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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.
This would mostly impact a small number of institutions with endowments over $1 billion.
Still, the big papers have some unique properties, which will likely become extinct unless their newsrooms are protected with endowments.
Unusually, the universities with endowments over $1 billion had the greatest decline, an average of 20.5 percent.
But Mr. Grassley questioned why other colleges with endowments of more than $1 billion had not followed suit.
The House version would tax about 65 to 70 schools with endowments worth at least $250,000 per student.
They loaded bishoprics and abbeys with endowments and privileges and thus gradually turned the bishops and abbots into princes with interests not unlike those of their lay kinsmen.
In contrast, universities with endowments under $25 million had only 13 percent of their assets in such investments, up from 11 percent the previous year.
Private colleges and universities have been slower to embrace the concept as they have traditionally financed their student housing with endowments, philanthropy and student fees.
Institutions with endowments greater than a billion dollars had 61 percent of their investments in such alternatives last year, compared with 52 percent the previous year.
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CEO of Professional Science Editing for Scientists @ prosciediting.com