News / Education
Harvard University Loses $8 Billion in Endowment Fund in Four Months
Harvard University announced Wednesday that its endowment has lost $8 billion over the past four months, putting the prestigious school on track for its worst returns in 40 years.
The Harvard endowment, the largest of any university, was at $36.9 billion as of June 30, but suffered losses of 22 percent since then. The loss amounts to about $8 billion, which is more than the entire endowments of most colleges.
In a letter to the university's deans, President Drew Gilpin Faust and Executive Vice President Edward Forst blamed "severe turmoil in the world's financial markets." They're also forecasting a 30 percent drop for the fiscal year ending in June 2009.
The school's endowment grew 8.6 percent for the fiscal year ended June 30, to a new high of $36.9 billion despite double-digit losses in the stock market.
Harvard's endowment is managed by the Harvard Management Company (HMC), Inc., which is run by Jane Mendillo. HMC is wholly-owned by Harvard University.
Click here for more Education News on YourFindit
About YourFINDit
YourFindit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFindit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFindit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.
YourFindit is owned and operated by TransWorldNews, Inc. a news and press release distribution service.
YourFindit profile where Your space is really Your Space
