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He became a prolific fund-raiser for N.Y.U., helping to provide it with endowment and buildings.
For homeowners with endowment mortgages, this three-year period is being timed from when they received shortfall warning letters.
At the height of their popularity in the 1980s and 1990s, interest-only mortgages were often sold with endowment policies – an investment plan designed to run beside the mortgage and eventually clear the debt.
He has defended the decision to not finance the project with endowment money, saying it should be preserved as a source of investment income to support smaller-scale projects.
With endowment values shrinking, variable-rate debt costs rising and states cutting their financing, colleges face challenges on multiple fronts, said Molly Corbett Broad, president of the American Council on Education.
With endowment values and charitable gifts likely to decline, the process of setting next year's tuition low enough to keep students coming, but high enough to support operations, is trickier than ever.
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Most members will have a with-profits endowment policy, personal pension (including stakeholder plans) or with-profits bond.
Most eligible members have a with-profits endowment policy, personal pension (including stakeholder plans) or with-profits bond.
Those with endowments of $25 million to $500 million had negative returns, and those with endowments under $25 million had a return of 0.3 percent.
Among universities with endowments greater than $1 billion, the average return was 0.8 percent.
Unusually, the universities with endowments over $1 billion had the greatest decline, an average of 20.5 percent.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com