List of colleges and universities in the United States by endowment

This following is a list of U.S. institutions of higher education with endowments greater than one billion dollars according to the National Association of College and University Business Officers (NACUBO).[1]

Annenberg Hall at Harvard University. Harvard has the largest endowment in the world.

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

Blair Hall at Princeton University. Princeton has the largest endowment per student in the United States.

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.[2][3]

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.[4][5] Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.[5][6] There continue to be vigorous efforts that advocate the repeal of the tax.[7] Legislation to repeal the tax has been introduced in Congress with bipartisan cosponsorship.[8][9]

Top 10 endowments per student
Rank Institution Endowment per capita (2020)[10]
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

Endowments currently greater than $1 billion according to NACUBO

Private schools

Data are compiled annually by the National Association of College and University Business Officers (short scale billions are used).[11][12][13][14][15][16][17][18][19][20][21]

Institution State 2019
(billions USD)[11]		 2018
(billions USD)[11]		 2017
(billions USD)[22]		 2016
(billions USD)[12]		 2015
(billions USD)[13]		 2014
(billions USD)[14]		 2013
(billions USD)[15]		 2012
(billions USD)[16]		 2011
(billions USD)[17]		 2010
(billions USD)[18]		 2009
(billions USD)[19]		 2008
(billions USD)[20]		 2007
(billions USD)[21]
Amherst College MA $2.473 $2.378 $2.248 $2.031 $2.194 $2.149 $1.823 $1.641 $1.642 $1.386 $1.306 $1.705 $1.662
Baylor University TX $1.340 $1.313 $1.230 $1.144 $1.168 $1.154 $1.061 $0.964 $1.004 $0.872 $0.880 $1.060 $1.018
Baylor College of Medicine TX $1.301 $1.272 $1.166 $1.064 $1.095 $1.021 $0.873 $0.795 $0.838 $0.799 $0.731 $1.091 $1.278
Berea College KY $1.219 $1.198 $1.150 $1.051 $1.101 $1.137 $1.012 $0.943 $0.979 $0.847 $0.791 $1.023 $1.102
Boston College MA $2.523 $2.478 $2.317 $2.064 $2.220 $2.131 $1.809 $1.646 $1.726 $1.480 $1.341 $1.631 $1.670
Boston University MA $2.304 $2.198 $1.957 $1.655 $1.644 $1.616 $1.369 $1.104 $1.160 $0.992 $0.892 $1.145 $1.101
Berry College GA $1.059
Bowdoin College ME $1.744 $1.628 $1.456 $1.340 $1.393 $1.216 $1.039 $0.902 $0.904 $0.754 $0.688 $0.831 $0.828
Brandeis University MA $1.074 $1.046
Brown University RI $3.977 $3.604 $3.245 $2.964 $3.073 $3.000 $2.669 $2.460 $2.497 $2.155 $2.017 $2.747 $2.781
California Institute of Technology CA $2.975 $2.879 $2.607 $2.107 $2.199 $2.094 $1.849 $1.747 $1.772 $1.545 $1.398 $1.892 $1.860
Carnegie Mellon University PA $2.543 $2.386 $2.154 $1.709 $1.739 $1.600 $1.371 $0.987 $1.017 $0.815 $0.754 $1.067 $1.116
Case Western Reserve University OH $1.867 $1.843 $1.799 $1.663 $1.776 $1.759 $1.678 $1.600 $1.703 $1.462 $1.402 $1.766 $1.841
College of the Holy Cross MA $1.081
Columbia University NY $10.951 $10.869 $9.997 $9.041 $9.639 $9.223 $8.197 $7.654 $7.790 $6.517 $5.893 $7.147 $7.150
Cornell University NY $7.328 $7.230 $6.758 $5.758 $6.038 $6.312 $5.272 $4.947 $5.059 $4.379 $3.966 $5.385 $5.425
Dartmouth College NH $5.731 $5.494 $4.956 $4.674 $4.663 $4.468 $3.733 $3.486 $3.413 $2.998 $2.825 $3.660 $3.760
Duke University NC $8.600 $8.525 $7.911 $6.840 $7.297 $7.037 $6.040 $5.555 $5.747 $4.824 $4.441 $6.124 $5.910
Emory University GA $7.872 $7.292 $6.905 $6.402 $6.684 $6.681 $5.816 $5.461 $5.400 $4.694 $4.328 $5.473 $5.562
George Washington University DC $1.779 $1.799 $1.729 $1.570 $1.616 $1.577 $1.375 $1.306 $1.331 $1.144 $1.011 $1.256 $1.147
Georgetown University DC $1.822 $1.770 $1.662 $1.484 $1.529 $1.461 $1.286 $1.142 $1.160 $1.010 $0.895 $1.059 $1.059
Grinnell College IA $2.070 $1.992 $1.871 $1.649 $1.788 $1.830 $1.553 $1.384 $1.500 $1.265 $1.076 $1.472 $1.718
Harvard University MA $39.428 $38.303 $36.021 $34.542 $36.449 $35.883 $32.334 $30.435 $31.728 $27.557 $25.662 $36.556 $34.635
Johns Hopkins University MD $6.276 $4.325 $3.845 $3.381 $3.413 $3.452 $2.987 $2.593 $2.598 $2.220 $1.977 $2.525 $2.800
