By: Rich Meyer ~Staff Writer~
Xavier University saw a large increase in endowments for both the calendar year and fiscal year in 2013.
“As of June 30, 2013, the endowment was $132.5 million and had increased by over $15 million over the previous year,” Senior Vice President and Chief Financial Officer Beth Amyot said. “As of Dec. 31, 2013, the endowment had grown to $144.7 million.”
According to an article written in the Cincinnati Business Courier, the percent increase in endowment Xavier saw last year was the greatest among all local universities, including University of Cincinnati, Northern Kentucky University (NKU) and Miami University. The average percent increase in 349 universities studied nationwide was 10 percent. Both Xavier and NKU increased more than this.
“The main reason for the endowment increase was investment performance,” Amyot said. Xavier’s endowment returned 13.6 percent for the (fiscal) year ended June 30, 2013 and 18.1 percent for the calendar year 2013.”
The increase in the university’s endowment happened in part because of good investment in the stock market by Xavier faculty members.
“The primary driver of the endowment return was the United States’ equity market, and Xavier’s endowment was positioned well with over 40 percent of the endowment invested in United States’ equities,” Amyot said. “Asset allocation decisions are made by the Investment Advisory Committee of the Board of Trustees and Xavier management.”
The rising stock market was not the only factor in the increase in endowment. Xavier also relies on monetary giving from outside the university.
The extra money from the endowment goes directly back into the university.
“The generosity of our alumni, friends, corporations and other organizations in contributing gifts to Xavier’s endowment has a lasting impact as their gifts are invested in perpetuity and the distributions are applied for student scholarships and other priorities and programs,” Amyot said.
Categories: Campus News