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EndowmentsA college endowment is a regulated pool of financial assets invested to support a university’s mission over the long term. Endowment managers withdraw roughly 5% of the fund’s total value each year to help pay for an average of 15% of the school’s annual budget, mostly scholarships, faculty positions, research, and campus operations.
Over 600 US colleges and universities hold a combined $874B in endowment assets, with a median value of $234M. The largest private endowments are Harvard ($53.2B), Yale ($41.4B), and Stanford ($37.6B). The University of Texas system is the largest among public institutions, with an endowment valued at $46.9B.
Endowments are primarily funded through charitable donations from alumni, philanthropists, or foundations and come with specific stipulations—also known as restricted funds—designated for scholarships, faculty positions, or research. Unrestricted funds account for roughly 20% of most endowments and are used at the discretion of the school.
University endowments are invested with a long-term view and are spread across various assets to preserve intergenerational equity—purchasing power for both present and future generations.Explore Endowments
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Student protests over endowmentsCollege students across the country are urging their universities to divest from a range of companies—some tied to business in Israel, others linked to climate change. But what does “divestment” actually mean when it comes to billion-dollar endowments? In this episode of Planet Money, the hosts break down how endowment divestment works, and why its impact might not be as straightforward as protesters hope. NPR Planet Money PodcastHow universities manage their endowmentsThe CNBC video report explores how elite universities like Harvard handle their massive endowments, the ethical debates around their investments, and the tension between growing wealth and rising college costs. If you’re curious about where billions of dollars in higher education go, why tuition remains high despite huge endowments, or how student activism is pushing for ethical investing, this video offers a revealing, accessible look at the financial engines behind America’s top colleges. CNBCThe largest university endowments in the USThis US News article ranks the 20 universities with the largest endowments in the United States, based on data from the 2022 fiscal year. Harvard tops the list at more than $50B, followed by Yale, Stanford, and Princeton. Check out this snapshot of how these financial resources support academic programs, research, and student aid. US News & World ReportHow university endowments invest in the capital marketsThis PitchBook article explores how university endowments invest in capital markets to support their institutions. It explains how endowments are structured and managed to generate returns that fund scholarships, research, and operations. The piece also discusses the evolution of endowment investment strategies. This is a valuable read for understanding the financial mechanisms behind academic endowments. PitchBookCollege endowments FAQThe National Association of College and University Business Officers (NACUBO) is a membership organization representing chief administrative and financial officers at colleges and universities. This page addresses 10 common questions about college endowments, including their purposes, management, and spending policies. Learn more about how endowments support institutional missions and financial sustainability. National Association of College and University Business OfficersDifferent types of endowments, explainedThis Investopedia article provides a comprehensive overview of financial endowments—donations made to nonprofit institutions like universities, museums, or hospitals. It explains how endowments are structured, the various types (such as restricted and quasi-endowments), and how they are managed to support an institution's mission over time. InvestopediaWhy endowments took off at the turn of the centuryAfter the Civil War, economic growth boosted philanthropy, much of it ending up in universities and colleges. Charles Eliot, the longtime president of Harvard, realized a university’s success was determined by how much money it could hold in the endowment. His approach to endowments radically changed their role in the modern university. HistPhilWhat are college endowments? An expert explainsCollege endowments are meant to last forever. That's why some of the oldest, most prestigious schools in the US have lasted so long. A higher education finance expert weighs in on how these funds work and offers fascinating tidbits on how they impact university finances. The ConversationThe Stamp Act's real purpose was protecting colonists from Native AmericansThe troops the act funded weren't left in America to guard against France, but to manage the aftermath of Pontiac's Rebellion and keep the peace between colonists and Indigenous nations. Some historians argue this means