List of U.S. colleges and universities by endowment

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The following are three lists of U.S. institutions of higher education by endowment:

  1. Largest endowments
  2. Largest endowments per student
  3. Certain universities by endowment growth between 1986 and 2007

Lists of institutions of higher education by endowment are also available.

This is an incomplete list, which may never be able to satisfy certain standards for completeness.
Revisions and sourced additions are welcome.

Contents

[edit] Endowments > $1 billion

For this list, short scale billions (thousand of millions) are used. Some figures are from NACUBO.[1]

Institution Endowment (2005)
billion USD 		Endowment (2006)
billion USD 		Endowment (2007)
billion USD
Amherst College $ 1.155 $ 1.337[2] $ 1.700
Baylor College of Medicine $ 1.008 $ 1.059[1] $ 1.080
Boston College $ 1.270 $ 1.400[3] $ 1.750
Brown University $ 1.843 $ 2.166[4] $ 2.800
Boston University $ 0.776 $ 0.916[1] $ 1.220
California Institute of Technology $ 1.781 $ 1.972[5] $ 2.000
Carnegie Mellon University $ 0.837 $ 0.939[1] $ 1.056
Case Western Reserve University $ 1.516 $ 1.598[1] $ 1.864[6]
Columbia University $ 5.191 $ 5.937[7] $ 7.150[8]
Cornell University $ 3.777 $ 4.321[9] $ 5.400[10]
Dartmouth College $ 2.714 $ 3.092[11] $ 3.760[12]
Duke University $ 3.826 $ 5.363[13] $ 5.900
Emory University $ 4.376 $ 4.870[1] $ 5.025
Georgetown University $ 0.741 $ 0.853[14] $ 1.052[14]
The George Washington University $ 0.823 $ 0.963[1] $ 1.019
Georgia Institute of Technology $ 0.937 $ 1.047[1] $ 1.324
Grinnell College $ 1.674[15] $ 1.471[1] $ 1.670
Johns Hopkins University $ 2.177 $ 2.350[1] $ 2.800
Harvard University $ 25.5 $ 28.915[16] $ 34.900
Indiana University (system-wide)[17] $ 1.107 $ 1.276[1] $ 1.883
Massachusetts Institute of Technology $ 6.712 $ 8.368[18] $ 9.980
Michigan State University $ 1.325 $ 1.483[19][20] $ 1.631 [21]
New York University $ 1.548 $ 1.774[1] $ 2.200[22]
Northwestern University $ 4.215 $ 5.330[23][24] $ 6.600
The Ohio State University $ 1.726 $ 1.996[25] $ 2.020
Penn State University $ 1.155 $ 1.326[1] $ 1.400
Pomona College $ 1.298 $ 1.459[26] $ 1.763[27]
Princeton University $ 11.207 $ 13.044[28] $ 15.800
Purdue University $ 1.341 $ 1.493[1] $ 1.460
Rice University $ 3.611 $ 3.986[1] $ 4.665
Rockefeller University $ 1.557 $ 1.771[1] $
Smith College $ 1.036 $ 1.156[1] $ 1.125
Southern Methodist University(SMU) $ 1.014 [29] $ 1.121 [30] $ 1.328 [31]
Stanford University $ 12.2 $ 14.084[32] $ 17.200
Swarthmore College $ 1.164 $ 1.245[1] $
Texas A&M University System (system-wide)[17] $ 4.964 $ 5.642[1] $
Texas Christian University $ 0.941 $ 1.016[1] $ 1.430
Tufts University $ 1.153 $ 1.215[1] $ 1.520
Tulane University $ 0.747[33] $ 0.890[34] $ 1.000[35]
University of California (system-wide)[17] $ 5.221 $ 5.733[1] $ 6.700[36]
University of Chicago $ 4.137 $ 4.867[37] $ 6.091[38]
University of Cincinnati $ 1.032 $ 1.101[1] $ 1.185
University of Delaware $ 1.077 $ 1.223[1] $
University of Illinois (system-wide)[17] $ 1.148 $ 1.252[1] $ 2.197
University of Kansas $ 0.955 $ 1.049[1] $ 1.240
University of Michigan $ 4.931 $ 5.652[39] $ 7.1[40]
University of Minnesota $ 1.969 $ 2.224[1] $
University of Nebraska (system-wide)[17] $ 1.042 $ 1.153[1] $
University of North Carolina at Chapel Hill $ 0.973 $ 1.149[1] $ 2.2
University of Notre Dame $ 3.650 $ 4.436[41] $ 6.500[42]
University of Pennsylvania $ 4.370 $ 5.313[1] $ 6.630[43]
University of Pittsburgh $ 1.530 $ 1.802[44] $
University of Richmond $ 1.208 $ 1.388[1] $ 1.650
University of Rochester $ 1.370 $ 1.491[1] $ 1.770[45]
University of Southern California $ 2.746 $ 3.065[1] $
University of Texas System (system-wide)[17] $ 11.610 $ 13.234[46] $
University of Virginia $ 3.219 $ 3.618[47] $ 4.671[48]
University of Washington $ 1.489 $ 1.794[1] $ 2.500
University of Wisconsin (system-wide)[17] $ 1.125 (only UW Foundation)[49] $ 1.426[1] $
Vanderbilt University $ 2.628 $ 2.946[1] $ 3.400
Wake Forest University $ 0.907 $ 1.042[1] $
Washington University in St. Louis $ 4.268 $ 4.684[1] $ 5.658[50]
Wellesley College $ 1.276 $ 1.412[1] $
Williams College $ 1.514 $ 1.56[51] $ 1.9[52]
Yale University $ 15.2 $ 18.030[53] $ 22.500
Yeshiva University $ 1.149 $ 1.273[1] $

