/education-data-source-nacubo

name: education-data-source-nacubo
description: >-
  NACUBO endowment data (~650 institutions, 2012-2022). Portal: 7 columns only (total endowment, per-FTE, YoY change). Use for endowment size/trends. Full investment/spending needs direct NACUBO access. For all-institution coverage use IPEDS finance.
metadata:
  audience: any-agent
  domain: data-source
  skill-authored: "2026-02-09"
  skill-last-updated: "2026-02-09"

NACUBO Data Source Reference

NACUBO endowment data for U.S. college and university endowments (~650 institutions). Portal mirror provides only 7 market-value columns (total endowment, per-FTE endowment, year-over-year change; 2012-2022). Use when analyzing institution-level endowment size or trends. Full investment returns, asset allocations, spending rates, and governance data require separate NACUBO study access. For comprehensive endowment coverage across all institutions, use IPEDS finance data.

The NACUBO-Commonfund Study of Endowments (NCSE) is the most comprehensive annual survey of U.S. college and university endowments, covering ~650 institutions representing over $870 billion in assets. The Education Data Portal mirrors a limited subset (7 market-value columns); full investment, allocation, spending, and governance data requires direct NACUBO access.

> **CRITICAL: Portal Mirror Scope** > > The Education Data Portal mirrors contain **only 7 columns** of endowment data, > focused on market values. Full investment data (returns, asset allocations, > spending rates, governance) requires access to the complete NACUBO study. > > **Portal columns:** `year`, `unitid`, `inst_name_nacubo`, `fips`, `endow_total`, > `endow_per_fte`, `endow_chg_mktval` > > **Value Encoding:** > > | Variable | Portal Format | Notes | > |----------|---------------|-------| > | `fips` | Integer (`6` = California) | Not string abbreviations ("CA") | > | `year` | Integer (`2022`) | Fiscal year ending year | > | `endow_total` | Float64 (USD) | Full dollar amount, NOT thousands | > | `endow_chg_mktval` | Float64 (decimal fraction) | `0.059` = 5.9% change, NOT `5.9` | > | Missing data | `null` | NOT -1, -2, -3 | > > See `./references/variable-definitions.md` for complete encoding tables.

What is NACUBO?

The National Association of College and University Business Officers (NACUBO) is a nonprofit professional organization representing chief administrative and financial officers at higher education institutions.

• **Collector**: NACUBO with Commonfund Institute (currently); TIAA partnership FY2018-2022
• **Coverage**: ~650 participating colleges, universities, and affiliated foundations (voluntary)
• **Scope**: Investment returns, asset allocations, spending rates, governance practices, market values
• **Frequency**: Annual survey (September-December collection, February publication)
• **Available years**: 1974-present (50+ years of study); Portal mirror covers 2012-2022 (11 years)
• **Primary identifier**: `unitid` (IPEDS 6-digit institution ID)
• **FY2024 total**: 658 participants representing $873.7 billion in assets

Reference File Structure

| File | Purpose | When to Read | |------|---------|--------------| | `endowment-study.md` | NCSE methodology, participation, history | Understanding data source context | | `endowment-metrics.md` | Market values, returns, spending rates | Interpreting performance data | | `variable-definitions.md` | Key variables, size categories, institution types | Building queries, filtering data | | `data-quality.md` | Coverage limitations, data caveats | Assessing data reliability | | `asset-allocation.md` | Investment categories, alternative strategies | Analyzing portfolio composition |

Decision Trees

What endowment data do I need?

Endowment research topic?
├─ Market values / fund size
│   ├─ Individual institution values → NCSE public tables
│   ├─ Size distribution → ./references/variable-definitions.md
│   └─ Historical trends → ./references/endowment-metrics.md
├─ Investment returns
│   ├─ One-year returns → ./references/endowment-metrics.md
│   ├─ Multi-year returns (3/5/10/25-year) → ./references/endowment-metrics.md
│   └─ Returns by size/type → ./references/variable-definitions.md
├─ Asset allocation
│   ├─ Traditional vs alternative → ./references/asset-allocation.md
│   ├─ Private equity/VC allocation → ./references/asset-allocation.md
│   └─ ESG/responsible investing → ./references/asset-allocation.md
├─ Spending and distributions
│   ├─ Spending rates → ./references/endowment-metrics.md
│   ├─ Spending purposes (aid, faculty, etc.) → ./references/endowment-metrics.md
│   └─ Budget contribution → ./references/endowment-metrics.md
└─ Data quality concerns
    ├─ Coverage/participation → ./references/data-quality.md
    ├─ Self-reported data issues → ./references/data-quality.md
    └─ Comparability across years → ./references/data-quality.md

Which data source should I use?

Comparing NACUBO vs IPEDS for endowment data?
├─ Need ALL institutions → Use IPEDS (mandatory reporting)
├─ Need investment returns → Use NACUBO (IPEDS doesn't have)
├─ Need asset allocations → Use NACUBO (IPEDS doesn't have)
├─ Need spending rates → Use NACUBO (IPEDS doesn't have)
├─ Need just market values → Either works
│   ├─ More institutions → IPEDS
│   └─ More detail → NACUBO
└─ Need governance/policies → Use NACUBO (IPEDS doesn't have)

Understanding study name changes

Which study by year?
├─ FY2023-present → NACUBO-Commonfund Study of Endowments (NCSE)
├─ FY2018-FY2022 → NACUBO-TIAA Study of Endowments (NTSE)
├─ FY2009-FY2017 → NACUBO-Commonfund Study of Endowments (NCSE)
└─ Before FY2009 → NACUBO Endowment Study (NES)

Quick Reference: NACUBO Data

> **Portal Coverage Note:** The Education Data Portal mirrors contain only **7 columns** focused on endowment market values. Full investment data (returns, asset allocations, spending rates, governance) requires access to the complete NACUBO study. See "Full Report Acc