List of colleges and universities in the United States by endowment
From Wikipedia, the free encyclopedia
Many colleges and universities in the United States maintain a financial endowment consisting of assets that are invested in financial securities, real estate, and other instruments. The investment yields a return that funds a portion of an institution's operational expenses while the principal exists in perpetuity. U.S. colleges and universities maintain some of the largest endowments in the world and make up the vast majority of higher education institutions with endowments greater than $1 billion.
The National Association of College and University Business Officers (NACUBO) maintains information on endowments at U.S. higher education institutions by fiscal year (FY).[1] As of FY2024[update], the total endowment market value of U.S. institutions stood at $837.720 billion, with an average across all institutions of $1.322 billion and a median of $244.426 million.[2][3]
Enhancements and levies
Summarize
Perspective
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 of these foundations include The Duke Endowment, the Robert A. Welch Foundation, and the Roy J. Carver Charitable Trust.
Taxes
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. $244M in taxes was raised from 58 institutions in 2022.[4][5]
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. Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.[6][7][8] Lobbyists representing wealthy private universities continue to advocate for its repeal.[9][10] The Don't Tax Higher Education Act, which would repeal the endowment tax, was introduced in the 115th United States Congress,[11] 116th United States Congress,[12] and 117th United States Congress[13] but failed in the Ways and Means Committee each time.
Endowments greater than $1 billion
Summarize
Perspective
Private schools
| Rank | Institution | State | Endowment[3] (billions USD – FY2024) | Change | |||
|---|---|---|---|---|---|---|---|
| Private | Overall | 1‑year[3] | 5‑year[14] | 10‑year[15] | |||
| 1 | 1 | Harvard University | Massachusetts | $51.977 | +5.0% | +31.8% | +44.8% |
| 2 | 3 | Yale University | Connecticut | $41.442 | +1.7% | +36.7% | +73.4% |
| 3 | 4 | Stanford University | California | $37.631 | +3.1% | +35.9% | +75.5% |
| 4 | 5 | Princeton University | New Jersey | $34.052 | 0.0% | +30.4% | +62.2% |
| 5 | 6 | Massachusetts Institute of Technology | Massachusetts | $24.573 | +4.8% | +39.9% | +97.8% |
| 6 | 7 | University of Pennsylvania | Pennsylvania | $22.348 | +6.6% | +52.5% | +133.2% |
| 7 | 11 | University of Notre Dame | Indiana | $17.897 | +7.7% | +58.8% | +122.6% |
| 8 | 12 | Columbia University | New York | $14.782 | +8.4% | +35.0% | +60.3% |
| 9 | 13 | Northwestern University | Illinois | $14.210 | +3.7% | +28.1% | +45.3% |
| 10 | 14 | Johns Hopkins University | Maryland | $13.063 | +24.0% | +108.1% | +278.4% |
| 11 | 15 | Washington University in St. Louis | Missouri | $11.981 | +4.5% | +50.6% | +80.4% |
| 12 | 16 | Duke University | North Carolina | $11.890 | +16.1% | +38.1% | +69.0% |
| 13 | 17 | Emory University | Georgia | $11.044 | +7.8% | +40.3% | +65.3% |
| 14 | 18 | Cornell University | New York | $10.658 | +6.2% | +45.4% | +81.0% |
| 15 | 19 | Vanderbilt University | Tennessee | $10.248 | +5.8% | +63.4% | +150.8% |
