University endowment returns bounce back after 2 bad years
BOSTON (AP) — A survey of 800 universities finds that their endowments grew by an average of 12.2 percent last school year, a major uptick over recent years.
The report from the National Association of College and University Business Officers says the increase follows average losses of 1.9 percent in fiscal year 2016 and an increase of 2.4 percent in 2015.
Harvard University remained atop the list with a $36 billion endowment but grew at a slower rate than most other top endowments. Yale University was No. 2 with $27 billion.
Despite the improvement, association officials say schools are also spending more from their endowments and face a new federal tax.
Universities overall fared worse than the Standard & Poor’s 500 index, which ended 2017 with a gain of 19 percent.