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Brown University endowment hits record high of $4.7B

October 1, 2020 GMT

PROVIDENCE, R.I. (AP) — Brown University’s endowment has reached a record high of $4.7 billion.

The Ivy League university in Providence announced the updated figure on Thursday. School officials said the welcome news is the result of a 12.1% return during the fiscal year that ended June 30.

Brown’s endowment contributed $171 million last year to the university’s operating budget that includes financial aid, faculty pay and research.

Overall, the endowment has contributed more than $1.6 billion to Brown’s operating budget since 2010.

Brown’s endowment still lags behind Ivy League counterparts Harvard, Princeton and Pennsylvania. Harvard has the nation’s largest endowment at more than $39 billion.