","type":"raw_html"},{"content":"Only six of the 10 institutions analyzed by MPI have reported returns as of Tuesday, and Columbia so far shows the highest percentage return on investment.","type":"text"},{"content":"[Read more: Investment analysis company predicts brighter future for Columbia’s endowment]","type":"text"},{"content":"Columbia’s endowment is smaller in size compared to many of its peers, resulting in a heavier budgetary reliance on tuition revenue. Yale University, for example—which has a $40.7 billion endowment—relies on net tuition and room and board revenue for 9 percent of its budget and on endowment income for 35 percent of its budget. Columbia relies on tuition and fees for 24 percent of its budget and on endowment income for 12.5 percent of its budget.","type":"text"},{"content":"Columbia also has a relatively small endowment-to-student ratio compared to its peers, making do with less support from the endowment for a student body that is among the largest in the Ivy League. Other Ivies with smaller endowments, such as Brown and Dartmouth, also have far smaller student bodies to support, while Columbia has a larger student body and one of the smaller endowments. This lower ratio forces the University to be more reliant on other sources of revenue, such as tuition.","type":"text"},{"content":"[Read more: New study gives clearer picture of how Columbia’s endowment lags behind peer institutions]","type":"text"},{"content":"University and college endowments across the board have had a tumultuous few years, with record-high returns in fiscal year 2021 and downturns in fiscal year 2022. Even with a record-high return of 32.3 percent in fiscal year 2021 which resulted in a $3.05 billion bump to the endowment, Columbia saw some of the lowest returns in the Ivy League in 2021 and 2022.","type":"text"},{"content":"An MPI article published in May predicted a favorable shift toward Columbia, partly as a result of a high investment allocation to global public equities. MPI uses returns-based analysis to estimate where universities hold their investments, the company’s founder Michael Markov told Spectator in March.","type":"text"},{"content":"“This is purely done based on reverse engineering returns,” Markov said.","type":"text"},{"content":"Tuesday’s news release noted the use of endowment funds to contribute to “University academic programs, faculty research, and student financial aid.” Columbia announced enhancements to financial aid earlier this year, which went into effect this fall.","type":"text"},{"content":"[Read More: Columbia announces record-high term bill, financial aid enhancements]","type":"text"},{"content":"Lew said in the news release that returns on private assets were “modestly negative in aggregate this past year,” but she believes private investment opportunities will “outperform over the next market cycle.”","type":"text"},{"content":"“Overall, the investment team continue to reposition and strengthen the portfolio, and we are excited for the opportunities ahead,” she said.","type":"text"},{"content":"Deputy News Editor Shea Vance can be contacted at [email protected]. Follow her on Twitter @SheaVance22.","type":"text"},{"content":"Managing Editor Andrew Park can be contacted at [email protected]. Follow him on Twitter @androo_park.","type":"text"},{"content":"Want to keep up with breaking news? Subscribe to our email newsletter and like Spectator on Facebook.","type":"text"}],"created_date":"2023-10-18T04:32:08.11Z","credits":{"by":[{"name":"Shea Vance","slug":"shea-vance","type":"author"}]},"description":{"basic":"Administration"},"display_date":"2023-10-18T06:30:40.964Z","headlines":{"basic":"Columbia endowment rises to $13.6 billion, outperforms peers in returns"},"promo_items":{"basic":{"auth":{"1":"b15351e702aadacfcf1f6b59572a16fde76d7f03fec82a2fcf6819ab52e10b04"},"caption":"At the end of fiscal year 2022, Columbia had the fifth-largest endowment in the Ivy League. 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