endowment fund education

Endowment Fund

An investment portfolio with the initial capital coming from donations

What is an Endowment Fund?

An endowment fund is an investment portfolio with the initial capital deriving from donations. Endowment funds are established to fund charitable and nonprofit institutions such as churches, hospitals, and universities. Donations to endowment funds are tax-deductible. The Harvard University endowment is the largest academic endowment fund in the world, with a $40.9 billion asset under management as of 2019.

• Endowment funds are established to fund nonprofit organizations and activities, including universities, hospitals, and charities.
• They are typically structured with intact principals and investment income available for use.
• Term endowment, restricted and unrestricted endowment, and quasi-endowment funds are some types of endowment funds.

How Endowment Funds Work

Endowment funds are initially invested by donors for certain charitable purposes. They are usually established as trusts, which keep them independent of the organizations that they support. Endowment funds consist of cash, equities, bonds, and other types of securities that can generate investment income.

The major difference between an endowment fund and a typical investment fund – such as a mutual fund – is that the beneficiary of an endowment fund is a non-profit organization instead of individual investors. Typically, the principal value of an endowment fund is kept intact, while the investment income can be used for certain purposes.

Thus, an endowment fund can be held permanently. The donors restrict the purposes an endowment fund can be used for. For example, a donor may provide capital to a fund with an intent to save animals exclusively.

Types of Endowment Funds

1. Term Endowment

As mentioned above, many endowment funds are structured with their principals reserved and not available for the daily use of the organizations. A term endowment is a type of fund that all or a part of the principal can only be used after a certain time or the occurrence of a certain event.

The term or the triggering event is pre-determined in the fund policy according to the donor’s intent. However, the principal can be invested to generate investment income, which is available for the use of an organization.

2. Restricted Endowment

There are limitations to the use of capital in a restricted endowment fund. It can only be used for certain purposes determined by the donor. For example, a restricted university endowment fund may only serve to pay scholarships to students with certain academic achievements.

3. Unrestricted Endowment

In contrast to a restricted endowment, the donor of an unrestricted endowment fund does not limit the purpose of the usage. The recipient is allowed to spend the money for any purpose. This type of funds is much less common than the restricted ones.

4. Quasi-Endowment

The typical type of endowment fund is permanent funds, which are established to exist in perpetuity. In contrast, a quasi-endowment fund is not required by any legal restriction to exist permanently, which means the principal of a quasi-endowment is allowed to be spent at some point.

A quasi-endowment is also known as a “board designated” endowment fund. It works as a typical endowment does, except the use of funds can be determined by the governing board of the organization that the fund serves, instead of the donors.

Usage and withdrawal restrictions may exist in a quasi-endowment fund, but the board can end the restrictions for any reason and use the money for any purpose at any time. Compared with typical endowment funds, a quasi-endowment offers more flexibility to an organization in funding special projects in the future.

Relevant Policies

Most endowment funds are subject to the following policies, according to donors’ intents:

1. Investment Policies

Investment policies outline the types of investment that the fund manager is allowed to make. The policies may cover asset allocation, risk level, targeted return, and so on. Endowment funds usually come with a lower risk level and more liquidity concerns than mutual funds and hedge funds. The liquidity requirement ensures that cash is available for withdrawal when the organization needs it.

2. Withdrawal Policies

Withdrawal policies limit the amount of money that the organization can take out of a fund within each period. The annual withdrawal is usually capped at a certain percentage of the total amount of a fund. The percentage is usually low, so that the fund will be able to last in perpetuity.

3. Usage Policies

Usage policies determine for what purposes a fund can be used. Examples include scholarships, scientific research , public services, and other charitable activities. Usage policies are set with a purpose to ensure the fund can be used effectively and properly.

Additional Resources

CFI offers the Commercial Banking & Credit Analyst (CBCA)™ certification program for those looking to take their careers to the next level. To keep learning and developing your knowledge base, please explore the additional relevant resources below:

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Endowment FAQs for Colleges and Universities

What is the purpose of endowments?

Endowments are:

• charitable  funds that offer a source of  stability for colleges and universities . 
• critical to the  financial health  of institutions.
• essential to support colleges and universities as they work to offer  high-quality, affordable, accessible education .
• not a single fund, but a compilation of funds given by many donors over time, for specific purposes that cannot always be changed after the gift is made.

Colleges and universities receive returns on their endowment investments each year. Those returns are generally spent at an approximate rate of 4.5%  each fiscal year to meet current teaching, learning, and operational needs; any remaining investment returns are generally reinvested into the existing endowment.

How are endowments created?

A college or university's endowment is a collection of hundreds to thousands of separate funds, set up through the generous charitable gifts of donors. An institution’s development office works closely with donors to identify initiatives, projects, or programs of mutual interest. A donor can then set up an endowed fund at the institution to support programs and projects of which they are most passionate.

Endowed funds grow over time through a combination of donations and investment returns, and funds are spent to both meet current needs and the needs of future generations. Most of these endowed funds are known as “restricted” funds that can only be spent in specific situations or under certain conditions.

Why aren’t colleges and universities using their endowments to plug budget gaps?

Endowments are NOT rainy day funds or reserves, nor are they a checking account. Donors typically restrict endowed gifts for specific educational purposes: creating scholarships, supporting professional development, endowing a “chair” position, starting new programs, or building new facilities.

The FY19 CASE Voluntary Support of Education  found that 95 percent of new gifts to endowments at colleges and universities   were restricted for specific purposes. Institutions are legally bound to uphold these restrictions and cannot redirect endowed funds to close budget gaps.

Since most colleges and universities calculate their annual spending rate on a rolling average or similar formula, endowment spending typically remains stable in the short-term during a downturn. This stable endowment spending provides institutions with flexibility in managing financial challenges. However, colleges and universities cannot spend otherwise restricted endowed funds to meet short-term financial needs.

What happens to endowments during a pandemic or economic crisis?

Endowments are vulnerable to market risks. During the Great Recession,  endowments  lost an average of 18.7 percent in 2008-09. Because most colleges and universities calculate their annual spending rate on a rolling average or similar formula, endowment spending typically remains stable in the short-term. However, since they are obligated by donors and law to ensure endowed funds meet current and future needs, institutions often must adjust the amount of their spending distributions if a downturn persists.

