No School Left Behind in Endowment Collapse

Brown, Dartmouth, and the University of California system have been hit particularly hard.

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College of William and Mary officials say the school's endowment has lost 15 percent of its value since the beginning of the fiscal year, the Flat Hat reports. "This was a bad time," said Sam Jones, the college's top finance official. "And there was nowhere to hide." Luckily, William and Mary does not rely heavily on its endowment to pay its operating expenses (just 12 percent). "Most of the time, I'm very envious of schools that have a higher percentage of their budgets supported by their endowments," Jones said. "Not now, though."

Brown University expects to lose $800 million by the end of the fiscal year—almost 30 percent of the $2.8 billion it had at the beginning of the fiscal year in June, the Brown Daily Herald reports. The school expects it will need to slash $60 million from its budget next year.

Columbia University announced it had lost about 15 percent of its endowment, which actually isn't as bad as was anticipated. Various departments in the school can expect budget cuts because of the losses, the Spectator reports

The University of California system lost 20 percent of its endowment over the past six months, the Daily Californian reports. That's the biggest decline since World War II. The endowment is currently valued at about $6.2 billion.

Dartmouth's endowment is down 18 percent, or $700 million, which will most likely lead to layoffs, the student newspaper, the Dartmouth, reports.

The University of Florida reports an endowment loss of slightly less than 20 percent since the beginning of the fiscal year, leaving its endowment at about $1 billion, the Independent Florida Alligator reports.