The Michigan Daily - michigandaily.com
Monday, March 3, 2008 - 7A
ENDOWMENT
From Page 1A
on student financial aid and reduce
the share of the burden being place
on the government.
"Tuition has gone up, college
presidents' salaries have gone up,
and endowments continue to go
up and up," Grassley told The New
York Times in January. "We need
to start seeing tuition relief for
families go up just as fast."
The University's letter said $1.4
billion, or about 20 percent of the
endowment, is currently marked
for student aid, with half of that
restricted for undergraduate finan-
cial aid and half for graduate finan-
cial aid.
The data provided by the Uni-
versity aimed to emphasize the
accessibility of financial aid for
students, stating that about 71 per-
cent of undergraduate students
received some form of financial aid
in 2006-2007.
The letter also said 80 percent
of in-state undergraduate students
receive financial aid, whether in
the form of grants, work-study or
loans.
In the previous academic year,
the University provided approxi-
mately $94 million of under-
graduate aid in the form of grants
and scholarships, the letter said.
Another $45 million in grants that
year came from state and federal
sources.
"These data highlight the Uni-
versity of Michigan's deep com-
mitment to maximizing both the
quality and accessibility of a Uni-
versity of Michigan education
through a combination of aggres-
sive fundraising, prudent invest-
ment policy, careful stewardship
of endowment funds, and on-going
operation cost cutting measures,"
the letter said.
The past 10 years have seen the
University's endowment increase
nearly $5.2 billion - more than
200 percent - from $1.9 billion at
the start of 1998 to about $7.1 bil-
lion today.
According to an annual endow-
ment study by the National Asso-
ciation of College and University
Business Officers, the University's
endowment ranking has steadily
risen among other colleges and
universities over the past four
years, climbing three spots from
eleventh after the 2004 fiscal year
to eighth after the 2007 fiscal
year.
The University's 25.4 percent
endowment growth in the 2007
fiscal year was well above that
of the 17.2 national average, and
outpaced the growth of perennial
endowment heavyweights Har-
vard and Yale, which ranked first
and second, respectively, in the lat-
est NACUBO rankings.
Of the 10 schools with the larg-
est endowments, the University's
25.4 percent growth rate was the
biggest increase.
The importance of a growing
endowment was emphasized in the
letter in the context of the state of
Michigan's struggling economy,
which has resulted in an 11 percent
decline - about $40 million with-
out taking inflation into account
- in state appropriations over the
past six years.
Over that span, University
tuition and fees costs for in-state
students have increased by $3,316,
or 40 percent. For out-of-state stu-
dents, tuition and fees costs have
increased by $8,344, or 34 per-
cent.
"The University of Michigan
has a responsibility to diversify
and strengthen its financial base
through its endowment in order to
maintain its quality and accessi-
bility in the face of inflation, inev-
itable fluctuations in the financial
markets, and tightening state and
federal budgets," the letter said.
Although President Coleman's
pay is not based on the size or
growth of the endowment, Chief
InvestmentOfficer ErikLundberg's
salary is tied to the performance of
the endowment in relation to the
state of financial markets, the let-
ter said.
In the 2007 calendar year, Lund-
berg received $466,778 in incentive
payments for his role in increasing
the market value of the endow-
ment.
the michigan daily
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344 S. Division
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Parwo t-Timue fice osit~ioctr
Property Management Company seeks dedicated
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Pos,,,urduti,,esiu,:
AIA Updating webste'sDaa base management and
leasing aarments.
we are located on Central Campus and offer
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Please email cover letter and resume to:
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For Monday, March 3, 2008 Now you have to teamn how to skillfally
ARIES woek with groups of people, and at the
(March 21 to April 19) same time maintain your own personal
Be ever mindful that this is a time of identity.
hard work for you. But it is not for noth- SAGITTARIUS
ing. All your hard work will pay off. (Nov. 22 to Dec. 21)
TAURUS This is the time many of you have
(April 20 to May 20) been waiting and planning for. Your
It's important for you to get in touch dreams can come true! You can achieve
with your creativity this year. Do what- a lot in the next five years. Now you see
ever makes you feel good. what is working and what is not.
GEMINI CAPRICORN
(May 21to June 20) (Dec. 22 to Jan. 19)
This year you have to work hard to This is still a time of preparation in
establish a solid home base for yourself. your life. You have not yet achieved your
You need to feel secure. Tqckle repairs goals. Get the training, education and
and home-renovation projects. experience you need to make your future
CANCER success even better.
(June 21to July 22) AQUARIUS
Even though you're a nester who col- (Jan. 20to Feb. 18)
lects a lot of things, many of you will Partners are earning less money. This
encounter a change of residence or a year you're forced to rely on yourself.
change of jobs in this year or next. You can do this, because relatively soon,
LEO moneybags Jupiter will enter your sign.
(July 23 to Aug. 22) PISCES
The best way to tackle 2008-09 is to (Feb. 19to March 20)
reduce or eliminate your debt. Continue to be patient with partners
Streamline your possessions. Look at the and close friends. This is where your
best ways for you to earn money. challenge lies this year. Partnerships will
VIRGO either adjust or end.
(Aug. 23 to Sept. 22) YOU BORN TODAY You're very
You're beginning an entirely new 29- focused about what you want. You have
year cycle. You're ina new world, meet- a clearer picture of your goals. But
ing new people and playing a new role. you're also fanciful, imaginative and
LIBRA creative. (You're never sloppy.) You're
(Sept. 23 to Oct. 22) well-prepared for whatever you do
It's important for you to let go of because you do your homework. Many
what's no longer relevant in your life. of you are quite secretive about your pri-
This year and next, you'll let go of peo- vate life. This year you will learn some-
ple, places and possessions in order to thing valuable and important. If neces-
make room for something new to follow. sary, study!
SCORPIO Birthdate of: Miranda Richardson,
(Oct. 23 to Nov. 21) actress; Jessica Biel, actress; David
This continues to be a powerful time. Faustino, actor.
C 2008 King Features Syndicate, Inc.
Wilson White Management * Fully Furnished apartments * Parking
734.995.9200 Included * Free Ethernet * Free heat
www.wilsonwhitemanagement.com and water ( Atmost locations)
305 Packard
4 to 5 Person House
Available Fall 2008
For more details call
Varsity Management
at 734-668-1100
Immediate Tours Available
Call Dan: 313-300-4455
www.varsitymanagement.com
420 S. Division #1
Huge Living Rm.
$1750
1120 S. Forest #2
Large Bdrms.
$1550
i