January 9, 2003

College Endowments Drop an Average of 6%, but Donations Remain Steady, Study Finds

By Michael Anft

Colleges and their fund-raising foundations saw the value of their endowments fall for the second year in a row, according to preliminary results of a new study. The value of assets fell an average of 6 percent in fiscal 2002, compared with 3 percent in fiscal 2001.

The study was conducted by the Commonfund Group, an organization in Wilton, Conn., that manages investments for, and provides financial information to, nonprofit groups. More than three-quarters of the 637 institutions

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