Meltdown costs University of Colorado endowment $63 million
Boulder, CO Colorado
BOULER, Colorado ” The University of Colorado’s fundraising arm says the school’s endowment has lost $63 million in the Wall Street meltdown.
Chris Bittman, chief investment officer for the CU Foundation, says the endowment stood at $750 million at the first of the year. After the investment losses, along with distributions to CU System campuses, operations charges and management fees, the endowment stood at $647 million at the end of September.
Bittman says the endowment suffered less than the broader market because the foundation invests defensively.
The foundation says the endowment’s investments have still gained $186 million over the past four years.
Bittman says the current slide is unlikely to affect the foundation’s awards of scholarships and grants.