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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, 2019: 44,089,301

Holders Market Value
(in millions)
Percent of Total
Treasury Pool $2,591 24.0%
Feinberg School of Medicine $1,990 18.4%
Central Administration $1,254 11.6%
Weinberg College of Arts and Sciences $865 8.0%
Kellogg School of Management $830 7.7%
University Scholarships $706 6.5%
Office for Research (Interdisciplinary Research Programs) $498 4.6%
All Other Unit Holders* $2,067 19.1%
$10,801 100%

*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.