Many colleges and universities in the United States maintain a financial endowment consisting of assets that are invested in financial securities, real estate, and other instruments. The investment yields a return that funds a portion of an institution's operational expenses while the principal exists in perpetuity. U.S. colleges and universities maintain some of the largest endowments in the world and make up the vast majority of higher education institutions with endowments greater than $1 billion.
The National Association of College and University Business Officers (NACUBO) maintains information on endowments at U.S. higher education institutions by fiscal year (FY). As of FY2023, the total endowment market value of U.S. institutions stood at $839.090 billion, with an average across all institutions of $1.215 billion and a median of $215.682 million.
Enhancements and levies
The tabulated data below are from NACUBO. Some universities benefit from endowments that are not under their direct control but which are nonetheless dedicated to the welfare of one or several institutions. Examples of these foundations include The Duke Endowment, the Robert A. Welch Foundation, and the Roy J. Carver Charitable Trust.
In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
The endowment tax provision of the Tax Cuts and Jobs Act has been criticized as funding tax breaks for corporations and the wealthy at the expense of education. Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research. Lobbyists representing wealthy private universities continue to advocate for its repeal. The Don't Tax Higher Education Act, which would repeal the endowment tax, was introduced in the 115th United States Congress, 116th United States Congress, and 117th United States Congress but failed in the Ways and Means Committee each time.
Endowments greater than $1 billion
Private schools
| Rank | Institution | State | Endowment (billions USD – FY2023) |
Change | |||
|---|---|---|---|---|---|---|---|
| Private | Overall | 1‑year | 5‑year | 10‑year | |||
| 1 | 1 | Harvard University | Massachusetts | $49.495 | +0.1% | +29.2% | +53.1% |
| 2 | 3 | Yale University | Connecticut | $40.747 | −1.5% | +38.8% | +96.1% |
| 3 | 4 | Stanford University | California | $36.495 | +0.4% | +37.9% | +95.3% |
| 4 | 5 | Princeton University | New Jersey | $34.059 | −4.8% | +31.4% | +87.1% |
| 5 | 6 | Massachusetts Institute of Technology | Massachusetts | $23.453 | −5.2% | +41.9% | +113.1% |
| 6 | 7 | University of Pennsylvania | Pennsylvania | $20.963 | +1.2% | +52.2% | +170.8% |
| 7 | 11 | University of Notre Dame | Indiana | $16.617 | −0.7% | +54.9% | +142.4% |
| 8 | 12 | Northwestern University | Illinois | $13.700 | −3.0% | +23.6% | +73.8% |
| 9 | 13 | Columbia University | New York | $13.643 | +2.7% | +25.5% | +66.4% |
| 10 | 14 | Duke University | North Carolina | $13.238 | +9.3% | +55.3% | +119.1% |
| 11 | 15 | Washington University in St. Louis | Missouri | $11.467 | −6.4% | +51.0% | +102.9% |
| 12 | 16 | Johns Hopkins University | Maryland | $10.539 | +27.8% | +143.7% | +252.8% |
| 13 | 17 | Emory University | Georgia | $10.240 | +2.4% | +40.4% | +76.1% |
| 14 | 18 | Cornell University | New York | $10.036 | +2.0% | +38.8% | +90.3% |
| 15 | 19 | University of Chicago | Illinois | $9.870 | −0.5% | +24.5% | +48.0% |
| 16 | 21 | Vanderbilt University | Tennessee | $9.684 | −5.1% | +110.1% | +163.6% |
| 17 | 22 | Dartmouth College | New Hampshire | $7.930 | −1.7% | +44.3% | +112.4% |
| 18 | 23 | University of Southern California | California | $7.463 | +2.0% | +34.6% | +92.9% |
| 19 | 25 | Rice University | Texas | $7.240 | −0.7% | +15.3% | +49.7% |
