Taking It to the Bank

Many big nonprofits pull in far more cash than they spend and their endowments are growing fast, a Chronicle data analysis shows. A brawl may be brewing on Capitol Hill over the tax status of the biggest endowments.

by Megan O’Neil and joshua.hatch

July 26, 2017 | Read Time: 43 minutes

Nonprofit Endowments Growing Rapidly, <em>Chronicle</em> Data Shows 2

Hundreds of nonprofits across the country are amassing huge endowments as they collect money far faster than it is going out the door, according to a Chronicle analysis.

For 253 of the more than 1,600 nonprofits studied, the dollars flowing into their endowments over six years exceeded the dollars flowing out by a ratio of more than four to one.

Colleges continue to dominate the top ranks of large endowment holders, but some religious organizations, medical centers, and other types of nonprofits also added far more money to their reserves than went out.

The data comes amid renewed criticism — including by some members of Congress — of the large and swelling sums of untaxed money parked at some nonprofits. Senate Finance Committee Chairman Orrin Hatch, a Republican from Utah, said in April that he would include college endowments in a review of the tax code this year. Ninety-three colleges and universities have endowments of at least $1 billion, and past ideas floated in Congress include imposing a payout rate on those assets, like the 5 percent required of private foundations.

Other types of nonprofits might warrant scrutiny, too, some critics say.

“I think it is good policy to take a look at some of these large endowments and say, ‘Hey, if you’re not putting this to productive use, why are the American taxpayers subsidizing your giant bank account?’ ” said Michael Fricke, a lecturer at the University of Illinois College of Business who has called for taxing endowment investment returns.

So what would lawmakers find if they widened their gaze to include other tax-exempt endowments? The Chronicle’s analysis shows that keeping them growing is a priority for senior staff and donors at many types of nonprofits. Over the six-year span that was studied, more than two-thirds of the nonprofits reviewed added at least $2 to their endowments for every $1 that went out due to spending or investment losses. Some added hundreds of dollars for each $1 that left their funds.

The study looked at the growth of endowments from the start of fiscal year 2010 to the end of fiscal 2015. It included more than 1,600 nonprofits with endowments of at least $35 million.

Among the findings:

The median ratio of money added versus money disbursed over the six years studied was 2.4, meaning half of the organizations added at least $2.40 for every $1 disbursed and the ratio was lower for the other half.
Disbursement rates varied widely. At the top, New England Law, Boston, added $818 for every $1 going out. At the bottom, Albuquerque Academy was among the handful of shrinking endowments; it spent $1 for every 30 cents coming in.
As a group, children and youth organizations handed out more than half of what they brought in, keeping their overall endowment growth at 33 percent, the lowest of any group of nonprofits.
Private colleges together hold more than $350 billion in endowments — more than twice all other groups combined. That figure went up 61 percent over the six-year period, during which those institutions disbursed about a third (36 percent) of the money they brought in ($133 billion).
Of those with the biggest endowments, the NCAA’s incoming and outgoing numbers were among the closest. It brought in $5.3 billion over six years while disbursing just under $5 billion.

Long View

To be sure, most nonprofits have no endowment at all. And a large or fast-growing endowment is not evidence that an institution is needlessly hoarding cash. Even vocal critics say endowments must be considered on a case-by-case basis, taking into account an organization’s mission, business model, and goals or capital projects. And there is no consensus on how big a nonprofit endowment should be relative to its budget, they say.

“If an organization runs a historic home and museum, then creating an endowment makes a lot of sense,” said Alan Cantor, a nonprofit consultant who has studied and written extensively about endowments. “The mission of the organization is perpetual — the preservation of the building and its artifacts.”

But nonprofits that provide medical care or food for poor kids would have a hard time justifying holding significant endowments, he said.

Leaders who manage some of the biggest nonprofit endowments in the country defend them. These funds aren’t all liquid cash that can be easily tapped, they note — donors often place legally binding restrictions on how the money can be used. And they say that the tax-deductible donor contributions and tax-free investment returns will sustain valuable work for decades to come.

“If there were a senator or congressman asking about endowments, I’d say, ‘Well, look at the purpose of it and see why it is established. And is it something that makes sense or not?’ ” said John Elbare, director of philanthropy at the Special Operations Warrior Foundation, which has $103 million in two endowments. “I think in our case, it does.”

American taxpayers subsidize the building up of endowments in two ways: Gifts are tax-deductible for donors at the time they are made, and endowment-fund investment income is tax-exempt.

Endowment Cash Flow at More Than 1,600 Nonprofits

This searchable table lists all the nonprofits that were part of The Chronicle’s endowment study, which includes data from the start of fiscal 2010 through the end of fiscal 2015. These nonprofits had endowments of more than $35 million at some point during that time period and had at least four years of data available. The table shows how much they added to their endowments through contributions and investment earnings over all years studied (total cash in), how much was deducted through grants, scholarships, expenses, and investment losses (total cash out), the ratio of those figures, and the change in endowment value over that period.

