List of colleges and universities in the United States by endowment

Harvard University, with a $49.495 billion endowment as of FY2023[update], is the wealthiest university in the world.

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 FY2023[update], the total endowment market value of U.S. institutions stood at $839.090 billion, with an average across all institutions of $1.215 billion and a median of $215.682 million.[2][3]

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 of these foundations 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.[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 died in the Ways and Means Committee each time.

Endowments greater than $1 billion

Private schools

Yale University has the second-largest endowment of all private colleges and universities in the United States.
Institution State Endowment[3]
(billions USD - FY2023)		 Change[3]
(YoY)
Harvard University Massachusetts $49.495 +0.1%
Yale University Connecticut $40.747 −1.5%
Stanford University California $36.495 +0.4%
Princeton University New Jersey $34.059 −4.8%
Massachusetts Institute of Technology Massachusetts $23.453 −5.2%
University of Pennsylvania Pennsylvania $20.963 +1.2%
University of Notre Dame Indiana $18.900 +1.3%
Northwestern University Illinois $13.700 −3.0%
Columbia University New York $13.643 +2.7%
Duke University North Carolina $13.238 +9.3%
Washington University in St. Louis Missouri $11.467 −6.4%
Johns Hopkins University Maryland $10.539 +27.8%
Emory University Georgia $10.240 +2.4%
Cornell University New York $10.036 +2.0%
University of Chicago Illinois $9.870 −0.5%
Vanderbilt University Tennessee $9.684 −5.1%
Dartmouth College New Hampshire $7.930 −1.7%
University of Southern California California $7.463 +2.0%
Rice University Texas $7.240 −0.7%
Brown University Rhode Island $6.201 +1.0%
New York University New York $5.877 +14.2%
Carnegie Mellon University Pennsylvania $3.888 +0.8%
California Institute of Technology California $3.665 +0.8%
Williams College Massachusetts $3.487 −1.4%
Boston College Massachusetts $3.461 +3.7%
Amherst College Massachusetts $3.342 +0.6%
Georgetown University District of Columbia $3.299 +2.8%
University of Richmond Virginia $3.150 −0.1%
Boston University Massachusetts $3.129 +5.0%
Wellesley College Massachusetts $2.889 +1.5%
University of Rochester New York $2.823 +3.0%
Pomona College California $2.778 +1.0%
Swarthmore College Pennsylvania $2.720 −0.2%
Texas Christian University Texas $2.579 +7.4%
George Washington University District of Columbia $2.522 +7.8%
Grinnell College Iowa $2.506 +0.9%
Smith College Massachusetts $2.470 +0.1%
Bowdoin College Maine $2.424 −2.0%
Tufts University Massachusetts $2.405 +2.3%
Rockefeller University New York $2.365 −9.3%
Case Western Reserve University Ohio $2.261 +3.3%
Tulane University Louisiana $2.108 +2.7%
Southern Methodist University Texas $2.041 +4.2%
Washington and Lee University Virginia $1.974 −1.2%
Baylor University Texas $1.966 −0.2%
Wake Forest University North Carolina $1.900 +4.4%
Syracuse University New York $1.897 +5.8%
University of Delaware[a] Delaware $1.820 +2.2%
Lehigh University Pennsylvania $1.756 +4.5%
Saint Louis University Missouri $1.731 +28.8%
Northeastern University Massachusetts $1.663 +24.7%
Trinity University Texas $1.654 −3.0%
Medical College of Wisconsin Wisconsin $1.639 +8.4%
Berea College Kentucky $1.508 +4.9%
Wesleyan University Connecticut $1.482 −0.2%
Santa Clara University California $1.478 +0.5%
Baylor College of Medicine Texas $1.474 −1.3%
Middlebury College Vermont $1.469 +0.1%
Princeton Theological Seminary New Jersey $1.415 +0.8%
University of Miami Florida $1.366 +1.6%
Davidson College North Carolina $1.322 +0.5%
Loma Linda University California $1.306 +6.9%
Hamilton College New York $1.282 +0.5%
Rochester Institute of Technology New York $1.274 +2.0%
Berry College Georgia $1.261 +2.0%
University of Tulsa Oklahoma $1.260 −0.8%
Vassar College New York $1.224 +2.3%
Villanova University Pennsylvania $1.220 +9.6%
Brandeis University Massachusetts $1.216 +0.9%
Colgate University New York $1.202 +0.4%
Oberlin College Ohio $1.199 +1.3%
Carleton College Minnesota $1.172 +7.2%
Bryn Mawr College Pennsylvania $1.169 +2.1%
Pepperdine University California $1.169 −3.0%
Claremont McKenna College California $1.123 −1.7%
Colby College Maine $1.116 −0.6%
Bucknell University Pennsylvania $1.088 +1.7%
Lafayette College Pennsylvania $1.048 +4.7%
College of the Holy Cross Massachusetts $1.044 +5.1%
Mount Holyoke College Massachusetts $1.036 +3.4%
University of Denver Colorado $1.023 +3.3%
Denison University Ohio $1.002 −6.2%