Liberty University VA $1.588 $1.433 $1.291
Lehigh University PA $1.412 $1.353 $1.278 $1.163 $1.213 $1.216 $1.103 $1.036 $1.077 $0.940 $0.886 $1.127 $1.086
Loma Linda University CA $1.077 $1.015
Massachusetts Institute of Technology MA $17.569 $16.529 $14.968 $13.182 $13.475 $12.425 $11.005 $10.150 $9.713 $8.317 $7.982 $10.069 $9.980
Middlebury College VT $1.124 $1.124 $1.074 $1.001 $1.101 $1.082 $0.973 $0.880 $0.908 $0.783 $0.700 $0.885 $0.936
New York University NY $4.346 $4.266 $3.991 $3.488 $3.576 $3.424 $2.949 $2.755 $2.827 $2.370 $2.094 $2.475 $2.162
Northeastern University MA $1.055 $1.015
Northwestern University IL $11.092 $11.088 $10.437 $9.648 $10.193 $9.778 $7.883 $7.119 $7.183 $5.945 $5.445 $7.244 $6.503
Pomona College CA $2.325 $2.274 $2.167 $1.985 $2.099 $2.101 $1.823 $1.680 $1.700 $1.459 $1.334 $1.794 $1.761
Princeton University NJ $26.116 $25.917 $23.812 $22.153 $22.723 $20.996 $18.200 $16.954 $17.110 $14.391 $12.614 $16.349 $15.787
Rice University TX $6.481 $6.278 $5.814 $5.324 $5.557 $5.528 $4.836 $4.419 $4.451 $4.100 $3.613 $4.610 $4.670
Rockefeller University NY $2.293 $2.194 $2.049 $1.927 $1.987 $1.986 $1.772 $1.662 $1.746 $1.561 $1.528 $2.021 $2.144
Saint Louis University MO $1.253 $1.223 $1.147 $1.053 $1.093 $1.077 $0.956 $0.853 $0.880 $0.708 $0.646 $0.880 $0.959
Santa Clara University CA $1.020
Smith College MA $1.913 $1.875 $1.767 $1.627 $1.782 $1.756 $1.557 $1.410 $1.430 $1.244 $1.096 $1.366 $1.361
Southern Methodist University TX $1.664 $1.633 $1.515 $1.384 $1.505 $1.466 $1.268 $1.177 $1.197 $1.069 $1.035 $1.368 $1.328
Stanford University CA $27.700 $26.465 $24.785 $22.398 $22.223 $21.446 $18.668 $17.036 $16.503 $13.851 $12.619 $17.200 $17.165
Swarthmore College PA $2.132 $2.116 $1.956 $1.747 $1.846 $1.877 $1.634 $1.499 $1.508 $1.249 $1.129 $1.413 $1.441
Syracuse University NY $1.393 $1.338 $1.259 $1.157 $1.166 $1.183 $1.121 $0.9401 $0.9137 $0.8492 $0.6756 $1.000 $1.086
Texas Christian University TX $1.709 $1.628 $1.521 $1.436 $1.514 $1.443 $1.256 $1.180 $1.192 $1.048 $0.975 $1.260 $1.187
Trinity University (Texas) TX $1.280 $1.292 $1.194 $1.085 $1.185 $1.180 $1.005 $0.908 $0.963 $0.855 $0.851 $1.034 $0.991
Tufts University MA $1.868 $1.846 $1.739 $1.563 $1.593 $1.590 $1.440 $1.351 $1.404 $1.214 $1.103 $1.446 $1.452
Tulane University LA $1.430 $1.384 $1.288 $1.171 $1.220 $1.184 $1.047 $0.960 $1.014 $0.888 $0.807 $1.035 $1.009
University of Chicago IL $8.264 $7.928 $7.524 $7.001 $7.550 $7.546 $6.668 $6.571 $6.575 $5.543 $5.578 $6.632 $6.204
University of Miami FL $0.997 $1.024
University of Notre Dame IN $11.268 $10.728 $9.352 $8.374 $8.567 $8.040 $6.856 $6.330 $6.260 $5.235 $4.795 $6.226 $5.977
University of Pennsylvania PA $14.650 $13.777 $12.213 $10.715 $10.134 $9.582 $7.741 $6.755 $6.582 $5.669 $5.171 $6.233 $6.635
University of Richmond VA $2.518 $2.512 $2.373 $2.372 $2.372 $2.313 $2.023 $1.868 $1.877 $1.615 $1.417 $1.704 $1.655
University of Rochester NY $2.240 $2.257 $2.350 $2.190 $2.050 $2.015 $1.730 $1.582 $1.623 $1.368 $1.315 $1.731 $1.726
University of Southern California CA $5.732 $5.544 $5.128 $4.609 $4.710 $4.593 $3.868 $3.489 $3.517 $2.948 $2.671 $3.589 $3.715
University of Tulsa OK $1.114 $1.093 $1.026
Vanderbilt University TN $6.271 $4.608 $4.136 $3.822 $4.134 $4.086 $3.673 $3.399 $3.415 $3.044 $2.834 $3.524 $3.487
Vassar College NY $1.117 $1.083 $1.002
Wake Forest University NC $1.375 $1.329 $1.205 $1.141 $1.167 $1.148 $1.061 $1.000 $1.032 $0.938 $0.887 $1.254 $1.249
Washington and Lee University VA $1.676 $1.603 $1.547 $1.472 $1.471 $1.478 $1.345 $1.262 $1.218 $1.008 $0.897 $1.027 $0.693
Washington University in St. Louis MO $7.954 $7.594 $7.130 $6.462 $6.819 $6.643 $5.651 $5.226 $5.280 $4.473 $4.081 $5.350 $5.658
Wellesley College MA $2.173 $2.105 $1.930 $1.785 $1.854 $1.808 $1.550 $1.445 $1.500 $1.307 $1.266 $1.611
Wesleyan University CT $1.005
Williams College MA $2.889 $2.750 $2.508 $2.256 $2.395 $2.253 $1.996 $1.799 $1.784 $1.527 $1.409 $1.808 $1.892
Yale University CT $30.314 $29.351 $27.176 $25.409 $25.572 $23.900 $20.780 $19.345 $19.374 $16.652 $16.327 $22.870 $22.530

