List of colleges and universities in the United States by endowment

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Harvard University has the largest endowment in the world.

Many institutions of higher education in the United States maintain financial endowments, sums of money that are invested in stocks, yielding returns that fund a portion of an institution's operational expenses and help ensure that it survives in perpetuity.

U.S. colleges and universities maintain some of the largest endowments in the world, and make up the strong majority of educational institutions with endowments greater than $1 billion.

In 2005, the endowment table below totaled $219.37 billion. By 2015, the table totaled $394.96 billion, an increase of 80%. As of 2018, the total further increased to $479.23 billion.

The National Association of College and University Business Officers (NACUBO) maintains information on college endowments.[1][2]

Strong returns in fiscal 2020-21 led the largest university endowments to soar. The four largest endowments — Harvard, Yale, Stanford, and Princeton — increased in value from $127.24 billion to $171 billion in a single year.[3][4][5][6]

Enhancements and levies[edit]

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 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.[7][8]

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.[9][10] Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.[10][11] There continue to be vigorous efforts that advocate the repeal of the tax.[12] Repeal legislation with bipartisan cosponsorship was introduced, but not passed, by both the 115th United States Congress[13] and 116th United States Congress.[14]

Endowments currently greater than $1 billion[edit]

Private schools[edit]

Yale University has the second highest endowment of all American colleges and universities
Institution State Endowment
(billions USD (FY2021))[15]
Harvard University Massachusetts $53.20
Yale University Connecticut $42.90
Stanford University California $37.80
Princeton University New Jersey $37.70
Massachusetts Institute of Technology Massachusetts $27.70
University of Pennsylvania Pennsylvania $20.50
University of Notre Dame Indiana $18.10
Northwestern University Illinois $14.96
Columbia University New York $14.30
Washington University in St. Louis Missouri $13.54
Duke University North Carolina $12.70
University of Chicago Illinois $11.60[16]
Emory University Georgia $11.00
Vanderbilt University Tennessee $10.90
Cornell University New York $10.00[17]
Johns Hopkins University Maryland $9.32
Dartmouth College New Hampshire $8.48
Rice University Texas $8.06
University of Southern California California $8.00
Brown University Rhode Island $6.52
New York University New York $5.57
Williams College Massachusetts $4.17
Carnegie Mellon University Pennsylvania $3.98
Boston College Massachusetts $3.80
California Institute of Technology California $4.07
Amherst College Massachusetts $3.775
University of Richmond Virginia $3.36
Boston University Massachusetts $3.35
Wellesley College Massachusetts $3.24
University of Rochester New York $3.19
Pomona College California $3.03
Rockefeller University New York $2.99
Swarthmore College Pennsylvania $2.90
Bowdoin College Maine $2.72
Tufts University Massachusetts $2.70
Georgetown University District of Columbia $2.59
Smith College Massachusetts $2.56
George Washington University District of Columbia $2.41
Case Western Reserve University Ohio $2.35
Texas Christian University Texas $2.15
Southern Methodist University Texas $2.11
Grinnell College Iowa $2.09
Washington and Lee University Virginia $2.09
Baylor University Texas $2.01
Brigham Young University Utah $1.97
Tulane University Louisiana $1.92
Wake Forest University North Carolina $1.86
Syracuse University New York $1.80
Lehigh University Pennsylvania $1.78
Trinity University Texas $1.72
Liberty University Virginia $1.71
Berea College Kentucky $1.61
Baylor College of Medicine Texas $1.60
Wesleyan University Connecticut $1.57
Santa Clara University California $1.54
Saint Louis University Missouri $1.52
Middlebury College Vermont $1.51
Northeastern University Massachusetts $1.45
Hamilton College New York $1.40
University of Miami Florida $1.39
Vassar College New York $1.38
University of Tulsa Oklahoma $1.37
Davidson College North Carolina $1.34
Oberlin College Ohio $1.30
Rochester Institute of Technology New York $1.30
Brandeis University Massachusetts $1.29
Colby College Maine $1.26
Colgate University New York $1.26
Medical College of Wisconsin Wisconsin $1.23
Claremont McKenna College California $1.22
Berry College Georgia $1.21
Bryn Mawr College Pennsylvania $1.18
Carleton College Minnesota $1.16
Loma Linda University California $1.12
Villanova University Pennsylvania $1.12
Bucknell University Pennsylvania $1.11
Pepperdine University California $1.11
Loyola University Chicago Illinois $1.072
Mount Holyoke College Massachusetts $1.07
Rensselaer Polytechnic Institute New York $1.07
Denison University Ohio $1.06
Lafayette College Pennsylvania $1.06
College of the Holy Cross Massachusetts $1.04
Fordham University New York $1.01

Public schools[edit]