Additionally, some endowed funds will go “underwater” during a market downturn. Underwater funds are funds that have a value below the value of the original gift. While schools may still spend out of underwater endowments, they ultimately need to get these funds back  above water so the funds can support both current and future needs.

Why are colleges and universities asking for donations for student emergency funds?

Most endowed funds at educational institutions are restricted by donors for a particular purpose and meant to support both current and future needs. While many endowed funds support student financial aid/scholarships, many students are in need of more direct, emergency assistance due to the COVID-19 pandemic.

As such, institutions have created dedicated student emergency funds to help students who are struggling financially right now. Gifts made to these funds are for current use, which means institutions can use them immediately to help struggling students.

Additional Resources

• CASE Library  Sample Collection: Endowment Managemen t
• CASE Library  Subject Guide: Endowment Management
• CASE Library Subject Guide: Emergency Aid Funds
• "Endowments Are Forever," Currents , Oct. 2016  

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What Is an Endowment Fund?

Definition and examples of an endowment fund, how does an endowment fund work, three types of endowment funds, endowment fund policies and guidelines, endowment fund fees and costs.

William Thomas Cain / Stringer / Getty Images

An endowment fund is a type of investment fund that’s set up to receive gifts and donations from donors. What makes an endowment fund unique is that the organization overseeing the fund typically uses the interest earned from donations to finance its activities—the donations themselves never get spent.

Key Takeaways

• Endowment funds are a type of investment fund held by nonprofit organizations such as universities, hospitals, churches, museums, and other charities.
• The donations inside the fund usually stay invested forever, and only the earned interest is available to finance the endowment’s activities each year.
• Generally, investment income generated by the endowment must be spent according to the donor’s wishes, as outlined in the fund’s guiding documents.
• There are three primary types of endowment funds: true endowments, term endowments, and quasi-endowments.

An endowment fund is an investment portfolio held by a nonprofit organization—such as a university, hospital, or museum—for the purpose of generating a permanent stream of capital. The fund’s portfolio can be made up of cash, publicly traded securities, real estate, life insurance, retirement accounts, and other assets. 

Endowment funds are usually permanent because the principal balance, or “corpus,” stays invested forever. The organization can only spend the investment income generated by the fund—and that income must be used according to donors’ wishes.

For example, the San Diego Foundation is a community-focused and run organization that distributes the funds’ investment earnings to “impactful organizations for social impact” on its donors’ behalf. It manages 1,330 individual endowment funds, totaling more than $682 million. Collectively, these funds make up its endowment fund investment portfolio.

Imagine you inherit a trust fund from your parents. The trust has $1 million in it, but there’s a catch: Your parents have explicitly stated that the principal balance is off-limits. You can only spend the interest the trust’s assets produce each year—and you can’t blow it on frivolous purchases like a trip to Tahiti or a McMansion. The money has to be used specifically for continuing education, health care costs, and other necessities.

That’s essentially how an endowment fund works. A donor (or several donors) provides substantial assets to a nonprofit institution. Those assets are invested, usually in stocks, bonds, or other types of investment vehicles, so they grow over time due to the income earned on the interest generated by the underlying assets. A set of guiding documents often outlines how the organization can spend the income that those assets produce.

If the nonprofit is a university, the donor may say their endowment fund can only be used to fund scholarships, professorships, or research programs. If it’s an animal shelter, a donor might specify the fund is to be used to finance pet supplies and vet bills.

Generally speaking, nonprofits use endowment funds because they provide a predictable stream of income and signal to the community that the organization is stable and plans to be around long term. Some donors like endowment funds because they get a tax deduction. It also gives donors the opportunity to immortalize their charitable legacies by naming the fund after themselves or their families.

Some organizations manage endowment funds themselves, while others may hire an outside investment firm to help maximize the fund’s performance.

There are three main types of endowment funds:

True or Restricted Endowments

A true endowment is designed to exist forever; therefore, the principal balance is usually permanently “restricted” by the donor, which means it can’t be spent. In other words, only the income generated by the investment interest can be used to finance the fund’s charitable activities. Many donors create true endowments to fund college or university scholarships, or to provide financial support for specific academic programs.

Term or Temporarily Restricted Endowments

Term endowments are typically temporarily restricted by the donor until a certain event or “defined term” takes place—such as a specific time period passes or an event happens. For example, a donor may allow an organization to dip into the principal balance to launch a new research program after the initial endowment term has expired.

Quasi or Unrestricted Endowments

Quasi-endowments aren’t restricted. They’re typically set up and funded by the foundation itself and can be used as the organization sees fit—to cover operating costs, fund payroll, or for any other purpose.

Endowment funds are governed by a set of guiding documents that outlines how their assets can be used. If the organization violates the terms in these documents, it could face legal trouble.

Investment Policy

The fund’s investment policy dives into the nitty-gritty of why it exists and how it should be managed. It typically includes information on:

• The fund’s investment objectives
• Guidelines for allocating and rebalancing the assets in the fund’s investment portfolio
• Recommendations for fund-manager selection and portfolio monitoring
• Benchmarks for evaluating performance

Fund Agreement

The fund agreement is a signed document—typically created by the donor—that clearly states how the organization can spend the fund’s budget. The organization can’t use the fund for any other purpose unless the donor makes an amended agreement.

Endowment Spending Policy

The spending policy outlines how much of an endowment’s investment returns can be spent each year. Most endowment funds have spending rates of 3% to 7%, with 4.5% being the average rate for endowment funds of at least $100 million. This means that on average, an endowment fund with a $100 million balance may generate $4.5 million in yearly investment income for an organization.

Endowment funds can be expensive to manage and maintain. The exact cost depends on the size of the fund, how it’s invested, and the number of people in charge of managing it.

For example, the Clemson University Foundation has an annual administrative management fee of 1.25% for its endowment funds. This fee is assessed on the value of the endowment’s accounts each quarter. It covers the costs of raising, investing, and administering funds in the endowment as outlined in the foundation’s policies and procedures.

