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U.S.

and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013

Before reviewing the data on the following pages, please note: *The change in market values listed for the participating institutions DO NOT represent the investment rate of return for the endowments’ investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. The market values also include the estimated valuations of real estate and other “illiquid” assets, which may have large increases or decreases in value during a relatively short period of time. In addition, transfers to the endowment from other institutional budget accounts may account for the differences in growth in endowment assets. These factors suggest that any large increases or decreases in endowments over the past year may be exaggerated. As such, large percentage changes should be interpreted very cautiously.

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Institution Harvard University Yale University University of Texas System Stanford University Princeton University Massachusetts Institute of Technology Texas A&M University System and Foundations i University of Michigan Columbia University Northwestern University University of Pennsylvania University of Notre Dame University of Chicago University of California Duke University Emory University Washington University in St. Louis Cornell University University of Virginia Rice University University of Southern California Dartmouth College Vanderbilt University Ohio State University Johns Hopkins University University of Pittsburgh Pennsylvania State University ii New York University University of Minnesota & Foundations iii Brown University University of North Carolina at Chapel Hill & Foundations University of Washington Purdue University University of Richmond University of Wisconsin Foundation Williams College University of Illinois & Foundation iv California Institute of Technology Amherst College Pomona College Boston College State/ Province MA CT TX CA NJ MA TX MI NY IL PA IN IL CA NC GA MO NY VA TX CA NH TN OH MD PA PA NY MN RI NC WA IN VA WI MA IL CA MA CA MA 2013 Endowment Funds ($000s) 32,334,293 20,780,000 20,448,313 18,688,868 18,200,433 11,005,932 8,732,010 8,382,311 8,197,880 7,883,323 7,741,396 6,856,301 6,668,974 6,377,379 6,040,973 5,816,046 5,651,860 5,272,228 5,166,660 4,836,728 3,868,355 3,733,596 3,673,434 3,149,169 2,987,298 2,975,896 2,956,803 2,949,000 2,757,476 2,669,948 2,381,151 2,346,693 2,182,171 2,023,357 2,020,019 1,996,681 1,925,949 1,849,880 1,823,748 1,923,441 1,809,200 2012 Endowment Funds ($000) 30,435,375 19,345,000 18,263,850 17,035,804 16,954,128 10,308,274 7,638,555 7,691,042 7,654,152 7,118,595 6,754,658 6,329,866 6,570,875 5,962,906 5,555,196 5,461,158 5,225,992 4,946,954 4,788,852 4,418,595 3,488,933 3,486,383 3,399,293 2,366,033 2,678,721 2,618,436 1,779,958 2,755,000 2,271,700 2,462,538 2,179,177 2,111,332 1,916,968 1,868,083 1,812,056 1,799,377 1,649,346 1,746,526 1,640,666 1,679,640 1,645,900 *Change in Market Value (%) 6.2 7.4 12.0 9.7 7.4 6.8 14.3 9.0 7.1 10.7 14.6 8.3 1.5 7.0 8.7 6.5 8.1 6.6 7.9 9.5 10.9 7.1 8.1 33.1 11.5 13.7 66.1 7.0 21.4 8.4 9.3 11.1 13.8 8.3 11.5 11.0 16.8 5.9 11.2 8.6 9.9

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 Institution Rockefeller University Indiana University & Foundation University of Rochester Georgia Institute of Technology & Foundations Case Western Reserve University Michigan State University Swarthmore College University of Toronto# Smith College Grinnell College Wellesley College UCLA Foundation Tufts University George Washington University Carnegie Mellon University v Boston University University of Florida Foundation, Inc. Washington and Lee University University of Nebraska Virginia Commonwealth University vi University of Oklahoma Kansas University Endowment Association Georgetown University Southern Methodist University University of Missouri System Texas Christian University University of California, Berkeley Foundation Yeshiva University University of Delaware University of British Columbia# Lehigh University University of Iowa & Foundation Wake Forest University Baylor University McGill University# University of Alabama System Syracuse University Tulane University State/ Province NY IN NY GA OH MI PA ON MA IA MA CA MA DC PA MA FL VA NE VA OK KS DC TX MO TX CA NY DE BC PA IA NC TX QC AL NY LA 2013 Endowment Funds ($000) 1,772,394 1,735,086 1,730,829 1,714,876 1,678,563 1,637,164 1,634,685 1,593,147 1,557,426 1,553,629 1,550,054 1,526,901 1,440,527 1,375,202 1,371,365 1,369,581 1,359,643 1,345,356 1,338,728 1,326,915 1,324,313 1,288,995 1,286,323 1,268,079 1,259,738 1,256,030 1,243,182 1,183,499 1,171,166 1,116,126 1,103,449 1,094,803 1,061,639 1,061,157 1,056,788 1,054,890 1,053,214 1,047,813 2012 Endowment Funds ($000) 1,692,300 1,576,615 1,581,773 1,608,248 1,600,013 1,407,483 1,498,775 1,485,990 1,409,755 1,383,856 1,444,613 1,382,381 1,351,166 1,305,892 987,054 1,157,075 1,263,277 1,261,553 1,215,402 438,140 1,172,463 1,182,333 1,140,486 1,177,176 1,143,639 1,180,481 1,089,411 1,054,052 1,087,870 1,029,243 1,035,593 981,104 1,000,133 964,161 958,009 986,495 940,056 960,972 *Change in Market Value (%) 4.7 10.1 9.4 6.6 4.9 16.3 9.1 7.2 10.5 12.3 7.3 10.5 6.6 5.3 38.9 18.4 7.6 6.6 10.1 202.9 13.0 9.0 12.8 7.7 10.2 6.4 14.1 12.3 7.7 8.4 6.6 11.6 6.1 10.1 10.3 6.9 12.0 9.0

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 Institution University of Cincinnati Bowdoin College Berea College Trinity University University of Kentucky Middlebury College Texas Tech University System Saint Louis University Princeton Theological Seminary University of Tennessee System University of Tulsa University of Colorado Foundation Baylor College of Medicine Vassar College University System of Maryland Foundation, Inc. Carnegie Institution of Washington Berry College, Inc. University of Alberta# University of Arkansas, Fayetteville Oklahoma State University Foundation University of Louisville Foundation University of Georgia Foundation Rutgers, the State University of New Jersey University of Miami Washington State University North Carolina State University & Related Foundations Brandeis University Colgate University Santa Clara University University of Utah Oberlin College Louisiana State University System Lafayette College University of Houston System & Foundations Pepperdine University Bryn Mawr College Hamilton College Carleton College College of William and Mary & Foundations Macalester College State/ Province OH ME KY TX KY VT TX MO NJ TN OK CO TX NY MD DC GA AB AR OK KY GA NJ FL WA NC MA NY CA UT OH LA PA TX CA PA NY MN VA MN 2013 Endowment Funds ($000) 1,045,606 1,038,640 1,012,401 1,005,691 992,427 972,992 963,585 956,014 930,720 919,408 885,458 885,384 873,721 868,741 867,017 854,580 853,059 848,433 819,814 817,625 788,529 786,171 783,492 777,947 777,628 769,404 766,205 760,579 760,218 745,553 727,683 721,198 719,600 716,422 712,163 710,704 710,428 700,540 697,724 686,508 2012 Endowment Funds ($000) 976,814 902,364 942,618 908,416 900,158 879,690 869,006 852,842 867,626 826,701 785,546 771,320 789,997 804,912 812,871 794,882 813,969 764,601 626,810 675,030 726,244 674,164 693,515 678,694 737,409 635,326 674,522 687,344 688,118 670,411 674,587 665,431 652,111 652,106 607,953 645,426 635,235 645,645 644,233 634,527 *Change in Market Value (%) 7.0 15.1 7.4 10.7 10.3 10.6 10.9 12.1 7.3 11.2 12.7 14.8 10.6 7.9 6.7 7.5 4.8 11.0 30.8 21.1 8.6 16.6 13.0 14.6 5.5 21.1 13.6 10.7 10.5 11.2 7.9 8.4 10.3 9.9 17.1 10.1 11.8 8.5 8.3 8.2

