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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.
NEWS
March 20, 2014 | By Susan Snyder, Inquirer Staff Writer
When St. Joe's students root for their basketball team, they chant, "The Hawk will never die. " That's helped get them to the first round of the NCAA tournament. Now if there were only a fight song for their school's financial health. The Catholic university that straddles the Philadelphia-Lower Merion line faces perhaps the most tumultuous test in its 163-year history. At stake: its academic mission. Hit by an $8.7 million shortfall, St. Joseph's is cutting positions, slashing budgets, and digging deeper into endowment earnings.
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
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
March 20, 2014 | By Susan Snyder, Inquirer Staff Writer
When St. Joe's students root for their basketball team, they chant, "The Hawk will never die. " That's helped get them to the first round of the NCAA tournament. Now if there were only a fight song for their school's financial health. The Catholic university that straddles the Philadelphia-Lower Merion line faces perhaps the most tumultuous test in its 163-year history. At stake: its academic mission. Hit by an $8.7 million shortfall, St. Joseph's is cutting positions, slashing budgets, and digging deeper into endowment earnings.
BUSINESS
February 17, 2014 | By Diane Mastrull, Inquirer Staff Writer
Seven years ago, Patricia Blakely was hired to make "most purposeful in the 21st century" a Philadelphia charitable agency whose minutes include a notation from 1865 denouncing "the horrid murder of one so greatly and justly beloved by all true and loyal hearts. " It was a reference to the assassination of President Abraham Lincoln. The organization was the Merchants Fund. Established in 1854, its mission did not waver for more than 150 years: to provide help to Philadelphia's indigent merchants, either those actively working who met with hard times or those who retired and couldn't make ends meet.
NEWS
February 12, 2014 | By Stephan Salisbury, Inquirer Staff Writer
Page Talbott, a museum and exhibition consultant, curator, and author, has been named president and chief executive of the Historical Society of Pennsylvania, the society's board of councilors announced Monday. Talbott, 63, has been acting head of the society since April 2013, when former president Kim Sajet departed to become head of the National Portrait Gallery in Washington. Bruce Fenton, chairman of the society's board, said he is "thrilled" that Talbott will take over, noting she has "worked closely with historic societies and organizations across the region" for four decades.
NEWS
December 19, 2013 | By David Patrick Stearns, Inquirer Culture Writer
The Philadelphia Museum of Art will announce Wednesday that it has successfully completed a five-year, $54 million campaign to endow 29 staff positions across the full range of museum departments, from painting and sculpture to digital technology. The campaign began in 2008 when H.F. "Gerry" Lenfest, then chairman of the museum's board of trustees, and his wife, Marguerite, offered a $27 million grant and challenged donors to match it, million for million, for the right to endow and name the positions.
NEWS
September 25, 2013 | By Harold Brubaker, Inquirer Staff Writer
In a significant break from custom, a new foundation has been formed to manage charitable fund-raising for the Archdiocese of Philadelphia, a move designed to reengage disaffected Catholics and boost giving. The Catholic Foundation of Greater Philadelphia made the announcement Tuesday. It  follows the formula used last year in turning over management of archdiocesan high schools to the Faith in the Future Foundation. It gives lay leaders more say over church functions that have long been kept under tight control by the hierarchy.
NEWS
September 3, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Thomas J. Lynch lives in Newtown, just 10 miles from where he grew up in Levittown. If that doesn't sound far, consider: 88,000 people at 100 factories from Harrisburg to China now call him boss. Lynch, 58, has parlayed an accounting career into the top job at TE Connectivity Ltd., a formerly profit-challenged Berwyn business whose share price has risen an average of 50 percent a year since 2009 on Lynch's program of relentless cost-cutting and targeted growth, much of it in the United States.
ENTERTAINMENT
June 12, 2013 | Peter Dobrin, Inquirer Music Critic
Some big careers have grown up behind two inscrutable facades on Spruce Street, and now those buildings have grown to three. The Academy of Vocal Arts, long resident at 1918 and 1920 Spruce, acquired the brownstone at 1916 five years ago. But the recession and the related dip in the school's endowment prevented breaking through, renovating, and fully annexing it. The training program for opera singers bided its time, though, and this fall, after...
NEWS
June 10, 2013
Tycoons hoping to better society from beyond the grave might consider living (and dying) somewhere other than Pennsylvania. This is, after all, the state where Albert Barnes' idiosyncratic suburban art school was repurposed as a downtown museum, and where the school underwritten by Milton Hershey's fortune has become mired in inexplicable investments and state investigations. Yet another dead capitalist's construct is unraveling at Philadelphia's Girard College. The boarding school for needy children, built in the mid-19th century with the massive fortune of financier Stephen Girard, is undergoing a radical restructuring.
NEWS
May 23, 2013 | BY JOHN MORITZ, Daily News Staff Writer moritzj@phillynews.com, 215-854-5938
THE PRESIDENT of La Salle University said yesterday that he will step down in May 2014 after 15 years, to allow the school to transition into a new era of leadership. Michael McGinniss, 65, known as "Brother Mike," grew up in Olney and graduated from La Salle in 1970. He has a Ph.D. from Notre Dame and has headed La Salle since 1999. Under his three terms, the Logan-based Catholic institution nearly doubled its endowment, increased its enrollment and expanded its footprint in the northern part of the city.
NEWS
April 18, 2013 | By Peter Dobrin, Inquirer Culture Writer
The Free Library of Philadelphia Foundation would take over the Rosenbach Museum and Library under the terms of a letter of intent approved Tuesday by their boards. The memorandum of understanding leaves important details to be negotiated, but aims to make the Rosenbach a subsidiary of the library by June 30. Such a deal would likely require the approval of the Pennsylvania Office of Attorney General, and, depending on the way it is structured, perhaps also of Orphans' Court.
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