Many colleges and universities in the United States maintain a financial endowment consisting of assets that are invested in financial securities, real estate, and other instruments. The investment yields a return that funds a portion of an institution's operational expenses while the principal exists in perpetuity. U.S. colleges and universities maintain some of the largest endowments in the world and make up the vast majority of higher education institutions with endowments greater than $1 billion.
The National Association of College and University Business Officers (NACUBO) maintains information on endowments at U.S. higher education institutions by fiscal year (FY)., the total endowment market value of U.S. institutions stood at $839.090 billion, with an average across all institutions of $1.215 billion and a median of $215.682 million.
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.
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. Lobbyists representing wealthy private universities continue to advocate for its repeal. The Don't Tax Higher Education Act, which would repeal the endowment tax, was introduced in the 115th United States Congress, 116th United States Congress, and 117th United States Congress but failed in the Ways and Means Committee each time.
| Rank | Institution | State | Endowment | Change | |||||
|---|---|---|---|---|---|---|---|---|---|
| scope=col | Private | scope=col | Overall | scope=col | 1year | scope=col | 5year | scope=col | 10year |
| 1 | 1 | Massachusetts | $49.495 | ||||||
| 2 | 3 | Connecticut | $40.747 | ||||||
| 3 | 4 | California | $36.495 | ||||||
| 4 | 5 | New Jersey | $34.059 | ||||||
| 5 | 6 | Massachusetts | $23.453 | ||||||
| 6 | 7 | Pennsylvania | $20.963 | ||||||
| 7 | 11 | Indiana | $16.617 | ||||||
| 8 | 12 | Illinois | $13.700 | ||||||
| 9 | 13 | New York | $13.643 | ||||||
| 10 | 14 | North Carolina | $13.238 | ||||||
| 11 | 15 | Missouri | $11.467 | ||||||
| 12 | 16 | Maryland | $10.539 | ||||||
| 13 | 17 | Georgia | $10.240 | ||||||
| 14 | 18 | New York | $10.036 | ||||||
| 15 | 19 | Illinois | $9.870 | ||||||
| 16 | 21 | Tennessee | $9.684 | ||||||
| 17 | 22 | New Hampshire | $7.930 | ||||||
| 18 | 23 | California | $7.463 | ||||||
| 19 | 25 | Texas | $7.240 | ||||||
| 20 | 26 | Rhode Island | $6.201 | ||||||
| 21 | 27 | New York | $5.877 | ||||||
| 22 | 34 | Pennsylvania | $3.888 | ||||||
| 23 | 38 | California | $3.665 | ||||||
| 24 | 40 | Massachusetts | $3.487 | ||||||
| 25 | 41 | Massachusetts | $3.461 | ||||||
| 26 | 43 | Massachusetts | $3.342 | ||||||
| 27 | 44 | District of Columbia | $3.299 | ||||||
| 28 | 46 | Virginia | $3.150 | ||||||
| 29 | 47 | Massachusetts | $3.129 | ||||||
| 30 | 50 | Massachusetts | $2.889 | ||||||
| 31 | 51 | New York | $2.823 | ||||||
| 32 | 52 | California | $2.778 | ||||||
| 33 | 53 | Pennsylvania | $2.720 | ||||||
| 34 | 56 | Texas | $2.579 | ||||||
| 35 | 57 | District of Columbia | $2.522 | ||||||
| 36 | 58 | Iowa | $2.506 | ||||||
| 37 | 59 | Massachusetts | $2.470 | ||||||
| 38 | 60 | Maine | $2.424 | ||||||
| 39 | 61 | Massachusetts | $2.405 | ||||||
| 40 | 62 | New York | $2.365 | ||||||
| 41 | 66 | Ohio | $2.261 | ||||||
| 42 | 68 | Louisiana | $2.108 | ||||||
| 43 | 72 | Texas | $2.041 | ||||||
| 44 | 75 | Virginia | $1.974 | ||||||
| 45 | 76 | Texas | $1.966 | ||||||
| 46 | 77 | North Carolina | $1.900 | ||||||
| 47 | 78 | New York | $1.897 | ||||||
| 48 | 79 | Delaware | $1.820 | ||||||
| 49 | 83 | Pennsylvania | $1.756 | ||||||
| 50 | 84 | Missouri | $1.731 | ||||||
| 51 | 87 | Massachusetts | $1.663 | ||||||
| 52 | 88 | Texas | $1.654 | ||||||
| 53 | 91 | Wisconsin | $1.639 | ||||||
| 54 | 94 | Kentucky | $1.508 | ||||||
| 55 | 96 | Connecticut | $1.482 | ||||||
| 56 | 97 | California | $1.478 | ||||||
| 57 | 98 | Texas | $1.474 | ||||||
| 58 | 99 | Vermont | $1.469 | ||||||
| 59 | 101 | New Jersey | $1.415 | ||||||
| 60 | 102 | Florida | $1.366 | ||||||
| 61 | 106 | North Carolina | $1.322 | ||||||
| 62 | 108 | California | $1.306 | ||||||
| 63 | 110 | New York | $1.282 | ||||||
| 64 | 111 | New York | $1.274 | ||||||
| 65 | 113 | Georgia | $1.261 | ||||||
| 66 | 114 | Oklahoma | $1.260 | ||||||
| 67 | 116 | New York | $1.224 | ||||||
| 68 | 117 | Pennsylvania | $1.220 | ||||||
| 69 | 118 | Massachusetts | $1.216 | ||||||
| 70 | 119 | New York | $1.202 | ||||||
| 71 | 120 | Ohio | $1.199 | ||||||
| 72 | 121 | Minnesota | $1.172 | ||||||
| 73 | 122 | Pennsylvania | |||||||
| 74 | 123 | California | |||||||
| 75 | 124 | California | $1.123 | ||||||
| 76 | 125 | Maine | $1.116 | ||||||
| 77 | 127 | Pennsylvania | $1.088 | ||||||
| 78 | 130 | Pennsylvania | $1.048 | ||||||
| 79 | 132 | Massachusetts | $1.044 | ||||||
| 80 | 133 | Massachusetts | $1.036 | ||||||
| 81 | 134 | Colorado | $1.023 | ||||||
| 82 | 135 | Ohio | $1.002 |
For public universities, larger endowments are often associated with flagship state universities, especially those associated with a medical school. Eighteen states do not have institutions included in this list: Alaska, Connecticut, Delaware, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, New Mexico, New York, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia, and Wyoming. Many of these states have small populations. The New England states, however, are known for well-endowed private institutions. New York is one of the few populous states without a public university with a large endowment.