Native American resistance to British expansion indirectly triggered the tax that sparked the Revolution. National Endowment for the HumanitiesThe majority of capital in private equity funds is provided by institutional investorsThe individuals who invest this initial capital are called the firm's limited partners. Private equity firm LPs include sovereign wealth funds, university endowments, high-net-worth individuals, and more. Moayyad Law‘Beowulf’ is a foundational text for modern fantasyThe story is the earliest surviving poem in the English language and enshrined many Anglo-Saxon ideals about heroism, loyalty, and adventure. JRR Tolkein was an enthusiastic fan of the poem, even lecturing about it in 1936, and mirrored many of its themes in “Lord of the Rings.” Critics have also highlighted the influence on later fantasy stories, including “Harry Potter.” National Endowment for the HumanitiesAs of 2025, the Wikimedia Foundation funds 14 open-source, free knowledge projectsSince its founding in 2003, the nonprofit has provided financial, legal, and infrastructure support to Wikipedia and its sister projects (e.g., Wikinews), primarily by managing donations, which average $11, from readers. Additional funding comes from gifts exceeding $1,000, the Wikimedia Endowment, and providing Wikipedia content for commercial use. Wikimedia FoundationHow the Grimm Brothers saved the fairy taleJacob and Wilhelm Grimm are responsible for putting the oral stories of the German people into print through the 1800s. Though not intended for children (and often quite violent), these folk tales would become the basis for the modern fairy tale. This article from the world's foremost Grimm specialist, Jack Zipes, uncovers the history of the Brothers Grimm and details how the stories intended to codify German values would eventually spread across the globe. National Endowment for the HumanitiesL. Frank Baum aimed to make 'Oz' a modern fairy taleBaum began writing stories for children while working as a traveling salesman and found success with 1899’s “Father Goose, His Book,” a book of nursery rhymes. Its popularity made him realize children did not want moral education; they wanted escapism. National Endowment for the HumanitiesWorld War II soldiers received specially-made vinyl records"V-Discs" were vinyl records featuring popular folk, classical, and jazz songs. This was one of the first widespread uses of vinyl, rather than shellac, records. National Endowment for the HumanitiesMany private schools follow Dewey's experiential learning modelJohn Dewey is perhaps the biggest figure in American education. He is known for emphasizing active, experiential learning and founding one of the country’s most renowned private schools: the Experimental School, which would later become the Laboratory Schools in Chicago. National Endowment for the HumanitiesPrivate K-12 schools rely on tuition; colleges rely on funding for researchTuition, endowments, donors, and grants often fund private schools, allowing them to eschew national curriculum standards. Private colleges and universities also charge tuition, but often rely on federal funding for research. InvestopediaAugust Wilson’s ‘Fences’ swept the 1987 awards seasonThe play about a Black family in Pittsburgh won a Pulitzer Prize, a Tony Award, and the New York Drama Critics' Circle Award for best play of the year. National Endowment for the HumanitiesHow Ivy Leagues are worth billionsIvy League universities manage massive endowments to support their operations—but instead of simply spending donations, they invest them for long-term growth. Yale’s David Swensen helped reshape this approach in the 1980s by diversifying beyond stocks and bonds into private equity, hedge funds, and real estate. 1440A look at Harvard University's endowmentHarvard University holds the world's largest academic endowment, valued at $53.2B in fiscal year 2024. This official Harvard webpage explains how the endowment supports the university's mission, funding areas like financial aid, faculty positions, and research initiatives. Harvard UniversityEvaluating college endowment returnsAccording to a new study, US college and university endowments achieved an average net return of 11.2% in fiscal year 2024. Harvard University maintained its position as the largest endowment, valued at $53.2B. Read this Forbes article to learn more about how institutions manage and grow their financial resources through endowments. Forbes'Fahrenheit 451' is a perennially banned dystopian storyThis late-in-life interview with Ray Bradbury, author of “Fahrenheit 451,” details the book’s origins, providing background for one of the most popular titles in dystopian literature. As a book lover, Bradbury was horrified by the book burnings of Nazi Germany and imagined a version of the United States where firemen were censors, protecting their fellow citizens from literature’s harmful ideas. “We are a democracy of readers,” Bradbury explains. “And we should keep it that way.” National Endowment for the Arts
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