| 16 | 21 | University of Chicago | Illinois | $10.105 | +2.4% | +22.3% | +33.9% |
| 17 | 22 | Dartmouth College | New Hampshire | $8.273 | +4.3% | +44.4% | +85.2% |
| 18 | 23 | University of Southern California | California | $8.145 | +9.1% | +42.1% | +77.3% |
| 19 | 24 | Rice University | Texas | $8.066 | +11.4% | +24.5% | +45.9% |
| 20 | 26 | Brown University | Rhode Island | $6.719 | +8.3% | +69.0% | +124.0% |
| 21 | 27 | New York University | New York | $6.546 | +11.4% | +50.6% | +91.2% |
| 22 | 34 | California Institute of Technology | California | $4.145 | +13.1% | +39.3% | +98.0% |
| 23 | 36 | Carnegie Mellon University | Pennsylvania | $3.997 | +2.8% | +57.2% | +149.8% |
| 24 | 38 | Boston College | Massachusetts | $3.778 | +9.2% | +49.7% | +77.2% |
| 25 | 40 | Williams College | Massachusetts | $3.656 | +4.8% | +26.5% | +62.2% |
| 26 | 41 | Georgetown University | District of Columbia | $3.638 | +10.3% | +99.6% | +149.0% |
| 27 | 42 | Amherst College | Massachusetts | $3.550 | +6.2% | +43.5% | +65.2% |
| 28 | 43 | Boston University | Massachusetts | $3.537 | +13.0% | +53.5% | +118.9% |
| 29 | 45 | University of Richmond | Virginia | $3.245 | +3.0% | +28.9% | +40.3% |
| 30 | 48 | Wellesley College | Massachusetts | $3.005 | +4.0% | +38.3% | +66.2% |
| 31 | 49 | Pomona College | California | $2.992 | +7.7% | +28.7% | +42.4% |
| 32 | 50 | University of Rochester | New York | $2.989 | +5.9% | +33.5% | +48.3% |
| 33 | 54 | Swarthmore College | Pennsylvania | $2.728 | +0.3% | +28.0% | +45.4% |
| 34 | 55 | Texas Christian University | Texas | $2.676 | +3.8% | +56.6% | +85.5% |
| 35 | 56 | Grinnell College | Iowa | $2.671 | +6.6% | +29.0% | +46.0% |
| 36 | 57 | George Washington University | District of Columbia | $2.640 | +4.6% | +48.4% | +67.4% |
| 37 | 58 | Bowdoin College | Maine | $2.582 | +6.5% | +48.1% | +112.3% |
| 38 | 59 | Smith College | Massachusetts | $2.564 | +3.8% | +34.0% | +46.0% |
| 39 | 60 | Tufts University | Massachusetts | $2.534 | +5.3% | +35.6% | +59.4% |
| 40 | 64 | Rockefeller University | New York | $2.420 | +2.3% | +5.5% | +21.9% |
| 41 | 66 | Case Western Reserve University | Ohio | $2.397 | +6.0% | +28.4% | +36.3% |
| 42 | 69 | Tulane University | Louisiana | $2.274 | +7.9% | +59.1% | +92.1% |
| 43 | 73 | Southern Methodist University | Texas | $2.122 | +4.0% | +27.5% | +44.7% |
| 44 | 74 | Syracuse University | New York | $2.097 | +10.5% | +50.6% | +77.3% |
| 45 | 75 | Baylor University | Texas | $2.094 | +6.5% | +56.3% | +81.5% |
| 46 | 77 | Washington and Lee University | Virginia | $2.043 | +3.5% | +21.9% | +38.2% |
| 47 | 78 | Wake Forest University | North Carolina | $1.997 | +5.1% | +45.2% | +74.0% |
| 48 | 81 | University of Delaware[a] | Delaware | $1.930 | +6.0% | +31.6% | +47.3% |
| 49 | 82 | Saint Louis University | Missouri | $1.879 | +8.6% | +50.0% | +74.5% |
| 50 | 83 | Lehigh University | Pennsylvania | $1.873 | +6.6% | +32.7% | +54.0% |
| 51 | 85 | Trinity University | Texas | $1.834 | +10.9% | +43.2% | +55.4% |
| 52 | 86 | Medical College of Wisconsin | Wisconsin | $1.798 | +9.7% | +91.7% | +140.1% |
| 53 | 91 | Berea College | Kentucky | $1.649 | +9.3% | +35.3% | +45.0% |
| 54 | 92 | Middlebury College | Vermont | $1.598 | +8.8% | +38.0% | +47.7% |
