Word: princeton
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...Princeton University Investment Company, which manages the school’s endowment, reported investment losses of 23.7 percent this past year—better than the 30 percent loss predicted in the spring. The loss brings the total value of Princeton’s endowment as of June 30 to $12.6 billion, down from $16.3 billion last year...
Despite the better-than-anticipated returns, Tilghman said Princeton will proceed with its plan to reduce the school’s total operating budget by $170 million over this year and the next, and warned that additional layoffs would be needed this fall...
...goal in paring down the budget was to preserve the quality of the educational experience of our undergraduate and graduate students, so that no one 25 years from now would say that he or she attended Princeton at a time when opportunities were limited,” she wrote...
Like Harvard, Princeton has implemented salary freezes, halted capital projects, slowed faculty recruitment, and offered a voluntary retirement incentive program for hundreds of staff—initiatives that, along with other budget cutting measures, yielded an $11 million budget surplus last year that will be used to alleviate this year’s cost-cutting...
Tilghman acknowledged that some have criticized the school’s diversified investment portfolio, which includes illiquid assets such as real estate and private equities, for “expos[ing] the University to unacceptable levels of risk.” She said Princeton would be “reviewing [its] overall investment strategy” to help it weather future severe downturns...