February 28, 2003

Changes in Endowments Tell Only Part of the Story

To the Editor:

Your table on the biggest gains and losses in endowments undoubtedly reveals a trend but leads to faulty conclusions about particular campuses ("Another Downer of a Year for College Endowments," January 24).

The table does accurately reflect the change in Pace University's endowment, but a significant percentage of our decline was due to our use of a portion of our unrestricted funds to finance the unanticipated costs of completing an important construction

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