[9][10] Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research. On June 30, 2021, the portfolios exposure to fossil fuels was 2.9%, down from 3.7% a year earlier. It reviews and amends the proxy voting policy annually. Administration chose to increase the tuition, room and board cost for a total increase of $2,820 in the 2021-22 school year, joining dozens of other colleges, such as Juilliard and Harvard. During FY21, the value of the portfolios fossil fuel exposure increased to $94.5 million from $84.7 million the year before as the value of private equity oil and gas interests recovered. The Wellesley College Board of Trustees is responsible for the investment of the College's Endowment. . The College participates in the NACUBO-TIAA Study of Endowments survey each year, which gives us the ability to benchmark endowment returns and other key metrics with peer institutions. This information is readily accessible in Workday if you have the correct gift role. As of 2021[update], the total stood at $854.11 billion, with an average across all institutions of $1.1621 billion and median of $2.0102 million. The Investment Committee and Investment Office team regularly review the expectations upon which the Policy Portfolio is based, with the goal of refining target allocations and improving the portfolios risk and return characteristics. Cambridge Associates Blended Benchmark (2). The other 80% is derived from last years amount of spending, adjusted for inflation. The college carefully invests gifts to the endowment, with an eye towards strong financial returns via investments that meet Wellesleys high ethical standards. In their annual report released earlier this month, the Wellesley College Investment Office reported that the endowment experienced 46.5% growth in the 2021 fiscal year, a record high. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Emory University View Total Assets Endowment North . Investment OfficeNehoiden HouseWellesley College91 Dover RoadWellesley, MA 02482, Debby Kuenstner, Chief Investment Officer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. 2008-2023 Sovereign Wealth Fund Institute. For public universities, the larger endowments are often associated with flagship state universities, especially those associated with a medical school. No affiliation or endorsement, express or implied, is provided by their use. Request Profile Update Download Data $2,991,368,000 Assets 10 Contacts Home Profiles Endowment North America For example, a donor my give the College a $1,000,000.00 with the intent that the income earned will go to support Financial Aid. Endowment and restricted gifts accounting aims to provide: Clear, concise and timely dissemination of policies and procedures related to endowment and restricted gifts, Proper recording of gifts in the financial system to ensure compliance with donor's intentions, Information to departments with restricted gifts so that gifts are spent in accordance with donor's intentions, Professional and helpful interactions with the College community and external banks on all endowment, restricted and planned giving gift accounting matters, Mailing address:Wellesley CollegeController's Office106 Central St., GRH139Wellesley, MA 02481-8203, Higher Education Emergency Relief Fund (HEERF), AVP for Finance, Controller and Assistant Treasurer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. Ms. Mendillo, who previously ran the Wellesley College endowment, took over at Harvard in July 2008. You can learn more about these opportunities here or by contacting Betsy Carpenter '93, associate vice president for development, at ewcarpen@smith.edu or 413-585-2052. For the five, 10 and 15 years. never heard of it. The Finance and Investment Offices oversee the financial responsibilities of the College which include the budget, financial planning, endowment and debt management, and stewardship of financial resources. Wellesley College Endowment General Information. ", "Why the Endowment Tax Is Unconstitutional", "H.R.5220 - Don't Tax Higher Education Act", "H.R.4438 - Don't Tax Higher Education Act", "U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY21 Endowment Market Values Per Full-time Equivalent Student(Excel)", https://en.wikipedia.org/w/index.php?title=List_of_colleges_and_universities_in_the_United_States_by_endowment&oldid=1141996645, This page was last edited on 27 February 2023, at 23:56. Checked in 150 registered alumnae of the Class of 1969 into their guest rooms under . Wellesley 1,419,643 3,236,785 2,280 : Notre Dame 1,411,082 18,074,543 12,809 : Dartmouth . I guess it is to be expected because it is a very niche school so the people who do apply are very niche. The loss is not unexpected, according to Kuenstner. ', AVP for Finance, Controller and Assistant Treasurer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. The Board is committed to investing in a manner consistent with the College's mission, values and principles. The exceptional FY21 return benefited from the fact that in making commitments to long-term alternatives the Investment Team has long found venture and growth opportunities more attractive than other strategies. After accounting for inflation, college prices are now dropping. Room and board. Work at the Investment Office centers on selecting and monitoring investment . Investment Director. Tuition and fees (in-state) $56,052. [7][8], The endowment tax provision of the Tax Cuts and Jobs Act has been criticized as funding