Message from the Chancellor

Andrew D. Martin

“The truth is, no matter how much the endowment grows, we’ll never rest on our laurels, because the work of the university never ends.”

Read the Message

An institution’s endowment spending policy is a key instrument of financial discipline that allows it to balance the conflicting goals of providing stable support for current operations and preserving purchasing power for future generations.

The annual distribution from the endowment is the university’s fourth largest revenue stream, accounting for between 10 and 11 percent of the university’s operating budget in a typical year. The largest sources of revenue come from patient care and research grants at the School of Medicine, followed by tuition from all schools of the university, and then payout from the endowment.

Much of the annual payout is earmarked for specific and strategic purposes, such as faculty and staff salaries, programs and initiatives, financial aid, operating costs, capital projects, research, and more.


Endowment Payout in FY21


Number of Endowed


Endowed Funds with Donor Restrictions

FY21 Endowment Distribution by Use

Total Endowment Payout ($ Millions)

Endowment at Work