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class="vector-toc-numb">2</span> <span>Restrictions and donor intent</span> </div> </a> <ul id="toc-Restrictions_and_donor_intent-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Modern_college_and_university_endowments" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Modern_college_and_university_endowments"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Modern college and university endowments</span> </div> </a> <button aria-controls="toc-Modern_college_and_university_endowments-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span 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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Endowed_scholarships_and_fellowships"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Endowed scholarships and fellowships</span> </div> </a> <ul id="toc-Endowed_scholarships_and_fellowships-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Charitable_foundations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Charitable_foundations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Charitable foundations</span> </div> </a> <ul id="toc-Charitable_foundations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiduciary_management" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Fiduciary_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Fiduciary management</span> </div> </a> <ul id="toc-Fiduciary_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism_and_reforms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism_and_reforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Criticism and reforms</span> </div> </a> <button aria-controls="toc-Criticism_and_reforms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticism and reforms subsection</span> </button> <ul id="toc-Criticism_and_reforms-sublist" class="vector-toc-list"> <li id="toc-Donor_intent" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Donor_intent"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Donor intent</span> </div> </a> <ul id="toc-Donor_intent-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_downturn" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_downturn"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Economic downturn</span> </div> </a> <ul id="toc-Economic_downturn-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Endowment_repatriation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Endowment_repatriation"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Endowment repatriation</span> </div> </a> <ul id="toc-Endowment_repatriation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Divestment_campaigns_and_impact_investing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Divestment_campaigns_and_impact_investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>Divestment campaigns and impact investing</span> </div> </a> <ul id="toc-Divestment_campaigns_and_impact_investing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Endowment_taxes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Endowment_taxes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Endowment taxes</span> </div> </a> <ul id="toc-Endowment_taxes-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" 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mw-first-heading"><span class="mw-page-title-main">Financial endowment</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 22 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-22" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">22 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%88%D9%82%D9%81_%D9%85%D8%A7%D9%84%D9%8A" title="وقف مالي – Arabic" lang="ar" hreflang="ar" data-title="وقف مالي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%86%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%BF%E0%A6%95_%E0%A6%AC%E0%A7%83%E0%A6%A4%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%A6%E0%A6%BE%E0%A6%A8" title="আর্থিক বৃত্তিদান – Bangla" lang="bn" hreflang="bn" data-title="আর্থিক বৃত্তিদান" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ki-kim" title="Ki-kim – Minnan" lang="nan" hreflang="nan" data-title="Ki-kim" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Endowment_(Finanzierung)" title="Endowment (Finanzierung) – German" lang="de" hreflang="de" data-title="Endowment (Finanzierung)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Dotaci%C3%B3n_financiera" title="Dotación financiera – Spanish" lang="es" hreflang="es" data-title="Dotación financiera" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D9%88%D9%82%D9%88%D9%81%D9%87_%D9%85%D8%A7%D9%84%DB%8C" title="موقوفه مالی – Persian" lang="fa" hreflang="fa" data-title="موقوفه مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Fonds_de_dotation_en_droit_fran%C3%A7ais" title="Fonds de dotation en droit français – French" lang="fr" hreflang="fr" data-title="Fonds de dotation en droit français" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%88%D5%B9_%D5%A1%D5%BC%D6%87%D5%BF%D6%80%D5%A1%D5%B5%D5%AB%D5%B6_%D5%AF%D5%A1%D5%A6%D5%B4%D5%A1%D5%AF%D5%A5%D6%80%D5%BA%D5%B8%D6%82%D5%A9%D5%B5%D5%A1%D5%B6_%D5%B6%D5%BA%D5%A1%D5%BF%D5%A1%D5%AF%D5%A1%D5%B5%D5%AB%D5%B6_%D5%AF%D5%A1%D5%BA%D5%AB%D5%BF%D5%A1%D5%AC" title="Ոչ առևտրային կազմակերպության նպատակային կապիտալ – Armenian" lang="hy" hreflang="hy" data-title="Ոչ առևտրային կազմակերպության նպատակային կապիտալ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%AC%E0%A4%82%E0%A4%A6%E0%A5%8B%E0%A4%AC%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%80" title="वित्तीय बंदोबस्ती – Hindi" lang="hi" hreflang="hi" data-title="वित्तीय बंदोबस्ती" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Prora%C4%8Dunski_izdatak" title="Proračunski izdatak – Croatian" lang="hr" hreflang="hr" data-title="Proračunski izdatak" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Dana_abadi" title="Dana abadi – Indonesian" lang="id" hreflang="id" data-title="Dana abadi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_(%D7%9B%D7%A1%D7%A3)" title="קרן (כסף) – Hebrew" lang="he" hreflang="he" data-title="קרן (כסף)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%A6%E0%B2%A4%E0%B3%8D%E0%B2%A4%E0%B2%BF_%E0%B2%AE%E0%B2%A4%E0%B3%8D%E0%B2%A4%E0%B3%81_%E0%B2%AA%E0%B3%8D%E0%B2%B0%E0%B2%A4%E0%B2%BF%E0%B2%B7%E0%B3%8D%E0%B2%A0%E0%B2%BE%E0%B2%A8%E0%B2%97%E0%B2%B3%E0%B3%81" title="ದತ್ತಿ ಮತ್ತು ಪ್ರತಿಷ್ಠಾನಗಳು – Kannada" lang="kn" hreflang="kn" data-title="ದತ್ತಿ ಮತ್ತು ಪ್ರತಿಷ್ಠಾನಗಳು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Sumbangan_kewangan" title="Sumbangan kewangan – Malay" lang="ms" hreflang="ms" data-title="Sumbangan kewangan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%9F%BA%E9%87%91" title="基金 – Japanese" lang="ja" hreflang="ja" data-title="基金" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Endowment" title="Endowment – Portuguese" lang="pt" hreflang="pt" data-title="Endowment" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BD%D0%B4%D0%B0%D1%83%D0%BC%D0%B5%D0%BD%D1%82" title="Эндаумент – Russian" lang="ru" hreflang="ru" data-title="Эндаумент" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Financial_endowment" title="Financial