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Endowment

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BUSINESS
October 22, 1987 | By Janet L. Fix, Inquirer Staff Writer (Inquirer wire services contributed to this article.)
College and university endowment managers already recall the 1987 bull market with all the misty fondness of a long-ago graduation. For on Monday, years of innocence and prosperity for educational endowments ended with the same abruptness that comes when the party ends and a graduate goes to work. Stanford University reported yesterday that it lost $200 million of its $1.5 billion endowment during the market's dramatic slide. But the paper loss will have no real effect on the university's operations during fiscal 1987-1988, according to William F. Massy, vice president for business and finance.
ENTERTAINMENT
April 2, 1997 | By Peter Dobrin, INQUIRER STAFF WRITER
When musicians of the Philadelphia Orchestra went on strike last fall, the orchestra's board repeatedly cited the orchestra's accumulated $2.2 million deficit as one reason for not giving players a raise as large as the one they requested. But even as orchestra chairman Peter A. Benoliel continued to cite the deficit, the orchestra already had taken $2.3 million from its coffers to pay it down. And that $2.3 million came from the orchestra's unrestricted endowment, said Michael G. McDonough, the orchestra's finance director.
SPORTS
April 22, 1993 | by Francesca Chapman, Daily News Staff Writer
The Penn Relays always has depended on the kindness of strangers. It's also always depended on sunny weather. Gate receipts provide a large portion of the funding for the event. But lately, that's just not enough. After several years in which the Relays' budget had to be shored up with major contributions from helpful fans - TV magnate Bill Cosby and New York Yankees owner George Steinbrenner among them - organizers are hoping to build an endowment that could provide for the Relays' long-term financial security.
BUSINESS
October 22, 1987 | By MARC MELTZER, Daily News Staff Writer
Endowment and trust funds suffered the same blow that crushed individual investors during Monday's Wall Street crash. Endowment funds at area colleges lost millions of dollars in value. The market value of the University of Pennsylvania's huge endowment fund alone is believed to have declined by tens of millions. Between the peak of the market Aug. 25 and the low point Monday, the Pew Charitable Trusts lost $830 million in market value. Administrators at Haverford College estimated the value of its endowment fund portfolio fell by as much 25 percent between Sept.
NEWS
July 17, 1987 | By Rich Henson, Inquirer Staff Writer
Cheyney University, the oldest historically black college in the United States, has established an $878,000 endowment fund for student scholarships, the first such fund at the 150-year-old institution, university officials announced yesterday. During a ceremony at Cheyney's Urban Education Foundation at 46th and Market Streets in West Philadelphia, President LeVerne McCummings called the occasion "a very significant day in the life of this institution. " The money is from three sources.
BUSINESS
October 30, 1989 | By Dan Stets, Inquirer Staff Writer
The man who put the Big Mac in a plastic foam container is placing international competition prominently on the menu of offerings at the University of Pennsylvania's Wharton School. Jon M. Huntsman, chairman and president of Huntsman Chemical Corp. of Salt Lake City, has donated $4 million to Wharton to establish a center on competition that will bear his name. The Huntsman Center for Global Competition and Leadership will help give studies at Wharton a more international flavor, said William P. Pierskalla, who has been named director of the center.
BUSINESS
April 4, 2013
Pennsylvania State University had the nation's fourth-fastest-growing endowment from 2009 through 2012, according to a ranking from Bloomberg News. The value of Penn State's endowment climbed to $1.78 billion, from $1.23 billion, for a three-year annual average growth rate of 14.46 percent. The University of Pittsburgh ranked fifth. Its endowment averaged 13.66 percent annual growth to reach a value of $2.62 billion. Swarthmore College and the University of Pennsylvania were also on the list, which included endowments worth at least $1 billion last year.
NEWS
November 17, 2006 | By Susan Snyder INQUIRER STAFF WRITER
The University of the Arts in Philadelphia has received its largest gift in its 130-year history - $25 million, officials announced yesterday. The gift came from philanthropist Dorrance H. "Dodo" Hamilton and will be used to bolster the university's endowment, allowing other funds to be used for student scholarships, campus development, and recruiting and retaining new faculty. Unlike many contributions to universities, Hamilton's gift will be used exclusively to boost the school's endowment.
NEWS
May 16, 2015 | By Stephan Salisbury, Inquirer Staff Writer
The Independence Seaport Museum announced Thursday that it had received four gifts totaling $13.9 million, more than doubling its endowment and marking one of the largest gift totals ever made to the Penn's Landing institution, founded in 1960. John Brady, head of the museum for four years, called the contributions "an endorsement" of the museum's direction, which he characterized as akin to "a transformation. " The gifts announced were $4.5 million from newly elected board chair Peter McCausland; $4.4 million from longtime museum supporter Peter R. Kellogg; $3 million from H.F. "Gerry" Lenfest, owner of Philadelphia Media Network and publisher of The Inquirer; and $2 million from an anonymous contributor.
NEWS
February 27, 1992 | By Martha Woodall, INQUIRER STAFF WRITER
Gardner C. Hendrie, a 1950 graduate of Friends Central School, has given a $1 million gift to the school's fund-raising campaign. His gift - the third largest in the school's 146-year-history - will endow a fund to enrich mathematics and science programs, from pre-kindergarten to high school. Income from the endowment also will fund professional development and faculty salaries at the Quaker school. Hendrie has named his fund the Fannie Cox Fund for Science and Mathematics as a memorial to his mother, who was a librarian at Drexel University for many years.
