<p>As usual the details may vary. Wisconsin has three major endowments two of which report to NACUBO. You reported just one. The others are the UW System of which UW Madison owns about 90%. The third and much larger one is the Wisconsin Alumni Research Foundation which has approximately $2 Billion. It receives and invests all the patent and licensing income based on UW research which has been significant over the years. The grand total is in the neighborhood of $3.5-4.0 Billion. Not huge but significant.</p>
<p>[Wisconsin</a> Alumni Research Foundation - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Wisconsin_Alumni_Research_Foundation]Wisconsin”>Wisconsin Alumni Research Foundation - Wikipedia)</p>