Bowdoin College’s endowment has exceeded $1 billion, campus officials said Wednesday.

In the most recent fiscal year ending June 30, the endowment earned 16 percent. The endowment, valued at $1.04 billion at the end of the fiscal year, is made up of over 1,600 individual funds.

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About 45 percent of the endowment is used to support student financial aid. The school does not consider a student’s economic need during admissions, and in 2008 adopted a “no-loan” policy that replaced student loans with grants.

Bowdoin was ranked 20th on Forbes’ annual list of America’s Top Colleges earlier this year, and its financial health was rated an A+, based in part on its endowment.

Bowdoin’s 16 percent return is higher than the mean return of 11.6 percent for college and university endowments reported by Cambridge Associates, a firm that tracks endowment performance nationwide.

“This is a phenomenal accomplishment for our College,” said Bowdoin President Barry Mills in a statement. “It is due to the enormous generosity of our alumni, parents, and friends. It is also due to the prudent and brilliant management of our endowment by our senior vice president for investments, Paula Volent, and an investment committee that is thoughtful, nimble, and disciplined.”

The three-, five-, and 10-year annualized returns for Bowdoin’s endowment were 13.3 percent, 5.9 percent, and 10.3 percent, respectively.