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Dartmouth College: endowment and investment office
Dartmouth College reports USD 10.00 billion in college endowment for June 30, 2026. Balance source
Dartmouth's trustees report a $10 billion endowment at June 30, 2026, after $476 million in distributions to the operating budget. The endowment returned 17.5% for the year. Annualized returns were 12.1% over three years, 6.8% over five years and 11.7% over ten years. The prior-year endowment was approximately $9 billion. Official report
Key facts
- Reported value
- USD 10.00 billion
- As of
- June 30, 2026
- Portfolio
- Endowment
- Investment office
- Dartmouth College Investment Office
Endowment size and reporting scope
The latest balance is labelled college endowment and is dated June 30, 2026. The return series identifies the portfolio as Endowment. The historical survey below retains the respondent scope reported to NACUBO. A pooled investment vehicle can include working capital, reserves or assets for associated organizations alongside endowed gifts. Each participating fund owns its own economic interest in that vehicle. The pool's market value, the institution's endowment balance and the investment manager's corporate assets describe different quantities. Official report
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 4,474.4 |
| FY2017 | 4,956.5 |
| FY2018 | 5,494.2 |
| FY2019 | 5,731.3 |
| FY2020 | 5,975.2 |
| FY2021 | 8,484.2 |
| FY2022 | 8,065.7 |
| FY2023 | 7,930.1 |
| FY2024 | 8,273.3 |
| FY2025 | 8,959.7 |
The survey series begins at USD 4,474.4 million in FY2016 and ends at USD 8,959.7 million in FY2025. Its USD 4,485.3 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Endowment | June 30, 2026 | 1 year | 17.5% |
| Endowment | June 30, 2026 | 5 years, annualized | 6.8% |
| Endowment | June 30, 2026 | 10 years, annualized | 11.7% |
The 1-year result is 17.5%, while the 10-year result is 11.7% annually. The trailing periods share the same end date and overlap; their percentages are not added together. A long-term annualized return describes compound growth over the full period. The year-end asset balance also reflects money entering or leaving the portfolio. Return series
Asset allocation
| Published category | Weight |
|---|---|
| Global equity | 23% |
| Hedge funds | 23% |
| Private equity and venture capital | 39% |
| Real assets | 9% |
| Fixed income and cash | 6% |
Actual asset allocation at June 30, 2025. Allocation report
Spending policy and payout
Dartmouth distributed $476 million to support its FY2026 operating budget, compared with $453 million in FY2025. Its endowment is a major source of recurring operating support. The dollar distribution reaches the budget through the college's spending process, which serves the purposes attached to individual endowed funds. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 453 |
| FY2026 | 476 |
Distribution report Distribution report
The policy formula controls how the operating budget receives support across market cycles. Its averaging base can differ from the latest fiscal-year-end balance. The dollar distribution records support for a stated year, while a budget-support percentage measures the institution's reliance on that support. Distribution basis
Governance and investment office
Dartmouth's report describes the investment office's long-term approach and its relationship with university oversight. It explains the role of externally managed investments and the need to maintain purchasing power after distributions and inflation. Investment governance
Federal excise tax on investment income
Public Law 119-21 changed IRC 4968 for tax years beginning after December 31, 2025. An applicable institution must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States. Its student-adjusted endowment must be at least $500,000. The rate is 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
The tax applies to net investment income. Student-adjusted endowment uses the prior year's fair value of assets other than those used directly for exempt purposes, with statutory student-count and related-organization rules. Dividing the headline endowment by a fall enrollment number can give a different result. A rate on investment income also differs from a spending-policy percentage applied to average assets.
FY2025 size-band comparison
The FY2025 NACUBO respondent value of USD 8,959.7 million places this reporting entity in the Over $5B band. The published group contains 30 respondents. Its average annualized five-year return was 11.4%, its ten-year average was 8.9%, and its average effective spending rate was 5.0%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11.8% |
| Five-year annualized net return | 11.4% |
| Ten-year annualized net return | 8.9% |
| Effective spending rate | 5.0% |
The size band follows the survey's FY2025 respondent balance. It does not change when a newer pool figure covers additional assets. Survey respondent values and managed-pool values retain their separate scopes. Survey allocation definitions
Public records and reporting dates
The official investment report supplies the portfolio figures and measurement dates on this page. The institution or related reporting entity also has a public nonprofit filing record. Tax-return assets and expenses cover that legal filer and can be broader than its endowment. Nonprofit filing record
Sources
- https://trustees.dartmouth.edu/news/2026/10/dartmouth-trustees-adopt-naming-review-policy
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://www.dartmouth.edu/investments/docs/2025_endowment_report.pdf
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Number-of-NCSE-Participants-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--10-Year-Returns-by-Size-and-Type-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Spending-Rates-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Summary-Asset-Allocations-FINAL.pdf
- https://projects.propublica.org/nonprofits/organizations/20222111
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- University of Southern California (USD 9.03 billion)
- Rice University (USD 8.50 billion)
- Brown University (USD 9.50 billion)
- New York University (USD 7.44 billion)
- Oxford University Endowment Management (GBP 6.70 billion)
- The Ohio State University (USD 9.70 billion)
Lists that include Dartmouth College
- New Hampshire endowments
- College endowments
- Endowments over $5 billion and under $10 billion
- Endowments over $5 billion
- Largest endowments by state and institution group
- Largest private institution endowments
- Top 100 endowments by FY2025 survey size
- Top 25 endowments by FY2025 survey size
- Top 50 endowments by FY2025 survey size
