ERIC Number: ED346795
Record Type: Non-Journal
Publication Date: 1992
Reference Count: N/A
NAIS/NACUBO Endowment Study for Independent Schools: 1991.
National Association of College and University Business Officers, Washington, DC.; Cambridge Associates, Inc., Boston, MA.; National Association of Independent Schools, Boston, MA.
This report presents the findings of a study of the performance and management of endowments of independent schools and of colleges and universities. A preliminary section offers information on the data collection process and describes several definitions and formula used in the analysis. Much of the report is taken up with exhibits and figures displaying endowment characteristics including assets, asset allocation, nominal and real return, the National Association of College and University Business Officers (NACUBO) historical endowment return, The National Association of Independent Schools (NAIS) historical endowment return, endowment spending rates, and investment expenses. Some of the findings are as follows: (1) 369 institutions participated in the 1991 NACUBO study and 395 reported endowment assets totaling 64.5 billion; (2) 63 institutions participated in the NAIS study and reported endowment assets totaling $1.7 billion; (3) NACUBO endowment holdings were 93 percent invested in marketable securities; (4) NAIS funds were 94 percent invested in marketable securities; (5) for the past 10 years, NACUBO and NAIS nominal returns have lagged behind the Lehman Brothers Government/Corporate Index; (6) for 1991 the average endowment spending rate for NACUBO institutions was 4.5 percent; and (7) the endowment spending for independent schools was 6.2 percent. An appendix lists institutions ranked by 1991 value of endowment assets and endowment average annual compound nominal returns by institution. Also listed are firms that contributed to funding the study. (JB)
Descriptors: Economic Development, Educational Finance, Elementary Secondary Education, Endowment Funds, Expenditures, Financial Policy, Fiscal Capacity, Higher Education, Investment, Private Colleges, Resource Allocation, State Colleges
National Association of College and University Business Officers, One Dupont Circle, Suite 500, Washington, DC 20036-1178 ($10 members, $15 non-members).
Publication Type: Reports - Descriptive; Numerical/Quantitative Data
Education Level: N/A
Authoring Institution: National Association of College and University Business Officers, Washington, DC.; Cambridge Associates, Inc., Boston, MA.; National Association of Independent Schools, Boston, MA.