Key facts

Reported value

USD 2.11 billion

As of

FY2025 survey reporting date

Portfolio

System investment portfolios

Investment office

Texas State University System finance and treasury

Data through FY2026

Balance reference

Endowment size and reporting scope

The endowment balance is a stock of resources at a particular date. Investment income and appropriations are flows measured across a period. A closing balance can rise through new gifts, retained gains or transfers, and can fall through spending and market losses. Those movements affect the scale of support available in future budgets. Percentage performance requires a return calculation that accounts for cash flows; dividing the dollar change by the opening balance creates a different measure. Financial reporting basis

The survey identifies the respondent as Texas State University System. Its investment report uses the portfolio name System investment portfolios. 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 FY2026

The endowment's reported survey value moved from USD 164.7 million to USD 2,114.5 million across these observations. This 1183.5% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Spending policy and payout

The system's published reports distinguish investment activity from university operating budgets. A withdrawal from an operating investment account does not establish an endowed fund's spending rate. Appropriations for endowed purposes follow the relevant policy and restrictions. Spending disclosure

Spending reaches the beneficiary through the institution's appropriation process. Donor purposes continue to govern the use of the money after it leaves the investment pool. The reported payout and policy percentage answer different questions because their periods and denominators differ. Distribution basis

Spending authority and investment liquidity have different roles. An appropriation permits resources to support the designated activity. The investment portfolio must also be able to deliver the cash needed for that support and for existing commitments. Private-fund valuations, redemption terms and capital calls affect that timing. A single closing market value does not show all those demands. The spending formula and audited fund categories provide additional context for the amount reaching operations. Spending and reporting scope

Governance and investment office

The finance and treasury office publishes consolidated annual and quarterly investment information. The system report library also provides combined financial statements. Texas State University System and Texas Tech University System are different organizations, with separate regents, pools and beneficiary institutions. 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 2,114.5 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's figures are size-band averages, rather than medians or the institution's policy targets. The allocation graphic uses the published survey categories and identifies the rounding difference. A single year's result and a trailing annualized return measure different periods. 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 fund or manager report supplies the financial reference for this profile. The reporting vehicle and its participating institutions have different accounts. Fund assets, investor interests and the manager's own balance sheet should be read within their respective financial statements. Official reporting vehicle

Related reading

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