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Endowments surge with healthy economy

BOOSTED BY A ROBUST ECONOMY, many colleges and universities achieved investment returns of more than 20 percent in the last fiscal year-the best returns in over a decade. A study by the National Association of College and University Business Officers showed that the endowments of the association's 640 participating colleges total more than $150 billion in assets.

The association is calling the 1990s a "golden era" for endowments, which have enjoyed double-digit return rates on their investments six times during the decade. Although colleges and universities have not performed as well as Standard and Poor's 500 Stock Index, which had a 34.7 percent return rate in the last fiscal year, ...

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