Beneficiaries of the Endowment Fund Payout

The Endowment Fund is similar to a "mutual fund" with several beneficiary units represented as "investors." For example, Northwestern's Treasury Pool is the largest "investor" followed by the Feinberg School of Medicine, Central Administration, and the Kellogg School of Management. The Treasury Pool is the University's working capital for operations, internal liabilities, and short- and long-term credit obligations. Rather than keeping all its assets in low-yielding cash vehicles, the Treasury invests a significant portion in the Fund. Each group's portion includes all the individual funds that are designated to benefit that unit.

The Endowment Fund By Holder

Total Shares at August 31, 2014: 40,168,659


Market Value
(in millions)

Percent of Total
Treasury Pool $2,317 23.9%
Feinberg School of Medicine $1,835 18.9%
Central Administration $997 10.3%
Kellogg School of Management $864 8.9%
Weinberg College of Arts & Sciences $789 8.1%
University Scholarships $621 6.4%
Office for Research $451 4.7%
The Graduate School $320 3.3%
School of Law $293 3.0%
Bienen School of Music $239 2.5%
McCormick School of Engineering and Applied Sciences $151 1.6%
All Other Unit Holders* $827 8.5%

*Other unit holders include School of Communication, the Department of Athletics and Recreation, and the Medill chool of Journalism, Media, Integrated Marketing Communications, among others.