The following states have no private university with >$1B endowment according to the NACUBO report for 2018: AK, AL, AR, AZ, CO, HI, ID, KS, MI, MN, MT, MS, ND, NM, NV, OR, SC, SD, UT, WA, WI, WV, WY.

Although not listed, Brigham Young University has an endowment worth $1.72 billion (2017), according to NCES.[23]

Public schools

Data are compiled annually by the National Association of College and University Business Officers (short scale billions are used).[11][12][13][14][15][16][17][18][19][20][21]

Institution State 2019
(billions USD)[11]		 2018
(billions USD)[11]		 2017
(billions USD)[22]		 2016
(billions USD)[12]		 2015
(billions USD)[13]		 2014
(billions USD)[14]		 2013
(billions USD)[15]		 2012
(billions USD)[16]		 2011
(billions USD)[17]		 2010
(billions USD)[18]		 2009
(billions USD)[19]		 2008
(billions USD)[20]		 2007
(billions USD)[21]
University of Arizona AZ $1.038
Georgia Institute of Technology GA $2.169 $2.091 $1.985 $1.844 $1.859 $1.889 $1.714 $1.608 $1.620 $1.051 $0.994 $1.344 $1.281
Indiana University
(system-wide)		 IN $2.486 $2.397 $2.229 $1.986 $1.974 $1.988 $1.735 $1.577 $1.575 $1.371 $1.227 $1.546 $1.557
Iowa State University IA $1.102 $1.064
Michigan State University MI $3.033 $2.908 $2.683 $2.225 $2.700 $2.145 $1.367 $1.407 $1.400 $1.148 $1.047 $1.282 $1.248
North Carolina State University NC $1.401 $1.294 $1.123 $0.999
Ohio State University OH $5.257 $5.211 $4.253 $3.579 $3.634 $3.548 $3.149 $2.366 $2.121 $1.869 $1.652 $2.076 $2.338
Pennsylvania State University
(system-wide)		 PA $4.546 $4.264 $3.991 $3.602 $3.636 $3.446 $2.956 $1.780 $1.725 $1.368 $1.226 $1.545 $1.590
Purdue University
(system-wide)		 IN $2.625 $2.524 $2.425 $2.255 $2.398 $2.443 $2.182 $1.917 $2.002 $1.633 $1.458 $1.736 $1.787
Rutgers University (system-wide) NJ $1.476 $1.330 $1.220 $1.077 $1.002 $0.918 $0.783 $0.694 $0.699 $0.603 $0.545 $0.640 $0.654
Texas A&M University System
(system-wide)		 TX $13.515 $13.525 $11.556 $10.540 $10.477 $11.104 $8.732 $7.639 $7.000 $5.738 $5.084 $6.659 $6.590
Texas Tech University
(system-wide)		 TX $1.317 $1.307 $1.262 $1.126 $1.178 $1.195 $0.964 $0.869 $0.891 $0.775 $0.680 $0.793 $0.642
University of Alabama
(system-wide)		 AL $1.520 $1.452 $1.351 $1.221 $1.239 $1.235 $1.055 $0.986 $0.995 $0.854 $0.796 $0.998 $1.000
University of Arkansas Foundation AR $1.222 $1.199
University of California
(system-wide regents portions only)		 CA $11.008 $11.798 $9.788 $8.341 $7.997 $7.384 $6.337 $5.963 $6.342 $5.441 $4.937 $6.217 $6.439
University of California, Berkeley CA $2.071 $1.944 $1.795 $1.586 $1.575 $1.496 $1.243 $1.089 $1.055 $0.996 $0.895 $0.872 $0.837
University of California, Los Angeles CA $2.747 $2.523 $2.063 $1.803 $1.865 $1.733 $1.526 $1.331 $1.486 $0.996 $0.895 $1.054 $0.975
University of California, San Francisco CA $1.840 $1.644 $1.307 $1.139 $1.161 $0.944 $0.675 $0.643 $0.509 $0.439 $0.468 $0.471
