Endowment continues to provide foundation for Princeton’s groundbreaking research, innovative scholarship and national leadership on college affordability

For the fiscal year that ended June 30, 2024, Princeton’s endowment generated a 3.9% investment gain and its value stood at $34.1 billion. The average annual return on the endowment for the past 10 years is 9.2% and is 9.9% for the past 20 years.

The endowment is the financial foundation that underpins the University’s teaching and research mission and Princeton’s support for undergraduate and graduate students, including undergraduate financial aid that makes it possible for students from all backgrounds to live and learn at the University without the need to incur debt.

“Generations of generous philanthropy, coupled with excellent stewardship of our endowment, enable the University to make bold investments in human talent,” Provost Jennifer Rexford said. “The endowment allows us to offer unparalleled financial support to our students, launch major research initiatives and build state-of-the-art facilities.”

The endowment supports almost every aspect of the University, including:

• The continual expansion of Princeton’s generous financial aid program and the ongoing expansion of Princeton’s undergraduate student body, which includes more students from first-generation college, lower-income, veteran, transfer and military backgrounds. The University’s financial aid model means that most families with incomes up to $100,000 a year pay nothing toward their student’s cost of attendance, and many families living in the U.S. with incomes up to and even beyond $300,000 receive grant aid, including those at higher income levels with multiple children in college. In the Class of 2028, 71.5% of students qualify for financial aid and 21.7% of the class are lower-income students eligible for federal Pell grants.
• Full tuition and a stipend for all degree-seeking Ph.D. candidates for all years of regular program enrollment, and for many master’s candidates. The University’s financial support, benefits and housing for graduate students, including apartments in the new Meadows Neighborhood, help make Princeton’s Graduate School one of the world’s best places to pursue advanced studies.
• New research that pushes the boundaries of discovery and will have an impact on the world, including in the areas of quantum computing, artificial intelligence, climate science and insights on diseases such as Alzheimer’s and cancer.  
• Capital projects that support the growth of the student body, student health and well-being, and the arts on campus.
• Service and social impact programs that allow students and faculty to collaborate with communities near campus, across New Jersey and around the world.
• New outreach programs that support the success of first-generation, lower-income, veteran, community college and transfer students, including partnerships with community college students and teachers in the state.

The earnings from the endowment provide about two-thirds of the University’s net annual operating revenues and help fund the University’s highest priority strategic initiatives, while preserving real value for future generations. This percentage has steadily increased as the endowment has grown. In 1997, only 33% of the University’s operating revenue was funded by endowment earnings.

In fiscal year 2024, distributions from the endowment totaled $1.7 billion. Over the last 20 years, the endowment has contributed $19.8 billion toward the University’s operations, equivalent to almost double the endowment’s value at the start of that time span.

Endowment funds currently cover 70% of the undergraduate financial aid budget, which has supported the University’s efforts to increase the socioeconomic diversity of the student body.

The fiscal year 2024 endowment investment results were certified by the Princeton University Investment Company (PRINCO) board of directors earlier this month.