| 20 | 26 | Brown University | Rhode Island | $6.201 | +1.0% | +72.1% | +132.3% |
| 21 | 27 | New York University | New York | $5.877 | +14.2% | +37.8% | +99.3% |
| 22 | 34 | Carnegie Mellon University | Pennsylvania | $3.888 | +0.8% | +63.0% | +183.5% |
| 23 | 38 | California Institute of Technology | California | $3.665 | +0.8% | +27.3% | +98.1% |
| 24 | 40 | Williams College | Massachusetts | $3.487 | −1.4% | +26.8% | +74.6% |
| 25 | 41 | Boston College | Massachusetts | $3.461 | +3.7% | +39.7% | +91.3% |
| 26 | 43 | Amherst College | Massachusetts | $3.342 | +0.6% | +40.6% | +83.2% |
| 27 | 44 | Georgetown University | District of Columbia | $3.299 | +2.8% | +86.4% | +156.5% |
| 28 | 46 | University of Richmond | Virginia | $3.150 | −0.1% | +25.4% | +55.7% |
| 29 | 47 | Boston University | Massachusetts | $3.5 | +5.0% | +42.4% | +128.4% |
| 30 | 50 | Wellesley College | Massachusetts | $2.889 | +1.5% | +37.2% | +86.4% |
| 31 | 51 | University of Rochester | New York | $2.823 | +3.0% | +25.0% | +63.1% |
| 32 | 52 | Pomona College | California | $2.778 | +1.0% | +22.2% | +52.3% |
| 33 | 53 | Swarthmore College | Pennsylvania | $2.720 | −0.2% | +28.6% | +66.4% |
| 34 | 56 | Texas Christian University | Texas | $2.579 | +7.4% | +58.4% | +105.3% |
| 35 | 57 | George Washington University | District of Columbia | $2.522 | +7.8% | +40.2% | +83.4% |
| 36 | 58 | Grinnell College | Iowa | $2.506 | +0.9% | +25.8% | +61.3% |
| 37 | 59 | Smith College | Massachusetts | $2.470 | +0.1% | +31.7% | +58.6% |
| 38 | 60 | Bowdoin College | Maine | $2.424 | −2.0% | +48.9% | +133.4% |
| 39 | 61 | Tufts University | Massachusetts | $2.405 | +2.3% | +30.3% | +67.0% |
| 40 | 62 | Rockefeller University | New York | $2.365 | −9.3% | +7.8% | +33.5% |
| 41 | 66 | Case Western Reserve University | Ohio | $2.261 | +3.3% | +19.8% | +34.7% |
| 42 | 68 | Tulane University | Louisiana | $2.108 | +2.7% | +52.3% | +101.2% |
| 43 | 72 | Southern Methodist University | Texas | $2.041 | +4.2% | +25.0% | +61.0% |
| 44 | 75 | Washington and Lee University | Virginia | $1.974 | −1.2% | +23.1% | +46.7% |
| 45 | 76 | Baylor University | Texas | $1.966 | −0.2% | +49.7% | +85.2% |
| 46 | 77 | Wake Forest University | North Carolina | $1.900 | +4.4% | +43.0% | +79.0% |
| 47 | 78 | Syracuse University | New York | $1.897 | +5.8% | +41.8% | +80.2% |
| 48 | 79 | University of Delaware | Delaware | $1.820 | +2.2% | +28.8% | +55.4% |
| 49 | 83 | Lehigh University | Pennsylvania | $1.756 | +4.5% | +29.8% | +59.2% |
| 50 | 84 | Saint Louis University | Missouri | $1.731 | +28.8% | +41.6% | +81.1% |
| 51 | 87 | Northeastern University | Massachusetts | $1.663 | +24.7% | +100.0% | +169.6% |
| 52 | 88 | Trinity University | Texas | $1.654 | −3.0% | +28.0% | +64.4% |
| 53 | 91 | Medical College of Wisconsin | Wisconsin | $1.639 | +8.4% | +76.1% | +174.2% |
| 54 | 94 | Berea College | Kentucky | $1.508 | +4.9% | +26.5% | +49.0% |
| 55 | 96 | Wesleyan University | Connecticut | $1.482 | −0.2% | +49.7% | +121.3% |
| 56 | 97 | Santa Clara University | California | $1.478 | +0.5% | +51.0% | +94.5% |
| 57 | 98 | Baylor College of Medicine | Texas | $1.474 | −1.3% | +15.9% | +68.7% |
| 58 | 99 | Middlebury College | Vermont | $1.469 | +0.1% | +30.7% | +51.0% |
| 59 | 101 | Princeton Theological Seminary | New Jersey | $1.415 | +0.8% | +26.4% | +52.0% |
| 60 | 102 | University of Miami | Florida | $1.366 | +1.6% | +33.7% | +75.6% |
| 61 | 106 | Davidson College | North Carolina | $1.322 | +0.5% | +60.9% | +134.2% |
| 62 | 108 | Loma Linda University | California | $1.306 | +6.9% | +40.7% | +101.4% |
| 63 | 110 | Hamilton College | New York | $1.282 | +0.5% | +33.0% | +80.5% |
