List of U.S. colleges and universities by endowment

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

The following are lists of American institutions of higher education by endowment.

Contents

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] $ 1.660
Baylor College of Medicine $ 1.008 $ 1.059 $ 1.080
Boston College $ 1.270 $ 1.400[3] $ 1.750
Brown University $ 1.843 $ 2.166[4] $ 2.800
Boston University $ 0.938 $ 1.014 $ 1.220
California Institute of Technology $ 1.418 $ 1.580 $ 1.600
Carnegie Mellon University $ 0.837 $ 0.939 $ 1.056
Case Western Reserve University $ 1.516 $ 1.598 $ 1.680
College of William & Mary $ 0.492 $ 0.438[1] $ 0.585
Columbia University $ 5.191 $ 5.937[5] $ 7.200[6]
Cornell University $ 3.777 $ 4.321[7] $ 5.100
Dartmouth College $ 2.714 $ 3.092[8] $ 3.760
Duke University $ 3.826 $ 5.363[9] $ 5.900
Emory University $ 4.376 $ 4.870 $ 5.025
Golden Gate University $ 0.835 $ 0.835 $
Georgetown University $ 0.741 $ 0.853[10] $ 1.052[10]
Grinnell College $ 1.674[11] $ 1.471 $ 1.670
Johns Hopkins University $ 2.177 $ 2.350 $ 2.800
Harvard University $ 25.5 $ 28.915[12] $ 34.900
Indiana University* $ 1.107 $ 1.399 $ 1.883
Massachusetts Institute of Technology $ 6.712 $ 8.368[13] $ 9.980
Michigan State University $ 1.325 $ 1.483[14][15] $ 1.631 [16]
New York University $ 1.548 $ 1.774 $ 2.200[17]
Northeastern University $ 1.048 $ 0.774 $ 0.920[18]
Northwestern University $ 4.215 $ 5.330[19][20] $ 5.900
Ohio State University $ 1.726 $ 1.996[21] $ 2.020
Penn State University $ 1.154 $ 1.337 $ 1.400
Pomona College $ 1.298 $ 1.459[22] $ 1.763[23]
Princeton University $ 11.207 $ 13.044[24] $ 15.800
Purdue University $ 1.341 $ 1.493 $ 1.460
Rensselaer Polytechnic Institute $ $ $ 0.813[25]
Rice University $ 3.611 $ 3.986 $ 4.100
Rockefeller University $ 1.557 $ 1.771 $
Samford University $ $ $ 0.237
Smith College $ 1.036 $ 1.156 $ 1.125
Southern Methodist University(SMU) $ 1.014 [26] $ 1.121 [27] $ 1.328 [28]
Stanford University $ 12.2 $ 14.084[29] $ 17.200
Swarthmore College $ 1.164 $ 1.245 $
Texas A&M University System* $ 4.964 $ 5.642 $
Texas Christian University $ 0.941 $ 1.016 $ 1.200
The George Washington University $ 0.823 $ 0.963 $ 1.019
Tufts University $ 1.153 $ 1.215[1] $ 1.500
University of Arkansas* $ 0.763 $ 0.877 $
University of California* $ 5.221 $ 5.733 $ 6.700[30]
University of Chicago $ 4.137 $ 4.867[31] $ 6.091
University of Cincinnati $ 1.032 $ 1.101 $ 1.185
University of Delaware $ 1.200 $ $
University of Illinois* $ 1.148 $ 1.787 $ 2.197
University of Kentucky $ 0.576 $ 0.785 $ 0.831
University of Michigan $ 4.931 $ 5.652[32] $ 7.1[33]
University of Minnesota $ 1.969 $ 2.224 $
University of Nebraska* $ 0.973 $ 1.149 $
University of North Carolina at Chapel Hill $ 1.486 $ 1.68 $ 2.2
University of Notre Dame $ 3.650 $ 4.436[34] $ 6.500[35]
University of Pennsylvania $ 4.370 $ 5.313 $ 6.600
University of Pittsburgh $ 1.530 $ 1.802[36] $
University of Richmond $ 1.208 $ 1.388 $ 1.650
University of Rochester $ 1.370 $ 1.491 $ 1.770[37]
University of Southern California $ 2.746 $ 3.065 $
University of Texas System* $ 11.610 $ 13.234[38] $
University of Virginia $ 3.219 $ 3.618[39] $ 4.671[40]
University of Washington $ 1.489 $ 1.794 $ 2.500
University of Wisconsin-Madison* $ 1.125 (only UW Foundation)[41] $ $
Vanderbilt University $ 2.628 $ 2.946 $ 3.400
Wake Forest University $ 1.1 $ 1.25 $
Washington University in St. Louis $ 4.285 $ 4.746 $ 5.658[42]
Wellesley College $ 1.276 $ $
Western Kentucky University $ 0.075[43] $ 0.086[43] $ 0.102
Williams College $ 1.514 $ 1.56[44] $ 1.9[45]
Yale University $ 15.2 $ 18.030[46] $ 22.500
Yeshiva University $ 1.149 $ $

