Per student endowments

College Search & Selection
1

<p>This is the list of all colleges and universities with per student endowments of at least $100,000 as of June 2007. This is data from June 2007 because that's the latest the IPEDs database had. This is top of the market, pre-crash so some things have shifted around a bit. I've culled out those schools, such as seminaries and music conservatories, that don't offer a general purpose degree. </p>

<p>I've also removed any school that didn't award at least 100 bachelors degress in 2007, so graduate-only schools and tiny schools do not appear. This actually removes the school with the largest per student endowment from the list. Bryn</a> Athlyn College is a tiny religious school associated with the New Church with 100 students and a per student endowment of $2.7 million, larger than Princetons! Otherwise, this should be a comprehensive list:</p>

<p>


$2,296,659    Princeton University
$1,785,464  Yale University
$1,271,148  Harvard University
$1,207,771  Stanford University
$1,124,876  Pomona College
$1,067,938  Grinnell College
$1,014,263  Amherst College
$990,218    Massachusetts Institute of Technology
$983,776    Swarthmore College
$934,409    California Institute of Technology
$876,264    Williams College
$851,175    Rice University
$723,675    Dartmouth College
$682,944    Berea College
$667,121    Wellesley College
$574,689    Polytechnic Institute of New York University
$548,689    University of Notre Dame
$482,915    Bowdoin College
$477,066    Washington University in St Louis
$440,481    Haverford College
$438,597    Smith College
$437,214    Hamilton College
$420,902    University of Richmond
$420,645    Bryn Mawr College
$412,910    Claremont McKenna College
$402,471    Wabash College
$400,125    University of Chicago
$398,377    Emory University
$395,444    Carleton College
$379,882    Trinity University
$370,126    Berry College
$354,360    Harvey Mudd College
$353,893    Reed College
$351,587    Vassar College
$349,386    Middlebury College
$343,812    Agnes Scott College
$337,698    Macalester College
$336,862    Brown University
$336,672    Vanderbilt University
$327,833    Oberlin College
$326,147    Columbia University in the City of New York
$322,985    Duke University
$320,804    Lafayette College
$317,651    Washington and Lee University
$317,278    Scripps College
$291,636    Colby College
$287,689    Denison University
$274,451    Davidson College
$268,021    Mount Holyoke College
$265,672    Earlham College
$257,060    Colgate University
$248,139    University of Pennsylvania
$247,828    Southwestern University
$239,616    University of Tulsa
$237,791    Colorado College
$236,476    Randolph College
$233,619    DePauw University
$221,218    Wesleyan University
$219,910    College of the Holy Cross
$215,569    Cornell University
$212,002    Case Western Reserve University
$211,545    Kalamazoo College
$208,863    Occidental College
$206,794    Yeshiva University
$198,583    University of Rochester
$194,374    Trinity College
$189,305    Wake Forest University
$187,997    Sewanee:  The University of the South
$182,007    Centre College
$181,476    Furman University
$177,334    Lehigh University
$176,490    Mills College
$175,911    Union College
$174,711    Hendrix College
$167,774    Rhodes College
$167,133    Northwestern University
$165,813    Sweet Briar College
$164,444    Bucknell University
$163,997    Texas Christian University
$162,454    Hanover College
$161,154    Lawrence University
$159,614    Bates College
$158,041    Franklin and Marshall College
$149,675    Johns Hopkins University
$144,325    The College of Wooster
$143,060    Tufts University
$138,599    Spelman College
$138,364    Gallaudet University
$137,222    Southern Methodist University
$132,697    Illinois College
$132,073    Hampden-Sydney College
$131,116    Boston College
$128,396    Transylvania University
$126,957    Washington College
$126,781    Goshen College
$123,869    Wofford College
$122,656    Centenary College of Louisiana
$122,514    Wheaton College
$121,282    Pitzer College
$120,585    Wheaton College
$119,376    Carnegie Mellon University
$119,198    University of Southern California
$119,052    Randolph-Macon College
$116,944    Rensselaer Polytechnic Institute
$116,471    Brandeis University
$115,942    Rollins College
$114,922    St John's College
$114,238    Goucher College
$113,613    Austin College
$111,697    Dickinson College
$111,265    Kenyon College
$110,367    Drew University
$109,717    Worcester Polytechnic Institute
$109,618    Connecticut College
$109,465    Willamette University
$106,200    Lyon College
$106,074    St. Olaf College
$104,742    Hollins University
$102,902    Beloit College
$102,031    Skidmore College
$100,311    Albion College

