According to their joint annual study, the National Association of College and University Business Officers (“NACUBO”) and Commonfund are reporting that college endowments are at a three-year high. For the fiscal year ending June 2017, the annual net endowment returns at colleges and universities averaged 12.2 percent. The percentage is a significant jump from the fiscal year 2016 average of -1.9 percent, and it marks the highest average achieved since the fiscal year 2014 (15.5 percent). Despite the turnaround, recent data reveals that the 10-year average annual return decreased from 5 percent in 2016 to 4.6 percent in 2017.