*Denotes the aggregate of a cluster of institutions (university system).

 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).[47]

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.[48]
Bryn Athyn College $ 803,626.[49] $ 1,770,994.[50]
Yale University $ 1,342,099. $ 1,751,927.[51][52]
Harvard University $ 1,291,051. $ 1,456,940.[53]
Grinnell College $ 893,666. $ 1,076,056.[54][55]
Stanford University $ 714,620. $ 946,944.[56][57]
Pomona College $ 837,825. $ 942,530.[58]
Swarthmore College $ 789,735. $ 841,000.[59]
Amherst College $ 698,469. $ 820,846. [2]
Massachusetts Institute of Technology $ 650,430. $ 816,161.[60][61]
Rice University $ 726,147. $ 801,984.[1][62]
Baylor College of Medicine $ 426,326. $ 790,002.[1][63]
Williams College $ 666,193. $ 783,000.[64]
California Institute of Technology $ 653,726. $ 757,873.[1][65]
Dartmouth College $ 475,859. $ 614,035.[66][67]
Wellesley College $ 557,243. $ 603,969.[68]
University of Notre Dame $ 481,738.[69][70]
Southern Methodist University(SMU) $ 90,898.[71] $ 102,491.[72]
Northwestern University $ 440,068. $ 418,202.[73]
Smith College $ 361,572. $ 405,737.[1][74]
Bowdoin College $ 404,955.[75][76][77]
University of Richmond $ 390,545.
Haverford College $ 387,785.[1][78]
Emory University $ 360,662. $ 380,937.[79]
Hamilton College $ 435,032.[80]
Duke University $ 350,727.[1][81]
Washington University in St. Louis $ 346,325.[1][82]
Claremont McKenna College $ 352,219. $ 327,543.[83]
Bryn Mawr College $ 322,261.[1][84]
Trinity University (Texas) $ 305,120.[85]
Middlebury College $ 295,249.[1][86]
Carleton College $ 292,112.[1][87]
Brown University $ 285,187.
Vanderbilt University $ 253,812.
Davidson College $ 250,000.[88]
University of Virginia $ 226,700.
Washington and Lee University $ 220,962.
University of Michigan $ 177,229.
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.[1][89]
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.

