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Vanderbilt announces fiscal 2009 resultsEndowment investments fall 16.3 percent in faltering economy
9/24/2009
10:10 am
Prior to a huge stock market sell-off, Vanderbilt repositioned substantial assets, said Matthew Wright, vice chancellor for investments at Vanderbilt. Vanderbilt’s losses averaged about half that of Wall Street during the same period. “This afforded Vanderbilt the opportunity to reallocate as the equity market recovered in the spring,” Wright said. The 16.3 percent decline does not represent the entire endowment, which has assets in addition to its investment portfolio and also continues to receive donations. The preliminary, unaudited value of the endowment as of June 30 is $2.8 billion, down from $3.5 billion on June 30, 2008. Cost-cutting measures were adopted by the university as a cautionary measure during the financial crisis, with most departments reducing budgets by 5 percent or more. New construction projects continue to be on hold. Vanderbilt has forged ahead with initiatives to reduce student debt across the board by replacing loans with grant money. It continues to compete aggressively for academic talent. Media Contact: Jim Patterson, (615) 322-NEWS jim.patterson@vanderbilt.edu |
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