After seeing two consecutive years of double-digit growth, Cornell’s endowment return took a nosedive in the 2011-12 fiscal year, just breaking even with a 0.14 percent gain, the University reported Wednesday.
Disagreeing with a study that asserted that Cornell, along with other top institutions, is on a “financially unsustainable path,” a University administrator said that Cornell is a stronger institution now than it was before the recession four years ago.
Never one to shy away from criticizing his former home of four years, comedian Bill Maher ‘78 said on Friday’s episode of his talk show, “Real Time with Bill Maher,” that he has never donated to Cornell, saying that the University has enough money already
Three years ago, the University forecasted a budget deficit of about $122 million, but Day Hall administrators now say they look forward to closing that gap almost completely by the end of Fiscal Year 2012 on June 30 — one year ahead of schedule.
Cornell’s endowment remained flat in the first quarter of the 2011-2012 fiscal year, which ended Sept. 30, despite significant declines in the stock market over the same period. At the same time, the University announced it would refinance its debt to mitigate concerns about the market’s volatility.
Cornell’s Senior Investment Officer John Regan announced his resignation earlier this month, fewer than two months after Chief Investment Officer Michael Abbott abruptly left the University for reasons that remain unclear.
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