All data is from NACUBO.[5]: 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 447% 8.09% $1,680,000 $307,250
Cornell 657% 9.64% $5,500,000 $673,848
Dartmouth 687% 9.82% $3,760,000 $477,774
Duke University 1,527% 13.28% $5,900,000 $362,706
Emory 574% 9.09% $5,025,000 $745,188
Harvard 916% 11.04% $34,900,000 $3,435,013
Johns Hopkins 470% 8.28% $2,800,000 $491,543
Massachusetts Institute of Technology 927% 11.09% $9,980,000 $971,346
Northwestern 806% 10.49% $6,425,835 $709,236
Princeton 717% 10.00% $15,800,000 $1,934,010
Rice 442% 8.05% $4,100,000 $755,782
Stanford 1,045% 11.61% $17,200,000 $1,502,583
Texas A&M System Pending 2007 Pending 2007 pending 2007 $1,110,440
University of Chicago 659% 9.65% $6,091,000 $802,500
University of Michigan 2,720% 15.90% $7,093,589 $251,517
University of Notre Dame Pending 2007 Pending 2007 pending 2007 $388,965
University of Pennsylvania 1,122% 11.92% $6,600,000 $540,084
University of Southern California Pending 2007 Pending 2007 pending 2007 $361,784
University of Texas Pending 2007 Pending 2007 pending 2007 $2,530,730
University of Virginia 1,272% 12.47% $4,671,000 $340,387
Vanderbilt 662% 9.67% $3,400,000 $446,458
Washington University 490% 8.45% $5,658,000 $958,461
Yale 1,194% 12.19% $22,500,000 $1,739,460

