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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 section may contain inaccurate data that does necessarily match with NACUBO source data

Contents

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][5]

Institution Endowment (2005)
billion USD		 Endowment (2006)
billion USD		 Endowment (2007)
billion USD		 Endowment (2008)
billion USD		 Endowment (2009)
billion USD
Amherst College $ 1.155[1] $ 1.337[2] $ 1.662[3] $ 1.705[4] $ 1.306[5]
Boston College $ 1.270[1] $ 1.448[2] $ 1.670[3] $ 1.631[4] $ 1.341[5]
Brown University $ 1.844[1] $ 2.167[2] $ 2.781[3] $ 2.747[4] $ 2.017[5]
California Institute of Technology $ 1.418[1] $ 1.581[2] $ 1.860[3] $ 1.892[4] $ 1.398[5]
Case Western Reserve University $ 1.516[1] $ 1.599[2] $ 1.841[3] $ 1.766[4] $ 1.402[5]
Columbia University $ 5.191[1] $ 5.938[2] $ 7.150[3] $ 7.147[4] $ 5.893[5]
Cornell University $ 3.777[1] $ 4.321[2] $ 5.425[3] $ 5.385[4] $ 3.966[5]
Dartmouth College $ 2.714[1] $ 3.092[2] $ 3.760[3] $ 3.660[4] $ 2.825[5]
Duke University $ 3.826[1] $ 4.498[2] $ 5.910[3] $ 6.124[4] $ 4.441[5]
Emory University $ 4.376[1] $ 4.870[2] $ 5.562[3] $ 5.473[4] $ 4.328[5]
George Washington University $ 0.823[1] $ 0.963[2] $ 1.147[3] $ 1.256[4] $ 1.011[5]
Grinnell College $ 1.391[1] $ 1.472[2] $ 1.718[3] $ 1.472[4] $ 1.076[5]
Harvard University $ 25.473[1] $ 28.916[2] $ 34.635[3] $ 36.556[4] $ 25.662[5]
Indiana University (system-wide)[6] $ 1.107[1] $ 1.276[2] $ 1.557[3] $ 1.546[4] $ 1.227[5]
Johns Hopkins University $ 2.177[1] $ 2.351[2] $ 2.800[3] $ 2.525[4] $ 1.977[5]
Massachusetts Institute of Technology $ 6.712[1] $ 8.368[2] $ 9.980[3] $ 10.069[4] $ 7.982[5]
Michigan State University $ 0.906[1] $ 1.048[2] $ 1.248[3] $ 1.282[4] $ 1.047[5]
New York University $ 1.548[1] $ 1.775[2] $ 2.162[3] $ 2.475[4] $ 2.094[5]
Northwestern University $ 4.215[1] $ 5.141[2] $ 6.503[3] $ 7.244[4] $ 5.445[5]
Ohio State University $ 1.726[1] $ 1.997[2] $ 2.338[3] $ 2.076[4] $ 1.652[5]
Pennsylvania State University $ 1.175[1] $ 1.326[2] $ 1.590[3] $ 1.545[4] $ 1.226[5]
Pomona College $ 1.299[1] $ 1.457[2] $ 1.761[3] $ 1.794[4] $ 1.334[5]
Princeton University $ 11.207[1] $ 13.045[2] $ 15.787[3] $ 16.349[4] $ 12.614[5]
Purdue University (system-wide)[6] $ 1.341[1] $ 1.494[2] $ 1.787[3] $ 1.736[4] $ 1.458[5]
Rice University $ 3.611[1] $ 3.986[2] $ 4.670[3] $ 4.610[4] $ 3.613[5]
Rockefeller University $ 1.557[1] $ 1.772[2] $ 2.144[4] $ 2.021[4] $ 1.528[5]
Smith College $ 1.036[1] $ 1.156[2] $ 1.361[3] $ 1.366[4] $ 1.096[5]
Southern Methodist University(SMU) $ 1.014[1] $ 1.122[2] $ 1.328[3] $ 1.368[4] $ 1.035[5]
Stanford University $ 12.205[1] $ 14.085[2] $ 17.165[3] $ 17.200[4] $ 12.619[5]
Swarthmore College $ 1.164[1] $ 1.245[2] $ 1.441[3] $ 1.413[4] $ 1.129[5]
Texas A&M University System (system-wide)[6] $ 4.964[1] $ 5.643[2] $ 6.590[3] $ 6.659[4] $ 5.084[5]
Tufts University $ 0.845[1] $ 1.215[2] $ 1.452[3] $ 1.446[4] $ 1.103[5]
University of California (system-wide)[6] $ 5.222[1] $ 5.734[2] $ 6.439[3] $ 6.217[4] $ 4.937[5]
University of Chicago $ 4.137[1] $ 4.867[2] $ 6.204[3] $ 6.632[4] $ 5.094[5]
University of Delaware $ 1.077[1] $ 1.223[2] $ 1.397[3] $ 1.340[4] $ 1.008[5]
University of Florida (UF Foundation only) $ 0.836[1] $ 0.996[2] $ 1.219[3] $ 1.251[4] $ 1.011[5]
University of Michigan $ 4.931[1] $ 5.652[2] $ 7.090[3] $ 7.572[4] $ 6.001[5]
University of Minnesota n/a n/a $ 2.804[3] $ 2.751[4] $ 2.073[5]
University of Minnesota Foundation $ 1.969[1] $ 2.224[2] n/a n/a $ 1.077[5]
University of North Carolina at Chapel Hill $ 1.486[1] $ 1.149[2] $ 2.164[3] $ 2.359[4] $ 1.905[5]
University of Notre Dame $ 3.650[1] $ 4.437[2] $ 5.977[3] $ 6.226[4] $ 4.795[5]
University of Pennsylvania $ 4.370[1] $ 5.313[2] $ 6.635[3] $ 6.233[4] $ 5.171[5]
University of Pittsburgh $ 1.530[1] $ 1.803[2] $ 2.254[3] $ 2.334[4] $ 1.837[5]
University of Richmond $ 1.208[1] $ 1.388[2] $ 1.655[3] $ 1.704[4] $ 1.417[5]
University of Rochester $ 1.370[1] $ 1.491[2] $ 1.726[3] $ 1.731[4] $ 1.315[5]
University of Southern California $ 2.746[1] $ 3.066[2] $ 3.715[3] $ 3.589[4] $ 2.671[5]
University of Texas System (system-wide)[6] $ 11.610[1] $ 13.235[2] $ 15.614[3] $ 16.111[4] $ 12.163[5]
University of Virginia $ 3.219[1] $ 3.618[2] $ 4.370[3] $ 4.526[4] $ 3.577[5]
University of Washington $ 1.490[1] $ 1.794[2] $ 2.184[3] $ 2.262[4] $ 1.649[5]
University of Wisconsin–Madison
(UW Foundation only)		 $ 1.125[1] $ 1.426[2] $ 1.645[3] $ 1.735[4] $ 1.373[5]
Vanderbilt University $ 2.628[1] $ 2.946[2] $ 3.487[3] $ 3.524[4] $ 2.834[5]
Washington University in St. Louis $ 4.268[1] $ 4.684[2] $ 5.658[3] $ 5.350[4] $ 4.081[5]
Wellesley College $ 1.276[1] $ 1.412[2] $ 1.657[3] $ 1.611[4] $ 1.266[5]
Williams College $ 1.348[1] $ 1.462[2] $ 1.892[3] $ 1.808[4] $ 1.409[5]
Yale University $ 15.224[1] $ 18.031[2] $ 22.530[3] $ 22.870[4] $ 16.327[5]

