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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Jan. 21, 2003)
Tuesday, January 21, 2003 THE BATTALIO; College endowments falling Texas troops deployed to Asia By Justin Pope THE ASSOCIATED PRESS wealthy schools like Dartmouth, Duke and Stanford have been forced to cut costs. College endowments last year turned in their worst performance since 1974, a stark contrast to the investment boom of the 1990s and a financial blow at a time when many public schools are losing state aid. The average college endow ment shrank 6 percent in fiscal 2002, according to a survey of 660 institutions to be released Tuesday by the National Association of College and University Business Officers. The findings matched those of anoth er study released last month by Commonfund Institute. It was the first back-to-back decline since Washington-based NACUBO began its survey in 1971. The 2001 survey showed an average decline of 3.6 percent. Belt-tightening is evident at schools such as Boston University, with 29,000 students, which is laying off faculty, and tiny Hillsdale College in Michigan, which is cutting four varsity sports teams. Even It’s forcing academic leadership throughout the country to think about what's most important. — Scott Mai pas University of Notre Dame “It’s forcing academic leader ship throughout the country to really think about what’s most important,” said Scott Malpas, vice president and chief invest ment officer at the University of Notre Dame, where the endow ment fell nearly 10 percent, to $2.55 billion, in fiscal 2002. “Some of it’s healthy, but on the other hand it’s a tremen dous challenge.” The average school’s invest ments (not accounting for dona tions and spending) lost 6 per cent. The best-performing endowment earned 10.1 percent; the worst lost 19.8 percent. Colleges typically spend about 5 percent of their endowment per year. The 6 percent decline outperformed all of the major stock market indexes, however. Two-thirds of the institutions in Commonfund’s survey said they expected donations to be at least as strong this year as last. Many schools have also found a silver lining to the slump: They are refinancing debt at lower rates. And, schools insist, recent losses are a small price to pay for the enormous gains between 1992 and 2000, when endow ments enjoyed double-digit investment growth every year but one, according to NACUBO. Those gains funded scholarships, research and an unprecedented campus building boom. “You had the greatest expan sion probably in the history of higher education in terms of scholarship aid, new facilities and new programs,” Malpas said. FORT HOOD, Texas (AP) — More than 12,000 Fort Hood soldiers will be deployed to Southwest Asia, part of a 37,000-strong force being sent to region, officials said Monday. It will be Fort Hood’s largest deployment to date in President George W. Bush’s war on terror ism, involving almost a third of the 42,000 troops regularly assigned to the nation’s largest military post. “It’s a massive undertaking,” said Army spokesman Cecil Green. Troops have “got to be at the right place at the right time. There’s a lot of coordination involved, a lot of detail.” Officials would not disclose when Fort Hood’s 4th Infantry Division will deploy its 12,500 troops to U.S. Central Command in Southwest Asia. About 700 Fort Hood troops from logistic units have already been shipped out in the last two weeks. Green said. The infantry’s 3rd Brigade at Fort Carson in Colorado will add about 4,000 troops to the deployment. Green said. Another 20,000 or I personnel will come from 10 other military insj lations in Task Force Ironhorse, which compnj the 4th Infantry Division and other supponj units. Activity at Fort Hood was generally subdi-l Monday despite the announcement. Green sj But he said the troops were ready to head out. 1 “The possibility has always been there,’’GrJ said. “This is what they’re trained and readyfor The 4th Infantry is the Army’s only dip division. Green said. Its sensory equipment* air and ground systems can locate U.S. andenr troops on the battlefield, allowing a commands effectively maneuver troops. Green said. Near El Paso, Fort Bliss’ 108th and 35th- Defense Brigades are expected to deploy instt port of about 100 pieces of equipment for the e Patriot Advanced Capability 3 missile defer: system that were loaded on rail cars Jan. 2 routed to the Persian Gulf. Volume A* NEWS IN BRIEF Perry to be sworn in Texas inauguration day is Tuesday, and Gov. Rick Perry at last will be sworn into office as an elected governor even though he’s been doing the state's top job for two years. After George W. Bush resigned to become president, Perry moved up from lieutenant governor to gover nor in December 2000. 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