U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2020 Endowment Market Value
and Change* in Endowment Market Value from FY19 to FY20
Before reviewing the data on the following pages, please note:
For most institutions, the endowment values listed on this table are based on the fiscal years
ending June 30, 2019 (for FY19) and June 30, 2020 (for FY20).
*The change in market values listed for the participating institutions DOES NOT represent the
investment rate of return for the endowments’ investments. Rather, the change in the market
value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
The market values also include the estimated valuations of real estate and other “illiquid” assets,
which may have large increases or decreases in value during a relatively short period of time. In
addition, transfers to the endowment from other institutional budget accounts, and changes in
foreign currency exchange rates for non-U.S. investments, may account for large changes in
endowment market values.
These factors suggest that any large increases or decreases in endowments over the past year
may be exaggerated. As such, large percentage changes should be interpreted very
cautiously.
© Copyright 2021 National Association of College and University Business Officers and TIAA.
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Endowment Market Value and Change* in
Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
1
2
3
4
5
6
7
8
Harvard University
University of Texas System
Yale University
Stanford University
Trustees of Princeton University
Massachusetts Institute of Technology
Trustees of the University of Pennsylvania
The Texas A&M University System & Related
Foundationsi
University of Michigan
Regents of the University of California
University of Notre Dame
The Trustees of Columbia University
Northwestern University
Duke University
Washington University
The University of Chicago
Emory University
University of Virginia
Cornell University
Vanderbilt University
The Johns Hopkins University
Rice University
Dartmouth College
University of Southern California
The Ohio State University
Brown University
New York University ii
University of Pittsburgh
University of Minnesota & Foundation iii
University of North Carolina at Chapel Hill & Foundations
The Pennsylvania State University
University of Wisconsin Foundation
University of Washington
Michigan State University
UCLA Investment Company
Williams College
California Institute of Technology
Carnegie Mellon University iv
Purdue University
Trustees of Boston College
Amherst College
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
MA
TX
CT
CA
NJ
MA
PA
TX
40,575,027
31,958,313
31,201,700
28,948,000
26,558,643
18,495,905
14,877,363
13,594,482
FY19
Endowment
Funds
($000)
39,427,896
30,958,239
30,314,800
27,699,834
26,116,022
17,569,328
14,649,762
13,514,528
MI
CA
IN
NY
IL
NC
MO
IL
GA
VA
NY
TN
MD
TX
NH
CA
OH
RI
NY
PA
MN
NC
PA
WI
WA
MI
CA
MA
CA
PA
IN
MA
MA
12,476,874
12,141,762
11,962,820
11,257,021
10,926,510
8,474,071
8,420,497
8,204,461
7,936,988
7,255,701
7,218,688
6,917,371
6,750,092
6,163,926
5,975,180
5,914,358
5,287,131
4,377,466
4,323,652
4,172,380
3,871,526
3,712,117
3,402,938
3,178,687
3,075,651
3,068,700
2,880,225
2,841,360
2,837,600
2,670,760
2,590,026
2,577,000
2,565,148
12,448,817
11,797,543
11,268,365
10,950,738
11,091,516
8,609,004
7,953,986
8,263,868
7,872,381
7,058,235
7,328,241
6,270,877
6,275,939
6,481,102
5,731,322
5,732,101
5,256,759
3,976,694
4,345,608
4,311,387
3,951,464
3,671,351
3,245,828
3,152,578
3,087,433
3,033,279
2,746,930
2,888,962
2,975,376
2,542,650
2,625,278
2,523,300
2,473,283
State/
Province
FY20
Endowment
Funds
($000s)
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
2.91
3.23
2.93
4.51
1.69
5.27
1.55
0.59
0.23
2.92
6.16
2.80
-1.49
-1.57
5.87
-0.72
0.82
2.80
-1.49
10.31
7.56
-4.89
4.25
3.18
0.58
10.08
-0.51
-3.22
-2.02
1.11
4.84
0.83
-0.38
1.17
4.85
-1.65
-4.63
5.04
-1.34
2.13
3.71
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Endowment Market Value and Change* in
Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
University of Iowa & Foundations
Boston University
Indiana University Foundation
University of Richmond
University of Illinois & Foundation v
University of Rochester
The Rockefeller University
Wellesley College
Pomona College
Georgia Institute of Technology and Related Foundations
University of California Berkeley Foundation
Swarthmore College
Trustees of Grinnell College
University of California San Francisco Foundation
Virginia Commonwealth University and Affiliated Entities
University of Toronto#
Smith College
Tufts University
Georgetown University
Case Western Reserve University
University of Florida Foundation Inc.
The Kansas University Endowment Association
George Washington University
Bowdoin College
University of Nebraska Board of Regents
University of Missouri System
Liberty University
Texas Christian University
Southern Methodist University
Washington & Lee University
University of Colorado Foundation
The University System of Maryland Foundation
Rutgers The State University of New Jersey
University of Delaware
Tulane University
The Board of Trustees of the University of Alabama
NC State University and Related Foundations
University of Cincinnati
Syracuse University
State/
Province
IA
MA
IN
VA
IL
NY
NY
MA
CA
GA
CA
PA
IA
CA
VA
ON
MA
MA
DC
OH
FL
KS
VA
ME
NE
MO
VA
TX
TX
VA
CO
MD
NJ
DE
LA
AL
NC
OH
NY
FY20
Endowment
Funds
($000)
2,525,508
2,426,266
2,425,927
2,410,768
2,403,813
2,329,949
2,316,968
2,285,397
2,257,399
2,169,707
2,117,306
2,103,670
2,090,750
2,014,859
1,992,338
1,908,370
1,907,178
1,889,477
1,863,711
1,850,806
1,846,611
1,805,836
1,802,656
1,782,278
1,735,305
1,732,508
1,714,463
1,675,489
1,650,089
1,630,163
1,527,946
1,495,913
1,484,381
1,453,189
1,445,654
1,419,860
1,417,705
1,395,847
1,390,553
FY19
Endowment
Funds
($000)
1,578,933
2,304,235
2,486,037
2,517,969
2,354,176
2,317,560
2,293,239
2,173,415
2,324,594
2,229,707
2,070,905
2,131,553
2,069,953
1,840,206
2,057,178