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NEWS
June 4, 2016 | By Susan Snyder, Staff Writer
Temple University trustee Leonard Barrack and his wife, Lynne, have donated $5 million to the university to be used for law school scholarships, Temple announced Thursday. Both Barracks are Temple graduates. Leonard Barrack, a lawyer, graduated from the business school in 1965 and the law school in 1968, and his wife got her degree in education in 1968. Two of their children have also received Temple degrees. Terms of the five-year Barrack Scholars program are still in development.
NEWS
April 10, 2016 | By Susan Snyder, Staff Writer
University scholars who work under threat in countries that suppress academic freedom will be offered "safe haven" through a new endowment established in honor of Beau Biden, late son of the vice president. The $1 million gift, from an anonymous donor, will pay for one scholar each year to move to an American university and work free from danger. The Institute of International Education announced the gift Friday afternoon at a news conference at the University of Delaware's campus in Wilmington.
NEWS
March 30, 2016 | By Melanie Burney, Staff Writer
Moorestown Friends School has launched an ambitious campaign to raise funds for a program that has been covering tuition and other costs for low-income students from Camden. The elite Burlington County school has already received contributions totaling nearly $3 million toward endowing its Camden Scholars Program, Head of School Larry Van Meter said. "I am extremely grateful to these lead donors for making such significant commitments to our school and to the Camden Scholars Program," Van Meter, an alumnus, said in a statement Monday.
NEWS
February 26, 2016 | By Susan Snyder, Staff Writer
Swarthmore College, the epicenter of student protest last year over investment in fossil fuels, has budgeted $300,000 as part of an ongoing commitment to improve energy conservation on campus. The college's board of managers, at its meeting last weekend, approved the expenditure as part of a $160 million budget. Swarthmore drew national attention last spring when students staged a 32-day sit-in to try to persuade the board to divest fossil fuels from its endowment portfolio. The board voted last May not to divest any of its $1.9 billion endowment, citing investment guidelines that call for "the endowment to yield the best long-term financial results, rather than to pursue other social objectives.
NEWS
December 12, 2015 | By Kathleen Tinney and Jonathan Lai, Inquirer Staff Writers
Henry M. Rowan, 92, an inventive engineer and industrialist whose historic $100 million donation transformed modest Glassboro State College into the regionally acclaimed university that carries his name, died Wednesday at an assisted-living residence in Bucks County. In 1992, Mr. Rowan and his wife, Betty, set the record for the largest gift to a public college in the history of American higher education. While the couple had no connection to the school, they did occupy the same state.
NEWS
October 7, 2015 | By Peter Dobrin, Inquirer Culture Writer
As talks continue between the Philadelphia Orchestra Association and musicians over a new labor pact, management has agreed to hire consultant Michael M. Kaiser to assist in addressing chronic big-picture challenges like fund-raising and strategic direction. Musicians have been frustrated in contract talks - not only with the financial details of the deals management has been floating, but also with the financial realities that appear to be underpinning those offers. The association has been engaged in an endowment drive whose goals are not ambitious enough to support an orchestra of the level of Philadelphia's, musicians say. Kaiser will be retained for a six-month contract, according to an association spokeswoman.
NEWS
September 6, 2015 | By Stephan Salisbury, Inquirer Staff Writer
Daniel W. Dietrich II, 73, a self-effacing philanthropist who valued quiet exploration as much as artistic adventure, died Tuesday, Sept. 1, at Paoli Hospital. Mr. Dietrich, who lived in Chester County, was heir to a family conglomerate that once counted Luden's cough drops among its assets. He was vice president of Luden's, based in Reading, for a time, but his tastes ultimately ran more toward cultural activities than business endeavors. A longtime board member and supporter of the University of Pennsylvania's Institute of Contemporary Art, Mr. Dietrich made a bold statement about his interests this year when he gave $10 million to ICA to form an endowment that would enhance the scope and flexibility of the institution's curatorial efforts.
NEWS
July 24, 2015 | By Steve and Mia
Q: Why won't my wife have sex with me when I want to? She doesn't like to have sex in the morning and that's the only time I'm ready. Mia: You may be raring to go at 5 a.m., but she may not be ready to deal with your morning breath before the sun rises. Male and female sex hormone levels rise and fall at different times of the day. With flexibility you can overcome that. But you need to be creative. If she wants sex at night but you're too tired, try exercising after work to see if that gives you more energy.
BUSINESS
July 21, 2015 | By Erin Arvedlund, Inquirer Staff Writer
Swarthmore College ranks among the nation's wealthiest liberal-arts colleges, overseeing a $1.9 billion endowment - an average of more than $1 million for each of its 1,577 students. Swarthmore's endowment prospered in its most recent fiscal year, with publicly traded stocks constituting almost half its portfolio. Riding a booming market, Swarthmore has generated a 17.8 percent gain last year and an average annual gain of 14 percent over the last five years. Much of the credit goes to Mark Amstutz, chief investment officer at Swarthmore, an historically Quaker school situated on a garden-like campus west of Center City.
NEWS
May 16, 2015 | By Stephan Salisbury, Inquirer Staff Writer
The Independence Seaport Museum announced Thursday that it had received four gifts totaling $13.9 million, more than doubling its endowment and marking one of the largest gift totals ever made to the Penn's Landing institution, founded in 1960. John Brady, head of the museum for four years, called the contributions "an endorsement" of the museum's direction, which he characterized as akin to "a transformation. " The gifts announced were $4.5 million from newly elected board chair Peter McCausland; $4.4 million from longtime museum supporter Peter R. Kellogg; $3 million from H.F. "Gerry" Lenfest, owner of Philadelphia Media Network and publisher of The Inquirer; and $2 million from an anonymous contributor.
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