December 8, 2008
University Endowments Down - A Lot
In University-dense New England, the drop in endowment funds has everyone worried. The Boston Globe reports on the drops in the endowments, with Harvard's endowment already down almost 22% and projected to fall by 30% for its fiscal year ending next June. Harvard will still have a huge endowment (currently $28.9 BILLION), but the university has said that it will consider both the "scale and the pace" of planned expansions. Other schools are cutting budgets and imposing hiring freezes. All the schools are worried about their students. Schools expect more requests for financial aid, and schools worry that some students will look for less expensive schools. The article reports on specific endowments for some of the New England schools.
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