Key facts

Reported value

USD 938.7 million

As of

FY2025 survey reporting period

Portfolio

Survey respondent endowment

Location

Dayton, OH

Data through FY2025

Balance reference

Endowment size and reporting scope

The reported balance is a stock of assets measured at a date. Annual support and investment income are flows across a fiscal year. Donor-restricted funds and board-designated funds can share an investment vehicle while retaining different spending permissions. A consolidated balance sheet also includes buildings, receivables and liabilities, which are outside an endowment-only figure. Pool value and the legal institution's net assets therefore require separate labels. Survey scope and definitions

Source: NACUBO · Data through FY2025

The FY2025 survey value for University of Dayton is USD 938.712 million, compared with USD 866.738 million for FY2024. The USD 71.974 million movement is 8.30% 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 473.122 million and ends in FY2025 at USD 938.712 million. The change across those observations is USD 465.590 million. The smallest reported balance in the displayed series is USD 473.122 million in FY2016; the largest is USD 938.712 million in FY2025. 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

Spending policy and payout

The FY2025 NCSE $500M to $1B group reports an average effective spending rate of 4.3%. That is a survey-group statistic and is not assigned as University of Dayton'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 spent by a department can differ in timing. NCSE spending-rate table

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 Board of Trustees' investment committee oversees Dayton's endowed funds. The university describes a discretionary investment-management arrangement. Its student-managed Flyer Investments Fund has an educational role and is distinct from the full endowment. 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.

An institution's tax tier requires its statutory asset base, eligible student count and related-organization treatment. The survey's closing market value does not supply that calculation. No institution-specific rate is assigned without an institutional disclosure. A campus's enrollment in a public fact sheet can differ from the daily-average, full-time-equivalent count required by the law.

FY2025 size-band comparison

The FY2025 survey value of USD 938.712 million places this respondent in the $500M to $1B band. The published band contains 74 respondents and USD 54.8 billion of aggregate assets. Its average five-year annualized net return is 10.7%, and its ten-year average is 7.8%. 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

Source: NACUBO · Data through FY2025

NCSE's allocation categories combine strategies with different liquidity and valuation practices. Its Alternatives group can include private capital, hedge funds and real assets. Matching that broad weight would not establish identical holdings. The displayed mix is a survey average, not this institution's target allocation. Published category weights are shown with an explicit rounding difference so the full bar totals 100%. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as University Of Dayton, EIN 310536715. Its available filing for the year ended June 30, 2022 reports total filer assets of USD 2,024.378 million, revenue of USD 911.432 million, expenses of USD 836.349 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

Related reading

• OH endowments
• Comparable endowment sizes
• Endowment directory
• Endowments by state
• Endowments by size
• University endowments
• Ohio University and The Ohio University Foundation
• Miami University
• Denison University