Our funding came from individuals, and then ultimately we got funding from a church pension fund, endowments -- I think our largest single investor group were endowments from colleges.
In 1500 the South Chapel was added to the church and in 1507 a grammar school was established in Farnworth; both were endowments from Bishop William Smyth.
"I feel that there was endowment envy, or maybe emulation is a better word," Francis M. Kinniry Jr., a principal in Vanguard's Investment Strategy Group, told me this week.
Yale's return on its $11 billion endowment was 8.8percentt, while the University of Texas saw a 12.8percentt return on the $14.8 billion under management through Aug. 31, $11.2 billion of which was endowment money.
"They're not just relying on one source, whether it's endowment income or earned revenue or corporate memberships.
Such a metric would take greater account of what one's endowment and environment permit one to do with the resources one has.
John Griswold of Commonfund thinks that some investment committees, stuffed with alumni, may be starting to lose track of the risks their endowments are taking.All endowments are finding it harder to hold on to their best people.
Deposits are not endowments that precede loan formation; it is loans that create deposits.
Now the models for modern investment institutions are the endowments of Harvard and Yale.
Among those are falling endowments and weakened fund-raising, which both afflict the Philharmonic.
