List of colleges and universities in the United States by endowment

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

Harvard University, with a $50.9 billion endowment as of 2022, is the wealthiest university in the world.

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.

The National Association of College and University Business Officers (NACUBO) maintains information on college endowments.[1][2] In 2005, the endowment table totaled $219.37 billion. By 2015, the table totaled $394.96 billion, an increase of 80%, and in 2018, the total further increased to $479.23 billion. As of 2021, the total stood at $854.11 billion, with an average across all institutions of $1.1621 billion and median of $2.0102 million.

During the fiscal year 2020-21, robust returns contributed to a significant increase in the value of the largest university endowments. The four most substantial private endowments — those of Harvard, Yale, Stanford, and Princeton — increased in value from $127.24 billion to $171 billion within a single year.[3][4][5][6]

Enhancements and levies

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 greater than $1 billion

Private schools
Yale University has the second-largest endowment of all private colleges and universities in the U.S.
InstitutionStateEndowment
(billions USD (FY2022))[15]
Harvard UniversityMassachusetts$49.44
Yale UniversityConnecticut$41.28
Stanford UniversityCalifornia$37.80
Princeton UniversityNew Jersey$35.79
Massachusetts Institute of TechnologyMassachusetts$24.74
University of PennsylvaniaPennsylvania$20.72
University of Notre DameIndiana$16.73
Northwestern UniversityIllinois$14.12
Columbia UniversityNew York$13.28
Washington University in St. LouisMissouri$12.25
Duke UniversityNorth Carolina$12.11
University of ChicagoIllinois$10.30
Vanderbilt UniversityTennessee$10.21
Emory UniversityGeorgia$9.99
Cornell UniversityNew York$9.84
Johns Hopkins UniversityMaryland$8.244
Dartmouth CollegeNew Hampshire$8.066
Rice UniversityTexas$7.814
University of Southern CaliforniaCalifornia$7.319
Brown UniversityRhode Island$6.141
New York UniversityNew York$5.148
Carnegie Mellon UniversityPennsylvania$3.867
California Institute of TechnologyCalifornia$3.635
Williams CollegeMassachusetts$3.534
Boston CollegeMassachusetts$3.336
Amherst CollegeMassachusetts$3.321
Georgetown UniversityDistrict of Columbia$3.210
University of RichmondVirginia$3.153
Boston UniversityMassachusetts$2.980
Wellesley CollegeMassachusetts$2.847
George Washington University District of Columbia $2.812
Swarthmore CollegePennsylvania$2.725
Pomona CollegeCalifornia$2.749
University of RochesterNew York$2.739
Rockefeller UniversityNew York$2.608
Grinnell CollegeIowa$2.484
Bowdoin CollegeMaine$2.475
Smith CollegeMassachusetts$2.467
Texas Christian UniversityTexas$2.400
Tufts UniversityMassachusetts$2.35
Case Western Reserve UniversityOhio$2.19
Tulane UniversityLouisiana$2.051
Southern Methodist UniversityTexas$2.00[16]
Washington and Lee UniversityVirginia$1.998
Baylor UniversityTexas$1.970
Wake Forest UniversityNorth Carolina$1.820
Syracuse UniversityNew York$1.794
Lehigh UniversityPennsylvania$1.68
Trinity UniversityTexas$1.68
Baylor College of MedicineTexas$1.494
Medical College of WisconsinWisconsin$1.512
Berea CollegeKentucky$1.438
Wesleyan UniversityConnecticut$1.485
Santa Clara UniversityCalifornia$1.471
Saint Louis UniversityMissouri$1.343
Middlebury CollegeVermont$1.467
Princeton Theological SeminaryNew Jersey$1.403
Northeastern UniversityMassachusetts$1.333
Hamilton CollegeNew York$1.276
University of MiamiFlorida$1.344
Vassar CollegeNew York$1.196
University of TulsaOklahoma$1.269
Davidson CollegeNorth Carolina$1.316
Oberlin CollegeOhio$1.201
Rochester Institute of TechnologyNew York$1.249
Brandeis UniversityMassachusetts$1.205
Colgate UniversityNew York$1.197
Colby CollegeMaine$1.122
Claremont McKenna CollegeCalifornia$1.142
Berry CollegeGeorgia$1.236
Loma Linda UniversityCalifornia$1.221
Bryn Mawr CollegePennsylvania$1.145
Denison UniversityOhio$1.168
Carleton CollegeMinnesota$1.093
Villanova UniversityPennsylvania$1.113
Pepperdine UniversityCalifornia$1.205
Loyola University ChicagoIllinois$1.072
Bucknell UniversityPennsylvania$1.070
Mount Holyoke CollegeMassachusetts$1.003
Lafayette CollegePennsylvania$1.000

Public schools
The University of Texas System has the largest system-wide endowment of any American public higher education institution.

