Key facts

Reported value

USD 2.47 billion

As of

June 30, 2025

Portfolio

Endowment

Investment office

Tulane University Investment Management Office

Data through FY2025

Balance reference

Endowment size and reporting scope

Tulane's audited endowment note closes FY2025 at $2,470.044 million, comprising $357.011 million without restrictions and $2,113.033 million with restrictions. Its roll-forward begins at $2,253.994 million. The same note distinguishes pooled funds, separately invested funds, Louisiana Education Quality Support Fund interests and university-owned real estate. Audited endowment note

A managed pool is an investment vehicle with participating accounts. Its market value can include assets whose owner intends to spend them on a different timetable from a perpetual gift. The endowment balance identifies the funds held for endowed purposes; the wider institutional balance sheet also includes buildings, receivables and obligations. Donor restrictions attach to the account and its use of income even when investments are selected together. Accounting scope therefore remains part of the meaning of each reported figure. Financial reporting basis

The survey identifies the respondent as Tulane University. Its investment report uses the portfolio name Endowment. 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 FY2025

The survey series begins at USD 1,171.3 million in FY2016 and ends at USD 2,468.0 million in FY2025. Its USD 1,296.7 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table

Spending policy and payout

The audit reports $81.2 million of endowment assets made available for spending in FY2025, following $82.1 million in FY2024. Pooled endowment assets used for spending were approximately $72.6 million in FY2025. The broader endowment-availability measure is used consistently in the chart. Endowment spending note

Source: tams.tulane.edu · Data through FY2025

The FY2025 statement of activities reports $93.299 million of endowment income in operating revenue. The audit separately presents other investment income and gains. An operating income line and the endowment roll-forward can use different recognition and restriction categories, so they should retain the labels used in the financial statements. Spending disclosure

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

The operating budget records the use of endowment support alongside other revenue. The share of a budget supplied by the endowment measures institutional reliance. The spending-policy rate instead measures an appropriation against the institution's stated asset base. The two percentages can move differently when expenses or other revenues change. A reported dollar distribution is useful alongside both, provided that the reporting period and beneficiary scope stay attached to it. Spending and reporting scope

Governance and investment office

Tulane has an Investment Management Office for the endowment. The audited statements classify endowed assets by restriction and explain changes through investment gains, contributions and appropriations. The office's published mission describes permanent support for present and future students. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed IRC 4968 for tax years beginning after December 31, 2025. An applicable institution must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States. Its student-adjusted endowment must be at least $500,000. The rate is 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

The tax applies to net investment income. Student-adjusted endowment uses the prior year's fair value of assets other than those used directly for exempt purposes, with statutory student-count and related-organization rules. Dividing the headline endowment by a fall enrollment number can give a different result. A rate on investment income also differs from a spending-policy percentage applied to average assets.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 2,468.0 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

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

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 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

The ProPublica API identifies the legal filer as The Administrators Of The Tulane Educational Fund, EIN 720423889. Its available Form 990 data for the fiscal year ended June 30, 2023 report total filer assets of USD 3,962.345 million, revenue of USD 1,674.159 million, expenses of USD 1,529.244 million. These figures cover the legal filer. Its assets and operating activity can include resources outside the endowment, and this filing period predates the investment figures above. ProPublica structured filing data

Related reading

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