1,987,176
1,913,253
1,867,962
1,822,484
1,866,500
1,825,250
1,816,931
1,778,559
1,743,663
1,759,544
1,743,142
1,587,919
1,708,867
1,663,864
1,676,308
1,452,722
1,436,215
1,466,105
1,466,070
1,447,741
1,519,595
1,400,655
1,452,599
1,392,691
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
60.00
5.30
-2.42
-4.26
2.11
0.53
1.03
5.15
-2.89
-2.69
2.24
-1.31
1.00
9.49
-3.15
-3.97
-0.32
1.15
2.26
-0.84
1.17
-0.61
1.35
2.21
-1.38
-0.61
7.97
-1.95
-0.83
-2.75
5.18
4.16
1.25
-0.88
-0.14
-6.56
1.22
-3.91
-0.15
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Percentage Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
Baylor University
Lehigh University
The University of Georgia and Related Foundations
Wake Forest University
Virginia Tech Foundation
The University of Tennessee
University of Kentucky
Texas Tech University System
Trinity University
University of British Columbia#
Berea College
The Medical College of Wisconsin
McGill University#
Oklahoma State University Foundation
University of Arkansas at Fayetteville and Foundation
University of Alberta#
Baylor College of Medicine
Saint Louis University
Middlebury College
Princeton Theological Seminary
Iowa State University of Science and Technology
Vassar College
Washington State University
Brandeis University
University of Utah
University of Tulsa
Northeastern University
Wesleyan University
University of Miami vi
Loma Linda University
University of California Irvine Foundation
Santa Clara University
Hamilton College
University of Houston System
The University of Arizona and the University of Arizona
Foundation
Berry College
William & Mary and Foundations
Colgate University
Arizona State University & Foundation
Louisiana State University System vii
Oberlin College
Rochester Institute of Technology
116
117
118
119
120
121
122
TX
PA
GA
NC
VA
TN
KY
TX
TX
BC
KY
WI
QC
OK
AR
AB
TX
MO
VT
NJ
IA
NY
WA
MA
UT
OK
MA
CT
FL
CA
CA
CA
NY
TX
AZ
FY20
Endowment
Funds
($000)
1,385,550
1,369,900
1,362,446
1,350,187
1,337,915
1,335,066
1,312,971
1,284,698
1,270,290
1,266,230
1,252,985
1,234,662
1,221,145
1,210,667
1,209,277
1,203,973
1,201,055
1,197,421
1,133,644
1,119,902
1,099,458
1,097,976
1,082,750
1,073,589
1,071,908
1,071,327
1,069,470
1,052,631
1,050,754
1,037,471
1,036,417
1,034,167
1,020,321
1,013,076
983,848
FY19
Endowment
Funds
($000)
1,340,417
1,411,641
1,343,987
1,375,398
1,357,969
1,354,756
1,348,615
1,316,660
1,280,248
1,337,797
1,249,754
937,909
1,281,896
N/A
1,221,935
1,280,242
1,301,005
1,252,678
1,157,786
1,127,362
1,101,709
1,117,380
1,067,842
1,073,526
1,080,567
1,113,722
1,055,474
1,004,806
997,413
1,076,898
1,029,020
1,019,760
969,362
959,815
1,038,133
GA
VA
NY
AZ
LA
OH
NY
981,511
967,685
959,737
958,682
955,514
954,934
947,141
1,058,605
995,874
950,360
922,103
926,247
943,469
944,883
State/
Province
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
3.37
-2.96
1.37
-1.83
-1.48
-1.45
-2.64
-2.43
-0.78
-5.35
0.26
31.64
-4.74
N/A
-1.04
-5.96
-7.68
-4.41
-2.09
-0.66
-0.20
-1.74
1.40
0.01
-0.80
-3.81
1.33
4.76
5.35
-3.66
0.72
1.41
5.26
5.55
-5.23
-7.28
-2.83
0.99
3.97
3.16
1.22
0.24
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Percentage Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
Carnegie Institution of Washington
University of Oregon Foundation
Davidson College
Denison University
University of Massachusetts Foundation
UC San Diego Foundation
Bryn Mawr College
Pepperdine University
The President and Trustees of Colby College
Carleton College
Claremont McKenna College
Bucknell University
Lafayette College
Queen's University#
Oregon Health and Science University Foundation viii
Villanova University
University System of New Hampshire & Foundation Inc. ix
Drexel University
Trustees of Mount Holyoke College
University at Buffalo Foundation
Institute for Advanced Study
University of South Carolina and Affiliated Foundations
Auburn University and Foundation
American University of Beirut
University of Denver
Clemson University Foundation
The Colorado College
College of the Holy Cross
Rensselaer Polytechnic Institute
DePaul University
Oklahoma State Regents for Higher Education
American University
St. John's University New York x
University of Louisville Foundation
Fordham University
Howard University
Loyola University Chicago
Florida State University Foundation
Macalester College
The Principia Corporation
Marquette University
DePauw University
University of Mississippi Foundation
State/
Province
DC
OR
NC
OH
MA
CA
PA
CA
ME
MN
CA
PA
PA
ON
OR
PA
NH
PA
MA
NY
NJ
SC
AL
NY
CO
SC
CO
MA
NY
IL
OK
DC
NY
KY
NY
DC
IL
FL
MN
IL
WI
IN
MS
FY20
Endowment
Funds
($000)
926,880
912,453
905,858
904,772
895,819
893,569
887,795
881,140
878,323
868,895
855,451
844,765
839,402
832,821
829,697
805,425
798,695
798,335
789,037
788,910
784,700
782,784
780,860
779,285
772,073
770,924
768,785
767,567
743,164
737,037
727,677
720,375
719,681
715,018
712,775
712,410
710,905
699,913
697,240
696,183
693,731
692,896
674,153
FY19
Endowment
Funds
($000)
966,753
922,672
881,465
877,592
881,302
792,364
907,976
887,461
869,927
892,353
865,475
866,835
832,068
887,637
877,758
766,903
803,867
813,685
794,204
794,895
795,200
788,261
792,983
768,039
786,425
774,514
766,910
793,377
739,648
696,452
756,513
723,369
721,454
719,816
733,516
692,832
692,166
704,106
770,782
707,266
698,021
730,341
736,288
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-4.12
-1.11
2.77
3.10
1.65
12.77
-2.22
-0.71
0.97
-2.63
-1.16
-2.55
0.88
-6.18
-5.48
5.02
-0.64
-1.89
-0.65
-0.75
-1.32
-0.69
-1.53
1.46
-1.82
-0.46
0.24
-3.25
0.48
5.83
-3.81
-0.41
-0.25
-0.67
-2.83
2.83
2.71
-0.60
-9.54
-1.57
-0.61
-5.13
-8.44
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Percentage Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
Furman University
Temple University
Hofstra University
Oregon State University Foundation
Yeshiva University
University of Wisconsin System
West Virginia University Foundation
University of Dayton
Trinity College
Whitman College
Western University#
Rush University Medical Center