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 Institution Denison University Iowa State University & Foundation Wesleyan University Cooper Union Rochester Institute of Technology Bucknell University University of Massachusetts Foundation, Inc. Virginia Tech Foundation Queen’s University# Colby College Loma Linda University Principia Corporation College of the Holy Cross Mount Holyoke College Oklahoma State Regents for Higher Education Rensselaer Polytechnic Institute Northeastern University McMaster University# University of Arizona & Foundation Claremont McKenna College Medical College of Wisconsin, Inc. Colorado College Furman University Fordham University Drexel University Davidson College University at Buffalo Foundation, Inc. Arizona State University & Foundation University of Oregon Foundation DePauw University Florida State University Foundation University of South Carolina & Foundations University System of New Hampshire & Foundations vii Clemson University & Foundation Auburn University & Foundation University of Mississippi Foundation Howard University Rush University Medical Center American University in Cairo Reed College American University of Beirut viii American University Trinity College State/ Province OH IA CT NY NY PA MA VA ON ME CA MO MA MA OK NY MA ON AZ CA WI CO SC NY PA NC NY AZ OR IN FL SC NH SC AL MS DC IL NY OR NY DC CT 2013 Endowment Funds ($000) 682,557 673,515 669,593 668,408 668,406 666,562 664,240 660,340 658,896 649,992 648,490 638,419 634,912 631,950 625,719 616,836 616,618 616,465 611,746 599,147 597,865 593,488 592,997 592,538 586,938 564,637 554,392 552,789 552,285 549,015 548,095 544,939 540,992 528,697 522,145 520,216 513,663 500,797 499,796 484,741 481,180 478,163 473,447 2012 Endowment Funds ($000) 645,851 604,897 600,529 641,324 627,786 599,216 565,020 594,776 595,652 599,557 597,669 593,054 589,769 582,623 447,538 583,350 566,767 498,448 563,654 520,583 470,510 533,206 550,266 491,585 555,381 511,393 511,020 500,667 477,599 481,016 497,708 513,936 490,080 482,866 461,727 461,913 460,712 457,217 461,912 439,705 498,982 419,500 422,513 *Change in Market Value (%) 5.7 11.3 11.5 4.2 6.5 11.2 17.5 11.0 10.6 8.4 8.5 7.6 7.7 8.5 39.8 5.7 8.8 23.7 8.5 15.1 27.1 11.3 7.8 20.5 5.7 10.4 8.5 10.4 15.6 14.1 10.1 6.0 10.4 9.5 13.1 12.6 11.5 9.5 8.2 10.2 -3.6 14.0 12.1

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 Institution Oregon Health and Sciences University Foundation Loyola University of Chicago West Virginia University Foundation, Inc. University of Manitoba# Marquette University National University Ohio University & Foundation Whitman College Oregon State University Foundation University of Dayton UC San Diego Foundation Haverford College Whitehead Institute of Biomedical Research Villanova University Miami University Foundation St. John’s University University of Denver (Colorado Seminary) National Academy of Sciences Dalhousie University# University of St. Thomas University of San Diego Loyola Marymount University Mississippi State University & Foundation Worcester Polytechnic Institute DePaul University Miami Dade College College of the Ozarks St. Olaf College University of Vermont & State Agricultural College University of New Mexico & Foundation University of Wyoming Foundation Clark University Kansas State University Foundation University of South Florida Foundation, Inc. Lebanese American University Occidental College Dickinson College University of Toledo & Foundation Creighton University Union College Wheaton College University of Wisconsin System State/ Province OR IL WV MB WI CA OH WA OR OH CA PA MA PA OH NY CO DC NS MN CA CA MS MA IL FL MO MN VT NM WY MA KS FL NY CA PA OH NE NY IL WI 2013 Endowment Funds ($000) 463,969 463,860 460,640 458,527 457,799 456,760 446,748 444,603 443,826 442,252 438,869 434,234 427,113 419,249 416,658 416,231 403,467 402,338 400,024 396,553 395,589 395,462 394,925 389,310 384,740 382,446 376,038 375,914 374,316 371,302 370,216 364,907 364,675 363,924 359,689 356,767 356,739 355,943 355,802 353,410 352,506 352,086 2012 Endowment Funds ($000) 433,288 408,036 417,504 383,688 407,040 400,663 408,987 400,968 403,606 397,794 371,109 387,564 396,521 366,106 387,222 350,486 373,395 375,949 361,597 358,847 345,593 361,096 343,857 358,640 349,234 336,106 298,049 333,460 325,555 343,321 325,456 309,755 329,240 334,132 362,161 330,720 325,684 312,783 368,786 316,818 312,923 327,854 *Change in Market Value (%) 7.1 13.7 10.3 19.5 12.5 14.0 9.2 10.9 10.0 11.2 18.3 12.0 7.7 14.5 7.6 18.8 8.1 7.0 10.6 10.5 14.5 9.5 14.9 8.6 10.2 13.8 26.2 12.7 15.0 8.2 13.8 17.8 10.8 8.9 -0.7 7.9 9.5 13.8 -3.5 11.5 12.6 7.4