endowment – Simple English" lang="en-simple" hreflang="en-simple" data-title="Financial endowment" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%95%D0%BD%D0%B4%D0%B0%D0%B2%D0%BC%D0%B5%D0%BD%D1%82" title="Ендавмент – Ukrainian" lang="uk" hreflang="uk" data-title="Ендавмент" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/H%E1%BB%97_tr%E1%BB%A3_t%C3%A0i_ch%C3%ADnh" title="Hỗ trợ tài chính – Vietnamese" lang="vi" hreflang="vi" data-title="Hỗ trợ tài chính" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%9F%BA%E9%87%91" title="基金 – Wu" lang="wuu" hreflang="wuu" data-title="基金" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%9F%BA%E9%87%91" title="基金 – Chinese" lang="zh" hreflang="zh" data-title="基金" data-language-autonym="中文" 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id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Legal structure for managing investments</div><figure typeof="mw:File/Thumb"><a href="/wiki/File:A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg/250px-A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg" decoding="async" width="250" height="175" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg/375px-A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg/500px-A_Westerly_View_of_the_Colledges_in_Cambridge_New_England_by_Paul_Revere.jpeg 2x" data-file-width="700" data-file-height="490" /></a><figcaption>Engraving of <a href="/wiki/Harvard_College" title="Harvard College">Harvard College</a> by <a href="/wiki/Paul_Revere" title="Paul Revere">Paul Revere</a>, 1767. <a href="/wiki/Harvard_University_endowment" title="Harvard University endowment">Harvard University's endowment</a> was valued at $53.2 billion as of 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Financial_endowment&action=edit">[update]</a></sup>.<sup id="cite_ref-Endowment_1-0" class="reference"><a href="#cite_note-Endowment-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></figcaption></figure><p> A <b>financial endowment</b> is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of <a href="/wiki/Financial_instrument" title="Financial instrument">financial</a>, <a href="/wiki/Real_estate" title="Real estate">real estate</a>, or other investments for a specific purpose according to <a href="/wiki/Donor_intent" title="Donor intent">the will of its founders and donors</a>.<sup id="cite_ref-Kenton_2-0" class="reference"><a href="#cite_note-Kenton-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Endowments are often structured so that the inflation-adjusted <a href="/wiki/Principal_(finance)" class="mw-redirect" title="Principal (finance)">principal</a> or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. </p><figure typeof="mw:File/Thumb"><a href="/wiki/File:B%26M_Gates_Complex.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c3/B%26M_Gates_Complex.jpg/250px-B%26M_Gates_Complex.jpg" decoding="async" width="250" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c3/B%26M_Gates_Complex.jpg/375px-B%26M_Gates_Complex.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c3/B%26M_Gates_Complex.jpg/500px-B%26M_Gates_Complex.jpg 2x" data-file-width="4000" data-file-height="1702" /></a><figcaption><a href="/wiki/The_Bill_and_Melinda_Gates_Foundation" class="mw-redirect" title="The Bill and Melinda Gates Foundation">The Bill and Melinda Gates Foundation</a> headquarters complex in Seattle as seen from the <a href="/wiki/Space_Needle" title="Space Needle">Space Needle</a></figcaption></figure> <p>Endowments are often governed and managed either as a <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit corporation</a>, a <a href="/wiki/Foundation_(nonprofit)" title="Foundation (nonprofit)">charitable foundation</a>, or a <a href="/wiki/Private_foundation" title="Private foundation">private foundation</a> that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a <a href="/wiki/Trust_(law)" title="Trust (law)">trust</a> independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., <a href="/wiki/College" title="College">colleges</a>, <a href="/wiki/Universities" class="mw-redirect" title="Universities">universities</a>, and <a href="/wiki/Private_school" title="Private school">private schools</a>); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes; the <a href="/wiki/International_Red_Cross_and_Red_Crescent_Movement" title="International Red Cross and Red Crescent Movement">Red Cross</a>); and religious organizations (e.g., churches, synagogues, mosques). </p><p>Private endowments are some of the wealthiest entities in the world, notably <a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">private higher education endowments</a>. <a href="/wiki/Harvard_University_endowment" title="Harvard University endowment">Harvard University's endowment</a> (valued at $53.2 billion as of June 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Financial_endowment&action=edit">[update]</a></sup>)<sup id="cite_ref-Harvard_Endowment_3-0" class="reference"><a href="#cite_note-Harvard_Endowment-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> is the <a href="/wiki/List_of_colleges_and_universities_in_the_United_States_by_endowment" title="List of colleges and universities in the United States by endowment">largest academic endowment</a> in the world.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> As of 31 December 2022<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Financial_endowment&action=edit">[update]</a></sup>, the <a href="/wiki/Bill_%26_Melinda_Gates_Foundation" title="Bill & Melinda Gates Foundation">Bill and Melinda Gates Foundation</a> is the second <a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">wealthiest private foundation</a>, with an endowment of $67.3 billion.<sup id="cite_ref-FactSheet_6-0" class="reference"><a href="#cite_note-FactSheet-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=1" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most private endowments in the United States are governed by the <a href="/wiki/Uniform_Prudent_Management_of_Institutional_Funds_Act" title="Uniform Prudent Management of Institutional Funds Act">Uniform Prudent Management of Institutional Funds Act</a> which is based in part on the concept of <a href="/wiki/Donor_intent" title="Donor intent">donor intent</a> that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways:<sup id="cite_ref-Kenton_2-1" class="reference"><a href="#cite_note-Kenton-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <ol><li>True endowment (also called permanent endowment). This is the type that is subject to UPMIFA in most states. The donor has stated that the gift is to be held permanently as an endowment, either for general purposes or for specific (or restricted) purposes.<sup id="cite_ref-newman_7-0" class="reference"><a href="#cite_note-newman-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li>Quasi endowment funds are designated endowments by an organization's governing body rather than by the donor. Therefore, both the principal and the income may be accessed at the organization's discretion. Quasi endowment funds are still subject to any other donor restrictions or intent.