tax breaks for corporations and the wealthy at the expense of education. Endowment per Student is a good indicator of the amount of aid it is likely to grant. Endowment per Student at Selected Colleges (2021) Endowment is a college's biggest source of financial aid. The endowment income tax imposes a tax of 1.4 percent of the net investment income of institutions of 500 or more full-time equivalent students with large endowments. Wellesley College strives to be a responsible investor. In Fiscal 2021, the Long-term Investment Pool had a record investment return of 46.5%. It was founded by Roger W. Babson as an all-male business institute but became coeducational in 1970. In the spring of 2021, the Board of Trustees affirmed an Investment Committee decision to prohibit commitments to private equity funds devoted to oil and gas investments. About Us We're all different. The endowment will also fund the Colleges large-scale reconstruction project around academic and administrative buildings. Wellesley College is a private institution that was founded in 1870. No commitments to such funds have been made since 2017. According to Chief Investment Officer, Debby Kuenstner, the losses were driven primarily by the poor performance of financial markets, which include public equities, hedge funds, fixed income, and private investments, which yielded negative returns. Examples include The Duke Endowment, the Robert A. Welch Foundation, and the Roy J. The Investment Office serves Wellesley College's missionto provide an excellent liberal arts education for women who will make a difference in the worldthrough the management and oversight of key College financial assets and benefit plans. Endowment: General, 1985-1991 File Box: 77, Folder: 27 Citation Information Staff Only Wellesley College Archives; Records of the President's Office . Required fields are marked *. Part of the return is going to cover inflation, and we are still taking money out to spend, so the inflation adjustment of the support of the budget came under a lot of pressure.. The Need for Speed in Trend-Following Strategies, Global Fixed Income: Volatility and Uncertainty Here to Stay, Morningstar Indexes' Annual ESG Risk/Return Analysis, 2023 Outlook: The Top Five Trends to Monitor in the Year Ahead, Show Me the Income: Discovering plan sponsor and participant preferences for cr, The Future of Infrastructure: Building a Better Tomorrow, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. 1Public Equity Blended Benchmark is a weighted average of MSCI ACWI, MSCI EAFE, MSCI EM and Russell 3000. Endowment Funding. Investment performance drove the June 30, 2021 value of the pool to $3.226 billion, an increase of $958 million from the prior year. Equity markets were buoyed by a turnaround in earnings, and real assets benefited from supply-demand imbalances as economies recovered. Investment Office staff also participate in the oversight of the Colleges defined contribution, defined benefit, and deferred compensation plans. So endowment distributions in [the 2023] fiscal year, what were spending right now, was driven in large measure by that extraordinary return that we had [in the 2021 fiscal year], Kuenster said. The college's long-term (10-year average) returns regularly place us in the top decile of performance compared to approximately 600 reporting colleges and . The amount of income available to be spent in the fiscal year is determined by taking the number of shares the fund owns and multiplying by the distribution rate per share determined by the College. Emmett Jennett joined Wellesley College as an Investment Analyst in July 2015. Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors. Ray Oquendo joined Wellesley College in May 2010 and serves as Chief Operating Officer. Strong returns in fiscal year 2020-21 led the largest university endowments to soar. Despite a decline in this years endowment, the Colleges spending for the next two fiscal years will not significantly be affected, given previous positive returns. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. More Emmett Jennett '15 Investment Associate Emmett Jennett joined Wellesley College as an Investment Analyst in July 2015. It's not like that at all colleges. Investment returns have consistently exceeded the Policy Portfolio benchmark. Each year, 20% of the total budget from the endowment is based on the average endowment value of the past three years, times the target-spending rate. Debby Kuenstner joined Wellesley College as Chief Investment Officer in February 2009. When Volent took on her position in the summer of 2000, Bowdoin's endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. The Public Ivies, the Little Ivies, and many other non-Ivy schools can . The principal (gift amount) will be invested in perpertuity and the income earned from this investment will be used for the purpose designated by the donor. In the discharge of its fiduciary duty, the Board is mindful of the role that endowment returns play in the College's accomplishment of its own socially significant mission. Babson College is a world-class business school, empowering entrepreneurial leaders to create great economic and social value - everywhere. 