2023-2024 Endowment Report
November 26, 2024
Dear Trinity University supporters and friends,
We are pleased to present Trinity’s 2023-24 fiscal year annual endowment report. Consistent with historical endowment reports, the following pages provide a snapshot of the endowment’s statistics, including investment allocation, portfolio performance, and endowed designations. This is also a moment to celebrate the transformative impact of your generous support of Trinity.
Overall, it has been a banner year for the University that encompassed several significant milestones, which included:
- Trinity’s rise on the national stage is a noteworthy increase from the previous year’s standings on multiple national lists, including being ranked by U.S. News & World Report as the No. 40 liberal arts college in the nation for 2025. This ranking represents a 19-spot rise from the University’s 2024 ranking at No. 59. While the historic jump in our national ranking comes in Trinity’s third year of classification as a baccalaureate liberal arts and sciences institution, the University views this increase as a reflection of decades of unwavering commitment to academic excellence and student support, the endowment being a central factor in this recognition.
- Through its endowment, Trinity has long committed resources in support of student scholarships. As a further investment in the Trinity student experience, the Board of Trustees committed $25 million from the Endowment to create the Trinity Commitment, matching dollar-for-dollar the creation of new, endowed undergraduate scholarships or additional funding to existing undergraduate scholarships. More information about the program is available on the back cover of this report.
- Trinity received the largest gift in its history of $26.5 million by the Semmes Foundation; $26 million of which was used to create an endowed fund for the sciences. This transformational gift will bolster the University’s commitment to the liberal arts through exploration and problem-solving inspired by and realized through the sciences. Trinity University now boasts the newly named D. R. Semmes School of Science.
- In addition, Trinity has spent the last year developing a new strategic plan to guide priority setting, decision making, and resource allocation in pursuit of a continued shared vision for the University - all in support of Trinity’s mission and values.
Trinity’s Board of Trustees approved a new endowment spending policy in FY24, effective FY25 (June 1, 2024). With endowment support now approaching 40% of the annual operating budget, this updated formula strengthens funding for both budget needs and new strategic initiatives. It also aims to reduce the impact of market volatility, ensuring more predictable budget support while preserving intergenerational equality. This change reaffirms Trinity’s commitment to investing in its future.
We take great pride in being stewards of your charitable contributions and legacy in support of the Trinity educational mission. We hope you join us in our excitement for what lies ahead!
With gratitude,
Craig Crow
Chief Investment Officer
Michael Bacon '89
Vice President for Alumni Relations and Development
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Trinity University EndowmEnt 2023-2024
Trinity University's Endowment
The endowment value increased by a net $164.6 million over the trailing 12 months (TTM). Investment returns contributed $198 million across the Long-Term Investment Pool (LTIP) and Funds Held-In-Trust (FHIT) portfolios, with $32.2 million provided through gifts and other additions and a total of $74 million distributed to the University for both the operating budget and non-operating activities.
2. $32.2 million is calculated from $33.2 million in outright gifts and a $1.1 million decrease in receivables.
(in millions)
Portfolio Value Growth Over Time
2015-2024
Source: Trinity University audited financial statements, as of 06/30/2024
LTIP Asset Allocation
Financial support from the endowment, in the form of annual cash distributions, plays a significant role in the budget for the University. As the second largest financial resource for the University operating budget—behind student tuition and fees—the endowment is key in supporting Trinity’s educational mission. The amount of support the endowment provides to the operating budget is more than double the median of private colleges and universities, which is markedly higher than that of public universities.
Source: Cambridge Associates’ FY23 College and University Investment Pool Returns Report, 80 private colleges and universities included in data set
Campus Impact

Supporting Student Scholarships
Donor Spotlight
Geary '70 and Kay '72 Reamey Broaden Their Impact Through the Trinity Commitment
Geary ’70 and Kay ’72 Reamey exemplify the true spirit of giving. Throughout their careers in law and teaching, and while raising their daughter, Anne ’05, the Reameys have stayed deeply connected to the University. Their ongoing engagement—through chairing class reunions, recruiting students, serving on the Alumni Association Board, and volunteering for numerous committees and special projects—reflects their unwavering commitment to Trinity.
Student Spotlight
Leo Abufadil ’26
Recipient of the Norine Murchison Scholarship
Endowment Creates the Trinity Commitment to Drive Scholarship Support
The strength of any institution of higher education is connected directly to the strength of its students. Together, through this commitment, the University and engaged donors can help Trinity ensure the best students can afford to attend Trinity, cultivate a vibrant campus experience, and find new talent to add to the University's thriving student body."
Already, as of fall 2024, donors have leveraged the Trinity Commitment to amplify their impact, contributing nearly $8 million to scholarships.
"We are grateful for the remarkable liberal arts education that we received at Trinity and the professional doors that it opened for us. We feel that finances should not be an obstacle for those wishing to attend Trinity and unable to navigate the burden. We are thrilled to pay it forward to a new generation of deserving students."
- Jeffrey ’98 and Reka (Mozsgai) Osborne ’97
"Joanie and I have endowed our scholarships because we believe that deserving students who are the first in their family to attend college should not be denied the alternative of a Trinity education merely because they cannot afford to pay the cost. We consider this an investment in human capital with an immeasurable return."
- J.R. and Joanie Hurd
"When I learned of the Board of Trustees' decision to create the Trinity Commitment, I was overjoyed knowing that students will be able to live the Trinity experience that will prepare them for the future. Without financial aid, I could not have attended Trinity, so I am thrilled to give back and be a part of the Trinity Commitment."
- Linda Peterson ’66, P’90
If you have any questions about this report, please contact the Office of the Vice President for Finance and Administration at 210-999-7306 or the Office of the Vice President for Alumni Relations and Development at 210-999-7328.