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About Oregon daily emerald. (Eugene, Or.) 1920-2012 | View Entire Issue (Oct. 26, 2001)
Oregon Daily Emerald - Friday, October 26,2001 - 3a University’s investment portfolio down by 1.3% ■With funds lacking, UO has less to spend on student programs and faculty hiring By Leon Tovey Oregon Daily Emerald The Sept. 11 attacks and the sub sequent economic downturn capped a year of bad times for col lege endowments across the coun try. While the University of Oregon has not been hit as hard as some uni versities, it did post a negative return for the first time in years according to Jay Namyet, director of invest ment for the University Foundation. College endowments hold money donated to colleges and universities and invest it for long-term use. Namyet said the return on the University’s in vestment portfolio was down 1.3 per cent for the fiscal year 2000-01. But av erage national returns for college endowments were down 2.2 percent. Losing their assets Universities across tfie country posted negative returns on their endowments in fiscal 2000*01 University of Oregon: -1,3 percent Harvard:-2.7 percent Yale: 9.2 percent National average: -2.2 percent Source: University foundation ai*3 Tire Chtonicfe Of Higher Education “Our performance last year was in about the 18th percentile of the 400 colleges in the National Associ ation of College and University Business Officers,” Namyet said. “We’ve been in the 27th percentile for the last 10 years.” As of June 30, the University’s total endowment was valued at $348.4 million — up $16.2 million from the previous fiscal year. However, that growth is significantly smaller than that of 1999-2000, when the endow ment grew by $57.2 million. Last year’s lack of growth could cause problems for those who have become used to the consistently high growth rate of recent years, ex plained Karen Kreft, executive di rector of the foundation. “We’re looking at a short-term lack of funds,” she said. That lack oi funds could mean that the Universi ty has less money to spend on cam pus maintenance, faculty hiring and student programs. The foundation had 49 percent ol its investments in domestic stocks in 2000-01, a fact that made the endow ment particularly vulnerable to the economic problems of the past year. So far, fiscal 2001-02 has been no better, Kreft said. In the first quarter of2001-02, returns were down 7 per cent —a fact that partly can be attrib uted to the Sept. 11 terrorist attacks and the ensuing economic nose dive. “This has not been a fun couple of months,” she said. “After Sept. 11, things went haywire. October has seen things rebounding.” Another problem facing the Univer sity in the wake of the attacks is the hesitancy among donors to contribute. According to Allan Price, vice president of University Advance ment, despite the growth in charita ble feelings among many Americans, people are being more conservative with their money in light of recent economic performance. Phil Romero, dean of the Universi ty’s business school, cautioned against making doomsday predic tions in the wake of the attacks and said that if the Bush' administration responded in a way that seemed com petent to the public, things would start to return to normal. “Historically a major crisis drives the market down five to 15 percent in the early weeks,” Romero said. “But after a month or so, the market will come back up. ” Six weeks after the attacks, Romero’s prediction seems to be coming true. Despite the present an thrax threat and what looks to be an increasingly involved conflict in Afghanistan, the Dow Jones Industri al Average and the NASDAQhave re turned to pre-Sept. 11 levels. But Namyet was quick to point out that things haven’t returned to normal yet. “I think it’s changed everything, from any perspective you look at it,” he said of the attacks. “My con cern now is that there are predic tions for an upswing — what if it doesn’t materialize?” Leon Tovey is a higher education reporter for the Oregon Daily Emerald. He can be reached at leontovey@dailyemerald.com. 11 Weaving New Beginnings” reception promotes diversity ■The event drew more than 200 people and featured a mural stretching across the EMU Ballroom stage By Kara Cogswell Oregon Daily Emerald University President Dave Frohn mayer welcomed people to the 7th annual “Weaving New Beginnings” reception Thursday night with a story about his recent trip to New York City. While he was there, he said, he went to downtown Manhattan, where the twin towers of the World Trade Center stood before the Sept. 11 attacks—the area now known as “ground zero.” Although he was saddened by the experience, Frohnmayer said he was also touched by the way New Yorkers were reaching out to each other re gardless of race or ethnic background. The recent events on the East Coast emphasize how important it is for the University to be a place where peo ple come together — and where all students feel accepted, he said. “In these times of terror, reprisal and counter-reprisal,” he said, “there is a need ... to draw our strengths from other hearts. ” “Weaving New Beginnings” is hosted by the ASUO to maintain a supportive environment for minority communities on campus. The event gives new students the opportunity to meet professors, student groups and fellow students of color. The reception was held in the EMU Ballroom and drew more than200people. Steve Morozumi, programs advi sor for the Multicultural Center, and Kawezya Hutchinson, co-director of the Black Student Union, presented plaques to several University de partments for their work in support ing diversity. Alumni working on diversity issues were also honored. After the awards ceremony, stu dents, faculty and their families mingled and enjoyed the refresh ments provided. Artwork by several students and alumni of color was displayed at the event. The largest piece, a mural painted by former MEChA member Steve Lopez, extended the full length of the Ballroom stage. The multi-colored mural, which shows two children with an open his tory book surrounded by rallying farm workers, grapes poisoned by pesti cides, and an eagle with dynamite — the MEChA symbol of power — served as a backdrop for the presenta tions. ASUO Multicultural Advocate Mario Sifuentez said the mural is open to interpretation but represents ele ments of Chicano history. Sifuentez, who organized the event, said the evening was crucial for students of color who may feel isolated because the University is large and has a predominately white student body. “When I look around,” he said. “I can just feel all the love in the room. ” Sophomore Nicole Steiner, who is from Eugene, said she has attend ed the event since she was a fresh man in high school. Kara Cogswell is a student activities reporter for the Oregon Daily Emerald. She can be reached at karacogswell@dailyemerald.com. Adam Amato Emerald Mark Tracy, assistant dean in the Office of Student Life, cleans his son Myles of the refreshments served at the Weaving New Beginnings reception Thursday night in the EMU Ballroom. 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