Report of the Treasurer
Fiscal year 2017 was a financially strong year for Princeton University, with respect to both investment and operating performance, as well as the growth of its financial resources. Net assets for the year ended June 30, 2017 increased by $2.1 billion, or 9.2 percent, primarily due to strong investment results. Total net assets of $24.8 billion at year-end set a new high-water mark for Princeton. The return of 12.5 percent from the managed investment portfolio maintains Princeton’s ranking in the highest-performing tier of large university endowments over the long term. The University increased its endowment spending rate to 5.0 percent in 2017, in accordance with its board-approved spending framework, to fund various new strategic initiatives. An operating surplus of $198 million, or 10.9 percent of total operating revenues, was achieved primarily through the increased endowment payout combined with the prudent management of operating expenses and stewardship of financial resources.