Central Methodist University	Ferrum College	Saint Augustine’s University	Cottey College
American University	University of New England	Aurora University	National-Louis University	Benedictine University	Excelsior University	William Jessup University	Lakeland University	Bethany Lutheran College & Seminary	Saybrook University
University of Dayton	Samford University	Ohio Northern University	Saint Xavier University	Flagler College	Virginia Wesleyan University	Salus University	Spalding University	Mid-America Christian University	Stephens College
DePaul University	Washington and Lee University	Milwaukee School of Engineering	Hawaii Pacific University	Saint Vincent College	Concordia University Nebraska	Menlo College	Cleveland Institute of Art	Bethany College	Brewton Parker College
University of Denver	Fairleigh Dickinson University	Western New England University	St Bonaventure University	University of Mary	New England College	Relay Graduate School of Education	Erskine College and Theological Seminary	Ursuline College	Northeast College of Health Sciences
Villanova University	Monmouth University	Wingate University	Southeastern University	Saint Michael’s College	Chaminade University of Honolulu	Bloomfield College of Montclair State University	Young Harris College	Cairn University	Keystone College
Saint Johns University	University of the Incarnate Word	Saint Mary’s College of California	Capital University	King’s College	Tiffin University	Waynesburg University	The American College of Financial Se	United Tribes Technical College	Blue Mountain Christian University
Savannah College of Art and Design	Swarthmore College	Concordia University Wisconsin	Bethel University	Ottawa University	Brenau University	Schreiner University	South Texas College of Law Houston	Louisiana Christian University	Mercy College of Ohio
Marquette University	Skidmore College	Gannon University	Ursinus College	Concordia University Chicago	Harrisburg University of Science and Technology	Monmouth College	EDP University of Puerto Rico	Cleveland Institute of Music	Hallmark University
Embry-Riddle Aeronautical University	University of Hartford	Valparaiso University	Northwestern Media	Vanguard University of Southern California	Earlham College	Buena Vista University	Keck Graduate Institute	Olin College of Engineering	Trocaire College
Pepperdine University	Denison University	Rhodes College	Carthage College	Holy Names University	College of New Rochelle	Davis & Elkins College	Birmingham-Southern College	Florida College	Laboure College of Healthcare
Chapman University	Morehouse School of Medicine	Herzing University	Wilmington University	Juniata College	North Greenville University	Dominican University New York	Carlos Albizu University	Lane College	York University
Creighton University	The Colorado College	Florida Southern College	Kalamazoo College	College for Creative Studies	Ave Maria University	Notre Dame of Maryland University	Alliance University	Columbia College	Rosemont College
Lehigh University	Drake University	Rose-Hulman Institute of Technology	Sarah Lawrence College	Millikin University	La Sierra University	McMurry University	Trinity Christian College	William Woods University	Walsh College of Accountancy and Business Administration
McPherson College	Lafayette College	Whitman College	Ringling College of Art and Design	University of Mount Union	Lycoming College	Madonna University	Clarke University	St Thomas Aquinas College	LOS ANGELES PACIFIC UNIVERSITY
Wake Forest University	University of Scranton	The College of Wooster	Charleston Southern University	Washington College	Columbia College	Roberts Wesleyan University	Greenville University	Fontbonne University	Cleveland University-Kansas City
Pace University	Bryant University	Thomas Jefferson University	Grove City College	University of Lynchburg	Gwynedd Mercy University	Eastern Mennonite University	Alverno College	Goldey-Beacom College	Vermont College of Fine Arts
WGU Corporation	Inter American University of Puerto Rico	John Carroll University	Maryland Institute College of Art	Concordia College Corporation	University of Saint Francis	Averett University	Frontier Nursing University	Crown College	Ave Maria School of Law
Loyola Marymount University	Edward Via College of Osteopathic Medicine	Regis University	Wmu School of Medicine	William Carey University	University of St Francis	Mount Mercy University	University of Northwestern Ohio	Judson University	National University of Health Sciences
Rensselaer Polytechnic Institute	Western University of Health Sciences	Palm Beach Atlantic University	Harvey Mudd College	Trevecca Nazarene University	Russell Sage Colleges	Hastings College	Academy of the New Church Secondary Schools	Hope International University	Sonoran University of Health Sciences
Hofstra University	St. Olaf College	Samuel Merritt University	Marymount University	Elizabethtown College	Dean College	Montreat College	City University of Seattle	Naropa University	Rust College
St Joseph’s University	Stetson University	Regent University	Saint Ambrose University	Wartburg College	Jevs Human Services	Westminster College	Newman University	Alderson Broaddus University	Greensboro College
Santa Clara University	Pomona College	Molloy University	Emmanuel College	New England Conservatory	Neumann University	Upper Iowa University	Vaughn College of Aeronautics and Technology	Avila University	Webber International University
