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
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 |