[edit] Endowment per student

This article does not cite any references or sources. (February 2007)
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

While total endowment size is a useful measurement of the wealth of a university, it is not necessarily the best means of comparing the financial resources of different universities because it does not take into account the size of the institution. For example, Emory University's endowment may be more than four times larger than Smith's, but Emory's endowment also has to support more than four times as many students. As a result, the two schools have about the same amount of money to spend per student from their respective endowments. That being said, comparing the size of endowments per student can misrepresent the resources of smaller colleges because large universities can take better advantage of economies of scale and are generally able to get better returns on their investments.

Endowment to student ratios can also be misinterpreted when considering to what degree dollars actually go to their students. Large graduate schools can receive a much higher proportion of funds while undergraduates at the same institution may see a much smaller percentage spent in their interest. However, the modern university system funds all elements of the academic enterprise from a common funding pool. As a result, through the substitution effect, well funded divisions implicitly subsize less well funded divisions by relaxing the constraints on budgetary overhead.

In addition, inasmuch as most schools observe the 5% spending rule -- spending roughly 5% of their endowment each year under various regulatory mandates -- state funding of public institutions provides a form of quasi-endowment that may be measured in the billions of dollars. For example, a state subsidy of $50 million equates to an implied endowment equivalent of $1 billion. That is, having received $50 million from state allocations is as useful to a university or college as having an endowment equivalent amount of $1 billion in private endowment funds from which income may be drawn. Thus the traditional measure ignores this disparity, which is well recognized by entities such as the Carnegie endowment and other entities which compute not-for-profit metrics.

Likewise, each dollar drawn into an institution via the research funding channel provides a similar quasi-endowment equivalent. Therefore a $50 million dollar increment in an institution's research budget replaces the need to stockpile $1 billion in equivalent liquid instruments. Such institutions typically place into service many millions -- if not hundreds of millions -- of dollars worth of capital equipment each year, thus the capital stock of large research institutions is both retired and replaced more frequently. A large research institution may turn over its entire capital stock in the course of a decade, and the resulting churn in infrastructure value also represents an implied endowment or quasi-endowment of many billions of dollars.

Thus true inter-institutional endowment comparisons which do not detail quasi-endowments represented by state funding initiatives as well as external research funding grossly mistate the comparability between institutions which may, or may not, be inherently non-comparable.

Note that references for the 2005 figures in the table below have not been provided, other than for Bryn Athyn College; presumably the 2005 figures come from the Chronicle of Higher Education (see next footnote), though this has not been confirmed; note also that the 2005 figures from the Chronicle are suspect (Bryn Athyn, for example, has only 150 students according to the college's own website, not 374 as the Chronicle's ranking states).[54]

Note that there are some inconsistencies in calculating the 2006 figures in the table below; figures for some schools (e.g., Princeton, Yale, Swarthmore, Williams, Davidson) are based on referenced, overall endowment estimates from early 2007; figures for other schools are based on referenced, overall endowment reports from 2006; furthermore, some figures are calculated with enrollment numbers that include students studying off campus (e.g., Middlebury), while other calculations exclude off-campus students (e.g., Bowdoin); finally, although most calculations are based on enrollments for 2006-2007, some derive from the 2005-2006 academic year (e.g., Bowdoin); eliminating these inconsistencies is difficult due to variations in schools' reporting practices.