Organization	Total cash in	Total cash out	Ratio	Change in value
Harvard College	$21,149,535,000	$10,000,434,000	2.11	$11,149,101,000
Princeton University	$14,937,812,000	$4,469,070,000	3.34	$10,468,742,000
Stanford University	$15,078,607,000	$5,474,744,000	2.75	$9,603,863,000
Yale University	$15,547,625,000	$6,251,200,000	2.49	$9,296,425,000
Massachusetts Institute of Technology	$8,499,156,000	$2,963,022,000	2.87	$5,536,134,000
Milton Hershey School and School Trust	$5,214,777,117	$14,710,718	354.49	$5,200,066,399
University of Pennsylvania	$6,328,508,676	$1,526,924,024	4.14	$4,801,584,652
University of Notre Dame	$5,551,291,820	$1,687,653,679	3.29	$3,863,638,141
Columbia University	$6,801,874,013	$3,055,607,013	2.23	$3,746,267,000
Northwestern University	$4,886,739,000	$1,696,910,000	2.88	$3,189,829,000
Mayo Clinic	$3,231,427,650	$360,627,867	8.96	$2,870,799,783
Duke University	$4,520,850,110	$1,678,892,206	2.69	$2,841,957,904
Washington University in St. Louis	$4,599,827,409	$1,858,059,209	2.48	$2,741,768,200
Cornell University	$3,726,609,446	$1,209,195,695	3.08	$2,517,413,751
Tenacre Foundation	$1,983,663,806	$0	0.00	$1,983,663,806
University of Southern California	$2,927,967,954	$944,546,855	3.10	$1,983,421,099
University of Chicago	$4,158,075,000	$2,222,150,000	1.87	$1,935,925,000
Rice University	$3,285,409,000	$1,367,638,000	2.40	$1,917,771,000
Dartmouth College	$3,007,022,667	$1,168,425,604	2.57	$1,838,597,063
University of Pittsburgh	$2,298,315,000	$556,124,000	4.13	$1,742,191,000
Johns Hopkins University	$2,130,907,000	$787,316,000	2.71	$1,343,591,000
New York University	$2,288,293,827	$989,958,391	2.31	$1,298,335,436
Emory University	$3,167,927,901	$1,877,009,968	1.69	$1,290,917,933
Vanderbilt University	$2,240,843,818	$981,071,348	2.28	$1,259,772,470
Brown University	$1,812,362,251	$746,013,878	2.43	$1,066,348,373
Liberty University	$1,006,093,888	$2,265,926	444.01	$1,003,827,962
University of Richmond	$1,399,590,436	$409,929,715	3.41	$989,660,721
Williams College	$1,499,463,773	$512,431,033	2.93	$987,032,740
Amherst College	$1,520,395,907	$615,476,932	2.47	$904,918,975
University of California at Berkeley	$1,231,810,276	$340,983,367	3.61	$890,826,909
University of California at Los Angeles	$1,492,341,622	$607,736,560	2.46	$884,605,062
Boston College	$1,463,981,000	$609,149,000	2.40	$854,832,000
Metropolitan Museum of Art	$1,686,945,438	$850,780,930	1.98	$836,164,508
Soka University of America	$986,197,039	$203,506,563	4.85	$782,690,476
Pomona College	$1,195,384,989	$437,083,560	2.73	$758,301,429
Swarthmore College	$1,091,444,000	$345,122,000	3.16	$746,322,000
Indiana University	$1,228,705,052	$482,453,573	2.55	$746,251,479
Children’s Hospital Medical Center	$2,153,671,271	$1,428,849,528	1.51	$724,821,743
University of Illinois	$866,208,847	$142,309,519	6.09	$723,899,328
Bowdoin College	$959,790,000	$255,414,000	3.76	$704,376,000
Boston University	$956,398,986	$254,150,979	3.76	$702,248,007
University of Rochester	$1,185,060,561	$488,449,095	2.43	$696,611,466
Smith College	$1,134,062,177	$448,620,942	2.53	$685,441,235
Grinnell College	$1,033,293,344	$382,990,009	2.70	$650,303,335
Georgetown University	$1,046,618,356	$412,856,331	2.54	$633,762,025
University of Minnesota	$886,618,584	$257,925,570	3.44	$628,693,014
California Institute of Technology	$1,319,552,000	$711,962,000	1.85	$607,590,000
Oregon Community Foundation	$1,094,792,495	$488,836,769	2.24	$605,955,726
George Washington University	$1,060,536,021	$455,371,298	2.33	$605,164,723
Wellesley College	$1,081,083,652	$487,338,133	2.22	$593,745,519
Carnegie Mellon University	$889,276,014	$305,612,657	2.91	$583,663,357
Syracuse University	$913,969,724	$330,599,015	2.76	$583,370,709
University of Nebraska	$802,518,791	$248,751,111	3.23	$553,767,680
Children’s Hospital of Philadelphia	$927,872,000	$383,037,000	2.42	$544,835,000
Texas Christian University	$917,875,007	$377,200,242	2.43	$540,674,765
University of Florida	$887,309,288	$347,827,541	2.55	$539,481,747
New York Public Library	$792,979,330	$256,111,119	3.10	$536,868,211
University of Oklahoma	$779,613,561	$244,163,054	3.19	$535,450,507
Shriners Hospitals for Children	$2,762,703,959	$2,229,169,492	1.24	$533,534,467
Georgia Institute of Technology	$832,083,206	$310,970,847	2.68	$521,112,359
Texas A&M University	$867,572,698	$346,655,829	2.50	$520,916,869
Tufts University	$914,206,705	$434,296,520	2.11	$479,910,185
Southern Methodist University	$920,662,054	$447,628,089	2.06	$473,033,965
NewYork-Presbyterian Hospital	$1,211,302,000	$739,848,000	1.64	$471,454,000
St. John’s University	$593,460,326	$134,918,113	4.40	$458,542,213
University of Wisconsin	$726,104,743	$272,220,541	2.67	$453,884,202
St. Louis University	$655,738,829	$208,193,698	3.15	$447,545,131
University of Kansas	$662,923,722	$216,052,469	3.07	$446,871,253
Washington & Lee University	$651,798,968	$228,691,658	2.85	$423,107,310
University of Delaware	$768,781,764	$354,048,553	2.17	$414,733,211
University of Colorado	$642,542,887	$228,122,612	2.82	$414,420,275
Middlebury College	$842,558,259	$432,195,211	1.95	$410,363,048
University of Chicago Medical Center	$821,884,565	$411,963,919	2.00	$409,920,646
Ohio State University	$631,731,689	$222,966,635	2.83	$408,765,054
Pittsburgh Foundation	$607,536,103	$199,759,722	3.04	$407,776,381
Smithsonian Institution	$738,663,291	$333,937,224	2.21	$404,726,067
Medical College of Wisconsin	$529,873,663	$126,599,809	4.19	$403,273,854
Phillips Academy	$631,646,043	$235,991,360	2.68	$395,654,683
Tulane University	$655,074,000	$261,225,000	2.51	$393,849,000
Museum of Fine Arts, Houston	$703,764,500	$310,493,999	2.27	$393,270,501
University of Arizona	$492,479,704	$104,916,890	4.69	$387,562,814
Art Institute of Chicago	$613,298,417	$225,912,071	2.71	$387,386,346
Colorado Seminary	$477,401,425	$95,912,554	4.98	$381,488,871
Baylor College of Medicine	$772,987,861	$396,505,262	1.95	$376,482,599
Juilliard School	$646,960,439	$271,789,377	2.38	$375,171,062
Rockefeller University	$1,018,992,359	$645,956,503	1.58	$373,035,856
Boston Children’s Hospital	$577,486,000	$205,274,000	2.81	$372,212,000
Partners HealthCare System	$826,418,036	$456,803,907	1.81	$369,614,129
American Red Cross	$555,064,000	$185,490,000	2.99	$369,574,000
Hamilton College	$583,930,918	$216,681,189	2.69	$367,249,729
Cedars-Sinai Medical Center	$409,508,769	$43,652,104	9.38	$365,856,665
Wesleyan University	$550,638,000	$188,345,000	2.92	$362,293,000
Shands Teaching Hospital and Clinics	$427,254,870	$69,490,108	6.15	$357,764,762
Virginia Polytechnic Institute and State University	$582,448,785	$225,859,243	2.58	$356,589,542
Brandeis University	$587,854,172	$231,283,093	2.54	$356,571,079
American University	$437,762,000	$84,152,000	5.20	$353,610,000
University of Miami	$579,939,792	$231,216,208	2.51	$348,723,584
Bryn Mawr College	$602,509,678	$254,974,961	2.36	$347,534,717
Bucknell University	$553,811,809	$207,283,727	2.67	$346,528,082
University of Iowa	$493,183,913	$153,793,260	3.21	$339,390,653
Colgate University	$541,682,617	$202,503,492	2.67	$339,179,125
Fordham University	$462,787,526	$127,420,955	3.63	$335,366,571
Vassar College	$582,108,015	$257,012,632	2.26	$325,095,383
Nature Conservancy	$634,907,588	$310,831,722	2.04	$324,075,866
Lehigh University	$731,009,120	$415,597,818	1.76	$315,411,302
American Bible Society	$563,593,342	$249,902,356	2.26	$313,690,986
Davidson College	$464,311,220	$151,046,034	3.07	$313,265,186
Trinity University	$510,689,170	$200,259,403	2.55	$310,429,767
Berea College	$600,149,289	$289,883,189	2.07	$310,266,100
Santa Clara University	$508,242,409	$198,863,061	2.56	$309,379,348
National Collegiate Athletic Association	$5,273,636,827	$4,964,496,132	1.06	$309,140,695
Colorado College	$431,638,623	$123,938,422	3.48	$307,700,201
University of Arkansas	$435,257,160	$136,310,707	3.19	$298,946,453
Villanova University	$431,715,000	$133,564,000	3.23	$298,151,000
University of Georgia	$410,588,111	$114,052,930	3.60	$296,535,181
Trinity College	$434,013,336	$138,737,483	3.13	$295,275,853
Drexel University	$417,105,000	$122,106,000	3.42	$294,999,000
Phillips Exeter Academy	$587,255,816	$292,370,444	2.01	$294,885,372
University of Oregon	$406,542,458	$113,334,840	3.59	$293,207,618
Colby College	$474,826,000	$181,859,000	2.61	$292,967,000
Carter Center	$301,069,193	$11,024,670	27.31	$290,044,523
Claremont McKenna College	$470,484,879	$180,938,655	2.60	$289,546,224
Carnegie Institution of Washington	$529,082,529	$241,101,351	2.19	$287,981,178
Baylor University	$619,308,166	$334,014,980	1.85	$285,293,186
Museum of Modern Art	$435,467,000	$153,690,000	2.83	$281,777,000
Oberlin College	$489,877,487	$212,453,201	2.31	$277,424,286
Oklahoma State University	$407,552,378	$132,736,706	3.07	$274,815,672
National University	$281,433,993	$8,675,857	32.44	$272,758,136
Institute for Advanced Study	$490,154,212	$217,445,716	2.25	$272,708,496
University of California at San Diego	$365,398,420	$93,160,206	3.92	$272,238,214
Case Western Reserve University	$727,142,186	$458,838,228	1.58	$268,303,958
Pepperdine University	$458,208,000	$193,755,000	2.36	$264,453,000
UJA-Federation of New York	$660,085,000	$395,906,000	1.67	$264,179,000
Harlem Children’s Zone	$267,221,524	$4,327,104	61.76	$262,894,420
Loyola University of Chicago	$333,540,719	$70,746,352	4.71	$262,794,367
Marquette University	$373,749,000	$111,415,000	3.35	$262,334,000
Northeastern University	$397,777,290	$137,638,290	2.89	$260,139,000
University of Tulsa	$379,653,886	$121,115,903	3.13	$258,537,983
St Anthonys Medical Center	$277,041,890	$21,854,830	12.68	$255,187,060
Iowa State University	$416,860,565	$163,882,392	2.54	$252,978,173
Baptist Healthcare System	$409,871,674	$157,184,477	2.61	$252,687,197
West Virginia University	$402,540,876	$150,711,288	2.67	$251,829,588
University of San Diego	$295,834,977	$46,690,255	6.34	$249,144,722
Lafayette College	$439,590,538	$192,544,252	2.28	$247,046,286
Deerfield Academy	$342,589,458	$98,797,138	3.47	$243,792,320
Denison University	$405,396,447	$165,533,441	2.45	$239,863,006
North Carolina State University Foundation	$253,292,253	$13,882,627	18.25	$239,409,626
Cleveland Foundation	$593,043,808	$354,043,258	1.68	$239,000,550
Kansas State University	$355,814,502	$121,007,558	2.94	$234,806,944
University of the Pacific	$298,682,410	$65,359,326	4.57	$233,323,084
San Francisco Foundation	$376,653,113	$144,392,256	2.61	$232,260,857
Rochester Institute of Technology	$381,592,825	$150,068,074	2.54	$231,524,751
Huntington Library, Art Collections, and Botanical Gardens	$360,263,068	$134,001,748	2.69	$226,261,320
Misericordia Home	$247,836,469	$22,339,486	11.09	$225,496,983
Creighton University	$287,811,350	$63,813,094	4.51	$223,998,256
Macalester College	$430,270,260	$208,020,794	2.07	$222,249,466
Reed College	$366,666,621	$144,683,934	2.53	$221,982,687
DePauw University	$394,149,912	$175,726,792	2.24	$218,423,120
The Shriners Hospital for Children	$377,042,955	$159,563,246	2.36	$217,479,709
St Jude Childrens Research Hospital	$335,241,219	$124,129,985	2.70	$211,111,234
University at Buffalo	$377,562,445	$168,730,336	2.24	$208,832,109
Cooper Union for the Advancement of Science and Art	$380,993,922	$173,489,019	2.20	$207,504,903
Whitman College	$309,627,452	$102,849,977	3.01	$206,777,475
St. Olaf College	$275,053,566	$68,972,532	3.99	$206,081,034
Hofstra University	$293,982,976	$90,232,637	3.26	$203,750,339
Hillsdale College	$334,111,829	$131,390,047	2.54	$202,721,782
College of William and Mary	$298,485,957	$96,282,245	3.10	$202,203,712
Carleton College	$392,017,823	$189,897,656	2.06	$202,120,167
Clemson University	$252,179,254	$51,627,145	4.88	$200,552,109
Cleveland Museum of Art	$351,389,000	$151,787,000	2.32	$199,602,000
College of the Holy Cross	$329,925,093	$131,108,712	2.52	$198,816,381
Mount Holyoke College	$429,157,732	$231,618,797	1.85	$197,538,935
Culver Academies	$306,426,373	$109,068,918	2.81	$197,357,455
Central Iowa Hospital Corporation	$262,164,317	$65,910,419	3.98	$196,253,898
Ohio University	$281,249,457	$85,959,478	3.27	$195,289,979
Rotary Foundation	$241,953,345	$47,527,026	5.09	$194,426,319
University of Texas Southwestern Medical Center	$284,221,243	$90,369,155	3.15	$193,852,088
DePaul University	$260,019,475	$67,400,549	3.86	$192,618,926
St. Paul’s School	$288,294,689	$96,070,400	3.00	$192,224,289
Community Foundation of Elkhart County	$208,676,525	$16,601,886	12.57	$192,074,639
Boston Medical Center	$507,025,050	$316,389,789	1.60	$190,635,261
University of Virginia School of Law	$271,088,947	$80,506,349	3.37	$190,582,598
Museum of Fine Arts	$328,299,250	$139,171,069	2.36	$189,128,181
Clark University	$281,183,668	$92,111,170	3.05	$189,072,498
Texas Tech University System	$284,591,453	$96,894,437	2.94	$187,697,016
College of the Ozarks	$281,694,422	$94,405,476	2.98	$187,288,946
Furman University	$350,870,122	$163,695,414	2.14	$187,174,708
Howard University	$258,073,000	$71,520,000	3.61	$186,553,000
Philadelphia Museum of Art	$304,619,899	$118,529,590	2.57	$186,090,309
Purdue Research Foundation	$380,722,230	$195,846,787	1.94	$184,875,443
Beckman Research Institute of the City of Hope	$211,667,757	$27,081,135	7.82	$184,586,622
American Committee for the Weizmann Institute of Science	$327,655,000	$144,963,000	2.26	$182,692,000
Peabody Essex Museum	$229,931,386	$47,694,245	4.82	$182,237,141
Oregon State University	$323,842,710	$143,893,380	2.25	$179,949,330
American Museum of Natural History	$378,487,413	$198,609,981	1.91	$179,877,432
Ithaca College	$231,209,599	$53,584,437	4.31	$177,625,162
Babson College	$237,326,002	$59,721,355	3.97	$177,604,647
Wake Forest University	$362,970,951	$185,685,877	1.95	$177,285,074
Medical University of South Carolina	$220,269,615	$43,292,319	5.09	$176,977,296
Quinnipiac University	$193,240,304	$17,944,974	10.77	$175,295,330
University of California at Irvine	$247,927,338	$72,703,236	3.41	$175,224,102
University of California at Davis	$218,983,022	$43,866,907	4.99	$175,116,115
Philadelphia College of Osteopathic Medicine Foundation	$205,577,915	$33,420,399	6.15	$172,157,516
University of Louisville	$438,889,681	$267,279,370	1.64	$171,610,311
University of Dayton	$287,421,379	$115,982,815	2.48	$171,438,564
Rush University Medical Center	$265,437,491	$95,125,479	2.79	$170,312,012
Auburn University	$249,718,528	$82,468,631	3.03	$167,249,897
Community Foundation of Louisville	$329,970,694	$162,851,619	2.03	$167,119,075
Thomas Jefferson University	$287,400,212	$120,393,212	2.39	$167,007,000
Chapman University	$215,304,417	$48,958,683	4.40	$166,345,734
San Diego Foundation	$232,184,855	$66,213,303	3.51	$165,971,552
Arizona Community Foundation	$347,959,228	$182,259,856	1.91	$165,699,372
Arizona State University	$278,498,441	$114,302,926	2.44	$164,195,515
Broad Institute	$246,076,679	$81,894,796	3.00	$164,181,883
New School	$232,270,493	$68,365,046	3.40	$163,905,447
University of Massachusetts	$245,605,263	$81,852,513	3.00	$163,752,750
Temple University	$228,233,000	$64,608,000	3.53	$163,625,000
Dickinson College	$253,128,288	$89,614,207	2.82	$163,514,081
Mercy College	$164,054,961	$1,633,702	100.42	$162,421,259
Whitehead Institute for Biomedical Research	$291,911,324	$131,374,801	2.22	$160,536,523
IHC Health Services	$346,490,543	$186,491,115	1.86	$159,999,428
University of South Florida	$297,428,659	$137,958,183	2.16	$159,470,476
Donald Danforth Plant Science Center	$199,741,654	$41,396,740	4.83	$158,344,914
Loma Linda University	$186,937,273	$28,665,995	6.52	$158,271,278
Bowling Green-Warren County Community Hospital Corporation	$182,129,249	$25,394,063	7.17	$156,735,186
University of San Francisco	$211,177,000	$55,274,000	3.82	$155,903,000
Jefferson Scholars Foundation	$243,714,454	$88,419,536	2.76	$155,294,918
Union College	$319,665,722	$165,116,621	1.94	$154,549,101
Icahn School of Medicine At Mount Sinai	$301,519,351	$149,521,485	2.02	$151,997,866
University of Mississippi Foundation	$199,300,532	$47,381,624	4.21	$151,918,908
Mississippi State University	$216,220,206	$64,743,377	3.34	$151,476,829
Berklee College of Music	$222,308,000	$71,287,876	3.12	$151,020,124
University of Arkansas at Fayetteville	$261,719,137	$111,183,739	2.35	$150,535,398
University of St. Thomas	$255,875,247	$107,873,397	2.37	$148,001,850
Salk Institute for Biological Studies	$175,958,493	$28,619,833	6.15	$147,338,660
Haverford College	$285,385,735	$138,249,743	2.06	$147,135,992
Cold Spring Harbor Laboratory	$219,452,085	$72,899,482	3.01	$146,552,603
Methodist Children’s Home	$267,260,174	$121,518,308	2.20	$145,741,866
American Friends of the Hebrew University	$284,955,615	$139,945,774	2.04	$145,009,841
Florida State University	$294,339,560	$149,331,726	1.97	$145,007,834
University of Cincinnati	$223,880,298	$80,368,561	2.79	$143,511,737
Abilene Christian University	$238,622,538	$95,315,628	2.50	$143,306,910
Wildlife Conservation Society	$262,429,754	$120,317,278	2.18	$142,112,476
Council on Foreign Relations	$236,803,000	$95,737,400	2.47	$141,065,600
Worcester Polytechnic Institute	$256,208,480	$116,118,503	2.21	$140,089,977
Board of Trustees of the Sheffield Scientific School	$247,202,036	$108,215,920	2.28	$138,986,116
Choate Rosemary Hall	$230,835,952	$92,588,436	2.49	$138,247,516
Duquesne University of the Holy Spirit	$179,789,477	$42,428,847	4.24	$137,360,630
Brookings Institution	$299,354,652	$162,025,865	1.85	$137,328,787
Hotchkiss School	$288,252,742	$151,837,554	1.90	$136,415,188
The University of Tennessee Foundation	$146,208,874	$9,963,925	14.67	$136,244,949
Wheaton College (Ill.)	$212,803,000	$76,918,000	2.77	$135,885,000
California Community Foundation	$309,417,000	$173,830,000	1.78	$135,587,000
Muhlenberg College	$174,409,148	$40,440,832	4.31	$133,968,316
Lawrenceville School	$254,745,662	$121,306,637	2.10	$133,439,025
Father Flanagan’s Boys’ Home	$359,413,732	$226,421,300	1.59	$132,992,432
University of Virginia Darden School Foundation	$216,422,384	$83,700,558	2.59	$132,721,826
Cleveland Clinic Foundation	$154,552,807	$22,178,102	6.97	$132,374,705
Sewanee: the University of the South	$216,085,822	$84,362,281	2.56	$131,723,541
Barnard College	$196,736,939	$65,524,967	3.00	$131,211,972
Louisiana State University	$191,823,235	$61,551,868	3.12	$130,271,367
The Community Foundation	$170,468,614	$41,898,874	4.07	$128,569,740
Kalamazoo Community Foundation	$217,807,575	$89,524,500	2.43	$128,283,075
Principia Corporation	$374,185,401	$246,381,965	1.52	$127,803,436
Olathe Medical Center	$135,114,581	$7,466,717	18.10	$127,647,864
Arkansas Childrens Hospital	$161,487,047	$34,093,349	4.74	$127,393,698
Centre College of Kentucky	$186,666,045	$60,258,931	3.10	$126,407,114
Elon University	$165,437,148	$39,501,326	4.19	$125,935,822
Children’s Hospital of Wisconsin Foundation	$215,939,419	$90,174,937	2.39	$125,764,482
Moody Endowment	$140,131,354	$14,512,183	9.66	$125,619,171
Frick Collection	$202,607,955	$77,501,442	2.61	$125,106,513
Children’s Hospital of Wisconsin	$195,406,695	$70,501,807	2.77	$124,904,888
University of Connecticut	$212,400,000	$88,253,000	2.41	$124,147,000