</p>

2

<p>Is this per undergrad or both undergrad and grad/professional students?</p>

3

<p>Total students: undergrad, graduate, and professional.</p>

<p>The rule of thumb is that grad students cost a college about 1.5 times more than an undergrad. Some professional school students (like med school) cost 2 times as much. This list, however, weights all students equally. Just straight endowment divided by total FTE enrollment.</p>

4

<p>When looking at college/university endowments, you really need to look at both total endowment, as well as endowment per student. Either by itself doesn’t tell the full story. Just looking at per student endowment ignores economies of scale that wealthier universities are able to achieve and the other related factors such as the highest debt ratings they are able to obtain. Larger overall endowment #s, regardless of per student #s, provide universities with the ability to fund massive construction projects, recruit star faculty, etc.</p>

<p>There is merit to per student #s, but if you’re only going to look at one or the other, total endowment is much more significant.</p>

5

<p>Maybe I missed it, but it seems like Whitman should be on the list, with its student body of about 1500 and endowment of about $387,000,000 (according to USNWR).</p>

<p>I’m wondering if anyone has prepared a “doing more with less” honor role for schools that are highly rated (to the extent you believe in ratings) yet have a relatively small endowment. Bates comes to mind. I’m sure there are others.</p>

6

<p>Thanks for the info! BTW, these numbers are quite different from those listed in the Wikipedia entry (e.g. Northwestern):</p>

<p>[List</a> of colleges and universities in the United States by endowment - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/List_of_colleges_and_universities_in_the_United_States_by_endowment]List”>List of colleges and universities in the United States by endowment - Wikipedia)</p>

7

<p>Whitman sure looks like it should be on the list to me. I’ll have to look at why it got culled out with the criteria I gave the database search. I’ll get back to you!</p>

8

<p>Northwestern doesn’t look right to me either. Harvard looks low. These were pre-calculated numbers from the database. I had to take a wild stab, I would guess they might be including the Harvard night-school students. Does Northwestern have a big extension school? When I get a chance I rerun the list using total endowment and enrollment so I can see what is going on.</p>

9

<p>JWT:</p>

<p>The only “economies of scale” when it comes to hiring professors are large lecture courses and TAs. The vast majority of operating expense for colleges and universities is variable expense. Add more students and you have operate more dorm rooms, hire more professors, add a dining hall, add deans staff, enlarge the health center, add more treadmills in the fitness center, build a bigger library and so on and so forth – unless you reduce the quality student services.</p>

10

<p>Where did you get your info that grad/professional students cost a college more? Not trying to be confrontational, just curious. I was under the impression that PhD programs at least are largely funded by external research grants…</p>

<p>I go to Johns Hopkins, which has roughly equivalent or better facilities/services than many of the schools above it on this list. I think there is something to be said about JWT’s point on total endowment size/economy of scale being part of the picture. A dining hall/library/dorm/gym/health center that serves 1000 students is not twice as expensive as one that serves 500.</p>

11

<p>

</p>

<p>That may be true, but that’s the revenue side. The cost side is mostly determined by student-faculty ratio and labor costs of faculty. Grad students and professional school students are more costly because of class sizes, number students per prof, etc. Medical schools are just hideously expensive to operate. PhD programs generale little or no tuition revenue.</p>

<p>Undergrads are pretty cost-effective. Lots of them. TAs can handle much of the teaching load (discussions, grading, office hours). And, they pay a lot of tuition.</p>

<p>Research revenues are hard to evalute. The revenues can be large. The costs can be very high, especially in terms of increased faculty. And, none of it has a darn thing to do with teaching undergrads in most cases. It’s really a totally different business.</p>

<p>

</p>

<p>That’s certainly true and there are some cost efficiencies. However, there are also some tradeoffs. For example, a dorm that hosues 1000 student is probably not a very pleasant place. Actually 500 is pretty large. The biggest dorms at LACs are typically in the 250 ranges. So, if you are going to keep the same “quality” (size being a contributor to “quality”) then you have build twice as many dorms rather than just doubling the size. There’s really not much cost savings in that. The cost savings would be in libraries, securty forces, health care centers, etc.</p>