Ohio University and The Ohio University Foundation
Reed College
Creighton University
Miami University Foundation
University of Wyoming Foundation
National Academy of Sciences
Quinnipiac University
Virginia Military Institute Foundation
Lebanese American University
University of San Diego
University of South Florida Foundation
St. Olaf College
Kansas State University Foundation
Whitehead Institute for Biomedical Research
Mississippi State University & Foundation
Medical College of Virginia Foundation
Haverford College
Worcester Polytechnic Institute
Wheaton College
Babson College
Dalhousie University#
UC Davis Foundation
Loyola Marymount University
College of the Ozarks
The University of Connecticut Foundation
Union College
Duquesne University of the Holy Spirit
Abilene Christian University xi
Dickinson College
State/
Province
SC
PA
NY
OR
NY
WI
WV
OH
CT
WA
ON
IL
OH
OR
NE
OH
WY
DC
CT
VA
NY
CA
FL
MN
KS
MA
MS
VA
PA
MA
IL
MA
NS
CA
CA
MO
CT
NY
PA
TX
PA
FY20
Endowment
Funds
($000)
670,014
641,053
637,131
628,201
615,144
614,239
611,336
609,712
605,744
586,335
582,653
581,778
579,350
569,284
565,975
558,402
554,949
553,951
545,134
539,643
533,739
532,239
532,156
527,239
524,200
521,317
520,549
514,488
510,740
505,506
502,044
488,074
486,633
483,941
482,817
480,520
476,181
474,538
472,072
456,266
452,877
FY19
Endowment
Funds
($000)
694,272
644,089
622,235
622,473
647,863
604,171
589,835
604,176
630,152
565,256
591,487
620,253
580,657
579,820
587,024
560,965
515,121
554,127
556,604
530,771
543,358
545,552
513,545
544,840
510,300
527,896
528,679
496,005
535,011
528,287
503,366
457,670
507,427
477,555
488,706
476,624
462,375
466,372
488,351
451,731
455,442
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-3.49
-0.47
2.39
0.92
-5.05
1.67
3.65
0.92
-3.87
3.73
-1.49
-6.20
-0.23
-1.82
-3.59
-0.46
7.73
-0.03
-2.06
1.67
-1.77
-2.44
3.62
-3.23
2.72
-1.25
-1.54
3.73
-4.54
-4.31
-0.26
6.64
-4.10
1.34
-1.21
0.82
2.99
1.75
-3.33
1.00
-0.56
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
University of the Pacific
University of New Mexico Foundation
Occidental College
University of Toledo Foundation
University of San Francisco
Utah State University
Trustees of Clark University
The University of the South
Philadelphia College of Osteopathic Medicine
Kenyon College
Chapman University xii
Wayne State University Foundation
Simon Fraser University#
Western Michigan University Foundation
The New School
Colorado State University Foundation
University of South Alabama Foundation
Earlham College
University of Puget Sound
Spelman College
Scripps College
Olin College of Engineering
University of Nevada Reno Foundation xiii
Rollins College
Medical University of South Carolina Foundation
Skidmore College
Lawrence University
SUNY Stony Brook Foundation
Teachers College Columbia University
Barnard College
University of Alaska Foundation
The Brookings Institution
Michigan State University Foundation
Fairfield University
Franklin and Marshall College
Rhode Island School of Design
West Point Association of Graduates
University of Hawaii Foundation
Bates College
Rhodes College
University of Victoria Foundation#
State/
Province
CA
NM
CA
OH
CA
UT
MA
TN
PA
OH
CA
MI
BC
MI
NY
CO
AL
IN
WA
GA
CA
MA
NV
FL
SC
NY
WI
NY
NY
NY
AK
DC
MI
CT
PA
RI
NY
HI
ME
TN
BC
FY20
Endowment
Funds
($000)
446,357
442,483
439,089
433,659
430,101
427,442
420,631
419,515
419,419
419,099
416,600
401,553
398,984
396,926
393,478
393,123
387,123
380,029
378,614
377,942
374,862
369,737
367,473
365,287
364,553
364,376
361,080
360,187
357,687
356,579
356,263
355,188
353,500
350,775
350,445
347,698
342,458
341,690
341,587
341,178
340,551
FY19
Endowment
Funds
($000)
© Copyright 2021 National Association of College and University Business Officers and TIAA.
463,313
457,313
448,095
454,114
399,474
402,862
438,767
408,769
417,899
422,019
417,705
394,509
403,965
404,653
399,257
376,063
383,512
418,845
380,507
390,462
375,585
383,956
377,446
379,841
375,593
384,280
356,958
341,878
345,191
363,623
364,003
377,235
371,500
374,896
354,783
349,660
335,439
326,993
329,723
352,206
354,053
*Change in
Market Value
(%)
-3.66
-3.24
-2.01
-4.50
7.67
6.10
-4.13
2.63
0.36
-0.69
-0.26
1.79
-1.23
-1.91
-1.45
4.54
0.94
-9.27
-0.50
-3.21
-0.19
-3.70
-2.64
-3.83
-2.94
-5.18
1.15
5.36
3.62
-1.94
-2.13
-5.84
-4.85
-6.43
-1.22
-0.56
2.09
4.49
3.60
-3.13
-3.81
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Percentage Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
248
249
250
251
252
253
254
255
256
257
258
Berklee College of Music
Ithaca College
Wabash College
The College of Wooster
The Campanile Foundation (San Diego State University)
Centre College of Kentucky
Bradley University
Gettysburg College
Harvey Mudd College
Connecticut College
University of North Carolina at Greensboro Investment
Fund
Gonzaga University
The Citadel
University of Nevada Las Vegas Foundation
University of California Santa Barbara Foundation
Stetson University
Saint Joseph's University
Southwestern University
University of Idaho Foundation
Muhlenberg College
Colorado School of Mines Foundation
Hampton University
University of North Dakota Foundation
The Catholic University of America
Youngstown State University Foundation
Wichita State University Foundation
The RAND Corporation
Old Dominion University Educational Foundation xiv
Seton Hall University
University of South Dakota Foundation
University of New Brunswick#
Elon University
Belmont University
Willamette University xv
Valparaiso University
Mercy College
North Dakota State University Foundation
Suffolk University
Lewis & Clark College
Florida Atlantic University Foundation
Rowan University
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
MA
NY
IN
OH
CA
KY
IL
PA
CA
CT
NC
FY20
Endowment
Funds
($000)
338,371
337,239
335,882
331,118
330,279
325,715
324,863
320,049
319,714
316,270
310,294
FY19
Endowment
Funds
($000)
363,026
347,335
344,252
328,921
310,546
329,270
320,216
330,714
328,568
313,510
307,581
WA
SC
NV
CA
FL
PA
TX
ID
PA
CO
VA
ND
DC
OH
