Endowment Annual Report

CC’S ENDOWMENT PERFORMANCE

A Report from the Vice President for Finance and Chief Financial Officer

Dear Friends of Colorado College, 

At CC, we know a strong endowment is more than a measure of financial health: it’s the engine that drives innovation, access, and opportunity at the college. It sustains the immersive experiences that define the Block Plan, enables strategic investment in emerging areas, and provides financial aid vital to ensuring CC’s doors are open widely to students from all backgrounds. Careful stewardship ensures these resources are managed for lasting impact—balancing present needs with tomorrow’s opportunities and enabling us to pursue bold ideas with financial resilience through changing times.

Over the fiscal year ending June 30, 2025, the College’s diversified endowment investment portfolio produced a positive 11.3% net annual return. Over the last five years, CC’s endowment has earned an average return of 10.6%, and an average return of 8.8% over the last decade. The college currently provides an annual payout equal to 5% of each endowment’s calculated average market value (with 5% of the payout amount subtracted as a surcharge for endowment management and related expenses). This payout is made possible while maintaining the inflation-adjusted market value of CC’s endowment. At the end of the most recent fiscal year, the market value of our endowment and perpetual trusts totaled $1.109 billion and produced a $45.1 million payout. Combined with receipts of annual operating gifts, this provided nearly 20% of CC's yearly budget. 

Each endowed gift reflects a shared commitment to the enduring power of the liberal arts and the strength of Colorado College as an institution. Together, we are ensuring this vital resource continues to grow in value and impact, sustaining the people and programs that shape the leaders of tomorrow. We are deeply grateful for your partnership in this important work. 

Sincerely, 

LORI SEAGER
Vice President for Finance and Chief Financial Officer

COMPARATIVE DATA TOTAL RETURNS

Endowment and Perpetual Trusts

U.S. COLLEGE & UNIVERSITY AVERAGE ANNUAL RATE OF RETURN

*Colorado College’s endowment is in this group.
Source: National Association of College and University Business Officers (NACUBO) 2024 Survey

CC’S ASSET ALLOCATION

HOW COLORADO COLLEGE MANAGES ITS ENDOWMENT

The college’s endowment is overseen by the Colorado College Board of Trustees Committee on Investments in accordance with college policy, Unified Prudent Management of Institutional Funds Act, and the rules of prudence. The committee seeks superior investment returns through strategic asset allocation and professional investment management. The committee, through its partnership with outsourced CIO Partners Capital Investment Group, monitors the 66 external investment firms that manage the college’s assets.

HOW SPENDABLE INCOME IS CALCULATED

The college’s Board of Trustees develops a spending policy that balances the current needs of the school with the prudence of saving for the future. The policy, a subsection of the Endowment Investment Policy, defines how spendable income is calculated for the college’s overall endowment portfolio. The current spending rate is five percent of the 12-quarter trailing average market value as of the prior December 31, with the change from year to year capped at five percent up and one percent down. This yields the total amount of spendable income from the college’s overall endowment portfolio. This amount is then allocated to each individual fund as a pro rata share. Of the pro rata share, five percent is then subtracted as a surcharge for the endowment’s management and related expenses, and the remaining balance is available as spendable income for the fund’s designated purpose for the next academic year.

COLORADO COLLEGE FISCAL YEAR 2025 ENDOWMENT AND PERPETUAL TRUST SPENDING

ENDOWMENT PER STUDENT

How Colorado College Stacks Up to Peer Institutions (Fiscal Year 2024)

*The endowment per student is the overall endowment as reported by the National Association of College and University Business Officers (NACUBO), divided by the number of undergraduates cited in the Common Data Set.
**Source: NACUBO 2024 Survey