Endowments at colleges and universities saw significant gains in fiscal 2024, with local schools recording hundreds of millions of dollars in investment returns, writes Ryan Mulligan for the Philadelphia Business Journal.
The University of Pennsylvania, with one of the largest endowments in the nation at $22.35 billion, grew by 6.6 percent compared to the previous year — its largest gain in three years. Penn reported a 2024 endowment investment return of $1.45 billion and endowment spending of $1.06 billion.
Thomas Jefferson University’s endowment reached $2.91 billion in 2024, marking a growth of 9.25 percent. The school reported an endowment investment return of $251.1 million and endowment spending of $182.45 million.
Drexel University’s endowment grew by 10.8 percent in 2024, broke over one billion at $1.07 billion. Drexel reported $73.37 million investment return and $53.54 million spending.
Temple University’s endowment grew by 10.35 percent in 2024, reaching $960.93 million. Meanwhile, Temple reported an investment return of $76.71 million and endowment spending of $30.1 million.
Saint Joseph’s University was the only local school to see its endowment shrink slightly — by 0.007 percent. The school’s endowment of $467.75 million gemerated returns of $71.07 million and endowment spending of $82.87 million, which included $31.66 million for the acquisition of Pennsylvania College of Health Sciences.
Read more about Philadelphia’s college endowments in the Philadelphia Business Journal.
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