| 64 | 111 | Rochester Institute of Technology | New York | $1.274 | +2.0% | +38.1% | +90.6% |
| 65 | 113 | Berry College | Georgia | $1.261 | +2.0% | +29.1% | +47.9% |
| 66 | 114 | University of Tulsa | Oklahoma | $1.260 | −0.8% | +15.2% | +42.2% |
| 67 | 116 | Vassar College | New York | $1.224 | +2.3% | +13.1% | +40.9% |
| 68 | 117 | Villanova University | Pennsylvania | $1.220 | +9.6% | +70.4% | +190.9% |
| 69 | 118 | Brandeis University | Massachusetts | $1.216 | +0.9% | +16.2% | +58.7% |
| 70 | 119 | Colgate University | New York | $1.202 | +0.4% | +28.6% | +58.1% |
| 71 | 120 | Oberlin College | Ohio | $1.199 | +1.3% | +32.4% | +64.8% |
| 72 | 121 | Carleton College | Minnesota | $1.172 | +7.2% | +33.4% | +67.3% |
| 73 | 122 | Bryn Mawr College | Pennsylvania | $1.169 | +2.1% | +30.9% | +64.6% |
| 74 | 123 | Pepperdine University | California | $1.169 | −3.0% | +31.1% | +64.2% |
| 75 | 124 | Claremont McKenna College | California | $1.123 | −1.7% | +34.5% | +87.5% |
| 76 | 125 | Colby College | Maine | $1.116 | −0.6% | +34.8% | +71.7% |
| 77 | 127 | Bucknell University | Pennsylvania | $1.088 | +1.7% | +27.8% | +63.3% |
| 78 | 130 | Lafayette College | Pennsylvania | $1.048 | +4.7% | +26.2% | +45.6% |
| 79 | 132 | College of the Holy Cross | Massachusetts | $1.044 | +5.1% | +33.1% | +64.4% |
| 80 | 133 | Mount Holyoke College | Massachusetts | $1.036 | +3.4% | +33.2% | +64.0% |
| 81 | 134 | University of Denver | Colorado | $1.023 | +3.3% | +34.2% | +153.5% |
| 82 | 135 | Denison University | Ohio | $1.002 | −6.2% | +19.9% | +46.9% |
Public schools
For public universities, larger endowments are often associated with flagship state universities, especially those associated with a medical school. Eighteen states do not have institutions included in this list: Alaska, Connecticut, Delaware, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, New Mexico, New York, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia, and Wyoming. Many of these states have small populations. The New England states, however, are known for well-endowed private institutions. New York is one of the few populous states without a public university with a large endowment.
| Rank | Institution | State | Endowment (billions USD – FY2023) |
Change | |||
|---|---|---|---|---|---|---|---|
| Public | Overall | 1‑year | 5‑year | 10‑year | |||
| 1 | 2 | University of Texas System | Texas | $44.967 | +5.4% | +45.6% | +119.9% |
| 2 | 8 | Texas A&M University System | Texas | $19.285 | +5.7% | +42.6% | +120.9% |
| 3 | 9 | University of Michigan | Michigan | $17.876 | +3.0% | +50.2% | +113.3% |
| 4 | 10 | University of California System | California | $17.689 | +14.7% | +60.7% | +177.4% |
| 5 | 20 | University of Virginia | Virginia | $9.800 | −0.6% | +40.9% | +89.7% |
| 6 | 24 | Ohio State University | Ohio | $7.384 | +6.1% | +41.7% | +134.5% |
| 7 | 28 | University of Minnesota | Minnesota | $5.501 | +2.5% | +48.0% | +99.5% |
| 8 | 29 | University of Pittsburgh | Pennsylvania | $5.489 | −0.7% | +30.7% | +84.5% |
| 9 | 30 | University of North Carolina at Chapel Hill | North Carolina | $5.201 | −2.2% | +51.5% | +118.4% |
| 10 | 31 | University of Washington | Washington | $4.941 | +5.6% | +78.7% | +110.5% |
| 11 | 32 | Pennsylvania State University | Pennsylvania | $4.444 | +3.8% | +4.2% | +50.3% |
| 12 | 33 | Michigan State University | Michigan | $4.054 | +4.5% | +39.4% | +147.6% |
| 13 | 35 | University of California, Los Angeles | California | $3.873 | +8.8% | +53.5% | +153.7% |
| 14 | 36 | University of Wisconsin-Madison | Wisconsin | $3.838 | +9.8% | +28.6% | +90.0% |
| 15 | 37 | Purdue University System | Indiana | $3.794 | +3.2% | +50.3% | +73.8% |
