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Where Did the $58 Million Go?

As we’ve mentioned before, the College has the fourth highest endowment/student in the Ivies, coming after Princeton, Harvard and Yale. But rather that looking at HYP, let’s continue our comparison of Dartmouth and Brown. I keep referring to Brown because the structure of that school (ratio of undergrads to grads, number of professional schools, etc.) is closest to the College among the Ivies.

On June 30, 2013 our endowment was $3,733,596,000 and Brown’s was $2,669,948,000. Our position is a strong one, given that Brown has over a third more students and faculty than we do.

Last year we drew $183,816,000 from the endowment to fund the College’s ongoing operations:

Dartmouth Endowment Draw 2013.jpg

Given that there are a total of 6,342 students at the College, that works out to be a draw of $29,984/student.

Brown was able to draw only $125,858,000 from its endowment in the same time period.

Brown Endowment Draw 2013a.jpg

Given that there are a total of 8,619 students at Brown, the draw was $14,602/student.

Putting things another way, Dartmouth drew more from its endowment than Brown did in absolute terms: $57,958,000, and the difference on a per student basis was $15,382/student.

Where did all this money go? Certainly not to the College’s students. Tuition, room and board, and fees at the College in the fall of 2014 will be $61,947. Brown will only charge its students $59,428. That’s a difference of $2,519/year. Dartmouth students will pay 4.2% more for their education than the kids at Brown — a total of $10,076 over four years.

The faculty did not get its hands on the $15,382/student surplus either. According to the federal government’s authoritative Integrated Postsecondary Education Data System (IPEDS) data for 2011, not only does Brown have 35% more full-time professors than Dartmouth — as you would expect, given that Brown has 36% more students than Dartmouth — but Brown also pays its professors more than faculty in Hanover, by about 10% or so, depending on the level that the faculty member has achieved:

Dartmouth Brown Faculty Salaries2.jpg

Certainly some Dartmouth professors out-earn their equivalents in Providence, but the overall figures are clear.

If the students and the faculty don’t enjoy the benefits of the endowment’s big payout, then who the heck does? I’ll leave that answer up to you.


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