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As seen below in figure 3, most schools have relatively smaller endowments per student, and a few have much larger endowments per student. However, some schools with large total endowments may have much smaller endowments per student relative to other schools, and vice versa. Similarly, the total endowment for University of Texas system was the 4th largest in the country in 2008, but was the 118th largest per student. Page 7 GAO-10-393 College and University Endowments Figure 3: Number of U. Institutions of Higher Education by Endowment Assets per Student, 2008 Number of institutions 900 800 762 End-of-year market value per full-time equivalent student, 2009 dollars Source: GAO analysis of Department of Education data.
Among different types of institutions, private colleges and universities tend to have larger endowments than public ones. For instance, private institutions made up about two-thirds of U. In 2008, for example, the median endowment size 10 We calculated numbers of FTE students based on fall enrollment of full-time and part- time graduates and undergraduates. Institutions with high minority enrollment also show a difference in endowment size when compared to other schools. The endowments of schools with at least 50 percent minority enrollment, both in total and per- student, are about one-third of the size of endowments at schools with less than 50 percent minority enrollment. Nationally, total inflation-adjusted endowment assets held by U. Page 9 GAO-10-393 College and University Endowments Figure 4: Total Endowment Assets at U. Institutions of Higher Education, 1989 through 2008 End-of-year market value, 2009 dollars In billions 500 50 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Fiscal year Source: GAO analysis of Department of Education data. Notes: The Department of Education did not have endowment data for any schools in 1990 and 1997- 1999 and for private schools from 2000-2002.
Although this graph presents 20 data points for total endowment assets (including 7 missing years), it captures only 19 years of growth. This is because the first value — total endowment assets as of the end of 1989 — is equivalent to the beginning-of-year value for 1990. Therefore, the growth represented in the graph is from the beginning of 1 990 through the end of 2008. Although data on college and university endowments in 2009 are not available nationally, data from our case-study schools show that the recession has meant substantial endowment losses in 2009. Eight of our case-study schools had data on market values for the 1989-2009 period. Data from those coursework help uk schools show that, despite recent losses, endowments at those eight schools showed substantial overall growth from 1989 to 2009. Page 10 GAO-10-393 College and University Endowments percent growth of endowments over their 1989 market values for the eight case-study institutions for which complete data were available. Figure 5: Percent Change in Endowments at Eight Case-Study Institutions, 1989 through 2009 Percent real growth over 1989 market value Fiscal year School 1 — — School 2 — — School 3 — — - School 4 ----- School 5 School 6. Notes: Percent growth was calculated using endowment market values in 2009 dollars. Although this graph presents 21 data points, it captures only 20 years of growth. This is because the first value — percent growth as of the end of 1 989 — is equivalent to the beginning-of-year value for 1990. Therefore, the growth coursework help uk represented in the graph is from the beginning of 1990 through the end of 2009.
Only six of our case-study schools had data that permitted an analysis of what went into the change in endowment coursework help uk market value.
State policies governing public colleges and universities can influence endowment restrictions. For example, the University of Texas system is restricted by state law in how it may spend endowment money. The largest of its four major endowment funds — the Permanent University Fund — was established by the Texas Constitution, which restricts distributions from the fund to paying the debt for capital projects such as building 18 Endowments may coursework help uk be established so that the original gift amount is held in perpetuity, or the donor may stipulate that the original gift amount be held for a period of time or until an event occurs. When that period ends or the event occurs, the institution is free to spend the original gift. Page 13 GAO-10-393 College and University Endowments construction or land acquisition. The state of Kentucky has a program to strengthen the research capabilities of its universities by adding state funds to endowments for faculty positions. Prior to accepting an endowment, officials at some of the schools we visited told us that they work with potential donors to revise restrictions the officials believe would be difficult to abide by.