Pitt's $2.6 billion endowment in 2012 was 25th largest in the nation, survey finds
The University of Pittsburgh's $2.6 billion endowment for 2012 was the 25th largest in the nation after posting a change of 3.6 percent in its value, a new survey found.
Harvard's $30.4 billion endowment continued to rank at the top of the list even after its value declined 4.1 percent from 2011, according to the annual survey by the National Association of College and University Business Officers and the Common Fund.
Colleges typically tap a portion of the earnings from their endowments — which consist of gifts from individuals and businesses — each year. The money can be used to underwrite scholarships and operating costs or endow professorial chairs, depending on donor restrictions.
Penn State University's endowment ranked 36th in size with a 3.2 percent gain since 2011, while Carnegie Mellon's endowment fell to $987 million from $1 billion, leaving it in 72nd place.