By Goldie Blumenstyk

The average investment return for more than 500 colleges and university endowments was minus-19 percent for the fiscal year ending June 30, according to the preliminary annual report on endowments by the National Association of College and University Business Officers and the Commonfund Institute.

The figure was a slight improvement over the minus-22.5 percent average return for 435 institutions over the first five months of the 2009 fiscal year but an unusually big loss for the year. Since 2000, there were only two other years when average endowment returns were negative: 2001, when the average return was minus-3.6 percent, and 2002, when it was minus-6 percent.

Markets have rebounded since March, and John S. Griswold, executive director of the Commonfund Institute, said many institutions may have recouped their losses. "They've probably done pretty damn well," he said in an interview on Wednesday.

The 435 institutions in the earlier report are not necessarily all represented in the latest report, released Thursday. The 504 institutions covered by the new report included 30 endowments worth more than $1-billion as of June 30, 40 worth $501-million to $1-billion, 144 with endowments valued from $101-million to $400-million, and 177 with endowments of $25-million to $100-million. The remaining 113 institutions had endowments worth less than $25-million. Typically, the biggest endowments record the highest returns.

The report does not provide information on rates of institutions by name, but many have already released such results separately.

According to the preliminary report, the average rate of spending from endowments was 4.3 percent in the 2009 fiscal year, about the same as in 2008.

The full report for the 2009 fiscal year, which is expected to include results from more than 800 institutions, with detailed data on how assets were invested and rates of return for endowments of different sizes, is scheduled for release on January 27.