KS
CA
VA
NJ
SD
NB
NC
TN
OR
IN
NY
ND
MA
OR
FL
NJ
308,172
305,824
305,788
301,382
298,566
293,803
289,412
286,512
286,189
285,596
280,598
278,253
276,097
275,870
270,511
267,695
265,836
265,193
264,082
262,826
261,552
260,087
256,754
254,200
249,360
247,739
246,207
240,774
240,694
240,008
294,720
314,435
292,336
263,100
247,618
294,287
296,413
291,868
288,974
289,011
282,543
284,804
273,685
279,778
276,142
273,358
261,711
264,514
244,500
266,433
273,429
252,091
264,016
259,042
255,751
226,626
256,300
246,794
245,934
232,094
State/
Province
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-6.79
-2.91
-2.43
0.67
6.35
-1.08
1.45
-3.22
-2.69
0.88
0.88
4.56
-2.74
4.60
14.55
20.58
-0.16
-2.36
-1.84
-0.96
-1.18
-0.69
-2.30
0.88
-1.40
-2.04
-2.07
1.58
0.26
8.01
-1.35
-4.34
3.17
-2.75
-1.87
-2.50
9.32
-3.94
-2.44
-2.13
3.41
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
Loyola University Maryland
Medical College of Georgia Foundation
Ohio Wesleyan University
The University of Akron Foundation
Allegheny College
University of North Carolina at Charlotte
Carleton University#
Hope College
University of Maine Foundation
California Polytechnic State University Foundation
Texas State Universityxvi
Stevens Institute of Technology
Hobart & William Smith Colleges
University of Ottawa#
Pratt Institute
Long Island University
Columbia Theological Seminary
The University of Memphis Foundation
Drake University
Stonehill College
Florida International University Foundation Inc
Washington College
University of Scranton
University of North Texas Foundation
University of Redlands
East Carolina University
Butler University
Wheaton College (MA)
Rose-Hulman Institute of Technology
Wofford College
The University of Montana Foundation
Saint John's University
Gustavus Adolphus College
Agnes Scott College
Northern Arizona University Foundation
Indiana Wesleyan University
St. Mary's University
Illinois Wesleyan University
Xavier University
Clarkson University
Pace University
Midwestern University
State/
Province
MD
GA
OH
OH
PA
NC
ON
MI
ME
CA
TX
NJ
NY
ON
NY
NY
GA
TN
IA
MA
FL
MD
PA
TX
CA
NC
IN
MA
IN
SC
MT
MN
MN
GA
AZ
IN
TX
IL
OH
NY
NY
IL
FY20
Endowment
Funds
($000)
239,209
238,989
236,260
235,258
233,661
232,169
230,905
229,198
228,117
226,105
225,520
225,009
224,866
224,843
224,469
224,427
222,197
220,771
219,800
218,833
218,684
218,534
218,068
217,833
212,460
211,971
211,953
210,647
209,759
208,058
207,133
205,997
205,365
204,799
203,671
201,368
200,145
198,954
198,613
197,483
193,827
193,044
FY19
Endowment
Funds
($000)
232,473
243,556
243,083
235,962
230,453
230,352
228,201
232,249
227,085
227,678
208,459
224,304
229,107
225,016
215,667
238,973
224,956
223,398
226,155
217,240
216,382
236,685
209,760
210,624
182,278
212,566
215,024
212,982
205,799
211,673
205,046
208,738
203,365
217,142
192,621
204,472
196,463
206,191
199,275
201,698
193,049
170,498
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
2.90
-1.88
-2.81
-0.30
1.39
0.79
1.18
-1.31
0.45
-0.69
8.18
0.31
-1.85
-0.08
4.08
-6.09
-1.23
-1.18
-2.81
0.73
1.06
-7.67
3.96
3.42
16.56
-0.28
-1.43
-1.10
1.92
-1.71
1.02
-1.31
0.98
-5.68
5.74
-1.52
1.87
-3.51
-0.33
-2.09
0.40
13.22
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The percentage change does NOT represent the rate of return for the institution’s investments. Rather, the percentage change
in the market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
Goucher College
Simmons University
Transylvania University
Sacred Heart University
University of South Alabama
Hampden-Sydney College
Central Michigan University
Mills College
Lesley University
Bryant University
Western Kentucky University and Foundations
California Institute of the Arts
University of Dubuque
Saint Mary's College of California
Baldwin Wallace University
Montana State University Alumni Foundation
New Mexico State University Foundation
University of Hartford
Hollins University
Claremont Graduate University
Embry-Riddle Aeronautical University
Susquehanna University
Georgia State University Foundation
California State University Fresno Foundation
St. Ambrose University
Randolph-Macon College
Luther College
Augustana College
Hardin Simmons University
Whitworth University
Saint Anselm College
Harding University
University of Rhode Island Foundation & Alumni
Engagement
Concordia Seminary
University of Central Florida Foundation
Iona College
Mennonite Education Agency Investment Fund LLC
Emmanuel College
Columbia College
Morehouse College
Meharry Medical College
Concordia College
Bowling Green State University Foundation
364
365
366
367
368
369
370
371
372
373
MD
MA
KY
CT
AL
VA
MI
CA
MA
RI
KY
CA
IA
CA
OH
MT
NM
CT
VA
CA
FL
PA
GA
CA
IA
VA
IA
IL
TX
WA
NH
AR
RI
FY20
Endowment
Funds
($000)
191,378
190,425
190,197
189,837
189,081
188,785
187,797
187,319
186,239
183,836
181,745
179,402
179,009
178,002
177,999
177,565
176,266
175,911
174,608
174,235
172,374
171,165
170,780
170,750
168,402
168,264
167,088
166,094
165,683
165,246
164,972
164,597
163,611
FY19
Endowment
Funds
($000)
203,430
195,840
191,238
177,133
176,346
177,827
189,322
196,404
187,972
184,753
175,186
178,839
160,530
181,313
179,533
180,168
182,676
182,812
182,729
186,766
161,405
173,197
178,774
170,315
170,073
163,307
168,780
172,846
171,261
156,046
164,005
151,411
149,154
MO
FL
NY
IN
MA
MO
GA
TN
MN
OH
163,588
162,887
162,713
159,450
159,077
158,578
157,081
156,719
156,612
155,730
160,249
164,722
159,938
164,106
151,725
168,869
156,082
159,146
143,479
149,438
State/
Province
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-5.92
-2.76
-0.54
7.17
7.22
6.16
-0.81
-4.63
-0.92
-0.50
3.74
0.31
11.51
-1.83
-0.85
-1.44
-3.51
-3.77
-4.44
-6.71
6.80
-1.17
-4.47
0.26
-0.98
3.04
-1.00
-3.91
-3.26
5.90
0.59
8.71
9.69
2.08
-1.11
1.74
-2.84
4.85
-6.09
0.64
-1.53
9.15
4.21
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Percentage Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
Austin College
Washburn University Foundation
Weber State University
George Mason University Foundation Inc.
