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University of Toronto: endowment and investment office
University of Toronto reports CAD 4.48 billion in university endowment for April 30, 2026. Balance source
Toronto's April 30, 2026 endowment was CAD 4.48 billion. The report records CAD 558 million of investment return in dollars, CAD 133 million in donations and transfers, and CAD 144 million of annual spending. The closing balance increased CAD 547 million from CAD 3.933 billion. The endowment contains more than 7,600 individual funds, with 300 added during FY2026. Student support accounts for CAD 1.92 billion of commitments. Official report
Key facts
- Reported value
- CAD 4.48 billion
- As of
- April 30, 2026
- Portfolio
- Long-Term Capital Appreciation Pool
- Investment office
- University of Toronto Asset Management Corporation
- Spending policy
- 4.2% on stated policy basis
- Management model
- University-owned investment manager; pooled endowment
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
Toronto reports its endowment in Canadian dollars and closes its fiscal year on April 30. The official five-year history below uses the university endowment balance, with the 2025 value from the FY2026 roll-forward. It does not convert those balances to U.S. dollars. UTAM also manages other university assets, and the investment manager's total business is a broader reporting scope than this endowment. Official report
| Fiscal year | Endowment, CAD millions |
|---|---|
| FY2022 | 3,170.0 |
| FY2023 | 3,270.0 |
| FY2024 | 3,620.0 |
| FY2025 | 3,933.0 |
| FY2026 | 4,480.0 |
The university's reported endowment value moved from CAD 3,170.0 million to CAD 4,480.0 million across these observations. This 41.3% change includes gains and losses on investments along with gifts, spending and transfers. University historical values University five-year report
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Long-Term Capital Appreciation Pool | April 30, 2026 | 1 year | 14.3% |
| Long-Term Capital Appreciation Pool | April 30, 2026 | 10 years, annualized | 8.8% |
Fee basis: Based on average balance, net of fees and expenses.
The 1-year result is 14.3%, while the 10-year result is 8.8% 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
Toronto distributed CAD 144 million in FY2026 and CAD 626 million over the five years ending in FY2026. The actual spending allocation was 4.2% of the endowment's ten-year average fair market value. Its target corridor is 3% to 5%. The published return of 14.3% is net of fees and expenses and uses an average-balance basis. Spending disclosure
| Fiscal year | Reported endowment distributions, CAD millions |
|---|---|
| FY2022 | 110 |
| FY2023 | 115 |
| FY2024 | 122 |
| FY2025 | 135 |
| FY2026 | 144 |
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
UTAM manages the Long-Term Capital Appreciation Pool under the university's direction. Endowment accounts own units representing contributions and the unit value at each contribution date. The April 30, 2026 market value per unit was CAD 333.01. University accounts and the endowments of separately reporting colleges have different boundaries. 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
The University of Toronto is a Canadian university. It is outside this U.S. private-college excise-tax schedule. Its Canadian-dollar endowment balance and Canadian student population do not establish a U.S. student-adjusted endowment tax tier. U.S. private-foundation investment-income tax is a separate regime, and the university's annual distribution policy is a separate financial decision. University endowment report
Reporting comparisons
The fund reports in Canadian dollars and follows its stated Canadian reporting date. No U.S. college size band is assigned. Currency movements, valuation dates and the participating-investor structure would have to be aligned before a cross-border numerical comparison. The report's own long-term objective and reference portfolio provide the relevant performance context. Fund report
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
Sources
- https://defygravitycampaign.utoronto.ca/wp-content/uploads/2026/10/STW_Endowment-2026_Insert-Financial_FA-KC.pdf
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- McGill University (CAD 2.60 billion)
- University of Alberta (USD 1.40 billion)
- McMaster University (CAD 1.04 billion)
- Queen's University (CAD 2.10 billion)
- The University of Western Ontario (CAD 1.42 billion)
- Texas Tech University (USD 3.07 billion)
