Originally published Thursday, September 10, 2009 at 3:19 PM
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Brown University reports steep drop in endowment
Brown University is reporting a steep drop in its endowment.
The Associated Press
Brown University is reporting a steep drop in its endowment.
The Ivy League school says the value of its endowment fell nearly 27 percent to $2.04 billion for the fiscal year ended June 30.
The university says the investment return for its endowment declined 23.1 percent during the same period.
Brown has made more than $35 million in budget cuts for fiscal year 2010 in anticipation of the endowment loss.
The endowment paid out $132 million for operations during fiscal year 2009, and Brown received $44 million in new endowment gifts.
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