10 Richest Historically Black Colleges and Universities

The sharp investment performance decline of college and university endowments in fiscal year 2022, along with a dip in overall asset values, reverberated across historically Black colleges and universities.

The average return for all college endowments in fiscal 2022 was -8%, down from the 30.6% overall average return in fiscal year 2021, according to the NACUBO–TIAA FY 2022 study. The market value for the largest endowments declined by 3.8%, while the average decline for the smallest ones, including HBCUs, was 9.6%.

The study noted that this significant difference likely owed to varying allocations to private markets, in particular, venture capital and private equity strategies.

Smaller endowments tend to allocate far more to public equities and public fixed income, but both asset classes struggled in fiscal 2022 as interest rates increased. In contrast, large endowments with extensive exposure to private markets were better able to withstand the volatility.

Another factor affected HBCU endowments: a decline in donations. Following George Floyd’s death, HBCUs received some 30 donations of $1 million or more. In 2022, the number had shriveled to three.

In contrast, 14 predominantly white institutions received donations of more than $100 million.

At present, there are 107 HBCUs in 19 states, the District of Columbia and the U.S. Virgin Islands, according to a recent Bankrate report. As of 2021, they enrolled 279,000 students, of whom 24% were non-Black students.

See the accompanying gallery for the 10 HCBUs with the largest endowments in fiscal year 2022.