February 6, 2004

Managing Endowments in 2004

By VERNE O. SEDLACEK, SARAH E. CLARK, and TIMOTHY YATES

Despite the recent uptick in investment markets, colleges must come to grips with the fact that, from a financial perspective, the decade of the 1990s was a historic anomaly. A nearly perfect confluence of outstanding returns on endowment investments, low inflation, high levels of giving, and increased demand for educational services gave many institutions a sense of economic well-being never contemplated 10 years ago. For example, from 1992 to 2002, the average endowment experienced annual

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