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University of Cincinnati: endowment and investment office
University of Cincinnati reports USD 2.66 billion in total university endowment, rounded official value for June 30, 2026. Balance source
The UC Foundation FY2026 annual report values the University of Cincinnati's total endowment at $2.66 billion at June 30, 2026. That total includes the approximately $2.0 billion internally managed A Pool and funds managed by third parties under donor instructions. Performance percentages in the report refer to the A Pool. The reported 16.9% one-year return therefore has a narrower scope than the total endowment balance. Official report
Key facts
- Reported value
- USD 2.66 billion
- As of
- June 30, 2026
- Portfolio
- UC Endowment A Pool
- Location
- Cincinnati, OH
- Investment office
- University of Cincinnati Investment Office
Endowment size and reporting scope
The survey's respondent name determines the scope of the historical comparison. A campus and its supporting foundation can submit a combined amount or appear under separate names. Gifts remain subject to their terms even when the investments are pooled. The wider institution also owns assets used for its operations. Those operating assets are not automatically part of a permanent endowment or its investment portfolio. Survey scope and definitions
The official USD 2,660.000 million figure and the FY2025 survey's USD 1,770.904 million describe their respective dates and reporting categories. The official balance retains its stated label, total university 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
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 1,165.522 |
| FY2017 | 1,282.743 |
| FY2018 | 1,367.426 |
| FY2019 | 1,453.000 |
| FY2020 | 1,395.847 |
| FY2021 | 1,813.982 |
| FY2023 | 1,345.894 |
| FY2024 | 1,448.050 |
| FY2025 | 1,770.904 |
The FY2025 survey value for University of Cincinnati is USD 1,770.904 million, compared with USD 1,448.050 million for FY2024. The USD 322.854 million movement is 22.30% 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 1,165.522 million and ends in FY2025 at USD 1,770.904 million. The change across those observations is USD 605.382 million. The smallest reported balance in the displayed series is USD 1,165.522 million in FY2016; the largest is USD 1,813.982 million in FY2021. 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
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| UC Endowment A Pool | June 30, 2026 | 1 year | 16.9% |
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
Spending policy and payout
The FY2026 report records $98.1 million distributed from the total endowment. It also reports $27.8 million in new endowed gift receipts and $365.3 million in investment gains. Those dollar flows help explain movement in value; the investment gain in dollars is a different measure from a cash-flow-adjusted percentage return. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2026 | 98.100 |
A policy percentage and a budget-support percentage use different denominators. The first applies to the policy's asset base; the second compares endowment support with the institution's revenue or expenditure. Gifts for a specific scholarship or program also limit how its distribution can be used. Pooled investment management does not turn restricted support into money available for any operating purpose. Spending measures
Governance and investment office
The university's Investment Office manages the A Pool and describes the additional, externally managed endowment pools separately. The UC Foundation's annual report presents the combined endowment alongside the A Pool's performance. Donor instructions can affect which investment vehicle holds a gift. 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.
Section 4968 excludes state colleges and universities described in Section 511(a)(2)(B). Supporting foundations retain their own legal and filing identities, with related-organization rules read alongside the public-university exclusion. A foundation's public endowment value does not, by itself, assign it a private-college tax tier.
FY2025 size-band comparison
The FY2025 survey value of USD 1,770.904 million places this respondent in the $1B to $5B band. The published band contains 125 respondents and USD 268.0 billion of aggregate assets. Its average five-year annualized net return is 10.8%, and its ten-year average is 8.0%. 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
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11% |
| Five-year annualized net return | 10.8% |
| Ten-year annualized net return | 8.0% |
| Effective spending rate | 4.5% |
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
NACUBO's respondent is University of Cincinnati. Annual financial statements and any nonprofit return can cover a different legal entity or a wider group of resources. A university, a supporting foundation and an investment pool can each report its own assets. Total organizational assets also include resources outside the endowment, and the tax-return accounting period can differ from the survey's reporting year. Those distinctions govern how public records are compared. Respondent identity
Sources
- https://issuu.com/uc_foundation/docs/uc_foundation_fy26_annual_report
- 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://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Spending-Rates-FINAL.pdf
- 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--Summary-Asset-Allocations-FINAL.pdf
Related profiles
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