Report of the Treasurer


RoT Cover 2023

While Princeton University’s net assets decreased 4.6 percent in fiscal year 2023, the campus expanded, as the priorities set forth in the 2016 strategic framework began to take shape. Net assets declined during the year by $1.8 billion to $36.4 billion, due to a loss of 1.7 percent on investments along with the endowment payout of $1.6 billion, which help fund the University’s operating and capital needs. The endowment spending rate of 4.53 percent in 2023, which is set at the beginning of the year, increased spending by 4 percent under the University’s spending policy. As of June 30, 2023, endowment net assets stood at $33.4 billion, a decrease of 5.0 percent for the year. Over the past 10 years, however, the University’s net assets grew 9.4 percent annually and endowment net assets grew 8.9 percent annually. An operating surplus in 2023 of $226 million, or 9.1 percent of total operating revenues, declined from double-digit levels seen in recent years, as operating expense growth of 13.2 percent exceeded revenue growth of 5.6 percent. As envisioned in the strategic framework, operating expenses were impacted by the opening of two new residential colleges, the addition of 125 in undergraduate enrollment, and a historic 25 percent increase in average graduate student stipends. With $924 million in capital expenditures in 2023, the University continued the most ambitious capital construction program in its history, with various academic, research, residential, and sustainability projects, all in furtherance of the strategic framework.

Reports of the Treasurer