About the University of Colorado Foundation
For over 50 years, the University of Colorado Foundation has partnered with the University of Colorado to enhance philanthropic support for CU. Private support for the university, given through the philanthropic portal of the Foundation, enables the university to transform lives through education, research, clinical care and community engagement. See the Impact Report 2026 for highlights. See CU Foundation’s Financial and Investment Documents for additional years, fiscal policies and guides.
The Foundation was founded in 1967 by a group of dedicated alumni and community leaders who sought to raise and invest private funding for the university to augment its other revenue streams. The CU Foundation is a legally separate 501(c)(3) charitable organization that functions as a part of CU Advancement.
The Foundation focuses its efforts on donor stewardship through customer service and assurance in gift acceptance, processing and administration. The Foundation invests and allocates gift funds in a manner consistent with the purposes established by donors and distributes dollars from its managed funds to support a wide variety of programs and activities throughout the university system and on its four campuses.
Vision
The University of Colorado Foundation is an essential partner of the University of Colorado, advancing the university’s mission by delivering exceptional donor experiences, safeguarding donor intent, ensuring adequate funding of advancement operations and providing prudent management of the assets entrusted to the Foundation.
Mission
The University of Colorado Foundation is the portal for philanthropic giving to the University of Colorado and is responsible for receiving, managing and investing the endowments and other gift funds the Foundation holds for the benefit of CU.
Values
We deliver exceptional customer service
We are proactive in addressing the needs and prompt in responding to the requests of our internal and external stakeholders.
We act with integrity
Ee are committed to transparency and following best practices in the work we do.
We are innovative
We promote a culture of shared knowledge and new ideas.
We embrace our fiduciary responsibilities
We strive to be excellent stewards of the resources entrusted to us.
We are welcoming and inclusive
We foster a collaborative workplace environment that encourages and enables us to appreciate and respect one another.
Financial highlights
Fiscal year 2026 was a record year for the University of Colorado Foundation, reflecting strong investment performance, continued philanthropic support, and increased support for the University. Total net assets reached $3.37 billion, an increase of $503.8 million, or 17.6%, over the prior year. Total assets grew to $4.15 billion, and investments increased nearly $600 million to $3.80 billion, driven by favorable market conditions and strong portfolio performance.
The Foundation received approximately $316.9 million in contributions and generated $485.1 million in net investment return, resulting in total revenue and support of $817.2 million. This strong performance enabled a record $263.7 million in transfers to advance the University’s mission and $40.0 million to support advancement operations while supporting the long-term growth of endowment assets.
The independent auditors issued an unmodified (“clean”) audit opinion, affirming that the Foundation’s financial statements fairly present, in all material respects, its financial position and activities in accordance with U.S. generally accepted accounting principles.
Key Financial Highlights
Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
Total Assets | $4.15B | $3.55B | +16.8% |
Investments | $3.80B | $3.20B | +18.7% |
Net Assets | $3.37B | $2.87B | +17.6% |
Total Revenue, Gains, and Support | $817.2M | $560.7M | +45.7% |
Transfers to the University and Advancement Support | $303.7M | $269.1M | +12.9% |
Contributions Receivable | $178.6M | $142.4M | +25.5% |
Investment Portfolio Performance
Investments reached $3.80 billion at year-end, increasing nearly $600 million over fiscal 2025. The portfolio remains broadly diversified across public equities, fixed income, private equity, venture capital, real assets, and other alternative strategies.
A significant portfolio development in fiscal 2026 was the public listing of SpaceX. At year-end, the Foundation’s indirect investment represented approximately $289 million, or 8.2%, of the Long-Term Investment Pool. Future market fluctuations and the expiration of lock-up restrictions may increase volatility in the valuation of this holding.
Endowment Growth
The Foundation's managed endowments reached approximately $2.90 billion, increasing from $2.47 billion in the prior year.
Key drivers of growth included:
- Net investment return of $426.2 million
- New endowment contributions of $59.0 million
- Continued strong donor engagement and stewardship efforts
Governance and staffing
The Foundation is governed by an elected board of directors. Board committees include an Investment Policy Committee, a Finance/Operations Committee and an Audit Committee. See a list of board members and committee chairs.
The Foundation’s day-to-day operations are overseen by Jack Finlaw, its President and CEO, who works with an administrative staff of 20 employees. Read more about the Foundation’s executive team.
The Foundation follows an outsourced chief investment officer (OCIO) model and contracts investment management services through Cerity Partners OCIO, a private investment management firm. The Foundation’s Investment Policy Committee establishes the investment policy parameters within which the OCIO operates, and monitors the OCIO’s performance with an independent consultant’s assistance.
Operating budget
The Foundation generates revenue from three primary sources:
- an assessment on endowed funds in the LTIP
- a distribution from the Foundation’s short term investment pool
- a distribution from a board-designated quasi-endowment
Fiscal year 2027 budgeted revenue totals $52.9 million. The Foundation will retain $7.2 million to support its operations and transfer $41.5 million to CU to help fund CU Advancement operations and IT infrastructure investments. The remaining revenue will increase the Foundation’s unrestricted net assets.
Endowment Spending Policy
The Foundation’s Board of Directors has established an Endowment Spending Policy that sets the parameters for spending from the endowments the Foundation holds for the university’s benefit. The board is committed to investing and administering all endowment funds in compliance with applicable federal and state laws and industry standards.
The Endowment Spending Policy’s objective is to achieve a balance between the university’s present and future needs. This means balancing the needs of current beneficiaries and the university’s advancement operations while preserving an endowment’s purchasing power to support future beneficiaries. The policy aims to provide the university with perpetual, growing and consistent revenue and to preserve each endowment’s real value, net of annual distributions and fees.
The Endowment Spending Policy has three components:
- a distribution formula
The annual distribution to a CU program from an endowment is paid on the first day of each fiscal year (July 1) in an amount equal to 4% of the endowment’s trailing 36-month market value as of the prior December 31. - an assessment to fund advancement operations
The annual assessment to fund CU Advancement operations is 1.5% of the market value of each endowment. The fee is calculated as of December 31 and paid on the following July 1 of each year. - rules relating to the suspension of distributions
The Foundation suspends distributions from pure endowments when the endowment’s market value is less than 90% of its historic gift value.
Trustees
CU Foundation trustees are among the University of Colorado’s most loyal friends and most generous donors. Trustees receive stewardship experiences and opportunities to learn about the important work being done by CU faculty, staff and students. The CU Foundation trustees are not members of a board, and they have no fiduciary responsibilities. Trustees are invited to learn about CU, advocate for CU and invest in CU.
The Foundation convenes quarterly meetings for the trustees for the benefit of CU Advancement. The chair of the Foundation’s Board of Directors also chairs the trustee meetings.