Key facts

Reported value

USD 2.06 billion

As of

FY2025 survey reporting date

Portfolio

Endowment

Investment office

University of Delaware Investments Office

Management model

In-house Investments Office

Data through FY2025

Balance reference

Endowment size and reporting scope

The endowment balance is a stock of resources at a particular date. Investment income and appropriations are flows measured across a period. A closing balance can rise through new gifts, retained gains or transfers, and can fall through spending and market losses. Those movements affect the scale of support available in future budgets. Percentage performance requires a return calculation that accounts for cash flows; dividing the dollar change by the opening balance creates a different measure. Financial reporting basis

The survey identifies the respondent as University of Delaware. 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 endowment's reported survey value moved from USD 1,261.8 million to USD 2,056.3 million across these observations. This 63.0% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

Fee basis: Fee treatment is not specified in this disclosure.

Spending policy and payout

The investment report describes support for endowment beneficiaries and investment risk controls. It evaluates performance in the context of the portfolio's permanent spending role. Annual distributions depend on the university's appropriation policy and each fund's purpose, rather than on the amount of unrealized appreciation alone. 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

Spending authority and investment liquidity have different roles. An appropriation permits resources to support the designated activity. The investment portfolio must also be able to deliver the cash needed for that support and for existing commitments. Private-fund valuations, redemption terms and capital calls affect that timing. A single closing market value does not show all those demands. The spending formula and audited fund categories provide additional context for the amount reaching operations. Spending and reporting scope

Governance and investment office

The Investments Office manages the endowment and funds invested alongside it for long-term university purposes. The report discusses marketable and private investments separately. Its passive reference portfolio uses 60% global stocks and 40% global bonds for the long-run illustration. 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 2,056.3 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

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

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 University Of Delaware, EIN 516000297. Its available Form 990 data for the fiscal year ended June 30, 2023 report total filer assets of USD 4,485.452 million, revenue of USD 1,523.134 million, expenses of USD 1,491.112 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