10. Despite this increase, exposure as a percent of the portfolio fell as managers holding of public equity declined and other parts of the portfolio outperformed energy. The large gains in private equity drove that asset class to a significant overweight by the end of the fiscal year. The Board in April voted to take $125 million out of the endowment for urgent repairs, Kuenster reported. She had spent the last six years running the $1.6 billion Wellesley College . Main Office Inflation rises, but spending remains unaffected. Efforts by the ECON/ES 199 class at the College are the most recent attempt in pushing the institution . For more details about the College's endowment, including annual investment performance and endowment contributions to Wellesleys annual budget, see the 2021 Endowment Fact Sheet. [3] New York, NY 10017-4036, Chicago Office Because our endowment is relatively small, we must rely more than some of our peers on another primary source of revenue: annual giving. Leverage your professional network, and get hired. The endowment had surged for many years under Jack Meyer, who left in 2005 in part because of . Wellesley College posted a 46.5% return for its endowment for the fiscal year ended June 30, according to the Wellesley, Mass.-based college's annual report. Chicago, IL 60601. Debby Kuenstner 80 is Wellesley's chief investment officer. Members of the College community with questions, suggestions, or thoughts about the management of the Wellesley College endowment are invited to contact me at any time. 6A commonly used measure of portfolio performance is a comparison with a passive portfolio. This 46 percent increase reflects a year of broad endowment growth for colleges nationwide, though BC performed particularly well, with gains 19 percent above the median. Indeed, Wellesley's recently approved 2008-2009 financial report puts a fine point on Bottomly's message, showing that the private college's endowment declined 17 percent from July 2008 . New Hauts-de-France, France jobs added daily. Returns by asset class and long-term . Despite this increase, exposure as a percent of the portfolio fell as managers holding of public equity declined and other parts of the portfolio outperformed energy. Endowment and restricted gifts accounting aims to provide: Suite 3200 The endowment spending rate approved by the Board of Trustees stands at 4.25%. All material subject to strictly enforced copyright laws. View the 'FIN Gift Spendable Balance' for the gift. The table below compares the Policy Portfolio and the actual asset allocation on June 30, 2021. One of the greatest liberal arts colleges in the country is usually regarded as Wellesley. For the past few years, Oberlin has drawn about 5 percent of its endowment for operating expenses . The goal of endowment and restricted gifts accounting is to uphold the Controllers Office mission by providing high quality and efficient accounting services on endowments and restricted gifts to faculty, staff, and administration and to ensure the proper recording of donor's gifts. In the past fiscal year, BC's endowment jumped by around $1.2 billion, bringing the endowment's total to $3.8 billion. I'm applying there and rejection is always a thing. Across the portfolio, our managers must have an uncompromising focus on integrity, which not only ensures alignment with the Colleges values, but protects long-term returns as these managers put client interests first. The three key reasons why people thrive here are: In addition, the majority of the excellent firms with whom Wellesley is fortunate to partner delivered market-beating results. Wellesley total enrollment is approximately 2,280 students. Investment OfficeNehoiden HouseWellesley College91 Dover RoadWellesley, MA 02482, Debby Kuenstner, Chief Investment Officer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. It reports to the Investment Committee annually regarding the Subcommittees deliberations and actions taken in voting the Colleges proxies related to its public stock holdings. No new commitments to private equity oil and gas funds have been made since 2017. <p>Also think about the money the college puts into your education as well. Additional gifts will result in increased income. Wellesley College 1875 Wellesley Collegehas cross-registration and dual-degree programs with Massachusetts Institute of Technology, Olin College, and cross-registration with Brandeis Universityand Babson College. Exposure to fossil fuel investments is expected to decline over the next several years as existing investments fully liquidate. It is currently 5 percent of the endowment's value averaged over 12 quarters. We're all Babson. Trustee members of the Subcommittee and the Subcommittee Chair are appointed annually by the Trustee Chair. The funds from restricted gift or income distribution get carried over each year. We encourage you to reach out for a one-on-one discussion about endowed giving opportunities by emailing giving@wellesley.edu. Wellesley student orgs lead collection drive and fundraiser for relief, BSA hosts International Mother Language Coffeehouse, Renowned photographer gives energetic artist talk, The Starling Girl Brings Agency to the Forefront. As of 2021, the total stood at $854.11 billion, with an average across all institutions of $1.1621 billion and median of $2.0102 million. Lulu Garcia-Navarro, Peabody Award-winning journalist and New York Times Opinion podcast host. [10][11] There continue to be vigorous efforts that advocate the repeal of the tax. Several of Wellesley Colleges peer institutions have also reported losses. We use a blend of 65 percent stocks (as measured by the MSCI ACWI) and 35 percent bonds (as measured by the Citigroup World Govt Bond Index). The larger the endowment, the greater the revenue stream for the College. On U.S. News and World Report's list of the National Liberal Arts Colleges, the college is now placed fifth. Amelia Larkin joined Wellesley College as an Investment Analyst in September 2021. Two faculty members are appointed to the Subcommittee by the Agenda Committee of Academic Council. Full Time position. Wellesley College Cost Breakdown. These included: IBM Corporation, State Street Boston Corporation, WGBH Broadcasting and . Donors receive annual reports on their endowed fund's performance. Prestige, endowment, program rank, acceptance rate, tuition, notable professors, student life, et cetera so has literally every single other rankings list that claims to be valid Listing for: Wellesley College. 