List of colleges and universities in the United States by endowment

Many institutions of higher education in the United States maintain financial endowments, sums of money that are invested in stocks, yielding returns that fund a portion of an institution's operational expenses and help ensure that it survives in perpetuity.

Harvard University has the largest endowment in the world (Annenberg Hall pictured).

U.S. colleges and universities maintain some of the largest endowments in the world, and make up the strong majority of educational institutions with endowments greater than $1 billion.

In 2005, the endowment table below totaled $219.37 billion. By 2015, the table totaled $394.96 billion, an increase of 80%. As of 2018, the total further increased to $479.23 billion.

The National Association of College and University Business Officers (NACUBO) maintains information on college endowments.[1][2]

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 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.[3][4]

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.[5][6] Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.[6][7] There continue to be vigorous efforts that advocate the repeal of the tax.[8] Repeal legislation has been introduced in Congress with bipartisan cosponsorship.[9][10]

Endowments currently greater than $1 billion

Private schools
InstitutionState2019 endowment
(billions USD)[11]
Harvard UniversityMassachusetts$39.43
Yale UniversityConnecticut$30.31
Stanford UniversityCalifornia$27.70
Princeton UniversityNew Jersey$26.12
Massachusetts Institute of TechnologyMassachusetts$17.57
University of PennsylvaniaPennsylvania$14.65
University of Notre DameIndiana$11.27
Northwestern UniversityIllinois$11.09
Columbia UniversityNew York$10.95
Duke UniversityNorth Carolina$8.60
University of ChicagoIllinois$8.26
Washington University in St. LouisMissouri$7.95
Emory UniversityGeorgia$7.87
Cornell UniversityNew York$7.33
Rice UniversityTexas$6.48
Johns Hopkins UniversityMaryland$6.28
Vanderbilt UniversityTennessee$6.27
University of Southern CaliforniaCalifornia$5.73
Dartmouth CollegeNew Hampshire$5.73
New York UniversityNew York$4.35
Brown UniversityRhode Island$3.98
California Institute of TechnologyCalifornia$2.98
Williams CollegeMassachusetts$2.89
Carnegie Mellon UniversityPennsylvania$2.54
Boston CollegeMassachusetts$2.52
University of RichmondVirginia$2.52
Amherst CollegeMassachusetts$2.47
Pomona CollegeCalifornia$2.33
Boston UniversityMassachusetts$2.30
Rockefeller UniversityNew York$2.29
University of RochesterNew York$2.24
Wellesley CollegeMassachusetts$2.17
Swarthmore CollegePennsylvania$2.13
Grinnell CollegeIowa$2.07
Smith CollegeMassachusetts$1.91
Tufts UniversityMassachusetts$1.87
Case Western Reserve UniversityOhio$1.87
Georgetown UniversityDistrict of Columbia$1.82
George Washington UniversityDistrict of Columbia$1.78
Bowdoin CollegeMaine$1.74
Texas Christian UniversityTexas$1.71
Washington and Lee UniversityVirginia$1.68
Southern Methodist UniversityTexas$1.66
Liberty UniversityVirginia$1.59
Tulane UniversityLouisiana$1.43
Lehigh UniversityPennsylvania$1.41
Syracuse UniversityNew York$1.39
Wake Forest UniversityNorth Carolina$1.38
Baylor UniversityTexas$1.34
Baylor College of MedicineTexas$1.30
Trinity UniversityTexas$1.28
Saint Louis UniversityMissouri$1.25
Berea CollegeKentucky$1.22
Middlebury CollegeVermont$1.12
Vassar CollegeNew York$1.12
University of TulsaOklahoma$1.11
Loma Linda UniversityCalifornia$1.08
Brandeis UniversityMassachusetts$1.07
Berry CollegeGeorgia$1.06
Northeastern UniversityMassachusetts$1.06
Santa Clara UniversityCalifornia$1.02
Wesleyan UniversityConnecticut$1.01
University of MiamiFlorida$1.00

Although not listed, Brigham Young University has an endowment worth $1.72 billion (2017), according to NCES.[12]