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>Term endowment is created with a gift or funds set aside by the board which can be spent in their entirety upon a set date or occurrence, such as the death of the donor.<sup id="cite_ref-newman_7-1" class="reference"><a href="#cite_note-newman-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ol> <p>All endowments ensure that the original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid the erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. </p><p>An expendable endowment fund is one which can be spent in certain circumstances.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Restrictions_and_donor_intent">Restrictions and donor intent</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=2" title="Edit section: Restrictions and donor intent"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to a particular subject are common; in some places, a donor could fund a trust exclusively for the support of a pet.<sup id="cite_ref-MyUser_Forbes_March_5_2015c_10-0" class="reference"><a href="#cite_note-MyUser_Forbes_March_5_2015c-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-MyUser_The_Wall_Street_Journal_March_5_2015c_11-0" class="reference"><a href="#cite_note-MyUser_The_Wall_Street_Journal_March_5_2015c-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Ignoring the restriction is called "<a href="/wiki/Endowment_invasion" title="Endowment invasion">invading</a>" the endowment.<sup id="cite_ref-MyUser_Thenonprofittimes.com_March_5_2015c_12-0" class="reference"><a href="#cite_note-MyUser_Thenonprofittimes.com_March_5_2015c-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called <a href="/wiki/Cy-pr%C3%A8s_doctrine" title="Cy-près doctrine">cy-près</a> meaning to find an alternative "as near as possible" to the donor's intent.<sup id="cite_ref-MyUser_Thenonprofittimes.com_March_5_2015c_12-1" class="reference"><a href="#cite_note-MyUser_Thenonprofittimes.com_March_5_2015c-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=3" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/University#Antecedents" title="University">University § Antecedents</a>, and <a href="/wiki/Waqf" title="Waqf">waqf</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg/220px-L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg" decoding="async" width="220" height="330" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg/330px-L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/33/L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg/440px-L%27Image_et_le_Pouvoir_-_Buste_cuirass%C3%A9_de_Marc_Aur%C3%A8le_ag%C3%A9_-_3.jpg 2x" data-file-width="1509" data-file-height="2263" /></a><figcaption><a href="/wiki/Marcus_Aurelius" title="Marcus Aurelius">Marcus Aurelius</a>, the Stoic Roman <a href="/wiki/Emperor" title="Emperor">emperor</a> who created the first <a href="https://en.wiktionary.org/wiki/endowed_chair" class="extiw" title="wiktionary:endowed chair">endowed chair</a> professorships</figcaption></figure> <p>The earliest <a href="https://en.wiktionary.org/wiki/endowed_chair" class="extiw" title="wiktionary:endowed chair">endowed chairs</a> were established by the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman</a> emperor and <a href="/wiki/Stoicism" title="Stoicism">Stoic</a> philosopher <a href="/wiki/Marcus_Aurelius" title="Marcus Aurelius">Marcus Aurelius</a> in <a href="/wiki/Athens" title="Athens">Athens</a> in AD 176. Aurelius created one endowed chair for each of the major schools of <a href="/wiki/Philosophy" title="Philosophy">philosophy</a>: <a href="/wiki/Platonism" title="Platonism">Platonism</a>, <a href="/wiki/Aristotelianism" title="Aristotelianism">Aristotelianism</a>, <a href="/wiki/Stoicism" title="Stoicism">Stoicism</a>, and <a href="/wiki/Epicureanism" title="Epicureanism">Epicureanism</a>. Later, similar endowments were set up in some other major cities of the Empire.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The earliest universities were founded in Europe, Asia and Africa.<sup id="cite_ref-Rüegg_15-0" class="reference"><a href="#cite_note-Rüegg-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Hunt_Janin_2008_16-0" class="reference"><a href="#cite_note-Hunt_Janin_2008-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-books.google.com_17-0" class="reference"><a href="#cite_note-books.google.com-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-britannica1_18-0" class="reference"><a href="#cite_note-britannica1-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Their endowment by a prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic <a href="/wiki/Madrasa" title="Madrasa">madrasas</a>, although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Waqf" title="Waqf">Waqf</a> (<a href="/wiki/Arabic_language" class="mw-redirect" title="Arabic language">Arabic</a>: <span lang="ar" dir="rtl">وَقْف</span>; <span class="IPA nowrap" lang="ar-Latn-fonipa"><a href="/wiki/Help:IPA/Arabic" title="Help:IPA/Arabic">[ˈwɑqf]</a></span>), also known as 'hubous' (حُبوس)<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> or <i><a href="/wiki/Mortmain" title="Mortmain">mortmain</a></i> property, is a similar concept from <a href="/wiki/Sharia" title="Sharia">Islamic law</a>, which typically involves donating a building, plot of land or other assets for <a href="/wiki/Muslim" class="mw-redirect" title="Muslim">Muslim</a> religious or charitable purposes with no intention of reclaiming the assets.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> The donated assets may be held by a <a href="/wiki/Charitable_trust" title="Charitable trust">charitable trust</a>. </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>Ibn Umar reported, <a href="/wiki/Umar" title="Umar">Umar Ibn Al-Khattab</a> got land in <a href="/wiki/Khaybar" title="Khaybar">Khaybar</a>, so he came to the prophet <a href="/wiki/Muhammad" title="Muhammad">Muhammad</a> and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give the profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the <a href="/wiki/Jihad" title="Jihad">jihad</a>, the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></p><div class="templatequotecite">— <cite>Ibn Ḥad̲j̲ar al-ʿAsḳalānī , Bulūg̲h̲ al-marām, Cairo n.d., no. 784</cite></div></blockquote> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>When a man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></p><div class="templatequotecite">— <cite>Ibn Ḥad̲j̲ar al-ʿAsḳalānī , Bulūg̲h̲ al-marām, Cairo n.d., no. 78</cite></div></blockquote> <p>The two oldest known <i>waqfiya</i> (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated <i>waqfiya</i> goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the <a href="/wiki/Turkish_and_Islamic_Arts_Museum" title="Turkish and Islamic Arts Museum">Turkish and Islamic Arts Museum</a> in <a href="/wiki/Istanbul" title="Istanbul">Istanbul</a>. A possibly older <i>waqfiya</i> is