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The whole idea behind endowments used to be that they could maintain the institution through tough times. But nowadays, there's an expectation that endowments
by klyrs 4y ago
The whole idea behind endowments used to be that they could maintain the institution through tough times. But nowadays, there's an expectation that endowments should continue to grow during a recession, even if that means cutting the institution to the bone. And administration hierarchies keep getting deeper; they're never on the chopping block.
- grubbs 4y agoWorking at a pretty famous institution with a 6+ billion endowment...in June 2020 the president basically said "we're performing layoffs, stopping all retirement contributions, hiring freeze, and no raises for anyone." Then gave some additional reasons as to why they couldn't dip into the endowment to save jobs/help those laid off. So I guess it wasn't for tough times after all?