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Beneficiaries of the Endowment Fund Payout

The Endowment is similar to a mutual fund, with several beneficiary units represented as investors, or “holders.” For example, Northwestern’s Treasury Pool is the largest holder, followed by Northwestern University 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 Pool invests a significant portion in the Endowment. 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, 2020: 44,824,862

Owners of the Endowment Fund
Holders Market Value
(in millions)
Percent of Total
Treasury Pool $2,691 24.2%
Feinberg School of Medicine $2,044 18.4%
Central Administration $1,271 11.4%
Weinberg College of Arts and Sciences $900 8.1%
Kellogg School of Management $847 7.5%
University Scholarships $732 6.6%
Office for Research (Interdisciplinary Research Programs) $504 4.5%
All Other Unit Holders* $2,140 19.2%
$11,131 100%

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