CFO of Princeton University
Jim Matteo (CFO of Princeton University)
Jim Matteo serves as the Chief Financial Officer and Vice President for Finance and Treasury at Princeton University, overseeing financial strategy, endowment stewardship, and operational budgeting. Originally from Allentown, PA, Matteo pursued studies in finance at Penn State University and shortly thereafter received his MBA from Moravian University. Upon graduation, Matteo entered the corporate finance sphere, working in the internal audit and finance divisions at PPL Corporation before transitioning to higher education, first at the University of Virginia and later at Princeton, where he’s called home for the last six years.
Why Are We Lagging Behind in Endowment Growth?
After learning about the life path, I asked a question that’s been circulating on campus since August: How come Princeton — with the largest endowment per student — lagged behind every other top institution in fiscal year 2024, especially given that we have PRINCO dedicated to generating returns? As you can probably tell from my writing, I asked quite frantically. Matteo reassured me that these returns are nothing to worry about. Neither the university nor PRINCO fixates on annual returns. Instead, they focus on long-term goals (impressive 5-year returns pictured on the left).
“Of Course They Can Pay for It with the $40B Endowment”
A similar phrase echoes across campus. The endowment often takes misplaced credit for research trips and misplaced blame for broken appliances. However, Matteo explained that the real purpose of the endowment is to grow its base ($40B), generate returns, and use a portion of those gains to fund financial aid and other university expenses. So instead of spending the $40B itself, Princeton spends roughly $3–4 billion from the investment gains on financial aid, research trips, and more. To sustain this, Princeton must not only retain but continuously grow that $40B—allowing the returns on capital to fund university initiatives rather than depleting the principal.
How Do I Get Involved?
There are internships with the F&T department on Handshake, and if that doesn’t pan out, there are plenty of lunch-and-learns available. Feel free to reach out—I’d love to organize something! Cheers, farewell, and if you see Jim Matteo on campus, say hi. Maybe even give him a hug (if he’s cool with it) because he’s the best.
Steven Goetz (ECO ‘28)
