Harvard and Yale endowments sustain steep losses
Harvard University and Yale University both sustained deep endowment losses in fiscal 2009, losses that likely will result in more budget cuts, The New York Times reported Sept. 10 (see Harvard and Yale story). Losses on hedge-fund and private-equity investments helped drive Harvard’s endowment down 27.3. Yale Univesity’s endowment sustained a 30 percent annual decline during fiscal 2009, losses that could lead to an annual deficit of $150 million each year from 2010-11 through 2013-14, The Wall Street Journal reported Sept. 10 (see Yale story).
Brown University‘s endowment sheds 27 percent of value
The overall value of Brown University’s endowment fell almost 27 percent in fiscal 2009 and now stands at $2.04 billion, The Associated Press reported Sept. 10 (see Brown University story). In anticipation of the poor performance numbers, the school already had cut more than $35 million from its fiscal 2010 budget.
Williams College endowment loses 18.4 percent
Williams College in Massachusetts lost 18.4 percent on its endowment investments in fiscal 2009, less than the school had feared and less than the losses sustained by larger peers like Harvard and Yale, iBerkshires reported Sept. 10 (see Williams College story). After accounting for spending from the endowment and gifts coming in, the total value of the endowment fell about 22 percent to $1.4 billion, Bloomberg reported Sept. 10 (see Williams endowment story).
University of Florida business school gets $16 million gift
The University of Florida College of Business Administration received a $16 million gift from Al Warrington, a university trustee and 1958 graduate of the school, to create the Warrington Faculty Fellows Endowment, The St. Petersburg Times reported Sept. 11 (see University of Florida story). The funds will be used to hire and fund four faculty positions.