Mary Baldwin University and Carlow University endowment tracking and comparisons

Name: Mary Baldwin University and Carlow University endowment tracking and comparisons
Uploaded: 2025-10-15T19:08:04+00:00
Duration: 2 min 29 s
Channel: Gary Stocker
Description: In this presentation, the speaker evaluates the endowment health of Mary Baldwin University and Carlow University by examining raw endowment values…

15 Oct 2025 · 2 min

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2:29

In this presentation, the speaker evaluates the endowment health of Mary Baldwin University and Carlow University by examining raw endowment values, percent change over recent years, and how each institution ranks among roughly 1,300 private colleges. Mary Baldwin’s endowment fell from about $37 million to $34 million, placing it below the 25th percentile and likely in the bottom 5‑10 % of peers. Carlow’s endowment grew from $28 million to $56 million, positioning it above the 75th percentile. The speaker then discusses endowment draw (appropriation) rates, noting the industry standard of 4‑5 % of beginning‑year endowment value. Carlow consistently draws around the median 4.5 %, with a modest 2024 increase. In contrast, Mary Baldwin has taken unusually large draws—up to roughly 20 % in 2018‑2020 and again in 2024—suggesting fiscal distress and reliance on endowment funds to cover operating costs.

Chapters

There's a couple things I want to look at, at the endowment. And we'll start with the total endowment value— I lied to you— with the endowment value at the end of the year. And again, we can see that the raw values have been relatively flat. That's not the best indicator. Let's take a look at the percent change. Again, we've got closed 25th, 50th, and 75th percentile markers. We can see that Carlow University's endowment value as a percent of change has grown nicely. Let's go back and look at the raw value. Now, the raw value for both of these is modest at best. Uh, start off at $37 million for Mary Baldwin and has now dropped a little bit to $34 million. That's never good. And for Carlow, it was $28 million and change and has grown considerably to $56 million, almost double. So let's go back and look at the percent change. And this is really in relation to about 1,300 other private colleges in the country. We can see that Carlow is well above, in terms of percent growth, that endowment, well above the 75th percentile. And on a more concerning note, Mary Baldwin is considerably below the 25th percentile. You look at that chart there, probably bottom 10, bottom 5% of all private colleges across the country. And then let's look at what was commonly called the endowment draw. We call it the appropriation here. Look at the endowment draw as a percent of the beginning of the year endowment value. And the typical standard for that— and Matt talks about this all the time— is somewhere between 4 and 5%. And we can see that Carlow— that median number is right around that number, 4.5%— Carlow has really been pretty gosh darn consistent, staying right about, right, right at that standard. They had a bump in 2024. We'll have to watch and see what the 2025 number is. Mary Baldwin, on the other hand, really used that endowment excessively. It's probably one of the reasons why their percent growth is so small. A lot in 2018, 19, and 20, and then again in 2024, they grabbed 20%, almost 20% of their endowment value in that year. Now, in my estimation, in my experience, that's, that's an important indicator of a college in trouble. They're essentially having to rob the endowment piggy bank to meet payroll and to keep the lights on and meet other spending obligations.