Also, I just checked Columbia's last financial statement—more than half of the university's assets are encumbered by donor restrictions.
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That sucks, and that's terrible. Which is the point of the paper tweeted out—the endowment doesn't seem to be structured to keep the university thriving through thick and thin. It can grow and be boasted about, but not used in a crisis this grave? Then what?
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As I said, I'm not at all involved in any of this. I think that the simplest answer is that the financial structure was never engineered for this sort of crisis. Some is encumbered, dividend income will be way down next year, and the stock market has tanked.
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I understand the limitations! But it seems terrible, to have an endowment that has grown by billions in the good years not cushion at least employment especially for the vulnerable during a crisis of this magnitude!
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Yup. But they never expected something like this. As I noted, they said that in 2008, though some income sources fell, others rose. This is a Great Depression-level economic crisis, with no playbook for, e.g., the Fed to use even after the medical crisis ends.
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Even corporate contracts have force majeure clauses... I guess we shall see how different institutions react.
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Also see https://www.acenet.edu/Documents/Understanding-Endowments-White-Paper.pdf … — most endowments are actually quite small.pic.twitter.com/sizISNOEGy
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Yes, the tweet was about those with many billions of dollars. I totally get the crisis of everyone. I have been at places with small endowments, and that I get.
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