A tough year for college endowments

Here is the change in value of the endowments of US and Canadian colleges and universities in the fiscal year ending June 30, 2009, according to figures released by the National Association of College and University Business Officers and Commonfund Institute.

The "% change" column does not represent the rate of return on the college's investment for the year. Rather, it is the endowment's change in market value, which not only includes investment gains and losses but such factors as growth from gifts and reductions due to expenditures and withdrawals.

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