Like the rest of the economy, though, the endowment boom peaked in 2007, when the national average rate of return was 17 percent… By the time the 2008 fiscal year ended in June, things had turned negative for most (and merely flattened for some). By November 2008, endowments across the board were down 23 percent on average, just like the stock market. The bleeding slowed in 2009, but endowments still hemorrhaged money for the first part of the year. Most schools are living with losses of 25 to 30 percent. "It’s stunning," says John Walda, president of the National Association of College and University Budget Officers (NACUBO). "It’s completely unprecedented. No one saw it coming, and no one was immune."

Read full article [here].
by staff, Inland News Today.

Posted: August 20th, 2009, by: admin. Categories: . Awaiting Comments.