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Average Annual Effective Spending Rates for U.S. College Endowments, FY 2017

Almanac 2018
August 19, 2018

Private nonprofit institutions had a higher rate of spending in the 2017 fiscal year than did public institutions. Those with larger endowments spent at a higher rate.


Return to the Almanac home page, or go to the Profession, Students, Finance, or States section. To purchase a copy of the Almanac in print or as a downloadable interactive PDF, visit the Chronicle Store. Help guide us to give you the data you need by taking our 10-minute online Almanac survey.


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Private nonprofit institutions had a higher rate of spending in the 2017 fiscal year than did public institutions. Those with larger endowments spent at a higher rate.


Return to the Almanac home page, or go to the Profession, Students, Finance, or States section. To purchase a copy of the Almanac in print or as a downloadable interactive PDF, visit the Chronicle Store. Help guide us to give you the data you need by taking our 10-minute online Almanac survey.


Endowment valueSpending rate
Over $1 billion 4.8%
$501 million to $1 billion 4.6%
$101 million to $500 million 4.5%
$51 million to $100 million 4.5%
$25 million to $50 million 4.2%
Under $25 million 4.0%

SectorSpending rate
All public institutions 4.1%
All private nonprofit institutions 4.6%
All institutions 4.4%

Note: The effective spending rate is calculated by dividing the distribution for spending into the value of the endowment at the beginning of the fiscal year. Colleges generally devoted the distribution to spending on student financial aid, faculty research, building maintenance, and other campus operations, based on institutional priorities. Data for the 2017 fiscal year, which ended June 30, 2017, came from 809 colleges and universities and their affiliated foundations in the United States, representing nearly $567 billion in endowment assets. More data can be found here. Questions or comments on the Almanac should be sent to the Almanac editor.

Sources: National Association of College and University Business Officers and Commonfund Institute

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A version of this article appeared in the August 24, 2018, issue.
Read other items in this Finance: Almanac 2018 package.
We welcome your thoughts and questions about this article. Please email the editors or submit a letter for publication.
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