The University of Michi- gan’s endowment, which is currently valued at $17 billion, rose by an estimated $4.7 bil- lion in the 2021 financial year, a 40.6% return on investment. The increase was announced by Geoffrey Chatas, executive vice president and chief financial officer, at the Oct. 21 Board of Regents meeting. This year, higher education institution endowments across the U.S. saw the strongest annual performance since 1986, with an increase of 27% on aver- age. Many similarly endowed schools to the University announced eye-popping figures: Brown University announced a 51% return and Washington University in St. Louis broke records with a return of 65%. Brian Smith, U-M associate vice president for finance, said the timeline for an endowment is not one year but “perpetu- ity,” leading him to remain cau- tious when speculating on future growth. Over a 20-year period, the endowment’s return aver- ages around 9.5%. “The endowment is here for the long haul and to provide con- sistent support or raw consistent income,” Smith said. “A 40% year is definitely an outlier. It’s not often that we have a year like that. In financial markets in par- ticular, over time reversion to the mean typically proves out.” The growth of endowments generally mirrors the health of the stock market, which has more than doubled its value in 2021 from its lowest level in March 2020. Soaring tech com- pany stocks, various federal COVID-19 relief bills and inter- est rate cuts from the U.S. Fed- eral Reserve all contributed to a booming stock market, despite the pandemic. Smith said the bulk of the Uni- versity’s endowment growth is due to the returns from venture capital and private equity funds, two asset classes that higher education institutions increas- ingly invest in. However, those gains for ven- ture capital and private equity funds are “unrealized,” mean- ing they are not liquid, accord- ing to Smith. Non-liquid assets are typically those that can’t be quickly converted into cash, like real estate properties or land. “Venture capital and private equity are private transactions that aren’t publicly traded,” Smith said. “Typically the under- lying investment agreements could be 10-plus year commit- ments where you’re not going to get your money for years down the road.” Business junior Noah Maci- ulewicz, president of student investment group Wolverine Capital Investments, explained that the endowment benefited from dips in the stock market coinciding with the predeter- mined days when shares were purchased. “Every time that the Univer- sity has bought more shares has been when the market has been in the absolute best position, which is why the endowment’s been making so much money over the past year and a half,” Maciulewicz said. “The people managing the fund are making good stock picks and the time in which they’ve done investing has just happened to be absolutely perfect.” John Burkhardt, clinical pro- fessor emeritus in the School of Education, said donors tend to give more money to schools with large existing endowments, and endowment growth relies on the long history of donations since the University’s founding in 1817. “One of the functions for big endowments is how long has the institution been soliciting sup- port from donors,” Burkhardt said. “Contributions made to these institutions that were founded in the 19th century have been earning interest for a very long time. This is just a statement of American society: If you have money, you make money.” Bundled up in hats and gloves and with coffees in hand, doz- ens of Ann Arbor community members braved the brisk, cold morning of Nov. 20 to increase awareness and advocate for unhoused individuals in Washt- enaw County. In honor of National Hunger and Homelessness Awareness Week, the Shelter Association of Washtenaw County organized the “Hustle for Housing and Walk to End Homelessness,” which included a two-mile walk around downtown Ann Arbor. The group first gathered at Lib- erty Plaza at the corner of East Liberty St. and South Division St. Adam, a former unhoused client at the Delonis Shelter, recently received housing assis- tance in Ann Arbor. After being unhoused for a long time, Adam told the crowd housing is a necessity for all people and urged county leaders to provide the funding and resources to sup- port other unhoused individuals in the county. “We are people, we are human beings, we deserve housing,” Adam said. “We need other peo- ple to look at us as we are people. We are human just like you. If we are left out on the streets, there’s a possibility we might end up in the hospital, dead or anything else. It’s unsafe.” Amanda Carlisle, execu- tive director of the Washtenaw County Housing Alliance, also spoke to the community, advo- cating for the need to increase resources to support more per- manent affordable housing options. “We want to make sure that we share with everybody that there are people experiencing housing insecurity here, there are people who are homeless right here in Washtenaw County, and we know what we can do to help them,” Carlisle said. “We can pro- vide them with permanent hous- ing. We can provide them with services. We can provide them with rapid rehousing, get them out of the streets, out of shelters. We know what we can do. We just need the resources to do it.” Some local organizations have already contributed to the effort. Avalon Housing, a non-profit organization providing per- manent affordable housing for more than 800 people in Washt- enaw County, recently opened 36 affordable apartment units on Maple Road. The project was funded in part by the city of Ann Arbor’s 20-year affordable hous- ing millage. “We used a ton of federal dol- lars to build (the Avalon) housing but the services that are being provided at Avalon Hickory Way projects are being funded through the millage, so this really matters,” Carlisle said. “What you can do now is make sure to pay attention to what’s happening at the city and county level and also at the federal level.” The Biden Administration’s Build Back Better Bill, which was passed in the House of Represen- tatives on Nov. 19, includes efforts to build more than one million new rental and single-family homes. The bill also