Endowments Explained

Bruce A. Kimball (NEWTON, MA) is Emeritus Academy Professor at Ohio State University. A former Guggenheim Fellow, he is the author of several award-winning books, including Orators and Philosophers: A History of the Idea of Liberal Education and The Inception of Modern Professional Education: C. C. Langdell, 1826-1906. Sarah M. Iler (WAKE FOREST, NC) is adjunct professor of U.S. History at Columbus State Community College and Wake Technical Community College. She is the author or coauthor of essays on topics including the history of African American conservatism, the history of multicultural education, the history of liberal arts education, and the history of endowments in higher education.

• Table of ContentsForewordAbbreviations and AcronymsIntroduction1. Why is Endowment Beneficial?2. True and False Endowment3. The Semantic Swamp Widens4. Confounding Worlds of Nonprofit Organizations5. Endowed Foundations6. Omitting, Duplicating, and Erasing Endowments7. Perplexing IRS Form 9908. IPEDS and NACUBO Datasets9. Investing Paradigms and Opaque Fees10. Spending Rules, Rates, and Controversies11. Ethical Quandaries: Investing, Divesting, and Stratifying EndowmentsConclusionAppendix 1: Types of 501(c) Tax-Exempt Organizations per the Internal Revenue Code (2025)Appendix 2: Numerical Distribution of Nonprofits, Alphabetically by State and Territory (2025)Appendix 3: Number of Religious congregations in the United States by Denomination, 2020Appendix 4: Typical University College Endowment Agreement