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The state's $22 billion education fund is among the largest educational endowments in the country.
But it is typical of most colleges that reported a drop in their endowments in 2008.
"The Pitmen Painters" was written in part to protest cuts in arts endowments in Britain.
The 200 schools with the largest endowments in the U.S. and Canada were graded.
"Some organisations have endowments in the millions - but cannot make their payroll," she said.
His mother is the chairwoman of the Heinz Family Philanthropies and the Heinz Endowments in Pittsburgh.
Alan Davey, ACE's chief executive, also wrote a report on endowments in the arts, readable here.
The hedge funds are also looking to capitalize on the increased interest by pension funds and endowments in reinsurance.
And endowments in the hundreds of millions of dollars are common at the more prestigious secondary boarding schools.
Part of the problem may be terminology: most foundations dispense their endowments in the form of grants.
Thus, experts contend foundation giving will fall this year, reflecting the shrinking of foundation endowments in 2001.
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