Annual Report

2022 Annual Report

Indiana University Foundation

Philanthropy is an expression of love for humanity which takes many forms. This annual report chronicles the work of the Indiana University Foundation in helping connect expressions of that love for humanity to the mission, needs, and priorities of Indiana University.

Our donors dream big. They imagine a world where students can explore their full potential without being distressed about how they will pay for college. They envision cures to all forms of illness. They believe in IU’s ability to help shape a world that is equitable, peaceful, and sustainable. And they trust the IUF to ensure that IU is a responsible steward of their investments. We are both honored and inspired by their faith in IU and their expressions of love for humanity.

This annual report outlines the actions we are taking to sustain IU’s philanthropic legacy. Since our last report, we conducted a comprehensive review of lessons learned from our successful eight-year For All: The Indiana University Bicentennial Campaign, realigned our development program to promote enhanced collaboration, redesigned the online engagement and giving experience, made strides toward even greater diversity, equity, and inclusion, and made significant progress on our five-year plan to achieve a positive step change in fund raising for IU. These are just a few highlights of the work outlined in the pages that follow.

In closing, please accept our gratitude for your interest in the work and program of the IUF. Much has been accomplished and much more remains to be done to sustain IU’s philanthropic legacy.

Ever true to IU,

Kay Booth
Kay R. Booth
IUF Board Vice Chair
J.T. Forbes
J Thomas Forbes
IUF President and CEO

Fiscal Year 2022 Financial Highlights

In the fall of 2022, Indiana University President Pamela Whitten united the university under IU 2030, a strategic plan framework that will lead IU into its third century. The goals of the plan are simple: support student success and opportunity; engage in transformative research and creativity; and provide service to our state and beyond.

The framework we have established, a bold vision for our third century, reflects our determination to become the preeminent public university in America.

Pamela Whitten, IU President
Well House Society

In support of this plan and our mission to maximize private support for IU, the IU Foundation business model includes five key steps: engage alumni and friends, raise funds, receive funds, invest funds, and utilize funds. All of the following data represent totals from July 1, 2021, through June 30, 2022.

Business Model Engage Highlighted


The IU Foundation builds and stewards lifelong relationships with current and potential supporters through a wide variety of outreach opportunities.


Business Model Raise Highlighted


Private support for IU comes from all over the world and includes giving from individuals as well as corporations, foundations, and other organizations. During fiscal year 2022, donors gave more than $766 million to IU. This total includes cash gifts, future pledge payments, and revocable and irrevocable planned gifts.


238Total Number of Planned Gifts Documented





Donors can choose to support IU in a number of ways beyond cash gifts. From planned gifts and pledges to real estate, securities, and more, donors select gift vehicles that suit their specific needs and goals.

Gifts received by type

Planned Gifts and Pledges20.3%
Non Governmental Grants9.7%
Real and Personal Property4.0%

Demonstrating our donors’ strong commitment to IU and long-term philanthropic goals, planned gifts and pledges accounted for more than 20% of total gifts received.

*Includes $416M gift from IU Health.



By taking a disciplined, consistent, and diversified approach to investing funds, the IU Foundation generates steady, long-term funding for the university’s people, places, and programs.

Endowment performance over time

The IU Foundation has built a broadly diversified portfolio with a strong equity bias, striking an optimal balance of providing long-term growth with acceptable levels of volatility. This chart illustrates the growth of an endowed scholarship from its initial funding of $100,000 in 1990, along with the cumulative value of earnings distributed to support scholarships. This endowed scholarship would have paid out nearly $276,000 by 2022, while the corpus would have grown to more than $247,000.

Growth of an Endowed Scholarship

Pooled long-term investment growth

The pooled long-term investment portfolio holds more than $3.3 billion in assets. The current size of the portfolio reflects the combination of generous gifts and effective investment strategy. Both are sources of pride and crucial to our success in growing the asset base, which translates into increased support to IU students, faculty, and programs.

Investment performance

The IU Foundation’s investment performance has exceeded the long-term objective of maintaining purchasing power over time. Since its inception (1989), the portfolio has posted an average annual return of 9.0%, consistently surpassing internal goals and comparing quite favorably versus the performance of peer institutions.

Pooled long-term asset allocation

Private Equity & Venture Capital33.1%
Public Equity32.7%
Real Assets14.5%
Absolute Return Strategies12.4%
Fixed Income & Cash7.3%

Beyond the risk control benefits of proper diversification, asset allocation decisions are designed to emphasize the most attractive opportunities and to provide exposure to various investments that perform well in different economic environments.



Private support to Indiana University is directed as donors wish, benefitting students, faculty, research, facilities, and areas of critical need. But the story doesn’t end once funds are distributed; it continues in the innovations, student successes, and global impacts the gifts make possible.

You can see those impacts in the lives and work of our 760,200+ alumni; in top national rankings for music, public affairs, business, and more; and in the output of IU’s research and creative activities—from breakthrough treatments to innovative technology to life-altering art. The benefits of private support are truly profound.

Use of funds

Student Scholarship and Financial Aid35.5%
Faculty Support and Research28.3%
Academic Support28.8%
Facilities, Operation, and Maintenance7.3%

**This chart excludes private non-governmental grants used primarily for research and instruction. It also excludes the one-time pandemic-related funding of $150M.

Funds utilized each year are made available from the earnings on donor-restricted endowments combined with donor annual giving. During fiscal year 2022, with nearly 92% of the funds made available directed to student, faculty, research, and academic support, it is clear that pursuing excellence in world-class education, research, and scholarship is the greatest priority for IU donors.

IU PhD student Megan Diekhoff explains how her research in childhood speech development may help improve treatment for children with speech difficulties. Donor generosity helps grow departments and support the students and faculty who advance life-changing research just like this.

Our Heartfelt Thanks

Thank you for reviewing the IU Foundation’s annual report.

Through centuries of change, one thing has remained a constant for IU: The support and generosity of our donors. Their unwavering commitment makes it possible for the university to set—and achieve—remarkable ambitions for the future on our nine campuses and beyond. From students earning a life-changing education to researchers pursuing solutions to the world’s greatest problems, everything we do at IU begins with the trust and support of our donors.

We couldn’t be more grateful.

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