| 55 | 94 | University of Miami | Florida | $1.590 | +16.4% | +59.4% | +83.7% |
| 56 | 96 | Wesleyan University | Connecticut | $1.583 | +6.8% | +57.6% | +106.1% |
| 57 | 97 | Santa Clara University | California | $1.555 | +5.2% | +52.5% | +77.7% |
| 58 | 100 | Baylor College of Medicine | Texas | $1.481 | +0.5% | +13.9% | +45.0% |
| 59 | 102 | Princeton Theological Seminary | New Jersey | $1.454 | +2.7% | +28.9% | +39.5% |
| 60 | 106 | Davidson College | North Carolina | $1.375 | +4.0% | +56.0% | +111.7% |
| 61 | 107 | Rochester Institute of Technology | New York | $1.373 | +7.7% | +45.3% | +82.4% |
| 62 | 108 | Berry College | Georgia | $1.371 | +8.7% | +29.5% | +49.5% |
| 63 | 110 | Hamilton College | New York | $1.362 | +6.2% | +40.5% | +58.5% |
| 64 | 111 | Loma Linda University | California | $1.346 | +3.1% | +25.0% | +170.1% |
| 65 | 112 | Villanova University | Pennsylvania | $1.335 | +9.5% | +74.1% | +161.4% |
| 66 | 113 | Vassar College | New York | $1.301 | +6.3% | +16.4% | +33.5% |
| 67 | 114 | Pepperdine University | California | $1.296 | +10.8% | +46.0% | +64.3% |
| 68 | 115 | University of Tulsa | Oklahoma | $1.285 | +2.0% | +15.3% | +26.5% |
| 69 | 116 | Oberlin College | Ohio | $1.270 | +6.0% | +34.7% | +55.7% |
| 70 | 117 | Brandeis University | Massachusetts | $1.265 | +4.0% | +17.8% | +46.9% |
| 71 | 118 | Carleton College | Minnesota | $1.255 | +7.1% | +40.7% | +58.4% |
| 72 | 120 | Bryn Mawr College | Pennsylvania | $1.247 | +6.7% | +37.4% | +46.1% |
| 73 | 121 | Claremont McKenna College | California | $1.240 | +10.4% | +43.3% | +77.3% |
| 74 | 124 | Bucknell University | Pennsylvania | $1.167 | +7.3% | +34.7% | +55.4% |
| 75 | 125 | Colby College | Maine | $1.160 | +3.9% | +33.4% | +56.6% |
| 76 | 127 | Lafayette College | Pennsylvania | $1.125 | +6.9% | +35.2% | +40.5% |
| 77 | 129 | College of the Holy Cross | Massachusetts | $1.109 | +6.3% | +41.2% | +52.8% |
| 78 | 130 | Mount Holyoke College | Massachusetts | $1.102 | +6.3% | +38.7% | +55.1% |
| 79 | 131 | University of Denver | Colorado | $1.089 | +6.5% | +38.5% | +133.1% |
| 80 | 132 | Drexel University | Pennsylvania | $1.069 | +10.7% | +31.4% | +62.0% |
| 81 | 133 | Loyola University Chicago | Illinois | $1.060 | +9.1% | +53.1% | +96.4% |
| 82 | 135 | American University | District of Columbia | $1.051 | +7.6% | +45.3% | +85.6% |
| 83 | 137 | Denison University | Ohio | $1.039 | +3.7% | +18.4% | +34.7% |
| 84 | 138 | Howard University | District of Columbia | $1.032 | +11.4% | +49.0% | +76.2% |
| 85 | 140 | Fordham University | New York | $1.025 | +4.8% | +39.7% | +51.8% |
| 86 | 141 | DePaul University | Illinois | $1.019 | +12.3% | +46.4% | +127.9% |
| 87 | 143 | Rensselaer Polytechnic Institute | New York | $1.000 | +8.2% | +35.2% | +51.8% |
Public schools
For public universities, larger endowments are often associated with flagship state universities, especially those associated with a medical school. Sixteen states do not have institutions included in this list: Alaska, Connecticut, Delaware, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia, and Wyoming. Many of these states have small populations. The New England states, however, are known for well-endowed private institutions. New York is one of the few populous states without a public university with a large endowment.
