Why are universities w/ multi-billion $$ endowments announcing wage cuts/freezes, hiring freezes, letting “non-essential” workers go, etc.? This article, shared by many folks already, goes a long way towards explaining things: https://bit.ly/2X8x8L3
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I understand why this is devastating for public universities and those with less funds. But how much would it cost for a university with $26 billion to not lay off staff for one or two years? I get they'd be selling at a loss—but just accepting back to 2017 gives them billions.
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I don't know the details of any university's endowment, but I strongly suspect that a lot is invested in stocks—and of course the stock market is way, way down right now. Btw, see https://www.insidehighered.com/news/2019/01/31/college-endowments-returned-82-percent-2018-annual-survey-adds-some-insight-how … —about half of the income goes to student aid, and they'll need more soon…
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Stock market is back to where it was two years ago. Let's say it's back to where it was five years ago. It is a loss but those endowments are giant and grew so much. I don't run things obviously, but I'd hope they do everything possible not to lay off anyone during a pandemic.
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thanks for this, Siva! Very helpful. Still, why are univs loathe to spend (even a small %) before cutting staff, salaries, etc.? (There’s a blunt political economy answer, of course, but I’d like to hang on to the idea that univs are different kinds of institutions!)
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