10 Ice Spice lyrics that are actually about Wellesley. How will the DOLs finalized rules impact ESG investing? For the five, 10 and 15 years ended June 30, the $3.2 billion endowment returned 16.5%, 11.7% and 9.8%, respectively, vs. their respective benchmarks of 14%, 9.9% and 8.4%. Debby Kuenstner '80 is Wellesley's chief investment officer. More Debby Kuenstner '80 Chief Investment Officer Your email address will not be published. Assisted in planning the annual Wellesley College Reunion and the arrival of 3,000 visiting persons onto campus. Bowdoin College reported a 57.4 percent return during fiscal 2021, which ended June 30. The Policy Portfolio, established by the Wellesley College Investment Committee, guides asset allocation. bookstore, conference services, golf course, etc.). From time to time College community members may request that the Board invest endowment assets in a way that expresses specific social values. Typically, the funds are exhausted by the end of the grant or the balance should be returned to the grantor. The program is for highly self-motivated individuals with a strong interest in finance and investments. Easy. Rose Carpenter joinedWellesley Collegein September 2009 and serves as Deputy CIO. The principal (gift amount) will be invested in perpertuity and the income earned from this investment will be used for the purpose designated by the donor. 8, it trails behind nearly 200 academic institutions in doing so. List of colleges and universities in the United States by endowment, Endowments per student greater than $1million, Last edited on 27 February 2023, at 23:56, University of North Carolina at Chapel Hill, Lists of institutions of higher education by endowment size, "National Association of College and University Business Officers", "Harvard's Endowment Soars to $53.2 Billion, Reports 33.6% Returns", "Yale endowment earns 40.2% investment return in fiscal 2021", "Stanford reports 'record year' of investment returns, nets $12.1 billion in gains", "Princeton's endowment returns continue to support University mission and impact", "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax", "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying? Against this backdrop, venture and growth equity strategies delivered extraordinary returns. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Wellesley College, which has a $2.2 billion endowment, expects to owe the federal government about . Wellesley College posted a 46.5% return for its endowment for the fiscal year ended June 30, according to the Wellesley, Mass.-based college's annual report. Opportunities for establishing endowed funds begin at $150,000. The 9.6% endowment decline, which brought the endowment's total value to $2.94 billion, came in sharp contrast to the record-breaking 46.5% returns the College enjoyed last fiscal year. After such a financially challenging year, this is a remarkable result. The College is still in a good position despite the challenging economic environment. $75,198 per year. Current Assets for Wellesley College is $2,991,368,000 and SWFI has 6 periods of historical assets, 10 personal contacts available for CSV Export. Staff | Wellesley College Investment Office Staff Rose Carpenter Deputy CIO Rose Carpenter joined Wellesley College in September 2009 and serves as Deputy CIO. The average starting salary for recent Wellesley College grads is $65,631 a year. It's always an opportunity to develop your skills and to help somebody else achieve their entrepreneurial ambitions. Only income from the endowment fund may be spent, ensuring the principal is preserved. Some universities benefit from endowments that are not under their direct control but which are nonetheless dedicated to the welfare of one or several institutions. Wellesley College's endowment return fell by roughly $291 million in the 2022 fiscal year, the first year of negative return since 2017. The SIR determines the Colleges proxy voting policy and votes proxy proposals not covered by the policy. The tabulated data below are from NACUBO. Student Affairs We are excited to welcome Annette Diorio, the next vice president for Student Affairs and Dean of Students. Wellesley College Pomona College UC San Diego UC Santa Barbara Northeastern Santa Clara Georgia Tech Tulane Claremont McKenna Brandeis Wesleyan University . In addition, we look for managers with a sustainable investment edge. Typical characteristics of Wellesley managers includes; long investment horizons; a bias toward fundamental, bottom-up investing; a focus on valuation; relatively concentrated portfolios that often show little relationship to benchmarks; and strong organizations. The endowment's asset allocation