Key facts

Reported value

USD 69.5 million

As of

May 31, 2026

Portfolio

Donor-restricted and board-designated endowment

Location

Franklin, MA

Spending policy

5% of three-year quarterly average; extra draws separate

Data through FY2026

Balance reference

Endowment size and reporting scope

NACUBO places Dean College in MA and reports USD 66.157 million in FY2025. The respondent's name defines the unit being compared across the survey columns. A campus, supporting foundation and investment pool can each publish financial information, and their totals can differ. Permanent gifts and board-designated resources also have different spending permissions. The balance therefore describes the reported assets at a date, with no assumption that all of them are available for general operations. Survey scope and definitions

The official USD 69.456 million figure and the FY2025 survey's USD 66.157 million describe their respective dates and reporting categories. The official balance retains its stated label, endowment assets and assets functioning as endowment. Official financial scope

The FY2025 survey value for Dean College is USD 66.157 million, compared with USD 68.823 million for FY2024. The reported balance fell by USD 2.666 million, or 3.87%, from FY2024. 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

Spending policy and payout

For FY2026, the regular appropriation used 5% of the quarterly three-year rolling average market value. Regular amounts appropriated for expenditure were USD 3.176784 million, with a separate USD 3.85 million special distribution. FY2025 regular appropriations were USD 3.145300 million; extra distributions totalled USD 6.15 million, including USD 3.680511 million to offset prior operating deficits. For FY2027, the board approved a supplemental distribution ceiling of USD 6.996 million. Spending disclosure

Source: dean-www.s3.amazonaws.com · Data through FY2026

Distribution report

For Dean College, a closing survey balance and an annual appropriation answer different questions. The survey records how much was held at the reporting date. A spending formula determines support using the valuations specified in that policy. A beneficiary can also spend an approved distribution in a later period. This timing can separate the institution's appropriation from the cash recorded as an expense. Spending measures

Governance and investment office

Dean College investment decisions are authorized by the Investment Subcommittee of the Board of Trustees. The board also approves annual spending and supplemental distributions. The FY2026 statements describe approximately 120 individual endowment funds. Its May 31 year-end differs from the June 30 endpoint used for the NCSE peer returns. 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.

The spending policy governs annual support. Federal tax liability follows the separate statutory calculation.

FY2025 size-band comparison

The FY2025 survey value of USD 66.157 million places this respondent in the $50M to $100M band. The published band contains 96 respondents and USD 7.2 billion of aggregate assets. Its average five-year annualized net return is 10.1%, and its ten-year average is 7.5%. 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 chart shows the FY2025 NCSE size group's average 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 Dean College, EIN 042104149. Its available filing for the year ended May 31, 2023 reports total filer assets of USD 113.932 million, revenue of USD 71.442 million, expenses of USD 75.965 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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