a papyrus held by the <a href="/wiki/Louvre" title="Louvre">Louvre</a> Museum in <a href="/wiki/Paris" title="Paris">Paris</a>, with no written date but considered to be from the mid-9th century. </p><p>The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the <a href="/wiki/Abbasid_dynasty" title="Abbasid dynasty">Abbasid period</a>), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed the poor. In India, wakfs are relatively common among Muslim communities and are regulated by the <a href="/wiki/Central_Wakf_Council" class="mw-redirect" title="Central Wakf Council">Central Wakf Council</a> and governed by Wakf Act 1995 (which superseded Wakf Act 1954). </p> <div class="mw-heading mw-heading2"><h2 id="Modern_college_and_university_endowments">Modern college and university endowments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=4" title="Edit section: Modern college and university endowments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">Lists of institutions of higher education by endowment size</a></div> <p>Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control a number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed <a href="/wiki/Scholarship" title="Scholarship">scholarships</a> or fellowships. </p><p>The practice of endowing professorships began in the modern <a href="/wiki/University" title="University">European university system</a> in England on September 8, 1502, when <a href="/wiki/Lady_Margaret_Beaufort" title="Lady Margaret Beaufort">Lady Margaret Beaufort</a>, Countess of Richmond and grandmother to the future king <a href="/wiki/Henry_VIII_of_England" class="mw-redirect" title="Henry VIII of England">Henry VIII</a>, created the first endowed chairs in divinity at the universities of Oxford (<a href="/wiki/Lady_Margaret_Professor_of_Divinity_(Oxford)" class="mw-redirect" title="Lady Margaret Professor of Divinity (Oxford)">Lady Margaret Professor of Divinity</a>) and Cambridge (<a href="/wiki/Lady_Margaret%27s_Professor_of_Divinity" title="Lady Margaret's Professor of Divinity">Lady Margaret's Professor of Divinity</a>).<sup id="cite_ref-Cambridge_26-0" class="reference"><a href="#cite_note-Cambridge-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Nearly 50 years later, Henry VIII established the <a href="/wiki/Regius_Professorships" class="mw-redirect" title="Regius Professorships">Regius Professorships</a> at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what is now known as medicine and basic sciences. Today, the <a href="/wiki/University_of_Glasgow" title="University of Glasgow">University of Glasgow</a> has fifteen Regius Professorships. </p><p>Private individuals also adopted the practice of endowing professorships. <a href="/wiki/Isaac_Newton" title="Isaac Newton">Isaac Newton</a> held the <a href="/wiki/Lucasian_Professor_of_Mathematics" title="Lucasian Professor of Mathematics">Lucasian Chair of Mathematics</a> at Cambridge beginning in 1669, more recently held by the celebrated physicist <a href="/wiki/Stephen_Hawking" title="Stephen Hawking">Stephen Hawking</a>.<sup id="cite_ref-Bruen_28-0" class="reference"><a href="#cite_note-Bruen-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>In the United States, the endowment is often integral to the financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of <a href="/wiki/University_of_Cambridge" title="University of Cambridge">Cambridge</a> and <a href="/wiki/University_of_Oxford" title="University of Oxford">Oxford</a> universities. Endowment funds have also been created to support secondary and elementary school districts in several states in the United States.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Endowed_professorships">Endowed professorships</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=5" title="Edit section: Endowed professorships"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An endowed <a href="/wiki/Professor" title="Professor">professorship</a> (or <b>endowed chair</b>) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$1 and $5 million at major research universities.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid the university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for <a href="/wiki/College_and_university_rankings" title="College and university rankings">college rankings</a> and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in the academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions.<sup id="cite_ref-Cornell_31-0" class="reference"><a href="#cite_note-Cornell-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Endowed_faculty_fellowships">Endowed faculty fellowships</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=6" title="Edit section: Endowed faculty fellowships"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An endowed faculty <a href="/wiki/Fellow" title="Fellow">fellow</a> is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping the institution competitive over hiring and retention of talents. </p> <div class="mw-heading mw-heading3"><h3 id="Endowed_scholarships_and_fellowships">Endowed scholarships and fellowships</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=7" title="Edit section: Endowed scholarships and fellowships"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An endowed <a href="/wiki/Scholarship" title="Scholarship">scholarship</a> is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting the students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. </p><p>Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a <a href="/wiki/Doctorate" title="Doctorate">doctorate</a>. Frequently, teaching or working on research is a mandatory part of a fellowship. </p> <div class="mw-heading mw-heading2"><h2 id="Charitable_foundations">Charitable foundations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=8" title="Edit section: Charitable foundations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Ford_Foundation_HQ_jeh.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Ford_Foundation_HQ_jeh.JPG/220px-Ford_Foundation_HQ_jeh.JPG" decoding="async" width="220" height="292" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Ford_Foundation_HQ_jeh.JPG/330px-Ford_Foundation_HQ_jeh.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Ford_Foundation_HQ_jeh.JPG/440px-Ford_Foundation_HQ_jeh.JPG 2x" data-file-width="2159" data-file-height="2863" /></a><figcaption><a href="/wiki/Ford_Foundation_Building" class="mw-redirect" title="Ford Foundation Building">Ford Foundation Building</a> in New York. In 2014, The <a href="/wiki/Ford_Foundation" title="Ford Foundation">Ford Foundation</a> reported assets of US$12.4 billion and approved US$507.9 million in grants.