For the fiscal year that ended June 30, 2023, Dartmouth’s endowment generated an investment return of 1.6%, with annualized returns of 10.8%, 10.7% and 10% over the past five, 10, and 20 years, respectively.

After a year that underscores the importance of diversification and a focus on long-term investment results, the endowment’s market value stands at $7.9 billion as of June 30, 2023.

“The superior performance of Dartmouth’s endowment over an extended time period makes possible institutional investments in innovation and our academic mission that result in greater impact,” said President Sian Leah Beilock. “A Dartmouth education is not only one of the best in the world, but also increasingly attainable for students from all socioeconomic backgrounds. At a time when higher education must demonstrate its value, we are doubling down on academic excellence while dramatically increasing financial support for our students.”

The endowment, through its annual distribution that funded $390 million of the $1.3 billion operating budget, is a potent tool for making a Dartmouth education more affordable to a growing number of students every year.

Since 2015, the undergraduate financial aid budget, nearly half of which is covered by the endowment, has grown 59%—from $85 million in fiscal year 2015 to $135 million in 2023—a period that saw the smallest rate of tuition increase since the 1950s.

For the class entering this fall, the average scholarship for a student receiving aid was a record-high $68,032, and nearly 15% of the class is attending Dartmouth for free.

During the final two years of its Call to Lead comprehensive campaign, Dartmouth eliminated all required federal loans from its undergraduate financial aid packages as part of an ongoing effort to eliminate student indebtedness upon graduation.

In addition, in January 2022 Dartmouth became only the sixth U.S. institution to implement a universal need-blind admission policy for all undergraduate applicants, including international citizens, and it now provides scholarship support to all financial-aid students participating in off-campus programs in the U.S. and abroad.