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. Further complicating comparisons is the cost of operating (see Cost of Living Index http://www.infoplease.com/ipa/A0883960.html ) at each school. Major metropolitan areas, as well as unionized schools, generally cost more than rural and non-unionized schools.

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).[7]

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.[8]
Bryn Athyn College $ 803,626.[7] $ 1,770,994.[9]
Yale University $ 1,342,099. $ 1,751,927.[10][11]
Rice University $ 1,413,793. $ 1,557,600.[2][12]
Harvard University $ 1,291,051. $ 1,456,940.[13]
Franklin W. Olin College of Engineering $ 1,371,287 $ 1,412,147.[2]
Grinnell College $ 893,666. $ 1,076,056.[14][15]
Stanford University $ 794,620. $ 946,944.[16][17]
Pomona College $ 837,825. $ 942,530.[18]
Swarthmore College $ 789,735. $ 841,000.[8]
Massachusetts Institute of Technology $ 650,430. $ 816,161.[19][20]
Amherst College $ 700,850. $ 820,846.
Baylor College of Medicine $ 426,326. $ 790,002.[2][21]
Williams College $ 666,193. $ 783,000.[8]
California Institute of Technology $ 653,726. $ 945,140.[22][23]
Dartmouth College $ 475,859. $ 614,035.[24][25]
Wellesley College $ 557,243. $ 603,969.[26]
Wabash College $ $ 485,882.[27]
University of Notre Dame $ 481,738.[28][29]
Hamilton College $ 435,032.[30]
Northwestern University $ 440,068. $ 418,202.[31]
Smith College $ 361,572. $ 405,737.[2][32]
Bowdoin College $ 404,955.[33][34][35]
Haverford College $ 387,785.[2][36]
Emory University $ 360,662. $ 380,937.[37]
University of Rochester $ 379,774.
Middlebury College $ 367,830.[2][38]
Duke University $ 350,727.[2][39]
Washington University in St. Louis $ 346,325.[2][40]
Denison University $ 333,333.[41]
Claremont McKenna College $ 352,219. $ 327,543.[42]
Lafayette College $ 324,594.[43]
Bryn Mawr College $ 322,261.[2][44]
Washington and Lee University $ 315,000
Trinity University (Texas) $ 305,120.[45]
Carleton College $ 292,112.[2][46]
Virginia Military Institute $ 291,001.[47]
Vassar College $ 281,500. [48]
Davidson College $ 250,000.[8]
Columbia University $ 212,598. $ 240,951.[49][50]
College of the Holy Cross $ 221,962. [51]
University of the Ozarks $ 151,453.

