June 23, 2005
Endowments Produced Returns of 11.4% in 2004
Foundations and other nonprofit organizations produced an average return of 11.4 percent on their investments last year, according to preliminary results of a new study by the Commonfund Institute. In fiscal 2003, the institutions gained an average of 17 percent.
Foundations and other organizations with assets of $1-billion or more saw returns of 10.7 percent, compared with 20.5 percent in the previous year. In a reversal of recent years' performance, smaller foundations outperformed
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