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 Institution Earlham College Olin College of Engineering Wabash College Hofstra University Medical College of Virginia Foundation University of Connecticut & Foundations VMI Foundation, Inc. Rollins College University of the South University of the Pacific University of California, Irvine Foundation Spelman College Temple University Michigan State University Foundation Abilene Christian University Quinnipiac University Rhode Island School of Design Franklin & Marshall College University of Victoria# Skidmore College University of South Alabama Foundation Rhodes College Simon Fraser University# University of Alaska & Foundation Brookings Institution Scripps College Loyola University New Orleans Berklee College of Music University of Puget Sound Wayne State University Babson College Medical University of South Carolina Foundation Fairfield University Catholic University of America Western Michigan University Foundation University of Nevada, Reno & Foundations Bradley University Hampton University Southwestern University Gettysburg College St. Lawrence University State/ Province IN MA IN NY VA CT VA FL TN CA CA GA PA MI TX CT RI PA BC NY AL TN BC AK DC CA LA MA WA MI MA SC CT DC MI NV IL VA TX PA NY 2013 Endowment Funds ($000) 350,566 349,371 348,138 347,998 344,632 344,174 338,171 336,974 336,524 334,440 330,104 327,171 323,837 321,186 321,117 315,199 313,194 306,218 304,416 298,811 298,536 294,367 288,589 287,347 286,847 282,289 281,407 278,112 276,927 276,234 273,802 272,319 271,561 264,489 262,300 259,775 257,508 254,103 252,950 251,777 251,421 2012 Endowment Funds ($000) 324,381 338,212 324,996 308,640 298,225 311,331 272,298 334,745 318,951 200,467 300,220 309,139 277,479 313,617 299,110 272,088 297,207 285,108 290,465 283,059 283,761 271,509 252,755 263,983 262,209 256,997 253,369 248,371 250,468 247,111 237,538 239,472 245,284 239,500 204,124 238,286 236,435 232,551 250,623 229,115 230,276 *Change in Market Value (%) 8.1 3.3 7.1 12.8 15.6 10.5 24.2 0.7 5.5 66.8 10.0 5.8 16.7 2.4 7.4 15.8 5.4 7.4 4.8 5.6 5.2 8.4 14.2 8.9 9.4 9.8 11.1 12.0 10.6 11.8 15.3 13.7 10.7 10.4 28.5 9.0 8.9 9.3 0.9 9.9 9.2

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 Institution Agnes Scott College College of Wooster University of Maryland College Park Foundation Colorado State University Foundation Johson & Wales University Barnard College Ithaca College Utah State University Harvey Mudd College UC Davis Foundation Seton Hall University University of San Francisco Connecticut College University of Saskatchewan# University of Hawaii Foundation Bates College Centre College Colorado School of Mines Foundation, Inc. Chapman University Youngstown State University Foundation UNC at Greensboro Investment Fund, Inc. Nevada System of Higher Education University of Memphis Bentley University The Citadel Willamette University The New School Lawrence University of Wisconsin Wichita State University Foundation Lewis & Clark College University of Idaho Foundation, Inc. Corporation of Mercer University Illinois Wesleyan University Duquesne University Drew University Philadelphia College of Osteopathic Medicine UNLV Foundation Muhlenberg College Goucher College New Mexico State University & Foundation Kenyon College State/ Province GA OH MD CO RI NY NY UT CA CA NJ CA CT SK HI ME KY CO CA OH NC NV TN MA SC OR NY WI KS OR ID GA IL PA NJ PA NV PA MD NM OH 2013 Endowment Funds ($000) 251,156 249,388 247,896 245,887 244,788 244,215 242,887 242,025 241,584 240,391 239,733 237,324 237,035 235,483 235,383 233,804 231,244 230,840 229,506 226,309 221,134 219,950 218,308 217,933 216,686 214,332 213,863 212,431 212,178 209,688 209,398 208,286 208,272 203,875 203,337 202,302 200,026 197,593 197,497 197,387 195,117 2012 Endowment Funds ($000) 239,288 232,076 225,053 225,362 226,824 216,447 202,870 209,188 225,509 211,056 224,532 206,605 211,151 210,569 211,970 216,156 207,207 204,083 188,070 207,000 198,036 206,980 198,362 192,708 200,495 205,186 204,783 194,312 199,316 194,134 188,511 191,665 189,764 177,211 190,616 180,919 177,697 157,764 183,717 181,134 184,782 *Change in Market Value (%) 5.0 7.5 10.2 9.1 7.9 12.8 19.7 15.7 7.1 13.9 6.8 14.9 12.3 11.8 11.0 8.2 11.5 13.1 22.0 9.3 11.7 6.3 10.1 13.1 8.1 4.5 4.4 9.3 6.5 8.0 11.1 8.7 9.8 15.0 6.7 11.8 12.6 25.2 7.5 9.0 5.6

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 Institution Illinois Institute of Technology Saint Joseph’s University University of Ottawa# Kalamazoo College University of New Brunswick# Florida Atlantic University Foundation, Inc. University of Akron & Foundation California Polytechnic State University & Foundation Ohio Wesleyan University Washington College John Carroll University SUNY, Stony Brook Foundation Old Dominion University University of South Dakota Foundation Valparaiso University Loyola University Maryland, Inc. Columbia Theological Seminary Gallaudet University Wheaton College Rose-Hulman Institute of Technology Hobart and William Smith Colleges Mills College Hendrix College Stetson University, Inc. Carleton University# Simmons College Ball State University Foundation Stonehill College, Inc. Inter American University of Puerto Rico Claremont Graduate University Lesley University Clarkson University Regent University Drake University Ohio Northern University Lycoming College Albion College Wofford College Butler University Hollins University Suffolk University Hope College State/ Province IL PA ON MI NB FL OH CA OH MD OH NY VA SD IN MD GA DC MA IN NY CA AR FL ON MA IN MA PR CA MA NY VA IA OH PA MI SC IN VA MA MI 2013 Endowment Funds ($000) 194,497 193,170 192,391 192,295 189,297 189,287 184,451 184,048 182,709 181,670 181,004 180,716 180,434 178,104 177,976 177,155 177,110 176,080 176,062 175,815 175,543 174,543 173,281 173,158 172,989 172,031 172,014 171,223 171,111 171,082 170,920 169,438 169,363 169,021 168,980 167,609 167,308 166,619 165,452 164,852 164,688 163,935 2012 Endowment Funds ($000) 178,965 168,834 180,030 169,496 178,775 172,231 183,453 168,372 174,212 167,178 159,892 155,172 168,087 157,953 163,530 156,122 165,132 153,163 159,484 163,278 161,338 165,768 157,993 147,683 201,793 159,647 159,115 146,702 151,453 158,491 157,005 158,330 181,046 151,994 153,617 155,222 161,163 151,173 149,004 154,465 128,800 150,928 *Change in Market Value (%) 8.7 14.4 6.9 13.5 5.9 9.9 0.5 9.3 4.9 8.7 13.2 16.5 7.3 12.8 8.8 13.5 7.3 15.0 10.4 7.7 8.8 5.3 9.7 17.2 -14.3 7.8 8.1 16.7 13.0 7.9 8.9 7.0 -6.5 11.2 10.0 8.0 3.8 10.2 11.0 6.7 27.9 8.6

