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List of colleges and universities in the United States by endowment

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This is an old revision of this page, as edited by 66.76.179.12 (talk) at 07:20, 3 March 2009 (→‎Endowments > $1 billion). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

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 a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.

Endowments > $1 billion

For this list, short scale billions (thousand of millions) are used. Figures are from the National Association of College and University Business Officers (NACUBO).[1] [2] [3] [4]


Institution Endowment (2005)
billion USD 		Endowment (2006)
billion USD 		Endowment (2007)
billion USD 		Endowment (2008)
billion USD
Amherst College $ 1.155[1] $ 1.337[2] $ 1.662[3] $ 1.705[4]
Baylor College of Medicine $ 0.0[1] $ 0.0[2] $ 0.0[3] $ 0.954[4]
Baylor University $ 1.008[1] $ 0.870[2] $ 1.278[3] $ 1.060[4]
Berea College $ 0.862[1] $ 0.949[2] $ 1.102[3] $ 1.023[4]
Boston College $ 1.270[1] $ 1.448[2] $ 1.670[3] $ 1.631[4]
Boston University $ 0.777[1] $ 0.916[2] $ 1.101[3] $ 1.145[4]
Brown University $ 1.844[1] $ 2.167[2] $ 2.781[3] $ 2.747[4]
California Institute of Technology $ 1.418[1] $ 1.581[2] $ 1.860[3] $ 1.892[4]
Carnegie Mellon University $ 0.837[1] $ 0.939[2] $ 1.116[3] $ 1.068[4]
Case Western Reserve University $ 1.516[1] $ 1.599[2] $ 1.841[3] $ 1.766[4]
Columbia University $ 5.191[1] $ 5.938[2] $ 7.150[3] $ 7.147[4]
Cornell University $ 3.777[1] $ 4.321[2] $ 5.425[3] $ 5.385[4]
Dartmouth College $ 2.714[1] $ 3.092[2] $ 3.760[3] $ 3.660[4]
Duke University $ 3.826[1] $ 4.498[2] $ 5.910[3] $ 6.124[4]
Emory University $ 4.376[1] $ 4.870[2] $ 5.562[3] $ 5.473[4]
George Washington University $ 0.823[1] $ 0.963[2] $ 1.147[3] $ 1.256[4]
Georgetown University $ 0.741[1] $ 0.834[2] $ 1.059[3] $ 1.059[4]
Georgia Institute of Technology (Georgia Tech Foundation only) $ 0.937[1] $ 1.047[2] $ 1.281[3] $ 1.344[4]
Grinnell College $ 1.391[1] $ 1.472[2] $ 1.718[3] $ 1.472[4]
Harvard University $ 25.473[1] $ 28.916[2] $ 34.635[3] $ 36.556[4]
Indiana University (system-wide)[5] $ 1.107[1] $ 1.276[2] $ 1.557[3] $ 1.546[4]
Johns Hopkins University $ 2.177[1] $ 2.351[2] $ 2.800[3] $ 2.525[4]
Lehigh University $ 0.845[1] $ 0.939[2] $ 1.086[3] $ 1.127[4]
Massachusetts Institute of Technology $ 6.712[1] $ 8.368[2] $ 9.980[3] $ 10.069[4]
Michigan State University $ 0.906[1] $ 1.048[2] $ 1.248[3] $ 1.282[4]
New York University $ 1.548[1] $ 1.775[2] $ 2.162[3] $ 2.475[4]
Northwestern University $ 4.215[1] $ 5.141[2] $ 6.503[3] $ 7.244[4]
Ohio State University $ 1.726[1] $ 1.997[2] $ 2.338[3] $ 2.076[4]
Pennsylvania State University $ 1.175[1] $ 1.326[2] $ 1.590[3] $ 1.545[4]
Pomona College $ 1.299[1] $ 1.457[2] $ 1.761[3] $ 1.794[4]
Princeton University $ 11.207[1] $ 13.045[2] $ 15.787[3] $ 16.349[4]
Princeton Theological Seminary $ 0.864[1] $ 0.945[2] $ 1.109[3] $ 1.018[4]
Purdue University (system-wide)[5] $ 1.341[1] $ 1.494[2] $ 1.787[3] $ 1.736[4]
Rice University $ 3.611[1] $ 3.986[2] $ 4.670[3] $ 4.610[4]
