Cornell’s endowment achieved a 3.6% return in the fiscal year ending June 30, adding a net investment gain of $355 million to finish the year valued at just over $10 billion, according to the Office of University Investments.
With the investment gain in FY 2023, the endowment has returned an annualized 9.3% over the past five years, exceeding its benchmark by 1.9% per year.
“The university concluded the fiscal year with a solid return relative to the environment,” said Chief Investment Officer Kenneth Miranda. “We attribute this performance to our work since 2016 to diversify the university’s investment portfolio and strategies, reduce fees, and enhance liquidity and flexibility.”
Like most university endowments, Cornell’s comprises thousands of individual accounts, the vast majority of which are restricted by donors for specific purposes for the lifetime of the university.
Affordability is central to Cornell’s “To do the greatest good” capital campaign. Since its launch, the university has added nearly 850 aided students; increased grant aid by an average of $14,000 over the 2020 academic year; and as of fall 2024, most families with annual incomes up to $75,000 will receive no-loan financial aid packages.