Penn State University President Graham Spanier is quoted saying the following about endowments:
"To carry out its mission, Penn State depends on several major sources of revenue. Tuition, state appropriations and research grants form the foundation of our funding, but philanthropy is increasingly important to us. To the extent that we raise the level of private giving to the University, we will also significantly improve educational experiences for our students, scholarly opportunities for our faculty and the effectiveness of our outreach programs. The end result is to increase Penn State's ability to make life better for all Pennsylvanians, and for society in general."
"All gifts, at every level, will play a significant role in helping Penn State. We especially welcome gifts that create or add to endowments, which will provide the kind of dependable support year after year that the University needs for long-range planning."
Compared to our fellow Big Ten schools, Penn State did very well for itself. If you see those suited individuals from the Office of Investment, give them a pat on the back for keeping our losses to a minimum. Penn State's losses of -19.75% were well below the Big Ten average of -22.12% for 2008 and 2009.
Copyright © 2009 Onward State