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Grinnell College: endowment and investment office
Grinnell College reports USD 3.30 billion in college endowment for June 30, 2026. Balance source
Grinnell reported a 20.7% net FY2026 return and a $3.3 billion endowment at June 30. Five- and ten-year annualized returns were 6.3% and 11.3%. The endowment received $26.7 million in new gifts and distributed $119.5 million for the operating budget, reserves and capital projects. Its operating support funded 62% of the college's budget. Over the decade, Grinnell reports more than $2.5 billion in investment gains and nearly $1.0 billion in mission support. Official report
Key facts
- Reported value
- USD 3.30 billion
- As of
- June 30, 2026
- Portfolio
- Endowment
- Investment office
- Grinnell College Investment Office
- Office head
- Jainen Thayer, chief investment officer; as of Nov. 2, 2026
- Management model
- Internal or institution-owned office; uses external managers
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 | 1,648.8 |
| FY2017 | 1,871.0 |
| FY2018 | 1,991.6 |
| FY2019 | 2,070.0 |
| FY2020 | 2,090.8 |
| FY2021 | 2,931.6 |
| FY2022 | 2,484.4 |
| FY2023 | 2,505.9 |
| FY2024 | 2,670.8 |
| FY2025 | 2,847.4 |
The survey series begins at USD 1,648.8 million in FY2016 and ends at USD 2,847.4 million in FY2025. Its USD 1,198.6 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 | 20.7% |
| Endowment | June 30, 2026 | 5 years, annualized | 6.3% |
| Endowment | June 30, 2026 | 10 years, annualized | 11.3% |
Fee basis: Net of internal and external investment costs.
The 1-year result is 20.7%, while the 10-year result is 11.3% 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
Spending policy and payout
Grinnell uses a hybrid rule that blends the prior distribution, increased at a fixed rate, with a spending rate applied to the trailing twelve-quarter average market value. It distributed $119.5 million in FY2026 for operating support, reserves and capital projects. This scope is broader than an operating-only draw. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 146.6 |
| FY2026 | 119.5 |
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
The Grinnell College Investment Office manages the endowment under the Board of Trustees. Its October 2026 release identifies Jainen Thayer as chief investment officer. The pool contains more than 700 funds, with about one-third established for donor-specified purposes. Investment governance
The current official source names Jainen Thayer, chief investment officer. Officer information is stated as of November 2, 2026. Office leadership
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 2,847.4 million places this reporting entity in the $1B to $5B band. The published group contains 125 respondents. Its average annualized five-year return was 10.8%, its ten-year average was 8.0%, and its average effective spending rate was 4.5%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11.0% |
| Five-year annualized net return | 10.8% |
| Ten-year annualized net return | 8.0% |
| Effective spending rate | 4.5% |
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://www.grinnell.edu/news/grinnell-college-reports-207-endowment-return-fiscal-year-2026
- 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.grinnell.edu/news/grinnell-college-reports-endowment-fiscal-year-2024-2025-results
- 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/420680387
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- Swarthmore College (USD 2.84 billion)
- Texas Christian University (USD 2.80 billion)
- The George Washington University (USD 2.81 billion)
- Bowdoin College (USD 2.90 billion)
- Smith College (USD 2.70 billion)
- Tufts University (USD 2.70 billion)