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Foundation_(nonprofit)" title="Foundation (nonprofit)">Foundation (nonprofit)</a> and <a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">List of wealthiest charitable foundations</a></div> <p>A foundation (also a charitable foundation) is a category of <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit organization</a> or <a href="/wiki/Charitable_trust" title="Charitable trust">charitable trust</a> that will typically provide funding and support for other <a href="/wiki/Charitable_organization" title="Charitable organization">charitable organizations</a> through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as <a href="/wiki/Community_foundation" title="Community foundation">community foundations</a>, and <a href="/wiki/Private_foundation" title="Private foundation">private foundations</a> which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Fiduciary_management">Fiduciary management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=9" title="Edit section: Fiduciary management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Uniform_Prudent_Management_of_Institutional_Funds_Act" title="Uniform Prudent Management of Institutional Funds Act">Uniform Prudent Management of Institutional Funds Act</a></div> <p>A financial endowment is typically overseen by a board of <a href="/wiki/Trustee" title="Trustee">trustees</a> and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. </p><p>In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment the endowment and to compensate for inflation and recessions in future years.<sup id="cite_ref-Newsweek_34-0" class="reference"><a href="#cite_note-Newsweek-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. </p> <div class="mw-heading mw-heading2"><h2 id="Criticism_and_reforms">Criticism and reforms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=10" title="Edit section: Criticism and reforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg/250px-Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg" decoding="async" width="250" height="176" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg/375px-Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg/500px-Fossil_Fuel_Divestment_Student_Protest_at_Tufts_University.jpg 2x" data-file-width="4023" data-file-height="2832" /></a><figcaption>Students at Tufts University in 2013 "marched forth on 4 March". The march was a divestment campaign with the goal of pressuring universities to <a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">eliminate investments in fossil-fuel related ventures</a>.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Donor_intent">Donor intent</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=11" title="Edit section: Donor intent"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Donor_intent" title="Donor intent">Donor intent</a> and <a href="/wiki/Community_foundation" title="Community foundation">Community foundation</a></div> <p>The case of <a href="/wiki/Leona_Helmsley" title="Leona Helmsley">Leona Helmsley</a> is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs".<sup id="cite_ref-Rosenwald_35-0" class="reference"><a href="#cite_note-Rosenwald-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> This trust was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. </p><p>In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created <a href="/wiki/The_Cleveland_Foundation" class="mw-redirect" title="The Cleveland Foundation">the Cleveland Foundation</a>: the first <a href="/wiki/Community_foundation" title="Community foundation">community foundation</a>. He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in the "live hand" of the public as opposed to the "dead hand" of the founders of private foundations.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Economic_downturn">Economic downturn</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=12" title="Edit section: Economic downturn"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Research published in the <a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a> indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for the downturn.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the <a href="/wiki/2008_economic_downturn" class="mw-redirect" title="2008 economic downturn">2008 economic downturn</a>. <a href="/wiki/Harvard_University_endowment" title="Harvard University endowment">The Harvard University endowment</a>, which held $37 billion in June 2008, was reduced to $26 billion by mid-2009.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Yale_University" title="Yale University">Yale University</a>, the pioneer of an approach that involved investing heavily in alternative investments such as real estate and <a href="/wiki/Private_equity" title="Private equity">private equity</a>, reported an endowment of $16 billion as of September 2009, a 30% annualized loss that was more than predicted in December 2008.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> At <a href="/wiki/Stanford_University" title="Stanford University">Stanford University</a>, the endowment was reduced from $17 billion to $12 billion as of September 2009.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Brown_University" title="Brown University">Brown University</a>'s endowment fell 27 percent to $2.04 billion in the fiscal year that ended June 30, 2009.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> <a href="/wiki/George_Washington_University" title="George Washington University">George Washington University</a> lost 18% in that same fiscal year, down to $1.08 billion.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>In Canada, after the financial crisis in 2008, <a href="/wiki/University_of_Toronto" title="University of Toronto">University of Toronto</a> reported a loss of 31% ($545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Endowment_repatriation">Endowment repatriation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=13" title="Edit section: Endowment repatriation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.".<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation.<sup id="cite_ref-justicefunders.org_45-0" class="reference"><a href="#cite_note-justicefunders.org-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond the 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control.<sup id="cite_ref-justicefunders.org_45-1" class="reference"><a href="#cite_note-justicefunders.org-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></p><div class="templatequotecite">— <cite>Justice Funders</cite></div></blockquote> <p>After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in a private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Another example is the <a href="/wiki/Ford_Foundation" title="Ford Foundation">Ford Foundation</a>'s co-founding of the independent <a href="/w/index.php?title=Native_Arts_and_Culture_Foundation&action=edit&redlink=1" class="new" title="Native Arts and Culture Foundation (page does not exist)">Native Arts and Culture Foundation</a> in 2007. The Ford Foundation provided a portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as the program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial".