Macalester College’s endowment has surpassed the $1 billion mark, ushering in the next chapter for the college and putting it in elite company: fewer than 200 of the 4,000 higher education institutions in the U.S. have endowments of more than $1 billion. Macalester is among the country’s top 75 colleges and universities in terms of endowment dollars per student.
The milestone reflects 125 years of generosity from alumni, faculty, staff, parents, and friends, since the first gifts to establish the endowment in 1902.
More than a financial benchmark, the endowment provides enduring support for the people and experiences at the heart of a Macalester education—from financial aid for accomplished students and faculty excellence to study away, internships, research, and opportunities that extend learning beyond the classroom.
“A strong endowment builds resilience, ensuring our ability to invest in our core mission and values, even in uncertain times,” says Vice President for Advancement Joanna Curtis ’97. “It secures a permanent foundation for our top-tier academic program and directly enhances the student experience at Mac for generations to come.”
What’s it Mean to Hit $1 Billion?
Ever wondered where Mac keeps its millions? Is there a secret vault? Student reporter Evelyn Ishikawa ’28 asks the tough questions. Here she interviews Trustee Seth Levine ’94, Provost Lisa Anderson-Levy P ’23, and Vice President Joanna Curtis ’97 about secret codes, zoos, and—most importantly—what a $1 billion endowment means for students.
Investing in Macalester’s future
Macalester’s endowment is a collection of invested funds, primarily in debt and equities, designed to provide a sustainable source of financial support for the college. The endowment is managed by an outside investment office selected by the Board of Trustees and overseen by the board’s Investment Committee, which includes trustees and alumni.
Over the past twenty-five years, donors have contributed more than $200 million to the endowment, including $26 million in just the past two years.
These donations generate investment returns that help offset the costs of operating the college. As the endowment grows, those returns can provide additional resources to help Macalester sustain its educational mission.
75
Number of colleges and universities in the country that have similar endowments per student to Macalester
70
Percentage of Macalester’s endowment that is restricted for financial aid, helping us meet 100 percent of demonstrated need for every admitted student
$24 Million
Amount of additional funds that Macalester hopes to secure over the next three years for scholarships, summer research, study away experiences, internships, endowed professorships, and faculty fellowships
A legacy of generosity
Macalester’s endowment has been shaped by transformative gifts throughout the college’s history.
In 1981, Reader’s Digest co-founders Lila and DeWitt Wallace gave 10 million shares of Reader’s Digest stock to Macalester. When Reader’s Digest went public nine years later, the value of Macalester’s endowment increased dramatically, reaching roughly $320 million and briefly becoming the largest endowment of any liberal arts college in the country.
Though the Wallace gift came with restrictions that limited the college’s ability to sell the stock until the early 2000s, which limited the potential endowment growth, their generosity became an important part of Macalester’s financial foundation and a powerful example of how philanthropy can shape the college for generations.
Today, donors continue that tradition by establishing endowed funds for student financial aid, faculty support, academic programs, campus facilities, student resources, and more. Endowed funds can be created through gifts of cash, securities, or real property, as well as through planned gifts such as bequests and life insurance policies.
Opening doors for students
Every year, more than 70 percent of Macalester’s endowment is restricted for student financial aid, providing critical support for the college’s commitment to meeting 100 percent of demonstrated financial need for every admitted student.
Through the Macalester Tuition Promise initiative, students from US families with household incomes below $100,000 pay no tuition.
In addition, Macalester is among a small group of colleges that provide need-based financial aid to international students.
Still, the endowment’s impact extends beyond tuition assistance. Endowment resources help make high-impact learning experiences accessible to students, including internships that would otherwise be unpaid, study away, summer research, and other opportunities that allow students to put their education into practice.
More than 60 percent of Macalester students study away, and endowment support helps make those experiences possible. Opportunities range from short-term programs led by Macalester faculty to semester-long study away programs around the world.
Supporting faculty and academic excellence
Endowment funds also provide lasting support for Macalester’s faculty. Ten percent of the endowment supports faculty through endowed professorships and chairs, helping the college attract and retain outstanding scholars and teachers.
These faculty members contribute to Macalester consistently being ranked among the top 10 liberal arts colleges for undergraduate teaching and help provide students with opportunities to engage in intensive, self-directed research and creative work alongside faculty mentors.
Endowed funds can support particular academic disciplines and programs, allowing donors to connect their philanthropy with areas of the college that are meaningful to them.
Recent examples include an endowed study away fund established by alumnus Todd Lee ’87. Lee’s own formative study-abroad experience in Egypt as a Macalester student inspired him to create a fund that would help future students have similar opportunities. He made an outright gift to establish the fund and included a bequest to Macalester in his estate plans to increase its long-term value.
Dr. Alan Weingarden ’75 and his wife, Susan, established a professorship in neuroscience to strengthen support for science teaching and scholarship. And a group of former Macalester debaters established an endowed fund for forensics in gratitude for the program and longtime debate coach Dick Lesicko ’75 P ’14. In all, twenty-three donors contributed to that endowment.
Each of these gifts tells a different story, but together they demonstrate the lasting connection between Macalester and the people who believe in its mission.
“A strong endowment builds resilience, ensuring our ability to invest in our core mission and values. It secures a permanent foundation for our top-tier academic program and directly enhances the student experience at Mac for generations to come.”
-Joanna Curtis ’97, Vice President for Advancement
Building on the milestone
Reaching $1 billion is a significant achievement; but it is also a starting point for the college’s next chapter, allowing us to continue to amplify the attributes that make a Macalester education distinctive.
Macalester’s goal is to secure an additional $24 million for the endowment over the next three years, with a focus on scholarships, summer research, study away experiences, internships, endowed professorships, and faculty fellowships.
As the college looks ahead, the endowment will continue to provide a bridge between the generosity of one generation and the opportunities available to the next.
“As we continue to grow the endowment through new gifts and investment returns, our focus remains clear,” says Executive Vice President and Provost Dr. Lisa Anderson-Levy P ’23. “Macalester provides a world-class education that prepares students to be curious, compassionate leaders and engaged community members committed to building a more just and peaceful world. Our alumni leave Macalester prepared not only for their first opportunity after graduation, but with the knowledge, skills, and tools they need to navigate graduate study, launch their careers, and contribute meaningfully throughout their lives.”
Surpassing $1 billion is a milestone worth celebrating because of what it represents: a community investing in Macalester’s students, faculty, and mission, and in the generations of Scots still to come.