Institution Endowment per Student (2005)
in USD 		Endowment per Student (2006)
in USD
Princeton University $ 1,679,380. $ 1,900,000.[55]
Bryn Athyn College $ 803,626.[56] $ 1,770,994.[57]
Yale University $ 1,342,099. $ 1,751,927.[58][59]
Rice University $ 1,413,793. $ 1,557,600.[1][60]
Harvard University $ 1,291,051. $ 1,456,940.[61]
Grinnell College $ 893,666. $ 1,076,056.[62][63]
Stanford University $ 714,620. $ 946,944.[64][65]
Pomona College $ 837,825. $ 942,530.[66]
Swarthmore College $ 789,735. $ 841,000.[67]
Massachusetts Institute of Technology $ 650,430. $ 816,161.[68][69]
Amherst College $ 700,850. $ 820,846.
Baylor College of Medicine $ 426,326. $ 790,002.[1][70]
Williams College $ 666,193. $ 783,000.[71]
California Institute of Technology $ 653,726. $ 757,873.[1][72]
Dartmouth College $ 475,859. $ 614,035.[73][74]
Wellesley College $ 557,243. $ 603,969.[75]
University of Notre Dame $ 481,738.[76][77]
Northwestern University $ 440,068. $ 418,202.[78]
Smith College $ 361,572. $ 405,737.[1][79]
Bowdoin College $ 404,955.[80][81][82]
University of Richmond $ 390,545.
Haverford College $ 387,785.[1][83]
Emory University $ 360,662. $ 380,937.[84]
Hamilton College $ 435,032.[85]
Duke University $ 350,727.[1][86]
Washington University in St. Louis $ 346,325.[1][87]
Claremont McKenna College $ 352,219. $ 327,543.[88]
Bryn Mawr College $ 322,261.[1][89]
Trinity University (Texas) $ 305,120.[90]
Middlebury College $ 295,249.[1][91]
Carleton College $ 292,112.[1][92]
Brown University $ 285,187.
Vanderbilt University $ 253,812.
Davidson College $ 250,000.[93]
Columbia University $ 212,598. $ 240,951.[94][95]
University of Virginia $ 226,700.
Washington and Lee University $ 220,962.
University of Michigan $ 177,229.
Wake Forest University $ 170,648.
Rensselaer Polytechnic Institute $ 129,212
Boston College $ 102,541.
Southern Methodist University(SMU) $ 90,898.[96] $ 102,491.[97]
Tulane University $ 94,108.
University of Delaware $ 72,376.
Georgetown University $ 67,217.
College of William & Mary $ 58,023. $ 63,773.[1][98]
UNC Chapel Hill $ 60,612.
Boston University $ 34,491.
University of Illinois at Urbana-Champaign $ 25,100.
University of New Hampshire $ 13,229.
University of Connecticut $ 10,682.

[edit] Certain institutions by endowment growth

All data is from NACUBO.(Talk:List of U.S. colleges and universities by endowment#Endowment per year): initial top 25 endowments in absolute size as of 1986.


Name Aggregate Arithmetic Growth Per Annum Exponential Growth Endowment in 2007 (USD×103) Endowment in 1986 (USD×103)
Case Western Reserve447%8.09%$1,680,000$307,250
Cornell657%9.64%$5,500,000$673,848
Dartmouth687%9.82%$3,760,000$477,774
Duke University1,527%13.28%$5,900,000$362,706
Emory574%9.09%$5,025,000$745,188
Harvard916%11.04%$34,900,000$3,435,013
Johns Hopkins470%8.28%$2,800,000$491,543
Massachusetts Institute of Technology927%11.09%$9,980,000$971,346
Northwestern806%10.49%$6,425,835$709,236
Princeton717%10.00%$15,800,000$1,934,010
Rice442%8.05%$4,665,000$755,782
Stanford1,045%11.61%$17,200,000$1,502,583
Texas A&M SystemPending 2007Pending 2007pending 2007$1,110,440
University of Chicago659%9.65%$6,091,000$802,500
University of Michigan2,720%15.90%$7,093,589$251,517
University of Notre DamePending 2007Pending 2007pending 2007$388,965
University of Pennsylvania1,122%11.92%$6,600,000$540,084
University of Southern CaliforniaPending 2007Pending 2007pending 2007$361,784
University of TexasPending 2007Pending 2007pending 2007$2,530,730
University of Virginia1,272%12.47%$4,671,000$340,387
Vanderbilt662%9.67%$3,400,000$446,458
Washington University490%8.45%$5,658,000$958,461
Yale1,194%12.19%$22,500,000$1,739,460

[edit] References and footnotes

General references:

Specific references and footnotes:

