Dickinson’s pooled endowment (the portion managed by the college’s outsourced investment office, Investure LLC) ended the 2020 fiscal year at $407.4 million. Though the impact of the pandemic on the stock market this spring means that the total endowment ended the fiscal year (July 1, 2019, through June 30, 2020) slightly down from last year, the long-term performance—as indicated by the 10-year average annual return—remains strong.
The 10-year average annual return is 8.5%. This compares favorably to our passive benchmark (7.3%) and our stated goal of spending plus inflation (7.4%) for the same 10-year period.
The endowment is managed to maximize risk-adjusted returns, net of all costs, over rolling 10-year periods. This approach enables the college to minimize the negative impacts of downturns in the economy, while positioning the endowment to recover quickly from down years.
ENDOWMENT GROWTH
The endowment’s steady return on investment combined with funding from new gifts has generated a robust 56% overall growth in the endowment over the last decade.
Total Endowment Market Value
Dickinson’s total endowment closed the fiscal year at $486.1 million.
Fiscal Years 2010–20
2010: $312.3 million
2011: $360.2 million
2012: $355.8 million
2013: $388.6 million
2014: $436.0 million
2015: $444.7 million
2016: $413.0 million
2017: $446.5 million
2018: $472.4 million
2019: $491.5 million
2020: $486.1 million
Note: Dickinson’s endowment is composed of the pooled endowment, which is managed as part of a consortium of colleges and universities by Investure LLC, and the nonpooled endowment, which consists of funds held in trust for the college, endowed pledges and other assets. The pooled endowment makes up roughly 80% of the total endowment, while the nonpooled assets make up the remaining 20%. Throughout this report, information about the endowment’s investment returns refer solely to the pooled endowment, while information about the endowment’s total value refers to the pooled endowment and the nonpooled assets. For more information, visit dickinson.edu/ financialoperations.
ENDOWMENT SPENDING
July 1, 2019 - June 30, 2020
The endowment provided $20.6 million in funding to Dickinson in fiscal year 2020. This funding supported scholarships and financial aid, academic programming, student-faculty research, athletics, facilities enhancements, student life initiatives and much more.
Total :$20.6. million
Endowed Chairs and Faculty Salary Support: $2.5 million
Student and Faculty Research and Travel: $222,000
Library: $294,000
Lectures, Fellowships, Other Academic: $2.0 million
Other Restricted Support: $745,000
Other Budget Support: $4.3 million
Student Life: $29,000
Internship Support: $36,000
Scholarships and Financial Aid: $8.5 million
Facilities Maintenance: $2.0 million
Note: To balance present needs with future stability, Dickinson spends 5% (less fees) of the endowment’s prior 12 quarters’ average balance each year to support the budget and restricted funds. The college employs this disciplined spending strategy to ensure that the endowment meets today’s needs while continuing to provide for our future.
The funding the endowment provides to these institutional priorities is increasingly critical. The more than $20 million in annual budgetary and restricted fund support allows Dickinson to distinguish itself by providing highly personalized, life-changing experiences for our students.
The endowment’s performance continues to be solid, even during these challenging times. Additionally, our financial discipline and investment in budgetary reserves outside of the endowment has allowed the college to manage our response to the pandemic without drawing from the endowment and the long-term investment it represents. Yet, as you can see from the comparison list to the left, our endowment still lags behind many of the institutions with which we compete for students and faculty.
Having more endowment dollars per student gives an institution more money to invest in creating meaningful and enriching educational experiences for each student. To keep up with and surpass these institutions and secure Dickinson’s place as a leader in impact-driven liberal-arts education for the 21st century and beyond, we must more aggressively grow the endowment.
Thank you for leading the way. We need more dedicated donors like you willing to make a permanent investment in the college and in our students and our faculty. Thank you for your commitment to Dickinson. Your support is vital to our mission. Together with the students and faculty you support, you are helping to shape a brighter future for the college and the world.
Peer Institution Comparison
Total Endowment Dollars per Full-Time Student*
Swarthmore: $1,370,157
Bowdoin: $953,864
Wellesley: $912,050
Hamilton: $523,979
Davidson: $478,277
Vassar: $457,567
Colby: $434,964
Middlebury: $362,374
Mt. Holyoke: $350,797
Wesleyan: $323,401
Colgate: $322,046
Kenyon: $244,791
Dickinson: $191,604
Connecticut: $172,895
F&M: $154,455
Skidmore: $148,142
St. Lawrence: $127,334
Gettysburg: $124,798
Wheaton: $121,427
Muhlenberg: $131,352
Hobart & William Smith: $102,877
*Data gathered from NACUBO surveys on fiscal year 2019 endowments