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

image of TU Endowment Report Front Cover 2023-2024

Flip Through the Endowment Report

Or continue scrolling to read full contents below.

Trinity University EndowmEnt 2023-2024

At A Glance

Data as of June 30, 2024

 

$1.9 billion

value of endowment

 

39.4%

percentage of Trinity’s operating budget supported by the endowment

 

$66.8 million

distributed from the endowment to Trinity’s operating budget

 

$32.2 million

new gifts made to the endowment

 

5.0%^1

new endowment spending rate

 

12.5% 1-year annual return*

8.1% 10-year annualized return*

1. Spending range goes into effect for fiscal year 2025. Approximately 41% of endowments in the Cambridge Associates FY23 College and University Spending Policies and Practices survey reported a target spending rate ranging between 5%. n=282.
*Long-Term Investment Pool and directly held asset performance, net of fees.

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.

Beginning Value

$1,691.5

Gains and Income

$198.0

Net Endowment Gifts^2

$32.2

Other Transfers

$8.4

University Distributions

$(74.0)

Ending Value

$1,856.1

(in millions)

Portfolio Value Growth Over Time

2015-2024

Source: Trinity University audited financial statements, as of 06/30/2024

Compound Annual Returns

The long-term financial objective of the Long-Term Investment Pool is to provide a stable and consistent level of ongoing support for the University’s operations while maintaining and enhancing the real purchasing power of the endowment fund in perpetuity. This chart illustrates annualized returns over trailing periods within the past 10 years. Due to volatile markets, returns for the June 30 year-end improved markedly to 8.2% versus the fiscal year-end May 31 trailing 1-year timeframe.

Performance data includes LTIP and directly held asset performance

LTIP Asset Allocation

Trinity's Long-Term Investment Pool (LTIP) consists of assets managed by the Office of Investments (a team of six investment and operations professionals) and governed by Trinity's Investments Committee (a committee of the Board of Trustees).

To support the in-perpetuity status of the endowment, the University’s LTIP asset allocation strategy captures endowment growth through investments in a variety of asset classes across global financial markets. The LTIP has a diversified asset base with active investments overseen by 75 external investment managers.

Asset allocation, diversification, and manager selection are all critical to driving long-term endowment returns and managing volatility through different economic cycles. Trinity’s investment strategy is designed to ensure the endowment is positioned for strong, long-term risk-adjusted results.  Trinity seeks to partner with the best investment managers in each asset class.

Trinity has been building its Private Investments allocation over time due to better relative long-term return opportunities.

Distributions

The endowment is key to supporting Trinity’s educational mission

For the prior year, Trinity’s endowment distributed $74  million to the University. Of that amount, a net $66.8 million went to the operating budget, representing 39.4% of total operating revenues. Trinity’s endowment supported 28% of the operating budget in 2013 and has steadily increased each year. Over the past five years, the endowment has distributed approximately $315 million to Trinity’s operating budget. This growing support over time has bridged the gap between the cost to deliver a Trinity education and the amount students pay to attend the University.

 

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

The Long-Term Investment Pool (LTIP) consists of 660 individual endowed funds. Approximately 60% of endowed funds constitute temporary and permanently restricted endowments, which are gifts restricted by donors to provide long-term funding for designated purposes. The remaining 40% of funds represent unrestricted endowments, which can include quasi-endowments (money that the Board of Trustees designates for key University purposes and treats as endowments). Both of these classifications are governed by the University Spending Policy and actively contribute to Trinity’s operating budget. The 660 endowment funds are broadly categorized and support many areas across campus.

LTIP Funds

Unrestricted: $578 million
No donor restrictions but may contain designation by Trustees for an endowment

Restricted: $850 million
Includes temporary and permanently restricted donor funds

Total: $1.4 billion

 

General

191 funds  ||  $786 million
The The greatest dollar amount from endowed funds supports University expenses, such as recruiting and retaining exceptional faculty and funding undergraduate research. 