  1. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao ap aq ar as at au av aw ax ay {cite web | title = 2006 NACUBO Endowment Study | publisher = National Association of College and University Business Officers (NACUBO) | date= 2007 | url = http://www.nacubo.org/documents/research/2006NES_Listing.pdf | format = PDF | accessdate = 2007-08-08 }}
  2. ^ http://cms.amherst.edu/aboutamherst/glance
  3. ^ "University Finances On The Rise", The Heights, April 10, 2006. 
  4. ^ http://www.browndailyherald.com/media/storage/paper472/news/2006/10/18/CampusNews/U.s-Endowment.Reaches.2.3.Billion-2374111.shtml?norewrite200610230904&sourcedomain=www.browndailyherald.com
  5. ^ http://pr.caltech.edu/annual_report/annual_report_archive/fr_05_06.pdf
  6. ^ http://www.case.edu/president/cir/glance.htm
  7. ^ http://finance.columbia.edu/controller/resources/reports-33061-TheTrusteesofColumbiaUniversityintheCityofNewYork.pdf
  8. ^ http://www.columbia.edu/cu/opir/abstract/endowment.html
  9. ^ http://www.alumni.cornell.edu/endowment.htm
  10. ^ http://www.campaign.cornell.edu/endowment.cfm
  11. ^ http://www.dartmouth.edu/home/about/facts.html#endowment
  12. ^ http://www.dartmouth.edu/~vox/0708/0917/endowment.html
  13. ^ Financial Statements 2005/2006 (Page 19), from the Duke University website. Net assets less land, buildings, and equipment
  14. ^ a b GU Wins Award for Rising Endowment. The Hoya (2007). Retrieved on 2007-11-5.
  15. ^ data available from college for June, 2006 at [1].
  16. ^ Harvard's endowment up to 29.2 billion. Associated Press (2006). Retrieved on 2006-09-19.
  17. ^ a b c d e f g Figures are for a university system or other cluster of institutions.
  18. ^ http://web.mit.edu/newsoffice/2006/endowment.html
  19. ^ http://www.givingto.msu.edu/media%5CEndowment%20_MSUAA_article_winter07_web_version.pdf
  20. ^ http://www.givingto.msu.edu/campaign/campaign_goal1.htm Total found by adding regular endowment (NACUBO) with The MSU Foundation, which raised nearly all of its 450,000,000 for the endowment before the end of 2006. I contacted Bob Thomas, the Director of Annual Giving & Marketing Programs, directly, and have an Excel spreadsheet that has the 2006 endowment tally, as well as 25 years prior. This document is available upon request.
  21. ^ http://www.msutoday.msu.edu/04Oct2007-2
  22. ^ [2]
  23. ^ Northwestern Facts
  24. ^ [3]
  25. ^ University endowment hits 2 billion
  26. ^ http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
  27. ^ https://wfs.pomona.edu/jlr04747/www/FactSheet%2007-08.pdf?uniq=5krmx7
  28. ^ http://www.dailyprincetonian.com/archives/2006/10/27/news/16400.shtml
  29. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2005/Financial_2005.asp
  30. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2006/Financial_2006.asp
  31. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2007/Financial_2007.asp
  32. ^ WELL-FUNDED Stanford's endowment purse grows fatter. NACUBO (2006). Retrieved on 2006-10-11.
  33. ^ Tulane University Staff Advisory Council Minutes of Thursday, March 10, 2005 from the Tulane University website
  34. ^ Tulane University Staff Advisory Council Minutes of Thursday, Sept. 21, 2006 from the Tulane University website
  35. ^ Louisiana's Tulane University hits $1B in endowment funding, a July 2007 article from New Orleans CityBusiness, via findarticles.com
  36. ^ http://chronicle.com/weekly/v54/i10/endowment_graphics.html
  37. ^ University of Chicago. The University of Chicago (2007). Retrieved on 2007-05-31.
  38. ^ http://investments.uchicago.edu/marketvalue.html
  39. ^ U-M endowment at 5.7 billion. Ann Arbor News (2006). Retrieved on 2007-01-02.
  40. ^ 'U' endowment rises 25 percent to $7.1 bil. Michigan Daily (2007). Retrieved on 2007-10-23.
  41. ^ http://www.nd.edu/~invest/
  42. ^ http://media.www.ndsmcobserver.com/media/storage/paper660/news/2007/09/20/News/Endowment.Jumps.1.4.Billion-2981027.shtml
  43. ^ http://www.upenn.edu/about/facts.php