South Dakota State University Foundation
Troy University Foundation
Illinois State University Foundation
St. Norbert College
York College of Pennsylvania
Asbury Theological Seminary
San Jose State University and Tower Foundation
Southern Illinois University Foundation
University of Chattanooga Foundation
University of the Sciences in Philadelphia
Pitzer College
University of the Incarnate Word
Hanover College
Queens University of Charlotte
Mount Saint Mary's University Los Angeles
Roanoke College
Mount Allison University#
San Francisco State University Foundation
Kent State University Foundation
Indiana Institute of Technology
Alfred University
New Jersey Institute of Technology
University of Mount Union
University of Northern Iowa Foundation
The Marshall University Foundation
University of Health Sciences and Pharmacy in St. Louis
Messiah University
McDaniel College
East Tennessee State University
Webster University
Buena Vista University
Ursinus College
Austin Presbyterian Theological Seminary
John Brown University
Seattle Pacific University
California State University Northridge Foundation
Illinois College
State/
Province
TX
KS
UT
VA
SD
AL
IL
WI
PA
KY
CA
IL
TN
PA
CA
TX
IN
NC
CA
VA
NB
CA
OH
IN
NY
NJ
OH
IA
WV
MO
PA
MD
TN
MO
IA
PA
TX
AR
WA
CA
IL
FY20
Endowment
Funds
($000)
155,433
155,324
155,181
154,182
153,614
152,061
151,373
150,219
150,160
149,854
148,747
148,095
147,097
146,008
144,268
143,846
142,799
142,506
142,341
142,304
141,104
140,759
138,113
137,646
136,777
135,572
135,499
135,326
134,898
134,564
133,801
130,923
130,080
129,755
128,775
127,480
127,351
126,698
126,584
126,263
126,105
FY19
Endowment
Funds
($000)
149,667
166,460
150,522
112,997
132,678
129,192
144,350
150,476
154,133
150,440
153,212
149,980
141,886
162,527
144,365
142,071
146,078
150,237
145,565
148,794
148,241
137,080
136,600
137,039
138,254
129,455
140,318
130,453
140,181
144,776
141,904
134,764
127,684
129,167
131,874
131,213
127,642
125,570
124,901
119,016
129,905
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
3.85
-6.69
3.10
36.45
15.78
17.70
4.86
-0.17
-2.58
-0.39
-2.91
-1.26
3.67
-10.16
-0.07
1.25
-2.24
-5.15
-2.21
-4.36
-4.81
2.68
1.11
0.44
-1.07
4.73
-3.43
3.74
-3.77
-7.05
-5.71
-2.85
1.88
0.46
-2.35
-2.84
-0.23
0.90
1.35
6.09
-2.93
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
Washington & Jefferson College
Roosevelt University
The Foundation of the SUNY at Binghamton Inc.
Michigan Technological University
Sam Houston State University
James Madison University Foundation
Wentworth Institute of Technology
Fort Hays State University Foundation
California Lutheran University
Manhattan College
Juniata College
Meredith College
Boise State University Foundation
University of La Verne
Eastern Virginia Medical School Foundation
North Central College
University of the Ozarks
Doane University
Goshen College
SUNY Health Science Center at Syracuse
Westminster College
Sarah Lawrence College
Elmhurst College
University of Indianapolis
University of Lynchburg
Middle Tennessee State University Foundation
Capital University
Monmouth University
Luther Seminary
Linfield University
St. Edward's University
Noblis Inc.
Cal Poly Pomona Philanthropic Foundation
Hood College of Frederick Maryland
Whittier College
University of North Carolina at Wilmington
University of Southern Mississippi Foundation
College of Charleston Foundation
Oakland University
Hamline University
Northern Kentucky University Foundation
Otterbein University
Taylor University
State/
Province
PA
IL
NY
MI
TX
VA
MA
KS
CA
NY
PA
NC
ID
CA
VA
IL
AR
NE
IN
NY
PA
NY
IL
IN
VA
TN
OH
NJ
MN
OR
TX
VA
CA
MD
CA
NC
MS
SC
MI
MN
KY
OH
IN
FY20
Endowment
Funds
($000)
122,853
119,983
117,840
117,624
116,839
116,670
116,567
116,504
115,433
114,969
114,778
114,563
113,891
113,354
113,221
112,337
112,237
111,580
111,151
110,650
110,232
110,183
109,907
109,461
109,306
108,889
107,679
106,713
106,703
106,127
105,960
105,493
105,446
104,534
104,309
103,802
103,518
102,819
102,150
100,560
100,462
99,107
98,988
FY19
Endowment
Funds
($000)
134,923
123,353
119,422
113,645
116,921
111,065
116,142
114,719
108,602
107,174
120,223
114,786
115,056
111,994
107,959
118,586
115,068
113,944
113,643
109,069
116,515
117,046
112,339
109,448
112,879
105,575
106,663
107,085
108,716
109,144
107,026
102,946
101,599
106,905
112,868
104,946
104,878
100,136
99,399
100,550
105,501
101,386
98,717
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-8.95
-2.73
-1.33
3.50
-0.07
5.05
0.37
1.56
6.29
7.27
-4.53
-0.19
-1.01
1.21
4.87
-5.27
-2.46
-2.07
-2.19
1.45
-5.39
-5.86
-2.17
0.01
-3.17
3.14
0.95
-0.35
-1.85
-2.76
-1.00
2.47
3.79
-2.22
-7.58
-1.09
-1.30
2.68
2.77
0.01
-4.78
-2.25
0.27
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
Art Center College of Design
Curry College
Endicott College
Florida Agricultural and Mechanical University
Wright State University Foundation
Chatham University
Millikin University
College of St. Scholastica
DeSales University
University of Evansville
Drury University
Niagara University
Maryland Institute College of Art
Bridgewater College
Emory & Henry College
Murray State University
Concordia University of Wisconsin
Widener University
Northwood University
Western Carolina University
Florida Institute of Technology
Saginaw Valley State University Foundation
Franklin University
Fairleigh Dickinson University
Presbyterian College
The Ferris Foundation
Beloit College
Eastern Illinois University Foundation
College of Saint Benedict
Arkansas State University System Foundation
Lake Forest College
California State University Long Beach 49er Foundation
Texas Woman's University Foundation
Marietta College
Brite Divinity School
Franklin College
Wagner College
California Baptist University
California State University Fullerton Philanthropic
Foundation
Elizabethtown College
Arcadia University
Cornell College
497
498
499
CA
MA
MA
FL
OH
PA
IL
MN
PA
IN
MO
NY
MD
VA
VA
KY
WI
PA
MI
NC
FL
MI
OH
NJ
SC
MI
WI
IL
MN
AR
IL
CA
TX
OH
TX
IN
NY
CA
CA
FY20
Endowment
Funds
($000)
98,145
97,558
97,316
95,635
95,495
95,436
94,271
93,600
93,582
93,405
93,282
93,253
92,951
91,945
91,297
90,840
90,326
90,011
89,966
88,978
88,929
88,567
88,345
