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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It's more than that. At Columbia, the Provost said that there are five main sources of income: endowment, fundraising, research funding, clinical income, and tuition—and right now, all are down. But in 2008, losses in the first two were offset by stability/gains in the other 3.
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Replying to @SteveBellovin @zeynep
Thanks, Steve! One q'n: post 2008-09, have well-resourced universities tried to figure out ways to set aside funds for emergencies and crises? I understood it's not a simple matter of taking a few million from one source to take care of needs across every domain, but still...
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Okay but why is it structured that it can only grow more but never go back to where it was a few years ago in real terms? Princeton says it earned 6% and 14% in the last two years, for example. That's about four billion added in just two years. Why can't they go back to 2017?
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The market is back to where it was about two years ago. I get selling into it may have more losses but what happens, say, if Princeton goes from having $26 billion to $20? Which just takes them back to a few years ago. That's what I'm not getting. Why can endowments only grow?
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(I really don't understand the reason for such their structure. For many smaller/poor schools this will be a catastrophe they can't recover from. I'd hope the multi-billion endowment ones would be able to protect staff/students/quality even if it meant being back at, say, 2010).
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Thank you for unpacking all this, Siva! Your account adds much needed detail to the article I pointed to initially.
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End of conversation
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