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FY23 NACUBO-Commonfund Study Released

February 15, 2024 |
1 minute read
FY23 NACUBO-Commonfund Study Released

U.S. Higher Education Endowments Report 7.7% Return for FY23 
While Spending More in Support of Their Missions

50th anniversary NACUBO-Commonfund Study shows participating colleges and universities spent a collective $28.4 billion from their endowments in FY23

WASHINGTON, DC (February 15, 2024)—Data from the 2023 NACUBO-Commonfund Study of Endowments® (NCSE) show that the endowments of 688 participating U.S. colleges and universities and affiliated foundations returned 7.7 percent, net of fees, for FY23 (July 1, 2022, to June 30, 2023), a sharp reversal of the -8.0 percent return reported for FY22.

In total, participating institutions withdrew $28.4 billion from their endowments during the fiscal year, an 8.4 percent year-over-year increase. According to the report, the largest share of institutions’ spending policy distributions in FY23, 47.7 percent, went to student financial aid; other spending was distributed across academic programs and included research (17.5 percent), endowed faculty positions (11.1 percent), operation and maintenance of campus facilities (7.4 percent), and all other purposes (16.4 percent).

“From the point of view of college and university chief business officers, the results of this year’s endowment study are ideal—a sound rate of return demonstrating good fiscal stewardship leading to additional resources available to the students, faculty, and programs that are our core mission,” said NACUBO President and CEO Kara D. Freeman. “Endowments are complex and managing them in the current financial environment can be difficult, but we see from this fiscal year 2023 data that our students, donors and institutions are being well served.”

Download the full press release. 

Request your copy of the latest NACUBO-Commonfund Study of Endowmentes

Media Contacts  

Katy McCreary
Director of Public Relations

Emily Roy
Prosek Partners


Commonfund Institute


Commonfund Institute


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