The University endowment has shown a “strong rebound” from last year, but Penn is still faced with serious economic realities, according to a statement from Executive Vice President Craig Carnaroli.
The Associated Investments Fund, which constitutes the majority of Penn's endowment investments, has returned 13.7 percent as of December 31, 2009 — the close of the second quarter in fiscal year 2010. This is “ahead of the benchmark,” according to Carnaroli.
Penn's total endowment is valued at approximately $5.8 billion, up from $5.17 billion at the close of FY 2009. Endowment goes toward purposes that tuition does not fully cover, including faculty support, financial aid and research.
The value of a dollar invested in the Associated Investments Fund is now within five percent of its June 2008 value, according to Carnaroli.
Penn President Amy Gutmann said this means that Penn's "planning is on track" for this year. As long as the market remains more or less in its current position, Penn will not have to cut into student services, she said.
Still, Gutmann remains "wise enough not to predict what the market will do” next year.
Peer institutions are also struggling with the economic climate.
Princeton University is projecting a 10-percent increase in its approximately $12.6 billion endowment during FY 2010, according to the Daily Princetonian.
Harvard University’s endowment is valued at $26 billion, making it the largest of any U.S. university. Harvard plans to sell around $500 million in assets out of a roughly $5 billion real estate portfolio, the Wall Street Journal reported in February.
Comments
Well looks like good news at
Well looks like good news at least for Penn, I didn't know Penn had such large budgets to cover in endowment.
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A coup d’etat of sorts has
A coup d’etat of sorts has brought new management to the Dartmouth men’s basketball team after players reportedly threatened to boycott their game against Harvard unless their coach resigned.
According to Fox Sports, all thirteen players took a signed document to the administration saying they would no longer play under coach Terry Dunn. He resigned later that evening.
For a team that has finished in the lower half of the Ivy standings every year since 1999, improving on last year’s 7-7 record and 4th place finish (where they tied with Columbia) is a lot to ask, especially with a shake up at the top.
And considering that this year’s version is without the services of graduated Ivy League Player of the Year Alex Barnett — who averaged a League-high 19.4 points per game — it seems any semblance of a repeat performance will be virtually impossible.
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Despite being picked to finish close to the basement of the League standings, this Dartmouth team has shown it can compete with the class of the conference under the control of interim coach Mark Graupe.
Though it was routed in its Ivy opener against an impressive Harvard team in Cambridge, the Big Green came back 14 days later to push the Crimson to the limit last Saturday before falling 62-58.
This year, Graupe will be relying on guard play because his team lacks any low post threat and will be seriously disadvantaged against strong frontcourts.
Struggling to cope with Barnett’s departure, Dartmouth currently averages a league-worst 55.6 points per game. It has only exceeded 70 points once this season, and even then, it occurred against Division III Lyndon State.
The challenge for Dartmouth players is clear: with Dunn and Barnett gone, a new coach and a new-look roster will have to fill the new roles left by their departures.
Without any safety nets in place in 2010, unassuming players will be presented with an opportunity to make a major impact.
If these players can rise up to meet the challenge, this Big Green team could surprise the league for a second straight year.
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The value of a dollar
The value of a dollar invested in the Associated Investments Fund is now within five percent of its June 2008 value, according to Carnaroli.
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