August 18, 2000
How Eckerd's 52 Trustees Failed to See Two-Thirds of Its Endowment Disappear
When a college's endowment dwindles from $34-million to less than $13-million, people want to know what happened. At Eckerd College here, those who have been trying to figure it out point to the Board of Trustees, whose own leaders concede that they didn't ask many questions, and allowed policies and practices that led to the financial fiasco.
"The blame has to lie directly with the trustees," says Miles Collier, chairman of the board. "We messed up bad."
The endowment has
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