Rich schools get richer
The endowments of North America's richest colleges grew at an out-sized pace in 2005.
By Les Christie, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) - The most richly endowed colleges and universities in North America got even richer last year, according to the latest data available from the National Association of College and University Business Officers.

The average endowment fund grew by 9.3 percent during the year through June 30, but most of the wealthiest schools achieved a far better return. The 56 colleges with more than a billion in endowment funds (see table below) earned about a 13.8 percent return, while colleges with endowments of less than $25 million earned under 9 percent.

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Harvard, the wealthiest North American university, saw its endowment climb 15 percent to more than $25 billion. Second place Yale did even better on a percentage basis, growing its fund more than 19 percent, to $15 billion. Stanford's endowment grew 23 percent.

Nine institutions joined the billionaire's club over the 12 months through June 30, with the University of Toronto vaulting 24.4 percent to more than $1.2 billion. Other newcomers included Amherst, University of Wisconsin, and Baylor.

No schools dropped out of billionaire status but one, Emory University, lost money during the 12 months. Its endowment dropped 3.5 percent to under $4.4 billion, still good enough for 11th place on the list. Emory's endowment rises and falls with the fortunes of Coca-Cola; a significant share of their fund is in Coke stock.

What are the proceeds from endowment funds being spent on? The salaries of their professors, for one. Click here to see how much the average professor earns. Also see the most expensive collegesTop of page

  Institution State 2005 Endowment Funds ($000) 2004 Endowment Funds ($000) *Percent Change in Endowment (2005 - 2004)
1 Harvard University MA 25,473,721 22,143,649 15.00%
2 Yale University CT 15,224,900 12,747,150 19.40%
3 Stanford University CA 12,205,000 9,922,000 23.00%
4 University of Texas System TX 11,610,997 10,336,687 12.30%
5 Princeton University NJ 11,206,500 9,928,200 12.90%
6 Massachusetts Institute of Technology MA 6,712,436 5,865,212 14.40%
7 University of California CA 5,221,916 4,767,466 9.50%
8 Columbia University NY 5,190,564 4,493,085 15.50%
9 The Texas A&M University System and Foundations TX 4,963,879 4,373,047 13.50%
10 University of Michigan MI 4,931,338 4,163,382 18.40%
11 Emory University GA 4,376,272 4,535,587 -3.50%
12 University of Pennsylvania PA 4,369,782 4,018,660 8.70%
13 Washington University MO 4,268,415 4,000,823 6.70%
14 Northwestern University IL 4,215,275 3,668,405 14.90%
15 University of Chicago IL 4,137,494 3,620,728 14.30%
16 Duke University NC 3,826,153 3,313,859 15.50%
17 Cornell University NY 3,777,092 3,238,350 16.60%
18 University of Notre Dame IN 3,650,224 3,095,703 17.90%
19 Rice University TX 3,611,127 3,302,455 9.30%
20 University of Virginia VA 3,219,098 2,793,225 15.20%
21 University of Southern California CA 2,746,051 2,399,960 14.40%
22 Dartmouth College NH 2,714,300 2,454,293 10.60%
23 Vanderbilt University TN 2,628,437 2,296,262 14.50%
24 Johns Hopkins University MD 2,176,909 2,055,542 5.90%
25 University of Minnesota and Related Foundations MN 1,968,930 1,730,063 13.80%
26 Brown University RI 1,843,904 1,647,295 11.90%
27 Ohio State University and Foundation OH 1,726,007 1,541,175 12.00%
28 The Rockefeller University NY 1,556,945 1,394,782 11.60%
29 New York University NY 1,548,000 1,449,500 6.80%
30 University of Pittsburgh PA 1,529,884 1,364,882 12.10%
31 Case Western Reserve University OH 1,516,481 1,441,819 5.20%
32 University of Washington WA 1,489,924 1,315,894 13.20%
33 UNC at Chapel Hill and Foundations NC 1,486,147 1,317,211 12.80%
34 California Institute of Technology CA 1,417,931 1,261,122 12.40%
35 Grinnell College IA 1,390,545 1,291,781 7.60%
36 University of Rochester NY 1,369,969 1,261,562 8.60%
37 Williams College MA 1,348,374 1,229,516 9.70%
38 Purdue University IN 1,340,536 1,207,131 11.10%
39 Pomona College CA 1,298,629 1,149,720 13.00%
40 Wellesley College MA 1,275,529 1,179,988 8.10%
41 Boston College MA 1,270,303 1,150,148 10.40%
42 University of Richmond VA 1,207,573 1,103,465 9.40%
43 University of Toronto ON 1,201,517 966,124 24.40%
44 Pennsylvania State University PA 1,174,828 1,056,078 11.20%
45 Swarthmore College PA 1,164,069 1,080,026 7.80%
46 Amherst College MA 1,154,570 993,417 16.20%
47 Yeshiva University NY 1,148,687 1,003,024 14.50%
48 University of Illinois and Foundation IL 1,147,517 1,058,167 8.40%
49 University of Wisconsin Foundation WI 1,124,855 994,172 13.10%
50 Indiana University and Foundation IN 1,107,498 1,012,707 9.40%
51 University of Delaware DE 1,077,102 995,889 8.20%
52 University of Nebraska and Foundation NE 1,042,290 959,861 8.60%
53 Smith College MA 1,035,542 924,464 12.00%
54 University of Cincinnati OH 1,032,124 987,785 4.50%
55 Southern Methodist University TX 1,013,703 914,527 10.80%
56 Baylor College of Medicine TX 1,008,261 972,351 3.70%
* The changes in total endowment reflect additional gifts as well as return on investment. It also takes into account reductions from payments and expenditures.
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.