88,304
88,100
88,014
87,663
87,267
86,715
86,157
85,813
85,617
85,541
85,460
85,303
83,786
83,730
82,925
81,744
FY19
Endowment
Funds
($000)
99,830
103,667
95,673
98,213
97,080
94,216
106,893
92,551
91,841
85,667
96,517
97,242
94,441
95,758
90,993
89,480
88,859
94,454
97,869
88,701
87,759
87,436
93,506
91,625
91,533
87,355
114,121
84,387
83,506
84,430
90,630
79,352
79,577
88,469
83,303
87,387
77,564
65,618
68,755
PA
PA
IA
81,620
81,501
81,135
83,797
82,645
76,288
State/
Province
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-1.69
-5.89
1.72
-2.63
-1.63
1.30
-11.81
1.13
1.90
9.03
-3.35
-4.10
-1.58
-3.98
0.33
1.52
1.65
-4.70
-8.07
0.31
1.33
1.29
-5.52
-3.62
-3.75
0.75
-23.18
3.41
3.84
2.04
-5.31
7.90
7.49
-3.40
2.40
-4.12
7.95
26.37
18.89
-2.60
-1.38
6.35
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY18 to FY19 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
FY20
FY19
*Change in
State/
Endowment Endowment Market Value
Rank Institution
Funds
Funds
Province
(%)
($000)
($000)
500
Montclair State University Foundation
NJ
81,123
79,490
2.05
501
Lipscomb University
TN
81,026
84,430
-4.03
502
University of Wisconsin-Eau Claire Foundation
WI
80,462
81,094
-0.78
503
Roger Williams University
RI
80,439
86,049
-6.52
504
La Salle University
PA
80,002
80,311
-0.38
505
Springfield College
MA
79,639
77,932
2.19
506
Central College
IA
79,516
79,747
-0.29
507
Texas Lutheran University
TX
79,347
80,918
-1.94
508
Florida Southern College
FL
79,106
79,136
-0.04
509
Emporia State University Foundation
KS
79,029
79,116
-0.11
510
Westminster College of Salt Lake City
UT
78,986
84,349
-6.36
511
Reformed Theological Seminary
MS
78,631
80,430
-2.24
512
Saint Michael's College
VT
77,655
89,061
-12.81
513
SUNY Albany Foundation
NY
77,650
75,126
3.36
514
Converse College
SC
77,529
78,372
-1.08
515
Foundation For California Community Colleges
CA
77,199
77,308
-0.14
516
Muskingum University
OH
76,971
79,461
-3.13
517
Northern Illinois University Foundation
IL
76,496
80,065
-4.46
518
North Park University
IL
76,327
79,527
-4.02
519
High Point University
NC
76,158
64,777
17.57
520
University of New Orleans Foundation
LA
74,654
74,206
0.60
521
University of West Florida Foundation
FL
74,635
76,399
-2.31
522
Pittsburg State University Foundation
KS
74,602
76,528
-2.52
523
Tennessee Technological University Foundation
TN
74,110
71,287
3.96
524
North Carolina A&T State University and Foundation
NC
73,809
68,459
7.82
525
Carroll University
WI
73,554
71,164
3.36
526
Guilford College
NC
72,968
78,308
-6.82
527
Valencia College Foundation
FL
72,484
74,855
-3.17
528
Longwood University Foundation
VA
72,388
73,309
-1.26
529
University of Detroit Mercy
MI
71,967
69,300
3.85
530
St. Bonaventure University
NY
71,889
74,402
-3.38
531
Regis University
CO
71,490
69,773
2.46
532
Pacific University
OR
71,386
71,234
0.21
533
Lebanon Valley College
PA
70,775
71,832
-1.47
534
Columbus State University Foundation
GA
70,690
69,502
1.71
535
College of Central Florida Foundation
FL
70,199
72,029
-2.54
536
Indiana State University Foundation
IN
70,090
67,714
3.51
537
Eastern Kentucky University Foundation
KY
69,765
69,139
0.91
538
Albright College
PA
69,214
77,103
-10.23
539
Flagler College
FL
69,009
69,919
-1.30
540
New York Medical College
NY
68,790
70,676
-2.67
541
Shenandoah University
VA
68,392
68,105
0.42
© Copyright 2021 National Association of College and University Business Officers and TIAA.
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
FY19
FY20
*Change in
State/
Endowment Endowment Market Value
Rank Institution
Funds
Province
Funds
(%)
($000)
($000)
542
Nazareth College of Rochester
NY
68,089
71,318
-4.53
543
Georgia Southern University Foundation
GA
67,120
56,324
19.17
544
Keck Graduate Institute
CA
67,080
67,477
-0.59
545
The Foundation for the University of the Virgin Islands Inc.
VI
66,894
71,684
-6.68
546
Bellarmine University
KY
65,588
66,331
-1.12
547
Clark College District #14 Foundation
WA
64,631
68,108
-5.10
548
Rider University
NJ
64,415
66,593
-3.27
549
Gannon University
PA
63,539
65,364
-2.79
550
Salve Regina University
RI
63,213
63,790
-0.90
551
Tennessee State University Foundation
TN
63,020
61,110
3.12
552
California State University Chico Foundation
CA
62,942
65,293
-3.60
553
University of Northern British Columbia#
BC
62,834
61,370
2.38
554
Webb Institute
NY
62,606
66,556
-5.93
555
Freed-Hardeman University
TN
62,428
60,338
3.46
556
Winthrop University Foundation
SC
62,349
57,949
7.59
557
Foundation for Indiana University of Pennsylvania
PA
60,550
61,147
-0.98
558
Houghton College
NY
60,037
57,372
4.65
559
Northampton County Area Community College Foundation
PA
59,902
57,014
5.07
560
University of Mary Washington Foundation
VA
58,799
55,479
5.98
561
Howard Payne University
TX
58,795
62,865
-6.47
562
Mount St. Joseph University
OH
58,784
59,654
-1.46
563
Texas Wesleyan University
TX
57,817
59,523
-2.87
564
New York Chiropractic College
NY
57,450
58,654
-2.05
565
University Foundation at Sacramento State
CA
57,172
51,241
11.57
566
Virginia State University Foundation
VA
56,149
57,383
-2.15
567
Western New England University
MA
55,905
56,683
-1.37
568
Holy Names University
CA
55,440
54,171
2.34
569
Salisbury University Foundation
MD
55,296
56,882
-2.79
570
Viterbo University
WI
55,257
55,673
-0.75
571
Radford University Foundation
VA
55,174
56,080
-1.62
572
Coastal Educational Foundation (Coastal Carolina
SC
54,714
51,483
6.28
University)
573
Misericordia University
PA
54,506
54,532
-0.05
574
Minnesota State University Mankato Foundation
MN
54,143
57,957
-6.58
575
Augsburg University
MN
54,134
50,786
6.59
576
The University of the Arts
PA
54,050
53,768
0.53
577
Florida State College at Jacksonville Foundation
FL
53,519
55,240
-3.12
578
Minneapolis College of Art and Design
MN
53,301
53,552
-0.47
579
Asbury University
KY
53,089
54,987
-3.45
580
SUNY Oneonta Foundation
NY
52,772
51,718
2.04
581
Sonoma State University Foundation
CA
52,739
52,281
0.88
582
University of North Carolina at Asheville
NC
52,380
53,521
-2.13
583
Ferrum College
VA
52,307
53,517
-2.26
© Copyright 2021 National Association of College and University Business Officers and TIAA.
