The Cornell Daily Sun (https://cornellsun.com/tag/endowment/)
The endowment’s total assets fell from $7.3 billion last year to $7.2 billion, likely owing to money distributed to help fund the University’s operations.
My life flashed before my eyes when I saw the 10-foot-tall, paper-mache capitalist. Last March, climate protesters held up the roads throughout Central Campus to campaign Cornell’s divestment from fossil fuels. I have to hand it to them; anyone who is willing to stand outside in Ithaca in March must be really committed. In just a few short months, word came from the bureaucrats in Day Hall (or wherever they work): Cornell’s seven billion dollar endowment would be effectively divesting from fossil fuels. This was not only a win for climate activists, but for anyone who cares about socially responsible investing.
The Board of Trustees voted Friday to institute a moratorium on new private investments focused on fossil fuels: What exactly does that mean?
100 percent of the $12.8 million in federal aid Cornell is getting from the CARES Act will go toward financial assistance for students.
In response to The Sun’s Oct. 29 article, “Cornell Bleeds Red Ink in Latest Financial Report with Operating Losses of $104 Million,” as an alum, parent and long-time volunteer for the University I was not surprised by the bad news. While student tuition and alumni contributions continue to rise, once again University expenses outpaced revenues. In the world of finance, most businesses and not-for-profits lose money by either not generating enough revenue or they pile on too much administrative overhead. Many iconic brands like Eastman Kodak, Lehman Brothers and Enron filed for bankruptcy or closed because executives rewarded themselves with fat salaries and happily ran to the bank while taking their eye off the true meaning of their business.
Cornell’s endowment increased from $6.9 to $7.3 billion in fiscal year 2019 to deliver a 5.3 percent return, marking a sharp decline from the 10.6 percent return of fiscal year 2018.
Three alumni bonded by membership in the same fraternity decided they wanted to give back to the Cornell community in 2015. Nearly four years later, they successfully raised over $100,000 through alumni donations, creating Cornell’s first ever Latino-led and program house endowment for the Latino Living Center.
The moral case for Cornell divesting from fossil fuels has long been clear. Simply put, the University should not hold equity in resource extraction firms that have sent the planet hurtling toward climate ruin. An overwhelming body of science tells us the fallout of human-caused climate change will come in the form of severe developing-world food insecurity, more frequent extreme weather events and worse economic growth. Projections indicate death, disease, dislocation and malnutrition will sharply rise, especially for the global poor. The cost in human misery will be enormous.
Physicians at Weill Cornell Medicine and University administrators earn the highest paychecks out of all Cornell employees, while professors teaching on the Ithaca campus have a much lower average salary.
“We’ve had some financial difficulties coming out of the recession … but I would say where we’re at right now, we’re stable,” Paul Streeter, vice president for budget and planning, said.