| Rank | Institution | State | Endowment | Change | |||||
|---|---|---|---|---|---|---|---|---|---|
| scope=col | Public | scope=col | Overall | scope=col | 1year | scope=col | 5year | scope=col | 10year |
| 1 | 2 | Texas | $44.967 | ||||||
| 2 | 8 | Texas | $19.285 | ||||||
| 3 | 9 | Michigan | $17.876 | ||||||
| 4 | 10 | California | $17.689 | ||||||
| 5 | 20 | Virginia | $9.800 | ||||||
| 6 | 24 | Ohio | $7.384 | ||||||
| 7 | 28 | Minnesota | $5.501 | ||||||
| 8 | 29 | Pennsylvania | $5.489 | ||||||
| 9 | 30 | North Carolina | $5.201 | ||||||
| 10 | 31 | Washington | $4.941 | ||||||
| 11 | 32 | Pennsylvania | $4.444 | ||||||
| 12 | 33 | Michigan | $4.054 | ||||||
| 13 | 35 | California | $3.873 | ||||||
| 14 | 36 | Wisconsin | $3.838 | ||||||
| 15 | 37 | Indiana | $3.794 | ||||||
| 16 | 39 | Indiana | $3.558 | ||||||
| 17 | 42 | Illinois | $3.383 | ||||||
| 18 | 45 | Iowa | $3.258 | ||||||
| 19 | 48 | Georgia | $2.947 | ||||||
| 20 | 49 | California | $2.915 | ||||||
| 21 | 54 | California | $2.719 | ||||||
| 22 | 55 | Virginia | $2.583 | ||||||
| 23 | 63 | Kansas | $2.357 | ||||||
| 24 | 64 | Florida | $2.337 | ||||||
| 25 | 65 | Nebraska | $2.266 | ||||||
| 26 | 67 | Missouri | $2.235 | ||||||
| 27 | 69 | Colorado | $2.096 | ||||||
| 28 | 70 | Maryland | $2.095 | ||||||
| 29 | 71 | Alabama | $2.089 | ||||||
| 30 | 73 | North Carolina | $2.028 | ||||||
| 31 | 74 | New Jersey | $1.988 | ||||||
| 32 | 80 | Georgia | $1.811 | ||||||
| 33 | 81 | Kentucky | $1.808 | ||||||
| 34 | 82 | Virginia | $1.792 | ||||||
| 35 | 85 | Texas | $1.716 | ||||||
| 36 | 86 | Oklahoma | $1.707 | ||||||
| 37 | 89 | Iowa | |||||||
| 38 | 90 | Utah | |||||||
| 39 | 92 | Tennessee | $1.600 | ||||||
| 40 | 93 | Arkansas | $1.527 | ||||||
| 41 | 95 | Oregon | $1.490 | ||||||
| 42 | 100 | Arizona | $1.467 | ||||||
| 43 | 103 | California | |||||||
| 44 | 104 | Virginia | |||||||
| 45 | 105 | Ohio | $1.346 | ||||||
| 46 | 107 | Massachusetts | $1.314 | ||||||
| 47 | 109 | Arizona | $1.288 | ||||||
| 48 | 112 | Washington | $1.267 | ||||||
| 49 | 115 | Oregon | $1.257 | ||||||
| 50 | 128 | Alabama | $1.079 | ||||||
| 51 | 129 | Louisiana | $1.061 | ||||||
| 52 | 131 | Texas | $1.046 | ||||||
| 53 | 134 | South Carolina | $1.027 |
| Rank | Institution | Enrollment | Endowment per student | Change (1year) | |
|---|---|---|---|---|---|
| 1 | 273 | $8,664,540 | |||
| 2 | 308 | $4,593,980 | |||
| 3 | 8,887 | $3,832,426 | |||
| 4 | 14,647 | $2,781,928 | |||
| 5 | 130 | $2,236,142 | |||
| 6 | 17,349 | $2,103,579 | |||
| 7 | 24,348 | $2,032,820 | |||
| 8 | 11,703 | $2,004,054 | |||
| 9 | 2,129 | $1,637,651 | |||
| 10 | 1,709 | $1,625,259 | |||
| 11 | 1,699 | $1,601,135 | |||
| 12 | 2,401 | $1,526,531 | |||
| 13 | 178 | $1,508,328 | |||
| 14 | 110 | $1,346,256 | |||
| 15 | 12,908 | $1,287,304 | |||
| 16 | 1,911 | $1,268,411 | |||
| 17 | 6,744 | $1,175,879 | |||
| 18 | 2,641 | $1,093,855 | |||
| 19 | 1,418 | $1,063,762 | |||
| 20 | 841 | $1,034,472 |