Key facts

Reported value

USD 69.3 million

As of

FY2025 survey reporting period

Portfolio

Survey respondent endowment

Location

Wichita, KS

Data through FY2025

Balance reference

Endowment size and reporting scope

NACUBO places Friends University in KS and reports USD 69.288 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

Source: NACUBO · Data through FY2025

The FY2025 survey value for Friends University is USD 69.288 million, compared with USD 62.972 million for FY2024. The reported balance rose by USD 6.316 million, or 10.03%, 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

The available history begins in FY2016 at USD 43.134 million and ends in FY2025 at USD 69.288 million. The change across those observations is USD 26.154 million. The smallest reported balance in the displayed series is USD 43.134 million in FY2016; the largest is USD 69.288 million in FY2025. The displayed observations are year-end asset balances. NACUBO historical workbook

Spending policy and payout

The FY2025 NCSE $50M to $100M group reports an average effective spending rate of 5.5%. That is a survey-group statistic and is not assigned as Friends University's policy. An institution's own spending rule can use several prior valuation dates, a prior-year dollar draw or additional adjustments. Its approved appropriation and the cash ultimately spent by a department can differ in timing. NCSE spending-rate table

For Friends University, 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

NACUBO's FY2025 table lists Friends University in Wichita, KS, with respondent type Private college/university endowment or Other non-profit institution. The table identifies the participating organization and its asset balance. 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 statutory tax base and the distribution approved for campus support measure different amounts.

FY2025 size-band comparison

The FY2025 survey value of USD 69.288 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 Friends University, EIN 480547702. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 119.486 million, revenue of USD 45.214 million, expenses of USD 45.557 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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