Rockefeller University $ 1.557[1] $ 1.772[2] $ 2.144[4] $ 2.021[4]
Smith College $ 1.036[1] $ 1.156[2] $ 1.361[3] $ 1.366[4]
Southern Methodist University(SMU) $ 1.014[1] $ 1.122[2] $ 1.328[3] $ 1.368[4]
Stanford University $ 12.205[1] $ 14.085[2] $ 17.165[3] $ 17.200[4]
Swarthmore College $ 1.164[1] $ 1.245[2] $ 1.441[3] $ 1.413[4]
Texas A&M University System (system-wide)[5] $ 4.964[1] $ 5.643[2] $ 6.590[3] $ 6.659[4]
Texas Christian University $ 0.942[1] $ 1.016[2] $ 1.187[3] $ 1.260[4]
Texas Tech University $ 0.480[1] $ 0.540[2] $ 0.641[3] $ 0.792[4]
Trinity University (Texas) $ 0.733[1] $ 0.814[2] $ 0.931[3] $ 1.035[4]
Tufts University $ 0.845[1] $ 1.215[2] $ 1.452[3] $ 1.446[4]
Tulane University $ 0.780[1] $ 0.858[2] $ 1.009[3] $ 1.036[4]
University of California (system-wide)[5] $ 5.222[1] $ 5.734[2] $ 6.439[3] $ 6.217[4]
University of California, Los Angeles (UCLA Foundation only) $ 0.668[1] $ 0.805[2] $ 0.975[3] $ 1.054[4]
University of Chicago $ 4.137[1] $ 4.867[2] $ 6.204[3] $ 6.632[4]
University of Cincinnati $ 1.032[1] $ 1.101[2] $ 1.185[3] $ 1.099[4]
University of Delaware $ 1.077[1] $ 1.223[2] $ 1.397[3] $ 1.340[4]
University of Florida (UF Foundation only) $ 0.836[1] $ 0.996[2] $ 1.219[3] $ 1.251[4]
University of Illinois (system-wide)[5] $ 1.148[1] $ 1.252[2] $ 1.515[3] $ 1.460[4]
University of Kansas (system-wide)[5] $ 0.955[1] $ 1.049[2] $ 1.239[3] $ 1.218[4]
University of Michigan $ 4.931[1] $ 5.652[2] $ 7.090[3] $ 7.572[4]
University of Minnesota $ 1.969[1] $ 2.224[2] $ 2.804[3] $ 2.751[4]
University of Missouri (system-wide)[5] $ 0.849[1] $ 0.944[2] $ 1.098[3] $ 1.025[4]
University of Nebraska (system-wide)[5] $ 1.042[1] $ 1.153[2] $ 1.277[3] $ 1.221[4]
University of North Carolina at Chapel Hill $ 1.486[1] $ 1.149[2] $ 2.164[3] $ 2.359[4]
University of Notre Dame $ 3.650[1] $ 4.437[2] $ 5.977[3] $ 6.226[4]
University of Oklahoma $ 0.777[1] $ 0.960[2] $ 1.114[3] $ 1.155[4]
University of Pennsylvania $ 4.370[1] $ 5.313[2] $ 6.635[3] $ 6.233[4]
University of Pittsburgh $ 1.530[1] $ 1.803[2] $ 2.254[3] $ 2.334[4]
University of Richmond $ 1.208[1] $ 1.388[2] $ 1.655[3] $ 1.704[4]
University of Rochester $ 1.370[1] $ 1.491[2] $ 1.726[3] $ 1.731[4]
University of Southern California $ 2.746[1] $ 3.066[2] $ 3.715[3] $ 3.589[4]
University of Texas System (system-wide)[5] $ 11.610[1] $ 13.235[2] $ 15.614[3] $ 16.111[4]
University of Virginia $ 3.219[1] $ 3.618[2] $ 4.370[3] $ 4.573[4]
University of Washington $ 1.490[1] $ 1.794[2] $ 2.184[3] $ 2.262[4]
University of Wisconsin-Madison (UW Foundation only) $ 1.125[1] $ 1.426[2] $ 1.645[3] $ 1.735[4]
Vanderbilt University $ 2.628[1] $ 2.946[2] $ 3.487[3] $ 3.524[4]
Wake Forest University $ 0.907[1] $ 1.042[2] $ 1.249[3] $ 1.254[4]
Washington University in St. Louis $ 4.268[1] $ 4.684[2] $ 5.658[3] $ 5.350[4]
Wellesley College $ 1.276[1] $ 1.412[2] $ 1.657[3] $ 1.611[4]
Williams College $ 1.348[1] $ 1.462[2] $ 1.892[3] $ 1.808[4]
Yale University $ 15.224[1] $ 18.031[2] $ 22.530[3] $ 22.870[4]
Yeshiva University $ 1.149[1] $ 1.273[2] $ 1.410[3] $ 1.345[4]