  1. ^ a b c d e f g h i j k l m n 2006 NACUBO Endowment Study (PDF). National Association of College and University Business Officers (NACUBO) (2007). Retrieved on 2007-08-08.
  2. ^ a b http://www.amherst.edu/about_amh/glance.html
  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://finance.columbia.edu/controller/resources/reports-33061-TheTrusteesofColumbiaUniversityintheCityofNewYork.pdf
  6. ^ http://www.finance.columbia.edu/controller/resources/2007_Financial_Statements.pdf
  7. ^ http://www.alumni.cornell.edu/endowment.htm
  8. ^ http://www.dartmouth.edu/home/about/facts.html#endowment
  9. ^ [1] Page 19. Net assets less land, buildings, and equipment
  10. ^ a b GU Wins Award for Rising Endowment. The Hoya (2007). Retrieved on 2007-11-5.
  11. ^ data available from college for June, 2006 at [2].
  12. ^ Harvard's endowment up to 29.2 billion. Associated Press (2006). Retrieved on 2006-09-19.
  13. ^ http://web.mit.edu/newsoffice/2006/endowment.html
  14. ^ http://www.givingto.msu.edu/media%5CEndowment%20_MSUAA_article_winter07_web_version.pdf
  15. ^ 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.
  16. ^ http://www.msutoday.msu.edu/04Oct2007-2
  17. ^ [3]
  18. ^ [4]
  19. ^ Northwestern Facts
  20. ^ Northwestern University Annual Report
  21. ^ University endowment hits 2 billion
  22. ^ http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
  23. ^ https://wfs.pomona.edu/jlr04747/www/FactSheet%2007-08.pdf?uniq=5krmx7
  24. ^ http://www.dailyprincetonian.com/archives/2006/10/27/news/16400.shtml
  25. ^ Dr. Shirley Ann Jackson (2007). "Institutional Transformation: The Renaissance at Rensselaer Continues". Retrieved on 2007-10-11.
  26. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2005/Financial_2005.asp
  27. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2006/Financial_2006.asp
  28. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2007/Financial_2007.asp
  29. ^ WELL-FUNDED Stanford's endowment purse grows fatter. NACUBO (2006). Retrieved on 2006-10-11.
  30. ^ http://chronicle.com/weekly/v54/i10/endowment_graphics.html
  31. ^ University of Chicago. The University of Chicago (2007). Retrieved on 2007-05-31.
  32. ^ U-M endowment at 5.7 billion. Ann Arbor News (2006). Retrieved on 2007-01-02.
  33. ^ 'U' endowment rises 25 percent to $7.1 bil. Michigan Daily (2007). Retrieved on 2007-10-23.
  34. ^ http://www.nd.edu/~invest/
  35. ^ http://media.www.ndsmcobserver.com/media/storage/paper660/news/2007/09/20/News/Endowment.Jumps.1.4.Billion-2981027.shtml
  36. ^ http://mac10.umc.pitt.edu/m/FMPro?-db=ma&-lay=a&-format=d.html&id=2788&-Find
  37. ^ http://www.rochester.edu/endowment/
  38. ^ http://www.utsystem.edu/news/2006/UTIMCO-CEOResigns-09-05-06.htm
  39. ^ http://minerva.acc.virginia.edu/Facts/Glance_FinanceEndowment.htm
  40. ^ http://uvm-web.eservices.virginia.edu/public/reports/InvestmentReport_2007_08.pdf
  41. ^ http://www.uwfoundation.wisc.edu/home/findgiftopportunity/giving_questions/givingfaq.aspx UW System endownment is approximately 9.5 billion, see http://en.wikipedia.org/wiki/University_of_Wisconsin_System
  42. ^ http://annualreport.wustl.edu/auditor.pdf
  43. ^ a b 2007 WKU Factbook 198. Western Kentucky University (2007).
  44. ^ http://www.williams.edu/alumni/campaign/about/report06/06williams_coolidge.pdf
  45. ^ http://www.williamsrecord.com/wr/?view=article§ion=news&id=9182
  46. ^ Yale Endowment Earns 22.9% In The Past Year. Yale University (2006). Retrieved on 2006-09-26.
  47. ^ 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
  48. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  49. ^ 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
  50. ^ http://www.brynathyn.edu/Admissions/About
  51. ^ http://www.yale.edu/oir/factsheet.html
  52. ^ http://select.nytimes.com/gst/abstract.html?res=F4061EFB3F5A0C7B8DDDAB0894DF404482
  53. ^ http://www.news.harvard.edu/glance
  54. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S2.pdf
  55. ^ http://www.grinnell.edu/aboutinfo/factbook/GCFB_S7.pdf
  56. ^ http://www.stanford.edu/home/stanford/facts/chron.html#faculty
  57. ^ http://www.stanford.edu/home/stanford/facts/finances.html
  58. ^ http://www.pomona.edu/ADWR/Admissions/Forms/2010fullprofile.pdf
  59. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  60. ^ http://web.mit.edu/facts/financial.html
  61. ^ http://web.mit.edu/facts/enrollment.html
  62. ^ http://www.explore.rice.edu/explore/Quick_Facts.asp?SnID=1509096142
  63. ^ http://www.bcm.edu/about/fastfacts.cfm
  64. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  65. ^ http://www.caltech.edu/at-a-glance/
  66. ^ http://www.dartmouth.edu/~dartlife/archives/trustees07/joyner.html
  67. ^ http://www.dartmouth.edu/home/about/facts.html
  68. ^ http://www.wellesley.edu/PublicAffairs/Media/facts.html
  69. ^ http://newsinfo.nd.edu/content.cfm?topicid=15
  70. ^ http://newsinfo.nd.edu/content.cfm?topicid=21723
  71. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2005/Fact_Sheet_Index_2005.asp
  72. ^ http://www.smu.edu/ir/Publications/Fact_Sheet_2006/Fact_Sheet_Index_2006.asp
  73. ^ http://www.northwestern.edu/about/facts/
  74. ^ http://www.smith.edu/about_justthefacts.php
  75. ^ http://academic.bowdoin.edu/ir/data/finance.shtml
  76. ^ http://academic.bowdoin.edu/ir/data/enrollment.shtml
  77. ^ 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.
  78. ^ http://www.haverford.edu/info/cds07.pdf
  79. ^ http://www.emory.edu/facts.cfm
  80. ^ http://www.hamilton.edu/hamilton_at_a_glance/financial_information.html
  81. ^ http://www.dukenews.duke.edu/resources/quickfacts.html
  82. ^ http://facts.wustl.edu/enrollment.htm
  83. ^ http://www.claremontmckenna.edu/about/factsheet.asp
  84. ^ http://www.brynmawr.edu/admissions/at_a_glance.shtml
  85. ^ http://www.trinity.edu/departments/ir/FACTBOOK/FACTBOOK%202006-2007.pdf
  86. ^ http://www.middlebury.edu/NR/rdonlyres/EA526836-42BB-48D8-8289-7D35A3A5D6F5/0/allfall06.pdf
  87. ^ https://apps.carleton.edu/visitors/facts/
  88. ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajQSTxivZ0iU
  89. ^ http://www.wm.edu/ir/common_dataset.htm

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