Stanford's endowment grew by 9.7 percent in the 2013 fiscal year, increasing its value to $18.7 billion, the university announced Wednesday.
As of Aug. 31, the last day of Stanford's fiscal year, the payout for 2013's endowment was $921 million or 5.4 percent of the beginning-of-year endowment value of $17 billion. The payout for 2014 is budgeted to be $982 million, according to a university release.
"Thanks to the generosity of Stanford's donors and excellent investment returns, the endowment had significant growth last year and now exceeds where we were before the 2008-09 financial downturn," said Randy Livingston, vice president for business affairs and chief financial officer. "Notwithstanding last year's strong results, we remain concerned about federal budget gridlock, its impact on investment markets and reductions in federal research funding."
Stanford's endowment plays a significant role in covering the University's operating expenses -- in 2012, it was responsible for covering 23 percent of the university's annual operating costs.
The endowment is composed of nearly 7,000 individual funds, about 78 percent of which are designated for a specific use by donors, according to a university release.