contains rental and down payment assis- tance using an expanded voucher program. If passed in the Senate, the $150 billion bill would be the single most largest investment in affordable housing in history. Dan Kelly, executive direc- tor of the Shelter Association of Washtenaw County, also encour- aged the Ann Arbor City Coun- cil to allocate more American Rescue Plan Act funds towards affordable housing. The Biden Administration passed the ARPA in March to help local govern- ments, municipalities and citi- zens recover from the pandemic. Washtenaw County was awarded more than $71 million to be grant- ed in two equal allotments: first in May 2021 and then in May 2022. “We want to see as much of (the funding) go towards afford- able housing and supports like the shelter as possible,” Kelly said. “That way we can have more incredible stories, more housing right down there, over there, over there, all over downtown and throughout the county of course. Thank you, thank you, thank you for coming out showing your sup- port. Let’s just keep this mission going and end homelessness here in Washtenaw County.” The group then began march- ing down South Division St., chanting “Housing is human right” and “Affordable housing for all.” As the group made their way through the Ann Arbor Farmers Market and into nearby neighbor- hoods, a few cars drove by honked in support. The Ann Arbor Police Department also followed along, blocking the streets from oncom- ing traffic. Rackham student Matt Dar- gay, a Masters student in the Uni- versity of Michigan Social Work program, told The Michigan Daily he hopes the city prioritizes affordable housing and gets rid of exclusive zoning restrictions, which place limitations on the types of homes that can be built in a particular neighborhood. “We’re here today because we want to show support for housing policies and the funding of afford- able housing in the area because it’s getting more and more expen- sive to live here,” Dargay said. “If we’re going to sustain housing for essential workers and working- class people, then we need to pro- vide more affordable housing. So we’re here to show our support for that.” Ann Arbor resident Shirley Wolfe, who has been living in the city since she graduated from the University in the 1950s, came to the protest with fellow Ann Arbor resident Phil Carroll. Despite the cold, Wolfe said she came out to rally for the people in the city who have to deal with this weather day in and day out. “We’re both of an age — I’m in my 90th year, and (Carroll is) almost in his 80th,” Wolfe said. “(But) anything to promote more concern to let people know that we have a huge number of home- less in Ann Arbor right now, and we have a lot of people your age and even families living in cars. It’s really cold.” Carroll said he hopes the City considers implementing a rent control ordinance to curb afford- able housing issues. A similar proposal was brought to Ann Arbor in the 1980s, but the state of Michigan enacted legislation that prohibited this proposal. “We will never have afford- able housing in Ann Arbor as long as we let the developers dominate our City Council,” Car- roll said. “We need a rent control ordinance, and people should be aware that there’s a lot of senti- ment that would favor that.” Some members of Ann Arbor City Council were also in atten- dance, including council mem- bers Kathy Griswold, D-Ward 2, and Elizabeth Nelson, D-Ward 4. Griswold said she is in prelimi- nary discussions with the Uni- versity to implement additional housing for individuals in the workforce who might not be able to afford living in the city and must commute everyday to work. News Wednesday, December 1, 2021 — 3 ANN ARBOR Ann Arbor locals rally for housing rights in county KRISTINA ZHENG Daily News Editor Attendees urged leaders for more affordable housing, funding and resources Black UMich calls on ‘U’ admin to address Anderson victims 60 students gathered in solidarity with survivors camped outside Schlissel’s house ADMINISTRATION University endowment grew by 40.6% this year $4.7 billion increase was announced at the Oct. 21 Board of Regents meeting ELISSA WELLE Daily Staff Reporter Read more at MichiganDaily.com ADMINISTRATION LILA TURNER/Daily Ann Arbor residents gathered to advocate for those unhoused in Washtenaw County on Nov. 20. About 60 students gathered the night of Nov. 19 outside University of Michigan President Mark Schlissel’s house to demonstrate their solidarity with victims of former athletic doctor Robert Anderson as part of a rally organized by Black UMich. Black UMich, a student-run organization on campus dedicated to amplifying the voices of Black people at the University, called on the University to address the demands of victims and have a formal conversation about the culture of sexual assault on campus. The event consisted of speakers, chants expressing solidarity with the victims and a demonstration of “Black joy,” an act of resistance and expression of Black culture. Music by Black artists played, and protestors danced and sang together. Students chanted, “No justice, no peace. Let John speak,” “Black students won’t be silenced,” “Hail to the victims” and “Black students are under attack. What do we do? Stand up, fight back!” Jon Vaughn and other survivors of Anderson have been camping outside of Schlissel’s house since Oct. 8 in protest against the University’s handling of the nearly 1,000 sexual assault allegations against Anderson. Vaughn spoke at the event, telling his story in addition to the history of sexual abuse at the University. When Vaughn was recruited to play football for the Wolverines, he said he was told that the University would prioritize his health and wellbeing. “I think back to how these men came into my living room when my mother was dying, and (they) promised her that (they) were protecting me and I’d have the best medical care,” Vaughn said. “Obviously, that was all a lie.” Vaughn explained the actions taken by the University immediately after Tad DeLuca, a former U-M wrestler, filed a formal complaint about Anderson in 1975. DeLuca, who is the first person known to have reported Anderson to the University, had his scholarship and financial aid revoked