2008 Woodie Awards
Video related to this article is available below.Issue date: 1/31/08 Section: News
Penn endowment breaks top 10 | w/ Interactive Feature
U. joins ranks of Harvard, Princeton, Yale and Columbia
Priyanka Dev
Thanks to record-breaking investment and fundraising, Penn's endowment for the 2007 fiscal year reached an all-time high - a high that, for the first time in history, pushed Penn into the top 10 schools with the highest endowments in the country.
Penn's $6.63 billion endowment ranks ninth on a list of the endowments of almost 800 academic institutions across the country, according to an annual report published by the National Association of College and University Business Officers.
In the past six years, Penn has ranked either 11th or 12th on the list. In 2000, Penn did not even appear in the top 15.
"Being in the top 10 is a good thing," Penn President Amy Gutmann said. "I think it is a reflection of how we've done in fundraising and in investment."
Among the top 10, Penn's endowment growth for the last fiscal year - 24.9 percent - trailed only Yale University and the University of Michigan.
"The strong investment performance is the biggest contributor," Executive Vice President Craig Carnaroli said. He added that reallocating funds from short term to long term investments also contributed to the high growth.
Gutmann also pointed to lower administrative costs, which allowed total growth to exceed the 24-percent mark.
However, Carnaroli pointed out that Penn still has room for improvement, despite its new ranking.
Penn's $6.63 billion endowment ranks ninth on a list of the endowments of almost 800 academic institutions across the country, according to an annual report published by the National Association of College and University Business Officers.
In the past six years, Penn has ranked either 11th or 12th on the list. In 2000, Penn did not even appear in the top 15.
"Being in the top 10 is a good thing," Penn President Amy Gutmann said. "I think it is a reflection of how we've done in fundraising and in investment."
Among the top 10, Penn's endowment growth for the last fiscal year - 24.9 percent - trailed only Yale University and the University of Michigan.
"The strong investment performance is the biggest contributor," Executive Vice President Craig Carnaroli said. He added that reallocating funds from short term to long term investments also contributed to the high growth.
Gutmann also pointed to lower administrative costs, which allowed total growth to exceed the 24-percent mark.
However, Carnaroli pointed out that Penn still has room for improvement, despite its new ranking.
Viewing Comments 1 - 2 of 2
John
posted 1/31/08 @ 8:48 AM EST
Gee that's great. Until we find out this whole subprime market crash has wiped out half our endowment value...
Bill
posted 1/31/08 @ 10:40 AM EST
That's great timing - especially now that the Senate has decided to investigate the universities with the biggest endowments to see why they aren't reinvesting more. (Continued…)
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