<p>What you do gain is variety. If you go to four times the number of students and go from a 10 professor department to a 40 professor department, you get 4 times the variety in courses. It’s open for debate whether undergrad education is really about specialization or whether it’s really about learning the processes of thinking, analyzing, and communiating to the point where the specific subject matter for elective courses doesn’t really matter.</p>

12

<p>FWIW, I’ve read terminal master’s programs are huge money-making ventures. I’m pretty sure this is true.</p>

<p>I’ve also heard law and business schools make money for many schools rather than costing money, but I’m not sure how true this one is.</p>

13

<p>OK. Northwestern had the wrong endowment figure in the IPEDS government database. Whitman didn’t have any endowment figure in the database. I’ve added the correct figures from NACUBO. It appears that Harvard was factoring FTE (full-time equivalent from their night school students). In reality, that’s the way it should be. If Harvard wants the revenue from their night school, they shouldn’t pretend those students don’t exist. Nevertheless, I went back and calculated the endowments based on full-time students. Here is the revised list. I’ve gone a little deeper because there are some big name schools (like Georgetown) with very small endowments.</p>

<p>


$2,255,856    Princeton University
$1,983,919  Yale University
$1,789,170  Harvard University
$1,202,777  Stanford University
$1,139,418  Pomona College
$1,058,726  Grinnell College
$1,002,452  Massachusetts Institute of Technology
$987,747    Amherst College
$970,527    Swarthmore College
$927,233    Rice University
$926,962    California Institute of Technology
$898,171    Williams College
$747,307    Wellesley College
$730,980    Dartmouth College
$522,552    University of Notre Dame
$513,897    Washington University in St Louis
$495,029    Emory University
$492,046    University of Chicago
$484,044    Bowdoin College
$466,194    University of Richmond
$461,582    Haverford College
$455,810    Wabash College
$453,655    Smith College
$417,979    Bryn Mawr College
$417,640    Claremont McKenna College
$412,070    Northwestern University
$398,398    Berry College
$398,237    Duke University
$387,456    Trinity University
$381,760    Carleton College
$381,304    Agnes Scott College
$378,325    Middlebury College
$366,525    Columbia University in the City of New York
$361,081    Vassar College
$358,973    Macalester College
$355,811    Harvey Mudd College
$335,532    Brown University
$334,830    University of Pennsylvania
$332,140    Lafayette College
$327,112    Oberlin College
$320,690    Colby College
$318,830    Reed College
$318,089    Washington and Lee University
$314,059    Vanderbilt University
$310,653    Scripps College
$300,683    Davidson College
$293,024    Denison University
$271,626    Earlham College
$269,536    Whitman College
$252,017    Colgate University
$249,177    University of Tulsa
$248,167    Randolph College
$247,828    Southwestern University
$242,651    Case Western Reserve University
$238,138    Colorado College
$237,638    Wesleyan University
$236,289    DePauw University
$227,539    Johns Hopkins University
$224,347    Yeshiva University
$223,713    University of Rochester
$221,863    Cornell University
$211,428    Trinity College
$205,010    Sewanee:  The University of the South
$204,679    Occidental College
$204,664    Furman University
$193,450    Lehigh University
$188,220    Wake Forest University
$178,788    Mills College
$173,622    Texas Christian University
$173,567    Centre College
$173,060    Hanover College
$172,481    Rhodes College
$167,946    Bucknell University
$165,952    Southern Methodist University
$164,149    Tufts University
$162,591    Hendrix College
$157,661    The College of Wooster
$152,174    Spelman College
$151,128    Hollins University
$147,837    Boston College
$146,198    Brandeis University
$145,032    Washington College
$141,697    Wheaton College
$138,849    Goshen College
$138,771    Pepperdine University
$137,542    Illinois College
$136,063    Sweet Briar College
$134,132    Rollins College
$133,507    Goucher College
$132,766    Kalamazoo College
$130,593    Rensselaer Polytechnic Institute
$127,567    University of Southern California
$126,894    Hampden-Sydney College
$126,485    Transylvania University
$125,346    Wofford College
$124,334    Connecticut College
$123,491    Carnegie Mellon University
$122,932    Tulane University of Louisiana
$122,179    Dickinson College
$119,160    Drew University
$117,896    Willamette University
$117,182    Worcester Polytechnic Institute
$116,647    Kenyon College
$111,181    Loyola University New Orleans
$111,027    Pitzer College
$110,000    Skidmore College
$109,157    Austin College
$106,678    St. Olaf College
$105,628    Santa Clara University
$104,192    Gettysburg College
$102,549    Clark University
$102,312    Saint Louis University-Main Campus
$101,899    Albion College
$101,812    Beloit College
$99,965 University of Pittsburgh-Pittsburgh Campus
$96,502 University of Puget Sound
$96,462 Ohio Wesleyan University
$94,453 Millsaps College
$92,192 Illinois Wesleyan University
$89,351 Barnard College
$88,665 George Washington University
$88,198 Presbyterian College
$87,769 Ursinus College
$87,652 Wells College
$86,599 Birmingham Southern College
$85,902 Saint Mary's College
$84,243 Georgetown University
$82,460 Converse College
$77,906 William Jewell College
$77,369 Lewis & Clark College
$75,906 Samford University
$74,589 Baylor University
$73,647 Allegheny College
$72,749 Cornell College
$72,441 Fairfield University
$72,386 University of Delaware
$68,856 Washington & Jefferson College
$68,783 Stonehill College
$67,183 New York University
$66,169 Coe College
$65,050 Roanoke College
$64,437 Susquehanna University
$63,712 Syracuse University
$62,334 Illinois Institute of Technology
$61,218 Clarkson University
$60,698 Westmont College
$59,527 Muhlenberg College
$58,695 Knox College
$57,732 Moravian College and Moravian Theological Seminary
$55,584 Hope College
$54,980 Bentley University
$54,655 Stevens Institute of Technology
$54,486 Bryant University
$54,044 Rochester Institute of Technology
$53,135 University of St Thomas
$52,177 University of Miami
$51,389 Lake Forest College
$50,380 Chapman University
$50,069 Juniata College
$50,053 Creighton University