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The percentage change does NOT represent the rate of return for the institution’s investments. Rather, the percentage change in the market value of an endowment from FY 2012 to FY 2012 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 Institution University of Maine Foundation Allegheny College University of North Dakota Foundation University of South Alabama San Diego State University University of the Sciences in Philadelphia Elon University St. Mary’s University of San Antonio Bryant University Stevens Institute of Technology Saint John’s University Rowan University Foundation Florida International University Foundation, Inc. University of North Carolina at Charlotte Transylvania University University of Montana Foundation Washburn University Foundation University of Scranton East Carolina University California State University Fresno Foundation Medical College of Georgia Foundation, Inc. Illinois College Texas State University Saint Mary’s College of California Gonzaga University Pace University Hanover College St. John’s College ix Randolph College Mennonite Education Agency Investment Fund LLC UCF Foundation, Inc. Asbury Theological Seminary Hamden Sydney College Montana State University Foundation, Inc. Xavier University Beloit College Susquehanna University Bowling Green State University Foundation, Inc. St. Louis College of Pharmacy Saint Mary’s College, Notre Dame Luther College Le Moyne College State/ Province ME PA ND AL CA PA NC TX RI NJ MN NJ FL NC KY MT KS PA NC CA GA IL TX CA WA NY IN MD VA IN FL KY VA MT OH WI PA OH MO IN IA NY 2013 Endowment Funds ($000) 162,835 162,801 162,785 160,000 158,406 157,639 154,286 153,674 153,536 153,143 152,164 150,604 149,384 148,048 147,603 147,538 147,244 145,442 144,701 142,839 142,208 140,735 138,736 138,013 137,721 137,634 136,790 136,402 136,096 135,795 135,462 134,387 134,228 132,879 132,471 132,355 132,099 130,560 129,431 129,270 129,200 128,218 2012 Endowment Funds ($000) 148,298 146,516 140,260 140,000 136,408 147,006 131,212 134,369 141,803 140,236 141,510 140,542 132,554 136,067 127,771 133,008 137,477 125,154 127,681 129,448 117,426 126,041 118,570 126,304 122,378 121,762 127,858 124,888 135,271 127,417 122,609 129,445 128,988 119,821 117,353 117,027 119,543 129,430 115,572 119,910 118,131 117,867 *Percentage Change (%) 9.8 11.1 16.1 14.3 16.1 7.2 17.6 14.4 8.3 9.2 7.5 7.2 12.7 8.8 15.5 10.9 7.1 16.2 13.3 10.3 21.1 11.7 17.0 9.3 12.5 13.0 7.0 9.2 0.6 6.6 10.5 3.8 4.1 10.9 12.9 13.1 10.5 0.9 12.0 7.8 9.4 8.8

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 Institution Augustana Colelge Messiah College University of Hartford Randolph-Macon College Meharry Medical College Austin College Baldwin Wallace University Columbia College Chicago Sacred Heart University Inc. UC Santa Barbara Foundation University of Mount Union Gustavus Adolphus College Pratt Institute Mount Allison University# University of North Texas Buena Vista University Lindenwood University Polytechnic Institute of NYU Hardin-Simmons University Roanoke College Georgia State University Foundation Western Kentucky University & Foundations Pitzer College University of Portland St. Ambrose University Washington and Jefferson College California Institute of the Arts Florida A&M University Foundation, Inc. Culinary Institute of America Ursinus College Millikin University North Dakota State University Development Foundation University of Redlands Millsaps College University of the Incarnate Word Southwestern Baptist Theological Seminary Mount St. Mary’s College Columbia College Whitworth University Austin Presbyterian Theological Seminary Webster University State/ Province IL PA CT VA TN TX OH IL CT CA OH MN NY NB TX IA MO NY TX VA GA KY CA OR IA PA CA FL NY PA IL ND CA MS TX TX CA MO WA TX MO 2013 Endowment Funds ($000) 127,763 127,028 127,026 126,311 124,965 124,800 124,777 124,519 124,031 123,822 123,767 123,740 123,372 123,218 122,369 122,301 122,154 121,191 121,058 119,120 118,825 118,396 118,358 118,107 117,970 115,841 115,310 115,281 115,125 113,957 113,798 113,302 110,785 110,456 110,282 110,186 108,549 108,418 108,081 107,816 107,483 2012 Endowment Funds ($000) 115,912 120,700 112,389 120,837 112,455 119,457 113,889 109,176 112,728 109,022 116,402 111,472 97,600 116,455 112,316 114,246 108,946 106,747 103,262 113,871 112,140 111,043 110,203 105,449 105,247 103,817 113,190 107,742 101,105 105,149 105,514 100,561 103,849 91,628 98,163 101,268 97,711 93,482 98,870 101,659 87,609 *Change in Market Value (%) 10.2 5.2 13.0 4.5 11.1 4.5 9.6 14.1 10.0 13.6 6.3 11.0 26.4 5.8 9.0 7.0 12.1 13.5 17.2 4.6 6.0 6.6 7.4 12.0 12.1 11.6 1.9 7.0 13.9 8.4 7.9 12.7 6.7 20.5 12.3 8.8 11.1 16.0 9.3 6.1 22.7

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 Institution Indiana Wesleyan University Northern Arizona University UC Riverside Foundation Saint Anselm College Victoria University in the University of Toronto# East Tennessee State University Harding University, Inc. Mercy College University of Rhode Island Foundation Southern Illinois University Foundation Alma College Goshen College Doane College University of Chattanooga Foundation Westminster College San Jose State University & Tower Foundation McDaniel College Knox College Moravian College Christian Theological Seminary Weber State University North Central College College of Idaho Cottey College Alfred University Juniata College Biola University Ouachita Baptist University Wittenberg University Assumption College Central Michigan University University of the Ozarks Belmont University Marshall University Foundation, Inc. Saint Francis Xavier University# Presbyterian College Whittier College South Dakota State University Linfield College Sweet Briar College Queens University of Charlotte Concordia College State/ Province IN AZ CA NH ON TN AR NY RI IL MI IN NE TN PA CA MD IL PA IN UT IL ID MO NY PA CA AR OH MA MI AR TN WV NS SC CA SD OR VA NC MN 2013 Endowment Funds ($000) 107,316 107,275 106,987 106,305 105,420 105,332 105,005 103,289 103,248 103,066 102,680 102,260 102,176 101,192 100,800 99,869 99,635 98,752 98,448 97,605 96,514 96,483 96,146 96,014 93,754 93,508 93,043 92,967 92,422 92,359 92,257 91,663 90,860 90,637 90,177 88,637 88,635 88,294 88,192 88,058 88,012 87,998 2012 Endowment Funds ($000) 83,089 93,753 95,255 85,274 97,273 100,112 99,123 64,043 94,389 93,347 96,531 94,011 90,341 90,176 87,025 74,813 88,364 84,363 91,586 95,150 77,043 89,942 86,456 90,051 85,945 79,378 79,330 86,354 90,879 79,156 81,027 86,793 75,978 83,119 82,083 79,883 77,798 75,090 78,107 84,725 84,049 78,695 *Change in Market Value (%) 29.2 14.4 12.3 24.7 8.4 5.2 5.9 61.3 9.4 10.4 6.4 8.8 13.1 12.2 15.8 33.5 12.8 17.1 7.5 2.6 25.3 7.3 11.2 6.6 9.1 17.8 17.3 7.7 1.7 16.7 13.9 5.6 19.6 9.0 9.9 11.0 13.9 17.6 12.9 3.9 4.7 11.8

