List of colleges and universities in the United States by endowment

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.

Harvard University, with a $49.444 billion endowment as of FY2022, is the wealthiest university in the world.

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 FY2022, the total endowment market value of U.S. institutions stood at $807.332 billion, with an average across all institutions of $1.185 billion and a median of $208.735 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.
InstitutionStateEndowment[3]
(billions USD - FY2022)
Harvard UniversityMassachusetts$49.444
Yale UniversityConnecticut$41.383
Stanford UniversityCalifornia$36.300
Princeton UniversityNew Jersey$35.794
Massachusetts Institute of TechnologyMassachusetts$24.740
University of PennsylvaniaPennsylvania$20.724
University of Notre DameIndiana$16.729
Northwestern UniversityIllinois$14.121
Columbia UniversityNew York$13.280
Washington University in St. LouisMissouri$12.252
Duke UniversityNorth Carolina$12.116
Vanderbilt UniversityTennessee$10.206
Emory UniversityGeorgia$9.998
Cornell UniversityNew York$9.838
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$5.149
Carnegie Mellon UniversityPennsylvania$3.857
California Institute of TechnologyCalifornia$3.635
Williams CollegeMassachusetts$3.534
Boston CollegeMassachusetts$3.337
Amherst CollegeMassachusetts$3.322
Georgetown UniversityDistrict of Columbia$3.210
University of RichmondVirginia$3.153
Boston UniversityMassachusetts$2.981
Wellesley CollegeMassachusetts$2.847
Pomona CollegeCalifornia$2.750
University of RochesterNew York$2.739
Swarthmore CollegePennsylvania$2.725
Rockefeller UniversityNew York$2.608
Grinnell CollegeIowa$2.484
Bowdoin CollegeMaine$2.475
Smith CollegeMassachusetts$2.468
Texas Christian UniversityTexas$2.401
Tufts UniversityMassachusetts$2.351
George Washington UniversityDistrict of Columbia$2.340
Case Western Reserve UniversityOhio$2.188
Tulane UniversityLouisiana$2.052
Washington and Lee UniversityVirginia$1.998
Baylor UniversityTexas$1.971
Southern Methodist UniversityTexas$1.958
Wake Forest UniversityNorth Carolina$1.820
Syracuse UniversityNew York$1.794
University of Delaware[lower-alpha 1]Delaware$1.781
Trinity UniversityTexas$1.705
Lehigh UniversityPennsylvania$1.680
Medical College of WisconsinWisconsin$1.512
Baylor College of MedicineTexas$1.494
Wesleyan UniversityConnecticut$1.485
Santa Clara UniversityCalifornia$1.472
Middlebury CollegeVermont$1.467
Berea CollegeKentucky$1.438
Princeton Theological SeminaryNew Jersey$1.404
University of MiamiFlorida$1.344
Saint Louis UniversityMissouri$1.344
Northeastern UniversityMassachusetts$1.334
Davidson CollegeNorth Carolina$1.316
Hamilton CollegeNew York$1.276
University of TulsaOklahoma$1.269
Rochester Institute of TechnologyNew York$1.249
Berry CollegeGeorgia$1.236
Loma Linda UniversityCalifornia$1.222
Pepperdine UniversityCalifornia$1.205
Brandeis UniversityMassachusetts$1.205
Oberlin CollegeOhio$1.202
Colgate UniversityNew York$1.197
Vassar CollegeNew York$1.196
Bryn Mawr CollegePennsylvania$1.145
Claremont McKenna CollegeCalifornia$1.143
Colby CollegeMaine$1.122
Villanova UniversityPennsylvania$1.113
Carleton CollegeMinnesota$1.094
Bucknell UniversityPennsylvania$1.070
Denison UniversityOhio$1.069
Mount Holyoke CollegeMassachusetts$1.003
Lafayette CollegePennsylvania$1.001