[52]
The University of Texas at Austin $ 144,880.

[53]
Southern Methodist University(SMU) $ 90,898.[54] $ 102,491.[55]
Babson College $ 58,560 $ 66,685.[2]
College of William & Mary $ 58,023. $ 63,773.[2][56]
Rochester Institute of Technology $ 41,372.[57]

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:

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 "2005 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2005. http://www.nacubo.org/documents/about/FY05NESInstitutionsbyTotalAssets.pdf. Retrieved 2008-07-15. 
  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 "2006 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2006. http://www.nacubo.org/documents/research/2006NES_Listing.pdf. Retrieved 2007-08-08. 
  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 "2007 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2007. http://www.nacubo.org/Images/All%20Institutions%20Listed%20by%20FY%202007%20Market%20Value%20of%20Endowment%20Assets_2007%20NES.pdf. 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 "2008 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2008. http://www.nacubo.org/documents/research/NES2008PublicTable-AllInstitutionsByFY08MarketValue.pdf. Retrieved 2009-01-28. 
  5. ^ 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 "2009 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2010. http://www.nacubo.org/Documents/research/2009_NCSE_Public_Tables_Endowment_Market_Values.pdf. Retrieved 2010-01-29. 
  6. ^ a b c d e Figures are for a university system or other cluster of institutions.
  7. ^ 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
  8. ^ a b c d Bloomberg.com: News
  9. ^ Bryn Athyn College: Quick Facts
  10. ^ Factsheet - Statistical Summary of Yale University
  11. ^ For Yale's Money Man, a Higher Calling - New York Times
  12. ^ Rice University | Explore Rice
  13. ^ Harvard University Office of News and Public Affairs | Harvard at a Glance
  14. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S2.pdf
  15. ^ Grinnell College Fact Book Fall 2006
  16. ^ Stanford University Facts: Stanford Through the Years
  17. ^ Stanford University Facts: Finances
  18. ^ Pomona College
  19. ^ MIT Facts 2008: Financial Data
  20. ^ MIT Facts 2008: Enrollments 2007–2008
  21. ^ 2007 Fast Facts & Figures - Baylor College of Medicine
  22. ^ http://pr.caltech.edu/annual_report/annual_report_archive/fr_06_07.pdf
  23. ^ Caltech: At a Glance
  24. ^ Dartmouth Life - Pamela J. Joyner '79
  25. ^ Dartmouth - About Dartmouth - Facts
  26. ^ Quick Facts About Wellesley College
  27. ^ Wabash College
  28. ^ Students - University of Notre Dame : News & Information
  29. ^ Secrets of a $5.5 billion portfolio: partners and ‘patriots’ - University of Notre Dame : News & Information
  30. ^ Hamilton College - Facts - Financial Information
  31. ^ Northwestern Facts, About, Northwestern University
  32. ^ Smith College: Just the Facts
  33. ^ Finance (Bowdoin, )
  34. ^ Enrollment (Bowdoin, )
  35. ^ 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.
  36. ^ cds_200405_v2.xls
  37. ^ Emory University, Atlanta, GA | Facts and Figures - ABOUT US
  38. ^ http://www.middlebury.edu/NR/rdonlyres/EA526836-42BB-48D8-8289-7D35A3A5D6F5/0/allfall06.pdf
  39. ^ Quick Facts about Duke
  40. ^ Washington University in St. Louis :: FACTS 2007
  41. ^ [1]
  42. ^ 2006-2007 Fact Sheet, About CMC, Claremont McKenna College
  43. ^ Lafayette at a Glance
  44. ^ http://www.brynmawr.edu/admissions/at_a_glance.shtml
  45. ^ FACTBOOK 0607 A.xls
  46. ^ Carleton College: Information & Resources for Visitors: General Information
  47. ^ www.vmi.edu/WorkArea/downloadasset.aspx?id=17463
  48. ^ http://financeandadministration.vassar.edu/financialfacts2.pdf
  49. ^ Columbia University Statistical Abstract | Endowment
  50. ^ http://www.columbia.edu/cu/opir/abstract/enrollment_headcount.htm
  51. ^ http://www.holycross.edu/abouthc/glance/
  52. ^ http://www.case.org/guide/pages2007/2007_ozarks.html
  53. ^ http://media.www.dailytexanonline.com/media/storage/paper410/news/2008/04/07/TopStories/Breaking.Down.UtAustins.Endowments-3306888.shtml
  54. ^ Fact Sheet Index - Institutional Research - SMU
  55. ^ Fact Sheet Index - Institutional Research - SMU
  56. ^ http://www.wm.edu/ir/common_dataset.htm
  57. ^ http://www.rit.edu/news/umag/winter2007/pdfs/30_features_year_in_review.pdf







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