Students move along Jayhawk Boulevard on the KU campus between classes on Wednesday January 27, 2016.

After a large jump the previous year, Kansas University Endowment’s market value increased only slightly from 2014 to 2015, according to new national rankings.

Schools nationwide experienced the same trend, according to the National Association of College and University Business Officers (NACUBO)-Commonfund Study of Endowments, released Wednesday.

KU’s fiscal year 2015 endowment market value of $1.5 billion ranked 65th among more than 800 U.S. and Canadian colleges and universities in the study. That represents a 2 percent increase from 2014, when KU’s endowment market value was $1.47 billion, according to the study.

Students move along Jayhawk Boulevard on the KU campus between classes on Wednesday January 27, 2016.

According to last year’s study, KU’s endowment increased 14.1 percent from 2013 to 2014. KU’s endowment ranked 64th largest of all schools last year.

James G. Clarke, senior vice president of investments and treasurer at KU Endowment, said the organization prioritizes long-term investment performance.

“We don’t focus much on one-year results,” Clarke said, in an email. “Our goal is to provide steady support for KU for decades into the future. Unlike your 401k account, this means we have a portfolio with more stocks and fewer bonds plus more complex strategies like private equity and hedge funds. Everything we do in the portfolio is designed to achieve a long-term objective.”

Institutions’ endowments returned an average of 2.4 percent for the 2015 fiscal year compared with 15.5 percent for the 2014 fiscal year, according to a NACUBO news release accompanying the study. This year’s return was the lowest since the -0.3 percent reported for fiscal year 2012.

NACUBO president and CEO John Walda noted that 10-year average returns also were down nationwide, which he called “concerning.”

“On average, institutions derive nearly 10 percent of their operating funds from their endowments,” he said in the news release. “Lower returns may make it even tougher for colleges and universities to adequately fund financial aid, research and other programs that are very reliant on endowment earnings and are vital to institutions’ missions. But it is important to note that even with the lower returns, institutions are clearly showing a tremendous commitment to supporting valuable programs with increased endowment dollars.”

KU’s endowment market value remains by far the largest of any school in the state, according to the study.

Second is the Kansas State University Foundation, with an endowment market value of $488.9 million, according to the study. K-State’s value, which grew 3.2 percent from the previous year, ranked 178th overall on the NACUBO list.

The change in an endowment’s market value reflects the net impact of the following: withdrawals to fund institutional operations and capital expenses; payment of endowment management and investment fees; additions from donor gifts and other contributions; and investment gains or losses, according to NACUBO. Market values also include estimated valuations of real estate and other “illiquid” assets, which may see large increases or decreases during a relatively short period of time.

Once again the top three schools on NACUBO’s 2015 list are Harvard with a $36.4 billion endowment, Yale with a $25.6 billion endowment and the University of Texas with a $24 billion endowment.

Kansas institutions by the numbers

Here’s how Kansas schools’ total endowment funds compare with more than 800 other schools in the national NACUBO study. Schools are listed by total endowment funds, with their percent growth or decline from the previous year in parentheses.

65 — Kansas University Endowment Association, 1.5 billion (2 percent)

178 — Kansas State University Foundation, $488.9 million (3.2 percent)

278 — Wichita State University Foundation, $235.6 million (-0.6 percent)

355 — Washburn University Foundation, $156.5 million (-4.5 percent)

512 — Emporia State University Foundation, $80 million (0 percent)

538 — Pittsburg State University Foundation Inc., $71.2 million (2.6 percent)

541 — Fort Hays State University Foundation, $71 million (10.4 percent)

632 — Friends University, $45.8 million (-5.1 percent)

678 — McPherson College, $35.7 million (-1.4 percent)