<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Divestment_campaigns_and_impact_investing">Divestment campaigns and impact investing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=14" title="Edit section: Divestment campaigns and impact investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a> and <a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></div> <p>Another approach to reforming endowments is the use of <a href="/wiki/Divestment" title="Divestment">divestment</a> campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was <a href="/wiki/Disinvestment_from_South_Africa" title="Disinvestment from South Africa">Disinvestment from South Africa</a> which was used to protest apartheid policies. By the end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>A proactive version of divestment campaigns is <a href="/wiki/Impact_investing" title="Impact investing">impact investing, or mission investing</a> which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return."<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Impact_investment" class="mw-redirect" title="Impact investment">Impact investments</a> provide capital to address social and environmental issues. </p> <div class="mw-heading mw-heading3"><h3 id="Endowment_taxes">Endowment taxes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=15" title="Edit section: Endowment taxes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Endowment_tax" title="Endowment tax">Endowment tax</a></div> <p>Generally, endowment taxes are the taxation of financial endowments that are otherwise not taxed due to their charitable, educational, or religious mission. Endowment taxes are sometimes enacted in response to criticisms that endowments are not operating as <a href="/wiki/Nonprofit_organization" title="Nonprofit organization">nonprofit organizations</a> or that they have served as <a href="/wiki/Tax_shelter" title="Tax shelter">tax shelters</a>, or that they are <a href="/wiki/Payment_in_lieu_of_taxes" title="Payment in lieu of taxes">depriving local governments of essential property and other taxes</a>.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Foundation_(nonprofit)" title="Foundation (nonprofit)">Foundation (nonprofit)</a></li> <li><a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">Lists of institutions of higher education by endowment size</a> <ul><li><a href="/wiki/List_of_Canadian_universities_by_endowment" title="List of Canadian universities by endowment">in Canada</a></li> <li><a href="/wiki/List_of_South_African_universities_by_endowment" title="List of South African universities by endowment">in South Africa</a></li> <li><a href="/wiki/List_of_UK_universities_by_endowment" class="mw-redirect" title="List of UK universities by endowment">in the UK</a></li> <li><a href="/wiki/List_of_colleges_and_universities_in_the_United_States_by_endowment" title="List of colleges and universities in the United States by endowment">in the United States</a></li></ul></li> <li><a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">List of wealthiest charitable foundations</a></li> <li><a href="/wiki/Endowment_tax" title="Endowment tax">Endowment tax</a></li> <li><a href="/wiki/Waqf" title="Waqf">Waqf</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Endowment-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Endowment_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMa" class="citation web cs1">Ma, Virginia. <a rel="nofollow" class="external text" href="https://www.thecrimson.com/article/2021/10/15/endowment-returns-soar-2021/">"Harvard's Endowment Soars to $53.2 Billion, Reports 33.6% Returns"</a>. <i>The Harvard Crimson</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211014171054/https://www.thecrimson.com/article/2021/10/15/endowment-returns-soar-2021/">Archived</a> from the original on October 14, 2021<span class="reference-accessdate">. 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Quoted in Waḳf, <i>Encyclopaedia of Islam</i>.</span> </li> <li id="cite_note-Cambridge-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-Cambridge_26-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.admin.cam.ac.uk/news/dp/2004110501">Lady Margaret's 500-year legacy</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070516043532/http://www.admin.cam.ac.uk/news/dp/2004110501">Archived</a> 2007-05-16 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> – University of Cambridge.</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCollinsonRexStanton2003" class="citation book cs1">Collinson, Patrick; Rex, Richard; Stanton, Graham (2003). <i>Lady Margaret Beaufort and Her Professors of Divinity at Cambridge: 1502 to 1649</i>. Cambridge University Press. p. 21. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780521533102" title="Special:BookSources/9780521533102"><bdi>9780521533102</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Lady+Margaret+Beaufort+and+Her+Professors+of+Divinity+at+Cambridge%3A+1502+to+1649&rft.pages=21&rft.pub=Cambridge+University+Press&rft.date=2003&rft.isbn=9780521533102&rft.aulast=Collinson&rft.aufirst=Patrick&rft.au=Rex%2C+Richard&rft.au=Stanton%2C+Graham&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-Bruen-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bruen_28-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBruen1995" class="citation web cs1">Bruen, Robert (May 1995). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120824222550/http://www.lucasianchair.org/">"A Brief History of The Lucasian Professorship of Mathematics at Cambridge University"</a>. Robert Bruen. Archived from <a rel="nofollow" class="external text" href="http://www.lucasianchair.org/">the original</a> on 24 August 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">6 September</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+Brief+History+of+The+Lucasian+Professorship+of+Mathematics+at+Cambridge+University&rft.pub=Robert+Bruen&rft.date=1995-05&rft.aulast=Bruen&rft.aufirst=Robert&rft_id=http%3A%2F%2Fwww.lucasianchair.org%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Kansas incorporated its first public school district endowment association in <a href="/wiki/Paola,_Kansas" title="Paola, Kansas">Paola, Kansas</a>, a small town of 5,000 people, in 1983. Today<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (May 2019)">when?</span></a></i>]</sup>, it has approximately $2 million in endowed principal, which generates approximately $110,000 annually to distribute in scholarships to high school graduates and fund special projects in the district, which can not be afforded by the tax base. To promote the development of endowment associations across Kansas, USD 368 Endowment Association, which received a statewide award recognizing, has developed a "starter kit" to assist other Kansas school districts in the organization and establishment of new endowment associations.