Public schools

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

For public universities, larger endowments are often associated with flagship state universities, especially those associated with a medical school. Eighteen states do not have institutions included in this list: Alaska, Connecticut, Delaware, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, New Mexico, New York, 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.

Institution State Endowment[3]
(billions USD - FY2023)		 Change[3]
(YoY)
University of Texas System Texas $44.967 +5.4%
Texas A&M University System[b] Texas $19.285 +5.7%
University of Michigan Michigan $17.876 +3.0%
University of California System[c] California $17.689 +14.7%
University of Virginia Virginia $9.800 −0.6%
Ohio State University Ohio $7.384 +6.1%
University of Minnesota[d] Minnesota $5.501 +2.5%
University of Pittsburgh Pennsylvania $5.489 −0.7%
University of North Carolina at Chapel Hill[d] North Carolina $5.201 −2.2%
University of Washington Washington $4.941 +5.6%
Pennsylvania State University Pennsylvania $4.444 +3.8%
Michigan State University Michigan $4.054 +4.5%
University of California, Los Angeles California $3.873 +8.8%
University of Wisconsin-Madison Wisconsin $3.838 +9.8%
Purdue University System Indiana $3.794 +3.2%
Indiana University System Indiana $3.558 +1.2%
University of Illinois System[d] Illinois $3.383 +8.7%
University of Iowa[d] Iowa $3.258 +6.7%
Georgia Institute of Technology[b] Georgia $2.947 +0.7%
University of California, Berkeley California $2.915 +10.1%
University of California, San Francisco California $2.719 +3.8%
Virginia Commonwealth University[e] Virginia $2.583 +7.2%
University of Kansas Kansas $2.357 +3.4%
University of Florida Florida $2.337 +2.7%
University of Nebraska System Nebraska $2.266 +10.1%
University of Missouri System Missouri $2.235 +4.2%
University of Colorado System Colorado $2.096 +6.1%
University of Maryland System Maryland $2.095 +6.6%
University of Alabama System Alabama $2.089 +11.3%
North Carolina State University[b] North Carolina $2.028 +0.5%
Rutgers University System New Jersey $1.988 +6.7%
University of Georgia[b] Georgia $1.811 +7.5%
University of Kentucky Kentucky $1.808 +7.3%
Virginia Tech Virginia $1.792 +13.0%
Texas Tech University System Texas $1.716 +0.2%
Oklahoma State University Oklahoma $1.707 +10.6%
Iowa State University Iowa $1.643 +7.8%
University of Utah Utah $1.643 +11.8%
University of Tennessee System Tennessee $1.600 +6.5%
University of Arkansas at Fayetteville[d] Arkansas $1.527 +4.2%
University of Oregon Oregon $1.490 +6.0%
Arizona State University[d] Arizona $1.467 +5.8%
University of California, San Diego California $1.361 +15.0%
College of William & Mary[d] Virginia $1.361 +4.5%
University of Cincinnati Ohio $1.346 +6.7%
University of Massachusetts System Massachusetts $1.314 +17.1%
University of Arizona[d] Arizona $1.288 +7.0%
Washington State University Washington $1.267 +5.5%
Oregon Health & Science University Oregon $1.257 +4.8%
Auburn University[d] Alabama $1.079 +8.4%
Louisiana State University System Louisiana $1.061 +5.9%
University of Houston System[d] Texas $1.046 +4.1%
Clemson University South Carolina $1.027 +3.3%

Endowments per student greater than $1 million

Rockefeller University has the largest endowment per student in the United States.

