Texas Tech University System Endowment Continues Growth in Support of Students and Faculty
The system’s endowment reached a record $1.33B, following a strong annual return of 9.06 percent.
Highlighting the continued growth of its endowment and the lasting impact of gifts to its universities, the Texas Tech University System released its annual endowment figures for 2018.
The results comprise the system’s annual endowment report, which is shared with endowment donors each December after financial statements are reported to the state. The full report can be found on the newly updated site give2tech.com/endowmentreport.
Invested for long-term growth, the Texas Tech University System endowment provides a perpetual source of funding for the system’s four universities. Donors who make a gift to the endowment designate how those moneys will be used to further the institutions’ teaching, research and patient care missions.
Student and faculty support remain the two biggest categories funded by the endowment, with almost half of the endowment designated for undergraduate scholarships and graduate fellowships. Other areas include academic programs, research, museums, facilities and a wide range of other activities.
“Alumni and donors who give to our endowment invest in our universities’ long-term success,” said Patrick Kramer, vice chancellor for Institutional Advancement for the Texas Tech University System. “These special gifts provide a sustaining source of funding that benefits students and faculty today and for generations.”
The Texas Tech University System endowment generated an investment return of 9.06 percent for the fiscal year that ended August 31. The third consecutive year of earnings brings the ten-year return to 5.88 percent.
Since the system’s creation in 1996, more than $563 million in total earnings have been distributed to the four constituent universities.
“Our universities rely on earnings from the endowment to offer financial support to students, support teaching and research activities, and fund strategic initiatives,” said Gary Barnes, vice chancellor and chief financial officer for the Texas Tech University System. “We are mindful of our stewardship of these gifts, and our balanced investment approach continues to demonstrate success, as it has for more than two decades.”
The market value of the Texas Tech University System endowment grew to approximately $1.33 billion during the same reporting period, which places it among the top 10 percent of more than 800 U.S. college and university endowments according to the 2017 NACUBO-Commonfund Study of Endowments.
The Texas Tech University System endowment is made up of more than 4,000 funds that are invested and managed for the benefit of Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso.