Key facts

Reported value

USD 1.91 billion

As of

FY2025 survey reporting date

Portfolio

University and foundation endowments

Investment office

Iowa State University and ISU Foundation

Data through FY2025

Balance reference

Endowment size and reporting scope

Endowment accounting follows both ownership and donor restrictions. Donor-restricted principal and accumulated gains can sit in the same investment vehicle as board-designated funds. The investment portfolio can be managed collectively while each account preserves its designated use. A consolidated statement adds other assets and obligations, including property and debt, that have no place in an endowment-only balance. The difference between total assets and net assets is also relevant: net assets are measured after liabilities. Financial reporting basis

The survey identifies the respondent as Iowa State University. Its investment report uses the portfolio name University and foundation endowments. The balance history follows the survey respondent, while performance follows the named portfolio. Endowed gifts may carry individual purposes even when they are invested together. The investment office can pool those funds for management and still account for each beneficiary separately. A change in the endowment balance includes gifts, appropriations and transfers alongside gains and losses on investments. Official report

Source: NACUBO · Data through FY2025

Across the reported FY2016 to FY2025 observations, the survey balance changed by USD 1,154.1 million (151.8%). This is balance growth; it includes the effect of new capital and distributions. NACUBO historical values FY2025 respondent table

Spending policy and payout

University and foundation endowment funds support their designated educational purposes. Their separate financial statements distinguish investment activity and resources transferred for current support. The combined endowment balance is a scale measure; it does not supply a single percentage spending rate for every component. Spending disclosure

A distribution is money made available for the fund's designated use. A policy rate uses the averaging base defined by the institution. Dividing the distribution by the latest closing balance would create another measure, so the published formula and the reported dollar amount retain their own labels. Distribution basis

The spending base determines how quickly market changes enter annual support. A trailing average combines several valuation dates, and a formula based partly on prior spending carries an additional lag. A published distribution describes support authorized for that year. It need not equal the cash a beneficiary department spends within the same period. Donor purpose restrictions continue to govern that spending, while any internal assessment must retain its own fee label. Spending and reporting scope

Governance and investment office

Iowa State University and its foundation retain separate governance and accounting. The official report library provides the university's audited statements, while foundation financial reporting describes the charitable organization. Individual endowments preserve their restrictions as they participate in investment pools. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. The private-college schedule requires at least 3,000 tuition-paying students in the preceding tax year, 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

This public university or system is outside the private-college rate schedule under the statute's state-college exclusion. Endowment pools and separately incorporated affiliates keep their respective reporting and filing obligations. The 1.4%, 4% and 8% rates apply to net investment income of applicable private institutions, rather than to every public university portfolio or investment-management company.

The statutory asset base excludes assets used directly for exempt purposes and uses prior-year values and the statutory student-count rules. A survey endowment divided by a fall enrollment count does not reproduce that calculation. An endowment appropriation rate uses a different denominator from a tax rate on investment income.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 1,914.6 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

Source: NACUBO · Data through FY2025

NCSE returns are net of external management fees and expenses for periods ended June 30, 2025. A portfolio reported on another cost convention or fiscal-year end describes a different result. Survey allocation definitions

The NCSE allocation groups combine several underlying investment strategies. Alternatives can include private capital, hedge funds and real assets, so matching that broad percentage does not imply matching individual holdings or liquidity. The size-band return is an average of respondent results. It describes a survey group for a common period and does not replace the institution's own investment-policy benchmark. Trailing five- and ten-year returns are annualized compound results, while the one-year return measures the final fiscal year alone. NCSE definitions

Public records and reporting dates

The ProPublica API identifies the legal filer as Iowa State University Foundation, EIN 421143702. Its available Form 990 data for the fiscal year ended June 30, 2023 report total filer assets of USD 1,874.950 million, revenue of USD 147.036 million, expenses of USD 153.769 million. These figures cover the legal filer. Its assets and operating activity can include resources outside the endowment, and this filing period predates the investment figures above. ProPublica structured filing data This filing belongs to the named foundation; it covers only that legal entity within the broader university reporting structure.

Related reading

• Endowment size bands
• Endowments.com
• FamilyOffices.com