President Bush's 2002 budget proposal for higher education. But, she adds, a fundraiser's work is never done. We can support students and more faculty, but they're far from all being supported in the way we would like to support them, so the opportunity is always there for people to give. They make it easier to attract and hire deans, trustees and presidents. They are factored into highly watched annual rankings of the nation's best colleges.
Large endowments beget even larger ones.
And, strong endowment returns mean more money in the operating budget. Many campuses report they are spending recent windfalls on faculty raises and big one-time expenses such as technology upgrades and construction projects. And now, some endowment managers point to the signs of tough economic times ahead as justification for what some may view as conservative spending policy. Even if the economy sours, the wealthiest institutions will likely be the most sufficiently cushioned from disaster. But where some trustees and investment officials see fiscal responsibility, others on the sidelines see greed, at least when it comes to schools that tout their multibillion-dollar endowments when courting favor.