Endowment 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).[6]

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.[7]
Bryn Athyn College $ 803,626.[6] $ 1,770,994.[8]
Yale University $ 1,342,099. $ 1,751,927.[9][10]
Rice University $ 1,413,793. $ 1,557,600.[2][11]
Harvard University $ 1,291,051. $ 1,456,940.[12]
Franklin W. Olin College of Engineering $ 1,371,287 $ 1,412,147.[2]
Grinnell College $ 893,666. $ 1,076,056.[13][14]
Stanford University $ 794,620. $ 946,944.[15][16]
Pomona College $ 837,825. $ 942,530.[17]
Swarthmore College $ 789,735. $ 841,000.[7]
Massachusetts Institute of Technology $ 650,430. $ 816,161.[18][19]
Amherst College $ 700,850. $ 820,846.
Baylor College of Medicine $ 426,326. $ 790,002.[2][20]
Williams College $ 666,193. $ 783,000.[7]
California Institute of Technology $ 653,726. $ 945,140.[21][22]
Berea College $ 666,667
Dartmouth College $ 475,859. $ 614,035.[23][24]
Wellesley College $ 557,243. $ 603,969.[25]
Wabash College $ $ 485,882.[26]
University of Notre Dame $ 481,738.[27][28]
Hamilton College $ 435,032.[29]
University of Chicago $ 421,167
Northwestern University $ 440,068. $ 418,202.[30]
Smith College $ 361,572. $ 405,737.[2][31]
Bowdoin College $ 404,955.[32][33][34]
University of Richmond $ 390,545.
Haverford College $ 387,785.[2][35]
Emory University $ 360,662. $ 380,937.[36]
Middlebury College $ 367,830.[2][37]
Duke University $ 350,727.[2][38]
Washington University in St. Louis $ 346,325.[2][39]
Claremont McKenna College $ 352,219. $ 327,543.[40]
Lafayette College $ 324,594.[41]
Bryn Mawr College $ 322,261.[2][42]
Trinity University (Texas) $ 305,120.[43]
Carleton College $ 292,112.[2][44]
Virginia Military Institute $ 291,001.[45]
Vassar College $ 281,500. [46]
Brown University $ 285,187.
Cornell University $ 277,778.
Vanderbilt University $ 253,812.
Davidson College $ 250,000.[7]
Columbia University $ 212,598. $ 240,951.[47][48]
University of Virginia $ 226,700.
Washington and Lee University $ 220,962.
Occidental College $ 205,002.
University of Michigan $ 177,229.
Wake Forest University $ 170,648.
The University of The Ozarks $ 151,453.

[49]

The University of Texas at Austin $ 144,880.

[50]

Tufts University $ 130,898.
Rensselaer Polytechnic Institute $ 129,212
Boston College $ 102,541.
Southern Methodist University(SMU) $ 90,898.[51] $ 102,491.[52]
Kalamazoo College $ 100,000.
Tulane University $ 94,108.
University of Delaware $ 72,376.
Fairfield University $ 57,961 $ 69,277
Georgetown University $ 67,217.
Babson College $ 58,560 $ 66,685.[2]
College of William & Mary $ 58,023. $ 63,773.[2][53]
University of North Carolina at Chapel Hill $ 60,612.
Creighton University $ 58,352.
Loyola Marymount University $ 44,807.
Rochester Institute of Technology $ 41,372.[54]
University of Kansas $ 38,267.
Boston University $ 34,491.
University of Illinois at Urbana-Champaign $ 25,100.
University of New Hampshire $ 13,229.
University of Connecticut $ 10,682.

Certain institutions by endowment growth

All data are 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 Reserve 499% 8.53% $1,841,234 $307,250
Cornell University 705% 9.93% $5,424,733 $673,848
Dartmouth 687% 9.82% $3,760,234 $477,774
Duke University 1,529% 13.29% $5,910,280 $362,706
Emory 646% 9.57% $5,561,743 $745,188
Harvard 908% 11.00% $34,634,906 $3,435,013
Johns Hopkins 470% 8.29% $2,800,377 $491,543
Massachusetts Institute of Technology 927% 11.09% $9,980,410 $971,346
Northwestern 817% 10.55% $6,503,292 $709,236
Princeton 716% 10.00% $15,787,200 $1,934,010
Rice 518% 8.67% $4,669,544 $755,782
Stanford 1,042% 11.60% $17,164,836 $1,502,583
Texas A&M System 493% 8.48% $6,590,300 $1,110,440
University of Chicago 673% 9.74% $6,204,189 $802,500
University of Michigan 2,719% 15.90% $7,089,830 $251,517
University of Notre Dame 1,437% 13.01% $5,976,973 $388,965
University of Pennsylvania 1,129% 11.94% $6,635,187 $540,084
University of Southern California 927% 11.09% $3,715,272 $361,784
University of Texas 517% 8.66% $15,613,672 $2,530,730
University of Virginia 1,184% 12.15% $4,370,209 $340,387
Vanderbilt 681% 9.79% $3,487,500 $446,458
Washington University 481% 8.38% $5,567,843 $958,461
Yale 1,195% 12.20% $22,530,200 $1,739,460

References and footnotes

General references:

