Brown University endowment hits high of $3.8B
PROVIDENCE, R.I. (AP) — Brown University’s endowment has reached a high of $3.8 billion.
The Ivy League university says in a statement the endowment hit the new high and produced a 13.2 percent return during the fiscal year that ended June 30.
Brown say investment returns from global stock markets helped spurred growth.
The university’s endowment added $163 million to the fiscal year’s operating budget that includes financial aid, professorships and research. Brown’s endowment has contributed more than $1 billion to the school’s operating budget since 2012.
Brown’s endowment still lags behind Ivy League counterparts Harvard, Princeton and Pennsylvania. Harvard has the nation’s largest endowment at more than $39 billion.