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 Institution Lenoir-Rhyne University Grand Valley State University Monmouth College Coe College John Brown University Emory & Henry University Oklahoma City University Long Island University St. Norbert College Michigan Technological University University of North Florida Foundation, Inc. New Jersey Institute of Technology Texas Lutheran University University of Northern Iowa Foundation Franklin College Northern Kentucky University Foundation, Inc. Hamline University of Minnesota Wentworth Institute of Technology McCormick Theological Seminary University of Indianapolis La Salle University University of Evansville Niagara University Louisville Presbyterian Theological Seminary Lynchburg College Meredith College Drury University Widener University Wright State University Foundation, Inc. St. Edward’s University Roosevelt University Roger Williams University Appalachian State University & Foundation Saint Michael’s College Pacific Lutheran University Boise State University Foundation, Inc. Westmont College Lake Forest College Foundation for SUNY at Binghamton, Inc. University of Dubuque Franklin University Simpson College State/ Province NC MI IL IA AR VA OK NY WI MI FL NJ TX IA IN KY MN MA IL IN PA IN NY KY VA NC MO PA OH TX IL RI NC VT WA ID CA IL NY IA OH IA 2013 Endowment Funds ($000) 87.800 87,628 87,222 87,118 86,711 86,471 85,254 85,151 83,796 83,755 83,557 82,965 82,734 82,689 82,250 82,005 81,913 81,890 81,818 81,521 81,487 81,259 80,898 80,888 80,736 80,707 80,660 80,603 79,551 79,253 79,128 78,978 78,587 78,313 77,980 77,826 76,918 76,914 76,759 76,244 76,099 75,863 2012 Endowment Funds ($000) 58,142 73,788 77,726 84,023 81,168 79,931 77,121 78,325 72,956 76,548 74,889 74,248 78,957 67,873 79,557 73,621 73,462 74,417 77,883 70,880 71,685 70,537 72,152 74,156 74,074 74,828 74,067 72,640 75,369 52,972 74,426 72,858 72,183 69,719 73,220 70,281 70,245 71,101 64,577 68,734 66,791 69,015 *Change in Market Value (%) 51.0 18.8 12.2 3.7 6.8 8.2 10.5 8.7 14.9 9.4 11.6 11.7 4.8 21.8 3.4 11.4 11.5 10.0 5.1 15.0 13.7 15.2 12.1 9.1 9.0 7.9 8.9 11.0 5.5 49.6 6.3 8.4 8.9 12.3 6.5 10.7 9.5 8.2 18.9 10.9 13.9 9.9

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2013 2012 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 496 Wagner College NY 75,756 64,355 17.7 497 Middle Tennessee State University TN 75,710 64,668 17.1 498 Sarah Lawrence College NY 75,405 67,438 11.8 499 Chatham University PA 75,090 70,353 6.7 500 Brite Divinity School TX 75,019 63,901 17.4 501 Pittsburg State University Foundation, Inc. KS 73,912 57,241 29.1 502 University of St. Thomas TX 73,894 66,346 11.4 503 University of North Carolina Wilmington NC 73,765 65,928 11.9 504 University of Northern Colorado Foundation, Inc. CO 73,086 67,636 8.1 505 Indiana Institute of Technology IN 72,952 49,658 46.9 506 Taylor University IN 72,949 67,505 8.1 507 Emmanuel College MA 72,774 64,685 12.5 508 Northwood University MI 72,732 68,118 6.8 509 Guilford College NC 72,664 65,932 10.2 510 California State University Northridge CA 72,449 63,640 13.8 511 SUNY Upstate Medical University NY 72,438 59,582 21.6 512 York College of Pennsylvania PA 71,953 65,737 9.5 513 Palm Beach Atlantic University FL 71,435 67,529 5.8 514 Maryland Institute College of Art MD 71,234 64,201 11.0 515 Ripon College WI 71,227 62,251 14.4 516 Luther Seminary MN 71,141 69,112 2.9 517 Iona College NY 71,035 52,861 34.4 518 Emporia State University Foundation, Inc. KS 71,009 67,291 5.5 519 Kettering University MI 70,740 63,760 10.9 520 Wilson College PA 70,685 67,366 4.9 521 Central College IA 70,653 67,648 4.4 522 Valencia College & Foundation FL 70,494 64,981 8.5 523 St. Francis College NY 70,379 65,357 7.7 524 Oregon University System OR 70,349 64,624 8.9 525 Bridgewater College VA 70,124 62,823 11.6 526 Hood College MD 69,428 62,064 11.9 527 California State Polytechnic University, Pomona CA 69,290 55,580 24.7 528 University of Southern Mississippi Foundation MS 68,863 61,447 12.1 529 Marietta College OH 68,726 61,018 12.6 530 Converse College SC 68,290 64,202 6.4 531 Trinity College Toronto# ON 68,041 70,225 -3.1 532 McMurry University TX 67,803 62,220 9.0 533 Cornell College IA 66,999 63,667 5.2 534 James Madison University Foundation, Inc. VA 66,978 59,578 12.4 535 New York Medical College NY 66,900 61,148 9.4 536 Broward College Foundation, Inc. FL 66,799 63,731 4.8 537 Missouri State University Foundation MO 66,457 61,030 8.9

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2013 2012 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 538 Monmouth University NJ 66,179 58,591 13.0 539 Tennessee Tech University TN 65,922 58,780 12.1 540 Capital University OH 65,904 60,643 8.7 541 Muskingum University OH 65,218 59,791 9.1 542 Golden Gate University CA 65,085 61,244 6.3 543 Carthage College WI 64,614 54,832 17.8 544 Florida Southern College FL 63,799 55,474 15.0 545 Manhattan College NY 63,141 56,073 12.6 546 Augustana College SD 62,897 54,986 14.4 547 Hartwick College NY 62,868 57,689 9.0 548 Eastern Virginia Medical School Foundation VA 62,715 53,320 17.6 549 Westminster College UT 62,593 58,682 6.7 550 Eastern Illinois University Foundation IL 61,856 56,454 9.6 551 Seattle Pacific University WA 61,216 49,060 24.8 552 Elizabethtown College PA 61,034 54,756 11.5 553 Oakland University MI 61,024 54,968 11.0 554 Hiram College OH 60,977 58,736 3.8 555 Warren Wilson College NC 60,955 58,018 5.1 556 Lipscomb University TN 60,648 56,747 6.9 557 Saginaw Valley State University Foundation MI 60,483 52,210 15.8 558 University of Arkansas Fort Smith Foundation, Inc. AR 60,435 53,576 12.8 559 King’s College PA 60,127 57,290 5.0 560 Nazareth College NY 59,847 55,587 7.7 561 Oklahoma Christian University OK 59,843 49,781 20.2 562 Lamar University Foundation, Inc. TX 59,666 48,571 22.8 563 Murray State University KY 59,529 55,346 7.6 564 George Mason University Foundation, Inc. VA 59,260 55,165 7.4 565 California Lutheran University CA 59,089 53,110 11.3 566 Northern Illinois University Foundation IL 58,858 51,135 15.1 567 Arcadia University PA 58,237 52,942 10.0 568 Maryville College TN 58,053 54,222 7.1 569 Albright College PA 57,381 52,216 9.9 570 Rider University NJ 57,338 50,287 14.0 571 Schreiner University TX 57,269 50,083 14.3 572 Eastern Michigan University Foundation MI 57,214 50,562 13.2 573 Sam Houston State University TX 57,022 N/A N/A 574 Western Carolina University NC 56,502 52,455 7.7 575 Pacific University OR 56,412 51,255 10.1 576 Montclair State University Foundation, Inc. NJ 56,411 53,208 6.0 577 College of Central Florida Foundation, Inc. FL 55,786 49,719 12.2 578 Eastern Kentucky University Foundation KY 55,461 48,650 14.0 579 San Francisco State University Foundation CA 55,201 49,003 12.7

