Add Dartmouth to the list of crashed endowments:
Dartmouth College, the smallest school in the Ivy League, will fire 60 employees after its endowment value fell $700 million, or 18 percent, because of the global recession.
An additional 70 employees have accepted buyouts and 28 others will have their hours reduced, the college in Hanover, New Hampshire, said today in a statement. The school will increase undergraduate tuition 4.8 percent, raising the total cost of attendance to $49,974 a year, starting in September, and will expand financial aid.
Dartmouth joins Harvard University and Yale University among Ivy League schools in the northeastern U.S. that are slashing budgets after fund losses. Harvard, in Cambridge, Massachusetts, lost 22 percent, not including investments in private equity and real estate, in the four months ended Oct. 31, and said its losses for the fiscal year may be 30 percent. Yale in New Haven, Connecticut, said its endowment fell 25 percent in five months. Outlays from Dartmouth's fund contribute 35 percent of the budget, excluding professional schools.
Maybe they will extend summer break?
Dartmouth to Cut 60 Jobs After 18% Endowment Decline [Bloomberg]