By Todd Simmons
In a final major milestone achieved under the leadership of retiring Chancellor Harold L. Martin Sr., the North Carolina Agricultural and Technical State University endowment has surpassed $200 million, a near tenfold increase since Martin took the reins of N.C. A&T in 2009.
At $202 million as of June 30, the A&T endowment is the largest of any public historically Black college or university in America. Once final figures are in for FY2024 at all HBCUs, A&T is projected to rank fifth behind Howard University, Spelman College, Hampton University and Morehouse College – all private institutions.
A&T’s endowment growth is a reflection of both increased private giving to the university and savvy management of university holdings. Both are essential to securing the resources A&T needs to support its growth as a leading doctoral research university and its $2.4 billion economic impact on North Carolina, said Martin.
“As our endowment grows, it provides significant income to fund programs and enhance operations at North Carolina A&T,” said Martin, who will officially retire Aug. 15. “It also increases our funding flexibility, allows us to plan more effectively for future initiatives and lends strength to our bond ratings – all important in a highly competitive higher education marketplace.”
When Martin’s tenure began, the A&T endowment was valued at about $20 million. With private giving beginning to grow, the university launched the Campaign for North Carolina A&T in 2012 with a goal of $85 million.
The university handily surpassed that, raised the goal to $100 million and exceeded that, too, concluding the campaign in 2020 with $181.4 million raised, making it the largest capital campaign ever fielded by a public HBCU. That boosted the endowment to roughly $140 million.
Outstanding management of the endowment along with ongoing new private gifts have helped it continue to grow, even when other endowments were struggling. For instance, in FY2022, with the U.S. economy reeling from the COVID-10 pandemic and high inflation rates, A&T and Howard were the only two of the top 10 HBCU endowments to experience growth, with A&T’s total expanding by nearly 5%.
“Our outstanding Endowment Committee and investment managers are effective stewards of our investment portfolio, always ensuring that those funds are managed in ways that bring value to the university,” said Robert Pompey, vice chancellor for Business and Finance. “Their work is a significant part of the story of our growth.”
The endowment does not represent the totality of investments for A&T: It is part of $218 million in total assets under management – a financial metric that represents all financial assets being managed for A&T by third-party professionals.