The following are lists of
American institutions of higher education by
endowment.
List of U.S. college and university endowments
Some figures are from NACUBO.
[1]
★ Denotes the aggregate of a cluster of institutions (
university system).
List of university endowment amount per student
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).
[31]
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.[32] |
| Bryn Athyn College | $ 803,626.[33] | $ 1,770,994.[34] |
| Yale University | $ 1,342,099. | $ 1,751,927.[35][36] |
| Harvard University | $ 1,291,051. | $ 1,456,940.[37] |
| Grinnell College | $ 893,666. | $ 1,076,056.[38][39] |
| Stanford University | $ 714,620. | $ 946,944.[40][41] |
| Pomona College | $ 837,825. | $ 942,530.[18] |
| Swarthmore College | $ 789,735. | $ 841,000.[32] |
| Amherst College | $ 698,469. | $ 820,846. [2] |
| Massachusetts Institute of Technology | $ 650,430. | $ 816,161.[45][46] |
| Rice University | $ 726,147. | $ 801,984.[5][48] |
| Baylor College of Medicine | $ 426,326. | $ 790,002.[5][50] |
| Williams College | $ 666,193. | $ 783,000.[32] |
| California Institute of Technology | $ 653,726. | $ 757,873.[5][53] |
| Dartmouth College | $ 475,859. | $ 614,035.[54][55] |
| Wellesley College | $ 557,243. | $ 603,969.[56] |
| University of Notre Dame | | $ 481,738.[57][58] |
| Northwestern University | $ 440,068. | $ 418,202.[59] |
| Smith College | $ 361,572. | $ 405,737.[5][61] |
| Bowdoin College | | $ 404,955.[62][63][64] |
| University of Richmond | | $ 390,545. |
| Haverford College | | $ 387,785.[5][66] |
| Emory University | $ 360,662. | $ 380,937.[67] |
| Hamilton College | | $ 370,704.[68] |
| Duke University | | $ 350,727.[5][70] |
| Washington University in St. Louis | | $ 346,325.[5][72] |
| Claremont McKenna College | $ 352,219. | $ 327,543.[73] |
| Bryn Mawr College | | $ 322,261.[5][75] |
| Middlebury College | | $ 295,249.[5][77] |
| Carleton College | | $ 292,112.[5][79] |
| Brown University | | $ 285,187. |
| Vanderbilt University | | $ 253,812. |
| Davidson College | | $ 250,000.[32] |
| Washington and Lee University | | $ 220,962. |
| University of Virginia | | $ 182,331. |
| Wake Forest University | | $ 170,648. |
| Boston College | | $ 102,541. |
| Tulane University | | $ 94,108. |
| University of Delaware | | $ 72,376. |
| Georgetown University | | $ 67,217. |
| College of William & Mary | $ 58,023. | $ 63,773.[5][82] |
| UNC Chapel Hill | | $ 60,612. |
| Boston University | | $ 34,491. |
| University of New Hampshire | | $ 13,229. |
| University of Connecticut | | $ 10,682. |
Institutions by 20 year endowment growth
Some data is from NACUBO
[2]: top 25 in absolute size.
| Name | Aggregate Arithmetic Growth | Per Annum Exponential Growth | Endowment in 2006 (USD) | Endowment in 1986 (USD) |
|---|
| Case Western Reserve | 420% | 8.25% | $1,598,566 | $307,250 |
| Cornell | 541% | 9.29% | $4,321,199 | $673,848 |
| Dartmouth | 547% | 9.34% | $3,092,100 | $477,774 |
| Duke University | 1140% | 12.59% | $4,497,718 | $362,706 |
| Emory | 554% | 9.39% | $4,870,019 | $745,188 |
| Harvard | 742% | 10.65% | $28,915,706 | $3,435,013 |
| Johns Hopkins | 378% | 7.82% | $2,350,749 | $491,543 |
| Massachusetts Institute of Technology | 761% | 10.77% | $8,368,066 | $971,346 |
| Northwestern | 625% | 9.9% | $5,140,668 | $709,236 |
| Princeton | 575% | 9.54% | $13,044,900 | $1,934,010 |
| Rice | 427% | 8.31% | $3,986,664 | $755,782 |
| Stanford | 837% | 11.19% | $14,084,676 | $1,502,583 |
| Texas A&M System | 408% | 8.13% | $5,642,978 | $1,110,440 |
| University of Chicago | 506% | 9.01% | $4,867,030 | $802,500 |
| University of Michigan | 2147% | 15.56% | $5,652,262 | $251,517 |
| University of Notre Dame | 1041% | 12.17% | $4,436,624 | $388,965 |
| University of Pennsylvania | 884% | 11.43% | $5,313,268 | $540,084 |
| University of Southern California | 747% | 10.69% | $3,065,935 | $361,784 |
| University of Texas | 423% | 8.27% | $13,234,848 | $2,530,730 |
| University of Virginia | 963% | 11.82% | $3,618,172 | $340,387 |
| Vanderbilt | 560% | 9.43% | $2,946,392 | $446,458 |
| Washington University | 389% | 7.93% | $4,684,737 | $958,461 |
| Yale | 938% | 11.69% | $18,030,600 | $1,739,460 |
References
1.
