Annual Report

Indiana University Foundation
2023 Annual Report

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

Our donors imagine a world where students can explore their full potential without the burden of how they will pay for college. They envision cures to illness. They believe in IU’s ability to help shape a world that is equitable, peaceful, and sustainable. They believe in the power of helping make life better for other people. They trust the IU Foundation to ensure that IU is a responsible steward of their investments. We are 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. In 2023, we have strengthened our development program to build collaboration and foster a community of excellence; we’ve made additional strides toward even greater diversity, equity, and inclusion; and we’ve made significant progress on our five-year strategic plan to build capacity to get more people informed, involved, and invested in IU. These are just a few highlights of the work outlined in the information that follows.

We are grateful for your interest in our work at the IU Foundation. Although much has been accomplished, much more remains to be done to sustain IU’s philanthropic legacy as we provide support, opportunity, and hope for all—today and for generations.

Ever true to IU,

J.T. Forbes
J T. Forbes
IUF President and CEO
Louis Jordan
IUF Board Vice Chair

Fiscal Year 2023
Financial Highlights

In support of 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. The following data represent totals from July 1, 2022, through June 30, 2023.

Snapshot of engagement activities

  • A year-long calendar of print, digital, and social media communications, including Imagine magazine, an annual publication highlighting stories around IU
  • Emails, care calls, letters, videos, newsletters, reports, and online features to communicate gratitude to donors and share impact stories
  • Groundbreaking giving circles—such as Women’s Philanthropy at IU, the Black Philanthropy Circle, and the Queer Philanthropy Circle—which unite supporters with shared passions to enrich the IU experience and ensure that IU is a place for all students to thrive
  • Parent & Family Giving, an effort to engage IU parents in the life and mission of the university
  • IU Student Foundation, a student organization that shapes the philanthropic leaders of tomorrow, and the IUPUI Student Foundation’s Jagathon, a student-led event that raises money for Riley Children’s Hospital
  • Recognition societies, which honor generous donors for their commitment to and support of IU

Through these initiatives and more, we inspire current and potential supporters to connect their personal and philanthropic values with the mission of IU.

New donors

Sources of giving

Corporations 17.7%


The variety of giving sources illustrates the broad appeal of IU as a place for philanthropic investment. From individuals to corporations, donors of all kinds recognized IU as a place to effect change in 2023.

See how one couple’s planned gift not only made a life-changing difference for students but also inspired others to give back.

Planned giving by the numbers

Many donors support the causes that mean the most to them with a gift through their will or trust, or other type of future arrangement. These gifts, known as planned gifts, are usually, though not always, fulfilled after death. Although most planned gifts come from wills or living trusts, other options include life insurance, retirement assets, real estate, and securities. Planned gifts can provide a lasting legacy for IU while yielding certain financial and federal tax advantages for donors. Below are the planned giving results for 2023.

Total value of planned gifts documented
Total number of planned gifts documented
Range of gift value
Median planned gift
Value of realized gifts

“Together, we are building a global reputation, while strengthening the state and communities we call home.”

— IU President Pamela Whitten

Gifts received by type

Planned Gifts and Pledges32.0%
Non Governmental Grants31.2%
Real and Personal Property10.3%

Demonstrating our donors’ strong commitment to IU and long-term philanthropic goals, planned gifts and pledges accounted for more than 30% of total gifts received.

Scholarship recipient Sankalp Sharma explains why the impact of student support is so much bigger than in-the-moment assistance: “It makes you want to do more. It inspires you to have an even bigger impact on the community.”

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 just over $286,000 by 2023, while the corpus would have grown to more than $245,000.

Growth of an endowed scholarship

Pooled long-term investment growth

The pooled long-term investment portfolio holds more than $3.35 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 8.9%, consistently surpassing internal goals and comparing favorably versus the performance of peer institutions.

Pooled long-term asset allocation

Public Equity36.5%
Private Equity & Venture Capital30.4%
Real Assets14.6%
Absolute Return Strategies12.8%
Fixed Income & Cash5.7%

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.

Use of funds

Student Scholarship and Financial Aid33.5%
Faculty Support and Research29.2%
Academic Program Support26.2%
Facilities, Operation, and Maintenance11.1%


Funds utilized each year are made available from the earnings on donor-restricted endowments combined with donor annual giving. During fiscal year 2023, with nearly 90% 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. In fact, 17 percent of enrolled IU students (15,063 out of 90,065) benefitted from scholarship support.