NTSE Frequently Asked Questions

When are the NTSE data collected, and when does the final report become available?

NOTE: Data from the 2022 NACUBO-TIAA Study of Endowments were posted on February 17, 2023. To view these results, please go to NACUBO-TIAA Study of Endowments

Results from the NACUBO-TIAA Study of Endowments are based on a web-based survey that is sent to approximately 1,100 colleges, universities, and affiliated foundations in the United States. Data collection begins in September of each year and usually ends by mid December. Final results are usually posted to the NACUBO web site by mid February. Data collection for the fiscal year 2023 study began in September 2023. Final results will be posted in February 2024.

My school/organization participated in the NTSE. Do I get a free copy of the report?

Participating organizations can order a complimentary copy of the report by sending an email to NCSE@nacubo.org

My organization was a sponsor of the NTSE. Am I also eligible for a free copy of the final report.

Current sponsoring organizations should also email NCSE@nacubo.org to receive free access to the Study.

How do I purchase the NTSE final report?

The NTSE report is an online products that can be purchased through NACUBO's online bookstore. The purchase price for NACUBO members is $250 and $1,500 for non-members. The online product provides instant access to all Study results, including an executive summary. Please note that all staff at participating institutions and Study sponsors have complimentary access to the final report. If you are a Study participant or sponsor and have NOT yet received online access to the report, please contact NCSE@nacubo.org.

May I preview some of the tables before purchasing the NTSE?

Click here to see a listing of all the tables and figures that are included in the report. The Public NTSE Tables page also includes a summary of the key findings of the report. 

Are there any free data tables available from the NTSE?

A free set of tables may be viewed and downloaded from the Public NTSE Tables page. Free tables include an Excel file that provides a listing of all participating institutions by their total endowment market value; overall average and median annual investment rates of return for the past ten years; annualized rates for return for the past one-, three-, five-, and ten-year periods by endowment size and institution type; average asset allocations by endowment size and institution type for the most recent year; and average annual spending rates by endowment size and institution type for the past ten years Free data from past endowment studies are also available from our Historic Endowment Study Data page.

Will I have access to information about investment managers?

No contact information for institutional or investment fund managers is provided in the NACUBO-TIAA Study of Endowments.

How may my institution participate in the next NTSE?

If your college or university participated in the most recent NTSE, you will automatically receive information about the next Study in late summer. If you have not received a survey invitation, or if you are at an institution that wants to participate for the first time, please click on the Future Endowment Study Participation link.

Are any NTSE data available for academic research?

Unfortunately, due to the confidentiality agreement we have with our participating institutions, NACUBO is unable to make any institutionally specific data from the NTSE available for academic journal articles, master's or doctoral theses or dissertations, or other academic projects. Academics may use any of the information from our Public NTSE Tables page and our Historic Endowment Study Data page for their research. 

I am interested in purchasing the institutionally specific dataset. What does this dataset include?

The dataset (which is available for the 2019, 2020, 2021,and 2022 endowment studies only) provides the investment returns, asset allocations, and endowment spending rates for each of the institutions that participated in the endowment study. The asset allocations include: the percentages of endowment assets invested in U.S. and non-U.S. stocks and bonds/fixed income, and the percentages of endowment assets invested in each of the alternative strategies categories collected in the Study (such as private equity, real estate, venture capital, hedge funds/marketable alternatives, etc.) NOTE: while the dataset contains institution-specific data, the data are anonymized, which means that the school names and other identifying characteristics are hidden by code numbers. We do NOT provide any code sheets or other ways to identify any individual schools or set of schools in this dataset. Click here if you'd like to see a listing of all the variables available in this dataset.

The NTSE tables say that the investment returns are reported "net of fees." What does this mean?

In the NTSE, the investment return is the time-weighted rate of return of the institution's endowments over a given period, including interest and dividends as well as any appreciation or depreciation (capital gains and losses), both realized and unrealized. To the extent possible, NTSE participants report  their investment returns that exclude any external investment management fees and expenses that are directly attributed to investment activities.

How is the average net return calculated?

The study team calculates the overall average net returns from the respondents based on the arithmetic mean (average) returns reported to the NTSE by the Study participants. Participants report returns for each given time period (e.g., one-year, three-year average annualized, five-year average annualized, etc.) for the year ending June 30. Because the number of institutions participating annually changes, and because the number of participants reporting returns for each time period changes yearly, you CANNOT calculate the average return for a given time period by taking the average returns for one time period and dividing it by the number of years in the time period.

The endowment survey includes net one-year returns for the year ending June 30. Are the returns for private equity, venture capital, and other alternative assets also reported for the year ending June 30? Are the returns for these asset classes "lagged"?

In the instructions for the most recent annual endowment survey, and on the survey questionnaire, we give the following instruction: “Note: Net investment returns for private equity, venture capital, and marketable alternatives should be reported for the one-year period ending June 30, 2022, with no ‘lagged’ or alternative time periods considered.” Given this very clear instruction, we assume that the returns for these and all other asset classes are reported for the period ending June 30. However, we should note that ALL of the data in the endowment survey report, including returns by asset class, are self reported, with no easy way to to provide independent verification. It is therefore possible that some survey respondents reported returns for periods prior to June 30.

Do you provide the returns by individual asset class?

The full NTSE final report provides one-year returns (net of fees) for each asset class--including public and private equities, bonds, and alternative strategies. However, we do not collect or report returns for these asset classes for any annualized periods beyond one year (i.e, we do not report asset class returns for three-, five- or ten-year average annual periods.) In the NTSE final report, DO provide overall endowment returns for periods beyond one year.

My company/organization is interested in becoming an NTSE sponsor. How do we do this?

Learn more about sponsoring the NTSE. Click here to view the list of sponsors of the most recent NTSE.

I don't see the answer to my question here.

If you need further assistance with the NACUBO-TIAA Study of Endowments, please contact the us NCSE@nacubo.org