Medical College of Virginia Foundation	$153,443,272	$29,395,000	5.22	$124,048,272
The Cleveland Clinic Foundation	$143,936,133	$20,124,029	7.15	$123,812,104
Concord Hospital	$142,691,236	$19,123,871	7.46	$123,567,365
Wake Forest University Health Sciences	$224,786,005	$102,288,565	2.20	$122,497,440
Teach for America	$182,962,725	$60,855,902	3.01	$122,106,823
Whitney Museum of American Art	$170,809,000	$48,913,000	3.49	$121,896,000
Fairfield University	$195,353,283	$74,016,575	2.64	$121,336,708
Boston Symphony Orchestra	$255,815,000	$135,484,000	1.89	$120,331,000
Milton Academy	$175,750,944	$57,266,264	3.07	$118,484,680
Virginia Museum of Fine Arts Foundation	$179,795,660	$61,449,998	2.93	$118,345,662
University of Virginia Alumni Association	$373,138,743	$255,017,839	1.46	$118,120,904
University of Hawaii Foundation	$190,004,612	$72,062,773	2.64	$117,941,839
Seattle Children’s Hospital	$160,433,000	$42,550,000	3.77	$117,883,000
Connecticut College	$159,077,000	$42,154,000	3.77	$116,923,000
Munson Medical Center	$135,042,293	$18,905,237	7.14	$116,137,056
Occidental College	$247,095,591	$131,389,755	1.88	$115,705,836
The Methodist Hospital	$136,555,895	$21,214,572	6.44	$115,341,323
Corporation of Gonzaga University	$153,694,798	$38,458,610	4.00	$115,236,188
Fuller Theological Seminary	$183,452,380	$68,733,763	2.67	$114,718,617
Oregon Health & Science University	$235,853,977	$121,195,344	1.95	$114,658,633
Saint Paul Foundation	$255,966,927	$141,369,542	1.81	$114,597,385
Loyola Marymount University	$283,573,000	$169,521,000	1.67	$114,052,000
New York Society for the Relief of Ruptured & Crippled Maintaining	$388,582,565	$274,742,643	1.41	$113,839,922
Earlham College	$138,536,047	$24,906,763	5.56	$113,629,284
Southern Poverty Law Center	$116,667,969	$3,522,676	33.12	$113,145,293
University of South Alabama	$160,636,319	$47,889,859	3.35	$112,746,460
Chicago Symphony Orchestra	$190,135,000	$77,424,000	2.46	$112,711,000
Stony Brook Foundation	$177,710,310	$65,232,615	2.72	$112,477,695
University of South Carolina Educational Foundation	$154,577,244	$42,601,325	3.63	$111,975,919
Seton Hall University	$193,513,000	$82,332,000	2.35	$111,181,000
United States Holocaust Memorial Council	$177,867,179	$66,920,651	2.66	$110,946,528
Guide Dogs for the Blind	$162,326,838	$51,754,487	3.14	$110,572,351
Rhodes College	$190,411,311	$79,846,379	2.38	$110,564,932
Seattle Children’s Healthcare System	$130,927,000	$20,651,000	6.34	$110,276,000
Colorado State University Foundation	$171,431,790	$61,697,189	2.78	$109,734,601
Colorado School of Mines Foundation	$151,904,949	$42,349,132	3.59	$109,555,817
Skidmore College	$211,912,374	$102,442,640	2.07	$109,469,734
Hampton University	$138,834,677	$30,553,255	4.54	$108,281,422
Peddie School	$187,032,587	$79,280,435	2.36	$107,752,152
Columbia College	$111,870,741	$4,849,073	23.07	$107,021,668
Lawrence University of Wisconsin	$180,302,073	$73,351,835	2.46	$106,950,238
Campanile Foundation	$157,453,228	$50,735,736	3.10	$106,717,492
Medical College of Georgia Foundation	$128,515,640	$21,952,375	5.85	$106,563,265
Bentley University	$159,326,000	$52,778,000	3.02	$106,548,000
Woods Hole Oceanographic Institution	$193,016,161	$86,940,080	2.22	$106,076,081
Groton School	$175,768,344	$70,032,235	2.51	$105,736,109
American Chemical Society	$255,869,982	$151,111,070	1.69	$104,758,912
Western Pennsylvania School for Blind Children	$123,387,210	$18,740,074	6.58	$104,647,136
Scripps College	$192,737,985	$88,182,590	2.19	$104,555,395
Stetson University	$147,972,761	$43,585,041	3.40	$104,387,720
Bradley University	$173,316,161	$69,056,566	2.51	$104,259,595
University of Puget Sound	$170,540,312	$66,554,902	2.56	$103,985,410
The Corporation of Mercer University	$137,225,463	$33,722,422	4.07	$103,503,041
University of Maryland Baltimore Foundation	$125,967,985	$23,888,010	5.27	$102,079,975
Florida International University Foundation	$145,700,553	$43,661,877	3.34	$102,038,676
Rollins College	$233,885,728	$132,103,708	1.77	$101,782,020
Perkins School for the Blind	$183,952,446	$82,244,524	2.24	$101,707,922
Children’s Hospital of Los Angeles	$469,812,006	$368,741,753	1.27	$101,070,253
Emerson College	$117,773,069	$17,401,647	6.77	$100,371,422
Pierpont Morgan Library	$147,161,291	$47,472,201	3.10	$99,689,090
Greater Kansas City Community Foundation	$155,807,856	$56,603,025	2.75	$99,204,831
Indiana Wesleyan University	$114,983,224	$16,787,632	6.85	$98,195,592
Minneapolis Foundation	$168,976,129	$70,907,320	2.38	$98,068,809
Gettysburg College	$163,386,342	$65,384,025	2.50	$98,002,317
The University of Toledo Foundation	$133,754,882	$35,768,278	3.74	$97,986,604
Penn Medicine	$134,702,855	$36,795,922	3.66	$97,906,933
University of North Carolina at Chapel Hill Foundation	$180,623,397	$82,817,436	2.18	$97,805,961
Kalamazoo College	$147,680,128	$50,422,094	2.93	$97,258,034
Grand Rapids Community Foundation	$153,571,183	$56,779,361	2.70	$96,791,822
University of North Carolina Chapel Hill Arts and Sciences Foundation	$127,737,719	$31,682,784	4.03	$96,054,935
Inter American University of Puerto Rico	$111,825,246	$15,897,906	7.03	$95,927,340
Teachers College Columbia University	$150,147,179	$54,970,004	2.73	$95,177,175
Robert W. Woodruff Arts Center	$204,694,652	$109,660,329	1.87	$95,034,323
Harvey Mudd College	$176,852,727	$81,822,192	2.16	$95,030,535
Wentworth-Douglass Hospital	$133,241,121	$38,212,555	3.49	$95,028,566
Los Angeles Philharmonic Association	$131,328,794	$36,991,118	3.55	$94,337,676
St Lawrence University	$178,576,327	$84,651,749	2.11	$93,924,578
Providence College	$144,997,015	$51,210,589	2.83	$93,786,426
The Seattle Foundation	$140,925,551	$47,300,674	2.98	$93,624,877
Lycoming College	$108,297,000	$14,852,000	7.29	$93,445,000
Carnegie Hall Society	$178,204,547	$84,814,212	2.10	$93,390,335
Mott Childrens Health Center	$180,398,603	$87,913,121	2.05	$92,485,482
St Josephs University	$129,501,810	$37,727,831	3.43	$91,773,979
Berry College	$167,755,000	$76,093,000	2.20	$91,662,000
Pratt Institute	$99,217,186	$7,603,461	13.05	$91,613,725
Jewish Federation of Greater Atlanta	$203,895,514	$112,404,540	1.81	$91,490,974
Regents of the Mercersburg College	$154,850,678	$64,049,770	2.42	$90,800,908
Shedd Aquarium Society	$97,963,964	$7,304,541	13.41	$90,659,423
University of South Dakota Foundation	$158,063,342	$68,128,324	2.32	$89,935,018
Wabash College	$207,462,551	$117,538,661	1.77	$89,923,890
Hampton Roads Community Foundation	$190,767,148	$101,033,895	1.89	$89,733,253
Lincoln Center for the Performing Arts	$150,129,669	$60,645,690	2.48	$89,483,979
Cincinnati Symphony Orchestra	$105,815,953	$16,961,235	6.24	$88,854,718
Childrens Healthcare of Atlanta	$135,296,586	$47,094,824	2.87	$88,201,762
Horatio Alger Association of Distinguished Americans	$98,978,503	$11,597,451	8.53	$87,381,052
Moose Foundation	$103,505,272	$16,235,730	6.38	$87,269,542
University of the Incarnate Word	$95,470,420	$8,759,062	10.90	$86,711,358
Suffolk University	$112,455,259	$25,798,993	4.36	$86,656,266
Masonic Homes of California	$173,005,436	$86,651,606	2.00	$86,353,830
Northshore University Healthsystem	$125,867,680	$39,622,658	3.18	$86,245,022
Texas Health Resources Foundation	$92,899,406	$6,654,597	13.96	$86,244,809
Association of Graduates of the United States Military Academy	$134,580,651	$48,533,848	2.77	$86,046,803
The Edison Institute	$159,735,910	$73,735,934	2.17	$85,999,976
Planned Parenthood Federation of America	$91,080,015	$5,260,816	17.31	$85,819,199
The Colburn School	$126,441,285	$40,872,889	3.09	$85,568,396
Childrens Hospital Foundation	$87,875,904	$3,697,247	23.77	$84,178,657
University of Portland	$103,677,596	$19,871,513	5.22	$83,806,083
Loyola University Maryland	$139,964,168	$56,315,299	2.49	$83,648,869
American Cancer Society	$95,242,799	$11,926,223	7.99	$83,316,576
Northwestern Memorial Healthcare	$83,571,748	$2,291,339	36.47	$81,280,409
Memorial Health Services Group Return	$109,198,557	$28,156,284	3.88	$81,042,273
Westminster Schools	$142,126,824	$61,225,999	2.32	$80,900,825
understood Alumni Association and Foundation	$121,001,000	$40,283,197	3.00	$80,717,803
Iona College	$85,466,994	$4,757,407	17.97	$80,709,587
Webster University	$106,517,804	$25,827,853	4.12	$80,689,951
Isabella Stewart Gardner Museum	$113,577,836	$33,043,990	3.44	$80,533,846
Dana-Farber Cancer Institute	$155,208,000	$74,781,000	2.08	$80,427,000
Jewish Community Federation of San Francisco Marin Peninsula & Sonoma Counties	$163,939,910	$83,637,468	1.96	$80,302,442
National Geographic Society	$144,822,238	$64,765,316	2.24	$80,056,922
Campbell University	$96,195,241	$16,167,386	5.95	$80,027,855
University of Nevada Las Vegas Foundation	$126,720,904	$47,057,157	2.69	$79,663,747
Le Moyne College	$115,666,542	$36,017,161	3.21	$79,649,381
The Tower Foundation of San Jose State University	$83,814,633	$4,287,981	19.55	$79,526,652
Johnson & Wales University	$124,967,766	$45,478,450	2.75	$79,489,316
Natural Resources Defense Council	$114,010,387	$34,719,583	3.28	$79,290,804
National Gallery of Art	$219,890,595	$140,728,977	1.56	$79,161,618
New York Botanical Garden	$203,299,636	$124,317,020	1.64	$78,982,616
Central Park Conservancy	$121,481,006	$42,758,481	2.84	$78,722,525
National Academy of Sciences	$175,459,139	$96,849,849	1.81	$78,609,290
San Francisco Museum of Modern Art	$131,848,969	$53,905,728	2.45	$77,943,241
University of Alaska Foundation	$113,083,754	$35,243,654	3.21	$77,840,100
President and Trustees of Bates College	$151,582,546	$73,929,424	2.05	$77,653,122
Woodberry Forest School	$131,865,855	$54,409,637	2.42	$77,456,218
Taft School Corporation	$147,142,699	$69,800,427	2.11	$77,342,272
Lindenwood College	$85,069,694	$7,777,561	10.94	$77,292,133
University of North Carolina at Charlotte Investment Fund	$112,359,136	$35,434,986	3.17	$76,924,150
Minneapolis Society of Fine Arts	$111,462,669	$35,930,603	3.10	$75,532,066
Sacred Heart University	$102,996,092	$27,574,593	3.74	$75,421,499
Hope College	$116,727,114	$41,350,068	2.82	$75,377,046
Norwich University	$135,997,199	$60,875,382	2.23	$75,121,817
Dayton Foundation	$189,890,147	$115,085,090	1.65	$74,805,057
National Public Radio	$123,910,008	$49,332,955	2.51	$74,577,053
Lutheran University Association	$125,375,560	$50,969,131	2.46	$74,406,429
St Louis College of Pharmacy	$82,312,239	$7,908,333	10.41	$74,403,906
Beth Israel Deaconess Medical Center	$147,027,763	$72,894,141	2.02	$74,133,622
Childrens Medical Center Foundation	$82,620,499	$8,769,024	9.42	$73,851,475
John Carroll University	$131,491,871	$57,718,521	2.28	$73,773,350
Piedmont Hospital	$74,901,490	$1,436,260	52.15	$73,465,230
Ohio Wesleyan University	$135,976,372	$62,571,638	2.17	$73,404,734
Franklin & Marshall College	$169,633,975	$96,380,697	1.76	$73,253,278
Jewish Federation of Metropolitan Chicago	$177,113,143	$104,112,478	1.70	$73,000,665
Stonehill College	$110,288,477	$37,437,881	2.95	$72,850,596
Butler University	$128,495,016	$56,152,896	2.29	$72,342,120
University of Montana Foundation	$115,257,368	$43,589,660	2.64	$71,667,708
Americans for the Arts	$77,543,083	$5,920,048	13.10	$71,623,035
Brooklyn Law School	$98,860,021	$27,260,443	3.63	$71,599,578
The Musical Arts Association	$120,090,000	$48,498,000	2.48	$71,592,000
Wichita State University Foundation	$138,110,215	$66,538,746	2.08	$71,571,469
Winterthur Museum, Garden & Library	$200,019,083	$128,490,053	1.56	$71,529,030
Xavier University of Louisiana	$86,740,965	$15,954,490	5.44	$70,786,475
Walker Art Center	$123,233,433	$52,802,677	2.33	$70,430,756
Akron Community Foundation	$123,904,000	$53,547,000	2.31	$70,357,000
Baylor University Medical Center	$99,724,022	$29,370,261	3.40	$70,353,761
Field Museum of Natural History	$177,345,154	$107,043,065	1.66	$70,302,089
Knox College	$91,405,415	$21,173,748	4.32	$70,231,667
Indianapolis Museum of Art	$207,994,501	$138,066,935	1.51	$69,927,566
Colonial Williamsburg	$434,595,802	$364,851,220	1.19	$69,744,582
Samford University	$141,493,032	$71,785,647	1.97	$69,707,385
Spelman College	$193,488,261	$123,866,619	1.56	$69,621,642
Dayton Childrens Hospital	$94,342,326	$24,731,613	3.81	$69,610,713
Community Foundation of Northwest Connecticut	$84,280,866	$14,996,442	5.62	$69,284,424
Adelphi University	$86,257,120	$17,416,812	4.95	$68,840,308
Menil Foundation	$121,336,730	$52,517,900	2.31	$68,818,830
Orange County Community Foundation	$88,897,565	$20,283,818	4.38	$68,613,747
UC Riverside Foundation	$96,313,194	$27,982,431	3.44	$68,330,763
Meharry Medical College	$104,559,747	$36,397,084	2.87	$68,162,663
University of Maine Foundation	$124,265,509	$56,159,646	2.21	$68,105,863
The Hospital of Central Connecticut	$79,449,128	$11,718,742	6.78	$67,730,386
University of Scranton	$114,509,502	$46,817,683	2.45	$67,691,819
College of Wooster	$151,908,261	$84,408,479	1.80	$67,499,782
Youngstown State University Foundation	$108,635,926	$41,280,056	2.63	$67,355,870
Goucher College	$127,986,000	$60,722,000	2.11	$67,264,000
The Detroit Institute of Arts	$88,292,691	$21,038,465	4.20	$67,254,226
Boston Foundation	$211,868,494	$144,658,018	1.46	$67,210,476
San Francisco Symphony	$166,267,649	$99,532,545	1.67	$66,735,104
St Marys University of San Antonio	$106,848,816	$40,206,699	2.66	$66,642,117
Fred Hutchinson Cancer Research Center	$115,689,567	$49,445,860	2.34	$66,243,707
Ann & Robert H. Lurie Children’s Hospital of Chicago	$116,871,820	$50,658,999	2.31	$66,212,821
University of Hartford	$88,618,464	$22,588,396	3.92	$66,030,068
Culinary Institute of America	$92,198,558	$26,171,969	3.52	$66,026,589
Illinois Institute of Technology	$162,421,000	$96,579,499	1.68	$65,841,501
University of Pittsburgh Medical Center	$82,368,966	$16,823,667	4.90	$65,545,299
Curry College	$70,579,302	$5,135,580	13.74	$65,443,722
Beloit College	$103,681,060	$38,267,578	2.71	$65,413,482
Middlesex School	$91,047,327	$25,653,216	3.55	$65,394,111
Dallas Museum of Art	$97,418,465	$32,069,851	3.04	$65,348,614
University of Evansville	$99,647,854	$34,341,462	2.90	$65,306,392
National Trust for Historic Preservation in the United States	$147,476,564	$82,257,531	1.79	$65,219,033
Cranbrook Educational Community	$139,653,816	$74,446,224	1.88	$65,207,592
Susquehanna University	$92,656,277	$27,621,893	3.35	$65,034,384
New World Symphony	$85,874,058	$20,855,858	4.12	$65,018,200
Hawaii Pacific Health	$73,865,395	$8,849,363	8.35	$65,016,032
West Michigan Horticultural Society	$72,222,416	$7,324,965	9.86	$64,897,451
Rhode Island School of Design	$163,015,704	$98,323,669	1.66	$64,692,035
The Hill School	$100,431,565	$36,158,245	2.78	$64,273,320
Stamford Hospital	$75,136,222	$11,074,652	6.78	$64,061,570
Curtis Institute of Music	$96,050,825	$32,197,476	2.98	$63,853,349
Indiana Institute of Technology	$73,370,046	$9,649,624	7.60	$63,720,422
Northern Arizona University Foundation	$76,164,692	$12,446,810	6.12	$63,717,882
Pace University	$89,473,679	$25,808,271	3.47	$63,665,408
South Dakota Community Foundation	$89,386,565	$25,768,175	3.47	$63,618,390
District of Columbia College Access Program	$80,022,108	$16,404,668	4.88	$63,617,440
California Polytechnic State University Foundation	$114,725,479	$51,408,469	2.23	$63,317,010
Communities Foundation of Texas	$91,285,000	$28,352,000	3.22	$62,933,000
California State University Fresno Foundation	$100,502,988	$37,668,221	2.67	$62,834,767
Los Angeles County Museum of Natural History Foundation	$102,164,422	$39,557,906	2.58	$62,606,516
Cancer Research Fund of the Damon Runyon-Walter Winchell Foundation	$71,083,764	$8,478,639	8.38	$62,605,125
Biola University	$77,440,358	$14,866,101	5.21	$62,574,257
Kenyon College	$110,522,086	$47,949,775	2.30	$62,572,311
Florida Atlantic University Foundation	$105,366,246	$42,794,756	2.46	$62,571,490
Gustavus Adolphus College	$91,730,967	$29,182,656	3.14	$62,548,311
The Baylor School	$89,983,759	$27,629,298	3.26	$62,354,461
Harvard-Westlake School	$73,258,182	$10,971,101	6.68	$62,287,081
Mount Saint Mary’s University (Calif.)	$80,201,633	$17,973,648	4.46	$62,227,985
Frederik Meijer Gardens and Sculpture Foundation	$67,732,329	$5,584,058	12.13	$62,148,271
Special Operations Warrior Foundation	$64,047,298	$2,375,441	26.96	$61,671,857
St Marys College of California	$96,981,947	$35,476,235	2.73	$61,505,712
Illinois Wesleyan University	$120,806,954	$59,323,766	2.04	$61,483,188
Saint Anselm College	$79,218,044	$17,762,124	4.46	$61,455,920
Catholic University of America	$115,451,784	$54,063,555	2.14	$61,388,229
Willamson College of the Trades	$83,658,859	$22,704,378	3.68	$60,954,481
Interlochen Center for the Arts	$78,866,886	$18,006,749	4.38	$60,860,137
Mount Vernon Ladies Association of the Union	$119,661,678	$58,861,276	2.03	$60,800,402
The City College 21st Century Foundation	$129,739,171	$69,131,845	1.88	$60,607,326
North Carolina Agricultural Foundation	$69,094,529	$8,732,665	7.91	$60,361,864
Education Foundation Scholarship Endowment Trust	$117,246,215	$57,016,850	2.06	$60,229,365
Lehigh Valley Hospital	$75,834,424	$15,627,137	4.85	$60,207,287
Carnegie Endowment for International Peace	$142,568,851	$82,524,663	1.73	$60,044,188
Skirball Cultural Center	$114,403,551	$54,444,131	2.10	$59,959,420
Augustana College	$95,027,693	$35,231,424	2.70	$59,796,269
Goldey Beacom College	$62,888,446	$3,290,108	19.11	$59,598,338
University of Northern Iowa Foundation	$78,536,859	$19,055,241	4.12	$59,481,618
St Marks School of Texas	$96,949,871	$37,482,327	2.59	$59,467,544
Ball State University Foundation	$82,884,287	$23,483,808	3.53	$59,400,479
Lewis and Clark College	$155,888,088	$96,545,893	1.61	$59,342,195
Richland County Foundation of Mansfield	$86,115,179	$26,894,273	3.20	$59,220,906
Music Center Foundation	$98,609,150	$39,424,259	2.50	$59,184,891
Hobart and William Smith Colleges	$123,174,099	$64,052,686	1.92	$59,121,413
Hardin-Simmons University	$109,556,868	$50,477,031	2.17	$59,079,837
Wright State University Foundation	$75,820,155	$16,878,778	4.49	$58,941,377
Baldwin Wallace University	$97,102,124	$38,187,772	2.54	$58,914,352
Belmont Hill School	$79,557,956	$20,931,979	3.80	$58,625,977
Overbrook School for the Blind	$67,109,592	$8,495,680	7.90	$58,613,912
Arkansas Community Foundation	$98,504,227	$39,986,505	2.46	$58,517,722
Greater Cincinnati Foundation	$149,613,651	$91,106,518	1.64	$58,507,133
United Jewish Foundation	$113,701,884	$55,231,196	2.06	$58,470,688
University of Central Florida Foundation	$91,775,808	$33,349,306	2.75	$58,426,502
University of Maryland Foundation	$97,297,000	$38,922,000	2.50	$58,375,000
Maine Community Foundation	$100,515,704	$42,143,623	2.39	$58,372,081
Permian Basin Area Foundation	$104,647,471	$46,364,489	2.26	$58,282,982
Allegheny College	$118,144,587	$59,891,965	1.97	$58,252,622
American Mathematical Society	$70,808,554	$13,389,718	5.29	$57,418,836
University of Texas MD Anderson Cancer Center	$140,090,101	$82,745,736	1.69	$57,344,365
Luther College	$92,964,291	$35,654,456	2.61	$57,309,835
College Foundation of the University of Virginia	$74,136,760	$16,907,674	4.38	$57,229,086
