According to data in the recently released NACUBO-Commonfund Study of Endowments, which examines data from 823 U.S. Colleges and Universities, institutions’ endowments returned an average of 19.2 percent (net of fees) for the 2011 fiscal year (July 1, 2010 – June 30, 2011). This represents an improvement over the average 11.9 percent return reported for FY201