| Rank | Institution | State | Endowment[3] (billions USD – FY2024) | Change | |||
|---|---|---|---|---|---|---|---|
| Public | Overall | 1‑year[3] | 5‑year[14] | 10‑year[15] | |||
| 1 | 2 | University of Texas System | Texas | $47.465 | +5.6% | +53.3% | +86.7% |
| 2 | 8 | Texas A&M University System[b] | Texas | $20.381 | +5.7% | +50.8% | +83.5% |
| 3 | 9 | University of Michigan | Michigan | $19.166 | +7.2% | +54.0% | +97.0% |
| 4 | 10 | University of California System[c] | California | $19.103 | +8.0% | +61.9% | +158.7% |
| 5 | 20 | University of Virginia | Virginia | $10.217 | +4.3% | +44.8% | +71.8% |
| 6 | 25 | Ohio State University | Ohio | $7.932 | +7.4% | +50.9% | +123.6% |
| 7 | 28 | University of Minnesota[d] | Minnesota | $5.935 | +7.9% | +50.2% | +87.5% |
| 8 | 29 | University of Pittsburgh | Pennsylvania | $5.804 | +5.7% | +34.6% | +66.2% |
| 9 | 30 | University of North Carolina at Chapel Hill[d] | North Carolina | $5.728 | +10.1% | +56.0% | +112.5% |
| 10 | 31 | Pennsylvania State University | Pennsylvania | $4.769 | +7.3% | +4.9% | +38.4% |
| 11 | 32 | Michigan State University | Michigan | $4.419 | +9.0% | +45.7% | +106.0% |
| 12 | 33 | University of Wisconsin-Madison | Wisconsin | $4.305 | +12.2% | +36.5% | +84.6% |
| 13 | 35 | Purdue University System | Indiana | $4.106 | +8.2% | +56.4% | +88.2% |
| 14 | 37 | Indiana University System | Indiana | $3.821 | +7.4% | +53.7% | +92.2% |
| 15 | 39 | University of Illinois System[d] | Illinois | $3.689 | +9.0% | +56.7% | +61.9% |
| 16 | 44 | University of Iowa[d] | Iowa | $3.502 | +7.5% | +121.8% | +179.8% |
| 17 | 46 | Georgia Institute of Technology[b] | Georgia | $3.167 | +6.5% | +46.0% | +67.7% |
| 18 | 47 | University of California, Berkeley | California | $3.112 | +6.8% | +50.3% | +108.0% |
| 19 | 51 | University of California, San Francisco | California | $2.948 | +8.4% | +60.2% | +212.4% |
| 20 | 52 | Texas Tech University System | Texas | $2.904 | +69.2% | +120.5% | +142.9% |
| 21 | 53 | Virginia Commonwealth University[e] | Virginia | $2.886 | +11.7% | +41.3% | +91.2% |
| 22 | 61 | University of Nebraska System | Nebraska | $2.527 | +11.5% | +76.0% | +63.3% |
| 23 | 62 | University of Kansas | Kansas | $2.525 | +7.1% | +39.0% | +71.7% |
| 24 | 63 | University of Florida | Florida | $2.454 | +5.0% | +34.4% | +61.5% |
| 25 | 65 | University of Missouri System | Missouri | $2.411 | +7.9% | +38.3% | +67.4% |
| 26 | 67 | University of Alabama System | Alabama | $2.379 | +13.9% | +56.5% | +92.6% |
| 27 | 68 | University System of Maryland | Maryland | $2.291 | +9.3% | +59.5% | +139.7% |
| 28 | 70 | University of Colorado System | Colorado | $2.245 | +7.1% | +54.6% | +111.2% |
| 29 | 71 | North Carolina State University[b] | North Carolina | $2.220 | +9.4% | +58.5% | +150.8% |
| 30 | 72 | Rutgers University System | New Jersey | $2.180 | +9.7% | +47.7% | +137.3% |
| 31 | 76 | University of Georgia[b] | Georgia | $2.056 | +13.5% | +53.0% | +118.9% |
| 32 | 79 | University of Kentucky | Kentucky | $1.979 | +9.4% | +40.6% | +74.1% |
| 33 | 80 | Virginia Tech | Virginia | $1.954 | +10.1% | +43.9% | +145.3% |
| 34 | 84 | University of Utah | Utah | $1.860 | +13.2% | +51.8% | +120.2% |
| 35 | 87 | University of Tennessee System | Tennessee | $1.766 | +10.4% | +30.4% | +64.7% |
| 36 | 88 | Iowa State University | Iowa | $1.717 | +4.5% | +55.9% | +121.0% |
| 37 | 89 | University of Arkansas at Fayetteville[d] | Arkansas | $1.666 | +9.1% | +36.3% | +79.2% |
| 38 | 90 | University of Oregon | Oregon | $1.651 | +10.8% | +78.9% | +163.2% |
| 39 | 93 | Arizona State University[d] | Arizona | $1.592 | +8.5% | +72.7% | +154.4% |
