Endowment Hits Historic Highmark at Fiscal Year End
Rate of return beats S&P 500 over past 10 years
September 3, 2013
The Dickinson endowment stood at $388.6 million at the close of the 2013 fiscal year (FY), which ended June 30, 2013, but to Steve Hietsch, interim chief financial officer, this level only implies more to come. "As far as fiscal year-end amounts go, this is our highest ever," he says. "Now we're looking forward to the day when we pass the $400-million mark."
During the 10 years ending June 30, 2013, the endowment had an average annual rate of return of 9.4 percent, versus 7.3 percent for the S&P 500, a common benchmark for investment performance. Also, while the comparative FY13 numbers are not in yet, the endowment ranked in the top 10 percent among all colleges and universities in annual return during the 10-year period ending June 30, 2012 (FY12 NACUBO/Common Fund Study of Endowments).
More than just statistics, these numbers make a difference in the lives of students and other members of the Dickinson community.
"Many people don't realize that the endowment contributes more than $6,000 per year per student to Dickinson," says Hietsch, noting that in FY 2013, $14.7 million of endowment income was made available to the college for everything from financial aid and internships to Clarke Forum and visiting-author programs.
"That's an invaluable contribution to the Dickinson community," says Hietsch. "The endowment is a great expression of the faith that alumni and friends have in the future of Dickinson."