By Sebastian Jones
This morning Shirley Tilghman, the President of Princeton University, sent an e-mail to students and staff with an “update on Princeton’s response to the economic downturn”, spelling out some of the losses the university’s endowment has suffered.
According to Tilghman, by late October, “the University’s endowment had declined by 11%, based upon our standard reporting protocols, using information that is the best available as of the reporting date.”
She added that this figure likely “understates the actual economic loss”:
And, of course, financial markets have continued to decline since then. Although we cannot know what the next six months will bring, we believe it is prudent for the University to plan for the possibility that its endowment will have declined by 25% at the end of the fiscal year.
Full e-mail below… Continue reading