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2013 2012 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 580 Ana G. Mendez University System PR 55,171 48,788 13.1 581 Shenandoah University VA 54,868 52,670 4.2 582 DeSales University PA 54,843 47,738 14.9 583 SUNY Purchase College Foundation NY 54,718 47,155 16.0 584 Florida Institute of Technology FL 54,540 48,845 11.7 585 College of St. Scholastica, Inc. MN 54,495 48,750 11.8 586 LaGrange College GA 53,957 52,466 2.8 587 St. Bonaventure University NY 53,953 48,655 10.9 588 Fort Hays State University Foundation KS 53,852 50,457 6.7 589 University of West Florida Foundation, Inc. FL 53,687 47,676 12.6 590 University of Northern British Columbia# BC 53,277 48,451 10.0 591 Springfield College MA 52,999 45,514 16.4 592 Virginia Wesleyan College VA 52,704 49,479 6.5 593 Park University MO 51,954 46,407 12.0 594 Endicott College MA 51,511 44,884 14.8 595 Clark College Foundation WA 50,965 47,319 7.7 596 California State University, Long Beach CA 50,529 42,499 18.9 597 Indiana University of Pennsylvania & Foundation x IN 50,343 47,024 7.1 598 Howard Payne University TX 49,982 45,268 10.4 599 Salve Regina University RI 49,967 44,393 12.6 600 Nebraska Wesleyan University NE 49,277 46,775 5.3 601 Eckerd College FL 49,094 45,268 8.5 602 Lebannon Valley College PA 48,933 45,126 8.4 603 University Foundation for CSU Chico CA 48,498 42,174 15.0 604 College of Saint Benedict MN 48,450 42,224 14.7 605 Troy University Foundation AL 48,144 32,873 46.5 606 Longwood University Foundation, Inc. VA 48,103 43,228 11.3 607 University of La Verne CA 47,976 37,359 28.4 608 Manchester University IN 47,294 42,936 10.1 609 Gannon University PA 47,281 41,278 14.5 610 Indiana State University Foundation, Inc. IN 47,082 42,472 10.9 611 Wheelock College MA 46,659 42,862 8.9 612 Wilkes University PA 46,635 43,423 7.4 613 Keck Graduate Institute of Applied Life Sciences CA 46,452 44,581 4.2 614 Graceland University IA 46,318 38,751 19.5 615 Carroll University WI 46,264 41,570 11.3 616 Lewis University IL 46,158 40,830 13.1 617 Georgian Court University NJ 46,117 42,954 7.4 618 Minnesota State University, Mankato MN 45,961 41,644 10.4 619 Bellarmine University KY 45,688 40,393 13.1 620 New York Chiropractic College NY 45,254 41,861 8.1 621 Friends University KS 44,688 40,294 10.9

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Market Value of Endowment Assets and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. Rank 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 Institution Fairleigh Dickinson University Portland State University Foundation University of Wisconsin Eau Claire Foundation Moody Bible Institute Northwestern College Arkansas State University Foundation, Inc. Morningside College Ferrum College Tennessee State University Foundation Mount Saint Mary’s University Columbus State University Foundation, Inc. High Point University CSU Fullerton Philanthropic Foundation Houghton College Western New England University Georgia Southern University Foundation Texas Southern University SUNY College at Oneonta Foundation Corporation Kentucky Community & Technical College System University of Mary Washington Hartford Seminary Freed-Hardeman University Marywood University Asbury University Western Washington University Foundation Radford University Foundation University at Albany Foundation Ferris Foundation Bethany Lutheran College, Inc. Saint Francis University Rockhurst University William Peace University Lyon College Jacksonville University Maryville University of St. Louis Cleveland Institute of Music Coker College Florida State College at Jacksonville Sonoma State University Academic Foundation, Inc. College of Saint Rose Shippensburg University Foundation State/ Province NJ OR WI IL IA AR IA VA TN MD GA NC CA NY MA GA TX NY KY VA CT TN PA KY WA VA NY MI MN PA MO NC AR FL MO OH SC FL CA NY PA 2013 Endowment Funds ($000) 44,304 44,054 43,784 43,623 43,320 43,197 43,186 43,059 42,970 42,956 42,819 42,681 42,547 42,524 42,409 42,363 42,179 42,023 41,618 41,385 41,353 41,180 40,944 40,865 40,846 40,519 40,278 40,216 39,897 39,118 39,111 39,037 38,705 38,540 38,072 37,814 37,660 37,103 37,070 36,206 36,205 2012 Endowment Funds ($000) 34,904 38,549 36,907 37,669 41,318 39,408 38,693 39,402 37,897 40,351 38,361 36,365 34,277 37,501 37,786 38,197 37,962 36,722 35,712 36,201 37,453 35,228 38,004 37,696 35,342 37,131 35,190 35,183 37,433 34,159 37,417 40,111 37,463 35,399 34,857 33,985 35,917 35,810 35,018 31,925 32,069 *Change in Market Value (%) 26.9 14.3 18.6 15.8 4.8 9.6 11.6 9.3 13.4 6.5 11.6 17.4 24.1 13.4 12.2 10.9 11.1 14.4 16.5 14.3 10.4 16.9 7.7 8.4 15.6 9.1 14.5 14.3 6.6 14.5 4.5 -2.7 3.3 8.9 9.2 11.3 4.9 3.6 5.9 13.4 12.9

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2013 2012 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 663 Winthrop University Foundation SC 35,765 31,479 13.6 664 San Francisco Conservatory of Music CA 34,993 33,032 5.9 665 Augsburg College MN 34,553 29,778 16.0 666 Viterbo University WI 34,469 31,527 9.3 667 Mary Baldwin College VA 34,306 31,874 7.6 668 Northampton Community College Foundation PA 34,085 30,296 12.5 669 University of Central Missouri Foundation MO 34,065 30,777 10.7 670 University of Wyoming WY 33,858 33,074 2.4 671 Heidelberg University OH 33,845 30,106 12.4 672 Ringling College of Art and Design FL 33,833 24,166 40.0 673 Notre Dame of Maryland University MD 33,820 31,647 6.9 674 McPherson College KS 33,754 31,545 7.0 675 Brenau University GA 33,626 30,044 11.9 676 Lasell University MA 33,490 29,775 12.5 677 College of Mount St. Joseph OH 32,996 29.090 13.4 678 Clarke University IA 32,990 29,898 10.3 679 North Carolina A&T State University NC 32,959 28,041 17.5 680 University of North Carolina at Asheville NC 32,952 27,723 18.9 681 Madonna University MI 32,786 28,949 13.3 682 Harrisburg Area Community College PA 32,607 31,769 2.6 683 Marymount University VA 32,603 22,957 42.0 684 Rivier University NH 32,023 29,280 9.4 685 Hampshire College MA 31,795 27,445 15.8 686 Western Illinois University Foundation IL 31,622 28,423 11.3 687 Dallas Seminary Foundation TX 31,573 26,576 18.8 688 Barry University FL 31,325 29,714 5.4 689 Lamar University TX 31,300 28,364 10.4 690 Misericordia University PA 30,695 25,434 20.7 691 University of Jamestown ND 30,323 27,091 11.9 692 Delaware Valley College PA 30,302 32,844 -7.7 693 Montana Tech Foundation MT 30,207 25,858 16.8 694 National Louis University IL 29,844 28,218 5.8 695 Carroll College MT 29,671 28,706 3.4 696 Kentucky Wesleyan College KY 29,552 27,969 5.7 697 Winston-Salem State University NC 29,543 25,966 13.8 698 Graduate Theological Union CA 29,351 26,843 9.3 699 University Foundation at Sacramento State CA 29,318 28,317 3.5 700 Concordia University, St. Paul MN 28,849 26,988 6.9 701 Cazenovia College NY 28,826 26,371 9.3 702 Parker University TX 28,813 26,518 8.7 703 Sinclair Community College Foundation OH 28,669 26,193 9.5 704 Buffalo State College Foundation, Inc. NY 28,581 24,057 18.8

