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Endowments returned only 3.8% on average over the last five years--well below the 5% nonprofit payout rate required by the Internal Revenue Service--despite reporting an average 2004 return of 15%, according to the 2004 Endowment Study by the National Association of College and University Business Officers and TIAA-CREF.
Endowments By Size (USDbillions)
Endowment __ 2004 Endowment __ 2003 Endowment __ Percent Change in Endowment
Harvard University __ 22.1 __ 18.8 __ 17.50%
Yale University __ 12.7 __ 11 __ 15.50%
University of Texas System __ 10.3 __ 0.8 __ 18.70%
Princeton University __ 9.9 __ 8.7 __ 13.70%
Stanford University __ 9.9 __ 8.6 __ 15.20%
Massachusetts Institute of Technology __ 5.9 __ 5.1 __ 14.30%
University of California __ 4.8 __ 4.3 __ 9.10%
Emory University __ 4.5 __ 4 __ 12.80%
Columbia University __ 4.5 __ 4.3 __ 3.50%
Texas A&M Univeristy Systems...