January 20, 2006

Endowment Returns Are Down From 2004

By ERIN STROUT

The endowments of colleges and other American educational institutions earned "respectable" returns in the 2005 fiscal year, though on average they did not earn as much as they did in 2004, according to a survey released last week by Commonfund, which manages the endowments of 1,600 colleges and nonprofit organizations.

The endowments of the 729 American colleges, universities, and other educational institutions that were surveyed earned an average of 9.7 percent in 2005, compared with

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