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Log inMaine colleges prepare for declining endowments
Maine colleges prepare for declining endowments
by Outspoken on Sun Nov 02, 2008 6:34 am
Maine colleges prepare for declining endowments
By BETH QUIMBY
Staff Writer Portland Press Herald
Maine's colleges and universities are already taking steps to prepare for shrinking endowments.
In the past few weeks, presidents of college and universities, whose institutions hold some of the largest endowment portfolios in Maine, have issued public statements to quell heightened anxiety about scholarship cuts and layoffs. They are also cutting back on hiring and new construction projects.
Colby College President William D. Adams announced last month that the Waterville college's $630 million endowment had lost more than 25 percent of its value to the crisis on Wall Street.
The University of Maine System's endowment dropped in value from $111.5 million in August to $103 million by the end of October. For the year, the endowment is down 15.2 percent.
Many colleges and universities depend on their endowments to meet their annual budgets. Colby depends on endowment income for 19 percent of its $120 million annual budget.
About a quarter of the Bowdoin College's $117 million annual operating expenses are paid for out of its endowment, valued at $831 million in June. President Barry Mills recently announced a slowdown in hiring of new faculty at the Brunswick college; a freeze in new construction and capital projects, and a review of contracts with outside businesses and agencies to see if some of the work could be done in house.
http://pressherald.mainetoday.com/story.php?id=219683&ac=PHnws
By BETH QUIMBY
Staff Writer Portland Press Herald
Maine's colleges and universities are already taking steps to prepare for shrinking endowments.
In the past few weeks, presidents of college and universities, whose institutions hold some of the largest endowment portfolios in Maine, have issued public statements to quell heightened anxiety about scholarship cuts and layoffs. They are also cutting back on hiring and new construction projects.
Colby College President William D. Adams announced last month that the Waterville college's $630 million endowment had lost more than 25 percent of its value to the crisis on Wall Street.
The University of Maine System's endowment dropped in value from $111.5 million in August to $103 million by the end of October. For the year, the endowment is down 15.2 percent.
Many colleges and universities depend on their endowments to meet their annual budgets. Colby depends on endowment income for 19 percent of its $120 million annual budget.
About a quarter of the Bowdoin College's $117 million annual operating expenses are paid for out of its endowment, valued at $831 million in June. President Barry Mills recently announced a slowdown in hiring of new faculty at the Brunswick college; a freeze in new construction and capital projects, and a review of contracts with outside businesses and agencies to see if some of the work could be done in house.
http://pressherald.mainetoday.com/story.php?id=219683&ac=PHnws
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Plato (427-347 BC)
Plato (427-347 BC)