The San Diego Foundation. " What Is an Endowment Fund? " See "Learn More." Accessed Oct. 5, 2021.

Vanguard. " Nonprofit Spending Policy: Focusing on the Financials ." Page 7. Accessed Oct. 5, 2021.

Clemson University. " Endowment Definitions and FAQs ." Accessed Oct. 5, 2021.

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• Education, training and skills
• Education of disadvantaged children

£200 million of funding announced to address the disadvantage gap

Funding will increase access to English and maths schemes in schools, and the Education Endowment Foundation is backed to continue to improve attainment.

Education trials and interventions to improve attainment will be carried out across schools, colleges and early years settings, backed by a new multi-million government grant.

The Department for Education is to continue funding the Education Endowment Foundation ( EEF ) with a new grant of £137 million, cementing the independent charity’s role as a central part of the education landscape for at least the next decade.

The EEF will continue to support the Government’s teacher training reforms, whilst expanding activity in the early years. This will include working as the evidence partner for the Early Years Stronger Practice Hubs , which are due to launch in November 2022, to share effective evidence-based practices with local settings to help boost young children’s development.

The Government is also announcing a further £66 million for the next phase of the Accelerator Fund to increase access to high-quality literacy and numeracy programmes in schools over the next three academic years. This forms part of the Government’s commitment to ensuring that any child who falls behind in maths or English will get the support they need to get back on track.

As part of this, the EEF will be given up to £41.5 million to continue to increase its evidence around effective programmes, scale-up existing programmes, and support schools with implementation. Up to £21 million of the funding will also support Maths and English Hubs to roll out high quality programmes to schools.

Schools Minister, Will Quince, said:

The re-endowment of the EEF , in addition to funding to continue the Accelerator Fund, will provide the evidence base that allows schools and teachers to give children the best start to their education. This work, in addition to our ambitious education recovery plan, will help to improve the attainment of millions of pupils and level up opportunities across the country.

Over the past decade, the EEF has carried out over 200 evaluations to understand which interventions and approaches are most effective in closing the attainment gap, engaging 23,000 nurseries, schools, and colleges in trials and reaching over 1.8 million children, including 500,000 pupils eligible for free school meals.

Today’s funding for the Accelerator Fund also follows a successful first year of the initiative, in which the EEF supported 20 programmes across more than 1,500 settings, including those in regions that experienced significant learning loss during the pandemic. Some of these programmes included ‘ Reciprocal Reading ’, an intensive 12-16 small-group programme to improve reading comprehension and ’ 1stClass@Number ’, which supported 6–7-year-olds with low attainment in maths to improve their skills.

English Hubs and Maths Hubs programmes also helped to deliver programmes to over 5,000 schools, giving them access to phonics and numeracy programmes. These programmes have experienced strong demand and will continue to be rolled out to additional schools as part of ongoing funding announced today. Schools can contact their local hub for more information.

Areas with high proportions of children from disadvantaged backgrounds will continue to be prioritised for the schemes to help level up attainment.

Sir Peter Lampl, chair of the EEF since its inception, said:

Over the past decade, the EEF has built a reputation as a trusted and independent source of evidence. The new endowment will allow us to continue to evaluate and spread best practice across the country, as well as expand our work in the early years sector. High-quality evidence plays an important role in supporting education practitioners’ own professional judgement, as they work to make sure that every child and young person has access to a great education.

These initiatives form part of the Government’s wider ambitious education recovery plan worth nearly £5 billion. This includes £1.5 billion for a national tutoring revolution, through which over two million high-quality tutoring courses have already started. A £1 billion Recovery Premium is also supporting some of the most disadvantaged pupils across the country to catch up on lost learning.

The £137 million re-endowment of the EEF is in addition to around £40 million of remaining funding from the EEF ’s original endowment. The £66 million in funding for the next phase of the Accelerator Fund includes up to £41.5 million for the EEF , up to £21 million to Maths and English Hubs, up to £3 million for a procured supplier to provide capability building support to programmes to help them scale-up, and up to £500,000 for an evaluation of the EEF element of the Accelerator Fund programme.

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What Is an Endowment?

Understanding endowments.

• Requirements
• In Higher Education

The Bottom Line

• Trust & Estate Planning

Understanding Endowments: Types and Policies That Govern Them

• What Is Philanthropy? Examples, History, Benefits, and Types
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• 501(c)(3) Organization Definition
• 5 Steps to Forming a 501(c) Nonprofit Corporation
• How NGOs Get Funding
• Private Foundation Definition
• Private Foundations vs. Public Charities
• Charitable Donation Definition
• Charitable Gift Annuity Definition
• How to Reduce Your Taxes and AGI by Giving to Charity
• Can I Donate Stock to Charity?
• Proof of Charitable Contributions Definition
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• Donor-Advised Funds: The Benefits and Drawbacks
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• Endowment Definition CURRENT ARTICLE
• Quid Pro Quo Contribution
• Restricted Fund Definition

Investopedia / Jake Shi

An endowment is a gift to a nonprofit organization to be used for a specific purpose.

The term endowment is also used to refer to the total investable assets of a nonprofit institution like a university. The endowment, also known as the institution's “ principal ” or “corpus,” is used for operations or programs that are consistent with the wishes of the donor(s).

Most endowments are designed to keep the principal amount intact while the income is used to further the cause specified by the beneficiary. A restricted endowment must be held in perpetuity, with only the income available for spending.

Key Takeaways

• Endowments are usually awarded by a trust, private foundation, or public charity.
• They benefit nonprofit educational institutions, cultural institutions, and service-oriented organizations.
• Most endowments come with restrictions that limit their use to the investment income of the fund, not the principal.

Endowments are typically organized as a trust , private foundation , or public charity. Many benefit educational institutions, Others go to cultural institutions, such as museums, libraries, religious organizations, private secondary schools, and service-oriented organizations such as retirement homes or hospitals.

In some cases, only a certain percentage of an endowment’s assets can be used each year so the amount withdrawn from the endowment could be a combination of interest income and principal. The ratio of principal to income can change year to year based on prevailing market rates.