The New School	Widener University	Pacific Lutheran University	Wagner College	North Park University	Hanover College	Keuka College	William Jewell College	Kentucky Wesleyan College	Thomas University
Keiser Univ and Everglades Univ	Bryn Mawr College	Stevenson University	California Institute of the Arts	Brooklyn Law School	Marietta College	Universidad Politecnica de Puerto Rico	Saint Elizabeth University	Heritage University	Ohio Christian University
Trustees of the Smith College	Lewis and Clark College	Berea College	College of Saint Benedict	D’Youville University	Benedict College	Cornerstone University	Mount Marty University	Wesleyan College	Boston Architectural College
University of San Francisco	Trinity College	University of Puget Sound	Davenport University	Cranbrook Educational Community	Freed-Hardeman University	Lubbock Christian University	University of Saint Mary	Westminster Theological Seminary	Benjamin Franklin Cummings Institute of Technology
University of San Diego	University of Portland	St John Fisher University	New York Medical College	Life University	Our Lady of the Lake University	Thiel College	Mount Aloysius College	Tougaloo College	New York School of Interior Design
Duquesne University	Gallaudet University	Niagara University	Mount Saint Mary’s University	Claflin University	Colby-Sawyer College	Life Chiropractic College West	Soka University of America	New England College of Optometry	University of Valley Forge of the Assemblies of God
Quinnipiac University	Columbia College Chicago	Susquehanna University	Lesley University	Palmer College of Chiropractic	Bank Street College of Education	Cedar Crest College	Missouri Valley College	Southern Wesleyan University	Brescia University
University of St Thomas	Clarkson University	Robert Morris University	Chatham University	Dominican University of California	Concordia University Texas	Aquinas College	The American Film Institute	Dakota Wesleyan University	Calumet College of St. Joseph
Crouse Hospital	Roger Williams University	Xavier University of Louisiana	Point Park University	Dordt University	Dunwoody College of Technology	Mars Hill University	Tusculum University	Southern College of Optometry	Morris College
Seton Hall University	Trinity University / Business Office	Arcadia University	Assumption University	Utica University	Loras College	Immaculata University	Paul Smiths College Sciences	Wells College	Finlandia University
Midwestern University	Campbell University	Springfield College	Moody Bible Institute	Misericordia University	Oakwood University	Piedmont University	Milwaukee Institute of Art and Design	Washington Adventist University	Capitol Technology University
The Rockefeller University	Rhode Island School of Design	Maryville University	Saint Peter’s University	University of Evansville	Presbyterian College	American Conservatory Theater	Arizona Christian University	University of Providence	Blackburn College
Alegent Creighton Health	Lipscomb University	Wheaton College	Allegheny College	Queens University of Charlotte	Georgetown College	Centenary University	Mount Mary University	Laguna College of Art and Design	Perry Technical Institute
Sacred Heart University	Clark University	Augustana College	Marywood University	Fresno Pacific University	Dallas Theological Seminary	Woodbury University	Shorter University	Hilbert College	Kentucky Christian University
The Trustees of the Stevens Institute of Technology	Manhattan College	Houston Christian University	Lawrence University of Wisconsin	Oklahoma Baptist University	Carroll College	Golden Gate University	Williamson College of the Trades	Emmanuel University	The Chicago School of Professional Psychology at Washington DC
Piedmont Augusta Hospital	The Culinary Institute of America	St Mary’s University	University of St. Thomas	Franklin University	Transylvania University	William Penn University	Lackawanna College	Bastyr University	Maranatha Baptist University
University of the Pacific	Lincoln Memorial University	George Fox University	Drury University	Indiana Tech	Muskingum University	Quincy University Corporation	The Chicago School of Professional Psychology	Toccoa Falls College	Pennsylvania Academy of the Fine Arts
Brandeis University	Simmons University	Wilkes University	Harding University	Alma College	Rivier University	Adler University	Elmira College	Wheeling Jesuit University	Brite Divinity School
University of Richmond	Trustees of Hamilton College	Gustavus Adolphus College	Hamline University	Hood College	Mount Vernon Nazarene University	Bethel University	Wilson College	Moore College of Art and Design	Texas College
Worcester Polytechnic Institute	Bradley University	Reed College	Scripps College	Daemen University	Northwest Nazarene University	Salish Kootenai College	Marian University	Gordon Conwell Theological Seminary	Peirce College
Middlebury College	Biola University	Muhlenberg College	Luther College	University of Saint Joseph	Faulkner University	Wisconsin Lutheran College	Concordia College	Centenary College of Louisiana	Bellin College
Belmont University	Furman University	Mercyhurst University	Umass Global	Doane University	Texas Lutheran University	Illinois College	The University of Olivet	Alice Lloyd College	New York College of Podiatric Medicine
California Baptist University	Claremont McKenna College	Shenandoah University	Oklahoma City University	St Thomas University	Goodwin University	Virginia Union University	La Roche University	Iowa Wesleyan University	University of the Southwest