UF says endowment lost $104M this quarter
GAINESVILLE (AP) – Add the University of Florida to the list of places feeling the effects of a sagging economy.
Officials there say the school’s endowment lost about $104 million so far in the first quarter of its fiscal year. That translates to an 8.3 percent loss in its $1.25 billion endowment.
The financial meltdown is forcing colleges around the country to tear up budget plans and prepare for a simultaneous hit to their three major revenue sources – government funding, donations and tuition.
At the same time, they’re having to find more money for one of their major budget items – financial aid – or risk seeing students drop out.