Policies of Endowments

Endowment funds are governed by the guidelines of three components, including an investment policy, a withdrawal policy, and a usage policy.

Investment Policy

The investment policy lays out which types of investments a manager is permitted to make and dictates how much risk the manager can take in seeking the target return. Many endowment funds have specific investment policies built into their legal structure so that the pool of money lasts for the long term.

The endowment funds of larger universities can have hundreds, if not thousands, of smaller funds that invest pools of money in various securities or asset classes . The funds typically have long-term investment goals, such as a specific rate of return or yield. The asset allocation (or mix of investments within the fund) is designed to meet the long-term returns in the fund’s objectives.

Withdrawal Policy

The withdrawal policy establishes the amount the organization or institution is permitted to take out from the fund at each period or installment.

The withdrawal policy can be based on the needs of the organization and the amount of money in the fund. However, most endowments have an annual withdrawal limit.

For example, an endowment might limit the withdrawals to 5% of the total amount in the fund. Most university endowments are established to last forever and, therefore, have annual spending limits.

Usage Policy

The usage policy establishes the purposes for which the fund can be used. Endowments, whether set up by an institution or given as a gift by donors, can have multiple uses. These include ensuring the financial health of specific departments, awarding merit scholarships or fellowships, or providing other financial assistance to students.

University chair positions or endowed professorships can be paid with the revenue from an endowment, freeing up capital that can be used to hire more faculty. These chair positions are considered prestigious and are reserved for senior faculty.

Endowments can also be established for specific disciplines, departments, or programs within universities. Smith College, for example, has an endowment for its botanical gardens, and Harvard University has more than 14,000 separate endowment funds.

Endowment Types

There are four types of endowments:

• Unrestricted Endowment – This consists of assets that can be spent, saved, invested, or distributed at the discretion of the institution receiving the gift.
• Term Endowment – The principal can be expended after a period of time or a certain event.
• Quasi Endowment – A donation made to serve a specific purpose. The principal is typically retained while the earnings are spent per the donor's specifications. These endowments are often started by the institutions that benefit from them via internal transfers or the use of unrestricted endowments.
• Restricted Endowment – The principal is held in perpetuity while the earnings from the invested assets are expended per the donor’s specifications.

The terms of endowments can be violated only in exceptional circumstances. If an institution is facing bankruptcy but still has assets in endowments, a court can issue a cy pres doctrine , allowing the institution to use those assets to improve its financial health while still honoring the wishes of the donor as closely as possible.

Drawing down the corpus of the endowment to pay debts or operating expenses is known as “invading” or “endowment fund invasion,” and sometimes requires court approval.

Requirements for Endowments

Managers of endowments have to deal with the push and pull of interests to make use of assets to forward their causes or sustainably grow their institutions. The goal of any group given the task of managing a university’s endowments is to sustainably grow the funds by reinvestment of the endowment’s earnings while contributing to the institution.

Philanthropies, a category that includes most grant-making foundations, are required by federal law to pay out 5% of their investment assets on their endowments every year for charitable purposes at the risk of losing their tax-exempt status. Private operating foundations must pay substantially all—85% or more—of their investment income. Community foundations have no requirement.

Under the Tax Cuts and Jobs Act of 2017 , substantially large university endowments must pay a tax of 1.4% on net investment income. This tax is levied on endowments held by private colleges and universities with at least 500 students and net assets of $500,000 per student.

Endowments and Higher Education

Endowments are such an integral part of U.S. academia that the size of a school’s endowment can be a fair measure of its well-being. They provide colleges and universities with the ability to fund their operating costs with sources other than tuition and provide a rainy-day fund.

Older educational institutions, such as the Ivy League schools, have been particularly successful in building extremely robust endowment funds, having the advantages of continued donations from wealthy graduates and good fund management.  

Marcus Aurelius established the first recorded endowment, circa 176 AD, for the major schools of philosophy in Athens, Greece.

Criticism of Endowments

Harvard and other elite colleges have come under criticism for the size of their endowments. Critics have questioned their utility, likening it to hoarding.

Large endowments had been thought of as rainy-day funds for educational institutions, but during the Great Recession , many endowments cut their payouts. A 2014 study published in the American Economic Review looked closely at the incentives behind this behavior and found a trend toward an overemphasis on the health of an endowment rather than the institution as a whole.

Investment Controversies

It’s not unusual for student activists to look with a critical eye at where their colleges and universities invest their endowments. In 1977, Hampshire College divested from South African investments in protest of apartheid, a move that a large number of educational institutions in the United States followed.

More recently, three universities with multibillion-dollar endowments—Harvard, Princeton, and Stanford—declined to accept millions they were set to receive as part of a $14 billion federal aid package for higher education included in the CARES Act . Harvard University has now declined emergency COVID-19 relief money from the federal government three times, most recently $25.5 million from President Biden’s American Rescue Plan.

Real-World Examples of Endowments

The oldest endowments still active today were established by King Henry VIII and his relatives. His grandmother, Countess of Richmond, established endowed chairs in divinity at Oxford and Cambridge, while Henry VIII established professorships in a variety of disciplines at Oxford and Cambridge.

According to the National Center for Education Statistics article, the top 10 U.S. universities by endowment size in 2023 were:

• Harvard University – $49.5
• University of Texas - $45.0
• Yale University – $40.7
• Stanford University – $36.5
• Princeton University – $34.0
• Massachusetts Institute of Technology – $23.4
• University of Pennsylvania – $21.0
• Texas A&M University – $19.2
• University of Michigan – $17.8
• University of California – $17.7

Harvard University Endowment

Harvard officials had expected the endowment to shrink in 2020 due to the impact of the pandemic on the economy and financial markets. They were wrong, though, as it returned 7.3% on its investments and actually increased a bit.

Similar fears about 2021 proved even more unfounded. Powered by a rising stock market, the endowment returned a whopping 33.6% on its investments and grew by $11.3 billion to $53.2 billion.

The fund treaded water more recently, returning -1.8% in fiscal 2022 and 0.1% in fiscal 2023.