 

Loans

8 funds  ||  $64 million
The endowment supports a loan fund program for student financial aid and academic support.

 

Library

20 funds  ||  $13 million
These restricted funds provide support for the Coates Library's collection and resources. 

 

Buildings and Grounds

32 funds  ||  $104 million
Funds from endowments support buildings on campus as well as the care of Miller Fountain.

 

Faculty Support

68 funds  ||  $166 million
Endowment funds support endowed professorships, lectureships, faculty development, and more. 

 

Scholarships

341 funds  ||  $295 million
The largest number of endowment funds supports undergraduate and graduate scholarships.

 

light gray triangle pointing down

 

Supporting Student Scholarships

The University increased annual financial support for Trinity students by providing nearly $80 million in scholarships and financial aid in FY2024, of which $66 million (83%) was defined as “unfunded” aid—not endowed through scholarship funds. While 25 new endowment funds dedicated to student scholarships were added in FY'24, unfunded aid has continued to grow markedly over the past decade as Trinity has remained committed to student's financial aid. With such a high balance of current financial support generated from unfunded aid, the University has created the Trinity Commitment. The board allocated $25 million from the endowment as a match for the creation of new endowed undergraduate scholarships building a permanent foundation to sustain access to Trinity's world-class education.

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.

 

photo of Gary and Kay Reamey outdoors

 

“The opportunities Trinity provided us has meant the world to us, and we want to make sure that students who come to the University today have that same kind of experience.” – Geary Reamey ’70

As proud members of Trinity Associates and Trinity True, the Reameys understand the profound impact of supporting their alma mater.

In 2020, their generosity reached new heights when they established the Reamey Family Endowed Scholarship in honor of their 50th reunion. This past year, they increased the impact of their scholarship by using the Trinity Commitment, which matched their additional gift to the endowed scholarship dollar-for-dollar.

In recognition of their extraordinary generosity and service, the Reameys were honored with the 2024 Spirit of Trinity Award. Their Trinity pride and legacy of giving will continue to inspire and uplift the entire Trinity community for generations to come.

Student Spotlight

Leo Abufadil ’26

Recipient of the Norine Murchison Scholarship

Leo Abufadil ’26 is a political science and international studies major from Tulsa, Oklahoma, and the recipient of the Norine Murchison Scholarship.

Abufadil’s involvement on campus includes serving as the vice president of the Consulting Club, as the secretary of the Asian American and Pacific Islander Council, and as a Japanese language peer tutor for the Department of Modern Languages and Literatures.

“Thank you for providing me the opportunity to explore the world of higher education. You have allowed me to pursue my dreams, and if it were not for your support, I would not have been able to [afford to] attend college.” - Leo Abufadil ’26

This summer, Abufadil completed a competitive internship with the U.S. Department of State as part of the Student Internship Program. He interned at the Bureau of International Organization Affairs, where he worked closely with an ambassador in a role similar to a staff assistant. In this position, he helped draft papers for Secretary of State Antony Blinken, Ambassador Linda Thomas-Greenfield, and other senior American representatives to the United Nations.

“Being a State intern was an exciting opportunity to understand the inner workings of the State Department and help forward U.S. foreign policy,” Abufadil says. In the future, he hopes to work in a career related to federal service or international relations.

photo of Leo Abufadil

Endowment Creates the Trinity Commitment to Drive Scholarship Support

Through its endowment, Trinity University has long committed resources in support of student scholarships.

Now, as a further investment in the Trinity experience, the Board of Trustees has committed $25 million from the endowment as a match for the creation of new, endowed scholarships or funding to existing scholarships. A gift of $50,000 or more, matched by this pooled fund, creates a new endowed scholarship or matches 1:1 for funding to an existing endowed scholarship.

Through this initiative, donors can name their fund and designate whether the scholarship is merit-based, region-based, or interest-based. They can even choose to create multiple scholarships. If they already have an endowed scholarship, there is an opportunity to add to the fund through this initiative. Scholarship support is a critical and long-lasting way to show your belief in Trinity and its students. 

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.