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. The reception was held to welcome faculty, staff and students of color.
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