But due to spending value actually declines for FY2012
NEW HAVEN — Yale University’s endowment earned a 4.7-percent investment return for the 2012 fiscal year ending June 30. However, the value of the endowment declined by $100 million — from $19.4 billion on June 30, 2011, to $19.3 billion on June 30, 2012 — as the university’s investment gains of nearly $900 million were outpaced by spending distributions of approximately $1 billion.
The Yale endowment’s performance for fiscal 2012 came within the context of a difficult investment environment. Domestic equities, as measured by the Wilshire 5000 Index, returned 3.8 percent over the year.
By contrast to Yale, Harvard’s endowment actually fell by 0.05 percent for the 2012 fiscal year (down from a heady 21.4 percent increase from fiscal 2010 to 2011). However, at $30.7 billion, Harvard’s remains by far the largest endowment in American higher education. (Yale’s is second-largest.)
Spending from the endowment for Yale’s 2013 (current) fiscal year is budgeted at $1.025 billion, representing approximately 36 percent of the university’s net revenues. Endowment distributions to the operating budget have more than doubled in the last decade.
“Thanks to the outstanding work of the Investments Office, Yale has derived maximum benefit from the generosity of its donors during challenging economic times," said President Richard C. Levin in a statement.
“Furthermore, our successful investment record over the last two decades has helped the university achieve ambitious goals that have greatly enhanced our ability to provide superb education for our students,” Added Levin, who has announced that he will step down as president following the 2012-13 academic year.
The university’s longer-term results remain in the top tier of institutional investors. Yale’s endowment returned on average 10.6 percent per year over the decade ending June 30, surpassing results for domestic stocks, which returned 6.2 percent annually, and for domestic bonds, which returned 5.6 percent per year.
Relative to the estimated 6.8-percent average return of all college and university endowments, over the past decade Yale’s investment performance added $7.2 billion of value in the form of increased spending and enhanced endowment value. During the ten-year period, the endowment grew from $10.5 billion to $19.3 billion.
Over the past two decades, Yale’s endowment generated average annual returns of 13.7 percent. During the 20-year period, the endowment grew from $2.8 billion to $19.3 billion.
University to host communion breakfast
FAIRFIELD — Rev. Richard Ryscavage, S.J., a leading expert on immigration and founding director of Fairfield University’s Center for Faith and Public Life, will be the keynote speaker at the seventh annual Communion Breakfast for Business Leaders on Sunday, October 28 in Fairfield University’s Oak Room.
Business professionals Brendan Fisk of Fairfield and Barnet Phillips IV of Greenwich will be honored by the Fairfield County Chapter of Centesimus Annus Pro Pontifice (CAPP) at the breakfast. Fr. Ryscavage’s talk, “Faithful Citizenship: Catholics and the Presidential Election,” will touch upon very topical issues as Election Day approaches.
Fisk and Phillips will be honored with the Business Leadership Award for their work in co-founding Shepherds Inc. in 1997, as well as for their ongoing involvement in the program. Shepherds is a nondenominational nonprofit that provides the funding for disadvantaged inner city Connecticut youth to attain a quality college preparatory education at Catholic high schools while pairing them with a mentor who serves as a role model over the four-year high school journey.
For 23 years, Fisk was an FBI agent who upon retirement from the bureau pursued a career as a business owner and consultant to a number of major corporations and banks. Phillips is a recently retired partner with the New York City law firm Skadden, Arps, Slate, Meagher & Flom, LLP and affiliates.
There is limited seating. To register, phone 203-254-4000, ext. 2927.
BRIDGEPORT — For the third quarter of 2012 the People’s United Community Foundation has awarded nearly half a million dollars in grants to nonprofit organizations in Connecticut, New York, Massachusetts and the remainder of New England. Eighty-four organizations received $467,000 in funding in support of programs that ranged from basic needs services and affordable housing projects to education and job training programs. The funding was distributed within the foundation’s three areas of focus: 49 percent allocated to youth development, 36 percent to community development, and 15 percent to affordable housing initiatives.
Of that sum, $272,500 was awarded to Connecticut non-profits. The largest single grants included $25,000 each to the Barnum Museum Foundation in People’s United’s hometown of Bridgeport and the Kennedy Center in Trumbull, as well as $20,000 to New Haven-based Teach for America/Connecticut.