Grinnell College Reports Endowment Fiscal Year 2024-2025 Results
The Grinnell College endowment generated a net positive return of 11.7% for the fiscal year (FY) beginning July 1, 2024 and ending June 30, 2025.
During 2024-2025 the endowment’s market value increased $176.6 million with an ending value of almost $2.85 billion as of June 30, 2025. Inflows to the endowment included $309 million in investment gains/losses and income, and $14 million in philanthropic gifts. Total payout in support of the operating budget, reserves, and capital projects was $146.6 million. To preserve the endowment’s ability to support current and future generations, the annual payout has ranged from 4.0% to 4.5% of the endowment’s average market value in recent years. Reserves provide the College with resources for unforeseen circumstances and long-term needs.
Grinnell’s investment strategy is designed to achieve strong risk-adjusted returns over a multi-year horizon rather than maximizing returns in any single year. Investment income has historically been particularly important in the growth of Grinnell’s resources. Sixty percent of the College’s operating budget is supported by the endowment’s annual payout. Over the past decade, the endowment generated investment gains of more than $1.9 billion and provided over $920 million to support Grinnell’s institutional mission.
The endowment’s annualized returns are as follows:
| Annualized Rate of Return | 3 Year | 5 Year | 10 Year |
|---|---|---|---|
| June 30, 2025 | 9.0% | 10.3% | 8.8% |
“The results for FY 2025 reflect strategic repositioning that has been carried out within the endowment over the past five years and demonstrate encouraging momentum across the portfolio. The key takeaway is that the endowment is well-positioned to meet near-term obligations and maintain resilience over the long term even in adverse market conditions,” said Chief Investment Officer Jainen Thayer.
“The Grinnell College endowment impacts the lives of all Grinnell students who receive financial aid and is supported by the commitment of many generous donors who believe that the highest quality academic experience should be accessible regardless of a student’s financial circumstances,” said President Anne F. Harris.
Grinnell awards the equivalent of 70% of the annual endowment payout in student financial aid, compared to a national average of 42%. For the 2025-26 academic year, 92% of students receive financial aid. Of the $79 million in institutional financial aid provided to students this academic year, $67 million is made possible by the annual payout from the endowment, and $12 million is provided by generous donors to the College.
Grinnell does not consider a student’s ability to pay as a factor in admission. It is one of a small number of colleges in the United States to make that commitment, along with meeting 100% of each student’s calculated need without requiring loans as part of financial aid. Almost half of Grinnell students are in the high or very high financial aid need category and almost one third of the student body receives a full-tuition scholarship.
Comprehensive Fee and Institutional Aid
Since 2013, the comprehensive fee has increased by 77%, while institutional financial aid has increased by 96%, and the endowment market value has increased by 83%. In addition to being need-blind, meaning that a family's ability to pay does not factor in admission, Grinnell College is also a no-loan institution, meaning that loans are not packaged into financial offers from the college.
Nearly 700 individual endowed funds comprise the Grinnell endowment today. About one third of Grinnell’s total endowment is made up of charitable gifts designated by donors to be spent for specific purposes or to support the College’s general operations. These funds are directed to specific purposes by their original donors, such as supporting financial aid, funding academic excellence that promotes positive change, and opening doors to a range of successful post-graduate careers.