  44. ^ http://mac10.umc.pitt.edu/m/FMPro?-db=ma&-lay=a&-format=d.html&id=2788&-Find
  45. ^ http://www.rochester.edu/endowment/
  46. ^ http://www.utsystem.edu/news/2006/UTIMCO-CEOResigns-09-05-06.htm
  47. ^ http://minerva.acc.virginia.edu/Facts/Glance_FinanceEndowment.htm
  48. ^ http://uvm-web.eservices.virginia.edu/public/reports/InvestmentReport_2007_08.pdf
  49. ^ http://www.uwfoundation.wisc.edu/home/findgiftopportunity/giving_questions/givingfaq.aspx UW System endownment is approximately 9.5 billion, see University of Wisconsin System
  50. ^ http://annualreport.wustl.edu/auditor.pdf
  51. ^ http://www.williams.edu/alumni/campaign/about/report06/06williams_coolidge.pdf
  52. ^ http://www.williamsrecord.com/wr/?view=article&section=news&id=9182
  53. ^ Yale Endowment Earns 22.9% In The Past Year. Yale University (2006). Retrieved on 2006-09-26.
  54. ^ http://72.14.209.104/search?q=cache:_SernYrYIYsJ:chronicle.com/weekly/almanac/2006/nation/0103301.htm+endowment+%22bryn+athyn+college%22+almanac&hl=en&ct=clnk&cd=1&gl=us
  55. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  56. ^ http://72.14.209.104/search?q=cache:_SernYrYIYsJ:chronicle.com/weekly/almanac/2006/nation/0103301.htm+endowment+%22bryn+athyn+college%22+almanac&hl=en&ct=clnk&cd=1&gl=us
  57. ^ http://www.brynathyn.edu/Admissions/About
  58. ^ http://www.yale.edu/oir/factsheet.html
  59. ^ http://select.nytimes.com/gst/abstract.html?res=F4061EFB3F5A0C7B8DDDAB0894DF404482
  60. ^ http://www.explore.rice.edu/explore/Quick_Facts.asp?SnID=1509096142
  61. ^ http://www.news.harvard.edu/glance
  62. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S2.pdf
  63. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S7.pdf
  64. ^ http://www.stanford.edu/home/stanford/facts/chron.html#faculty
  65. ^ http://www.stanford.edu/home/stanford/facts/finances.html
  66. ^ http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
  67. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  68. ^ http://web.mit.edu/facts/financial.html
  69. ^ http://web.mit.edu/facts/enrollment.html
  70. ^ http://www.bcm.edu/about/fastfacts.cfm
  71. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  72. ^ http://www.caltech.edu/at-a-glance/
  73. ^ http://www.dartmouth.edu/~dartlife/archives/trustees07/joyner.html
  74. ^ http://www.dartmouth.edu/home/about/facts.html
  75. ^ http://www.wellesley.edu/PublicAffairs/Media/facts.html
  76. ^ http://newsinfo.nd.edu/content.cfm?topicid=15
  77. ^ http://newsinfo.nd.edu/content.cfm?topicid=21723
  78. ^ http://www.northwestern.edu/about/facts/
  79. ^ http://www.smith.edu/about_justthefacts.php
  80. ^ http://academic.bowdoin.edu/ir/data/finance.shtml
  81. ^ http://academic.bowdoin.edu/ir/data/enrollment.shtml
  82. ^ Note that the figure cited results from Bowdoin's own calculations; these calculations exclude students studying off campus (e.g., abroad), use FTE for 2005-2006 and overall reported endowment as of June 30, 2006.
  83. ^ http://www.haverford.edu/info/cds07.pdf
  84. ^ http://www.emory.edu/facts.cfm
  85. ^ http://www.hamilton.edu/hamilton_at_a_glance/financial_information.html
  86. ^ http://www.dukenews.duke.edu/resources/quickfacts.html
  87. ^ http://facts.wustl.edu/enrollment.htm
  88. ^ http://www.claremontmckenna.edu/about/factsheet.asp
  89. ^ http://www.brynmawr.edu/admissions/at_a_glance.shtml
  90. ^ http://www.trinity.edu/departments/ir/FACTBOOK/FACTBOOK%202006-2007.pdf
  91. ^ http://www.middlebury.edu/NR/rdonlyres/EA526836-42BB-48D8-8289-7D35A3A5D6F5/0/allfall06.pdf
  92. ^ https://apps.carleton.edu/visitors/facts/
  93. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  94. ^ [4]
  95. ^ [5]
  96. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2005/Fact_Sheet_Index_2005.asp
  97. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2006/Fact_Sheet_Index_2006.asp
  98. ^ http://www.wm.edu/ir/common_dataset.htm
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