There are thousands of specific funds within the overall endowment fund for Harvard. The funds’ asset allocation was spread out through various types of investments, including:

• Stocks: 11%
• Hedge funds: 31%
• Private equity: 39%
• Real estate: 5%
• "Other" and cash: 7%

The endowment’s annual payout rate is typically capped. Harvard’s payout in 2023 totaled $2.2 billion.

From an investment perspective, Harvard’s endowment fund has consistently produced strong returns over the long term, although ongoing infusions of capital in the form of new endowments also drive total growth.

Where Do Endowments Get Their Money?

The endowment of a university or other nonprofit institution may be made up of many individual donations, each called an endowment. Harvard's total endowment is more than $50 billion. That fund is made up of many individual gifts, each of which comes with its own rules. For example, an individual donor may contribute a sum of money to be used strictly to fund research by the graduate Department of Anthropology.

In most cases, the administrators of endowments spend only the investment income on an endowment, not the principal of the gift. That is a common stipulation of many endowments.

Who Manages Endowments?

An institution that has an endowment may have an internal financial manager or hire an outside firm to manage the money. In either case, the Board of Trustees of the institution sets in place the rules for investing and spending the money.

Who Is Eligible for an Endowment?

An endowment is, by definition, a gift to a non-profit institution. Any educational, charitable, religious, or scientific institution can be the recipient of an endowment. Generally, creators of endowments are high-net-worth individuals (or groups) who want to contribute to a particular cause. The endowment allows them to be highly specific about how they want their money to be used.

Some of the most prestigious universities in the U.S. have endowments of fabulous size. That may well annoy some of their students, who are paying hefty tuition fees to study there. But for better or worse, endowments can't be used to reduce everyone's tuition or even to keep the lights on. Endowments are made up of many specific gifts from individuals and groups that specify their uses. They may underwrite certain research, create a scholarship, or fund a chair.

Endowments are meant to last in perpetuity. Only the investment returns, not the underlying assets, are spent from year to year.

Clemson University. " Endowment Definitions ."

New York State Office of the Attorney General. " FAQs - Endowments and Other Restricted Funds ."

Internal Revenue Service. " Private Operating Foundation - Endowment Test ."

American Council on Education. " Understanding College and University Endowments ," Page 12.

Harvard University. " Harvard's Endowment ."

The San Diego Foundation. " Endowment Investment Policy ."

Harvard University. " Harvard’s Endowment ."

Pacific Lutheran University. " Named Endowments ."

Skidmore College. " Named/Endowed Scholarships: Frequently Asked Questions ."

The University of Texas at Dallas. " Endowed Chairs and Professorships ."

Harvard University. “ Endowment .”

The Botanic Garden of Smith College. " 2021 Impact Report ."

Robinhood. “ What Is an Endowment? ”

The University of Utah. " Quasi Endowments ."

Fordham University Urban Law Journal. " Cy Pres Powers of the Federal Bankruptcy Courts - New Hope for Financially Distressed Charities? ," Pages 3-6 of PDF.

New York State Office of the Attorney General Charities Bureau. " A Guide for New York Not-for-Profit Corporations Considering Expenditure of Endowment or Other Restricted Funds ," Pages 2-3.

Internal Revenue Service. " Administrative Expenses Treated as Qualifying Distributions for the Purposes of IRC Section 4942 - Taxes on Failure to Distribute Income ."

Internal Revenue Service. " Definition of Private Operating Foundation ."

Foundation Center. " Understanding and Benchmarking Foundation Payout ," Page 1.

United States Congress. " H.R.1 - An Act to Provide for Reconciliation Pursuant to titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018: Text: PART VIII--Exempt Organizations Sec. 13701. Excise Tax Based on Investment Income of Private Colleges and Universities ."

National Center for Education Statistics. " Fast Facts-Endowments ."

Medical College of Wisconsin. " Philanthropy Stirs Innovation ."

New York Magazine. " Harvard Has Too Much Money to Have So Few Students: Scott Galloway on Elite Universities’ Unethical Obsession with Exclusivity and Prestige ."

American Economic Association. " How University Endowments Respond to Financial Market Shocks: Evidence and Implications ."

Amherst College. " Divestment from South Africa ."

The New York Times. " After Trump's Criticism, Harvard Turns Down Federal Relief Money ."

The Harvard Crimson. " Harvard Declines Federal Pandemic Aid for Third Consecutive Time ."

University of Cambridge. " About the University: Timeline ."

University of Oxford. " History ."

The Harvard Crimson. " COVID-19 Leaves Harvard in ‘Grave’ Financial Situation, Experts Say ."

The Harvard Crimson. " Harvard Endowment Returns 7.3 Percent for Fiscal Year 2020 ."

Harvard University. " Financial Report Fiscal Year 2023 ," Page 9.

American Council on Education. " Understanding College and University Endowments ," Page 8.

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Catawba College receives $200 million gift

Catawba College in Salisbury has received an anonymous $200 million gift to its endowment fund. That puts the endowment for the private, liberal arts college at over $580 million.

The Charlotte Business Journal reports a third of the annual distributions from the gift will be used to support environmental education and sustainability. The remainder will be unrestricted.

It is the third major donation Catawba College has received in the past three years.

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Hastings College Receives Donation to Fix Leaky Pipes and Busted Boilers

Hastings College received a $9 million gift from a long-time donor specifically for deferred maintenance, a growing and costly issue for institutions across the sector.

By  Josh Moody

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A recent $9 million gift to Hastings College is specifically designated for campus upkeep.

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Hastings College will soon be tackling a backlog of deferred maintenance across its rural Nebraska campus thanks to a $9 million donation specifically directed to facility upkeep.

While donations directed to scholarships or new buildings are ubiquitous across higher education, gifts toward deferred maintenance projects are less common. Of the $9 million gift, $5 million will be spread across campus upkeep over the next five years, while the remainder will go toward Hasting College’s endowment and be placed into a deferred maintenance fund.

The $9 million donation is the largest in the history of the small, private college, according to officials.

A Surprise Gift

Hastings College has 1965 graduate Ed Osterman to thank for the $9 million gift.

Osterman, who grew up on his family farm about an hour away from Hastings College, graduated with a business administration degree and spent most of his life in agriculture. He made a number of smaller gifts throughout his life dedicated to campus upkeep.

