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University of Minnesota & Foundations: endowment and investment office
University of Minnesota & Foundations reports USD 4.80 billion in university of minnesota foundation endowment only for June 30, 2026. Balance source
The University of Minnesota Foundation reports a $4.8 billion endowment at June 30, 2026. Its one-, five- and ten-year returns were 21.1%, 9.1% and 10.9%. The foundation invests through University of Minnesota Foundation Investment Advisors. This is a foundation-only portfolio. The separate NACUBO history on this page covers the university and foundations combined; the two scopes are shown in separate series. Official report
Key facts
- Reported value
- USD 4.80 billion
- As of
- June 30, 2026
- Portfolio
- University Office of Investments and Banking endowment only
- Investment office
- University Office of Investments and Banking; UMFIA for the foundation
- Spending policy
- 4.5% on stated policy basis
Endowment size and reporting scope
The latest balance is labelled university of minnesota foundation endowment only and is dated June 30, 2026. The return series identifies the portfolio as University Office of Investments and Banking endowment only. The historical survey below retains the respondent scope reported to NACUBO. A pooled investment vehicle can include working capital, reserves or assets for associated organizations alongside endowed gifts. Each participating fund owns its own economic interest in that vehicle. The pool's market value, the institution's endowment balance and the investment manager's corporate assets describe different quantities. Official report
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 3,280.7 |
| FY2017 | 3,493.6 |
| FY2018 | 3,717.5 |
| FY2019 | 3,951.5 |
| FY2020 | 3,871.5 |
| FY2021 | 5,443.9 |
| FY2022 | 5,365.7 |
| FY2023 | 5,501.5 |
| FY2024 | 5,935.3 |
| FY2025 | 6,448.6 |
The survey series begins at USD 3,280.7 million in FY2016 and ends at USD 6,448.6 million in FY2025. Its USD 3,167.9 million change is measured after gifts, spending and other balance movements. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| University Office of Investments and Banking endowment only | June 30, 2026 | 1 year | 21.1% |
| University Office of Investments and Banking endowment only | June 30, 2026 | 5 years, annualized | 9.1% |
| University Office of Investments and Banking endowment only | June 30, 2026 | 10 years, annualized | 10.9% |
Fee basis: Net of UMFIA management expense after June 30, 2025; earlier periods follow the report's historical expense convention.
The 1-year result is 21.1%, while the 10-year result is 10.9% annually. The trailing periods share the same end date and overlap; their percentages are not added together. A long-term annualized return describes compound growth over the full period. The year-end asset balance also reflects money entering or leaving the portfolio. Return series
Spending policy and payout
The foundation distributes 4.5% annually from permanent endowments, calculated on the trailing average principal balance over twenty quarters. Quasi-endowment funds permit spending of up to 20% of value annually. Its administrative fee is separately stated as 1% for permanent funds and 1.5% for quasi-endowments. Those fees are not additional investment asset classes. 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
Governance and investment office
The university and foundation use separate investment-management arrangements. A single combined-system tax return should not be expected from a survey row that aggregates more than one entity. Investment governance
Federal excise tax on investment income
The university endowment excise tax in IRC 4968 excludes state colleges and universities described in IRC 511(a)(2)(B). An affiliated foundation is a separate legal organization, rather than itself a tuition-charging college. Related-organization attribution rules must be read with that public-university exclusion. A foundation's Form 990 does not establish a private-college tax tier. Public Law 119-21, Section 70415
The 2025 law created private-college rates of 1.4%, 4% and 8% for tax years beginning after December 31, 2025. Those rates tax net investment income, not total assets. The ordinary private-foundation rate of 1.39% belongs to a different tax regime; it is not automatically imposed on every university-affiliated foundation. The institutional and foundation balances on this page keep their respective reporting scopes. IRS private-foundation rules
FY2025 size-band comparison
The FY2025 NACUBO respondent value of USD 6,448.6 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% |
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
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://give.umn.edu/sites/give.umn.edu/files/2026-10/%5EFINAL%2006302026.pdf
- 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-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://give.umn.edu/about/financial/endowment
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://www.irs.gov/charities-non-profits/irc-section-4940d-exemption-for-certain-operating-foundations
- 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/416042488
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- The University of Texas at Austin (USD 6.49 billion)
- University of North Carolina at Chapel Hill (USD 6.22 billion)
- University of Pittsburgh (USD 6.80 billion)
- The Pennsylvania State University (USD 5.06 billion)
- The Ohio State University (USD 9.70 billion)
- Cincinnati Children's (USD 6.28 billion)
Lists that include University of Minnesota & Foundations
- Minnesota endowments
- Endowments over $5 billion and under $10 billion
- Endowments over $5 billion
- Largest endowments by state and institution group
- Largest affiliated foundation endowments
- Largest public institution endowments
- System and combined foundation endowments
- Top 100 endowments by FY2025 survey size
- Top 50 endowments by FY2025 survey size
