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By PBN Staff
By PBN Staff
PROVIDENCE – Brown University reported a 12.6 percent return on its investments for fiscal year 2013, up from a 1 percent return a year earlier, the university announced Tuesday.
The long-term pool, which includes the endowment and other university funds, rose to a market value of $2.86 billion as of June 30. In fiscal year 2012, the endowment closed with a market value of $2.52 billion.
“The endowment is a critical part of Brown’s operating budget, providing essential funding for need-blind admission, endowed professorships and all of our academic programs, institutes and centers,” said Brown President Christina Paxson, in a release. “Income from the endowment contributed nearly 16 percent of the University’s operating budget for the 2013 fiscal year – approximately $16,000 per student.”
Forty-four percent of current Brown undergraduates receive financial aid directly from the university, for which Brown budgeted $90.1 million in the 2013 fiscal year, the release stated.
The endowment also supports graduate student fellowships, library acquisitions, the Division of Biology and Medicine, all varsity sports and building maintenance.