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. He had
only an austere swearing-in cere
mony then.
Fire destroys hotel
Nine guests at a South Texas
hotel destroyed by fire were still
unaccounted for early Moi
officials said.
Officials still were trying to trJ
down the guests registered at 7
Motel 6, which caught fire SaturJ
morning, destroying the threer
complex where 205 guests wl
staying.The guests may betravef
and are therefore hard to read i
A top Pi
efforts to re
America’s
should not
speech Tue?
“The me
pie is highe
scription,” s
tary of defe
“The milita
valuable as;
has been at
volunteer fc
Chu disi
ness and th
on terroris
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selle
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