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The Ohio State University: endowment and investment office
The Ohio State University reports USD 9.70 billion in long-term investment pool for June 30, 2026. Balance source
Ohio State's investment office reports a $9.7 billion Long-Term Investment Pool at June 30, 2026. The LTIP returned 16.03% over one year, 12.85% annually over three years and 9.17% over five years. Its policy benchmark returned 17.08%, 13.82% and 7.81%, respectively. The pool contains endowed and other long-term funds, so its total is broader than donor endowments alone. Official report
Key facts
- Reported value
- USD 9.70 billion
- As of
- June 30, 2026
- Portfolio
- Long-Term Investment Pool
- Investment office
- Ohio State Office of Investments
- Spending policy
- 4.5% on stated policy basis
Endowment size and reporting scope
The latest balance is labelled long-term investment pool and is dated June 30, 2026. The return series identifies the portfolio as Long-Term Investment Pool. 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 | 3,578.6 |
| FY2017 | 4,253.5 |
| FY2018 | 5,211.4 |
| FY2019 | 5,256.8 |
| FY2020 | 5,287.1 |
| FY2021 | 6,814.4 |
| FY2022 | 6,960.8 |
| FY2023 | 7,383.7 |
| FY2024 | 7,931.7 |
| FY2025 | 8,619.9 |
The survey series begins at USD 3,578.6 million in FY2016 and ends at USD 8,619.9 million in FY2025. Its USD 5,041.3 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 |
|---|---|---|---|
| Long-Term Investment Pool | June 30, 2026 | 1 year | 16.03% |
| Long-Term Investment Pool | June 30, 2026 | 5 years, annualized | 9.17% |
Fee basis: Net of investment management expenses under the report's stated method.
The 1-year result is 16.03%, while the 5-year result is 9.17% 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
Ohio State's donor-endowment guidance describes a 4.5% spendable distribution based on the average monthly market value per share over the prior five years. Unused distributions can remain available for the designated purpose or be reinvested. This policy base differs from the latest June 30 LTIP balance. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 318 |
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
Ohio State publishes investment details in its annual financial report and through its Office of Investments. The supplementary pool schedule is labelled unaudited. The university and foundation endowment fund descriptions are a separate source for individual fund balances. Investment governance
Federal excise tax on investment income
The private-college investment-income excise tax does not apply to state colleges and universities described in IRC 511(a)(2)(B). Section 4968 expressly retains that exclusion after the 2025 changes. This public university or system is therefore outside the private-college tier schedule. Public Law 119-21, Section 70415
The new 1.4%, 4% and 8% rates apply to qualifying private institutions for tax years beginning after December 31, 2025. They measure tax on net investment income, not a charge on endowment market value. Separately incorporated foundations and investment managers retain their own filing obligations. A system-wide portfolio value does not determine every related entity's tax treatment, and a manager's corporate assets do not measure the endowment pools it serves. Institutional reporting scope
FY2025 size-band comparison
The FY2025 NACUBO respondent value of USD 8,619.9 million places this reporting entity in the Over $5B band. The published group contains 30 respondents. Its average annualized five-year return was 11.4%, its ten-year average was 8.9%, and its average effective spending rate was 5.0%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11.8% |
| Five-year annualized net return | 11.4% |
| Ten-year annualized net return | 8.9% |
| Effective spending rate | 5.0% |
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://busfin.osu.edu/investments
- 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.osu.edu/giving/ways-to-give/endowments
- https://busfin.osu.edu/sites/default/files/documents/Ohio_State_Financial_Report_2025-accessible_0.pdf
- 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/316025986
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- The University of Texas at Austin (USD 6.49 billion)
- University of Minnesota & Foundations (USD 4.80 billion)
- University of North Carolina at Chapel Hill (USD 6.22 billion)
- University of Pittsburgh (USD 6.80 billion)
- The Pennsylvania State University (USD 5.06 billion)
- J. Paul Getty Trust (USD 9.37 billion)
Lists that include The Ohio State University
- Ohio endowments
- Endowments over $5 billion and under $10 billion
- Endowments over $5 billion
- Largest endowments by state and institution group
- Largest public institution endowments
- Top 100 endowments by FY2025 survey size
- Top 25 endowments by FY2025 survey size
- Top 50 endowments by FY2025 survey size
- University endowments
