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Article: Universities struggle to cover operating costs: with declines in the stock market and less access to credit, some institutions are looking at their financial bottom lines more closely.(washington update)
- Article from:
- Diverse Issues in Higher Education
- Article date:
- October 30, 2008
- Author:
CopyrightCOPYRIGHT 2008 Cox, Matthews & Associates. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For minority-serving institutions such as Delaware State University, the nation's financial crisis is starting to hit home. The university is one of more than 900 postsecondary institutions with money in the Commonfund, a short-term investment vehicle whose trustee, Wachovia Bank, surprised clients by severely limiting access to fund accounts this fall.
"It's not causing undue concern. We expect to get that money back," says Carlos Holmes, a university spokesman. Unlike some postsecondary institutions, however, Delaware State's stake in the fund is small--about $100,000 of its $18 million endowment, he says.
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"In the grand ...