Thursday, October 30, 2014
Inquirer Daily News

Penn endowment showed 'largest decrease': report

The University of Pennsylvania's $6 billion endowment showed the 'largest decrease' among the top 20 U.S. college investment funds in fiscal 2008, reported Inside Higher Education.Officers.

Penn endowment showed 'largest decrease': report

UPDATED:  During the 2008 fiscal year, of the 20 universities with the largest endowments, "the largest percentage decrease was at the University of Pennsylvania, which lost 6.1 percent of its endowment’s value, or $401.9 million," Inside Higher Education reported in this article. SOURCE: a study by the TIAA-CREF college employees' retirement fund and the National Association of College and University Business Officers -- table here.

A separate study by NACUBO and the Commonfund Institute "found that college endowment returns dropped by 22.5 percent" in the last half of 2008, after falling 2.7 percent in the fiscal year ended June 30, 2008. Commonfund and NACUBO collected data on each school, but won't make it public, said Commonfund spokesman William F. Jarvis. 

There's likely worse news ahead, since most of the drop in market value took place after June 30, NACUBO and Comonfund warned in this statement: "While fiscal 2008 was difficult for educational endowments, the negative 2.7 percent return was manageable. It was in the period after the close of the fiscal year on June 30 that very serious erosion of endowment values took place," said John S. Griswold, executive director of Commonfund Institute.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
Business Videos:
Also on Philly.com:
Stay Connected