The investment yields a return that funds a portion of an institution's operational expenses while the principal exists in perpetuity.
The National Association of College and University Business Officers (NACUBO) maintains information on endowments at U.S. higher education institutions by fiscal year (FY).
Some universities benefit from endowments that are not under their direct control but which are nonetheless dedicated to the welfare of one or several institutions.
Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.
Sixteen states do not have institutions included in this list: Alaska, Connecticut, Delaware, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia, and Wyoming.