Key facts

Reported value

USD 465.5 million

As of

May 31, 2025

Portfolio

College endowment funds

Location

Boston, MA

Spending policy

4.5% on the stated policy base

Data through FY2025

Balance reference

Endowment size and reporting scope

For Berklee College of Music, the survey reports USD 465.524 million for FY2025 and USD 426.423 million for FY2024. These totals retain the respondent's published scope. A pooled investment fund can also hold resources outside permanent endowments, while financial statements can include interests administered by outside trustees. Those accounting boundaries help explain why one organization may publish more than one long-term-asset figure. Closing market value alone does not identify how much support a beneficiary can spend. Survey scope and definitions

Source: NACUBO · Data through FY2025

The FY2025 survey value for Berklee College of Music is USD 465.524 million, compared with USD 426.423 million for FY2024. The USD 39.101 million movement is 9.17% of the earlier balance. It includes changes in investments as well as additions and distributions. NACUBO explicitly distinguishes this change in market value from an investment rate of return. FY2025 respondent values and definitions

The available history begins in FY2016 at USD 313.462 million and ends in FY2025 at USD 465.524 million. The change across those observations is USD 152.062 million. The smallest reported balance in the displayed series is USD 313.462 million in FY2016; the largest is USD 465.524 million in FY2025. The change in assets includes gifts and distributions as well as investment results. NACUBO historical workbook

Spending policy and payout

Berklee authorizes 4.5% of the average fair value of qualifying endowment investments at the ends of the previous three years. Authorized appropriations were $18.658758 million in FY2025 and $17.711948 million in FY2024. These are reported under the spending policy, with donor restrictions retained. Spending disclosure

Source: berklee.edu · Data through FY2025

Distribution report

Distributions remain subject to each fund's donor restrictions. An appropriation authorizes support for those purposes; a beneficiary can use the cash in a later accounting period. Spending measures

Governance and investment office

Berklee's consolidated statements include donor-restricted funds and resources designated by its Board to function as endowment. The Board determines prudent appropriations under Massachusetts law. The audit's endowment note distinguishes historical gifts, accumulated appreciation and funds whose market value is below historical gift value. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. Applicable private institutions must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States, and student-adjusted endowment of at least $500,000. The rates are 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415

An institution's tax tier requires its statutory asset base, eligible student count and related-organization treatment. The survey's closing market value does not supply that calculation. No institution-specific rate is assigned without an institutional disclosure. A campus's enrollment in a public fact sheet can differ from the daily-average, full-time-equivalent count required by the law.

Section 4968 taxes net investment income. Its asset and student definitions govern applicability and the rate.

FY2025 size-band comparison

The FY2025 survey value of USD 465.524 million places this respondent in the $250M to $500M band. The published band contains 102 respondents and USD 37.1 billion of aggregate assets. Its average five-year annualized net return is 10.0%, and its ten-year average is 7.6%. The size band uses the FY2025 NACUBO balance. NCSE size groups NCSE average net returns

Source: NACUBO · Data through FY2025

NCSE's allocation categories combine strategies with different liquidity and valuation practices. Its Alternatives group can include private capital, hedge funds and real assets. Matching that broad weight would not establish identical holdings. The displayed mix is a survey average, not this institution's target allocation. Published category weights are shown with an explicit rounding difference so the full bar totals 100%. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as Berklee College Of Music Inc, EIN 042300472. Its available filing for the year ended May 31, 2023 reports total filer assets of USD 863.248 million, revenue of USD 422.056 million, expenses of USD 406.064 million. These are filer-wide amounts, which can include buildings, operating resources and other assets outside the endowment. The filing period is retained separately from the current investment disclosures. ProPublica structured filing data

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