2006 NACUBO Endowment Study
2. http://www.amherst.edu/about_amh/glance.html
3. University Finances On The Rise
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://www.nacubo.org/documents/research/2006NES_Listing.pdf
6. http://finance.columbia.edu/controller/resources/reports-33061-TheTrusteesofColumbiaUniversityintheCityofNewYork.pdf
7. http://www.alumni.cornell.edu/endowment.htm
8. http://www.dartmouth.edu/home/about/facts.html#endowment
9. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
10. data available from college for June, 2006 at [1].
11. Harvard's endowment up to 29.2 billion
12. http://web.mit.edu/newsoffice/2006/endowment.html
13. http://www.givingto.msu.edu/media%5CEndowment%20_MSUAA_article_winter07_web_version.pdf
14. 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.
15. Northwestern Facts
16. Northwestern University Annual Report
17. University endowment hits 2 billion
18. http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
19. http://www.dailyprincetonian.com/archives/2006/10/27/news/16400.shtml
20. WELL-FUNDED Stanford's endowment purse grows fatter
21. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
22. University of Chicago
23. U-M endowment at 5.7 billion
24. http://www.nd.edu/~invest/
25. http://mac10.umc.pitt.edu/m/FMPro?-db=ma&-lay=a&-format=d.html&id=2788&-Find
26. http://www.utsystem.edu/news/2006/UTIMCO-CEOResigns-09-05-06.htm
27. http://minerva.acc.virginia.edu/Facts/Glance_FinanceEndowment.htm
28. http://www.uwfoundation.wisc.edu/home/findgiftopportunity/giving_questions/givingfaq.aspxUW System endownment is approximately 9.5 billion, see http://en.wikipedia.org/wiki/University_of_Wisconsin_System
29. http://www.williams.edu/alumni/campaign/about/report06/06williams_coolidge.pdf
30. Yale Endowment Earns 22.9% In The Past Year
31. 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
32. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
33. 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
34. http://www.brynathyn.edu/Admissions/About
35. http://www.yale.edu/oir/factsheet.html
36. http://select.nytimes.com/gst/abstract.html?res=F4061EFB3F5A0C7B8DDDAB0894DF404482
37. http://www.news.harvard.edu/glance
38. http://www.grinnell.edu/aboutinfo/factbook/GCFB_S2.pdf
39. http://www.grinnell.edu/aboutinfo/factbook/GCFB_S7.pdf
40. http://www.stanford.edu/home/stanford/facts/chron.html#faculty
41. http://www.stanford.edu/home/stanford/facts/finances.html
42. http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
43. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
44. http://www.amherst.edu/about_amh/glance.html
45. http://web.mit.edu/facts/financial.html
46. http://web.mit.edu/facts/enrollment.html
47. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
48. http://www.explore.rice.edu/explore/Quick_Facts.asp?SnID=1509096142
49. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
50. http://www.bcm.edu/about/fastfacts.cfm
51. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
52. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
53. http://www.caltech.edu/at-a-glance/
54. http://www.dartmouth.edu/~dartlife/archives/trustees07/joyner.html
55. http://www.dartmouth.edu/home/about/facts.html
56. http://www.wellesley.edu/PublicAffairs/Media/facts.html
57. http://newsinfo.nd.edu/content.cfm?topicid=15
58. http://newsinfo.nd.edu/content.cfm?topicid=21723
59. http://www.northwestern.edu/about/facts/
60. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
61. http://www.smith.edu/about_justthefacts.php
62. http://academic.bowdoin.edu/ir/data/finance.shtml
63. http://academic.bowdoin.edu/ir/data/enrollment.shtml
64. 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.
65. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
66. http://www.haverford.edu/info/cds07.pdf
67. http://www.emory.edu/facts.cfm
68. http://www.hamilton.edu/hamilton_at_a_glance/financial_information.html
69. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
70. http://www.dukenews.duke.edu/resources/quickfacts.html
71. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
72. http://facts.wustl.edu/enrollment.htm
73. http://www.claremontmckenna.edu/about/factsheet.asp
74. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
75. http://www.brynmawr.edu/admissions/at_a_glance.shtml
76. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
77. http://www.middlebury.edu/NR/rdonlyres/EA526836-42BB-48D8-8289-7D35A3A5D6F5/0/allfall06.pdf
78. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
79. https://apps.carleton.edu/visitors/facts/
80. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
81. http://www.nacubo.org/documents/research/2006NES_Listing.pdf
82. http://www.wm.edu/ir/common_dataset.htm
★
2006 National Association of College and University Business Officers Endowment Study (PDF)
★
2005 National Association of College and University Business Officers Endowment Study (PDF)
★
Yale Posts Highest Endowment Returns, Topping Stanford, Harvard (November 22, 2005). ''Bloomberg.com''.
★
Colleges/Universities: Endowment per Student for 2004
★
[3]
See also
★
Lists of institutions of higher education by endowment
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