Report of the Treasurer


stone archway, sunbeam shining to the right

During a year of historically strong financial markets juxtaposed with the economic challenges of a global pandemic, fiscal year 2021 was a remarkable year for Princeton University, with respect to both its operating and investment performance. Net assets for the year ended June 30, 2021 increased by a record $11.0 billion, or 38.7 percent, nearly all due to exceptional investment results. The return of 46.9 percent from the managed investment portfolio ranked in the top-quartile among large university endowments. The University’s Endowment spending rate of 5.53 percent in 2021, which is set at the beginning of the year, was held flat as a cautious measure to weather the uncertainty of the financial markets. As of June 30, 2021, the University’s Endowment Net Assets stood at an all-time high of $37.0 billion, an increase of 42.7 percent for the year. The strength of the University’s financial resources enables it to support extraordinary needs during extraordinary times, such as the COVID-related expenses of testing, remote instruction, and local community support. A strong operating surplus in 2021 of $322 million, or 14.9 percent of total operating revenues, was achieved through the prudent management of operating expenses, as well as savings from curtailed travel, conference, and related costs that helped offset lost student revenues of $50 million and incremental expenses of $30 million resulting from the pandemic.


Reports of the Treasurer