</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20230326000448/https://www.uclafoundation.org/resources.aspx?content=endowment">"UCLA Endowment Minimums"</a>. <i>UCLA Foundation</i>. Archived from <a rel="nofollow" class="external text" href="https://www.uclafoundation.org/resources.aspx?content=endowment">the original</a> on Mar 26, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-03-03</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UCLA+Foundation&rft.atitle=UCLA+Endowment+Minimums&rft_id=https%3A%2F%2Fwww.uclafoundation.org%2Fresources.aspx%3Fcontent%3Dendowment&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-Cornell-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-Cornell_31-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMiller" class="citation web cs1">Miller, Paul. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20050501174505/http://www.celebrate.cornell.edu/learn/mentor.html">"Teacher, Scholar, Mentor, Friend"</a>. <i>Celebrate Cornell Faculty</i>. Archived from <a rel="nofollow" class="external text" href="http://celebrate.cornell.edu/learn/mentor4.html">the original</a> on May 1, 2005.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Celebrate+Cornell+Faculty&rft.atitle=Teacher%2C+Scholar%2C+Mentor%2C+Friend&rft.aulast=Miller&rft.aufirst=Paul&rft_id=http%3A%2F%2Fcelebrate.cornell.edu%2Flearn%2Fmentor4.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.fordfoundation.org/grants">"Grants"</a>. Ford Foundation. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140626060458/http://www.fordfoundation.org/grants">Archived</a> from the original on Jun 26, 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">2014-05-14</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Grants&rft.pub=Ford+Foundation&rft_id=http%3A%2F%2Fwww.fordfoundation.org%2Fgrants&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://grantspace.org/tools/knowledge-base/Funding-Resources/Foundations/what-is-a-foundation">"What is a foundation | Foundations | Funding Resources | Knowledge Base | Tools"</a>. <i>GrantSpace</i>. 2013-06-18. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170404021940/http://grantspace.org/tools/knowledge-base/Funding-Resources/Foundations/what-is-a-foundation">Archived</a> from the original on Apr 4, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-03-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=GrantSpace&rft.atitle=What+is+a+foundation+%26%23124%3B+Foundations+%26%23124%3B+Funding+Resources+%26%23124%3B+Knowledge+Base+%26%23124%3B+Tools&rft.date=2013-06-18&rft_id=http%3A%2F%2Fgrantspace.org%2Ftools%2Fknowledge-base%2FFunding-Resources%2FFoundations%2Fwhat-is-a-foundation&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-Newsweek-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-Newsweek_34-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.newsweek.com/id/54660">"So nicely endowed!"</a>. <i>Newsweek</i>. 31 July 2004<span class="reference-accessdate">. Retrieved <span class="nowrap">14 April</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Newsweek&rft.atitle=So+nicely+endowed%21&rft.date=2004-07-31&rft_id=http%3A%2F%2Fwww.newsweek.com%2Fid%2F54660&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-Rosenwald-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-Rosenwald_35-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRosenwald1929" class="citation journal cs1">Rosenwald, Julius (May 1929). "Principles of Public Giving". <i>The Atlantic Monthly</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Atlantic+Monthly&rft.atitle=Principles+of+Public+Giving&rft.date=1929-05&rft.aulast=Rosenwald&rft.aufirst=Julius&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.clevelandfoundation100.org/foundation-of-change/invention/introduction/">"Cleveland Foundation 100 – Introduction"</a>. <i>The Cleveland Foundation Centennial</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2019-04-04</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Cleveland+Foundation+Centennial&rft.atitle=Cleveland+Foundation+100+%E2%80%93+Introduction&rft_id=https%3A%2F%2Fwww.clevelandfoundation100.org%2Ffoundation-of-change%2Finvention%2Fintroduction%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrownDimmockKangWeisbenner2014" class="citation journal cs1">Brown, Jeffrey R.; Dimmock, Stephen G.; Kang, Jun-Koo; Weisbenner, Scott J. (March 2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Faer.104.3.931">"How University Endowments Respond to Financial Market Shocks: Evidence and Implications"</a>. <i>American Economic Review</i>. <b>104</b> (3). <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a>: 931–962. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Faer.104.3.931">10.1257/aer.104.3.931</a></span>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10220%2F20933">10220/20933</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=How+University+Endowments+Respond+to+Financial+Market+Shocks%3A+Evidence+and+Implications&rft.volume=104&rft.issue=3&rft.pages=931-962&rft.date=2014-03&rft_id=info%3Ahdl%2F10220%2F20933&rft_id=info%3Adoi%2F10.1257%2Faer.104.3.931&rft.aulast=Brown&rft.aufirst=Jeffrey+R.&rft.au=Dimmock%2C+Stephen+G.&rft.au=Kang%2C+Jun-Koo&rft.au=Weisbenner%2C+Scott+J.&rft_id=https%3A%2F%2Fdoi.org%2F10.1257%252Faer.104.3.931&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.bostonherald.com/business/general/view/20090911harvard_fund_loses_11b_decline_less_than_predicted/">Harvard fund loses $11B</a>, a September 11, 2009 article from the <i><a href="/wiki/Boston_Herald" title="Boston Herald">Boston Herald</a></i> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090915194554/http://www.bostonherald.com/business/general/view/20090911harvard_fund_loses_11b_decline_less_than_predicted/">Archived</a> September 15, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB125261190641700555">Yale Endowment Down 30%</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180414092025/https://www.wsj.com/articles/SB125261190641700555">Archived</a> 2018-04-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, a September 10, 2009 article from <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/02/BAQ519HJA6.DTL">Stanford University endowment loses big</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090906103714/http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fc%2Fa%2F2009%2F09%2F02%2FBAQ519HJA6.DTL">Archived</a> 2009-09-06 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, a September 3, 2009 article from the <i><a href="/wiki/San_Francisco_Chronicle" title="San Francisco Chronicle">San Francisco Chronicle</a></i></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601103&sid=ajuf5s.QOqzY">"Politics"</a>. <i>Bloomberg</i><span class="reference-accessdate">. Retrieved <span class="nowrap">14 April</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bloomberg&rft.atitle=Politics&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601103%26sid%3Dajuf5s.QOqzY&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://media.www.gwhatchet.com/media/storage/paper332/news/2009/08/27/News/Gw.Endowment.Drops.18.Percent-3758164.shtml">GW endowment drops 18 percent</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090831222725/http://media.www.gwhatchet.com/media/storage/paper332/news/2009/08/27/News/Gw.Endowment.Drops.18.Percent-3758164.shtml">Archived</a> August 31, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, an August 27, 2009 article from <i><a href="/wiki/The_GW_Hatchet" title="The GW Hatchet">The GW Hatchet</a></i></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurrows2010" class="citation journal cs1">Burrows, Malcom D. 