Key facts

Reported value

USD 345.8 million

As of

FY2025 survey reporting period

Portfolio

Survey respondent endowment

Location

Santa Monica, CA

Data through FY2025

Balance reference

Endowment size and reporting scope

NACUBO lists The RAND Corporation under the CA respondent location. Its USD 345.760 million figure measures assets at the survey-year close. It is separate from a year's fundraising receipts or authorized distributions. Restrictions attach to individual funds even when their investments share a pooled vehicle. The reported balance does not establish how much the organization can spend on operations. Survey scope and definitions

Source: NACUBO · Data through FY2025

The FY2025 survey value for The RAND Corporation is USD 345.760 million, compared with USD 313.048 million for FY2024. The USD 32.712 million movement is 10.45% 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 226.214 million and ends in FY2025 at USD 345.760 million. The change across those observations is USD 119.546 million. The smallest reported balance in the displayed series is USD 226.214 million in FY2016; the largest is USD 345.760 million in FY2025. The change in assets includes gifts and distributions as well as investment results. NACUBO historical workbook

Spending policy and payout

The FY2025 NCSE $250M to $500M group reports an average effective spending rate of 5.2%. That is a survey-group statistic and is not assigned as The RAND Corporation's policy. An institution's own spending rule can use several prior valuation dates, a prior-year dollar draw or additional adjustments. Its approved appropriation and the cash ultimately spent by a department can differ in timing. NCSE spending-rate table

For The RAND Corporation, the survey value records a closing balance in FY2025. It does not identify the valuation dates used to calculate a distribution. A policy based on earlier values can produce a different dollar draw from a percentage of the current balance. The peer statistic is retained as a group comparison, with no institution-specific payout inferred. Spending measures

Governance and investment office

RAND's nonprofit filings cover the corporation as a whole. Its nonprofit filings cover the corporation as a whole. Inclusion in the endowment survey alone does not establish its treatment as a private college under federal investment-income tax rules. 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

This respondent is a research organization. Its survey inclusion does not establish that it is an applicable tuition-charging educational institution under Section 4968. The private-foundation investment-income rules are a separate tax regime. No private-college tier is assigned from its endowment size.

Section 4968 uses statutory asset and student definitions, including related-organization rules.

FY2025 size-band comparison

The FY2025 survey value of USD 345.760 million places this respondent in the $250M to $500M band. The published band contains 102 respondents and USD 37.1 billion of aggregate assets. Its average five-year annualized net return is 10.0%, and its ten-year average is 7.6%. The size band uses the FY2025 NACUBO balance. 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 Rand Corporation, EIN 951958142. Its available filing for the year ended September 30, 2023 reports total filer assets of USD 703.698 million, revenue of USD 467.202 million, expenses of USD 413.016 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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