But the amount of the donation came as a surprise after Osterman died late last year.

“We knew that we were part of Ed’s estate but we didn't realize the significance of that estate,” Hastings College president Rich Lloyd said.

Lloyd traces the earmark of the gift to Osterman’s outlook.

“In Ed’s case, he had that focus that in order to be successful, you need to be able to maintain the campus infrastructure and that you need the right spaces in the right working order to deliver on your educational mission. So those were the gifts he made over the years,” Lloyd said.

Founded in 1882, Hastings has numerous historic buildings and, like many U.S. colleges, experienced a construction boom in the aftermath of World War II as returning soldiers pursued higher education on the GI Bill. WWII-era buildings are still in use at Hastings, as is McCormick Hall , the first structure on campus, which is listed on the National Register of Historic Places.

Hastings College plans to tap into the funds for various updates and upgrades across the 120-acre campus. Lloyd pointed to a broad range of potential projects from enhancing accessibility by improving campus pathways and bathrooms to increasing building security to improving energy efficiency, which would save money in the long run and make the campus more sustainable.

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A Growing Challenge

Deferred maintenance is a challenge for many institutions, particularly those with aging facilities built during or before the post-WWII boom. A 2021 report from APPA , an association of physical plant administrators, estimated deferred maintenance is a $112 billion problem sector wide.

Oftentimes, campuses have more immediate budget priorities than maintenance, said Michael Fischer, senior director of research at the consulting giant EAB. And, he notes, the cost of facility upkeep seems to be continually rising.

“The deferred maintenance backlogs on most campuses continue to grow as campuses age—but also expand—while, simultaneously, the cost for materials has significantly increased, while the amount of skilled labor to handle those projects has dwindled and therefore become more expensive as well,” Fischer said.

He added that buildings are often built with a life expectancy of 40 to 60 years before “they’re fundamentally refreshed or knocked down.” Structures on college campuses generally stay up much longer due to either historic meaning or the lack of funds to renovate or demolish them. Colleges often must replace facilities’ worn or outdated plumbing and wiring, and also modernize buildings with more electrical outlets and better internet access.

Those challenges add up, Fischer notes, when colleges underfund “preventative and proactive maintenance” which can lead to facility disruptions and shorten the lifespan of campus buildings.

Donors are also more eager to fund scholarship programs and new construction, experts note, rather than direct money to fix leaking pipes or broken-down boilers in aging campus facilities.

“Those are some of the hardest dollars to raise,” Lloyd said of deferred maintenance.

Some colleges have built deferred maintenance into fundraising for new construction projects. In such instances, colleges will add an additional percentage to the fundraising goal, more than the actual cost of construction, so that maintenance is built into the project.

“The argument from development officers to donors is ‘hey, you want your building to be nice the moment it opens, we want to ensure that your investment in our institution is just as nice 5-10-15 years down the road, so that the legacy of your space continues to maintain over time,’” Fischer said.

Though, in many cases, colleges are just kicking the can on maintenance needs down the road, some campus leaders have been rethinking their college’s physical footprint and knocking buildings down amid a period of shrinking enrollment .

The contraction in student numbers could be an opportunity for institutions to take down the buildings with the largest deferred maintenance backlog or sell spaces to third party investors, said Fischer. “That eliminates both existing costs associated with utilities and maintenance, but also removes that future capital renewal investment from the books as well,” he said.

At Hastings, Lloyd says the $9 million gift will allow the college to be more optimistic about clearing its own backlog.

“Often you go into maintenance meetings and it’s like” ‘Here we go, what’s on the list, how long is the list, and how expensive is the list?’ And now we’re able to go into some of those meetings and say, ‘OK, where’s the list? Let’s get to work.’ That’s a great position to be in,” Lloyd said.

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$237M Donation to Florida A&M Was ‘Fraudulent’

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More From Forbes

Nine strategies for building a successful nonprofit endowment.

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For nonprofits, an endowment fund can provide a reliable source of income to support their mission for years to come. However, setting one up requires careful planning and strategic foresight, especially if you're competing for donor dollars with other nonprofits that have similar needs and missions.

Below, nine Forbes Nonprofit Council members share their best strategies for establishing a successful endowment. From crafting a compelling case for support to ensuring financial transparency, follow their recommendations to set your nonprofit up for long-term financial stability

1. Build Endowments Through Planned Giving

Endowments are built primarily from planned gifts. Corporations and foundations rarely fund endowments, so be sure that you have a robust individual giving and planned program. Before building an endowment, be sure you have adequate reserves in place so that donors will have confidence in your capacity to manage finances and weather storms without using the endowment inappropriately. - Laura MacDonald , Benefactor Group

2. Develop A Strong Case For Support

An endowment requires strategic foresight, beginning with a compelling case for support. This foundational step involves articulating your mission, demonstrating impact and ensuring financial transparency while also developing critical policies. Endowments are not cure-alls or silver bullets, but nonprofits can secure lasting financial stability for generations by fostering a culture of philanthropy. - Cherian Koshy , Kindsight

Forbes Nonprofit Council is an invitation-only organization for chief executives in successful nonprofit organizations. Do I qualify?

3. Bring On The Right Support Team

Hire experienced professionals to establish the endowment. You’ll need an attorney to help you draft the guiding documents used to articulate the fund’s purpose and someone to draft an investment policy to govern how funds are invested. It also won’t hurt to hire a portfolio manager, as most boards will not want to be involved in the day-to-day of managing the fund. - Randy Wong , Hawaii Youth Symphony

4. Establish An Investment Policy

Endowments ensure operations, opportunities and engagement can live in perpetuity. Have a plan and be disciplined in developing the endowment. While you may hit a windfall, plan on the side of slow and steady growth to build the corpus to levels of optimum return. Have an investment policy that ensures a donor's gift to the endowment is guaranteed to grow. Endowments can be a strategic goal. - Aaron Alejandro , Texas FFA Foundation

