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Mass General Brigham: endowment and investment office
Mass General Brigham has a selected audited endowment balance of $5,293,627,000 at September 30, 2025. Consolidated endowment including board-designated and donor-restricted funds of Mass General Brigham and affiliates. Dated balance source
Key facts
- Public institution or system
- Mass General Brigham
- Legal filer in linked tax return
- MASS GENERAL BRIGHAM INCORPORATED
- Institution type
- health system
- Location of filer
- Somerville, MA
- EIN
- 04-3230035
- Selected financial measure
- endowment net assets
- Closing value
- $5,293,627,000
- Actual fiscal period end
- September 30, 2025
- Compiled list position
- 5 of 541
Reporting entity and financial scope
Consolidated endowment including board-designated and donor-restricted funds of Mass General Brigham and affiliates. Entity and reporting scope
The amount is an accounting snapshot. It does not measure the hospital's annual operating budget or the resources of every affiliate. Endowment disclosure
Endowment size and annual history
| Fiscal period end | Endowment net assets, USD | Basis |
|---|---|---|
| 2023-09-30 | $3,809,996,000 | Consolidated audit |
| 2024-09-30 | $4,591,564,000 | Consolidated audit |
| 2025-09-30 | $5,293,627,000 | Consolidated audit |
The reported endowment moved from $4,591,564,000 at September 30, 2024 to $5,293,627,000 at September 30, 2025. That is a rise of $702,063,000, or 15.29% of the earlier closing balance. This arithmetic describes the change in the reported fund size. Gifts and amounts spent can also change the balance, so the percentage is not an investment performance result. Annual balance evidence
The Form 990 uses a separate reporting boundary. Its own rolling history is shown below so the tax-filing series remains visible. A consolidated audit observation is not appended to the filer-only series as though it measured the same portfolio. Separate tax-filing history
| Fiscal period end | Filer Schedule D closing balance, USD |
|---|---|
| 2021-09-30 | $14,136,358 |
| 2022-09-30 | $11,758,490 |
| 2023-09-30 | $12,777,568 |
| 2024-09-30 | $14,883,601 |
| 2025-09-30 | $17,002,987 |
Reading the reported balances
The displayed 3-date series begins at $3,809,996,000 on September 30, 2023 and ends at $5,293,627,000 on September 30, 2025. Across those observations, the closing fund balance increased by $1,483,631,000. The smallest reported amount is $3,809,996,000 at September 30, 2023; the largest is $5,293,627,000 at September 30, 2025. Annual balance evidence
There are 2 increases and 0 decreases between consecutive dates in the displayed series. Each interval compares two closing accounting values. The observation count describes the published history on this page and does not imply a complete history since the fund was established. Annual balance evidence
The separately displayed tax-filing endowment ends at $17,002,987 for September 30, 2025, under EIN 04-3230035. That tax record remains a separate series from the selected audit. The audit's consolidation boundary and financial-statement classifications determine the headline measure; the difference is not attributed to investment performance. Tax-filing entries
Endowment flows and spending
The 2025 audit reports $172,540,000 appropriated for expenditure. This is an endowment appropriation, with $8,922,000 from funds without donor restrictions and $163,618,000 from donor-restricted funds. Audited endowment note
For the tax period ending September 30, 2025, Schedule D begins with $14,883,601 in endowment. It records $431,149 in contributions. The investment earnings, gains and losses line is $2,294,123. The earnings line is a dollar accounting amount. Calculating a time-weighted return would require information about the timing of external cash flows and the portfolio's return calculation. Schedule D roll-forward
The same Schedule D reports $605,886 for other expenditures for facilities and programs. These retain the tax form's labels. Their dollar amounts do not establish an annual spending policy based on average portfolio values. Disclosed endowment uses
Portfolio disclosure and investment oversight
Schedule D classifies the closing endowment as board-designated or quasi-endowment 89.9%, permanent endowment 6.76%, term endowment 3.34%. These percentages classify the legal restrictions on endowment funds. They do not describe investments in stocks, bonds or other asset classes. Restriction categories
Hospital finances and community benefit
The Form 990 for the period ending September 30, 2025 reports $10,862,924,959 in total assets, $2,444,998,724 in total revenue, $2,112,385,140 in total expenses. These are filer-wide figures. Total assets can include property, patient receivables and operating resources outside the endowment. Revenue and expenses describe annual activity; the endowment figure is a closing stock of assets. Tax-filing financial snapshot
No community-benefit dollar amount is assigned from this filer's available Schedule H fields. A hospital foundation can support care without operating a licensed hospital itself. Endowment expenditures therefore do not automatically equal the hospital's financial assistance or its total community-benefit expense. Filer financial record
The IRS explains that organizations operating tax-exempt hospital facilities face additional requirements under Section 501(r). Those requirements concern community health needs assessments, financial assistance, limits on charges and billing and collection. The rules apply at the facility level. IRS hospital requirements
Comparison with our compiled hospital list
Mass General Brigham is number 5 in our compiled list of 541 hospital-related endowment records. The entries below are nearby by selected dollar size. This is our own compilation of public disclosures. It is not a NACUBO peer group, a ranking of investment skill or a comparison of clinical outcomes. Full compiled list
| Reporting entity | Selected balance, USD | Fiscal end |
|---|---|---|
| The Cleveland Clinic Foundation | $6,242,484,000 | 2025-12-31 |
| Cincinnati Children's | $6,278,876,440 | 2025-06-30 |
| Children's Hospital of Philadelphia | $4,274,950,000 | 2025-06-30 |
The institutions have different reporting dates and legal boundaries. Some records cover a system, while others cover an operating hospital or supporting foundation. Their investment pools can overlap. The table gives scale context only; its balances should not be added together as a national endowment total. Comparison evidence
Sources
Related profiles
- The Cleveland Clinic Foundation (USD 6.24 billion)
- Cincinnati Children's (USD 6.28 billion)
- Mayo Clinic (USD 7.92 billion)
- The Pennsylvania State University (USD 5.06 billion)
- University of Cambridge Investment Management (GBP 4.40 billion)
- University of Pittsburgh (USD 6.80 billion)