</p>

14

<p>It should be noted that Public universities are not listed above. Some publics, like UVa and Michigan have pretty decent per-student endowment figures.</p>

15

<p>per student endowment is a misnomer. 10 million dollars can raise very little compared to 100 million dollars. if 10 million dollars will yield earnings of 1 million, then the 100 million dollars will yield 10 million dollars. 10 million can do so much than the 1 million dollars in education purposes. </p>

<p>graduate students benefit from earners from endowment yet they weren’t factored in.
schools with medical schools usually receive larger endowments becasue health science is expensive to maintain and most generous donors and philanthropists donate to health sectors especially when members of their families get sicked.</p>

16

<p>Interesteddad,
I plan to create a thread on this later in my series of College Comparisons, but I wanted to post here as well. However, first I want to thank you for taking the time and making the effort to collect the data. Such effort is often unappreciated on CC (especially by those who love to criticize the data and its apparent conclusions that might make a favored school look not quite so wonderful). So, thanks. </p>

<p>As for the endowment data, I have collected the information as of 6/30/08 on 117 colleges and present it below. Please note that this is data only for this universe of 117 colleges and that there are some others that should be included in this list, but which fell outside of my study set-the ranking lists for the USNWR Top 75 National Universities and the USNWR Top 40 LACs. So hopefully others can fill in the gaps beyond my numbers. </p>

<p>One big caveat is that, in financial terms, 6/30/08 is a lifetime ago and these numbers have all changed a lot since that time. We should have new data from NACUBO late this year/early next and it will be interesting to see which colleges shrank the most and which did the best job of protecting their assets. </p>