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October 20, 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Yorker&rft.atitle=Does+Divestment+Work&rft.date=2015-10-20&rft_id=https%3A%2F%2Fwww.newyorker.com%2Fbusiness%2Fcurrency%2Fdoes-divestment-work&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160902224437/https://thegiin.org/assets/GIIN_AnnualImpactInvestorSurvey_2017_Web_Final.pdf">"2017 Annual Impact Investor Survey"</a> <span class="cs1-format">(PDF)</span>. The Global Impact Investing Network. 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Retrieved <span class="nowrap">2007-01-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Ways+and+Means+Questions+Nonprofit+Hospitals%27+Tax+Status&rft.pub=The+Commonwealth+Fund+1+East+75th+Street%2C+New+York%2C+NY&rft_id=http%3A%2F%2Fwww.cmwf.org%2Fhealthpolicyweek%2Fhealthpolicyweek_show.htm%3Fdoc_id%3D278529&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span><br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJill_Horwitz2005" class="citation web cs1">Jill Horwitz (2005-05-26). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160305172650/https://sph.umich.edu/cleh/papers/horwitz.pdf">"Testimony Before House Ways and Means Committee"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://www.sph.umich.edu/cleh/papers/horwitz.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2016-03-05.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Testimony+Before+House+Ways+and+Means+Committee&rft.date=2005-05-26&rft.au=Jill+Horwitz&rft_id=http%3A%2F%2Fwww.sph.umich.edu%2Fcleh%2Fpapers%2Fhorwitz.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHe2005" class="citation web cs1">He, Ray C. (October 4, 2005). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220408123247/http://tech.mit.edu/V125/N44/cambsurcharge.html">"Cambridge Seeks to Tax Earnings on Endowment"</a>. <i>Volume 125, Number 44</i>. <a href="/wiki/The_Tech_(newspaper)" title="The Tech (newspaper)">The Tech</a>. Archived from <a rel="nofollow" class="external text" href="http://tech.mit.edu/V125/N44/cambsurcharge.html">the original</a> on April 8, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">May 20,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Volume+125%2C+Number+44&rft.atitle=Cambridge+Seeks+to+Tax+Earnings+on+Endowment&rft.date=2005-10-04&rft.aulast=He&rft.aufirst=Ray+C.&rft_id=http%3A%2F%2Ftech.mit.edu%2FV125%2FN44%2Fcambsurcharge.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNewfield,_Christopher2008" class="citation book cs1">Newfield, Christopher (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=sjVExLWolxIC&pg=PA162"><i>Unmaking the public university: the forty-year assault on the middle class</i></a>. Harvard University Press. p. 162. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-674-02817-3" title="Special:BookSources/978-0-674-02817-3"><bdi>978-0-674-02817-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Unmaking+the+public+university%3A+the+forty-year+assault+on+the+middle+class&rft.pages=162&rft.pub=Harvard+University+Press&rft.date=2008&rft.isbn=978-0-674-02817-3&rft.au=Newfield%2C+Christopher&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DsjVExLWolxIC%26pg%3DPA162&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_endowment&action=edit&section=19" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Wikidata-logo.svg/40px-Wikidata-logo.svg.png" decoding="async" width="40" height="22" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Wikidata-logo.svg/60px-Wikidata-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Wikidata-logo.svg/80px-Wikidata-logo.svg.png 2x" data-file-width="1050" data-file-height="590" /></span></span></div> <div class="side-box-text plainlist"><a href="/wiki/Wikidata" title="Wikidata">Wikidata</a> has the property: <ul><li><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Disc_Plain_blue_dark.svg/4px-Disc_Plain_blue_dark.svg.png" decoding="async" width="4" height="4" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Disc_Plain_blue_dark.svg/6px-Disc_Plain_blue_dark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Disc_Plain_blue_dark.svg/8px-Disc_Plain_blue_dark.svg.png 2x" data-file-width="460" data-file-height="460" /></span></span> <b><i><a href="https://www.wikidata.org/wiki/Property_talk:P6589" class="extiw" title="d:Property talk:P6589">endowment (P6589)</a></i></b> (see <span class="plainlinks"><a class="external text" href="https://query.wikidata.org/embed.html#SELECT%20%3FWikidata_item_%20%3FWikidata_item_Label%20%3Fvalue%20%3FvalueLabel%20%3FEnglish_Wikipedia_article%20%23Show%20data%20in%20this%20order%0A%7B%0A%09%3FWikidata_item_%20wdt%3AP6589%20%3Fvalue%20.%20%23Collecting%20all%20items%20which%20have%20P6589%20data%2C%20from%20whole%20Wikidata%20item%20pages%0A%09OPTIONAL%20%7B%3FEnglish_Wikipedia_article%20schema%3Aabout%20%3FWikidata_item_%3B%20schema%3AisPartOf%20%3Chttps%3A%2F%2Fen.wikipedia.org%2F%3E%20.%7D%20%23If%20collected%20item%20has%20link%20to%20English%20Wikipedia%2C%20show%20that%0A%09SERVICE%20wikibase%3Alabel%20%7B%20bd%3AserviceParam%20wikibase%3Alanguage%20%22en%22%20%20%7D%20%23Show%20label%20in%20this%20language.%20%22en%22%20is%20English.%20%20%20%0A%7D%0ALIMIT%201000">uses</a></span>)</li></ul></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://wayback.archive-it.org/all/20081001225440/http://fordfound.org/pdfs/impact/primer_for_grantmakers.pdf">Ford Foundation: <i>A Primer for Endowment Grantmakers</i></a> (PDF)</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDada2008" class="citation news cs1">Dada, Kamil (February 1, 2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110609000636/http://www.stanforddaily.com/2008/02/01/congress-investigates-endowment/">"Congress investigates endowment"</a>. <i>Stanford Daily</i>. Archived from <a rel="nofollow" class="external text" href="http://www.stanforddaily.com/2008/02/01/congress-investigates-endowment/">the original</a> on June 9, 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Stanford+Daily&rft.atitle=Congress+investigates+endowment&rft.date=2008-02-01&rft.aulast=Dada&rft.aufirst=Kamil&rft_id=http%3A%2F%2Fwww.stanforddaily.com%2F2008%2F02%2F01%2Fcongress-investigates-endowment%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+endowment" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100204154321/http://www.fpajournal.org/CurrentIssue/TableofContents/ASimpleStrategyforPortfoliosTakingWithdrawals">12 SMA for Financial Endowments</a> (archived 4 February 2010)</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist 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abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a class="mw-selflink selflink">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a 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