Long-Term Return Data Also Positive Council on Foundations-Commonfund Study finds
Outsourcing on the rise; gifts to community foundations increased
Wilton, Conn. (August 27, 2025) — In the volatile but ultimately supportive market environment of 2024, average annual returns on foundation endowments landed in double-digit positive territory from the previous year for the 255 foundations surveyed in the annual Council on Foundations–Commonfund Study of Investment of Endowments for Private and Community Foundations® (CCSF; the “Study”).
The average 2024 calendar year return on these endowed funds for the 154 private foundations participating in the Study was 10.3 percent, down from 12.6 percent reported for the 2023 Study. Similarly, for the 101 participating community foundations, the average 2024 return was 11.0 percent, from 14.1 percent in 2023. This marks the second year in a row that both foundation segments reported double-digit returns, stabilizing from the dramatic year-over-year swings reported in the prior two studies, including double digit declines in 2022 (all return data reported net of fees).
Strong one-year returns bolstered longer-term returns, which reflect foundations’ ability to finance their missions and program commitments going forward. Ten-year average annual returns increased for both segments: Private foundations reported 10-year returns of 7.3 percent (up from 7.1 percent in 2023 and matching the rate in 2022) and community foundations reported 10-year returns of 7.0 percent (from 6.2 percent last year and 6.4 percent in 2022).
For the first time in Study history, foundations reported for the 15- and 20-year net annualized returns on their endowments. Private foundations reported 7.5 percent and 6.4 percent on average for the two time periods, respectively, and community foundations reported 7.2 percent and 6.3 percent.“We’re heartened to see double-digit positive returns for the second year in a row as many foundations increase their giving to further support nonprofit partners,” Kathleen Enright, President and CEO of the Council on Foundations, and George Suttles, Executive Director of Commonfund Institute, said in a joint statement. “As new challenges arise and endowments are inevitably affected by the rising and falling of the markets, we’re confident that foundations will continue to serve as bedrocks for the communities and causes they support, today and tomorrow.”
With data reported by 255 private and community foundations representing $104.9 billion in combined assets, the CCSF is the most comprehensive annual survey of its kind. The 2024 Study marks the 13th year that the Council on Foundations and Commonfund Institute, two leading organizations in foundation investment and governance policies and practices, have partnered to produce this research. The Study reports data from private and community foundations separately to reflect the differing structures of the two foundation types and, for deeper analysis, also breaks both types into three cohorts segmented by endowment size.
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