University of Cincinnati OH $1.453 $1.367 $1.283 $1.166 $1.196 $1.184 $1.045 $0.976 $1.003 $0.886 $0.884 $1.099 $1.185
University of Colorado CO $1.453 $1.361 $1.220 $1.063 $1.090 $1.063 $0.885 $0.771 $0.785 $0.665 $0.593 $0.870 $0.717
University of Delaware DE $1.466 $1.413 $1.364 $1.262 $1.341 $1.310 $1.171 $1.088 $1.138 $1.092 $1.008 $1.340 $1.397
University of Florida FL $1.825 $1.735 $1.612 $1.462 $1.556 $1.520 $1.359 $1.263 $1.295 $1.105 $1.011 $1.251 $1.219
University of Georgia & Related Foundations GA $1.344 $1.274 $1.152 $1.017
University of Illinois system
[24](system-wide)		 IL $2.354 $2.294 $2.441 $2.291 $2.388 $2.278 $1.925 $1.667 $1.601 $1.290 $1.112 $1.459 $1.515
University of Iowa IA $1.579 $1.500 $1.387 $1.259 $1.263 $1.251 $1.094 $0.981 $1.044 $0.792 $0.766 $0.935 $0.982
University of Kansas KS $1.817 $1.741 $1.612 $1.475 $1.500 $1.471 $1.228 $1.182 $1.250 $1.198 $0.955 $1.218 $1.239
University of Kentucky KY $1.407 $1.361 $1.285 $1.119 $1.143 $1.137 $0.992 $0.900 $0.916 $0.779 $0.697 $0.909 $0.958
University of Maryland System & Foundation MD $1.436 $1.298 $1.099
University of Michigan MI $12.449 $11.902 $10.936 $9.743 $9.952 $9.731 $8.382 $7.691 $7.835 $6.564 $6.001 $7.572 $7.090
University of Minnesota MN $3.951 $3.717 $3.494 $3.281 $3.297 $3.165 $2.757 $2.494 $2.503 $2.196 $2.086 $2.751 $2.804
University of Missouri
(system-wide)		 MO $1.675 $1.603 $1.460 $1.477 $1.441 $1.259 $1.172 $1.119 $0.975 $0.882 $1.025 $1.098
University of Nebraska
(system-wide)		 NE $1.436 $1.723 $1.617 $1.475 $1.538 $1.547 $1.338 $1.215 $1.242 $1.143 $0.965 $1.221 $1.277
University of North Carolina at Chapel Hill NC $3.671 $3.433 $3.027 $2.890 $2.989 $2.696 $2.381 $2.179 $2.261 $1.979 $1.905 $2.359 $2.164
University of Oklahoma OK $1.735 $1.646 $1.520 $1.523 $1.493 $1.324 $1.172 $1.212 $0.968 $0.848 $1.155 $1.114
University of Pittsburgh PA $4.311 $4.200 $3.945 $3.525 $3.589 $3.493 $2.975 $2.618 $2.527 $2.033 $1.837 $2.334 $2.254
University of Tennessee system
(system-wide)		 TN $1.355 $1.298 $1.215 $1.100 $1.107 $1.072 $0.919 $0.827 $0.848 $0.729 $0.887 $0.954
University of Texas System
(system-wide)		 TX $30.958 $30.886 $26.535 $24.203 $24.083 $25.426 $20.448 $18.264 $17.149 $14.052 $12.163 $16.111 $15.614
University of Utah UT $1.225 $1.186 $1.127 $1.071
University of Virginia VA $7.058 $6.953 $6.394 $5.852 $6.181 $5.946 $5.116 $4.789 $4.761 $3.707 $3.577 $4.526 $4.370
University of Washington WA $2.935 $2.764 $2.529 $2.968 $3.076 $2.833 $2.346 $2.111 $2.154 $1.905 $1.649 $2.262 $2.184
University of Wisconsin–Madison WI $3.153 $2.985 $2.746 $2.419 $2.465 $2.332 $2.020 $1.812 $1.873 $1.551 $1.373 $1.735 $1.645
Virginia Commonwealth University VA $2.043 $1.951 $1.843 $1.560 $1.638 $1.509 $1.327 $0.438 $0.350 $0.281 $0.253 $0.330 $0.329
Virginia Tech Foundation VA $1.358 $1.146
Washington State University WA $1.068 $1.024

