Princeton University’s endowment grew to $18.2 billion this past fiscal year, an increase of about $1.2 billion from the previous year, school officials announced today.
The endowment saw a 11.7 percent investment gain for the fiscal year that ended June 30. The results were certified on Oct. 17 during a meeting of the directors of Princeton University Investment Co. (PRINCO), the office that manages the school’s endowment.
“The continued strong performance of our endowment investments under PRINCO enables the University to provide support for its priorities, including our commitment to generous financial aid that makes Princeton’s education affordable to any student who is admitted, regardless of ability to pay and without the need for loans,” Princeton University Provost David Lee said in a University release about the endowment. “Our scholarship budget has grown to $121.4 million this year, and about 60 percent of undergraduates receive financial aid.”
Princeton’s scholarship spending has outpaced fee increases for a decade, and the average net cost for Princeton students today is lower than it was in 2001, even before adjusting for inflation, Lee said in the Princeton University news release about the endowment.
The spend rate on the endowment during the past fiscal year was well within the University’s current spend rule of between 4 percent and 5.75 percent. Lee said the University will continue to manage growth carefully to ensure that the University remains within the optimum spend rate.