Endowment and Investment

Endowment Accounting is part of the Controller's Office in the Division of Finance.


Endowments are created when gifts received by the University are intended to provide funding for the maintenance of its operations for many generations.  Endowment gifts are usually cash or securities, but may come in other forms.   Emory University has a long history of receiving endowment gifts which provide long-term income for University operations.  This source of income can be crucial to the organization in difficult economic times when other funding sources may be severely limited. 

Endowment Accounting

There are unique rules for the co-mingling of funds in an endowment.  The Contribution Value of a true endowment should contain only donor gifts. 

Besides donor gifts, three additional categories are also tracked: 

Endowment Investment Management

Emory University's endowed funds are invested by the Emory Investment Management Office (EIM) under the direction of the Vice President and Chief Investment Officer. 

EIM, with the approval of the Investment Committee of the Board of Trustees, invest the funds in a large variety of securities to create a diversified investment portfolio.  The Investment Committee sets asset allocation targets and monitors the performance of the endowment. 

A third party custodian is selected to hold the funds and take action as directed by EIM.

Endowment funds are invested in securities for the long term but year-to-year volatility in the financial markets cannot be avoided.  Therefore, all funds deposited into endowment funds are expected to be on a long-term basis.