| 16 | 39 | Indiana University System | Indiana | $3.558 | +1.2% | +48.4% | +105.0% |
| 17 | 42 | University of Illinois System | Illinois | $3.383 | +8.7% | +29.0% | +75.7% |
| 18 | 45 | University of Iowa | Iowa | $3.258 | +6.7% | +117.2% | +197.6% |
| 19 | 48 | Georgia Institute of Technology | Georgia | $2.947 | +0.7% | +40.9% | +71.9% |
| 20 | 49 | University of California, Berkeley | California | $2.915 | +10.1% | +49.9% | +134.5% |
| 21 | 54 | University of California, San Francisco | California | $2.719 | +3.8% | +63.3% | — |
| 22 | 55 | Virginia Commonwealth University | Virginia | $2.583 | +7.2% | +32.3% | +94.6% |
| 23 | 63 | University of Kansas | Kansas | $2.357 | +3.4% | +35.4% | +82.9% |
| 24 | 64 | University of Florida | Florida | $2.337 | +2.7% | +34.7% | +71.9% |
| 25 | 65 | University of Nebraska System | Nebraska | $2.266 | +10.1% | +31.5% | +69.3% |
| 26 | 67 | University of Missouri System | Missouri | $2.235 | +4.2% | +33.4% | +77.4% |
| 27 | 69 | University of Colorado System | Colorado | $2.096 | +6.1% | +54.1% | +136.7% |
| 28 | 70 | University System of Maryland | Maryland | $2.095 | +6.6% | +61.5% | +141.7% |
| 29 | 71 | University of Alabama System | Alabama | $2.089 | +11.3% | +43.9% | +98.0% |
| 30 | 73 | North Carolina State University | North Carolina | $2.028 | +0.5% | +56.8% | +163.6% |
| 31 | 74 | Rutgers University System | New Jersey | $1.988 | +6.7% | +49.4% | +153.7% |
| 32 | 80 | University of Georgia | Georgia | $1.811 | +7.5% | +42.1% | +130.3% |
| 33 | 81 | University of Kentucky | Kentucky | $1.808 | +7.3% | +32.8% | +82.2% |
| 34 | 82 | Virginia Tech | Virginia | $1.792 | +13.0% | +56.4% | +171.4% |
| 35 | 85 | Texas Tech University System | Texas | $1.716 | +0.2% | +31.3% | +78.0% |
| 36 | 86 | Oklahoma State University System | Oklahoma | $1.707 | +10.6% | +77.2% | +108.8% |
| 37 | 89 | Iowa State University | Iowa | $1.643 | +7.8% | +54.5% | +144.0% |
| 38 | 90 | University of Utah | Utah | $1.643 | +11.8% | +38.4% | +120.4% |
| 39 | 92 | University of Tennessee System | Tennessee | $1.600 | +6.5% | +23.2% | +74.0% |
| 40 | 93 | University of Arkansas at Fayetteville | Arkansas | $1.527 | +4.2% | +27.3% | +86.2% |
| 41 | 95 | University of Oregon | Oregon | $1.490 | +6.0% | +63.2% | +169.7% |
| 42 | 100 | Arizona State University | Arizona | $1.467 | +5.8% | +103.7% | +165.5% |
| 43 | 103 | University of California, San Diego | California | $1.361 | +15.0% | +84.4% | +210.1% |
| 44 | 104 | College of William & Mary | Virginia | $1.361 | +4.5% | +45.5% | +95.0% |
| 45 | 105 | University of Cincinnati | Ohio | $1.346 | +6.7% | −1.6% | +28.7% |
| 46 | 107 | University of Massachusetts System | Massachusetts | $1.314 | +17.1% | +50.7% | +97.8% |
| 47 | 109 | University of Arizona | Arizona | $1.288 | +7.0% | +34.2% | +110.5% |
| 48 | 112 | Washington State University | Washington | $1.267 | +5.5% | +23.8% | +63.0% |
| 49 | 115 | Oregon Health & Science University | Oregon | $1.257 | +4.8% | +68.6% | +171.0% |
| 50 | 128 | Auburn University | Alabama | $1.079 | +8.4% | +38.7% | +106.7% |
| 51 | 129 | Louisiana State University System | Louisiana | $1.061 | +5.9% | +19.6% | +47.0% |
| 52 | 131 | University of Houston System | Texas | $1.046 | +4.1% | +10.9% | +45.9% |
| 53 | 134 | Clemson University | South Carolina | $1.027 | +3.3% | +38.5% | +94.3% |
Endowments per student greater than $1 million
Counterbalancing the effect of the large endowments per student for private institutions, average tuition and fees at private four-year institutions were approximately two to four times the average tuition and fees of four-year public institutions in academic year 2021–22.