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[3]
(billions USD - FY2022)
University of Texas SystemTexas$42.668
Texas A&M University System[lower-alpha 2]Texas$18.243
University of MichiganMichigan$17.347
University of California System[lower-alpha 3]California$15.418
University of VirginiaVirginia$9.858
Ohio State UniversityOhio$6.961
University of PittsburghPennsylvania$5.529
University of Minnesota[lower-alpha 4]Minnesota$5.366
University of North Carolina at Chapel Hill[lower-alpha 4]North Carolina$5.318
University of WashingtonWashington$4.678
Pennsylvania State UniversityPennsylvania$4.608
Michigan State UniversityMichigan$3.880
Purdue University SystemIndiana$3.676
University of California, Los AngelesCalifornia$3.561
Indiana University SystemIndiana$3.515
University of Wisconsin-MadisonWisconsin$3.497
University of Illinois System[lower-alpha 4]Illinois$3.115
University of Iowa[lower-alpha 4]Iowa$3.054
Georgia Institute of Technology[lower-alpha 2]Georgia$2.928
University of California, BerkeleyCalifornia$2.648
University of California, San FranciscoCalifornia$2.620
Virginia Commonwealth University[lower-alpha 5]Virginia$2.409
University of KansasKansas$2.279
University of FloridaFlorida$2.276
University of Missouri SystemMissouri$2.145
University of Nebraska SystemNebraska$2.059
North Carolina State University[lower-alpha 2]North Carolina$2.018
University of Colorado SystemColorado$1.975
University of Maryland SystemMaryland$1.965
University of Alabama SystemAlabama$1.877
Rutgers University SystemNew Jersey$1.863
Texas Tech University SystemTexas$1.712
University of Georgia[lower-alpha 2]Georgia$1.685
Virginia TechVirginia$1.685
University of KentuckyKentucky$1.685
Oklahoma State UniversityOklahoma$1.544
Iowa State UniversityIowa$1.525
University of Tennessee SystemTennessee$1.501
University of Arkansas at Fayetteville[lower-alpha 4]Arkansas$1.466
University of OregonOregon$1.406
Arizona State University[lower-alpha 4]Arizona$1.387
University of UtahUtah$1.321
College of William & Mary[lower-alpha 4]Virginia$1.302
University of Arizona[lower-alpha 4]Arizona$1.204
Washington State UniversityWashington$1.201
Oregon Health & Science UniversityOregon$1.200
University of California, San DiegoCalifornia$1.183
University of Massachusetts SystemMassachusetts$1.122
University of Houston SystemTexas$1.004
Louisiana State University SystemLouisiana$1.001

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

These institutions are exclusively private.

Institution Enrollment[14]
(FTE - Fall 2021)		 Endowment per student[14]
(USD - FY2022)
Rockefeller University73$35,728,990
Princeton Theological Seminary326$4,310,071
Princeton University8,799$4,067,983
Yale University14,429$2,868,064
Stanford University16,963$2,139,952
Massachusetts Institute of Technology11,836$2,090,222
Harvard University24,555$2,013,622
Amherst College1,971$1,685,364
Swarthmore College1,651$1,650,659
Williams College2,198$1,607,993
Pomona College1,759$1,563,312
Columbia Theological Seminary168$1,561,400
California Institute of Technology2,397$1,516,479
Grinnell College1,728$1,437,742
University of Notre Dame12,946$1,292,237
Bowdoin College1,949$1,269,647
Austin Presbyterian Theological Seminary114$1,247,470
Principia College687$1,244,955
Wellesley College2,379$1,196,665
Dartmouth College6,761$1,192,981

See also

Notes
  1. NACUBO classifies the University of Delaware as a private institution. It is chartered as a state-assisted, privately governed university.[lower-alpha 1]
  2. Endowment value includes related foundation(s).
  3. System-wide endowment pool managed by the Regents of the University of California.
  4. 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 July 5, 2023.
  2. "Number of U.S. Institutional Respondents to the 2022 NTSE, and Respondents' Total Endowment Market Values, by Endowment Size and Institution Type" (PDF). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  3. "U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2022 Endowment Market Value and Change in Endowment Market Value from FY21 to FY22" (PDF). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  4. "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved 2019-01-10.
  5. "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.
  6. "End the Endowment Tax". The Harvard Crimson. 20 February 2018. Retrieved 29 March 2020.
  7. Wilson, John. "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved 29 March 2020.
  8. Powell, Alvin (21 December 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved 29 March 2020.
  9. Kreighbaum, Andrew (23 April 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved 29 March 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. "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.
  15. 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.
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