Yale's endowment loses 25% of its value

NEW YORK - Yale University, the second-wealthiest US institution of higher learning at the end of June, estimated that its endowment has since fallen 25 percent, to $17 billion.

The New Haven university disclosed the decline in a letter from president Richard C. Levin posted on its website.

The endowment had grown 4.5 percent, to $22.9 billion, in the fiscal year ended June 30. The fund supports 44 percent of Yale's operating expenses.

Harvard University said on Dec. 2 that it had losses of at least 22 percent, or $8 billion, since June 30, when its endowment was valued at $36.9 billion.

The University of Virginia, Barnard College in New York, and Swarthmore College in Pennsylvania are among other schools with endowment declines.