2022 Financials

Our primary investment objective is to preserve and grow our endowment by generating returns greater than our spending on grants, social investments, administrative costs and inflation. We believe measuring our performance over market cycles of at least five years is appropriate. For the five years ending December 31, 2022, the endowment returned 6.2% annually, below our spending plus inflation target of 9.3%.

In 2022, the Board of Trustees approved 550 grants totaling $162.8 million. In addition, we made 13 social investment commitments totaling $38 million through program-related investments, equity investments and guarantees.