5. Develop The Right Relationships

Strong endowments are built on deep relationships in the annual fund. Before launching an endowment, ensure the majority of the annual fund donors are being solicited for their best gift every year. This means the team knows how to attract, lead and solicit investment-level donors. Invest in your team knowing how to do this and you'll have successful annual, capital and endowment campaigns. - Sherry Quam Taylor , QuamTaylor

6. Have A Strategy To Grow The Endowment

Many focus on starting an endowment but don't focus on growing and sustaining. Have a financial planner consult, plan for PR post-activation and align with a local community foundation. Your endowment is only as strong as your PR and financial growth plan. Growing an endowment is not your annual fundraising event; it is a different group of funders. - Erin Davison , Big Brothers Big Sisters of Southwest Louisiana

7. Share Your Vision

The formation of an endowment first begins with a vision for the impact of what those funds will represent for the future of the mission. For it to gain momentum and eventually be presented to potential donors, the board and staff must first focus on the purpose or the “why” of this investment. After the team is committed to this goal, they should develop the tools, infrastructure, policies and advisors. - Robert Santana , Boys & Girls Clubs of Central Orange Coast

8. Set Guidelines

To prepare for an endowment, create program guidelines and investment policies and procedures. These will determine how endowment funds will be invested, how they will ultimately be used to support the nonprofit, who will manage the funds and where the responsibility for monitoring and decision making will live within your organization. - Victoria Burkhart , The More Than Giving Company

9. Understand The Limitations And Expectations

One needs to understand the limitations and expectations of an endowment, particularly when it comes to mission and focus. Changes in core programming can put endowment funds and even restricted gifts at risk. The first step is being crystal clear with funders on what they expect from the organization and how they hope to see it grow. Future strategic plans need to align with expectations. - Patrick Riccards , Driving Force Institute

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University of Minnesota System celebrates 165 years at the Minnesota State Fair

Exhibits and events at the 2024 Minnesota State Fair showcase the University’s statewide service and impact

The University of Minnesota has showcased its contributions to Minnesotans at the State Fair since 1859. Today, 165 years later, the University is gearing up for the 2024 Great Minnesota Get-Together with 12 days of events and exhibits that highlight the statewide impact of research, education and outreach from each of its five campuses. 

U of M students, faculty, staff and volunteers will engage with fairgoers in more than 10 locations across the fairgrounds, including a completely redesigned U of M Central experience in the Crossroads Building. A wide variety of experiences demonstrate the importance and value of the University of Minnesota in the lives of all Minnesotans — from talented youth in the 4-H Building to dedicated U of M veterinarians in the Miracle of Birth Center, active University researchers in the Driven to Discover and Agriculture Horticulture buildings, and U of M experts and volunteers spread throughout the State Fair. 

Below is an outline of key U of M events and activities during the Minnesota State Fair. View the entire schedule at state-fair.umn.edu . 

U of M at the State Fair highlights

U of M Central The U of M Central Building and stage , located at 1673 Dan Patch Avenue in the Crossroads Building, will feature an array of programming in newly designed exhibit space, including social media activations, U of M inventions, free giveaways and live demonstrations and performances. Visitors can also shop for systemwide merchandise and Gopher game tickets. 

President Cunningham visits the State Fair On Wednesday, Aug. 28, President Rebecca Cunningham will visit the State Fair for the first time in her presidency. During the visit, President Cunningham will experience University of Minnesota exhibits throughout the fairgrounds and meet with fairgoers, as well as U of M faculty, staff and student volunteers. 

10 years of research on a stick The Driven to Discover Building is celebrating 10 years at the Fair. Visitors of all ages are invited to participate in active research in a fun, innovative and convenient way as most studies take under 20 minutes. Help researchers drive new discoveries — from heart health and hearing tests to studies on State Fair Foods, water bottle usage, early brain development and coping with stress. Find the full schedule of research projects .

Goldy vs. Cancer Day On Friday, Aug. 23, discover how U of M Masonic Cancer Center doctors and scientists are working to help write cancer's last chapter in Minnesota and around the world. Learn about the latest breakthroughs, ask experts your questions, and get free resources on cancer prevention, diagnosis and care at two different locations: all day at U of M Central in the Crossroads Building or anytime before 2 p.m. in the Driven to Discover Building. For more information visit cancer.umn.edu .

Maroon and Gold Day On Saturday, Aug. 31, the U of M Marching Band, the Pride of Minnesota, will join the State Fair parade at 2 p.m. in honor of Maroon and Gold Day at the Fair. Visitors are encouraged to wear their maroon and gold attire. 

4-H activities All across the State Fair, visitors will see the U of M’s statewide impact through 4-H, a U of M Extension youth development program that engages K-12 participants from all 87 Minnesota counties. Activities include Arts-In performances, a llama costume competition, and more than 7,000 exhibits, workshops and hands-on demonstrations showcased in the 4-H Building . During the first four days of the Fair, over 2,500 youth will exhibit livestock in the animal barns.

Plants, food and environment pop-ups Join the College of Food, Agricultural and Natural Resource Sciences and other University experts in the Agriculture Horticulture Building for pop-up learning about plants, food, health, invasive species and the environment, including a virtual reality experience and selfie station. Talk with U of M scientists about the U of M apple breeding program, new crop development, renewable agriculture resources, sustainable turf management and more. Extension Master Gardeners will also be available with tips and answers to garden and yard questions. 

Also, stop by the Gopher Dairy Bar for a cool shake or a refreshing glass of milk. The bar is operated by U of M students and proceeds benefit student activities.

Animal and nature experiences See U of M veterinary students and faculty in action, assisting with live births in the Miracle of Birth Center and demonstrating live spaying/neutering surgeries in the Pet Center .

Visitors can also learn how to get involved with U of M programs in the DNR Building , including Minnesota Master Naturalists, Aquatic Invasive Species Detectors, forestry, pollinators, and the Offal Wildlife Watching Project.

The Raptor Center will be at the DNR Stage to share more about their unique and important work in the medical care, rehabilitation, and conservation of eagles, hawks, owls, falcons, osprey, and vultures. Live bird demonstrations will be available on Aug. 28 and 29 at 11 a.m., 1 p.m. and 3 p.m.

