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University of Chicago: endowment and investment office
University of Chicago reports USD 10.62 billion in nacubo respondent endowment value for FY2025 survey reporting date. Balance source
Chicago reports an endowment of $10.9 billion. The university release says a one-time sale of legacy private-market assets reduced the fiscal-year return from a pre-transaction 11.1% to the reported 10.2%. Official report
Key facts
- Reported value
- USD 10.62 billion
- As of
- FY2025 survey reporting date
- Portfolio
- Endowment
- Investment office
- University of Chicago investment program
Endowment size and reporting scope
The survey identifies the respondent as University of Chicago. 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
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 7,001.2 |
| FY2017 | 7,523.7 |
| FY2018 | 7,928.5 |
| FY2019 | 8,263.9 |
| FY2020 | 8,204.5 |
| FY2023 | 9,869.7 |
| FY2024 | 10,105.0 |
| FY2025 | 10,621.0 |
The endowment's reported survey value moved from USD 7,001.2 million to USD 10,621.0 million across these observations. This 51.7% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Endowment | June 30, 2025 | 1 year | 10.2% |
Spending policy and payout
The release explains that endowment payout supports university and medical-center activities. It says the vast majority of funds have designated uses. The size increase also reflects fundraising and distributions. 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
Governance and investment office
The university describes its endowment as a permanent resource supporting its activities over time. The release explains that donor intentions govern the use of restricted funds. It does not provide a full current portfolio-weight table or a named investment-office leader. 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 10,621.0 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% |
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
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://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://news.uchicago.edu/story/uchicago-endowment-ended-fy25-109-billion
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- 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/362177139
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- Vanderbilt University (USD 12.70 billion)
- Cornell University (USD 11.75 billion)
- Emory University (USD 12.00 billion)
- Duke University (USD 14.30 billion)
- Washington University in St. Louis (USD 17.70 billion)
- Johns Hopkins University (USD 19.09 billion)