| Rank | Institution | Enrollment (FTE – Fall 2022) |
Endowment per student (USD – FY2023) |
Change (1‑year) |
|---|---|---|---|---|
| 1 | Rockefeller University | 273 | $8,664,540 | −75.7% |
| 2 | Princeton Theological Seminary | 308 | $4,593,980 | +6.6% |
| 3 | Princeton University | 8,887 | $3,832,426 | −5.8% |
| 4 | Yale University | 14,647 | $2,781,928 | −3.0% |
| 5 | Pardee RAND | 130 | $2,236,142 | — |
| 6 | Stanford University | 17,349 | $2,103,579 | −1.7% |
| 7 | Harvard University | 24,348 | $2,032,820 | +1.0% |
| 8 | Massachusetts Institute of Technology | 11,703 | $2,004,054 | −4.1% |
| 9 | Williams College | 2,129 | $1,637,651 | +1.8% |
| 10 | Pomona College | 1,709 | $1,625,259 | +4.0% |
| 11 | Swarthmore College | 1,699 | $1,601,135 | −3.0% |
| 12 | California Institute of Technology | 2,401 | $1,526,531 | +0.7% |
| 13 | Columbia Theological Seminary | 178 | $1,508,328 | −3.4% |
| 14 | Austin Presbyterian Theological Seminary | 110 | $1,346,256 | +7.9% |
| 15 | University of Notre Dame | 12,908 | $1,287,304 | −0.4% |
| 16 | Bowdoin College | 1,911 | $1,268,411 | −0.1% |
| 17 | Dartmouth College | 6,744 | $1,175,879 | −1.4% |
| 18 | Wellesley College | 2,641 | $1,093,855 | −8.6% |
| 19 | Berea College | 1,418 | $1,063,762 | +7.2% |
| 20 | Principia College | 841 | $1,034,472 | −16.9% |
See also
Notes
- NACUBO classifies the University of Delaware as a private institution. It is chartered as a state-assisted, privately governed university.
- ^ Endowment value includes related foundation(s).
- System-wide endowment pool managed by the Regents of the University of California.
- ^ Endowment value includes foundation(s).
- Endowment value includes affiliated entities.
References
- "Historic Endowment Study Data". National Association of College and University Business Officers (NACUBO). February 17, 2023. Retrieved March 20, 2024.
- "Number of U.S. Institutional Respondents to the 2023 NTSE, and Respondents' Total Endowment Market Values, by Endowment Size and Institution Type" (PDF). National Association of College and University Business Officers (NACUBO). February 15, 2024. Retrieved February 15, 2024.
- ^ "U.S. and Canadian 2023 NCSE Participating Institutions Listed by Fiscal Year 2023 Endowment Market Value, Change in Market Value from FY22 to FY23, and FY23 Endowment Market Values Per Full-time Equivalent Student" (XLSX). National Association of College and University Business Officers (NACUBO). February 15, 2024. Archived from the original on May 23, 2024. Retrieved May 23, 2024.
- Seltzer, Rick (January 1, 2018). "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved January 10, 2019.
- Seltzer, Rick (February 17, 2020). "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying?". Inside Higher Ed. Retrieved February 21, 2020.
- The Crimson Editorial Board, ed. (February 20, 2018). "End the Endowment Tax". The Harvard Crimson. Retrieved March 29, 2020.
- Wilson, John (January 15, 2018). "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved March 29, 2020.
- Powell, Alvin (December 21, 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved March 29, 2020.
- Kreighbaum, Andrew (April 23, 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved March 29, 2020.
- Fang, Lee (July 25, 2022). "Ivy League Universities Push for Special Tax Cut". The Intercept. Retrieved July 5, 2023.
- "H.R.5220 – Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
- "H.R.4438 – Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
- "H.R.4438 – Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 5 July 2023.
- ^ "U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2018 Endowment Market Value and Change in Endowment Market Value from FY17 to FY18" (PDF). National Association of College and University Business Officers (NACUBO). January 31, 2019. Archived (PDF) from the original on July 10, 2024. Retrieved July 10, 2024.
- ^ "U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change in Endowment Market Value from FY 2012 to FY 2013 (Revised February 2014)" (PDF). National Association of College and University Business Officers (NACUBO). February 24, 2014. Archived (PDF) from the original on July 10, 2024. Retrieved July 10, 2024.
- "Tuition costs of colleges and universities". National Center for Education Statistics. United States Department of Education. August 4, 2023. Retrieved April 24, 2024.
- "U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY22 Endowment Market Values Per Full-time Equivalent Student" (XLS). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
- Alamdari, Natalia (March 3, 2020). "Is UD public or private? 'We're special,' lawyer says, and have to agree to charter changes". The News Journal. Gannett. Retrieved July 5, 2023.