Freebies and giveaways Throughout the State Fair, visitors will find many freebies and giveaways from U of M affiliated organizations. 

Clear U of M tote bags will be given away daily at the U of M Central Building at 11 a.m. and 5 p.m. Supplies are limited. Visitors can also enter into a drawing for a $5,000 undergraduate tuition scholarship good at any U of M campus, or one of three "Discover the University of Minnesota System" prize packages. 

Transportation Free shuttles run daily from parking locations on the east bank of the Twin Cities campus in Minneapolis (with the exception of Aug. 29 due to Gopher Football). The public is welcome to park and ride for free from various surface lots on campus. For detailed transportation information, visit mnstatefair.org/transportation .

Social media Visit state-fair.umn.edu to see the entire schedule of activities and events, and follow the U of M at the State Fair through #UMNonaStick on our social media channels:

Facebook: facebook.com/UofMN Instagram & Threads:   @UMNtwincities X: @UMNews

About the University of Minnesota The University of Minnesota System, with campuses in Crookston, Duluth, Morris, Rochester and the Twin Cities, is driven by a singular vision of excellence. We are proud of our land-grant mission of world-class education, groundbreaking research, and community-engaged outreach, and we are unified in our drive to serve Minnesota. Visit system.umn.edu.

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U of M to retain historic Eastcliff property

Following more than 18 months of study and review, the Board of Regents approved during a special meeting today recommendations to retain the U of M’s historic Eastcliff residence. 

Board explores approach to investing Consolidated Endowment Fund

As part of its July 2024 meeting, the Board of Regents reviewed the University's approach to Consolidated Endowment Fund investments and expect continued discussion on the topic.

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Local News | LCCC Foundation holds 34th annual Jack Nicklaus…

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Local News | LCCC Foundation holds 34th annual Jack Nicklaus Scholarship Golf Benefit

The 34th annual golf outing was complete with guest appearances from a few local legends.

The annual benefit’s funds go directly toward the college’s Jack Nicklaus Scholarship Endowment Fund, according to LCCC Foundation Scholarship Committee co-chair Don Knechtges.

In its first 34 years, the fund has given away more than $1.3 million, Knechtges said.

“I’ve been on the foundation board since the early 1990s, 1991, (and I was) chair of the board for a number of years in the late ’90s,” he said. “But, I’ve been on the golf committee since its inception.”

Founded in 1989 by Judge Joe Cirigliano, the scholarship fund stemmed from his relationship with golf legend Jack Nicklaus.

Cirigliano originally met the 18-time major tournament champion in Florida, and the rest was history, according to Knechtges.

The college is grateful for Nicklaus’ continued sponsorship and recognizes that his name recognition plays a large part in the event’s success, Knechtges said.

“They had a personal relationship,” he said. “And, I’ve been a part of this event since its inception.”

Kent Hageman, a wealth advisor at Morgan Stanley, has helped to co-chair the event along with Knechtges and Todd Sommer.

One of the main goals each year is to entice community members to come out and enjoy a round of golf with some famous faces, Hageman said.

“(Having) Jack Nicklaus, absolutely, it’s a huge endorsement by his family,” he said. “We’ve had a lot of good players, though. Phil Mickelson, Chi-Chi Rodriguez who just passed away, Lee Trevino… It’s a great event.”

This year’s cast of athletes included golf television personality Jimmy Hanlin and former Cleveland Browns cornerback Hanford Dixon, noted for coining the team’s Dawg Pound nickname.

The outing also was the site of the newest episode of “The Pin Shot,” one of Hanlin’s national golf television shows.

The show will air across the country for the next year, according to Knechtges.

“We try to do something different every year,” Knechtges said. “Last year, we had Mike Hargrove, Rick Manning, Campy Russell and Austin Carr.

“We had each one of those on a par three. This year, we have Jimmy Hanlin and the ‘Pin Shot’ show, which will be shown now across the country.”

The scholarship is perhaps more important now than ever before, Dixon said.

He stressed how crucial these funds can be, especially for students from low-income families.

“Any time you’ve got a chance to do something that’s good for kids, you want to be a part of it, and it’s also the golf, too,” Dixon said. “To help them with their education, that’s the most important thing.

“It’s amazing how much it costs a day to send a kid to school to get a degree.”

The scholarship has become one of the largest endowed funds in the foundation’s system, according to Knechtges.

Out of over 200 endowed scholarships events, he said the outing is one of the most lucrative — and certainly the most fun to watch.

“I’ve chaired (with Hageman and Sommer) for the last four years, and it’s been a delight to do that because of the impact the event has had,” Knechtges said. “The scholarship) is now at $1.8 million endowed, and over the 34 years, the fund has also supplied more than $1.3 million in scholarship aid.

“It’s very special.”

Brewer-Garrett Co., an energy services and mechanical systems company, was the presenting sponsor of this year’s golf outing.

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Hello, we are the owners, Irina and Oleg. We sell a bright, comfortable and very beautiful flat, designed in a Scandinavian style. The flat created "for himself", but forced to sell due to moving to Moscow. ( We bought and renovated this flat for us but we have time sell it due to ...) The flat is located in a picturesque location near the Uktus mountains. The residential complex Stony Brook. In the flat: - All necessary equipment. (Dishwasher, washing machine, oven, refrigerator, range hood, stove, TV, microwave, coffee machine) - 2 wardrobes - Ennobled balcony where you can enjoy beautiful views of the forest and mountains, and dream about the most valuable. - Cable TV, wireless internet. - Increased size of window openings make the flat extremely bright. - All items and accessories are in the flat. In building: - High-speed elevator otis, which descends directly into the underground parking. - Concierge. - Courtyard complex located on the podium, which is located at 3 floors. House territory developed according to modern requirements - as a sport, and a playground with a safe finish. - On the first floor there is a trading gallery with a large grocery store, pharmacy, children's and sports goods, cafés and restaurants. The complex has a fitness club. Area: - In walking distance from the complex there is a shopping center "Globus" Waterpark "Limpopo", sports complex, "Planet IGRIK" (children's entertainment center), ICE (fitness center), the ski slopes and ski resorts, subway Botanica. - 8 km to the center. - 100 m bus stop

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