University of Louisiana At Lafayette Foundation	$114,244,636	$57,130,053	2.00	$57,114,583
Allen Memorial Hospital Corporation	$65,641,833	$8,658,213	7.58	$56,983,620
American Public Media Group	$96,798,829	$39,942,620	2.42	$56,856,209
The Aspen Institute	$70,732,509	$14,062,501	5.03	$56,670,008
Nova Southeastern University	$69,496,907	$12,954,696	5.36	$56,542,211
Saint Marys College	$102,126,543	$45,602,421	2.24	$56,524,122
Georgia State University Foundation	$82,799,688	$26,314,158	3.15	$56,485,530
The Greater New Orleans Foundation	$88,842,261	$32,369,846	2.74	$56,472,415
Nationwide Childrens Hospital	$74,712,870	$18,299,001	4.08	$56,413,869
The Foundation for Barnes-Jewish Hospital	$123,027,381	$66,777,563	1.84	$56,249,818
Bowling Green State University Foundation	$76,448,377	$20,200,447	3.78	$56,247,930
Cincinnati Museum Association	$82,097,055	$25,852,309	3.18	$56,244,746
Randolph-Macon College	$98,689,124	$42,466,650	2.32	$56,222,474
Minnesota Community Foundation	$100,837,939	$44,861,111	2.25	$55,976,828
Concordia College Corporation	$73,919,976	$17,955,796	4.12	$55,964,180
St Ambrose University	$69,737,265	$13,898,718	5.02	$55,838,547
Whitworth University	$73,899,259	$18,390,490	4.02	$55,508,769
Pitzer College	$76,990,463	$21,620,866	3.56	$55,369,597
Xavier University	$82,655,641	$27,325,713	3.02	$55,329,928
Illinois College	$109,034,951	$53,776,574	2.03	$55,258,377
Medical Foundation of North Carolina	$87,997,572	$32,948,966	2.67	$55,048,606
St Georges School	$92,596,007	$37,564,498	2.46	$55,031,509
Juniata College	$80,081,475	$25,117,094	3.19	$54,964,381
Rhode Island Hospital	$604,694,459	$549,882,112	1.10	$54,812,347
American Council of Learned Societies	$86,666,619	$31,881,368	2.72	$54,785,251
San Angelo Area Foundation	$114,330,916	$59,661,168	1.92	$54,669,748
Clarkson University	$108,274,752	$53,613,740	2.02	$54,661,012
Marine Toys for Tots Foundation	$67,872,910	$13,265,756	5.12	$54,607,154
Albion College	$119,546,187	$65,262,298	1.83	$54,283,889
Hockaday School	$97,769,386	$43,551,679	2.24	$54,217,707
Atlantic Health System	$190,474,136	$136,507,829	1.40	$53,966,307
Berkshire School	$79,410,291	$25,473,588	3.12	$53,936,703
Rubin Museum of Art	$94,480,425	$40,969,211	2.31	$53,511,214
Hartford Hospital	$76,834,190	$23,444,724	3.28	$53,389,466
St Edwards University	$67,367,566	$14,070,593	4.79	$53,296,973
Iolani School	$99,220,007	$45,960,611	2.16	$53,259,396
Community Foundation of the Eastern Shore	$66,945,160	$13,746,678	4.87	$53,198,482
Wofford College	$108,406,223	$55,290,382	1.96	$53,115,841
Washington and Jefferson College	$91,947,964	$38,880,741	2.36	$53,067,223
St Johns College	$99,979,055	$46,953,300	2.13	$53,025,755
Punahou School	$97,992,853	$45,563,767	2.15	$52,429,086
Texas Childrens Hospital	$70,095,463	$17,667,453	3.97	$52,428,010
Masonic Villages of the Grand Lodge of Pennsylvania	$107,789,912	$55,388,506	1.95	$52,401,406
Washington College	$95,497,223	$43,207,111	2.21	$52,290,112
Embry-Riddle Aeronauical University	$58,666,000	$6,447,000	9.10	$52,219,000
Salisbury School	$66,310,754	$14,110,070	4.70	$52,200,684
Philadelphia Foundation	$145,620,017	$93,490,205	1.56	$52,129,812
Monterey Bay Aquarium Foundation	$71,253,281	$19,180,314	3.71	$52,072,967
Jackson Laboratory	$60,397,367	$8,552,556	7.06	$51,844,811
World Wildlife Fund	$205,303,054	$153,542,249	1.34	$51,760,805
American Society for Technion- Israel Institute of Technology	$145,738,898	$93,987,911	1.55	$51,750,987
Childrens Hospital & Research Center Foundation	$75,994,409	$24,262,221	3.13	$51,732,188
Erie Community Foundation	$96,326,508	$44,741,689	2.15	$51,584,819
Chemical Heritage Foundation	$93,455,833	$42,035,616	2.22	$51,420,217
Hollins University Corporation	$104,809,068	$53,527,888	1.96	$51,281,180
Saint Louis Symphony Endowment Trust	$96,951,963	$45,711,806	2.12	$51,240,157
Missouri Botanical Garden Board of Trustees	$79,325,083	$28,384,067	2.79	$50,941,016
Carthage College	$50,829,920	$0	0.00	$50,829,920
Rose-Hulman Institute of Technology	$122,211,828	$71,413,898	1.71	$50,797,930
Olin College of Engineering	$180,966,836	$130,197,015	1.39	$50,769,821
Thacher School	$82,022,580	$31,308,545	2.62	$50,714,035
California Lutheran University	$64,981,406	$14,447,760	4.50	$50,533,646
The Jewish Federation of Greater Washington	$126,889,984	$76,442,907	1.66	$50,447,077
Seattle University	$108,646,947	$58,244,248	1.87	$50,402,699
Belmont University	$64,596,267	$14,399,710	4.49	$50,196,557
North Dakota State University Development Foundation	$85,628,352	$35,496,078	2.41	$50,132,274
Scenic Hudson Land Trust	$86,384,711	$36,491,824	2.37	$49,892,887
Bryant University	$107,608,595	$57,716,879	1.86	$49,891,716
Dignity Health	$81,197,598	$31,384,550	2.59	$49,813,048
Lakeside School	$91,340,549	$41,604,635	2.20	$49,735,914
The Community Foundation of the Great River Bend	$80,335,157	$30,601,217	2.63	$49,733,940
American Philosophical Society	$93,468,471	$43,780,137	2.13	$49,688,334
Lord Foundation of Massachusetts	$59,725,646	$10,122,805	5.90	$49,602,841
Buena Vista University	$84,894,050	$35,323,723	2.40	$49,570,327
Protestant Episcopal High School in Virginia	$80,901,385	$31,336,000	2.58	$49,565,385
The Miriam Hospital	$224,832,032	$175,316,070	1.28	$49,515,962
Eastside College Preparatory School	$60,596,004	$11,154,388	5.43	$49,441,616
Texas Exes	$62,451,638	$13,027,644	4.79	$49,423,994
Montana State University Foundation	$77,976,614	$28,571,163	2.73	$49,405,451
UC Santa Barbara Foundation	$107,115,042	$57,782,646	1.85	$49,332,396
Georgia Tech Athletic Association	$118,063,161	$68,804,451	1.72	$49,258,710
Coastal Community Foundation of South Carolina	$73,005,381	$23,846,627	3.06	$49,158,754
Scholarship America	$52,478,888	$3,505,557	14.97	$48,973,331
Heritage Foundation	$98,520,081	$49,618,739	1.99	$48,901,342
Centenary College of Louisiana	$80,923,698	$32,050,785	2.52	$48,872,913
Metropolitan Opera Association	$112,471,253	$63,796,771	1.76	$48,674,482
University of Texas Law School Foundation	$81,877,721	$33,274,573	2.46	$48,603,148
Arlington Tomorrow Foundation	$66,476,217	$17,945,401	3.70	$48,530,816
East Tennessee Foundation	$75,296,688	$26,816,845	2.81	$48,479,843
Armand Hammer United World College of the American West	$83,479,841	$35,041,340	2.38	$48,438,501
Trustees of Reservations	$90,905,543	$42,684,099	2.13	$48,221,444
Queens University of Charlotte	$63,014,814	$14,929,046	4.22	$48,085,768
Wheaton College (Mass.)	$103,825,643	$55,786,413	1.86	$48,039,230
University of the Sciences in Philadelphia	$80,348,635	$32,334,021	2.48	$48,014,614
Canisius College	$76,489,105	$28,625,828	2.67	$47,863,277
Charles Drew University of Medicine & Science	$61,213,378	$13,437,950	4.56	$47,775,428
American Friends of the Israel Museum	$67,208,210	$19,479,002	3.45	$47,729,208
American Jewish Joint Distribution Committee	$57,039,529	$9,378,399	6.08	$47,661,130
Chatham University	$61,005,418	$13,374,896	4.56	$47,630,522
Willamette University	$144,739,234	$97,218,478	1.49	$47,520,756
Rand Corporation	$102,955,719	$55,793,539	1.85	$47,162,180
Gilman School	$72,251,447	$25,116,543	2.88	$47,134,904
Ursinus College	$85,147,475	$38,195,397	2.23	$46,952,078
National Audubon Society	$114,062,767	$67,197,094	1.70	$46,865,673
Baltimore Museum of Art	$68,557,920	$21,732,319	3.15	$46,825,601
Hampden-Sydney College	$83,944,967	$37,150,296	2.26	$46,794,671
McDaniel College	$68,896,526	$22,191,174	3.10	$46,705,352
Foundation of the University of North Carolina at Charlotte	$66,320,326	$19,623,075	3.38	$46,697,251
New York City Ballet	$98,825,368	$52,389,734	1.89	$46,435,634
South Dakota State University Foundation	$76,618,114	$30,315,762	2.53	$46,302,352
Lenoir-Rhyne University	$69,177,567	$22,978,045	3.01	$46,199,522
New England Law \| Boston	$46,249,838	$56,527	818.19	$46,193,311
The Baruch College Fund	$70,239,357	$24,220,956	2.90	$46,018,401
Simmons College	$90,345,990	$44,368,681	2.04	$45,977,309
Morehouse College	$101,794,618	$56,218,772	1.81	$45,575,846
University of Pennsylvania Medical	$70,943,347	$25,390,469	2.79	$45,552,878
American College of Surgeons	$95,866,483	$50,390,480	1.90	$45,476,003
University of Dubuque	$62,326,606	$17,031,656	3.66	$45,294,950
Asbury Theological Seminary	$84,206,838	$38,939,302	2.16	$45,267,536
Southern Illinois University Foundation	$69,986,644	$24,799,458	2.82	$45,187,186
Houston Jewish Community Foundation	$132,483,186	$87,397,608	1.52	$45,085,578
College of St Scholastica	$54,079,447	$9,139,929	5.92	$44,939,518
Linfield College	$69,638,258	$24,948,689	2.79	$44,689,569
Minnesota Historical Society	$53,698,998	$9,033,974	5.94	$44,665,024
Calvin College	$77,923,880	$33,309,125	2.34	$44,614,755
Catholic Community Foundation of Minnesota	$60,686,969	$16,087,032	3.77	$44,599,937
Stevens Institute of Technology Trustees	$75,628,847	$31,070,092	2.43	$44,558,755
Community Foundation of Western Massachusetts	$68,103,118	$23,876,465	2.85	$44,226,653
Long Island University	$63,734,267	$19,553,006	3.26	$44,181,261
Margaret Mary Community Hospital	$49,337,453	$5,296,792	9.31	$44,040,661
St Norbert College	$57,887,438	$13,861,478	4.18	$44,025,960
Ohio Northern University	$121,207,784	$77,324,941	1.57	$43,882,843
Art Center College of Design	$58,102,000	$14,431,000	4.03	$43,671,000
Lahey Hospital & Medical Center	$102,326,499	$58,733,371	1.74	$43,593,128
St Andrews School of Delaware	$97,661,707	$54,227,058	1.80	$43,434,649
Princeton University Press	$44,504,763	$1,112,984	39.99	$43,391,779
Boys Republic	$57,406,116	$14,027,860	4.09	$43,378,256
Seattle Pacific University	$58,954,441	$15,586,846	3.78	$43,367,595
Hopkins School	$59,730,267	$16,426,342	3.64	$43,303,925
Columbia College Chicago	$56,516,136	$13,330,441	4.24	$43,185,695
St Catherine University	$60,188,550	$17,014,698	3.54	$43,173,852
Drake University	$79,017,031	$35,931,531	2.20	$43,085,500
Human Rights Watch	$52,389,149	$9,339,058	5.61	$43,050,091
Claremont Graduate University	$93,907,711	$50,875,264	1.85	$43,032,447
Westminster College (Pa.)	$71,909,241	$28,906,066	2.49	$43,003,175
Community Foundation of Northern Illinois	$57,706,294	$14,712,162	3.92	$42,994,132
University of Houston Foundation	$72,928,766	$30,064,729	2.43	$42,864,037
Loyola University	$164,389,300	$121,692,942	1.35	$42,696,358
Fine Arts Museums Foundation	$67,193,015	$24,525,925	2.74	$42,667,090
Childrens Museum of Indianapolis	$137,744,571	$95,095,632	1.45	$42,648,939
Chicago Horticultural Society	$62,184,000	$19,593,000	3.17	$42,591,000
McCallie School	$67,006,934	$24,505,222	2.73	$42,501,712
Niagara University	$65,498,221	$23,100,119	2.84	$42,398,102
Sioux Falls Area Community Foundation	$56,616,575	$14,249,649	3.97	$42,366,926
James Madison University Foundation	$55,185,790	$12,886,082	4.28	$42,299,708
LSU Health Sciences Center Foundation	$76,842,976	$34,583,720	2.22	$42,259,256
Doane University	$66,984,713	$24,809,289	2.70	$42,175,424
Widener University	$71,872,184	$29,738,020	2.42	$42,134,164
New Mexico State University Foundation	$74,146,683	$32,034,112	2.31	$42,112,571
Dalton Schools	$61,992,425	$19,891,306	3.12	$42,101,119
John Brown University	$64,194,541	$22,188,996	2.89	$42,005,545
Community Foundation of the Ozarks	$74,885,938	$33,005,795	2.27	$41,880,143
Monmouth College	$65,367,762	$23,563,979	2.77	$41,803,783
Whittier College	$56,770,563	$14,985,266	3.79	$41,785,297
Findlay-Hancock Coutny Community Fund of the Cleveland Foundation	$69,383,621	$27,737,050	2.50	$41,646,571
Auditory Learning Foundation	$82,209,106	$40,614,220	2.02	$41,594,886
University of Redlands	$73,277,748	$31,720,659	2.31	$41,557,089
Sheppard Pratt Investment	$58,236,158	$16,741,535	3.48	$41,494,623
Marshall University Foundation	$78,755,809	$37,265,301	2.11	$41,490,508
Millsaps College	$85,741,358	$44,348,755	1.93	$41,392,603
San Francisco Opera Association	$105,400,654	$64,058,549	1.65	$41,342,105
Chautauqua Institution	$73,164,942	$31,876,451	2.30	$41,288,491
Seton Family of Hospitals	$55,658,665	$14,439,099	3.85	$41,219,566
Middlesex Hospital	$46,463,000	$5,277,000	8.80	$41,186,000
Old Dominion University Educational Foundation	$84,596,590	$43,417,598	1.95	$41,178,992
Rehabilitation Institute of Chicago	$61,316,498	$20,226,240	3.03	$41,090,258
Community Foundation for Palm Beach & Martin Counties	$70,056,009	$28,980,769	2.42	$41,075,240
Northern Illinois University Foundation	$55,093,490	$14,076,959	3.91	$41,016,531
Memorial Medical Center Foundation	$52,102,096	$11,104,128	4.69	$40,997,968
Jewish Federation of Greater Pittsburgh	$63,721,000	$22,744,000	2.80	$40,977,000
Bellevue University	$43,199,891	$2,322,152	18.60	$40,877,739
Rady Childrens Hospital and Health Center	$54,157,766	$13,360,650	4.05	$40,797,116
Hendrix College	$99,091,298	$58,372,291	1.70	$40,719,007
York County Community Foundation	$69,463,685	$28,773,709	2.41	$40,689,976
University of Rhode Island Foundation	$73,017,707	$32,373,010	2.26	$40,644,697
Dillard University	$41,888,184	$1,397,219	29.98	$40,490,965
Carnegie Institute	$141,335,935	$100,916,363	1.40	$40,419,572
The Morehouse School of Medicine	$63,799,264	$23,518,110	2.71	$40,281,154
LSU Health Sciences Foundation in Shreveport	$63,109,897	$22,974,273	2.75	$40,135,624
Roxbury Latin School	$75,115,131	$35,021,447	2.14	$40,093,684
Boise State University Foundation	$63,904,698	$23,934,433	2.67	$39,970,265
Community Foundation of New Jersey	$62,724,504	$22,844,026	2.75	$39,880,478
Idaho Community Foundation	$63,394,280	$23,695,387	2.68	$39,698,893
Community Foundation of the Chattahoochee Valley	$68,071,220	$28,384,599	2.40	$39,686,621
American Bar Association Endowment	$39,537,651	$0	0.00	$39,537,651
University of Southern Indiana Foundation	$45,492,433	$5,956,131	7.64	$39,536,302
California State University – Northridge Foundation	$52,867,580	$13,338,806	3.96	$39,528,774
Foundation for Morristown Medical Center	$93,562,296	$54,129,704	1.73	$39,432,592
Ronald Reagan Presidential Foundation and Institute	$55,478,733	$16,068,523	3.45	$39,410,210
Dallas Methodist Hospitals Foundation	$78,696,939	$39,358,679	2.00	$39,338,260
Blair Academy	$46,558,425	$7,506,287	6.20	$39,052,138
University of La Verne	$43,329,200	$4,320,529	10.03	$39,008,671
National Foundation for Advancement in the Arts	$45,695,997	$6,689,108	6.83	$39,006,889
Stevenson University	$49,391,164	$10,406,703	4.75	$38,984,461
University of Indianapolis	$60,051,440	$21,132,078	2.84	$38,919,362
Austin Community Foundation for the Capital Area	$59,695,858	$20,894,163	2.86	$38,801,695
Boys & Girls Clubs of America	$122,356,668	$83,590,872	1.46	$38,765,796
United Negro College Fund	$63,891,259	$25,320,868	2.52	$38,570,391
Goshen College	$66,574,656	$28,076,647	2.37	$38,498,009
Highmark Health	$90,726,524	$52,282,941	1.74	$38,443,583
Ripon College	$57,329,749	$18,892,781	3.03	$38,436,968
Monmouth University	$51,334,000	$12,906,000	3.98	$38,428,000
University of Memphis Foundation	$54,854,470	$16,431,416	3.34	$38,423,054
Saint Davids School	$45,957,200	$7,585,099	6.06	$38,372,101
Assumption College	$56,446,630	$18,111,963	3.12	$38,334,667
Barnes Foundation	$49,135,661	$10,857,110	4.53	$38,278,551
California Institute of the Arts	$74,589,097	$36,337,845	2.05	$38,251,252
Center for Natural Lands Management	$53,436,379	$15,366,760	3.48	$38,069,619
Moravian College	$63,153,748	$25,242,765	2.50	$37,910,983
Jewish Museum	$62,993,175	$25,099,579	2.51	$37,893,596
Lamar University Foundation	$51,923,001	$14,250,715	3.64	$37,672,286
Texas State University Development Foundation	$49,326,178	$11,654,811	4.23	$37,671,367
New York Hospital Cornell Medical Center Fund	$79,538,184	$41,880,119	1.90	$37,658,065
Childrens Healthcare of Atlanta – Group Return	$39,176,334	$1,727,240	22.68	$37,449,094
American Associates Ben-Gurion University of the Negev	$79,330,128	$41,912,862	1.89	$37,417,266
James Whitcomb Riley Memorial Association	$59,334,939	$21,978,816	2.70	$37,356,123
UC Santa Cruz Foundation	$49,293,428	$12,020,631	4.10	$37,272,797
Armenian General Benevolent Union	$62,130,891	$24,877,992	2.50	$37,252,899
Community Foundation of Northeast Iowa	$53,508,291	$16,350,273	3.27	$37,158,018
Golden Gate University	$62,781,536	$25,709,728	2.44	$37,071,808
Haverford School	$38,085,681	$1,109,244	34.33	$36,976,437
Pasadena Hospital Association	$63,723,138	$26,775,883	2.38	$36,947,255
Harding University	$66,984,939	$30,250,512	2.21	$36,734,427
Drew University	$113,581,000	$76,953,000	1.48	$36,628,000
St John Fisher College	$46,750,698	$10,241,427	4.56	$36,509,271
Lynchburg College	$55,328,012	$18,839,071	2.94	$36,488,941
Saginaw Valley State University Foundation	$46,637,692	$10,176,669	4.58	$36,461,023
University of Chattanooga Foundation	$63,128,115	$26,739,967	2.36	$36,388,148
Hood College	$55,070,137	$18,886,794	2.92	$36,183,343
Zoological Society of San Diego	$67,218,884	$31,142,418	2.16	$36,076,466
Otterbein University	$64,016,858	$27,961,416	2.29	$36,055,442
Trustees of the Hamline University of Minnesota	$55,573,043	$19,535,964	2.84	$36,037,079
North Central College	$60,434,638	$24,448,615	2.47	$35,986,023
Henry M. Jackson Foundation for the Advancement of Military Medicine	$59,232,249	$23,436,576	2.53	$35,795,673
Salesmanship Club Foundation	$56,528,611	$20,764,287	2.72	$35,764,324
Wagner College	$51,624,307	$15,871,941	3.25	$35,752,366
Inglis House	$49,122,874	$13,430,745	3.66	$35,692,129
Dallas Foundation	$61,392,188	$25,717,275	2.39	$35,674,913
Johnson University	$60,821,685	$25,281,331	2.41	$35,540,354
Cleveland Museum of Natural History	$68,053,643	$32,628,621	2.09	$35,425,022
Concordia University	$38,649,175	$3,239,499	11.93	$35,409,676
Cate School	$58,608,250	$23,201,378	2.53	$35,406,872
University Hospitals Health System	$54,743,667	$19,360,667	2.83	$35,383,000
United Jewish Community of Broward County	$59,073,833	$23,857,458	2.48	$35,216,375
Medcen Foundation	$49,209,334	$13,993,024	3.52	$35,216,310
Central Connecticut State University Foundation	$47,765,076	$12,558,699	3.80	$35,206,377
Fremont Area Community Foundation	$98,216,943	$63,075,781	1.56	$35,141,162
Heifer International Foundation	$50,748,244	$15,616,637	3.25	$35,131,607
St Marks School of Southborough	$73,489,990	$38,378,703	1.91	$35,111,287
Miss Porters School	$72,200,633	$37,163,164	1.94	$35,037,469
Iowa Health Foundation	$43,430,493	$8,406,580	5.17	$35,023,913
Community Foundation of Tampa Bay	$61,738,157	$26,719,637	2.31	$35,018,520
University of St Thomas	$54,113,227	$19,214,986	2.82	$34,898,241
Union Theological Seminary	$65,107,071	$30,256,629	2.15	$34,850,442
Northern Kentucky University Foundation	$44,090,000	$9,258,000	4.76	$34,832,000
Albany Medical Center Group Organization	$60,930,258	$26,136,201	2.33	$34,794,057
Alaska Community Foundation	$68,966,836	$34,213,800	2.02	$34,753,036
Community Foundation of Greater Flint	$63,299,626	$28,553,732	2.22	$34,745,894
Lake Forest College	$62,028,375	$27,305,096	2.27	$34,723,279
Combined Jewish Philanthropies of Greater Boston	$94,815,000	$60,095,000	1.58	$34,720,000
Jewish Federation of Greater Philadelphia	$81,115,069	$46,440,721	1.75	$34,674,348
