Key facts

Reported value

USD 885.0 million

As of

June 30, 2025

Portfolio

Endowment

Location

Portland, OR

Investment office

Reed College Investment Office

Spending policy

5% on the stated policy base

Data through FY2025

Balance reference

Endowment size and reporting scope

An endowment can contain many individual accounts with different donor purposes. Investing them together changes how assets are managed, while the accounts continue to record each beneficiary's interest. The market value of a pooled vehicle can also include reserves or other long-term funds. An endowment balance, a managed pool and total organizational assets can consequently differ even when all figures are reported accurately. Survey scope and definitions

The official USD 885.000 million figure and the FY2025 survey's USD 876.830 million describe their respective dates and reporting categories. The official balance retains its stated label, college endowment, rounded official value. A change in currency, period or included accounts can produce a different total; the figures are presented separately. Official financial scope

Source: NACUBO · Data through FY2025

The FY2025 survey value for Reed College is USD 876.830 million, compared with USD 814.452 million for FY2024. The USD 62.378 million movement is 7.66% 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

The available history begins in FY2016 at USD 496.553 million and ends in FY2025 at USD 876.830 million. The change across those observations is USD 380.277 million. The smallest reported balance in the displayed series is USD 496.553 million in FY2016; the largest is USD 876.830 million in FY2025. These are closing asset values. They do not show how much of a year's movement came from new gifts, spending or investment results. NACUBO historical workbook

Investment returns

Performance report

A trailing multi-year return is an annualized compound result over the period shown. The one-year figure covers the final year. These periods overlap, so their returns are not added. A published dollar investment gain can reflect accounting categories and cash flows that differ from the percentage performance calculation. Return definitions and reporting basis

Asset allocation

Source: reed.edu · Data through FY2025

Policy asset allocation as of June 30, 2025. Allocation report

The displayed weights are policy targets. Actual positions can differ because of valuation changes, capital calls and the timing of rebalancing. The target allocation is a decision about the intended portfolio, while actual holdings describe investments at a date.

Spending policy and payout

Reed's FY2025 policy distributed 5.0% of the trailing 13-quarter average market value. The report records $284 million of net payouts over the previous decade. That cumulative support and the current budget-support percentage measure different aspects of endowment spending. Spending disclosure

Source: NACUBO · Data through FY2025

Annual support depends on both spending authority and investment liquidity. A formula determines the permitted draw, while investment redemptions and cash reserves provide the money. Private-fund capital calls and redemption limits affect timing. A closing market value does not measure those near-term demands, and an accounting appropriation does not identify every department's expenditure date. Spending measures

Governance and investment office

The Board of Trustees holds ultimate responsibility for Reed's endowment. Its investment committee approves investment policy, managers and allocation targets. The Investment Office and vice president of finance and treasurer administer the portfolio. 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 These rates apply to net investment income, using the law's prior-year asset and student-count definitions.

An institution's tax tier requires its statutory asset base, eligible student count and related-organization treatment. The survey's closing market value does not supply that calculation. No institution-specific rate is assigned without an institutional disclosure. A campus's enrollment in a public fact sheet can differ from the daily-average, full-time-equivalent count required by the law.

FY2025 size-band comparison

The FY2025 survey value of USD 876.830 million places this respondent in the $500M to $1B band. The published band contains 74 respondents and USD 54.8 billion of aggregate assets. Its average five-year annualized net return is 10.7%, and its ten-year average is 7.8%. The size classification follows the survey-year balance even where an official disclosure on this page uses a later year or a different portfolio scope. NCSE size groups NCSE average net returns

Source: NACUBO · Data through FY2025

The peer mix describes average reported exposures within one size band. It does not reveal individual securities or the availability of cash at a particular institution. Respondents can also use different policy benchmarks. NCSE returns are net of external management fees and expenses for periods ending June 30, 2025; those periods and fee labels govern any numerical return comparison on this page. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as Reed Institute, EIN 930386908. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 1,040.957 million, revenue of USD 150.353 million, expenses of USD 152.130 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

Related reading

• OR endowments
• Comparable endowment sizes
• Endowment directory
• Endowments by state
• Endowments by size
• College endowments
• Oregon State University Foundation
• Oregon Health and Science University Foundation
• The University of Texas Medical Branch at Galveston