<p>Rank , Per Capita (Ugrad & Grad) , Endowment as of 6/30/08 , School</p>

<p>1 , $2,231,167 , $16,727,060,000 , Princeton
2 , $1,982,027 , $22,686,282,000 , Yale
3 , $1,920,265 , $36,926,693,000 , Harvard
4 , $1,171,809 , $1,795,212,000 , Pomona
5 , $1,005,255 , $1,705,917,000 , Amherst
6 , $977,647 , $10,068,787,000 , MIT
7 , $965,310 , $17,214,373,000 , Stanford
8 , $948,060 , $1,412,609,000 , Swarthmore
9 , $877,502 , $1,472,448,000 , Grinnell
10 , $858,660 , $1,755,960,000 , Williams
11 , $844,916 , $4,609,863,000 , Rice
12 , $782,841 , $1,664,320,000 , Caltech
13 , $695,157 , $1,629,447,000 , Wellesley
14 , $674,475 , $3,944,329,000 , Dartmouth
15 , $541,459 , $6,351,855,000 , Notre Dame
16 , $494,731 , $1,704,350,000 , U Richmond
17 , $482,565 , $831,460,000 , Bowdoin
18 , $479,070 , $5,933,761,000 , U Chicago
19 , $445,944 , $521,308,000 , Haverford
20 , $440,436 , $1,365,791,000 , Smith
21 , $435,544 , $6,123,743,000 , Duke
22 , $435,522 , $527,853,000 , Claremont McK
23 , $432,417 , $5,515,479,000 , Emory
24 , $396,657 , $742,541,000 , Hamilton
25 , $395,034 , $689,334,000 , Bryn Mawr
26 , $393,510 , $5,248,641,000 , Wash U
27 , $381,407 , $936,354,000 , Middlebury
28 , $373,303 , $709,275,000 , Macalester
29 , $357,323 , $853,644,000 , Vassar
30 , $337,744 , $249,255,000 , Harvey Mudd
31 , $333,977 , $2,778,022,000 , Brown
32 , $333,600 , $718,907,000 , W&L
33 , $327,756 , $6,233,271,000 , U Penn
34 , $324,985 , $600,248,000 , Colby
35 , $323,911 , $647,822,000 , Carleton
36 , $308,109 , $513,926,000 , Davidson
37 , $308,105 , $7,146,806,000 , Columbia
38 , $302,723 , $721,086,000 , Lafayette
39 , $295,446 , $662,094,000 , Mt. Holyoke
40 , $289,854 , $5,342,297,000 , Northwestern
41 , $289,255 , $828,715,000 , Oberlin
42 , $289,010 , $3,495,000,000 , Vanderbilt
43 , $283,961 , $276,010,000 , Scripps
44 , $275,149 , $5,578,102,000 , Cornell
45 , $265,820 , $387,566,000 , Whitman
46 , $256,417 , $729,249,000 , Colgate
47 , $227,338 , $460,586,000 , Colorado College
48 , $216,447 , $627,264,000 , Holy Cross
49 , $207,116 , $652,208,000 , Wesleyan
50 , $200,516 , $313,206,000 , Sewanee
51 , $192,695 , $359,954,000 , Occidental
52 , $188,983 , $1,194,753,000 , Yeshiva
53 , $188,123 , $560,043,000 , Furman
54 , $184,090 , $4,517,750,000 , U VIRGINIA
55 , $182,698 , $1,253,673,000 , Wake Forest
56 , $181,883 , $7,462,302,000 , U MICHIGAN
57 , $179,996 , $1,766,478,000 , Case Western
58 , $177,328 , $1,722,211,000 , U Rochester
59 , $169,264 , $434,331,000 , Trinity
60 , $161,130 , $1,126,942,000 , Lehigh
61 , $150,462 , $267,220,000 , Bates
62 , $149,124 , $554,592,000 , Bucknell
63 , $144,134 , $1,445,662,000 , Tufts
64 , $133,742 , $712,444,000 , Brandeis
65 , $131,404 , $1,826,908,000 , Boston College
66 , $127,795 , $1,401,274,000 , SMU
67 , $124,671 , $2,475,722,000 , Johns Hopkins
68 , $114,779 , $188,696,000 , Kenyon
69 , $109,570 , $233,822,000 , Bard
70 , $106,357 , $3,589,225,000 , USC
71 , $105,481 , $793,323,000 , Rensselaer
72 , $95,953 , $1,061,625,000 , Carnegie Mellon
73 , $94,370 , $1,052,881,000 , Tulane
74 , $89,923 , $212,129,000 , Barnard
75 , $88,477 , $673,666,000 , Pepperdine
76 , $86,722 , $3,070,746,000 , UC BERKELEY
77 , $84,357 , $384,753,000 , Worcester
78 , $81,767 , $2,335,824,000 , U N CAROLINA
79 , $73,497 , $580,037,000 , WILLIAM & MARY
80 , $69,762 , $1,068,608,000 , Georgetown
81 , $64,729 , $2,566,497,000 , UCLA
82 , $60,002 , $1,507,000,000 , George Washington
83 , $59,082 , $2,492,604,000 , NYU
84 , $55,473 , $2,772,786,000 , U TEXAS
85 , $53,890 , $2,237,360,000 , U WASHINGTON
86 , $48,842 , $945,875,000 , Syracuse
87 , $48,219 , $2,026,633,000 , U WISCONSIN
88 , $48,048 , $736,239,000 , U Miami
89 , $42,247 , $1,693,693,000 , PURDUE
90 , $38,368 , $2,060,918,000 , OHIO STATE
91 , $37,211 , $1,182,053,000 , Boston University
92 , $35,537 , $1,657,725,000 , MICHIGAN ST
93 , $29,285 , $429,499,000 , Fordham
94 , $26,648 , $814,573,000 , UC DAVIS
95 , $25,349 , $868,059,000 , BYU
96 , $24,603 , $1,063,964,000 , U ILLINOIS
97 , $24,471 , $673,443,000 , UC SAN DIEGO
98 , $21,899 , $1,119,919,000 , U MINNESOTA
99 , $20,533 , $828,585,000 , INDIANA U
100 , $18,988 , $977,394,000 , U FLORIDA
101 , $16,936 , $520,600,000 , VIRGINIA TECH
102 , $16,492 , $320,151,000 , GEORGIA TECH
103 , $14,333 , $386,756,000 , UC IRVINE
104 , $14,153 , $510,078,000 , RUTGERS
105 , $13,986 , $305,855,000 , UC S BARBARA
106 , $12,377 , $457,421,000 , U MARYLAND
107 , $12,136 , $353,800,000 , U IOWA
108 , $12,048 , $200,291,000 , UC S CRUZ
109 , $9,598 , $232,969,000 , U CONNECTICUT
110 , $7,922 , $380,551,000 , TEXAS A&M
111 , $7,505 , $137,461,000 , CLEMSON
112 , $1,467 , $50,137,000 , U GEORGIA</p>