Bridgewater College	$53,861,326	$19,205,941	2.80	$34,655,385
Lovett School	$91,000,140	$56,374,264	1.61	$34,625,876
Maryland Institute	$58,042,139	$23,447,795	2.48	$34,594,344
Emmanuel College	$59,542,843	$24,954,912	2.39	$34,587,931
Noble and Greenough School	$69,444,387	$35,058,661	1.98	$34,385,726
Alvin Ailey Dance Foundation	$44,514,620	$10,151,319	4.39	$34,363,301
A.T. Still University of Health Sciences	$43,530,849	$9,183,853	4.74	$34,346,996
Dallas Symphony Foundation	$67,731,253	$33,386,648	2.03	$34,344,605
The Seeing Eye	$104,431,000	$70,236,000	1.49	$34,195,000
Ethical Culture Fieldston School	$50,128,744	$15,951,113	3.14	$34,177,631
Messiah College	$75,572,562	$41,414,657	1.82	$34,157,905
East Jefferson General Hospital	$134,523,610	$100,422,184	1.34	$34,101,426
Save the Children Federation	$79,032,722	$44,943,481	1.76	$34,089,241
Lesley University	$84,096,965	$50,009,406	1.68	$34,087,559
Greater Tacoma Community Foundation	$51,844,809	$17,813,346	2.91	$34,031,463
Triangle Community Foundation	$63,091,736	$29,137,444	2.17	$33,954,292
Ouachita Baptist University	$55,319,990	$21,516,168	2.57	$33,803,822
Florida Institute of Technology	$47,120,833	$13,394,145	3.52	$33,726,688
American Association of University Women	$68,284,154	$34,678,169	1.97	$33,605,985
University of Virginia Foundation	$46,439,619	$12,839,708	3.62	$33,599,911
Endicott College	$34,146,678	$668,621	51.07	$33,478,057
Foundation of the State University of New York At Binghamton	$70,762,565	$37,321,964	1.90	$33,440,601
Southeast Missouri University	$51,837,559	$18,490,999	2.80	$33,346,560
Pingry Corporation	$56,816,150	$23,470,037	2.42	$33,346,113
Saint Michaels College	$53,407,740	$20,095,595	2.66	$33,312,145
Greater Kanawha Valley Foundation	$58,593,466	$25,286,971	2.32	$33,306,495
Eastern Virginia Medical School Foundation	$44,885,061	$11,634,192	3.86	$33,250,869
Randolph College	$110,789,523	$77,627,569	1.43	$33,161,954
Miami Dade College Foundation	$78,214,750	$45,066,484	1.74	$33,148,266
Church Farm School	$72,660,985	$39,515,035	1.84	$33,145,950
San Francisco Ballet Endowment Foundation	$74,141,139	$41,113,370	1.80	$33,027,769
Benedictine Society in Westmoreland	$54,010,068	$21,005,409	2.57	$33,004,659
Oak Hill Foundation	$50,893,986	$17,928,683	2.84	$32,965,303
The Masonic Charity Foundation of Connecticut	$90,072,625	$57,135,679	1.58	$32,936,946
HonorHealth Foundation	$36,511,538	$3,574,673	10.21	$32,936,865
United States Endowment Forforestry and Communities	$70,627,763	$37,720,379	1.87	$32,907,384
Memorial Hermann Foundation	$135,264,936	$102,371,978	1.32	$32,892,958
Wyoming Community Foundation	$49,243,143	$16,350,920	3.01	$32,892,223
Greater Cedar Rapids Community Foundation	$69,864,504	$36,994,043	1.89	$32,870,461
Robert College Foundation	$47,954,053	$15,109,265	3.17	$32,844,788
Manhattan College	$42,291,801	$9,456,829	4.47	$32,834,972
La Salle University	$51,041,367	$18,253,094	2.80	$32,788,273
Affinity Health Plan	$44,381,780	$11,602,653	3.83	$32,779,127
Jewish Federation of Cleveland	$76,686,220	$44,005,338	1.74	$32,680,882
Millikin University	$62,900,587	$30,268,286	2.08	$32,632,301
The Upstate Foundation	$76,346,978	$43,818,500	1.74	$32,528,478
Transylvania University	$74,350,920	$41,861,781	1.78	$32,489,139
Community Foundation of Henderson County	$46,974,906	$14,527,379	3.23	$32,447,527
Toledo Museum of Art	$118,910,215	$86,510,041	1.37	$32,400,174
Hadassah Medical Relief Association	$49,528,772	$17,159,941	2.89	$32,368,831
Rocky Mountain Elk Foundation	$39,038,286	$6,734,286	5.80	$32,304,000
UNC-G Excellence Foundation	$47,170,846	$14,920,964	3.16	$32,249,882
United Board for Christian Higher Education in Asia	$48,840,747	$16,598,951	2.94	$32,241,796
Women & Infants Hospital	$37,021,563	$4,861,674	7.61	$32,159,889
Greenwich Academy	$76,941,730	$44,810,076	1.72	$32,131,654
Silicon Valley Community Foundation	$111,781,940	$79,749,019	1.40	$32,032,921
University of Wisconsin-Eau Claire Foundation	$62,104,519	$30,172,989	2.06	$31,931,530
William Penn Charter School Overseers of the Public School	$51,407,697	$19,569,457	2.63	$31,838,240
George Mason University Foundation	$45,994,718	$14,180,399	3.24	$31,814,319
Lyndon Baines Johnson Foundation	$61,915,839	$30,124,291	2.06	$31,791,548
Nebraska Community Foundation	$39,074,546	$7,320,453	5.34	$31,754,093
Mary Institute and Saint Louis Country Day School	$50,472,000	$18,718,953	2.70	$31,753,047
Museum of Science	$64,650,680	$32,928,573	1.96	$31,722,107
National Jewish Health	$70,212,000	$38,529,000	1.82	$31,683,000
Texas Lutheran University	$55,706,591	$24,065,403	2.31	$31,641,188
Childrens Hospital Medical Center of Akron	$75,708,309	$44,079,178	1.72	$31,629,131
United States Naval Academy Alumni Association	$42,747,518	$11,149,514	3.83	$31,598,004
Texas A&M University-Kingsville Foundation	$47,078,631	$15,492,585	3.04	$31,586,046
Meredith College	$56,081,276	$24,610,767	2.28	$31,470,509
Geisinger Medical Center	$58,740,000	$27,270,000	2.15	$31,470,000
University of Alabama Health Services Foundation	$93,637,253	$62,199,578	1.51	$31,437,675
William Jewell College	$63,662,843	$32,260,967	1.97	$31,401,876
Supreme Council Benevolent Foundation	$65,625,735	$34,277,007	1.91	$31,348,728
Youngstown Foundation	$47,335,490	$16,000,145	2.96	$31,335,345
Kettering University	$48,620,892	$17,369,323	2.80	$31,251,569
Presbyterian College	$64,572,045	$33,362,287	1.94	$31,209,758
International Rescue Committee	$63,768,000	$32,640,000	1.95	$31,128,000
The University of Arkansas Fort Smith Foundation	$43,436,170	$12,378,126	3.51	$31,058,044
Eastern Michigan University Foundation	$47,769,679	$16,747,378	2.85	$31,022,301
University of Mount Union	$69,593,321	$38,571,610	1.80	$31,021,711
Community Foundation of Abilene	$46,233,714	$15,236,429	3.03	$30,997,285
Columbus State University Foundation	$89,661,619	$58,729,130	1.53	$30,932,489
York College of Pennsylvania	$48,718,242	$17,828,884	2.73	$30,889,358
Agnes Scott College	$148,069,931	$117,225,637	1.26	$30,844,294
Brunswick School	$63,133,690	$32,296,068	1.95	$30,837,622
Montclair State University Foundation	$44,165,741	$13,336,275	3.31	$30,829,466
Oklahoma Baptist University	$50,085,022	$19,332,183	2.59	$30,752,839
MCNC	$39,225,481	$8,708,167	4.50	$30,517,314
University of Mary Hardin-Baylor	$45,037,919	$14,639,465	3.08	$30,398,454
Baltimore Community Foundation	$57,299,115	$27,065,244	2.12	$30,233,871
Community Foundation of Warren County	$43,166,484	$12,998,884	3.32	$30,167,600
Cabrini University	$36,573,540	$6,427,327	5.69	$30,146,213
Spectrum Health System Group Return	$37,842,534	$7,747,914	4.88	$30,094,620
Brooklyn Academy of Music	$55,601,253	$25,513,081	2.18	$30,088,172
Northfield Mount Hermon School	$68,964,596	$38,902,423	1.77	$30,062,173
Ventura County Community Foundation	$52,229,226	$22,171,662	2.36	$30,057,564
Wartburg College	$45,770,924	$15,717,236	2.91	$30,053,688
New York Institute of Technology	$33,523,522	$3,509,258	9.55	$30,014,264
Florida Gulf Coast University Foundation	$41,080,796	$11,182,811	3.67	$29,897,985
Indiana Masonic Home Foundation	$68,749,073	$38,919,169	1.77	$29,829,904
California Academy of Science	$112,123,954	$82,376,321	1.36	$29,747,633
Create Foundation	$39,003,764	$9,356,697	4.17	$29,647,067
Cary Institute of Ecosystem Studies	$58,854,770	$29,259,518	2.01	$29,595,252
Santa Fe Community Foundation	$40,152,192	$10,838,794	3.70	$29,313,398
McDonogh School	$34,125,720	$4,939,755	6.91	$29,185,965
University of North Florida Foundation	$52,686,992	$23,607,998	2.23	$29,078,994
Southwestern University	$131,331,887	$102,275,841	1.28	$29,056,046
Oklahoma City University	$50,726,912	$21,826,066	2.32	$28,900,846
North Dakota Community Foundation	$42,906,853	$14,030,705	3.06	$28,876,148
College of Charleston Foundation	$43,210,155	$14,340,576	3.01	$28,869,579
The Jewish Federation of Greater Los Angeles	$89,598,734	$60,797,733	1.47	$28,801,001
Association of Former Students of Texas A & M University	$37,915,725	$9,161,652	4.14	$28,754,073
Augustana College Association	$44,453,374	$15,765,743	2.82	$28,687,631
University of Southern Mississippi Foundation	$44,819,459	$16,188,812	2.77	$28,630,647
Citadel Foundation	$40,187,458	$11,558,916	3.48	$28,628,542
Bloodcenter of Wisconsin	$49,339,223	$20,745,916	2.38	$28,593,307
Clark Art Institute	$43,676,744	$15,192,885	2.87	$28,483,859
The Finley Hospital	$32,226,177	$3,825,959	8.42	$28,400,218
Western Washington University Foundation	$36,451,728	$8,058,104	4.52	$28,393,624
Wheaton College	$54,573,556	$26,193,917	2.08	$28,379,639
Yeshiva University	$586,426,798	$558,069,463	1.05	$28,357,335
Missouri State University Foundation	$48,107,706	$19,850,480	2.42	$28,257,226
Vivian Beaumont Theater	$53,262,126	$25,032,248	2.13	$28,229,878
Billy Graham Evangelistic Association – Library Endowment Trust	$33,101,707	$4,894,981	6.76	$28,206,726
Alfred University	$51,314,050	$23,142,810	2.22	$28,171,240
Advocate Charitable Foundation	$35,043,140	$6,959,216	5.04	$28,083,924
Alma College	$55,999,612	$27,922,801	2.01	$28,076,811
Connecticut Community Foundation	$53,901,694	$25,894,313	2.08	$28,007,381
Sanford	$28,125,784	$131,406	214.04	$27,994,378
University School of Milwaukee Corporation	$44,166,556	$16,286,145	2.71	$27,880,411
Thomas Jefferson Foundation	$39,851,530	$11,982,064	3.33	$27,869,466
Roanoke College	$64,813,128	$37,120,441	1.75	$27,692,687
Simpson College	$47,542,116	$19,851,808	2.39	$27,690,308
Lenox Hill Hospital	$61,124,018	$33,441,327	1.83	$27,682,691
Oklahoma Medical Research Foundation	$47,452,971	$19,800,000	2.40	$27,652,971
Princeton Day School	$37,116,601	$9,504,867	3.91	$27,611,734
Arcadia University	$41,998,000	$14,423,000	2.91	$27,575,000
Childrens Hospital Pittsburgh Foundation	$201,063,404	$173,699,019	1.16	$27,364,385
American Research Center in Egypt	$36,240,861	$8,887,944	4.08	$27,352,917
Worcester Art Museum	$43,326,017	$16,084,351	2.69	$27,241,666
Johnson C. Smith University	$38,828,264	$11,601,456	3.35	$27,226,808
Sacramento Region Community Foundation	$50,582,682	$23,365,960	2.16	$27,216,722
NC State Engineering Foundation	$35,972,746	$8,768,353	4.10	$27,204,393
Urban Institute	$50,028,353	$22,851,669	2.19	$27,176,684
Heritage Valley Beaver Foundation	$37,517,776	$10,345,212	3.63	$27,172,564
The Home for Little Wanderers	$49,751,093	$22,652,036	2.20	$27,099,057
St Lukes Hospital	$50,823,076	$23,763,623	2.14	$27,059,453
Buckingham Browne and Nichols School	$41,696,469	$14,742,966	2.83	$26,953,503
Santa Rosa Childrens Hospital Foundation	$29,698,378	$2,747,019	10.81	$26,951,359
Inland Northwest Community Foundation	$53,250,735	$26,315,220	2.02	$26,935,515
WNET	$45,611,878	$18,725,308	2.44	$26,886,570
Wayland Baptist University	$33,707,087	$6,864,558	4.91	$26,842,529
Middle Tennessee State University Foundation	$33,588,914	$6,782,011	4.95	$26,806,903
College of St Benedict	$38,487,917	$11,684,647	3.29	$26,803,270
Oklahoma Christian University	$41,977,737	$15,177,510	2.77	$26,800,227
Heritage Fund of Bartholomew County	$46,503,241	$19,725,927	2.36	$26,777,314
Elizabethtown College	$41,042,709	$14,355,613	2.86	$26,687,096
Florida Agricultural & Mechanical University Foundation	$41,259,693	$14,686,522	2.81	$26,573,171
Florida Southern College	$70,508,102	$43,957,973	1.60	$26,550,129
Clark Atlanta University	$34,353,281	$7,813,514	4.40	$26,539,767
National Society of the Daughters of the American Revolution	$47,524,626	$21,068,191	2.26	$26,456,435
Northwood University	$44,585,683	$18,141,120	2.46	$26,444,563
Castilleja School Foundation	$38,744,062	$12,325,656	3.14	$26,418,406
Springfield College	$36,527,978	$10,166,614	3.59	$26,361,364
Buffalo Fine Arts Academy	$59,861,742	$33,515,519	1.79	$26,346,223
Stark Community Foundation	$70,087,223	$43,743,203	1.60	$26,344,020
Calvert School	$40,036,006	$13,742,416	2.91	$26,293,590
Milwaukee School of Engineering	$34,175,021	$7,924,726	4.31	$26,250,295
Trustees of Westminster School	$44,613,695	$18,400,000	2.42	$26,213,695
Museum Associates	$64,343,591	$38,131,800	1.69	$26,211,791
Mills College	$109,269,936	$83,117,678	1.31	$26,152,258
Kinkaid School	$51,958,790	$25,858,609	2.01	$26,100,181
Cotting School	$39,092,073	$12,993,962	3.01	$26,098,111
Southwest Florida Community Foundation	$42,884,109	$16,830,935	2.55	$26,053,174
New England Conservatory of Music	$63,936,806	$37,985,268	1.68	$25,951,538
Regis University	$39,673,112	$13,800,641	2.87	$25,872,471
WGBH Educational Foundation	$44,771,250	$18,907,805	2.37	$25,863,445
Central Carolina Community Foundation	$56,293,187	$30,519,561	1.84	$25,773,626
Houston Ballet Foundation	$40,938,406	$15,193,018	2.69	$25,745,388
Raymond F. Kravis Center for the Performing Arts	$44,139,919	$18,502,103	2.39	$25,637,816
The Chrysler Museum	$37,197,278	$11,632,104	3.20	$25,565,174
Gannon University	$33,326,936	$7,805,455	4.27	$25,521,481
United Service Organizations	$28,141,909	$2,662,188	10.57	$25,479,721
Kings College	$46,314,930	$20,836,272	2.22	$25,478,658
Northland Foundation	$33,081,436	$7,624,277	4.34	$25,457,159
Thomas Jefferson University Hospital	$47,772,435	$22,343,144	2.14	$25,429,291
University At Albany Foundation	$34,650,845	$9,363,787	3.70	$25,287,058
Alumni Board of the University of Virginia Endowment Fund	$36,874,257	$11,654,556	3.16	$25,219,701
Frick Art & Historical Center	$44,406,605	$19,220,945	2.31	$25,185,660
Young Mens & Young Womens Hebrew Association	$30,584,996	$5,426,558	5.64	$25,158,438
Sistema Universitario Ana G. Mendez	$31,314,391	$6,214,583	5.04	$25,099,808
Catholic Charities of the Archdiocese of Chicago	$30,196,168	$5,127,918	5.89	$25,068,250
University of North Texas Foundation	$26,545,233	$1,512,570	17.55	$25,032,663
North Park University	$48,098,236	$23,070,402	2.08	$25,027,834
St Marys University of Minnesota	$34,366,530	$9,362,743	3.67	$25,003,787
Emory & Henry College	$55,467,150	$30,466,356	1.82	$25,000,794
Marietta College	$47,002,923	$22,014,242	2.14	$24,988,681
City College Fund	$48,680,611	$23,695,175	2.05	$24,985,436
Society for the Preservation of New England Antiquities	$60,779,349	$35,867,423	1.69	$24,911,926
Westover School	$41,031,478	$16,137,594	2.54	$24,893,884
Manchester University	$32,185,772	$7,293,679	4.41	$24,892,093
The Smith Center for the Performing Arts	$29,289,240	$4,399,392	6.66	$24,889,848
Marine Biological Laboratory	$47,821,490	$22,939,382	2.08	$24,882,108
Howard Payne University	$43,622,362	$18,798,950	2.32	$24,823,412
University of Virginia Medical School Foundation	$28,593,498	$3,853,032	7.42	$24,740,466
Chautauqua Region Community Foundation	$44,835,713	$20,104,441	2.23	$24,731,272
Eastern Kentucky University Foundation	$42,034,632	$17,308,343	2.43	$24,726,289
Purchase College Foundation	$35,353,774	$10,633,687	3.32	$24,720,087
St Bonaventure University	$35,494,620	$10,792,008	3.29	$24,702,612
East Tennessee State University Foundation	$37,348,954	$12,686,635	2.94	$24,662,319
Midland Area Community Foundation	$50,617,394	$25,957,226	1.95	$24,660,168
Alabama State University Trust for Educational Excellence	$29,995,665	$5,340,668	5.62	$24,654,997
Collegiate School	$40,749,829	$16,205,798	2.51	$24,544,031
Cal State Fullerton Philanthropic Foundation	$32,149,741	$7,616,546	4.22	$24,533,195
Brite Divinity School	$48,589,588	$24,109,077	2.02	$24,480,511
Bard College	$76,149,956	$51,720,090	1.47	$24,429,866
Sarah Lawrence College	$58,969,123	$34,589,721	1.70	$24,379,402
Pine Crest Preparatory School	$36,930,405	$12,574,258	2.94	$24,356,147
Eckerd College	$35,806,292	$11,451,908	3.13	$24,354,384
New York Historical Society	$34,937,058	$10,618,697	3.29	$24,318,361
Childrens Home of Cincinnati Ohio	$42,962,477	$18,716,442	2.30	$24,246,035
University of the Cumberlands	$27,299,689	$3,145,195	8.68	$24,154,494
The College of Idaho	$67,891,986	$43,744,953	1.55	$24,147,033
University School	$49,448,568	$25,309,940	1.95	$24,138,628
Siena College	$74,502,350	$50,368,669	1.48	$24,133,681
John G. Kenedy Jr. Charitable Trust	$68,169,282	$44,073,803	1.55	$24,095,479
Capital University	$41,542,217	$17,471,800	2.38	$24,070,417
Blake School	$36,675,382	$12,628,429	2.90	$24,046,953
Charleston Area Medical Center Health System	$30,641,040	$6,611,897	4.63	$24,029,143
DeSales University	$33,853,091	$9,859,917	3.43	$23,993,174
Montana Community Foundation	$42,180,470	$18,336,843	2.30	$23,843,627
Des Moines University Osteopathic Medical Center	$52,184,932	$28,345,264	1.84	$23,839,668
Pacific Lutheran University	$50,226,055	$26,396,839	1.90	$23,829,216
Lincoln Community Foundation	$45,955,172	$22,157,641	2.07	$23,797,531
Massachusetts Audubon Society	$48,113,851	$24,390,851	1.97	$23,723,000
National Humanities Center	$43,270,290	$19,566,921	2.21	$23,703,369
Guilford College	$54,632,087	$30,937,207	1.77	$23,694,880
Community Foundation of Eastern Connecticut	$44,058,466	$20,381,604	2.16	$23,676,862
Greenwich Country Day School	$29,521,187	$5,875,645	5.02	$23,645,542
Azusa Pacific University	$36,053,991	$12,495,449	2.89	$23,558,542
United Way of Central Indiana	$33,248,901	$9,690,455	3.43	$23,558,446
Gallaudet University	$80,658,231	$57,136,484	1.41	$23,521,747
New York Medical College	$34,247,722	$10,749,722	3.19	$23,498,000
Salve Regina University	$36,276,000	$12,805,000	2.83	$23,471,000
Southern New Hampshire Medical Center	$24,663,478	$1,194,302	20.65	$23,469,176
Concord Academy	$41,872,100	$18,421,813	2.27	$23,450,287
St Louis Community Foundation	$37,786,624	$14,359,401	2.63	$23,427,223
Philharmonic-Symphony Society of New York	$121,904,182	$98,529,055	1.24	$23,375,127
Tuskegee University	$50,583,645	$27,227,230	1.86	$23,356,415
Firemens Association of the State New York Foundation	$55,653,633	$32,320,642	1.72	$23,332,991
American Civil Liberties Union Foundation	$34,650,167	$11,325,012	3.06	$23,325,155
Hastings College	$24,325,949	$1,002,966	24.25	$23,322,983
Hawken School	$37,387,546	$14,098,258	2.65	$23,289,288
The University Foundation California State University Chico	$36,014,167	$12,730,273	2.83	$23,283,894
Washburn University Foundation	$44,004,885	$20,784,146	2.12	$23,220,739
Radford University Foundation	$30,771,970	$7,621,567	4.04	$23,150,403
KQED	$32,128,600	$8,981,747	3.58	$23,146,853
Winsor School	$41,169,702	$18,052,473	2.28	$23,117,229
Wentworth Institute of Technology	$47,260,595	$24,300,754	1.94	$22,959,841
Austin College	$68,387,332	$45,448,846	1.50	$22,938,486
Albright College	$36,051,676	$13,125,342	2.75	$22,926,334
Episcopal Academy	$33,307,444	$10,396,699	3.20	$22,910,745
Schreiner University	$31,599,787	$8,731,932	3.62	$22,867,855
Hartwick College	$40,471,247	$17,646,707	2.29	$22,824,540
St Johns School	$39,662,497	$16,927,522	2.34	$22,734,975
Chapin School Ltd	$48,249,489	$25,577,000	1.89	$22,672,489
Wingate University	$27,966,003	$5,323,358	5.25	$22,642,645
South Dakota School of Mines and Technology Foundation	$29,233,302	$6,620,615	4.42	$22,612,687
Texas Wesleyan University	$38,761,152	$16,219,182	2.39	$22,541,970
Rainbow Babies & Childrens Corporation	$42,401,955	$19,897,147	2.13	$22,504,808
Pennsylvania Horticultural Society	$42,293,730	$19,796,763	2.14	$22,496,967
