9 In the past 10 years, the university’s endowment experienced growth based on donor support and investment return net of operating distributions. During this period, the market value has increased from approximately $1.216 billion on June 30, 2014, to $1.756 billion on June 30, 2023. While the $74.8 million of distributed earnings from the university endowment must be used according to the specified purpose of each fund, the payout touches all areas of the university and demonstrates the ongoing commitment to financial aid with more than 46% of the university’s donor-restricted endowment designated for scholarships and fellowships. In fiscal year 2023, institutional financial aid was provided to 54% of undergraduate students, with an average needbased award of just over $50,604. Donor-Restricted Endowment Funds VALUE OF THE ENDOWMENT Spending Distribution Growth History FISCAL YEAR DOLLARS IN BILLIONS ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 1.0 1.5 2.0 Endowment Fund Market Value Growth History 50 60 70 80 FISCAL YEAR DOLLARS IN MILLIONS ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 Fiscal year ending June 30, 2023
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