<pre><code> , na , na , PENN STATE
, na , na , U PITTSBURGH
, na , na , U DELAWARE
, na , na , US Military Acad
, na , na , US Naval Acad
</code></pre>

17

<p>

</p>

<p>

</p>

<p>Nah, there are large economies of scale even here. Simple volume discounts alone would dictate it be so. Buying 1000 desksets does not cost double what 500 desksets do. Similarly, putting out a construction bid for 2 buildings almost always costs significantly less than double the bid for just 1. It’s the same rationale for why buying from Costco is so cheap on a per-unit basis: if you’re willing to buy an entire year’s supply of cereal all at once, that’s far cheaper than buying individual boxes of cereal throughout the year.</p>

<p>One also has to account for organizational learning effects as it has to do with pricing. Once a school has built one dorm building, the administrators and project managers have hopefully learned from the experience and should know how to manage the construction of a second dorm with fewer mistakes and at lower cost. {If they didn’t learn anything, then you should probably fire them, but that’s a different issue.}</p>

18

<p>At Cornell, some of the colleges are endowed colleges and some are not (they are state supported). Did you divide by total enrollment or just the enrollment in the endowed colleges?</p>

19

<p>Alexandre - Pitt and UDel were public universities the last time I checked (UDel had better be, seeing as it’s my flagship!) and they are on the list.</p>

20

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<p>Hawkette, Your # for UT-Austin is incorrect. As of 6/30/2008, UT had approximately a $7.2Billion endowment, which includes a ~$3B institutitonally independent endowment + ~$4.2B from UT’s portion of the $16B UTSystem endowment. Reporting UT’s endowment since the 1980’s has been difficult since other UT System schools were allowed access to UT-Austin’s endowment after that point and UT’s “own” funds were not reported with the UT System #. However, this is the most recent endowment figure that has been reported by the UT system. It’s still not a truly correct figure, since UT benefits from the strength of the full UT System endowment and the regents will tend to defer to the needs of the Austin campus. It’s the primary reason that until recently UT was the only public university to have its debt rated AAA by all the rating agencies. (Virginia and Michigan now are also rated this way.) </p>

<p>Using the $7.2B endowment figure for UT-Austin, the per student endowment would be ~$150000 </p>

<p>Another thing that needs to be pointed out for all state schools is that their endowments are effectively higher since they still receive some measure of state support, which is not factored in these numbers. All the public schools in Texas received a funding increase for the coming academic year, which is something I’m sure many privates would have liked in this environment.</p>