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January 27, 2009
Euthanasia of the Rentier Watch, Colleges/Universities
As part of my ongoing Euthanasia of the Rentier Watch (tm), an update from the latest endowment data at colleges and universities.
A new survey released Tuesday reports college endowments fell 3 percent in the fiscal year ending June 30. In a follow-up, a smaller group estimated declines averaging 23 percent in the first five months of fiscal 2009, which began in July.
That decline is nearly twice as big as any full-year return since endowment performance was first tracked in 1974, said Brett Hammond, chief investment strategist at TIAA-CREF, which collected the figures with NACUBO, a college business officers group, and Commonfund Institute.
More here.
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