Towson University Foundation	$28,499,860	$6,071,136	4.69	$22,428,724
Kansas City Art Institute	$31,941,499	$9,514,283	3.36	$22,427,216
Rosalind Franklin University of Medicine & Science	$39,649,267	$17,222,288	2.30	$22,426,979
Central New York Community Foundation	$41,539,115	$19,115,976	2.17	$22,423,139
Polytechnic School	$40,666,366	$18,249,291	2.23	$22,417,075
Franciscan University of Steubenville	$26,970,319	$4,596,903	5.87	$22,373,416
Saginaw Community Foundation	$37,906,786	$15,533,703	2.44	$22,373,083
Emma Willard School	$56,722,230	$34,409,657	1.65	$22,312,573
Palm Beach Atlantic University	$38,826,574	$16,557,657	2.34	$22,268,917
Capital Region Community Foundation	$49,664,535	$27,431,900	1.81	$22,232,635
The Research Foundation	$28,018,150	$5,809,456	4.82	$22,208,694
United Way of Greater Philadelphia and Southern New Jersey	$34,460,183	$12,320,874	2.80	$22,139,309
Portland State University Foundation	$33,710,377	$11,572,753	2.91	$22,137,624
Norfolk Academy	$29,492,207	$7,449,295	3.96	$22,042,912
Sutter Bay Hospitals	$47,698,593	$25,736,597	1.85	$21,961,996
Madison Alexander Cooper and Martha Roane Cooper Foundation	$22,583,805	$637,246	35.44	$21,946,559
Mary Hitchcock Memorial Hospital	$31,371,062	$9,425,627	3.33	$21,945,435
Hoag Memorial Hospital Presbyterian	$75,553,417	$53,624,320	1.41	$21,929,097
Christian Relief Services – 21st Century Campaign	$30,052,395	$8,226,896	3.65	$21,825,499
Eleutherian Mills-Hagley Foundation	$64,077,959	$42,270,839	1.52	$21,807,120
Lebanon Valley College	$35,118,443	$13,354,529	2.63	$21,763,914
Girl Scouts of the United States of America	$62,307,000	$40,585,000	1.54	$21,722,000
Cottey College	$57,178,781	$35,464,467	1.61	$21,714,314
Fresh Air Fund	$57,629,105	$35,922,863	1.60	$21,706,242
Houston Grand Opera Association	$32,564,652	$10,965,586	2.97	$21,599,066
Camphill Village Copake Foundation	$32,955,674	$11,401,750	2.89	$21,553,924
Segerstrom Center for the Arts	$36,426,118	$14,988,315	2.43	$21,437,803
Childrens Home Foundation	$30,344,285	$8,965,390	3.38	$21,378,895
Seattle Art Museum	$60,325,929	$39,020,577	1.55	$21,305,352
Flagler College	$25,731,109	$4,578,355	5.62	$21,152,754
Hadley School for the Blind	$52,471,026	$31,436,568	1.67	$21,034,458
Escuela Agricola Panamericana	$33,106,340	$12,114,541	2.73	$20,991,799
San Francisco State University Foundation	$37,128,764	$16,258,909	2.28	$20,869,855
Milwaukee Jewish Federation	$37,198,192	$16,365,319	2.27	$20,832,873
Helena Devereux Foundation	$61,618,249	$40,825,249	1.51	$20,793,000
Roland Park Country School	$37,423,923	$16,633,558	2.25	$20,790,365
Wheelock College	$34,969,342	$14,260,415	2.45	$20,708,927
Marshfield Clinic	$27,060,795	$6,358,585	4.26	$20,702,210
The Community Foundation of Greater Birmingham	$40,163,725	$19,481,885	2.06	$20,681,840
University of West Florida Foundation	$40,108,158	$19,434,397	2.06	$20,673,761
College of Central Florida Foundation	$30,916,618	$10,364,130	2.98	$20,552,488
Shenandoah University	$36,567,995	$16,037,917	2.28	$20,530,078
Better Health East Bay Foundation	$32,618,765	$12,097,542	2.70	$20,521,223
Massachusetts Historical Society	$45,992,301	$25,472,110	1.81	$20,520,191
Westminster College (Utah)	$32,980,245	$12,485,103	2.64	$20,495,142
Community Foundation of the Fox River Valley	$35,506,099	$15,047,961	2.36	$20,458,138
Saint Lukes Foundation	$31,495,458	$11,038,160	2.85	$20,457,298
Merrimack College	$29,595,087	$9,157,320	3.23	$20,437,767
Salem Academy & College	$38,299,524	$17,863,520	2.14	$20,436,004
Gemological Institute of America	$31,221,331	$10,834,906	2.88	$20,386,425
Center for Creative Leadership	$35,044,676	$14,690,999	2.39	$20,353,677
Nightingale-Bamford School	$35,874,007	$15,547,964	2.31	$20,326,043
Muskingum University	$34,446,944	$14,191,494	2.43	$20,255,450
Salisbury University Foundation	$24,253,886	$4,014,025	6.04	$20,239,861
Henry Ford Health System	$312,559,945	$292,330,954	1.07	$20,228,991
Artis-Naples	$31,956,000	$11,735,000	2.72	$20,221,000
Community Foundation of North Texas	$36,385,681	$16,184,763	2.25	$20,200,918
Minneapolis College of Art & Design	$30,656,459	$10,491,098	2.92	$20,165,361
Van Wert County Foundation	$30,361,511	$10,220,017	2.97	$20,141,494
Pickersgill	$28,040,706	$7,905,841	3.55	$20,134,865
Allen-Chase Foundation	$38,613,619	$18,494,601	2.09	$20,119,018
University of the Ozarks	$43,904,880	$23,789,482	1.85	$20,115,398
Scripps Health	$51,043,206	$30,979,206	1.65	$20,064,000
Community Foundation for Monterey County	$56,905,265	$36,911,961	1.54	$19,993,304
Hanover College Trustees	$71,483,634	$51,503,880	1.39	$19,979,754
Carroll University	$25,501,394	$5,591,198	4.56	$19,910,196
Presbyterian Healthcare Foundation	$29,674,418	$9,772,603	3.04	$19,901,815
Berks County Community Foundation	$37,528,199	$17,645,835	2.13	$19,882,364
Georgian Court University	$30,378,089	$10,514,089	2.89	$19,864,000
University of Northern Colorado Foundation	$47,244,699	$27,442,600	1.72	$19,802,099
Community Hospital of the Monterey Peninsula	$51,789,766	$31,989,264	1.62	$19,800,502
Nebraska Wesleyan University	$34,730,787	$15,003,072	2.31	$19,727,715
Park School Corporation	$27,730,544	$8,084,085	3.43	$19,646,459
Elmhurst College	$51,485,787	$31,853,605	1.62	$19,632,182
Bethune-Cookman University	$22,158,604	$2,568,347	8.63	$19,590,257
Lewis University	$21,998,621	$2,420,557	9.09	$19,578,064
Masonic Home of Missouri	$25,526,898	$5,951,668	4.29	$19,575,230
Ferris Foundation	$27,919,288	$8,344,897	3.35	$19,574,391
Nazareth College of Rochester	$37,481,288	$17,930,844	2.09	$19,550,444
Visions Services for the Blind and Visually Impaired	$28,145,098	$8,605,463	3.27	$19,539,635
Trinity Episcopal Schools Corporation	$39,098,652	$19,615,141	1.99	$19,483,511
Bellarmine University	$30,941,156	$11,464,709	2.70	$19,476,447
Southcoast Hospitals Group	$42,451,399	$22,983,605	1.85	$19,467,794
Lipscomb University	$40,257,702	$20,790,688	1.94	$19,467,014
Brooklyn Institute of Arts and Sciences	$27,380,226	$8,048,385	3.40	$19,331,841
Virginia Wesleyan College	$37,773,854	$18,453,007	2.05	$19,320,847
Appalachian State University Foundation	$34,046,376	$14,756,137	2.31	$19,290,239
Central Arkansas Radiation Therapy Institute	$63,469,148	$44,267,157	1.43	$19,201,991
Gardner-Webb University	$28,737,882	$9,546,088	3.01	$19,191,794
Longwood University Foundation	$25,698,323	$6,528,412	3.94	$19,169,911
Battle Creek Community Foundation	$49,505,062	$30,378,896	1.63	$19,126,166
Kent Denver Country Day School	$28,432,687	$9,340,188	3.04	$19,092,499
American Heart Association	$27,069,461	$8,018,530	3.38	$19,050,931
Pittsburg State University Foundation	$29,950,973	$10,905,456	2.75	$19,045,517
Rensselaer Polytechnic institute	$404,245,182	$385,207,866	1.05	$19,037,316
Murray State University Foundation	$24,229,102	$5,214,255	4.65	$19,014,847
Coe College	$46,540,371	$27,548,581	1.69	$18,991,790
John F. Kennedy Center for the Performing Arts	$59,730,599	$40,791,594	1.46	$18,939,005
New Jersey Performing Arts Center Corporation	$37,435,387	$18,539,679	2.02	$18,895,708
San Antonio Area Foundation	$32,735,204	$13,853,716	2.36	$18,881,488
University of Virginia McIntire School of Commerce Foundation	$30,482,470	$11,602,181	2.63	$18,880,289
Laurel School	$28,765,212	$9,942,445	2.89	$18,822,767
Taylor University	$40,830,652	$22,139,459	1.84	$18,691,193
Lucile Packard Foundation for Childrens Health	$40,529,283	$21,881,100	1.85	$18,648,183
Elmira College	$40,719,966	$22,085,052	1.84	$18,634,914
Honolulu Academy of Arts	$21,647,692	$3,016,419	7.18	$18,631,273
Fessenden School	$26,866,027	$8,242,440	3.26	$18,623,587
Population Council	$59,381,640	$40,775,822	1.46	$18,605,818
Clark Community College District 14 Foundation	$31,338,531	$12,769,419	2.45	$18,569,112
Madeira School	$37,615,886	$19,058,776	1.97	$18,557,110
Wittenberg College Board of Directors	$63,710,107	$45,164,662	1.41	$18,545,445
Episcopal Communities & Services for Seniors	$62,961,000	$44,434,000	1.42	$18,527,000
Jewish United Fund of Metropolitan Chicago	$40,912,299	$22,393,426	1.83	$18,518,873
The NRA Foundation	$25,828,237	$7,378,603	3.50	$18,449,634
Hathaway Brown School	$27,802,519	$9,370,500	2.97	$18,432,019
Chesapeake Bay Foundation	$33,109,554	$14,702,199	2.25	$18,407,355
Northwell Health Foundation	$21,272,139	$2,890,232	7.36	$18,381,907
Presbyterian Childrens Homes and Services	$42,689,125	$24,345,790	1.75	$18,343,335
Carroll College	$21,929,003	$3,602,990	6.09	$18,326,013
Brooks School	$42,310,652	$23,998,256	1.76	$18,312,396
Hebrew Home of Greater Washington	$20,271,655	$1,991,507	10.18	$18,280,148
Graham Hospital Association	$47,591,921	$29,312,804	1.62	$18,279,117
Episcopal Community Services of the Diocese of Pennsylvania	$30,900,394	$12,650,133	2.44	$18,250,261
New Hampshire Charitable Foundation	$38,799,349	$20,594,859	1.88	$18,204,490
The Waynesburg University	$34,039,512	$15,854,649	2.15	$18,184,863
University of Dallas	$34,425,835	$16,273,058	2.12	$18,152,777
Open Space Institute	$65,608,599	$47,515,663	1.38	$18,092,936
Indiana State University Foundation	$39,174,445	$21,081,609	1.86	$18,092,836
San Diego Symphony Foundation	$30,806,515	$12,926,713	2.38	$17,879,802
Childrens Dyslexia Centers	$27,144,902	$9,307,282	2.92	$17,837,620
Barrow Neurological Foundation	$22,731,832	$4,921,741	4.62	$17,810,091
Marist College	$21,971,523	$4,170,504	5.27	$17,801,019
Casey Trees	$40,982,977	$23,225,747	1.76	$17,757,230
Roosevelt University	$48,571,116	$30,833,171	1.58	$17,737,945
Carson-Newman University	$28,137,607	$10,512,578	2.68	$17,625,029
Grove City College	$58,477,339	$40,868,256	1.43	$17,609,083
Fargo-Moorhead Area Foundation Corporation	$34,433,081	$16,901,533	2.04	$17,531,548
Andrews University	$25,723,870	$8,196,883	3.14	$17,526,987
Saddleback Memorial Foundation	$30,718,280	$13,207,040	2.33	$17,511,240
Connecticut Humane Society	$33,068,123	$15,768,104	2.10	$17,300,019
Home for Aged Masons	$18,412,568	$1,177,292	15.64	$17,235,276
Massachusetts Society for the Prevention of Cruelty to Animals	$33,162,512	$16,019,272	2.07	$17,143,240
Allina Health System	$35,693,774	$18,616,862	1.92	$17,076,912
High Point University	$26,274,714	$9,255,046	2.84	$17,019,668
Antioch College Corporation	$32,109,525	$15,100,324	2.13	$17,009,201
Point Loma Nazarene University	$20,871,356	$3,878,173	5.38	$16,993,183
Atlanta Historical Society	$41,035,661	$24,160,544	1.70	$16,875,117
American Society for the Prevention of Cruelty to Animals	$27,948,858	$11,090,941	2.52	$16,857,917
Grand Haven Area Community Foundation	$23,755,085	$6,923,655	3.43	$16,831,430
Greenwich Hospital	$36,134,000	$19,307,000	1.87	$16,827,000
Robertson Research Fund	$44,923,458	$28,115,451	1.60	$16,808,007
Main Line Hospitals	$22,727,000	$5,925,000	3.84	$16,802,000
East Texas Baptist University	$34,300,367	$17,530,568	1.96	$16,769,799
Los Alamos National Laboratory Foundation	$27,381,136	$10,632,148	2.58	$16,748,988
Brearley School	$26,951,799	$10,231,176	2.63	$16,720,623
Beech Acres Parenting Center	$28,660,487	$11,953,382	2.40	$16,707,105
Mystic Seaport Museum	$38,252,323	$21,588,347	1.77	$16,663,976
Boys & Girls Clubs of Metro Atlanta	$42,949,578	$26,307,473	1.63	$16,642,105
Cornell College	$33,292,261	$16,753,162	1.99	$16,539,099
University of Nashville Montgomery Bell Academy	$34,535,147	$18,005,938	1.92	$16,529,209
Maryville College	$31,046,095	$14,536,782	2.14	$16,509,313
Ravinia Festival Association	$46,020,748	$29,597,054	1.55	$16,423,694
National Museum of Women in the Arts	$25,067,912	$8,653,190	2.90	$16,414,722
New England Baptist Hospital	$32,648,000	$16,255,000	2.01	$16,393,000
Southwest Initiative Foundation	$24,741,269	$8,349,781	2.96	$16,391,488
Saint Marys Hall	$26,590,835	$10,264,484	2.59	$16,326,351
Mississippi College	$19,973,359	$3,677,663	5.43	$16,295,696
Kent School Corporation	$40,081,358	$23,873,596	1.68	$16,207,762
Moody Bible Institute of Chicago	$22,065,587	$5,910,636	3.73	$16,154,951
Baltimore Symphony Orchestra	$43,403,909	$27,264,810	1.59	$16,139,099
Lincoln Park Zoological Society	$21,473,770	$5,362,784	4.00	$16,110,986
La Sierra University	$28,267,658	$12,176,179	2.32	$16,091,479
Roger Williams University	$38,128,563	$22,172,926	1.72	$15,955,637
UMass Memorial Health Care	$39,416,228	$23,557,010	1.67	$15,859,218
Buckner Foundation	$18,424,872	$2,572,050	7.16	$15,852,822
Ferrum College	$28,268,686	$12,425,046	2.28	$15,843,640
Hackensack Meridian Health	$16,714,204	$945,000	17.69	$15,769,204
San Diego Museum of Art	$43,195,570	$27,433,928	1.57	$15,761,642
Associated Jewish Charities of Baltimore	$167,331,000	$151,587,000	1.10	$15,744,000
Worcester Academy	$26,426,466	$10,689,422	2.47	$15,737,044
Maryville University of St Louis	$25,571,305	$9,843,716	2.60	$15,727,589
Western New England University	$26,739,368	$11,127,028	2.40	$15,612,340
Asbury College	$21,537,157	$5,996,492	3.59	$15,540,665
Central College	$38,821,802	$23,337,304	1.66	$15,484,498
Albany Law School	$20,021,782	$4,618,729	4.33	$15,403,053
Seattle Public Library Foundation	$25,080,364	$9,694,659	2.59	$15,385,705
Jewish Federation of South Palm Beach County	$68,765,141	$53,396,286	1.29	$15,368,855
Houston Symphony Society	$42,792,814	$27,432,450	1.56	$15,360,364
Pittsburgh Symphony	$74,304,767	$58,956,452	1.26	$15,348,315
Idaho State University Foundation	$26,403,528	$11,145,353	2.37	$15,258,175
Rabbi Isaac Elchanan Theological Seminary	$68,955,099	$53,767,299	1.28	$15,187,800
Connie Maxwell Childrens Home	$37,448,474	$22,275,168	1.68	$15,173,306
The White House Endowment Trust	$19,102,176	$3,929,492	4.86	$15,172,684
St Francis College	$40,949,271	$25,839,084	1.58	$15,110,187
Cleveland Society for the Blind	$39,257,638	$24,150,473	1.63	$15,107,165
Anti-Defamation League	$39,669,833	$24,574,231	1.61	$15,095,602
Marywood University	$19,733,600	$4,660,834	4.23	$15,072,766
Appalachian Mountain Club	$29,608,216	$14,596,110	2.03	$15,012,106
Northwestern College	$31,249,484	$16,249,343	1.92	$15,000,141
Franklin College of Indiana	$45,109,946	$30,168,190	1.50	$14,941,756
East Bay Community Foundation	$42,603,899	$27,676,901	1.54	$14,926,998
Yale New Haven Hospital	$56,866,649	$41,970,049	1.35	$14,896,600
Dayton Foundation Plus	$41,780,005	$26,930,817	1.55	$14,849,188
American Academy in Rome	$51,390,206	$36,550,956	1.41	$14,839,250
Wayne County Community Foundation	$32,533,562	$17,697,783	1.84	$14,835,779
Lankenau Medical Center Foundation	$15,759,252	$976,437	16.14	$14,782,815
Fountain Valley School of Colorado	$22,873,163	$8,128,269	2.81	$14,744,894
Trustees of the Endowment Fund of the Univ of Md School of Medicine	$23,333,434	$8,622,997	2.71	$14,710,437
Nelson-Atkins Museum of Art	$154,314,411	$139,673,049	1.10	$14,641,362
University of Mary Washington Foundation	$25,057,574	$10,419,478	2.40	$14,638,096
Norwich Free Academy	$22,714,695	$8,093,315	2.81	$14,621,380
McNay Art Museum	$21,823,707	$7,248,597	3.01	$14,575,110
Georgia Southern University Foundation	$22,482,401	$7,910,139	2.84	$14,572,262
Ithaka Harbors	$18,025,029	$3,465,079	5.20	$14,559,950
Mount Saint Mary’s University (Md.)	$27,872,528	$13,364,355	2.09	$14,508,173
Metropolitan Family Services	$27,781,746	$13,295,439	2.09	$14,486,307
Gordon Conwell Theological Seminary	$28,064,164	$13,600,327	2.06	$14,463,837
Heritage Valley Health System	$110,311,000	$95,982,000	1.15	$14,329,000
Florida State College At Jacksonville Foundation	$28,937,666	$14,618,337	1.98	$14,319,329
Childrens Mercy Hospital	$27,021,114	$12,702,242	2.13	$14,318,872
Bar Ilan University in Israel	$39,436,177	$25,118,677	1.57	$14,317,500
Methodist Childrens Home Society	$35,381,883	$21,095,019	1.68	$14,286,864
Wilson College	$54,222,819	$40,113,591	1.35	$14,109,228
Greater Miami Jewish Federation	$31,211,304	$17,157,124	1.82	$14,054,180
Albuquerque Community Foundation	$27,140,493	$13,108,240	2.07	$14,032,253
San Antonio Museum of Art	$27,633,832	$13,620,855	2.03	$14,012,977
Duluth Superior Area Community Foundation	$31,204,923	$17,231,723	1.81	$13,973,200
McMurry University	$25,661,783	$11,735,110	2.19	$13,926,673
Community Foundation of Howard County	$27,167,581	$13,261,227	2.05	$13,906,354
Wesleyan College	$29,341,788	$15,444,307	1.90	$13,897,481
Valencia College Foundation	$33,364,370	$19,478,436	1.71	$13,885,934
Felix E. Martin Jr. Foundation	$36,070,433	$22,186,736	1.63	$13,883,697
Asheville School	$25,184,520	$11,300,900	2.23	$13,883,620
Kennedy Krieger Foundation	$24,749,544	$10,905,554	2.27	$13,843,990
Miriam Hospital Foundation	$49,958,226	$36,121,675	1.38	$13,836,551
Spence-Chapin Services To Families and Children	$32,107,023	$18,307,992	1.75	$13,799,031
Ursuline College	$25,912,235	$12,135,989	2.14	$13,776,246
Cleveland Institute of Music	$16,931,795	$3,169,171	5.34	$13,762,624
Piedmont College	$27,318,362	$13,597,489	2.01	$13,720,873
The Menninger Clinic	$25,176,178	$11,527,639	2.18	$13,648,539
United States Ski Association	$28,728,390	$15,120,320	1.90	$13,608,070
Maine Medical Center	$45,254,537	$31,676,348	1.43	$13,578,189
Currier Museum of Art	$47,718,322	$34,161,178	1.40	$13,557,144
Armenian Church Endowment Fund	$30,456,092	$16,915,114	1.80	$13,540,978
South Coast Repertory	$25,499,265	$11,997,775	2.13	$13,501,490
Marsh Foundation	$16,064,331	$2,590,669	6.20	$13,473,662
Duke University Health System	$67,558,403	$54,103,819	1.25	$13,454,584
Lincoln University	$26,337,584	$12,896,610	2.04	$13,440,974
Boy Scouts of America 92 Atlanta Area Council	$21,010,747	$7,603,418	2.76	$13,407,329
Initiative Foundation	$24,580,647	$11,200,879	2.19	$13,379,768
Conner Prairie Museum	$53,590,345	$40,293,919	1.33	$13,296,426
Mississippi University for Women Foundation	$21,941,932	$8,681,763	2.53	$13,260,169
Columbus Jewish Foundation	$29,627,525	$16,380,753	1.81	$13,246,772
Brandywine Conservancy & Museum of Art	$45,981,694	$32,765,639	1.40	$13,216,055
YMCA of Metropolitan Hartford	$28,763,737	$15,607,315	1.84	$13,156,422
Boston Public Library	$42,241,857	$29,129,086	1.45	$13,112,771
Clay Center for the Arts & Sciences of West Virginia	$22,425,939	$9,425,648	2.38	$13,000,291
Marlborough School	$25,708,600	$12,771,900	2.01	$12,936,700
Asia Society	$38,476,985	$25,559,986	1.51	$12,916,999
Westminster Place	$19,364,084	$6,476,070	2.99	$12,888,014
New Canaan Country School	$20,806,277	$7,929,387	2.62	$12,876,890
Breck School	$30,546,970	$17,679,956	1.73	$12,867,014
Farmers Museum	$29,262,160	$16,457,750	1.78	$12,804,410
Shady Side Academy	$34,316,442	$21,512,437	1.60	$12,804,005
Bellingrath-Morse Foundation	$30,690,565	$17,921,170	1.71	$12,769,395
Billy Graham Evangelistic Association – Cove Endowment Trust Fund	$17,376,029	$4,659,201	3.73	$12,716,828
National Constitution Center	$26,357,617	$13,647,374	1.93	$12,710,243
Western Reserve Academy	$34,010,632	$21,327,508	1.59	$12,683,124
Permanent Endowment Fund of the Moody Memorial First United Method	$55,626,711	$42,972,666	1.29	$12,654,045
Pacific University	$20,098,688	$7,490,298	2.68	$12,608,390
Scottish Rite Masonic Museum & Library	$24,265,606	$11,668,419	2.08	$12,597,187
Los Angeles Jewish Home for the Aging	$51,256,530	$38,703,611	1.32	$12,552,919
