Key facts

Reported value

USD 46.7 million

As of

June 30, 2026

Portfolio

Endowment net assets

Location

Billings, MT

Spending policy

Up to 4% on the stated policy base

Data through FY2026

Balance reference

Endowment size and reporting scope

NACUBO places Montana State University Billings Foundation in MT and reports USD 41.001 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 46.676 million figure and the FY2025 survey's USD 41.001 million describe their respective dates and reporting categories. The official balance retains its stated label, endowment net assets. Official financial scope

The FY2025 survey value for Montana State University Billings Foundation is USD 41.001 million, compared with USD 36.754 million for FY2024. The USD 4.247 million movement is 11.56% of the earlier balance. 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

The foundation uses the previous three June 30 investment values to determine support for the next year. The spending-rate maximum was 4% in FY2026 and FY2025. FY2026 appropriations under the spending-rate policy were $1,727,648, with another $55,927 distributed from board-designated endowment. The combined total was $1,783,575. Spending disclosure

Source: msubfoundation.com · Data through FY2026

Distribution report

For Montana State University Billings Foundation, 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

The governing board sets the endowment benchmark as a weighted mix of indexes reflecting return objectives and risk tolerance. Its FY2026 statements report no underwater endowments at either June 30, 2026 or June 30, 2025. 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

Section 4968 excludes state colleges and universities described in Section 511(a)(2)(B). Supporting foundations retain their own legal and filing identities, with related-organization rules read alongside the public-university exclusion. A foundation's public endowment value does not, by itself, assign it a private-college tax tier.

These rates apply to net investment income. Statutory student counts and related-organization rules govern the calculation.

FY2025 size-band comparison

The FY2025 survey value of USD 41.001 million places this respondent in the Under $50M band. The published band contains 76 respondents and USD 2.4 billion of aggregate assets. Its average five-year annualized net return is 10.0%, and its ten-year average is 7.5%. The size band uses the FY2025 NACUBO balance. 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 displayed mix is a survey average, not this institution's target 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 Montana State University Billings Foundation & Alumni, EIN 810301477. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 40.793 million, revenue of USD 3.098 million, expenses of USD 3.362 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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