The University’s endowment rose nearly $590 million to $3.4 billion since the end of fiscal year 2025, trustees announced at their annual May public meeting Friday.

Board of Trustees’ Finance and Investments Committee Chair and incoming Board Vice Chair Todd Klein said the University’s endowment — a pool of funds and investments, including gifts from donors, GW’s real estate portfolio and other assets that support its mission, managed by Strategic Investment Group — climbed from $2.81 billion at the end of FY2025 to nearly $3.4 billion as of March 31. Klein said the endowment outperformed its policy benchmarks across one, three and five-year periods, ranking in the top 10 percent of its peer schools over one and three-year periods.

“The committee was pleased to hear pooled endowments continue to demonstrate strong, absolute, and relative performance,” Klein said.

The University’s endowment has steadily increased over the last three years after a $200 million drop in 2024, from $2.8 billion in May 2024 to $2.6 billion in September 2024, with it rising again to $2.7 billion between January and April last year, $2.8 billion in June and now $3.4 billion.

Co-chair of the Board’s Academic Affairs Committee Christine Barth said in her report while undergraduate enrollment remains “stable and on track,” Vice President and Dean of Enrollment and Student Success Jay Goff told the committee that graduate enrollment deposits for the next academic year are down by 25 percent. Barth said Goff attributed the decline to reduced international student enrollment, lowered interest in “some technical fields” and lower part-time student participation.

Goff told the Faculty Senate and Staff Council in December GW’s total international student population fell by more than 10 percent, while graduate enrollment declined 6 percent in fall 2025 following President Donald Trump-era federal policy and visa changes. Officials directed school leaders in January to prepare for five, 10 and 15 percent budget reduction scenarios given lagging international and graduate applications, foreshadowing FY2027 budget cuts that officials later confirmed.

University President Ellen Granberg said in her report she anticipates announcing the University’s new general counsel in early June. Vice President and General Counsel Charles Barber, who will be stepping down from his role on June 30, said at an April Staff Council meeting he will continue to serve GW as a special advisor to Granberg until December 31.

Granberg also said the University’s Humanitarian Internship Program grew by 50 percent following financial support from the Board. Officials announced in February that matching donations amounting to $200,000 from an anonymous trustee and the University funded 14 summer internships supporting humanitarian aid efforts in Gaza.

Faculty Senate Executive Committee Chair Guillermo Orti said while headwinds facing the University and “a perception” of a lack of resources hampered faculty excitement about the University’s strategic framework launch in October, faculty are ending the academic year with “moderate optimism” about the future of the University, given greater collaboration between faculty and officials this year. Orti said the Faculty Senate continually discussed threats to academic freedom over the past year, as faculty feel increasingly “unprotected” and “vulnerable” amid changing federal and institutional policies.

Orti said faculty are concerned about the decline of tenure and tenure-track faculty since they passed a resolution in April 2025 calling on officials to maintain the requirement in the Faculty Code that faculty in non tenure-track positions should not exceed 25 percent in any school or 50 percent of regular faculty in a given department.

The Columbian College of Arts & Sciences and the Graduate School of Education and Human Development’s tenure faculty levels fell below the required threshold at 72 percent and 73 percent, respectively, according to Interim Provost John Lach’s March core indicators report. Lach told the senate in March that the Board approved 30 new tenure and tenure-track searches in 2025, and trustees are also “very concerned” about the decline in tenure-track faculty.

“This is a matter of great concern due to the key role tenure and tenure track faculty play in advancing the vision of the University,” Orti said.

Staff Council President Mindy Galván said in her report staff voices are becoming more valued in the council’s third year with University leadership seeking to better engage and collaborate with the council. She said staff participation in the University’s working groups and committees has tripled since the Staff Council’s inaugural year, with members of the council having the opportunity to interview candidates for provost and general counsel, provide “meaningful” feedback to the Foundational Excellence Initiative and receive briefings on the University’s budget model.

Galván said the Staff Council hopes to contribute to future planning conversations about the Virginia Science and Technology Campus, which officials sold to Amazon Data Services for $427 million in late February. She said the council believes staff perspectives can provide insights into how officials can relocate the programs and staff housed on the campus, ensuring their long-term success.

“We hope to continue conversations about how we can work together to ensure that decision making processes thoughtfully consider the needs and concerns of all members of the GW community,” Galván said.

Alumni Council Chair Madeleine Jacobs said in her report the council has fundraised $12.8 million from alumni this fiscal year, steadily approaching its annual alumni fundraising goal of $14.25 million. She said the University’s alumni relations team has engaged nearly 31,000 alumni this year and is on track to meet its goal for actively engaging alumni this year.

Outgoing Student Government Association President Ethan Lynne said in his final report to the Board close partnerships between the SGA, faculty, staff, officials and trustees over the past year has led to tangible improvements to the student experience at GW, including Gelman Library’s return to 24-hour operations following reduced hours caused by staffing shortages, expanded hours for the Student Health Center and increased student organization funding. Lynne said he hopes officials continue to hear student perspectives when making decisions.

“When students are trusted, decisions get better,” Lynne said. “When students are treated as partners in the life of this university, GW becomes more fully itself.”

SGA President MJ Childs, in his report, called on officials to be more transparent and communicative about tuition increases and to draw from student input to inform University decision-making. Childs said he wants to create student advisory boards for various University offices and develop more opportunities for students and officials to engage with one another.

Childs also said he was happy to hear that the Board is reinstating its Student Affairs Committee, as it is important for the trustees to prioritize the student experience during their decision-making. The Board website last listed the student affairs committee — which officials in 2016 rebranded as the Student Life and Alumni and Community Relations committee — in June 2017, according to available web archives.

“Students want to be a part of the decision-making and are more than eager to give their counsel,” Childs said.

Real Estate, Campus Planning and Facilities Committee Chair Michelle Rubin said officials, in addition to renovating Mitchell Hall this academic year, plan to refurbish five more “legacy” residential halls over the next seven years, prioritizing additional community space and modernizing their infrastructure.

The Board recognized Barth and trustee Luis Otero for their service as their terms end on May 31. The Board elected Faith Blethen, an audit and assurance consultant at Deloitte who graduated from GW in 2024, and Luisa Borges, who serves on the advisory body within the Division for Student Affairs representing undergraduate families as new trustees.

Board Chair Grace Speights, whose term will end on May 31, said she is “deeply grateful” to her fellow trustees and GW’s leadership for their partnership and support over her seven yearlong tenure. Speights encouraged the Board to continue advancing the University’s mission despite facing “significant” challenges.

“It’s been a true privilege to serve the University,” Speights said. “It’s an experience that has been one of the greatest honors and highlights of my career.” 

Trustees unanimously passed resolutions to recognize Speights, Lach, Barber, Interim Dean of the School of Engineering & Applied Science Jason Zara and Interim Vice President for Research Robert Miller for their service and commitment to the University as they move on from their respective positions.

Gianna Jakubowski contributed reporting.