University endowment posts ‘strong’ gain in FY 2024
Read the full story by James Dean in the Cornell Chronicle.
Cornell’s endowment returned 8.7% in the fiscal year ending June 30, adding nearly $860 million in net investment gains to close with a value of approximately $10.7 billion, according to the Office of University Investments.
Over the past five years, the endowment has generated an annualized 10% return, exceeding the annualized benchmark return of 9%.
“The university endowment achieved a strong gain in FY 2024,” said Chief Investment Officer Kenneth Miranda. “The endowment is intergenerational in its time horizon, and we will continue to maintain the diversification and long-term structure necessary to withstand changes in market conditions.”
Cornell’s endowment consists of more than 8,000 individual accounts, the vast majority of which are restricted by donors for specific purposes for the lifetime of the university. The endowment is invested to generate funds in perpetuity that support mission-critical priorities including financial aid and other student support, research, academic programs, faculty salaries and stipends, and facilities.