Mars Hill University	$22,639,576	$10,093,823	2.24	$12,545,753
American Indian College Fund	$17,835,213	$5,328,744	3.35	$12,506,469
Fay School	$25,502,564	$13,031,727	1.96	$12,470,837
Pace Academy	$40,868,025	$28,508,092	1.43	$12,359,933
Lyric Opera of Chicago	$24,053,300	$11,764,899	2.04	$12,288,401
Natural Lands Trust	$24,222,734	$11,947,639	2.03	$12,275,095
Scripps Research Institute	$20,313,760	$8,041,647	2.53	$12,272,113
Houghton College	$22,890,441	$10,628,613	2.15	$12,261,828
Viterbo College	$19,362,689	$7,103,742	2.73	$12,258,947
Massachusetts Eye and Ear Infirmary	$56,850,382	$44,593,201	1.27	$12,257,181
Newberry Library	$27,737,000	$15,584,000	1.78	$12,153,000
Tennessee Technological University Foundation	$24,296,446	$12,159,201	2.00	$12,137,245
Westminster-Canterbury Foundation	$19,620,547	$7,562,667	2.59	$12,057,880
Grand Rapids Public Museum Foundation	$23,063,548	$11,040,452	2.09	$12,023,096
West Virginia Wesleyan College	$20,309,348	$8,303,513	2.45	$12,005,835
Adirondack Historical Association	$23,800,876	$11,803,505	2.02	$11,997,371
Jewish Federation of Palm Beach County	$36,765,986	$24,811,105	1.48	$11,954,881
Proprietors of the Boston Athenaeum	$39,802,547	$27,884,386	1.43	$11,918,161
New York Law School	$16,891,523	$4,984,799	3.39	$11,906,724
Erikson Institute	$23,479,474	$11,617,738	2.02	$11,861,736
Foundation for Indiana University of Pennsylvania	$50,334,825	$38,473,335	1.31	$11,861,490
Bethany Lutheran College & Seminary	$25,676,322	$13,853,931	1.85	$11,822,391
Institute of International Education	$43,121,629	$31,343,663	1.38	$11,777,966
HIAS	$36,165,977	$24,409,387	1.48	$11,756,590
Center Theatre Group of Los Angeles	$21,508,603	$9,765,131	2.20	$11,743,472
Governor Dummer Academy	$39,333,699	$27,619,585	1.42	$11,714,114
Dia Center for the Arts	$30,913,685	$19,253,876	1.61	$11,659,809
Northwest Florida State College Foundation	$15,986,500	$4,337,982	3.69	$11,648,518
Pinellas Community Foundation	$29,915,865	$18,334,060	1.63	$11,581,805
Elwyn	$17,773,261	$6,204,391	2.86	$11,568,870
Maine Coast Heritage Trust	$32,722,825	$21,182,421	1.54	$11,540,404
Portland Art Museum	$34,597,170	$23,102,900	1.50	$11,494,270
Jewish Federation of Greater Indianapolis	$19,384,304	$7,918,100	2.45	$11,466,204
Masonic Home and School of Texas	$23,818,782	$12,362,789	1.93	$11,455,993
Gordon College	$17,883,717	$6,440,568	2.78	$11,443,149
Spence School	$61,127,741	$49,695,760	1.23	$11,431,981
Retina Research Foundation Permanent Endowment Fund	$21,281,039	$9,938,669	2.14	$11,342,370
Community Foundation for Southern Arizona	$20,981,907	$9,700,424	2.16	$11,281,483
Pasco Hernando State College Foundation	$16,663,126	$5,390,541	3.09	$11,272,585
New Orleans Museum of Art	$17,705,229	$6,441,395	2.75	$11,263,834
Kimmel Center	$27,219,373	$15,961,198	1.71	$11,258,175
National Park Foundation	$23,870,578	$12,761,104	1.87	$11,109,474
Houston Baptist University	$47,668,474	$36,615,399	1.30	$11,053,075
Morris Animal Foundation	$15,733,339	$4,686,916	3.36	$11,046,423
North Carolina Textile Foundation	$15,961,323	$4,924,789	3.24	$11,036,534
Francis W. Parker School	$15,658,134	$4,631,877	3.38	$11,026,257
Virginia Historical Society	$26,085,850	$15,088,122	1.73	$10,997,728
Howard Young Medical Center Inc of Woodruff Wisconsin	$21,040,958	$10,057,932	2.09	$10,983,026
Santa Barbara Foundation	$26,145,293	$15,216,869	1.72	$10,928,424
Music Associates of Aspen	$30,683,710	$19,777,159	1.55	$10,906,551
World Learning	$24,985,537	$14,101,316	1.77	$10,884,221
Emporia State University Foundation	$46,266,052	$35,382,520	1.31	$10,883,532
Memorial Sloan Kettering Cancer Center	$244,067,524	$233,203,524	1.05	$10,864,000
Huntingdon College	$18,693,030	$7,857,458	2.38	$10,835,572
Menlo School	$15,896,000	$5,092,000	3.12	$10,804,000
Munson-Williams-Proctor Institute	$25,383,962	$14,600,364	1.74	$10,783,598
Emma Pendleton Bradley Hospital	$53,466,989	$42,715,218	1.25	$10,751,771
Wilkes University	$20,449,718	$9,706,524	2.11	$10,743,194
Foundation for California Community Colleges	$18,369,163	$7,663,653	2.40	$10,705,510
Marlboro School of Music	$17,378,634	$6,719,081	2.59	$10,659,553
Joslin Diabetes Center	$26,806,228	$16,153,071	1.66	$10,653,157
Jewish Federation of St Louis	$53,346,153	$42,704,277	1.25	$10,641,876
Methodist Theological School in Ohio	$21,354,180	$10,788,670	1.98	$10,565,510
Presbyterian Homes Foundation	$17,235,226	$6,684,503	2.58	$10,550,723
Grand Traverse Regional Community Foundation	$19,108,438	$8,643,640	2.21	$10,464,798
The State University College at Oneonta Foundation Corporation	$14,653,380	$4,197,126	3.49	$10,456,254
Northwest Iowa Hospital Corporation	$23,414,027	$13,038,777	1.80	$10,375,250
United States Olympic Endowment	$47,228,985	$36,866,161	1.28	$10,362,824
Concordia University – Lutheran Church–Missouri Synod	$17,627,504	$7,288,143	2.42	$10,339,361
Lick Wilmerding High School	$22,955,457	$12,650,211	1.81	$10,305,246
Rider University	$32,994,842	$22,707,724	1.45	$10,287,118
Florida Southwestern State College Foundation	$21,928,423	$11,709,285	1.87	$10,219,138
The Fuller Foundation	$23,723,807	$13,518,005	1.75	$10,205,802
New York Chiropractic College	$17,784,234	$7,609,302	2.34	$10,174,932
Friends University	$24,234,000	$14,085,000	1.72	$10,149,000
Keck Graduate Institute	$31,036,180	$20,958,112	1.48	$10,078,068
Jewish Federation of Metropolitan Detroit	$23,133,366	$13,056,442	1.77	$10,076,924
University of the Arts	$23,221,163	$13,163,033	1.76	$10,058,130
YMCA of Metropolitan Los Angeles	$33,241,996	$23,267,117	1.43	$9,974,879
Mary Bridge Childrens Foundation	$40,978,934	$31,117,776	1.32	$9,861,158
YMCA of Greater New York	$20,347,138	$10,645,035	1.91	$9,702,103
Texas Biomedical Research Institute	$74,268,594	$64,579,308	1.15	$9,689,286
Knights of Columbus Charities USA	$18,801,314	$9,118,647	2.06	$9,682,667
Lutheran Senior Services	$26,197,354	$16,550,256	1.58	$9,647,098
Reformed Theological Seminary	$16,710,100	$7,230,537	2.31	$9,479,563
Community Foundation Alliance	$22,438,942	$13,031,530	1.72	$9,407,412
Statue of Liberty Ellis Island Foundation	$15,866,977	$6,531,927	2.43	$9,335,050
American Jewish Committee	$36,501,977	$27,200,744	1.34	$9,301,233
Hiram College	$25,802,161	$16,637,915	1.55	$9,164,246
Shady Hill School	$21,408,563	$12,269,342	1.74	$9,139,221
American Enterprise Institute for Public Policy Research	$55,350,880	$46,241,620	1.20	$9,109,260
Buffalo Bill Memorial Association	$25,777,358	$16,699,982	1.54	$9,077,376
UT Southwestern Moncrief Cancer Center	$41,984,339	$32,915,141	1.28	$9,069,198
Annabella R. Jenkins Foundation	$20,909,994	$11,862,548	1.76	$9,047,446
Jewish Fund	$26,506,138	$17,461,184	1.52	$9,044,954
Golda Och Academy Foundation	$21,822,010	$12,802,104	1.70	$9,019,906
Academy of Natural Sciences of Philadelphia	$31,064,517	$22,123,350	1.40	$8,941,167
Community Foundation of Muncie and Delaware County	$22,119,462	$13,200,563	1.68	$8,918,899
Graceland University	$29,528,257	$20,728,934	1.42	$8,799,323
UMass Memorial Health Care – Group Return	$16,827,750	$8,060,939	2.09	$8,766,811
Pacific School of Religion	$21,071,950	$12,480,571	1.69	$8,591,379
Warren Wilson College	$27,739,079	$19,183,065	1.45	$8,556,014
Loomis Institute	$73,078,007	$64,530,183	1.13	$8,547,824
New College Foundation	$14,288,704	$5,768,367	2.48	$8,520,337
Santa Barbara Museum of Art	$31,621,177	$23,204,193	1.36	$8,416,984
Lagrange College	$32,539,993	$24,144,299	1.35	$8,395,694
Catholic Health Partners Foundation	$33,681,074	$25,344,595	1.33	$8,336,479
Joint Commission Center for Transforming Healthcare	$10,468,232	$2,220,022	4.72	$8,248,210
Holderness School	$21,135,682	$12,938,720	1.63	$8,196,962
Saint Francis Memorial Hospital	$17,883,677	$9,734,753	1.84	$8,148,924
Converse College	$8,483,588	$382,965	22.15	$8,100,623
Rowan University Foundation	$8,087,039	$0	0.00	$8,087,039
Newark Museum Association	$26,552,543	$18,542,578	1.43	$8,009,965
Western Kentucky University Foundation	$33,069,822	$25,126,265	1.32	$7,943,557
William and Mary Business School Foundation	$23,428,535	$15,495,069	1.51	$7,933,466
Cancer Foundation of Santa Barbara	$35,699,982	$27,768,942	1.29	$7,931,040
Troy Foundation	$15,553,417	$7,694,898	2.02	$7,858,519
ULI Foundation	$37,435,302	$29,585,477	1.27	$7,849,825
Newport Hospital	$29,131,648	$21,386,583	1.36	$7,745,065
Valley of the Sun United Way	$13,004,817	$5,354,424	2.43	$7,650,393
Oglala Lakota College	$20,656,835	$13,022,079	1.59	$7,634,756
Jewish Federation Council of Greater Los Angeles	$45,358,169	$37,757,345	1.20	$7,600,824
Westminster College (Mo.)	$26,749,842	$19,166,636	1.40	$7,583,206
Baystate Health Foundation	$20,599,290	$13,122,831	1.57	$7,476,459
Jewish Social Service Agency	$18,882,547	$11,438,442	1.65	$7,444,105
Historic Hudson Valley	$18,167,661	$10,724,059	1.69	$7,443,602
Central Florida Foundation	$18,598,224	$11,155,435	1.67	$7,442,789
Samuel Merritt University	$20,637,726	$13,201,606	1.56	$7,436,120
Park Tudor Trust	$46,798,446	$39,380,031	1.19	$7,418,415
National Council of Young Men’s Christian Associations of the USA	$36,751,261	$29,387,853	1.25	$7,363,408
Virginia Commonwealth University School of Business Foundation	$20,618,070	$13,349,192	1.54	$7,268,878
Orlean and Ralph W. Beeson Fund	$14,514,688	$7,249,540	2.00	$7,265,148
Academy of the New Church	$99,390,783	$92,538,378	1.07	$6,852,405
Mather Foundation	$16,757,978	$9,924,695	1.69	$6,833,283
Greenhill School	$23,456,116	$16,628,793	1.41	$6,827,323
USSA Investment Fund	$19,923,759	$13,157,174	1.51	$6,766,585
Give Kids the World	$23,852,190	$17,111,274	1.39	$6,740,916
Harrington Memorial Hospital	$21,617,415	$14,934,100	1.45	$6,683,315
Good Samaritan Foundation	$18,245,232	$11,611,482	1.57	$6,633,750
Guthrie Theatre Foundation	$20,905,765	$14,282,582	1.46	$6,623,183
Bethany College	$20,291,582	$13,791,788	1.47	$6,499,794
Lyon College	$19,270,790	$12,777,573	1.51	$6,493,217
San Francisco Conservatory of Music	$14,245,000	$7,792,000	1.83	$6,453,000
Cooperative for Assistance and Relief Everywhere	$43,722,949	$37,271,433	1.17	$6,451,516
School of American Ballet	$29,181,911	$22,735,530	1.28	$6,446,381
Solomon R. Guggenheim Foundation	$42,950,374	$36,600,785	1.17	$6,349,589
Aurora University	$21,268,106	$14,982,392	1.42	$6,285,714
South Texas College of Law Houston	$12,087,981	$6,101,541	1.98	$5,986,440
St Francis Hospital and Medical Center	$13,640,446	$7,748,379	1.76	$5,892,067
Reinhardt University	$18,871,422	$13,010,464	1.45	$5,860,958
All Church Home for Children Foundation	$23,795,369	$17,950,535	1.33	$5,844,834
Great Circle	$13,637,041	$7,885,377	1.73	$5,751,664
OhioHealth Corporation	$23,691,250	$17,966,812	1.32	$5,724,438
Childrens Hospital & Medical Center	$24,353,282	$18,949,624	1.29	$5,403,658
Julia Dyckman Andrus Memorial	$16,851,764	$11,505,570	1.46	$5,346,194
The Santa Fe Opera	$21,280,293	$15,965,790	1.33	$5,314,503
James A. Eddy Memorial Geriatric Center	$15,696,029	$10,437,171	1.50	$5,258,858
Seminole Boosters	$22,736,139	$17,527,006	1.30	$5,209,133
Marlboro College	$21,364,905	$16,168,367	1.32	$5,196,538
Methodist Home for Children	$14,999,782	$9,810,529	1.53	$5,189,253
Westminster College	$10,985,131	$5,913,683	1.86	$5,071,448
Helen Keller Services	$11,905,190	$6,877,714	1.73	$5,027,476
Pomfret School	$17,580,620	$12,584,495	1.40	$4,996,125
Williston Northampton School	$20,346,110	$15,397,244	1.32	$4,948,866
Methodist Health Foundation	$12,302,055	$7,397,640	1.66	$4,904,415
Chatham Hall	$29,693,732	$24,806,451	1.20	$4,887,281
Cape Cod Healthcare	$9,889,322	$5,032,341	1.97	$4,856,981
Mosaic	$21,128,764	$16,339,215	1.29	$4,789,549
YWCA USA	$26,403,194	$21,713,689	1.22	$4,689,505
Holton-Arms School	$34,263,007	$29,654,033	1.16	$4,608,974
Huntington Medical Research Institutes	$19,676,438	$15,112,007	1.30	$4,564,431
Stout University Foundation	$14,412,302	$9,940,090	1.45	$4,472,212
The Lowell General Hospital	$26,727,547	$22,346,043	1.20	$4,381,504
Prairie School	$12,936,824	$8,564,792	1.51	$4,372,032
Broward College Foundation	$4,077,592	$0	0.00	$4,077,592
Waterbury Hospital	$15,988,990	$12,044,993	1.33	$3,943,997
Science Museum of Minnesota	$28,189,694	$24,253,097	1.16	$3,936,597
Armand Hammer Museum of Art and Cultural Center	$39,110,922	$35,241,403	1.11	$3,869,519
Catholic Charities of Los Angeles	$20,577,558	$16,715,465	1.23	$3,862,093
Saint Paul Chamber Orchestra Society	$15,277,048	$11,566,841	1.32	$3,710,207
Georgetown College	$16,973,019	$13,283,263	1.28	$3,689,756
Boston Home	$20,733,877	$17,138,999	1.21	$3,594,878
Texas Scottish Rite Hospital for Crippled Children	$48,060,367	$44,557,832	1.08	$3,502,535
University of Alabama Huntsville Foundation	$16,168,538	$12,703,249	1.27	$3,465,289
New England Kurn Hattin Homes	$18,437,768	$15,046,446	1.23	$3,391,322
Hackensack University Medical Center	$71,179,266	$67,887,883	1.05	$3,291,383
St Catherines School Foundation	$20,477,871	$17,383,805	1.18	$3,094,066
University of Massachusetts Dartmouth Foundation	$19,755,596	$16,778,813	1.18	$2,976,783
Toyota Technological Institute At Chicago	$5,984,970	$3,064,685	1.95	$2,920,285
Christiana Care Health Services	$32,920,715	$30,044,413	1.10	$2,876,302
Womens Hospital Association of Flint Michigan	$15,536,085	$12,707,705	1.22	$2,828,380
Beebe Medical Center	$42,800,038	$39,987,495	1.07	$2,812,543
Mainegeneral Health	$95,108,868	$92,314,730	1.03	$2,794,138
St Christophers School Foundation	$36,791,786	$34,002,020	1.08	$2,789,766
The Ohio Masonic Home	$2,774,897	$27,144	102.23	$2,747,753
Sentara Healthcare	$21,126,044	$18,557,945	1.14	$2,568,099
The Foundation for Santa Barbara City College	$14,447,149	$12,274,749	1.18	$2,172,400
Oral Roberts University	$13,419,628	$11,254,857	1.19	$2,164,771
Carson Tahoe Regional Healthcare	$17,216,342	$15,150,596	1.14	$2,065,746
Council of Independent Colleges	$11,118,909	$9,083,825	1.22	$2,035,084
Santa Barbara Museum of Natural History	$15,939,281	$14,116,491	1.13	$1,822,790
Omaha Home for Boys	$20,439,234	$18,704,597	1.09	$1,734,637
Abbott Northwestern Hospital Foundation	$11,434,342	$10,133,040	1.13	$1,301,302
Orchard School Foundation	$12,969,941	$11,808,695	1.10	$1,161,246
Capital Impact Partners	$71,827,754	$70,717,386	1.02	$1,110,368
Cook Childrens Medical Center	$49,032,691	$48,124,951	1.02	$907,740
Shepherd Center	$2,531,384	$2,123,167	1.19	$408,217
United States Olympic Committee	$41,584,077	$41,326,511	1.01	$257,566
St Lukes Roosevelt Hospital Center	$150,787	$0	0.00	$150,787
Good Samaritan Hospital	$119,497	$0	0.00	$119,497
Planned Parenthood of New York City	$19,577,741	$19,575,741	1.00	$2,000
J.B. Speed Art Museum	$21,774,238	$21,831,851	1.00	$-57,613
Camp Wisdom	$10,786,450	$10,874,357	0.99	$-87,907
Wells College	$8,869,388	$9,062,768	0.98	$-193,380
New York Center for Living	$16,421,200	$16,753,708	0.98	$-332,508
Hawaii Pacific University	$34,289,633	$34,821,214	0.98	$-531,581
Spring Hill College	$16,693,000	$17,281,549	0.97	$-588,549
Archival Foundation	$21,783,534	$22,439,094	0.97	$-655,560
Abington Memorial Hospital	$13,416,854	$14,094,266	0.95	$-677,412
Depelchin Childrens Center	$27,864,247	$28,750,988	0.97	$-886,741
Society of the Four Arts	$23,779,869	$25,664,057	0.93	$-1,884,188
Archbold Expeditions	$9,819,458	$11,782,813	0.83	$-1,963,355
Edward M. Kennedy Institute for the United States Senate	$6,742,254	$8,983,193	0.75	$-2,240,939
Sweet Briar Institute	$55,947,080	$58,392,575	0.96	$-2,445,495
Young Harris College	$35,844,269	$38,495,572	0.93	$-2,651,303
Old Salem	$17,689,575	$20,419,294	0.87	$-2,729,719
St Louis Childrens Hospital Foundation	$48,464,605	$52,543,505	0.92	$-4,078,900
Omidyar-Tufts Microfinance Fund	$11,865,218	$15,973,660	0.74	$-4,108,442
Masonic Home of Virginia	$31,363,122	$35,608,286	0.88	$-4,245,164
Erskine College	$15,673,703	$20,291,707	0.77	$-4,618,004
The Paley Center for Media	$48,740,488	$53,433,973	0.91	$-4,693,485
Barberton Community Foundation	$27,118,405	$31,844,470	0.85	$-4,726,065
Virginia Home	$3,069,395	$7,973,338	0.38	$-4,903,943
Animal Rescue League of Boston	$24,271,408	$29,482,090	0.82	$-5,210,682
Birmingham-Southern College	$44,999,596	$50,353,422	0.89	$-5,353,826
Lucile Salter Packard Childrens Hospital at Stanford	$171,139,000	$176,903,140	0.97	$-5,764,140
Robert Morris University Illinois	$27,464,917	$33,270,231	0.83	$-5,805,314
Rabun Gap-Nacoochee School	$28,651,258	$34,806,587	0.82	$-6,155,329
Masonic Charity Foundation of New Jersey	$31,938,028	$38,402,786	0.83	$-6,464,758
Indiana Historical Society	$47,277,346	$53,762,371	0.88	$-6,485,025
Mount Sinai Hospital	$193,156,167	$199,944,887	0.97	$-6,788,720
Intermountain Community Care Foundation	$7,454,764	$16,070,865	0.46	$-8,616,101
St Barnabas Hospital	$20,577,929	$29,301,034	0.70	$-8,723,105
Hamilton Community Foundation	$14,321,047	$24,320,479	0.59	$-9,999,432
Forsyth Dental Infirmary for Children	$26,080,038	$37,273,788	0.70	$-11,193,750
St Josephs College	$26,842,816	$39,171,188	0.69	$-12,328,372
Riverside Military Academy	$15,959,903	$29,111,956	0.55	$-13,152,053
Memorial Health System	$25,855,320	$39,039,998	0.66	$-13,184,678
Columbia-Presbyterian Medical Center Fund	$66,490,771	$79,755,888	0.83	$-13,265,117
Pennington Medical Foundation	$9,718,802	$23,488,188	0.41	$-13,769,386
Presbyterian Homes & Family Services	$20,197,779	$34,422,333	0.59	$-14,224,554
Humility of Mary Health Partners Development Foundation	$7,467,153	$23,152,608	0.32	$-15,685,455
Richard U. Light Foundation	$37,051,339	$54,931,397	0.67	$-17,880,058
Amherst H. Wilder Foundation	$92,691,292	$111,193,179	0.83	$-18,501,887
Starr Commonwealth	$38,504,306	$57,695,889	0.67	$-19,191,583
The Partnership for Inner-City Education	$16,481,707	$37,701,686	0.44	$-21,219,979
Hebrew Home for Aged Disabled	$16,905,796	$39,238,916	0.43	$-22,333,120
Overlook Masonic Health Center	$39,979,496	$66,391,781	0.60	$-26,412,285
YMCA of Metropolitan Chicago	$78,588,313	$106,604,061	0.74	$-28,015,748
Minnesota Orchestral Association	$28,306,575	$61,527,415	0.46	$-33,220,840
Philadelphia Orchestra Association	$49,206,220	$83,818,462	0.59	$-34,612,242
University of Wyoming Foundation	$295,038,531	$331,860,384	0.89	$-36,821,853
Harrison County Community Foundation Support Organ	$37,706,824	$80,244,781	0.47	$-42,537,957
Boy Scouts of America	$100,896,131	$146,417,424	0.69	$-45,521,293
Givewell Community Foundation	$112,575,196	$158,272,048	0.71	$-45,696,852
Community Foundation of Herkimer and Oneida Counties	$55,162,972	$101,958,694	0.54	$-46,795,722
Aurora Health Care Foundation	$23,446,892	$76,336,986	0.31	$-52,890,094
Aurora Health Care	$24,366,433	$77,835,063	0.31	$-53,468,630
Regent University	$54,391,000	$113,777,000	0.48	$-59,386,000
Central Indiana Community Foundation	$177,013,146	$252,119,963	0.70	$-75,106,817
Albuquerque Academy	$34,565,023	$130,880,225	0.26	$-96,315,202
Masonic Education and Charity Trust	$57,112,667	$173,532,433	0.33	$-116,419,766
The Nemours Foundation	$142,453,937	$297,024,711	0.48	$-154,570,774
Elizabeth Gamble Deaconess Home Association	$121,439,938	$325,724,695	0.37	$-204,284,757