Public schools
InstitutionState2019 endowment
(billions USD)[11]
University of Texas System
(system-wide)		Texas$30.96
Texas A&M University System
(system-wide)		Texas$13.52
University of MichiganMichigan$12.45
University of California
(system-wide regents portions only)		California$11.01
University of VirginiaVirginia$7.06
Ohio State UniversityOhio$5.26
Pennsylvania State University
(system-wide)		Pennsylvania$4.55
University of PittsburghPennsylvania$4.31
University of MinnesotaMinnesota$3.95
University of North Carolina at Chapel HillNorth Carolina$3.67
University of Wisconsin–MadisonWisconsin$3.15
Michigan State UniversityMichigan$3.03
University of WashingtonWashington$2.94
University of California, Los AngelesCalifornia$2.75
Purdue University
(system-wide)		Indiana$2.63
Indiana University
(system-wide)		Indiana$2.49
University of Illinois system
(system-wide)		Illinois$2.35
Georgia Institute of TechnologyGeorgia$2.17
University of California, BerkeleyCalifornia$2.07
Virginia Commonwealth UniversityVirginia$2.04
University of California, San FranciscoCalifornia$1.84
University of FloridaFlorida$1.83
University of KansasKansas$1.82
University of IowaIowa$1.58
University of Alabama
(system-wide)		Alabama$1.52
Rutgers University
(system-wide)		New Jersey$1.48
University of DelawareDelaware$1.47
University of CincinnatiOhio$1.45
University of ColoradoColorado$1.45
University of Maryland System & FoundationMaryland$1.44
University of Nebraska
(system-wide)		Nebraska$1.44
University of KentuckyKentucky$1.41
North Carolina State UniversityNorth Carolina$1.40
Virginia Tech FoundationVirginia$1.36
University of Tennessee system
(system-wide)		Tennessee$1.36
University of Georgia & Related FoundationsGeorgia$1.34
Texas Tech University
(system-wide)		Texas$1.32
University of UtahUtah$1.23
University of Arkansas FoundationArkansas$1.22
Iowa State UniversityIowa$1.10
Washington State UniversityWashington$1.07
University of ArizonaArizona$1.04
University of Missouri
(system-wide)		Missouri
University of OklahomaOklahoma

Endowments per student greater than $1 million
Princeton University has the largest endowment per student in the United States (Blair Hall pictured).
Rank Institution Endowment per capita (2020)[13]
1 Princeton University $2,864,026
2 Soka University of America $2,785,613
3 Yale University $1,864,075
4 Stanford University $1,562,919
5 Harvard University $1,546,888
6 Massachusetts Institute of Technology $1,431,191
7 Pomona College $1,340,629
8 Swarthmore College $1,298,813
9 California Institute of Technology $1,296,611
10 Amherst College $1,230,609
11 Williams College $1,204,157
12 Grinnell College $1,177,767
13 Olin College $1,100,455
14 Juilliard School $1,019,944

See also

References
  1. "National Association of College and University Business Officers". NACUBO. Retrieved July 19, 2013.
  2. Ken Redd (May 26, 2020). "Historic Endowment Study Data". National Association of College and University Business Officers. Retrieved 21 November 2020.
  3. "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved 2019-01-10.
  4. "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.
  5. "End the Endowment Tax". The Harvard Crimson. 20 February 2018. Retrieved 29 March 2020.
  6. Wilson, John. "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved 29 March 2020.
  7. Powell, Alvin (21 December 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved 29 March 2020.
  8. Kreighbaum, Andrew (23 April 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved 29 March 2020.
  9. "H.R.5220 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  10. "H.R.4438 - Don't Tax Higher Education Act". Congress.gov. United States Congress. Retrieved 21 June 2020.
  11. "U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2019 Endowment Market Value and Change* in Endowment Market Value from FY18 to FY19". National Association of College and University Business Officers. 2019.
  12. "Endowment funds of the 120 degree-granting postsecondary institutions with the largest endowments, by rank order: Fiscal year 2017". National Center for Education Statistics. Retrieved 21 June 2020.
  13. "Rankings | Highest endowment per student". College Raptor. Retrieved 3 August 2020.
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