Who oversees management of Carnegie’s endowment?
Chief Investment Officer Michael Stambaugh in collaboration with the Investment Committee of the Carnegie Board of Trustees.
How is the endowment allocated among asset classes?
Our endowment is allocated among a broad spectrum of asset classes, including global equities, absolute return investments, real estate partnerships, private equity, venture capital, natural resources partnerships, and government bonds.
At the conclusion of the 2025 fiscal year on June 30, 2025, the endowment was allocated as follows:
- Common stock: 45.9 percent
- Alternative assets: 46.4 percent
- Fixed income and cash: 7.7 percent
The goal of this diversified approach is to generate attractive overall performance and reduce the volatility that would exist in a less diversified portfolio.
How does Carnegie determine its spending rate?
Carnegie employs what is known as a 70/30 hybrid spending rule. That is, the amount available from the endowment in any year is made up of 70 percent of the previous year’s budget, adjusted for inflation, and 30 percent of the most recently completed year-end endowment value multiplied by the spending rate of 5 percent and adjusted for inflation and debt. This method reduces volatility from year-to-year.
How does Carnegie score in evaluations of nonprofit philanthropic giving?
Carnegie’s Charity Navigator score is 98 out of 100, earning a four-star “give with confidence” rating from the organization.