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SKILL.md
NACUBO Data Source Reference
NACUBO endowment data for U.S. college and university endowments (~650 institutions). Portal mirror provides only 7 market-value columns (total endowment, per-FTE endowment, year-over-year change; 2012-2022). Use when analyzing institution-level endowment size or trends. Full investment returns, asset allocations, spending rates, and governance data require separate NACUBO study access. For comprehensive endowment coverage across all institutions, use IPEDS finance data.
The NACUBO-Commonfund Study of Endowments (NCSE) is the most comprehensive annual survey of U.S. college and university endowments, covering ~650 institutions representing over $870 billion in assets. The Education Data Portal mirrors a limited subset (7 market-value columns); full investment, allocation, spending, and governance data requires direct NACUBO access.
CRITICAL: Portal Mirror Scope
The Education Data Portal mirrors contain only 7 columns of endowment data,
focused on market values. Full investment data (returns, asset allocations,
spending rates, governance) requires access to the complete NACUBO study.
See ./references/variable-definitions.md for complete encoding tables.
What is NACUBO?
The National Association of College and University Business Officers (NACUBO) is a nonprofit professional organization representing chief administrative and financial officers at higher education institutions.
Collector: NACUBO with Commonfund Institute (currently); TIAA partnership FY2018-2022
Coverage: ~650 participating colleges, universities, and affiliated foundations (voluntary)
FY2024 total: 658 participants representing $873.7 billion in assets
Reference File Structure
File
Purpose
When to Read
endowment-study.md
NCSE methodology, participation, history
Understanding data source context
endowment-metrics.md
Market values, returns, spending rates
Interpreting performance data
variable-definitions.md
Key variables, size categories, institution types
Building queries, filtering data
data-quality.md
Coverage limitations, data caveats
Assessing data reliability
asset-allocation.md
Investment categories, alternative strategies
Analyzing portfolio composition
Decision Trees
What endowment data do I need?
Endowment research topic?
├─ Market values / fund size
│ ├─ Individual institution values → NCSE public tables
│ ├─ Size distribution → ./references/variable-definitions.md
│ └─ Historical trends → ./references/endowment-metrics.md
├─ Investment returns
│ ├─ One-year returns → ./references/endowment-metrics.md
│ ├─ Multi-year returns (3/5/10/25-year) → ./references/endowment-metrics.md
│ └─ Returns by size/type → ./references/variable-definitions.md
├─ Asset allocation
│ ├─ Traditional vs alternative → ./references/asset-allocation.md
│ ├─ Private equity/VC allocation → ./references/asset-allocation.md
│ └─ ESG/responsible investing → ./references/asset-allocation.md
├─ Spending and distributions
│ ├─ Spending rates → ./references/endowment-metrics.md
│ ├─ Spending purposes (aid, faculty, etc.) → ./references/endowment-metrics.md
│ └─ Budget contribution → ./references/endowment-metrics.md
└─ Data quality concerns
├─ Coverage/participation → ./references/data-quality.md
├─ Self-reported data issues → ./references/data-quality.md
└─ Comparability across years → ./references/data-quality.md
Which data source should I use?
Comparing NACUBO vs IPEDS for endowment data?
├─ Need ALL institutions → Use IPEDS (mandatory reporting)
├─ Need investment returns → Use NACUBO (IPEDS doesn't have)
├─ Need asset allocations → Use NACUBO (IPEDS doesn't have)
├─ Need spending rates → Use NACUBO (IPEDS doesn't have)
├─ Need just market values → Either works
│ ├─ More institutions → IPEDS
│ └─ More detail → NACUBO
└─ Need governance/policies → Use NACUBO (IPEDS doesn't have)
Understanding study name changes
Which study by year?
├─ FY2023-present → NACUBO-Commonfund Study of Endowments (NCSE)
├─ FY2018-FY2022 → NACUBO-TIAA Study of Endowments (NTSE)
├─ FY2009-FY2017 → NACUBO-Commonfund Study of Endowments (NCSE)
└─ Before FY2009 → NACUBO Endowment Study (NES)
Quick Reference: NACUBO Data
Portal Coverage Note: The Education Data Portal mirrors contain only 7 columns focused on endowment market values. Full investment data (returns, asset allocations, spending rates, governance) requires access to the complete NACUBO study. See "Full Report Access" section below.