and was removed from the wrestling team after reporting Anderson’s abuse. After DeLuca reported Anderson’s abuse to the University, the Division of Public Safety and Security began an investigation. The University later hired the law firm Steptoe & Johnson to do a formal investigation, but switched to WilmerHale in March 2020 due to Steptoe & Johnson’s previous defense of Jeffrey Epstein and director Roman Polanski. “At that point, I knew that we would never be treated as human beings, let alone respected as former student athletes,” Vaughn said. “When I was recruited here, you celebrated me, but now I’m a villain, and that’s how they’ve been treating us ever since.” The University has denied knowingly hiring attorneys from the same law firm that represented Epstein and Polanski. Vaughn said conversations with current U-M students, who he said continue to experience a culture of sexual violence on campus on a daily basis, have been powerful. “On the second day I was here, a young lady said to me, ‘you know, I think about when’s the next time I’m going to be raped or sexually assaulted on this campus more than I do what is going to be my major,’” Vaughn said. “And at that point … I realized this is worse than I thought. It’s not only that they treat us inhumanely, they’re treating the students inhumanely. Students’ safety is not a priority here.” In an interview with The Michigan Daily, Business senior and student athlete Job Mayhue said he wants the public to know about what happened to survivors of Anderson and hopes transparency will prevent abuse in the future. “I want this event to lead to open and transparent conversations and culture to have difficult conversations about sexual violence,” Mayhue said. “I also want the University to do more about creating a safer campus and create a system where action is being taken every single time somebody reports and it’s not just swept under the rug.” Mayhue also said the University’s lack of cooperation with the survivors, as well as their reluctance to talk directly to survivors and provide any sort of compensation for them, further disincentives students from sharing their stories. “They keep asking him (Jon Vaughn), ‘What can we do to get you off of our space?” Mayhue said. “It’s not, ‘What can we do to help?” It’s not, ‘What can we do to make a safer campus?’ It’s, ‘What can we do to hush you up and get you going on your way?’” LSA junior Zach Briggs also said the lack of action and accountability from the University regarding the current U-M assistant athletic director, Paul Schmidt, who was allegedly aware of Anderson’s behavior, has been disappointing. “Across every college campus in America, there’s massive sexual assault scandals or mishandling of sexual assault reporting,” Briggs said. “I definitely think there should be some form of justice with the firing of Dr. Schmidt, and I feel as though anyone who has covered it up needs to be reprimanded.” In mid-November, Vaughn announced his plan to run for the Board of Regents in 2022. During the rally, Vaughn said he was running because of the stories he hears from students about safety and sexual assault on campus. He also called out Schlissel directly. “I watch a man go to work almost every day, and I’ve never seen him interact with any student or professor, in now 42 days, and I just find that that’s an atrocity,” Vaughn said. “It really shows where the focus of the leadership is in this University. It’s all on money, sponsors, donors, even donors who let young men into school that have Title IX rapes in their history.” Mayhue said during the rally that Black representation in the Board of Regents is essential to making progress. “I’m so thankful that you are going for the Board of Regents, because putting a Black man in a position of leadership is the first step in making tangible change for the Black community and making it a safe space on campus,” Mayhue said to Vaughn. Regent Katherine White (D) is currently the only Black regent on the eight-member board. Vaughn said that the marginalization of Black people at U-M and the ways in which the University has suppressed the voices of the Black community has been a historic problem. “I might be a student athlete and I might be a victim of Dr. Anderson, but I’m a Black man, and that’s something I can never not be,” Vaughn said. “I’m ready to fight for not only the University, but I’m also here to fight for my people.” Following the speakers, Rackham student Byron Brooks recited a poem he wrote in light of the University’s handling of the allegations. “How can an institution of higher education hire, protect, and admit known rapists?” Brooks read. “I bet if Anderson was Black, he would have been thrown into prison and the story would’ve been known throughout the nation. Hail to the victims, yet as their voices were silenced, checks were still cleared and retirement was granted. The President right now won’t even come out of his house as if he’s on a vacation. That should be enough to let you know that the rapist at hand was a privileged Caucasian. Hail to the victims.” In an interview with The Daily, Brooks said he stood in solidarity with the survivors. “For this issue to have gone on for decades and generations is truly saddening,” Brooks said. “Although I was not a victim, I feel like it is my duty to stand with the victims, because it takes that solidarity to make something happen.” Brooks said he is disheartened by the lack of action taken by the University and hopes that they will be more focused on the wellbeing of the survivors and all students moving forward. “Honestly, I’m tired,” Brooks said. “I feel like the school is looking at it from a marketing and PR (public relations) perspective. I’m looking for actual equitable actions. And not only that, but a true apology, authentic apology, and extra steps that will help. We are at an institution of learning. We are here to learn. A lot of these athletes, they put their bodies on the line for this institution, so they deserve some form of equitable reparations.” Daily News Reporter Kate Weiland can be reached at kmwblue@umich.edu. KATE WEILAND Daily Staff Reporter Read more at MichiganDaily.com The Michigan Daily — michigandaily.com