In the long history of higher education, there have been many endowment gifts that have strengthened institutions and brought about profound public benefits, but there are sometimes disappointment and controversy. Savvy donors need to think carefully before entering into endowment agreements which are difficult to change before death and virtually…

As the calls for responsible investing grow, universities will be asked about their endowments' investment policies regarding impact investing, wherein endowments seek opportunities that provide investment returns and social impact. A common concern for the investment committees, however, is how to incorporate impact investments without…

The NACUBO-Commonfund Study of Endowments (NCSE) for fiscal year 2023 marks the 50th consecutive year that NACUBO has published a Study of the endowments of institutions of higher learning. It would not be an overstatement to say that the Study chronicled five decades of unparalleled change. The investment industry and endowment management have…

Nonprofit institutions with large endowments have been facing challenges from various stakeholders contesting the management of their investment portfolios. While these challenges are most commonly associated with institutions of higher education, pension funds and private foundations will increasingly face similar challenges regarding how the…

In this research, we explore responsible investing in Canadian Universities. Interviews were conducted with 31 universities that were identified as having endowments or pension portfolios greater than $50M. We also reviewed publicly available data for these institutions. Universities reported facing numerous barriers but perhaps most noteworthy…

Higher education endowments are an indispensable resource for covering escalating costs, strengthening financial resilience, supporting important campus initiatives, providing financial aid to students, and keeping higher education affordable. Because of the importance of these assets in the revenue mix, the work of college or university…

In recent decades, education leaders and researchers have increasingly sought to disaggregate key higher education outcome data--graduation rates, attainment, employment, and income--by race and ethnicity in order to uncover and narrow equity gaps. The same is true, recently, for affordability, especially as it relates to the differential impact…

This study examines how private colleges and universities choose to spend versus reinvest resources in endowment funds that have suffered investment losses. The analysis takes advantage of a market downturn and public policy shift, which together revealed how colleges define prudent spending. Investment losses during the financial crisis of 2008…

The "2018 NACUBO-TIAA Study of Endowments" provides the most comprehensive analysis of endowment investment returns, asset allocations, and governance policies and practices at hundreds of U.S. higher education institutions and affiliated foundations. The report provides extensive data to help institutions evaluate their investment…

The Voluntary Support of Education (VSE) annual survey has collected data on fundraising outcomes in higher education institutions in the United States. It is regarded as the definitive source of information on philanthropic support of those institutions. Data from the survey are used to estimate total charitable support of all institutions of…

This is the second year that the Voluntary Support of Education (VSE) survey--the longest-running and most-comprehensive survey of charitable giving to U.S. higher education institutions--has been under the auspices of the Council for Advancement and Support of Education (CASE). The brief that follows outlines basic findings from the 2019 survey,…

The Voluntary Support of Education (VSE) annual survey collects data on fundraising outcomes in higher education institutions in the United States. It is regarded as the definitive source of information on philanthropic support of those institutions. This research brief--the first in a series--is an example of the Council for Advancement and…

The final report provides the most comprehensive analysis of endowment investment returns, asset allocations, and governance policies and practices at 809 U.S. higher education institutions and affiliated foundations. The report provides extensive data to help institutions evaluate their investment returns and compare results by endowment size and…

Systemic racism represents a major barrier to the effective resolution of sustainability challenges. Resolving these challenges requires understanding, cooperation and strategic action across industries and societies. Volume III of "No Sustainability Without Justice: An Anthology on Racial Equity and Social Justice" shares perspectives…

For well more than a decade, the "endowment model" of investing has been synonymous with increasing allocations to alternative investment strategies, defined largely as hedge funds, private real estate, private equity and venture capital and other, generally less liquid or illiquid strategies compared to public markets. This trend…