The University of Texas System has the largest system-wide endowment of any American public higher education institution.
Institution State Endowment
(billions USD (2021))[15]
University of Texas System Texas $42.10
Texas A&M University System Texas $18.00
University of Michigan Michigan $17.00
University of California (system-wide regents portions only) California $12.14
University of Virginia Virginia $10.50
Ohio State University Ohio $6.80
University of Pittsburgh Pennsylvania $5.65
University of North Carolina at Chapel Hill North Carolina $5.17
Pennsylvania State University (system-wide) Pennsylvania $4.61
University of Washington Washington $4.08
University of Wisconsin–Madison Wisconsin $3.98
Michigan State University Michigan $3.93
University of California, Los Angeles California $3.89
University of Minnesota Minnesota $3.87
State University of New York (system-wide) New York $3.66
Purdue University system Indiana $3.58
University of Illinois system Illinois $3.38
Indiana University (system-wide) Indiana $3.32
University of Iowa Iowa $3.14
Georgia Institute of Technology Georgia $2.97
University of California, Berkeley California $2.92
University of California, San Francisco California $2.77
Virginia Commonwealth University Virginia $2.73
University of Nebraska system Nebraska $2.39
University of Florida Florida $2.38
University of Kansas Kansas $2.37
University of Missouri System Missouri $2.20
University of Colorado Colorado $2.12
Rutgers University (system-wide) New Jersey $2.00
University of Maryland System & Foundation Maryland $1.99
University of Delaware Delaware $1.96
University of Alabama System Alabama $1.96
North Carolina State University North Carolina $1.95
Louisiana State University Louisiana $1.90
University of Georgia & Related Foundations Georgia $1.82
University of Cincinnati Ohio $1.81
University of Kentucky Kentucky $1.80
Virginia Tech Foundation Virginia $1.69
University of Arkansas Foundation Arkansas $1.68
Oklahoma State University Oklahoma $1.56
University of Tennessee system Tennessee $1.53
Texas Tech University System Texas $1.53
Iowa State University Iowa $1.50
University of Utah Utah $1.32
University of Houston Texas $1.32
Washington State University Washington $1.29
College of William & Mary Virginia $1.28
University of Arizona Arizona $1.26
Arizona State University Arizona $1.26
Auburn University Alabama $1.03
University of Buffalo New York $1.02
Clemson University South Carolina $1.01

Endowments per student greater than $2 million[edit]

Princeton University has the largest endowment per student in the United States
Rank Institution Endowment per capita (2021)[18]
1 Princeton University $4,475,012
2 Yale University $3,528,573
3 Massachusetts Institute of Technology $2,483,284
4 Stanford University $2,442,491
5 Harvard University $2,274,648
6 Amherst College $2,163,411
7 Williams College $2,131,269
8 Pomona College $2,076,065
9 Swarthmore College $2,017,613

See also[edit]

References[edit]

  1. ^ "National Association of College and University Business Officers". NACUBO. Retrieved July 19, 2013.
  2. ^ Ken Redd (May 26, 2020). "Historic Endowment Study Data". National Association of College and University Business Officers.
  3. ^ Virginia L. Ma and Kevin A. Simauchi (15 October 2021). "Harvard's Endowment Soars to $53.2 Billion, Reports 33.6% Returns". The Harvard Crimson. Retrieved 4 November 2021.
  4. ^ "Yale endowment earns 40.2% investment return in fiscal 2021". Yale News. 14 October 2021. Retrieved 4 November 2021.
  5. ^ Benjamin Zaidel (27 October 2021). "Stanford reports 'record year' of investment returns, nets $12.1 billion in gains". The Stanford Daily. Retrieved 4 November 2021.
  6. ^ "Princeton's endowment returns continue to support University mission and impact". Princeton University. 29 October 2021. Retrieved 4 November 2021.
  7. ^ "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved 2019-01-10.
  8. ^ "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying?". Inside Higher Ed. Retrieved 2020-02-21.
  9. ^ "End the Endowment Tax". The Harvard Crimson. 20 February 2018. Retrieved 29 March 2020.
  10. ^ a b Wilson, John. "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved 29 March 2020.
  11. ^ Powell, Alvin (21 December 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved 29 March 2020.
  12. ^ Kreighbaum, Andrew (23 April 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved 29 March 2020.
  13. ^ "H.R.5220 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  14. ^ "H.R.4438 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  15. ^ a b "Table: U.S. and Canadian 2021 NTSE Participating Institutions Listed by Fiscal Year 2021 Endowment Market Value, and Change in Market Value from FY20 to FY21 (PDF)". National Association of College and University Business Officers. 2022.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "University of Chicago endowment ended FY21 at $11.6 billion | University of Chicago News". news.uchicago.edu. Retrieved 2022-05-20.
  17. ^ "Cornell Endowment Surges 42%, Largest Gain in More Than 35 Years". Bloomberg.com. 2021-10-14. Retrieved 2022-05-20.
  18. ^ "U.S. and Canadian 2021 NTSE Participating Institutions Listed by Fiscal Year 2021 Endowment Market Value, Change in Market Value from FY20 to FY21, and FY21 Endowment Market Values Per Full-time Equivalent Student". National Association of College and University Business Officers. 2022.{{cite web}}: CS1 maint: url-status (link)