For public universities, the larger endowments are often associated with flagship state universities, especially those associated with a medical school. Notably, 17 states do not have institutions included in this list: Alaska, Connecticut, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, New Mexico, North Dakota, Rhode Island, South Carolina, South Dakota, Vermont, West Virginia, and Wyoming. The New England states, however, are known for their wealthy private institutions.

InstitutionStateEndowment
(billions USD (2022))[15]
University of Texas SystemTexas$42.67
University of California (consolidated - Regents of the University of California and individual university foundations)California$27.98
Texas A&M University SystemTexas$18.24
University of MichiganMichigan$17.35
University of California (system-wide regents portions)California$15.81
University of VirginiaVirginia$9.858
Ohio State UniversityOhio$6.960
University of PittsburghPennsylvania$5.529
University of MinnesotaMinnesota$5.366
University of North Carolina at Chapel HillNorth Carolina$5.318
University of WashingtonWashington$4.678
Pennsylvania State UniversityPennsylvania$4.610
Michigan State UniversityMichigan$3.880
State University of New York (system-wide)New York$3.66 (2021)[17]
Purdue University systemIndiana$3.676
University of California, Los AngelesCalifornia$3.561
Indiana University (system-wide)Indiana$3.515
University of Wisconsin-MadisonWisconsin$3.500
University of Illinois SystemIllinois$3.115
University of IowaIowa$3.054
Georgia Institute of TechnologyGeorgia$2.928
University of OklahomaOklahoma$2.70 (2021)
University of California, BerkeleyCalifornia$2.648
University of California, San FranciscoCalifornia$2.620
Virginia Commonwealth University (and affiliated entities)Virginia$2.409
University of KansasKansas$2.279
University of FloridaFlorida$2.276
University of Missouri SystemMissouri$2.145
University of Nebraska SystemNebraska$2.058
North Carolina State UniversityNorth Carolina$2.018
University of ColoradoColorado$1.975
University of Maryland SystemMaryland$1.965
University of Alabama SystemAlabama$1.877
Rutgers University (system-wide)New Jersey$1.863
University of CincinnatiOhio$1.814 (2021)
University of DelawareDelaware$1.781
Texas Tech University SystemTexas$1.712
University of Georgia (and related foundations)Georgia$1.685
Virginia TechVirginia$1.685
University of KentuckyKentucky$1.684
Oklahoma State UniversityOklahoma$1.544
Iowa State UniversityIowa$1.525
University of Tennessee SystemTennessee$1.501
University of Arkansas at FayettevilleArkansas$1.466
University of OregonOregon$1.406
Arizona State UniversityArizona$1.387
University of UtahUtah$1.320
College of William & MaryVirginia$1.302
University of ArizonaArizona$1.204
Oregon Health & Science UniversityOregon$1.200
Washington State UniversityWashington$1.200
University of California, San DiegoCalifornia$1.183
University of Massachusetts (system-wide)Massachusetts$1.122
University of Houston SystemTexas$1.004
Louisiana State University SystemLouisiana$1.001

Endowments per student greater than $1 million
Princeton University has the largest endowment per student in the United States

These institutions are exclusively private.

Institution Enrollment Endowment per student
(2022, student population over 1000)[15]
Princeton University 8,799 $4,067,983
Yale University 14,429 $2,868,064
Stanford University 16,963 $2,139,951
Massachusetts Institute of Technology 11,836 $2,090,221
Harvard University 24,555 $2,013,622
Amherst College 1,971 $1,685,364
Swarthmore College 1,651 $1,650,658
Williams College 2,198 $1,607,993
Pomona College 1,759 $1,563.311
California Institute of Technology 2,397 $1,516,478
Grinnell College 1,728 $1,437,742
University of Notre Dame 12,946 $1,292,236
Bowdoin College 1,949 $1,269,647
Wellesley College 2,379 $1,196,665
Dartmouth College 6,761 $1,192,981
Rice University 7,282 $1,107,012

See also

References
  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. 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. "U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY21 Endowment Market Values Per Full-time Equivalent Student(Excel)". 2022.
  16. "Investments | World Changers Shaped Here".
  17. "2020 Annual Financial Report" (PDF). Archived (PDF) from the original on 2022-02-07. Retrieved 2021-07-01.
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