Development of a system of indicators for evaluating the effectiveness of the endowment fund at a state institution of higher education

Endowments are gaining popularity among higher education institutions. Today there is no unambiguous opinion about the indicators, which can be used in evaluation of endowment efficiency. Based on analysis of scientific literature, endowment data and financial reports it has been developed and tested methodology for evaluating the effectiveness of the endowment. This methodology, afterwards, may be used in relation to all endowments, which have financial reports.