Portal Mirror Columns (Verified)
These are the only columns available in the Portal mirror (nacubo/colleges_nacubo_endow):
Column
Type
Description
Nulls
year
Int64
Fiscal year ending year (2012-2022)
0
unitid
Int64
IPEDS 6-digit institution ID
0
inst_name_nacubo
String
NACUBO institution name
0
fips
Int64
State FIPS code (1-56, territories: 72, 78)
1
endow_total
Float64
Total endowment market value in USD (full dollars, NOT thousands)
0
endow_per_fte
Float64
Endowment per FTE student in USD
1,260 (~15%)
endow_chg_mktval
Float64
Year-over-year market value change as decimal fraction (0.059 = 5.9%)
3,972 (~48%)
Important format notes:
endow_total is in full USD (e.g., 1.05e9 = $1.05 billion), not in thousands
endow_chg_mktval is a decimal fraction, not a percentage (multiply by 100 for display)
Missing data uses null, not coded values (-1/-2/-3)
# Correct: convert decimal fraction to percentage for display
df = df.with_columns(
(pl.col("endow_chg_mktval") * 100).alias("pct_change")
)
# Correct: endow_total is already in full USD
df.filter(pl.col("endow_total") > 1_000_000_000) # Endowments over $1B
Key Metrics Available
Metric
Description
In Portal Mirror?
Granularity
Market Value
Total endowment assets (FMV)
Yes (endow_total)
Institution-level
Market Value Per FTE
Endowment per FTE student
Yes (endow_per_fte)
Institution-level
Market Value Change
Year-over-year change
Yes (endow_chg_mktval)
Institution-level
Investment Return
Time-weighted return, net of fees
No (full study only)
1, 3, 5, 10, 25-year periods
Effective Spending Rate
Annual withdrawal as % of market value
No (full study only)
Institution type, size
Asset Allocation
Portfolio composition by asset class
No (full study only)
Size category, type
New Gifts
Donations added to endowment
No (full study only)
Aggregate by size/type
Budget Support
Endowment % of operating budget
No (full study only)
Size category, type
Key Identifiers
ID
Format
Level
Example
Notes
unitid
Integer (6-digit)
Institution
166027
IPEDS institution ID; primary join key
inst_name_nacubo
String
Institution
Harvard University
NACUBO version of name
fips
Integer (1-56)
State
25 (Massachusetts)
State FIPS code
Endowment Size Categories
Category Code
Range
FY24 Count
% of Participants
1
Over $5 Billion
~25
~4%
2
$1 Billion to $5 Billion
~107
~16%
3
$501 Million to $1 Billion
~77
~12%
4
$251 Million to $500 Million
~97
~15%
5
$101 Million to $250 Million
~161
~24%
6
$51 Million to $100 Million
~111
~17%
7
Under $50 Million
~80
~12%
Institution Types
Type Code
Type Name
Description
1
Private
Private colleges and universities
2
Public
Public colleges and universities
3
IRF
Institutionally Related Foundations
4
Combined
Combined endowment/foundation
Typical Return Ranges (Historical)
Period
Average Range
Notes
1-year
-8% to +31%
High volatility
3-year
3% to 15%
Less volatile
5-year
5% to 12%
More stable
10-year
6% to 9%
Most commonly cited
25-year
6% to 9%
Long-term benchmark
Missing Data Codes
Code
Meaning
When Used
null
Not reported / missing
Standard for all NACUBO variables
Note: Unlike other Education Data Portal sources (CCD, CRDC, etc.), NACUBO data uses null values for missing data rather than coded values like -1, -2, -3. NACUBO is a voluntary survey with simpler missing data patterns; the Portal preserves null rather than applying coded values.
# Correct: Check for null
df.filter(pl.col("endow_per_fte").is_null())
# Incorrect: Checking for -1/-2/-3 (these don't exist in NACUBO)
# df.filter(pl.col("endow_per_fte") == -1) # Won't find anything
Data Access
Datasets for NACUBO are available via the mirror system. See datasets-reference.md for canonical paths, mirrors.yaml for mirror configuration, and fetch-patterns.md for fetch code patterns.
Dataset
Type
Years
Path
Codebook
Endowments
Single
2012-2022
nacubo/colleges_nacubo_endow
nacubo/codebook_colleges_nacubo_endowments
Codebooks are .xls files co-located with data in all mirrors. Use get_codebook_url() from fetch-patterns.md to construct download URLs:
