Posted on 02/10/2009 8:04:44 PM PST by TigerLikesRooster
February 10, 2009, 1:06 pm
Phillips Exeter Academy’s Endowment Falls 22%
From Geraldine Fabrikant, a DealBook colleague:
Phillips Exeter Academy, one of the nation’s wealthiest prep schools, told the Exeter community this week that its endowment — which held more than $1 billion at the end of 2007 — lost 21.8 percent in calendar 2008 and that it was instituting a series of budget adjustments.
While the loss is less than the 37 percent drop in the Standard & Poor’s 500-stock index last year, much less the broader ravages within the financial sector, it is still a setback for the New Hampshire school, whose endowment financed a broad financial aid program.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
Ping!
This isn’t news—every single one of my husband’s and my alma maters have presented us with this “factoid” in an attempt to wrest more donations out of us! Funny how ALL the fancy private school and college endowments have fallen—gee whiz—the EXACT same percentage!! Now how was that arranged? The same way they ganged up on us and “arranged” all their tuitions to be —yup! Exactly the same!
Yep. They got to open their spanky new biotech lab for gene sequencing, and install the world’s first supercomputer in a high school. Besides, their retiring principal want a new building which would be named after him/her.:-)
We have friends that sent their kids there. We live in California, and there is no way I would send my kids across country to a boarding school.
The kids were not brilliant. My son beat their son in the math olympics and at the standardized testing.
If your children are not so bright, then you send them across the country to attend Phillips Exeter.
“Yep. They got to open their spanky new biotech lab for gene sequencing, and install the world’s first supercomputer in a high school. Besides, their retiring principal want a new building which would be named after him/her.:-)”
Didn’t they recently (past 10 years) go through a restructuring?
For other posters, it was and may still be a worthy place for education. However, times change.
It’s sadly endemic of many private schools, region notwithstanding.
For what it’s worth, in it’s time, Wayland High School (MA), was noteworthy for its achievements which were made possible through grants from the Ford Foundation. Again, times change.
If your children are not so bright, then you send them across the country to attend Phillips Exeter..........
That way they make future business contacts...... Plus very convenient if parents are divorcing and dad is moving on to trophy wife and needs quality time with her
They did better than Harvard’s endowment
Why is it that ritzy high-dollar schools are social hell-holes that feast on mammon and ignore the good?
“One may see the small value that God has for riches, by the people he gives them to.”
Alexander Pope
Goes for Ritzy colleges as well. Look at which elite university has its branding on this whole fiancial collapse. The greatest irony is that the greatest chronicler of the last great financial collapse, John Kenneth Galbraith, was on their faculty. It seems no one learned anything from it, though.
If you read Plato's seventh letter, addressed to citizens of Syracuse, you will conclude that the founder of modern philosophy would have understood our present ills perfectly. But our elite universities have virtually abandoned the teachings of dead white men, Plato or JKG.
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