  • 2007 National Association of College and University Business Officers Endowment Study (PDF)
  • 2006 National Association of College and University Business Officers Endowment Study (PDF)
  • 2005 National Association of College and University Business Officers Endowment Study (PDF)
  • Colleges/Universities: Endowment per Student for 2004 from questbridge.org
  • Dada, Kamil (February 1, 2008). "Congress investigates endowment". Stanford Daily. {{cite web}}: Check date values in: |date= (help)

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 az ba bb bc bd be bf bg bh bi bj bk bl bm bn bo bp bq br bs bt bu bv bw bx by "2005 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2005. Retrieved 2008-07-15. Cite error: The named reference "nacubo-2005NES" was defined multiple times with different content (see the help page).
  2. ^ 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 az ba bb bc bd be bf bg bh bi bj bk bl bm bn bo bp bq br bs bt bu bv bw bx by bz ca cb cc cd ce cf cg ch ci cj ck "2006 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2006. Retrieved 2007-08-08. Cite error: The named reference "nacubo-2006NES" was defined multiple times with different content (see the help page).
  3. ^ 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 az ba bb bc bd be bf bg bh bi bj bk bl bm bn bo bp bq br bs bt bu bv bw bx "2007 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2007. Retrieved 2008-07-08.
  4. ^ 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 az ba bb bc bd be bf bg bh bi bj bk bl bm bn bo bp bq br bs bt bu bv bw bx by bz "2008 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2008. Retrieved 2009-01-28.
  5. ^ a b c d e f g h i Figures are for a university system or other cluster of institutions.
  6. ^ a b 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
  7. ^ a b c d Bloomberg.com: News
  8. ^ Bryn Athyn College: Quick Facts
  9. ^ Factsheet - Statistical Summary of Yale University
  10. ^ For Yale's Money Man, a Higher Calling - New York Times
  11. ^ Rice University | Explore Rice
  12. ^ Harvard University Office of News and Public Affairs | Harvard at a Glance
  13. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S2.pdf
  14. ^ Grinnell College Fact Book Fall 2006
  15. ^ Stanford University Facts: Stanford Through the Years
  16. ^ Stanford University Facts: Finances
  17. ^ Pomona College
  18. ^ MIT Facts 2008: Financial Data
  19. ^ MIT Facts 2008: Enrollments 2007–2008
  20. ^ 2007 Fast Facts & Figures - Baylor College of Medicine
  21. ^ http://pr.caltech.edu/annual_report/annual_report_archive/fr_06_07.pdf
  22. ^ Caltech: At a Glance
  23. ^ Dartmouth Life - Pamela J. Joyner '79
  24. ^ Dartmouth - About Dartmouth - Facts
  25. ^ Quick Facts About Wellesley College
  26. ^ [1]
  27. ^ Students - University of Notre Dame : News & Information
  28. ^ Secrets of a $5.5 billion portfolio: partners and ‘patriots’ - University of Notre Dame : News & Information
  29. ^ Hamilton College - Facts - Financial Information
  30. ^ Northwestern Facts, About, Northwestern University
  31. ^ Smith College: Just the Facts
  32. ^ Finance (Bowdoin, )
  33. ^ Enrollment (Bowdoin, )
  34. ^ 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.
  35. ^ cds_200405_v2.xls
  36. ^ Emory University, Atlanta, GA | Facts and Figures - ABOUT US
  37. ^ http://www.middlebury.edu/NR/rdonlyres/EA526836-42BB-48D8-8289-7D35A3A5D6F5/0/allfall06.pdf
  38. ^ Quick Facts about Duke
  39. ^ Washington University in St. Louis :: FACTS 2007
  40. ^ 2006-2007 Fact Sheet, About CMC, Claremont McKenna College
  41. ^ Lafayette at a Glance
  42. ^ http://www.brynmawr.edu/admissions/at_a_glance.shtml
  43. ^ FACTBOOK 0607 A.xls
  44. ^ Carleton College: Information & Resources for Visitors: General Information
  45. ^ www.vmi.edu/WorkArea/downloadasset.aspx?id=17463
  46. ^ http://financeandadministration.vassar.edu/financialfacts2.pdf
  47. ^ Columbia University Statistical Abstract | Endowment
  48. ^ http://www.columbia.edu/cu/opir/abstract/enrollment_headcount.htm
  49. ^ http://www.case.org/guide/pages2007/2007_ozarks.html
  50. ^ http://media.www.dailytexanonline.com/media/storage/paper410/news/2008/04/07/TopStories/Breaking.Down.UtAustins.Endowments-3306888.shtml
  51. ^ Fact Sheet Index - Institutional Research - SMU
  52. ^ Fact Sheet Index - Institutional Research - SMU
  53. ^ http://www.wm.edu/ir/common_dataset.htm
  54. ^ http://www.rit.edu/news/umag/winter2007/pdfs/30_features_year_in_review.pdf
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