Pitt better endowed than Penn State, CMU

From an increased number of undergraduate applications to ambitious improvements made to the… From an increased number of undergraduate applications to ambitious improvements made to the University, signs of Pitt’s institutional turnaround abound these days. But just how big has Pitt gotten?

A recent survey shows that Pitt’s endowment, already valued at more than $1 billion in 2003, rose 18 percent in 2004 with the help of investments in a strong economy.

The survey, published by the National Association of College and University Business Officers, places Pitt’s endowment as the 31st largest of the 741 institutions included in the survey, ahead of Penn State at 45 and Carnegie Mellon University at 66.

Pitt also announced recently that its capital campaign has yielded $756 million since its inception in 1997. While Pitt originally intended to raise $500 million through the campaign, trustees extended the goal to $1 billion in 2002.

According to a report published by Pitt last year, endowed funds for scholarships have increased by more than 60 percent since 1997, but a larger endowment has not significantly affected undergraduate tuition. In the same period, tuition rates rose 61 percent for full-time returning students — from $5,658 in the 1997-1998 academic year to $9,130 in the current academic year.

So does a growing endowment help Pitt students?

Al Novak, Pitt’s vice chancellor for institutional advancement, touts the role of scholarships in attracting students to Pitt, noting that the number of endowed scholarships has increased from 418 to 690.

“In the long run, we want more scholarships because we want it to be an affordable institution for students coming here,” Novak said. “We know that costs continue to rise, and that’s a motivating factor for us.”

Novak said the University’s new focus on undergraduate studies came with the findings of a Board of Trustee committee, which identified undergraduate studies as an area in which “they wanted to see vast improvement.”