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Percentage Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2013 2012 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 705 McKendree University IL 28,432 25,731 10.5 706 SUNY Cortland Foundation NY 28,405 23,195 22.5 707 Robert Morris University PA 27,987 25,465 9.9 708 Cardinal Stritch University, Inc. WI 27,849 26,767 4.0 709 Mercyhurst University PA 27,563 23,739 16.1 710 Virginia State University VA 27,349 24,002 13.9 711 Rust College, Inc. MS 27,239 22,463 21.3 712 Sage Colleges NY 27,234 21,010 29.6 713 St. Mary’s College of Maryland Foundation MD 26,693 24,550 8.7 714 Covenant College GA 26,577 24,389 9.0 715 SUNY Fredonia College Foundation NY 26,394 24,928 5.9 716 Dominican University IL 26,147 23,319 12.1 717 Foundation for the University of the Virgin Islands VI 25,710 19,640 30.9 718 Georgia Southwestern Foundation, Inc. GA 25,705 23,708 8.4 719 West Chester University of Pennsylvania & Foundation xi PA 25,441 21,621 17.7 720 Averett University VA 25,177 23,559 6.9 721 Ohio Dominican University OH 24,918 22,784 9.4 722 Thunderbird School of Global Management AZ 24,804 26,972 -8.0 723 Bloomsburg University Foundation PA 24,737 23,114 7.0 724 Philadelphia University PA 24,581 22,564 8.9 725 Humboldt State University Advancement Foundation CA 24,427 22,270 9.7 726 Neumann University PA 24,238 22,293 8.7 727 William Mitchell College of Law MN 24,049 21,543 11.6 728 Cedarville University OH 23,901 19,792 20.8 729 Mount Aloysius College PA 23,755 20,013 18.7 730 Northland College WI 23,749 16,913 40.4 731 Shepherd University Foundation WV 23,532 22,327 5.4 732 Mount Mercy University IA 23,505 20,136 16.7 733 Loras College IA 23,270 20,578 13.1 734 Central Piedmont Community College Foundation, Inc. NC 23,199 22,119 4.9 735 Rocky Mountain College MT 23,098 20,758 11.3 736 Olivet Nazarene University IL 23,095 20,311 13.7 737 University of Saint Joseph CT 23,079 21,663 6.5 738 Vaughn College of Aeronautics & Technology NY 22,590 21,463 5.3 739 Huntington University IN 22,416 20,637 8.6 740 Eastern Mennonite University VA 22,325 20,828 7.2 741 Alverno College WI 22,260 19,844 12.2 742 SUNY Potsdam College Foundation, Inc. NY 22,221 18,293 21.5 743 College of New Jersey Foundation, Inc. NJ 22,210 19,740 12.5 744 Trevecca Nazarene University TN 22,067 20,114 9.7 745 American University in Bulgaria DC 22,029 18,554 18.7 746 Pacific Union College CA 22,015 21,066 4.5

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. State/ Province NY NC OH CA CA MI MO PA CA CA FL CA PA PA CO WA WI NY IL NJ SC MA IA MA NC PA SC MA IA CA CT OH OH WI NY MI NY OR ME CA OR 2013 Endowment Funds ($000) 21,888 21,798 21,370 21,313 21,148 21,032 20,981 20,961 20,528 20,179 19,496 19,451 19,443 19,363 19,284 19,238 18,994 18,757 18,713 18,579 18,566 18,242 18,018 17,983 17,874 17,586 17,203 16,227 16,147 15,954 15,866 15,795 15,727 15,684 15,570 15,195 15,142 15,100 14,467 14,361 14,064 2012 Endowment Funds ($000) 20,006 18,717 20,606 19,171 18,559 18,847 19,657 18,940 17,263 17,961 18,005 18,123 18,432 17,090 17,344 17,194 18,553 18,161 16,351 19,431 14,761 15,326 16,434 17,078 15,835 16,018 15,639 15,353 12,007 14,020 13,617 14,785 14,297 13,548 13,833 13,358 12,107 14,797 11,842 10,933 10,815 *Change in Market Value (%) 9.4 16.5 3.7 11.2 14.0 11.6 6.7 10.7 18.9 12.3 8.3 7.3 5.5 13.3 11.2 11.9 2.4 3.3 14.4 -4.4 25.8 19.0 9.6 5.3 12.9 9.8 10.0 5.7 34.5 13.8 16.5 6.8 10.0 15.8 12.6 13.7 25.1 2.0 22.2 31.4 30.0

Rank 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787

Institution Utica College Methodist University, Inc. University of Rio Grande CSU San Bernardino Philanthropic Foundation California State University, Los Angeles Thomas M. Cooley Law School Culver-Stockton College Cedar Crest College California State University San Marcos Foundation California State University Bakersfield Foundation St. Thomas University Marshall B. Ketchum University Bradford Educational Foundation-University of Pittsburgh at Bradford Peirce College Colorado Mesa University Foundation Walla Walla University Wisconsin Lutheran College, Inc. Roberts Wesleyan College Southern Illinois University Edwardsville Foundation College of Saint Elizabeth Spartanburg Methodist College Worcester State Foundation Grand View University Fitchburg State University Fayetteville State University Kutztown University Foundation Tri-County Technical College Foundation, Inc. Regis College North Iowa Area Community College Foundation California State University, Monterey Bay Southern Connecticut State University Foundation, Inc. Shawnee State University Development Foundation Defiance College UW Oshkosh Foundation, Inc. Plattsburgh College Foundation Delta College Oswego College Foundation, Inc. Pacific Northwest College of Art Husson University California State University, Office of the Chancellor Central Oregon Community College Foundation