| 40 | 95 | University of California, San Diego | California | $1.589 | +16.8% | +100.5% | +209.7% |
| 41 | 98 | University of Massachusetts System | Massachusetts | $1.547 | +17.7% | +75.5% | +104.2% |
| 42 | 99 | Oklahoma State University System | Oklahoma | $1.482 | +5.9% | — | +63.7% |
| 43 | 101 | College of William & Mary[d] | Virginia | $1.454 | +6.9% | +46.0% | +82.4% |
| 44 | 103 | Texas State University System | Texas | $1.407 | +95.4% | +575.1% | +772.7% |
| 45 | 104 | University of Arizona[d] | Arizona | $1.387 | +7.7% | +33.6% | +82.4% |
| 46 | 105 | Washington State University | Washington | $1.383 | +9.1% | +29.5% | +59.3% |
| 47 | 109 | University System of New Hampshire | New Hampshire | $1.367 | +7.0% | +70.1% | +106.6% |
| 48 | 119 | Oregon Health & Science University | Oregon | $1.253 | −0.3% | +42.8% | +139.9% |
| 49 | 123 | Auburn University[d] | Alabama | $1.187 | +10.0% | +49.7% | +91.2% |
| 50 | 126 | Louisiana State University System | Louisiana | $1.138 | +7.3% | +22.9% | +44.4% |
| 51 | 128 | Clemson University | South Carolina | $1.124 | +9.4% | +45.1% | +80.4% |
| 52 | 134 | University at Buffalo | New York | $1.059 | +9.1% | +33.3% | +69.6% |
| 53 | 136 | University of South Carolina | South Carolina | $1.044 | +9.7% | +32.5% | +75.1% |
| 54 | 139 | Florida State University | Florida | $1.030 | +8.8% | +46.3% | +64.9% |
| 55 | 142 | University of Louisville | Kentucky | $1.008 | +9.8% | +40.0% | +15.0% |
Endowments per student greater than $1 million
Summarize
Perspective
Counterbalancing the effect of the large endowments per student for private institutions, average tuition and fees at private four-year institutions were approximately two to four times the average tuition and fees of four-year public institutions in academic year 2021–22.[16] It is these high dollar per student endowments that are particularly affected by the endowment tax.
| Rank | Institution | Enrollment[3] (FTE – fall 2023) |
Endowment per student[3] (USD – FY2024) |
Change[3][17] (1‑year) |
|---|---|---|---|---|
| 1 | Princeton Theological Seminary | 282 | $5,154,575 | +12.2% |
| 2 | Princeton University | 9,079 | $3,750,669 | −2.1% |
| 3 | Yale University | 15,269 | $2,714,107 | −2.4% |
| 4 | Stanford University | 17,623 | $2,135,335 | +1.5% |
| 5 | Harvard University | 24,357 | $2,133,974 | +5.0% |
| 6 | Massachusetts Institute of Technology | 11,777 | $2,086,500 | +4.1% |
| 7 | Pardee RAND | 158 | $1,981,314 | −11.4% |
| 8 | Amherst College | 1,910 | $1,858,417 | +5.6% |
| 9 | Pomona College | 1,652 | $1,810,914 | +11.4% |
| 10 | Williams College | 2,140 | $1,708,205 | +4.3% |
| 11 | California Institute of Technology | 2,463 | $1,682,826 | +10.2% |
| 12 | Columbia Theological Seminary | 167 | $1,676,212 | +11.1% |
| 13 | Swarthmore College | 1,712 | $1,593,734 | −0.5% |
| 14 | Grinnell College | 1,750 | $1,526,198 | +5.0% |
| 15 | Austin Presbyterian Theological Seminary | 110 | $1,445,756 | +7.4% |
| 16 | University of Notre Dame | 12,785 | $1,399,873 | +8.7% |
| 17 | Bowdoin College | 1,847 | $1,397,968 | +10.2% |
| 18 | Wellesley College | 2,362 | $1,272,249 | +16.3% |
| 19 | Dartmouth College | 6,700 | $1,234,823 | +5.0% |
| 20 | Principia College | 838 | $1,141,078 | +10.3% |
| 21 | Berea College | 1,487 | $1,108,849 | +4.2% |
| 22 | Medical College of Wisconsin | 1,656 | $1,085,649 | +9.7% |
| 23 | Smith College | 2,495 | $1,027,705 | +18.5% |
See also
Notes
- NACUBO classifies the University of Delaware as a private institution. It is chartered as a state-assisted, privately governed university.[18]
- System-wide endowment pool managed by the Regents of the University of California.
References
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