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the
market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
FY20
FY19
*Change in
State/
Endowment Endowment Market Value
Rank Institution
Funds
Funds
Province
(%)
($000)
($000)
584
Friends University
KS
52,207
53,324
-2.09
585
Saint Francis University
PA
51,988
52,713
-1.37
586
Heidelberg University
OH
51,414
51,987
-1.10
587
Warren Wilson College
NC
51,011
51,270
-0.51
588
Maryville University of St. Louis
MO
50,690
54,237
-6.54
589
The Bloomsburg University Foundation
PA
50,300
49,000
2.65
590
The University of Baltimore Foundation
MD
50,279
49,878
0.80
591
LaGrange College
GA
50,228
53,005
-5.24
592
Brenau University
GA
50,104
49,482
1.26
593
Gateway Seminary
CA
49,615
50,975
-2.67
594
Ringling College of Art & Design
FL
49,498
53,537
-7.54
595
William Peace University
NC
49,180
50,222
-2.07
596
SUNY Cortland -- College Foundation
NY
49,108
47,652
3.06
597
Salus University
PA
49,103
48,876
0.46
598
Samuel Merritt University
CA
49,088
51,316
-4.34
599
Southern Adventist University
TN
49,005
46,402
5.61
600
Georgian Court University
NJ
48,967
54,858
-10.74
601
Graduate Theological Union
CA
48,733
51,475
-5.33
602
Ashland University
OH
47,562
45,330
4.92
603
Morningside College
IA
46,886
46,271
1.33
604
California State University Los Angeles Foundation
CA
46,191
42,597
8.44
605
Coker University
SC
46,134
45,680
0.99
606
Barry University Inc.
FL
45,993
45,448
1.20
607
Olivet Nazarene University Foundation
IL
45,141
42,356
6.57
608
Cleveland Institute of Music
OH
45,125
45,622
-1.09
609
Erikson Institute
IL
44,962
46,655
-3.63
610
CSUSB Philanthropic Foundation
CA
44,939
41,118
9.29
611
Marywood University
PA
44,894
40,574
10.65
612
McPherson College
KS
44,471
47,125
-5.63
613
Carroll College
MT
44,390
44,828
-0.98
614
Oswego College Foundation Inc.
NY
44,064
41,850
5.29
615
Lasell University
MA
43,817
45,910
-4.56
616
Molloy College
NY
43,648
40,759
7.09
617
Wilson College
PA
43,393
44,216
-1.86
618
Concordia University - Saint Paul
MN
43,149
43,415
-0.61
619
Mount Aloysius College
PA
41,839
43,986
-4.88
620
Regis College
MA
41,748
41,835
-0.21
621
Bethany Lutheran College
MN
41,593
44,117
-5.72
622
University of Mary
ND
41,182
42,496
-3.09
623
Lorain County Community College Foundation
OH
40,805
40,485
0.79
624
Golden Gate University
CA
40,288
46,828
-13.97
© Copyright 2021 National Association of College and University Business Officers and TIAA.
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Market Value of Endowment Assets and
Change* in Endowment Market Value from FY19 to FY20
*Note: The change does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value
of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
625
626
627
628
629
630
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
Montana Tech Foundation
College of New Jersey Foundation
Colby-Sawyer College
Clarion University Foundation Inc.
University of New England
SUNY Fredonia College Foundation
Robert Morris University
SUNY Potsdam College Foundation
Cedarville University
Colorado Mesa University Foundation
Cedar Crest College
Northwest College Foundation
Wisconsin Lutheran College
Broome Community College Foundation
Rockhurst University
Cuesta College Foundation
National Louis University
Worcester State Foundation
Roberts Wesleyan College
Kutztown University Foundation
Rocky Mountain College
St.Mary's College of Maryland Foundation
Humboldt State University Foundation
St. Thomas University
Georgia Southwestern Foundation
Delaware Valley University
Bradford Educational Foundation - University of
Pittsburgh at Bradford
Sinclair Community College Foundation
Southern Connecticut State University Foundation
University of Central Arkansas Foundation
Clarke University
Culver-Stockton College
Husson University
Tri-County Technical College Foundation
California State University San Marcos Foundation
California State University Foundation
American University in Bulgaria
California State University Monterey Bay
Southern Illinois University Edwardsville Foundation
Meadville Theological School of Lombard College
UNC School of the Arts
California State University Bakersfield Foundation
652
653
654
655
656
657
658
659
660
661
662
663
664
665
666
State/
Province
MT
NJ
NH
PA
ME
NY
PA
NY
OH
CO
PA
WY
WI
NY
MO
CA
IL
MA
NY
PA
MT
MD
CA
FL
GA
PA
PA
OH
CT
AR
IA
MO
ME
SC
CA
CA
CA
IL
IL
NC
CA
FY20
Endowment
Funds
($000)
39,865
39,809
39,773
39,189
39,037
38,219
38,162
38,077
37,595
37,213
37,092
37,089
35,990
35,903
35,812
35,474
34,585
34,453
33,872
33,734
32,883
32,774
32,060
31,262
31,176
30,892
30,882
FY19
Endowment
Funds
($000)
40,731
42,808
39,449
38,741
39,304
38,955
37,013
36,188
36,485
34,875
36,651
38,942
36,629
36,241
35,466
35,196
36,103
32,013
34,060
31,867
32,055
33,370
30,294
30,776
31,375
33,623
28,455
30,633
30,591
29,938
29,867
29,787
29,535
28,321
27,957
27,828
27,792
27,498
27,381
27,379
26,988
26,944
30,718
30,520
29,078
29,340
29,467
27,923
27,343
26,289
25,106
28,300
27,084
26,568
25,442
25,458
25,474
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
-2.13
-7.00
0.82
1.16
-0.68
-1.89
3.10
5.22
3.04
6.71
1.20
-4.76
-1.75
-0.93
0.97
0.79
-4.20
7.62
-0.55
5.86
2.58
-1.79
5.83
1.58
-0.64
-8.12
8.53
-0.28
0.23
2.96
1.80
1.09
5.77
3.58
6.35
10.84
-1.80
1.53
3.06
7.61
6.01
5.77
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Endowment Market Value and Percentage
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in
the market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
Rank
Institution
667
668
669
670
671
672
673
674
675
676
677
678
679
680
681
682
683
684
685
686
687
688
689
690
691
692
693
694
695
696
697
698
699
700
701
702
703
704
705
706
Utica College
Grand View University
Delta College
Lamar University
Vaughn College of Aeronautics and Technology
Shepherd University Foundation
Eastern Washington University Foundation
New England College
Fayetteville State University
Peirce College
University of North Carolina at Pembroke
Chaminade University of Honolulu
Marshall B. Ketchum University
Lubbock Christian University
Central Oregon Community College Foundation
LeTourneau University
Midway University
University of St. Francis
Spartanburg Methodist College
SUNY Plattsburgh College Foundation
Thomas College
Nichols College
West Chester University Foundation
Ramapo College of New Jersey
Defiance College
Ohio Dominican University
The Foundation for Florida Gateway College
Warner Pacific University
Kalamazoo Valley Community College
Trinity Western University#
Lakeland University Foundation
California State University East Bay
Dakota State University Foundation
California State University Stanislaus
Polytechnic University of Puerto Rico
California State University Channel Islands Foundation
Monroe Community College Foundation
Faulkner University
North Iowa Area Community College Foundation
Massachusetts College of Liberal Arts Foundation Inc.