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2012 2013 *Percentage State/ Endowment Endowment Change Rank Institution Funds Funds Province (%) ($000) ($000) 788 Ramapo College of New Jersey NJ 13,986 12,674 10.4 789 LeTorneau University TX 13,909 10,511 32.3 790 Northern Michigan University MI 13,875 12,600 10.1 791 Thomas College ME 13,462 11,895 13.2 792 Cal State East Bay Educational Foundation CA 13,449 10,369 29.7 793 Fitchburg State University Foundation, Inc. MA 13,005 11,988 8.5 794 Metropolitan College of New York NY 12,937 10,496 23.3 795 Spalding University KY 12,931 11,366 13.8 796 Kalamazoo Valley Community College MI 12,746 11,237 13.4 797 Polytechnic University of Puerto Rico PR 12,717 11,215 13.4 798 Schoolcraft College Foundation MI 12,652 10,859 16.5 799 Mount Ida College MA 12,645 11,732 7.8 800 Western University of Health Sciences CA 12,528 8,424 48.7 801 Holy Names University CA 12,528 10,793 16.1 802 Trinity Western University# BC 12,209 10,562 15.6 803 California State University Dominguez Hills Foundation CA 12,166 10,159 19.8 804 Western Connecticut State University Foundation CT 12,010 10,896 10.2 805 California State University, Channel Islands CA 11,972 9,226 29.8 806 Keuka College NY 11,422 9,982 14.4 807 Pensacola State College Foundation, Inc. FL 11,354 10,355 9.7 808 Chaminade University of Honolulu HI 11,253 10,164 10.7 809 Foundation for Florida Gateway College, Inc. FL 11,082 9,588 15.6 810 Spring Arbor University MI 10,985 9,585 14.6 811 Five Colleges, Inc. MA 10,849 10,209 6.3 812 Virginia State University Foundation VA 10,843 9,288 16.7 813 Pacific Lutheran Theological Seminary CA 10,798 8,744 23.5 814 Olivet College MI 10,795 9,207 17.2 815 California State University, Stanislaus CA 10,731 9,232 16.2 816 Hesston College KS 10,624 9,348 13.6 817 Weber State University Foundation UT 10,423 9,637 8.2 818 Boston Architectural College MA 9,604 8,658 10.9 819 Saint Mary-of-the-Woods College IN 9,523 10,801 -11.8 820 Canton College Foundation, Inc. NY 9,355 8,135 15.0 821 Florida Memorial University FL 9,276 10,379 -10.6 822 New England College NH 9,275 8,146 13.9 823 Houston Community College Foundation TX 9,024 4,948 82.4 824 Denver Seminary CO 8,806 7,562 16.5 825 Bergen Community College Foundation NJ 8,732 8,503 2.7 826 Centralia College Foundation WA 8,549 7,974 7.2 827 Dakota State University Foundation SD 8,363 7,749 7.9 828 Northeast State Community College TN 8,209 6,885 19.2

© Copyright 2014 National Association of College and University Business Officers and Commonfund Institute.

U.S. and Canadian Institutions Listed by Fiscal Year 2013 Endowment Market Value and Change* in Endowment Market Value from FY 2012 to FY 2013
*Note: The change in market value does NOT represent the rate of return for the institution’s investments. Rather, the change in the market value of an endowment from FY 2012 to FY 2013 reflects the net impact of: 1) withdrawals to fund institutional operations and capital expenses; 2) the payment of endowment management and investment fees; 3) additions from donor gifts and other contributions; and 4) investment gains or losses. 2012 2013 *Change in State/ Endowment Endowment Market Value Rank Institution Funds Funds Province (%) ($000) ($000) 829 Austin Peay State University TN 7,727 6,818 13.3 830 Keystone College PA 7,462 6,741 10.7 831 New Jersey City University Foundation, Inc. NJ 7,144 5,948 20.1 832 Pellissippi State Community College Foundation TN 6,953 5,917 17.5 833 Great Basin College Foundation NV 6,736 6,465 4.2 834 Southeastern University FL 6,702 5,762 16.3 835 J. Sargent Reynolds Community College Foundation VA 6,335 5,233 21.1 836 Blue Ridge Community College Foundation, Inc. VA 5,999 5,509 8.9 837 California Maritime Academy Foundation, Inc. CA 5,409 3,720 45.4 838 College of St. Joseph VT 5,198 4,492 15.7 839 Harford Community College Foundation MD 5,119 4,686 9.2 840 Naval Postgraduate School Foundation CA 4,907 4,466 9.9 841 Elgin Community College Foundation IL 4,469 3,400 31.4 842 Midlands Technical College Foundation SC 4,004 3,928 1.9 843 Hillsborough Community College Foundation, Inc. FL 3,712 3,251 14.2 844 Centenary College NJ 3,337 2,829 18.0 845 Lakeland Community College OH 2,450 2,114 15.9 846 Texas College TX 2,410 2,065 16.7 847 Laboure College MA 2,169 1,994 8.8 848 Georgia Perimeter College GA 1,167 1,029 13.4 849 Southern Virginia University VA 714 610 17.0 Average Median Notes: N/A=Not Available.
#

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537,213 101,192

488,260 90,114

10.0 12.3

Endowment market value data for Canadian institutions are expressed in U.S. dollars, based on the U.S./Canadian dollar conversion rates in effect on or around June 30, 2013 (for FY 2013) and June 30, 2012 (for FY 2012) , as reported by the Bank of Canada Web site (http://www.bankofcanada.ca/en/rates/exchform.html). Data from Canadian institutions is NOT included in the full 2012 NCSE report. This table was prepared in January 2014. Changes to endowment values reported after January may not be reflected in the full 2013 NCSE report. See next page for important explanatory footnote.

Total includes endowment assets from Texas A&M University System and multiple supporting foundations, including the Texas A&M Foundation. The full 2013 NCSE report includes separate information for the Texas A&M University System and the Texas A&M Foundation. ii The increase is primarily due to a board-approved re-designation of funds previously invested in the Pennsylvania State University’s general operating pool of assets. These funds have been commingled with the university’s longterm investment pool and are essentially “quasi-endowments.”

i

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Includes combined endowment assets for the Regents of the University of Minnesota and University of Minnesota Foundation. The full 2013 NCSE report include separate information for each of these individual institutions. iv Total includes the combined assets from University of Illinois and the University of Illinois Foundation. The full 2013 NCSE report includes separate information for each of these individual institutions. v Total endowment includes the combined assets from the Carnegie Mellon University (“CMU”) endowment and that portion of assets held by The Dietrich Foundation reflecting CMU’s allocation as a named beneficiary. The full 2013 NCSE report reflects investment information for the endowment held at CMU only. vi The large increase in the Virginia Commonwealth University (VCU) endowment is primarily due to the board redesignation of certain long-term investments held by related VCU entities as "quasi-endowments." The quasiendowments are unrestricted and not needed for general operating purposes. vii Total includes the combined assets of University of New Hampshire Foundation, Inc. and University System of New Hampshire and Affiliated Foundations. The full 2013 NCSE report include separate information for each of these individual institutions. viii During the fiscal year ended June 30, 2013, the university transferred $58.5 million from the endowment fund to a separate trust. Without the transfer, the percentage of change in market value for the university would have been 8.2 percent instead of -3.6 percent. ix Total endowment and all information in the 2013 NCSE report includes data from the combined endowment funds from the campuses of St. John’s College of Annapolis and St. John’s College of Santa Fe. x Includes combined endowment assets for Indiana University of Pennsylvania and Indiana University of Pennsylvania Foundation. The full 2013 NCSE report includes separate information for each of these individual institutions. xi Total includes assets from West Chester University and West Chester University Foundation. The full 2013 NCSE report include separate information for each of these individual institutions.

iii

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