Source: Chronicle analysis of IRS 990 filings.

Fast Growth

Endowment gains as reported to the Internal Revenue Service are the result of contributions, investment earnings, and consolidations. Decreases come from investment losses and spending on such things as grants, scholarships, programs, facilities, and administrative costs.

Among the hospitals and medical centers that built up money quickly was the Mayo Clinic in Rochester, Minn., according to informational tax documents it filed. It added $3.2 billion to its endowment from 2010 through 2015 — the result of fundraising to support research and other parts of its operation — while $361 million left the fund.

Others that stowed away money at rates well above the median were Olathe Medical Center in Kansas, Sanford Health in the Dakotas, and Northwestern Memorial HealthCare in Chicago. Still, these endowments remain far smaller than the multibillion-dollar ones at the top of the list, mostly universities.

Shriners Hospitals for Children, the country’s richest nonprofit hospital organization with an endowment of $7.8 billion, added $2.7 billion — the result of investment returns — to its holdings from 2010 to 2015 while $2.2 billion went out, its tax documents show.

By the end of 2015, Liberty University, in Lynchburg, Va., had added more than $1 billion, the bulk of it from contributions, to what was in 2010 a $54 million endowment. Over the same period, about $2.3 million left the endowment. That’s about $444 in for every $1 out. Nearly all of the university’s endowment is quasi-restricted. (See Page 31 for an explanation of restricted endowments.)

Other higher-education institutions that added to endowments at a relatively fast rate include National University in La Jolla, Calif., Endicott College in Beverly, Mass., and Mercy College just outside of New York City.

Harvard University, which holds the largest nonprofit endowment, added $2 for every $1 spent during the six-year span. It closed out its fiscal year 2015 with $36.4 billion.

Other types of nonprofits that reported money coming into endowments much faster than money going out were the Milton Hershey School and School Trust, Misericordia Home, the Carter Center, and the Southern Poverty Law Center.

Weighing Future Needs

The Special Operations Warrior Foundation aims to increase its endowment holdings, which total about $103 million, to about $185 million, said Mr. Elbare. That’s how much the charity’s most recent actuarial projections show it needs in the coming decades to pay for postsecondary education for all surviving children of U.S. special-operations soldiers killed on the job, the Tampa, Fla., nonprofit’s core mission.

With $102 million in quasi-restricted endowment funds and $900,000 permanently restricted, the foundation is on its way. From 2010 to 2015, its endowment gained $64 million while $2.3 million went out, according to The Chronicle’s analysis.

Mr. Elbare said the endowment gained traction in the early 2000s when the nonprofit ratcheted up its fundraising. The group’s work resonates with supporters, he said, and as annual donations eclipsed operating expenses, the nonprofit’s board began saving and investing the surplus cash.

So far, the foundation has paid for postsecondary education for 280 individuals, Mr. Elbare said. At any given time, 150 to 160 beneficiaries are in college, and 700 children are currently in the pipeline.

The organization listed total revenue of $17.2 million, including $10.8 million in contributions and grants, on its 2015 Form 990, the most recent available. It listed expenses of $9 million.

“We are certainly not in the mode, nor do I think we would ever be in the mode, of just raising money to raise money and just run up the score,” Mr. Elbare said. “The board’s attitude is that we have a very clearly defined mission, and once we have accumulated enough money to be reasonably sure that we’re going to be able to fund it, they don’t have any interest in continuing to add to it beyond that.”

To meet its obligations to surviving children, the nonprofit needs to be ready for economic slowdowns and spikes in demand, Mr. Elbare said. A single incident can bring multiple additional children to the nonprofit, as occurred in 2011 when a U.S. military helicopter crashed in Afghanistan, killing 38 people.

“There could be something in North Korea or Pakistan or Syria that could cause a whole lot of casualties, and we could be back in a situation like we had back in the height of the Iraq War where we are picking up lots and lots of new kids to educate every year,” he said.

A Tendency to Accumulate

Some critics say that some nonprofits are sitting on too much cash. Charitable donations are not a well at risk of running dry, they argue. Groups with successful fundraising operations can be sure dollars will flow in future years, meaning there is no reason to hold large reserves.

“We don’t have infinite charitable resources. We have to accomplish as much as we can with the limited charitable resources we have,” said Daniel Borochoff, president of the watchdog group CharityWatch, which gives the Special Operations Warrior Foundation failing marks for the size of its endowment. “So if groups decide to stockpile it, then that money is not freely available. It is not available to groups that would be using it to help people in need that are not receiving help, particularly with the government cutbacks.”

The nonprofit Special Operations Warrior Foundation pays for post-secondary education for the children of special operations personnel killed in action. It has added tens of millions of dollars to its endowment in the last half dozen years.

Governance structures and tax treatments of nonprofits create a tendency toward accumulation, say some who have studied them. Among other things, an endowment-fund balance is easy to measure. It might be hard to state in a year-end report that an organization boosted access to education and economic opportunity, but a growing endowment is something CEOs and board members can cite as a sign of good leadership.

No manager wants endowment holdings to shrink or, worse, for a nonprofit to close up shop on his or her watch. It raises the question: Is the endowment serving the nonprofit and its mission, or is the nonprofit serving the endowment?

“If organizations tend to manage the endowment so it grows significantly, that’s partly because at institutions, the size of the endowment has become far more important than it should be,” said Mr. Cantor, the nonprofit consultant.

At some organizations, critics say, there is evidence of this. They point to the Great Recession of 2008 and ’09, during which many universities with big endowments cut staff and spending rather than dipping into long-accumulating endowment dollars.

“There is a natural tendency to see the permanence of the institution, the nonprofit, as being much more important than the people it serves,” said Henry Hansmann, a professor at Yale Law School who has written extensively about nonprofits. “The thought isn’t, ‘How can we spend this money in the most effective way to help society?’ but ‘How can we manage our finances to make sure we survive in perpetuity?’ ”

No Requirements

Unlike private foundations, which must distribute 5 percent of their assets each year, there is no legally required payout for nonprofit endowments. That means money can be added and invested for maximum growth in perpetuity. Indeed, in some cases, the legal terms of charitable gifts require exactly that.

“None of us, including Congress, can override the intentions of the donor,” Mr. Cantor said. “We can’t say that the money can be redirected to provide scholarships for undergrads with financial need. That’s not the way endowments work.”

The United Way of Central Indiana closed out fiscal year 2015 with an endowment of $81 million, a far cry from that of many universities but comparatively large for many charities. It added $33.4 million to its endowment during the six-year span analyzed by The Chronicle, most of it the result of investment gains, while $9.9 million went out. The bulk of the endowment originated with a $50 million grant from the Lilly Endowment in the late 1990s that required the United Way to retain the principal plus inflation, said Gina Miller, the Indiana group’s chief financial officer. The aim was to use investment returns to cover the charity’s overhead costs. United Way of Central Indiana has a policy of spending up to 5 percent of the balance per year, depending on investment performance.

It’s a great selling point with donors, Ms. Miller said, when she can tell them a larger share of their contributions will go directly to help people because the organization has a source of money to cover administrative costs. “That really resonates with people,” she said.

The Museum of Fine Arts, Houston, typically draws on just under 5 percent of its partially restricted $1.1 billion endowment each year, said director Gary Tinterow. Anything beyond that would require special circumstances and a recommendation from the museum’s budget committee. The roughly $50 million in operating revenue the endowment produces covers half of the museum’s annual budget. About $30 million is used for operations and $20 million for art purchases.

The endowment roughly doubled in the 2000s, Mr. Tinterow said, the result of two large bequests from longtime benefactors of the institution. From the beginning of 2010 through the end of 2015, the museum added $703.7 million to its endowment, the majority of it investment returns, while spending $310.5 million from the fund.

When asked why the museum needs to maintain such a large endowment, Mr. Tinterow described the fund as “absolutely essential.”

“If you were to eliminate the endowment component, we would have to reduce our operations by 50 percent,” he said.

“So rather than employing 630 people, we would only employ 330 people,” he continued. “Rather than doing 12 exhibitions a year, we would do six exhibitions a year.”

The museum director said he has followed the congressional debate over university endowments, and he can imagine some lawmakers might consider nonprofits a good target for solving some budget problems. But taking an action like taxing the largest nonprofit endowments, he argues, is neither a new idea nor a good one.

“To tax institutions like museums or libraries means that those museums and libraries or hospitals will just do less. They will provide less in the community,” Mr. Tinterow said. “And is that what those congressmen who want to tax such institutions, is that what they want to do? Do they want to do less for the community?”

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