Commonfund Study of Independent School Endowments

Each year, NBOA partners with Commonfund Institute to conduct a survey that assesses independent school endowments and their trends. The study explores a number of timely topics, including total returns, asset allocation, spending-and-fund flows, and debt as well as investment management and governance. The data may inform your school’s asset allocation, endowment spending policy and more.

NBOA MEMBERS: BE SURE TO SIGN IN FOR THE NEWEST VERSION OF THIS REPORT. THE NONMEMBER REPORT IS FROM 2019.

Released: 2025

Cover of 2024 Commonfund Benchmarks Study® of Independent Schools
Download Members log in here for member access.
Members report year: 2024  |  Nonmembers report year: 2019