The following states have no public university with >$1B endowment according to the NACUBO report for 2018: AK, CT, HI, ID, LA, MA, ME, MT, MS, ND, NH, NM, NV, NY, OR, RI, SC, SD, VT, WV, WY.

See also

References
  1. "National Association of College and University Business Officers". NACUBO. Retrieved July 19, 2013.
  2. "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". www.insidehighered.com. Retrieved 2019-01-10.
  3. "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying?". www.insidehighered.com. Retrieved 2020-02-21.
  4. "End the Endowment Tax". The Harvard Crimson. 20 February 2018. Retrieved 29 March 2020.
  5. Wilson, John. "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved 29 March 2020.
  6. Powell, Alvin (21 December 2017). "Tax on university endowments passes". The Harvard Gazette. Retrieved 29 March 2020.
  7. Kreighbaum, Andrew (23 April 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved 29 March 2020.
  8. "H.R.5220 - Don't Tax Higher Education Act". Congress.gov. Retrieved 21 June 2020.
  9. "H.R.4438 - Don't Tax Higher Education Act". Congress.gov. Retrieved 21 June 2020.
  10. "Rankings | Highest endowment per student". College Raptor. Retrieved 3 August 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". 2019.
  12. "2016 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2016. Archived from the original (PDF) on February 15, 2017. Retrieved March 24, 2017.
  13. "2015 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2015. Archived from the original (PDF) on 2016-01-31. Retrieved 2016-02-01.
  14. "2014 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2014. Archived from the original (PDF) on 2017-02-23. Retrieved 2015-02-15.
  15. "2013 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2013. Archived from the original (PDF) on 2014-05-19. Retrieved 2014-04-18.
  16. "2012 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). January 2013. Archived from the original (PDF) on 2013-05-12. Retrieved 2013-02-01.
  17. "2011 NACUBO-Commonfund Study of Endowments Results" (PDF). National Association of College and University Business Officers (NACUBO). 2012-01-17. Archived from the original (PDF) on 2013-10-29. Retrieved 2012-01-31.
  18. "2010 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2011. Archived from the original (PDF) on 2012-07-01. Retrieved 2011-01-27.
  19. "2009 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2010. Archived from the original (PDF) on 2017-12-14. Retrieved 2010-01-29.
  20. "2008 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2008. Archived from the original (PDF) on 2010-12-29. Retrieved 2009-01-28.
  21. "2007 NACUBO Endowment Study" (PDF). National Association of College and University Business Officers (NACUBO). 2007. Archived from the original (PDF) on 2008-02-16. Retrieved 2008-07-08.
  22. "2017 NACUBO-Commonfund Study of Endowments" (PDF). National Association of College and University Business Officers (NACUBO). 2017. Archived from the original (PDF) on March 6, 2018. Retrieved February 4, 2018.
  23. "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.
  24. https://uif.uillinois.edu/endowment-performance
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