Counter balancing the effect of the large endowments/student for private institutions, their tuition is approximately twice that for public institutions.[14]

Institution Enrollment[3]
(FTE - Fall 2022) 		Endowment per student[3]
(USD - FY2023) 		Change[3][15]
(YoY)
Rockefeller University 273 $8,664,540 −75.7%
Princeton Theological Seminary 308 $4,593,980 +6.6%
Princeton University 8,887 $3,832,426 −5.8%
Yale University 14,647 $2,781,928 −3.0%
Pardee RAND 130 $2,236,142 —
Stanford University 17,349 $2,103,579 −1.7%
Harvard University 24,348 $2,032,820 +1.0%
Massachusetts Institute of Technology 11,703 $2,004,054 −4.1%
Amherst College 1,898 $1,760,626 +21.5%
Williams College 2,129 $1,637,651 +1.8%
Pomona College 1,709 $1,625,259 +4.0%
Swarthmore College 1,699 $1,601,135 −3.0%
California Institute of Technology 2,401 $1,526,531 +0.7%
Columbia Theological Seminary 178 $1,508,328 −3.4%
Austin Presbyterian Theological Seminary 110 $1,346,256 +7.9%
University of Notre Dame 12,908 $1,287,304 −0.4%
Bowdoin College 1,911 $1,268,411 −0.1%
Dartmouth College 6,744 $1,175,879 −1.4%
Wellesley College 2,641 $1,093,855 −8.6%
Berea College 1,418 $1,063,762 +7.2%
Principia College 841 $1,034,472 −16.9%

See also

Notes

  1. ^ NACUBO classifies the University of Delaware as a private institution. It is chartered as a state-assisted, privately governed university.[16]
  2. ^ a b c d Endowment value includes related foundation(s).
  3. ^ System-wide endowment pool managed by the Regents of the University of California.
  4. ^ a b c d e f g h i j Endowment value includes foundation(s).
  5. ^ Endowment value includes affiliated entities.

References

  1. ^ "Historic Endowment Study Data". National Association of College and University Business Officers (NACUBO). February 17, 2023. Retrieved March 20, 2024.
  2. ^ "Number of U.S. Institutional Respondents to the 2023 NTSE, and Respondents' Total Endowment Market Values, by Endowment Size and Institution Type" (PDF). National Association of College and University Business Officers (NACUBO). February 15, 2024. Retrieved February 15, 2024.
  3. ^ a b c d e f g h "U.S. and Canadian 2023 NCSE Participating Institutions Listed by Fiscal Year 2023 Endowment Market Value, Change in Market Value from FY22 to FY23, and FY23 Endowment Market Values Per Full-time Equivalent Student" (XLS). National Association of College and University Business Officers (NACUBO). February 15, 2024. Retrieved February 15, 2024.
  4. ^ Seltzer, Rick (January 1, 2018). "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved January 10, 2019.
  5. ^ Seltzer, Rick (February 17, 2020). "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying?". Inside Higher Ed. Retrieved February 21, 2020.
  6. ^ The Crimson Editorial Board, ed. (February 20, 2018). "End the Endowment Tax". The Harvard Crimson. Retrieved March 29, 2020.
  7. ^ Wilson, John (January 15, 2018). "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved March 29, 2020.
  8. ^ Powell, Alvin (December 21, 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved March 29, 2020.
  9. ^ Kreighbaum, Andrew (April 23, 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved March 29, 2020.
  10. ^ Fang, Lee (July 25, 2022). "Ivy League Universities Push for Special Tax Cut". The Intercept. Retrieved July 5, 2023.
  11. ^ "H.R.5220 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  12. ^ "H.R.4438 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  13. ^ "H.R.4438 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 5 July 2023.
  14. ^ "Tuition costs of colleges and universities".
  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 FY22 Endowment Market Values Per Full-time Equivalent Student" (XLS). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  16. ^ Alamdari, Natalia (March 3, 2020). "Is UD public or private? 'We're special,' lawyer says, and have to agree to charter changes". The News Journal. Gannett. Retrieved July 5, 2023.