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Many Stanford faculty members live in the “Faculty Ghetto,” within walking or biking distance of campus. The Faculty Ghetto is composed of land owned by Stanford. Similar to a condominium, the houses can be bought and sold but the land under the houses is rented on a 99-year lease. Houses in the “Ghetto” appreciate and depreciate, but not as rapidly as overall Silicon Valley values. For faculty housing there are some changes that come from the date February 1, 2022.
Some of the land is managed to provide revenue for the university such as the Stanford Shopping Center and the Stanford Research Park. Stanford land is also leased for a token rent by the Palo Alto Unified School District for several schools including Palo Alto High School and Gunn High School. El Camino Park, the oldest Palo Alto city park (established 1914), is also on Stanford land.
Stanford also has the Stanford Golf Course and Stanford Red Barn Equestrian Center used by Stanford athletics though the golf course can also be used by the general public.
The university’s endowment, managed by the Stanford Management Company, was valued at $36.3 billion as of August 31, 2022. Payouts from the Stanford endowment covered approximately 21% of university expenses in the 2022 fiscal year. In the 2018 NACUBO-TIAA survey of colleges and universities in the United States and Canada, only Harvard University, the University of Texas System, and Yale University had larger endowments than Stanford.
The original Golden spike on display at the Cantor Arts Center at Stanford University
In 2006, President John L. Hennessy launched a five-year campaign called the Stanford Challenge, which reached its $4.3 billion fundraising goal in 2009, two years ahead of time, but continued fundraising for the duration of the campaign. It concluded on December 31, 2011, having raised $6.23 billion and breaking the previous campaign fundraising record of $3.88 billion held by Yale. Specifically, the campaign raised $253.7 million for undergraduate financial aid, as well as $2.33 billion for its initiative in “Seeking Solutions” to global problems, $1.61 billion for “Educating Leaders” by improving K-12 education, and $2.11 billion for “Foundation of Excellence” aimed at providing academic support for Stanford students and faculty. Funds supported 366 new fellowships for graduate students, 139 new endowed chairs for faculty, and 38 new or renovated buildings. The new funding also enabled the construction of a facility for stem cell research; a new campus for the business school; an expansion of the law school; a new Engineering Quad; a new art and art history building; an on-campus concert hall; the new Cantor Arts Center; and a planned expansion of the medical school, among other things. In 2012, the university raised $1.035 billion, becoming the first school to raise more than a billion dollars in a year.
In April 2022, Stanford University announced a $75 million donation, in support of a multidisciplinary neurodegenerative brain disease research initiative at the university’s Wu Tsai Neurosciences Institute. The donation came from the Nike co-founder Phil Knight and his wife Penny; hence The Phil and Penny Knight Initiative for Brain Resilience will explore cognitive declines from diseases such as Alzheimer’s and Parkinson’s.