Thomas Aquinas College Financial Results, 2021 – 2025
Both Thomas Aquinas College’s California and New England campuses are flourishing. Over the four school years ending in 2025, the College has witnessed strong growth.
In 2021, the College celebrated its 50th anniversary having opened its California campus in 1971.
The four years ending in 2025 include the milestone of the first graduating class on the New England campus, which employs the same curriculum as has been successfully offered in California since its founding.
The College’s student count has increased to 572 in 2025. With this increase in students, the College has maintained its faculty-to-student ratio at approximately 1:15 with the addition of talented faculty.
Over the same time, the College’s tuition and room & board revenues have increased from $16.3 million to $23.2 million (42 percent). The College’s revenues are highly predictable as the campuses offer one curriculum with no electives, and essentially all students live and eat their meals on campus.
Net assets have remained relatively flat at $123 million. The College’s endowment has grown to $34.9 million. The College’s debt is $14.9 million.
These and other measures of growth are visible in the audited financial statements (PDF).
Fiscal Year 2025
Fiscal year 2025 was marked by a second stage of the California energy project expanding the plant’s capacity to 1 Megawatt. Tax rebates from this expansion, expected to be received in fiscal 2026, will be substantial.
The student count on the New England campus continues to grow. The New England campus benefits from the College’s growing global reputation. The College is located in an appealing region in Massachusetts, making it relatively easy to attract faculty and staff. The College maintains its favorable faculty:student ratio of 1:15.
Both campuses have embarked on substantial building projects funded by special donations. The New England campus has underutilized buildings which are being repurposed while California is planning greenfield expansion.
Fiscal Year 2024
Fiscal Year 2024 was marked by substantial progress on the College’s energy projects. In California, the College completed its program and currently makes essentially all its electricity from wellhead gas from surrounding oil properties. Supporting this project is a large battery provided for free to the campus from the local electric utility. This project has resulted in substantial savings in electricity costs and is projected to yield a large cash tax benefit.
The energy project team has now turned its attention to the New England campus. Initial steps are producing both fuel savings and power rebates for the use of biodiesel fuel. The New England campus also entered into an electricity purchase agreement which affords a discount.
The New England campus continues to grow its population, drawing students from across the globe. The College’s unique curriculum, with no electives, enables it to operate efficiently and buck the trends impacting other colleges.
The College weathered fiscal 2024 in sound financial condition poised for years of continued growth.
Fiscal Year 2023
Fiscal Year 2023 was marked by additions to both campuses. In California, the College opened its new gymnasium, named for Pope St. John Paul II. In New England, the College purchased three buildings from its neighbor, the Moody Center. The buildings, a dormitory and two employee housing units, provide expansion capacity for the campus. Funds to permit all these expansions were provided by generous donations from the College’s benefactors.
Inflation remained a factor for this fiscal year but began to subside. In response to inflation, the College raised tuition and room & board. It also initiated projects to better manage costs, for example, both campuses began energy-reduction projects.
New England continued its student body growth, resulting in the College’s total student enrollment totaling 515. Maintaining the sense of community is a critical element of the College’s program, which dictates capping the student count in California at no more than 400, with the plan for a similar cap in New England.
Fiscal Year 2022
Fiscal Year 2022 was a post-COVID-19 year. Both campuses were back to normal operations.
This Fiscal Year also marked the first graduating class on the New England campus, a significant milestone for the College.
Fiscal 2022, however, was also marked by rising price inflation and some supply shortages, making purchasing more challenging.
The College was cautious when, in November 2020, it approved no tuition, room and board increase for Fiscal Year ’22. The College’s total student count expanded to 502 with the growth on the New England campus.
Due to the stock market decline, the College reported a non-realized loss in its endowment portfolio. The investment market was volatile, but the College remained steady in its investment policies.
Fiscal Year 2021
The College fared well despite the extra challenges imposed by COVID-19. Students and faculty were pleased to resume in-person classes even with the inconvenience of the extra precautions.
Both the California and New England campuses opened for in-person classes in August. Testing and quarantines slowed the spread of COVID-19. Extra cleaning protocols were maintained throughout the school year. As previously reported, the cost of extra equipment and maintenance was paid using donations and Education Department HEERF grants..
The student count in New England grew as planned. Also as planned, the student count in California remained relatively constant. The total schoolwide student count grew to 462.