as of June 30 was 66% alternatives, 26% equities, and 8% in fixed income and cash. Sovereign Investor Leadership Conference March 2023, Segment percentages and amounts available on swfi.com. As of June 30, 2022, the endowment's market value was $2.7 billion. Dartmouth College with its $6 billion endowment estimates it will pay $4.5 million in new taxes. The income is posted to the gift in twelve postings. But Watts said the endowment, which he said ranges from $500 to $700 million, is smaller than the endowments of other colleges in Oberlin's peer group. . We invest with a long-term outlook to provide enduring support to the College in such key areas as student financial aid, faculty recruitment and retention, academic programs, and facilities. Andrea Quinn joined Wellesley College in May 2014 and serves as Operations Assistant. Lewis & Clark College is a private liberal arts college in Portland, Oregon.Originally chartered in 1867 as the Albany Collegiate Institute in Albany, Oregon, the college was relocated to Portland in 1938 and in 1942 adopted the name Lewis & Clark College after the Lewis and Clark Expedition.It has three campuses: an undergraduate College of Arts and Sciences, a School of Law, and a Graduate . The Board of Trustees believes that proxy voting can encourage corporate actions that enhance shareholder value and reflect the College's values. In Fiscal 2021, the Long-term Investment Pool had a record investment return of 46.5%. We will be in touch soon. We need to keep the value of the endowment and maintain the purchasing power of the endowment, Kuenster said. For the gender breakdown for all students, go here. The Investment Office and the Investment Committee remain focused on long-term growth to ensure that the endowment continues to support the Colleges mission. In a close-knit college, you can see clearly how your work impacts individuals and makes a positive difference to their learning experience. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. Consideration of the endowments of the Seven Sisters' and the Ivy's recognized that while the endowments of the top men's schools together came to about $319,000,000, the Seven Sisters' endowments totaled only $36,000,000. In executing the investment strategy, the Investment Office team aims to add value within asset classes through long-term partnerships with strong performing, highly ethical investment managers. It has a total undergraduate enrollment of 2,461 (fall 2021), its setting is suburban, and the campus size is 500 acres. 4Fixed Income Benchmark is a weighted average of the Barclays 5+ Year Treasury Index and the Citigroup World Government Bond Index. Mary Almy was the architect. It is important for the DR/DS department to credit the proper donor and track the donor information. Carver Charitable Trust. Bonds suffered as yields rose in anticipation of improved economic activity, and short-term interest rates remained depressed. One staff member is appointed to the Subcommittee by the Nominating Committee of Administrative Council, and the Chief Investment Officer appoints one member of the Investment Office team. Walsh recently led a five-year comprehensive fundraising campaign, which closed in October 2005 after raising $472.3 million, a record for a liberal arts college. There was an error. The National Association of College and University Business Officers (NACUBO) maintains information on college endowments. The Wellesley College Board of Trustees is responsible for the investment of the College's Endowment. Smith's endowment, now valued at more than $2 billion, funds more than one-third of the college's operating budget and enables the college to invest in such key areas as student financial aid, faculty recruitment and retention, and strong academic programming. [3] Wellesley is frequently considered to be one of the best liberal arts colleges in the United States. Wellesley continues to rank in the top quartile in a universe of institutions with investments pools larger than $1 billion over the 1, 3, 5 and 10 years. 3Semi-marketable investments include strategies focused on absolute return. On June 30, 2021, the portfolios exposure to fossil fuels was 2.9%, down from 3.7% a year earlier. The portfolio has sufficient exposure to liquid investments to maintain the endowments financial support of the Colleges operations and to provide for the liquidity needs of the portfolio. It was a women-only institution at a time when women were generally denied access to higher education. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. Today's 38,000+ jobs in Hauts-de-France, France. Deborah F. KuenstnerChief Investment Officer, Investment OfficeNehoiden HouseWellesley College91 Dover RoadWellesley, MA 02482, Debby Kuenstner, Chief Investment Officer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. You can see the balance in the gift in 'FIN Gift Spendable Balance. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Supply-Demand imbalances as economies recovered, values and principles apply are very niche school so the people who apply! Class of 1969 into their guest rooms under Student Affairs we are to! Third-Party content, logos and trademarks are owned by their use 2009 and serves as Chief Operating.... Is usually regarded as Wellesley [ 10 ] [ 11 ] there continue to be vigorous efforts advocate... Dame 1,411,082 18,074,543 12,809: Dartmouth of MSCI ACWI, MSCI EM and 3000! 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