Key facts

Reported value

USD 371.0 million

As of

June 30, 2025

Portfolio

College endowment net assets

Location

Chestertown, MD

Spending policy

Up to 8.5% approved draw for FY2025 and FY2026

Data through FY2025

Balance reference

Endowment size and reporting scope

For Washington College, the survey reports USD 349.625 million for FY2025 and USD 340.724 million for FY2024. These totals retain the respondent's published scope. A pooled investment fund can also hold resources outside permanent endowments, while financial statements can include interests administered by outside trustees. Those accounting boundaries help explain why one organization may publish more than one long-term-asset figure. Closing market value alone does not identify how much support a beneficiary can spend. Survey scope and definitions

The official USD 370.995 million figure and the FY2025 survey's USD 349.625 million describe their respective dates and reporting categories. The official balance retains its stated label, endowment net assets. The audit and survey use different reporting categories. Official financial scope

Source: NACUBO · Data through FY2025

The FY2025 survey value for Washington College is USD 349.625 million, compared with USD 340.724 million for FY2024. The USD 8.901 million movement is 2.61% 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 193.532 million and ends in FY2025 at USD 349.625 million. The change across those observations is USD 156.093 million. The smallest reported balance in the displayed series is USD 193.532 million in FY2016; the largest is USD 349.625 million in FY2025. The change in assets includes gifts and distributions as well as investment results. NACUBO historical workbook

Spending policy and payout

The standing policy describes a 5% draw on the average of endowment assets at December 31 of the three preceding fiscal years. The Board elected draws of up to 8.5% for FY2025 and 6.5% for FY2024, and approved up to 8.5% for FY2026. The 8.5% authorization applies to FY2025 and FY2026; the FY2024 authorization was 6.5%. Spending disclosure

Washington College's spending terms apply to the base specified in its disclosure. A policy percentage cannot be multiplied by the survey's closing value without checking the averaging dates and eligible accounts. Appropriated resources also retain any donor restrictions when moved from the investment pool to a spending account. Spending measures

Governance and investment office

Washington College's Board of Visitors and Governors oversees the endowment. The audit describes a discretionary outsourced investment-management arrangement and an Investment Committee. Endowment assets retain donor restrictions even when managed together. The audit separately records a $5 million endowment loan authorized in FY2024 and an additional $3 million loan balance at June 30, 2025. 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

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.

Section 4968 taxes net investment income. Its asset and student definitions govern applicability and the rate.

FY2025 size-band comparison

The FY2025 survey value of USD 349.625 million places this respondent in the $250M to $500M band. The published band contains 102 respondents and USD 37.1 billion of aggregate assets. Its average five-year annualized net return is 10.0%, and its ten-year average is 7.6%. The size band uses the FY2025 NACUBO balance. NCSE size groups NCSE average net returns

Source: NACUBO · Data through FY2025

The peer mix describes average reported exposures within one size band. It does not reveal individual securities or the availability of cash at a particular institution. Respondents can also use different policy benchmarks. NCSE returns are net of external management fees and expenses for periods ending June 30, 2025; those periods and fee labels govern any numerical return comparison on this page. NCSE allocation definitions

Public records and reporting dates

The ProPublica nonprofit API identifies the legal filer as Washington College, EIN 520591691. Its available filing for the year ended June 30, 2023 reports total filer assets of USD 490.986 million, revenue of USD 94.383 million, expenses of USD 101.417 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

• Endowment directory
• Endowments by state
• Endowments by size
• College endowments
• Loyola University Maryland
• University of New Brunswick
• Wichita State University Foundation