State/
Province
NY
IA
MI
TX
NY
WV
WA
NH
NC
PA
NC
HI
CA
TX
OR
TX
KY
IL
SC
NY
ME
MA
PA
NJ
OH
OH
FL
OR
MI
BC
WI
CA
SD
CA
PR
CA
NY
AL
IA
MA
FY20
Endowment
Funds
($000)
FY19
Endowment
Funds
($000)
26,343
26,172
25,940
25,870
25,441
25,329
25,278
24,907
24,767
24,543
24,509
24,163
23,489
23,366
23,263
22,868
22,718
22,608
22,175
21,919
21,918
21,828
21,775
21,158
19,160
18,967
18,874
18,371
17,925
17,678
17,504
16,877
16,164
16,131
15,931
15,625
15,385
15,294
14,784
14,665
24,796
25,734
25,581
26,222
24,465
22,145
24,195
14,646
24,341
23,557
24,886
23,399
23,988
22,015
22,459
22,055
23,484
20,877
22,069
21,695
19,614
17,345
20,522
21,364
18,757
20,161
17,831
18,928
17,756
16,908
17,731
17,838
15,811
16,552
15,476
16,050
13,164
15,736
13,818
13,544
© Copyright 2021 National Association of College and University Business Officers and TIAA.
*Change in
Market Value
(%)
6.24
1.70
1.40
-1.34
3.99
14.38
4.48
70.05
1.75
4.19
-1.52
3.26
-2.08
6.14
3.58
3.69
-3.26
8.29
0.48
1.03
11.75
25.85
6.10
-0.96
2.15
-5.93
5.85
-2.94
0.95
4.56
-1.28
-5.39
2.23
-2.54
2.94
-2.64
16.87
-2.81
6.99
8.27
U.S. and Canadian Institutions Listed by Fiscal Year 2020 Endowment Market Value and Percentage
Change* in Endowment Market Value from FY19 to FY20
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in
the market value of an endowment from FY19 to FY20 reflects the net impact of:
1) withdrawals to fund institutional operations and capital expenses;
2) the payment of endowment management and investment fees;
3) additions from donor gifts and other contributions; and
4) investment gains or losses.
FY20
FY19
*Change in
State/
Endowment Endowment Market Value
Rank Institution
Funds
Funds
Province
(%)
($000)
($000)
707
California State University Dominguez Hills
CA
13,068
12,543
4.19
Philanthropic Foundation
708
Pellissippi State Community College Foundation
TN
11,875
11,604
2.34
709
California Maritime Academy Foundation
CA
10,726
9,247
16.00
710
Cornerstone University
MI
10,574
10,434
1.34
711
Midlands Technical College Foundation
SC
9,537
9,289
2.68
712
Blue Ridge Community College Educational Foundation
VA
9,233
9,499
-2.80
Inc.
713
Indiana University of Pennsylvania
PA
7,783
7,615
2.21
714
Hillsborough Community College Foundation
FL
7,602
7,219
5.29
715
Elgin Community College Foundation
IL
7,102
6,973
1.85
716
Mount Saint Mary College
NY
6,562
5,998
9.41
717
Oakton Community College Educational Foundation
IL
5,547
5,605
-1.03
Average (All Institutions)
Median (All Institutions)
903,100
165,683
889,197
164,722
1.56
0.58
Notes:
N/A=Not Available. #Endowment market value data for Canadian institutions are expressed in U.S. dollars, based
on the U.S./Canadian dollar exchange rates in effect on or around June 30, 2019 and June 30, 2020, as reported by
the Bank of Canada. Data from Canadian institutions is NOT included in the full 2019 NTSE report.
This table was prepared in January 2021 and revised in February 2021. Changes to endowment values reported after
January are not incorporated in the full 2020 NTSE report.
See next page for additional explanatory notes.
© Copyright 2021 National Association of College and University Business Officers and TIAA.
Endnotes:
i.
Total includes the endowment assets from The Texas A&M University System and multiple supporting
foundations, including the Texas A&M Foundation. The full 2020 NTSE report includes separate information for
the Texas A&M University System and the Texas A&M Foundation.
ii. .
Fiscal year end date for New York University is August 31 but the endowment market values are reported for the
year ending June 30.
iii.
Total includes the combined endowment assets from the Regents of the University of Minnesota and the
University of Minnesota Foundation. The full 2020 NTSE report includes information for the University of
Minnesota Foundation only.
iv.
Total includes the combined endowment assets of Carnegie Mellon University and a portion of assets held by the
Dietrich Foundation reflecting CMU’s allocation as a named beneficiary. The full 2020 NTSE report reflects
information for the CMU endowment only.
v.
Total includes the combined endowment assets from the University of Illinois and the University of Illinois
Foundation. The full 2020 NTSE report incorporates separate information for each of these individual institutions.
vi.
University of Miami's fiscal year-end is 5/31. Endowment values for FY20 and FY19 are reported for May 31,
2020 and May 31, 2019, respectively.
vii.
Total endowment includes data from all institutions in the Louisiana State University System. However, the full
2020 NTSE report is based on data solely from the LSU Foundation, the largest segment.
viii.
Total includes combined endowment assets from the Oregon Health and Sciences University Foundation and the
Doernbecher Children’s Hospital Foundation.
ix.
Total includes the combined endowment assets from the University System of New Hampshire and the University
of New Hampshire Foundation. The full 2020 NTSE report incorporates separate information for each of these
individual institutions.
x.
St. John's University's fiscal year-end is 5/31. Endowment values for FY20 and FY19 are reported for May 31,
2020 and May 31, 2019, respectively.
xi.
Abilene Christian University's fiscal year-end is 5/31 but endowment values are reported for 6/30.
xii.
Chapman University’s fiscal year-end date is 5/31. The endowment values shown are for 5/31/2019 (for FY19)
and 5/31/2020 (for FY20).
xiii.
Total includes the combined assets from the University of Nevada, Reno (UNR) endowment, UNR Foundation,
and the Athletic Association of Nevada, Reno Endowment.
xiv.
Total includes the combined assets from the Old Dominion University endowment, the Educational Foundation,
the Athletic Foundation, and the Real Estate Foundation.
xv.
Willamette University's fiscal year-end is 5/31 but endowment values are reported for the year ending 6/30.
xvi.
Texas State University's fiscal year-end is 8/31. The endowment values for FY19 and FY20 are for August 31,
2019 and August 31, 2020, respectively. Totals include endowment assets from the Development Foundation and
the McCoy College of Business Foundation.
© Copyright 2021 National Association of College and University Business Officers and TIAA.