Key facts

Reported value

USD 2.55 billion

As of

FY2025 survey reporting date

Portfolio

Endowment Pool

Investment office

University of Missouri System investment function

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 Missouri System. Its investment report uses the portfolio name Endowment Pool. 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 1,460.0 million to USD 2,551.6 million across these observations. This 74.8% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Asset allocation

Source: umsystem.edu · Data through FY2025

Current published policy targets as of November 2, 2026. Allocation report

These weights are policy targets. Market movements and investment commitments can shift actual exposures between rebalancing dates. The chart retains the portfolio and target labels used in the report.

Spending policy and payout

The policy distinguishes the spending distribution from an administrative fee that the president may distribute for internal endowment administration and development. Annual disbursements depend on the applicable policy base and authorizations. A target investment return and a spending distribution are separate measures. 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 system publishes the Endowment Pool investment policy in its Collected Rules and Regulations. It calls for ongoing allocation monitoring and rebalancing. The policy prioritizes the pool's long-term needs over short-term performance comparisons. Investment governance

Federal excise tax on investment income

Public Law 119-21 changed Section 4968 for tax years beginning after December 31, 2025. The private-college schedule requires at least 3,000 tuition-paying students in the preceding tax year, 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

This public university or system is outside the private-college rate schedule under the statute's state-college exclusion. Endowment pools and separately incorporated affiliates keep their respective reporting and filing obligations. The 1.4%, 4% and 8% rates apply to net investment income of applicable private institutions, rather than to every public university portfolio or investment-management company.

The statutory asset base excludes assets used directly for exempt purposes and uses prior-year values and the statutory student-count rules. A survey endowment divided by a fall enrollment count does not reproduce that calculation. An endowment appropriation rate uses a different denominator from a tax rate on investment income.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 2,551.6 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 fund or manager report supplies the financial reference for this profile. The reporting vehicle and its participating institutions have different accounts. Fund assets, investor interests and the manager's own balance sheet should be read within their respective financial statements. Official reporting vehicle

Related reading

• Endowment size bands
• Endowments.com
• FamilyOffices.com