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Swarthmore Gazette Mentions EphBlog

Swarthmore’s Daily Gazette has mentioned EphBlog twice in the last few years:

Endowment Strong Despite Economic Turmoil

According to notes from a presidential speech posted on EphBlog, Williams may have lost up to 30% of its endowment, going from $1.9 to 1.3 billion. The college spent 4.1% of the endowment last year, but their president Morty Schapiro has announced plans to draw 7% of the endowment this year in order to make up budget shortfalls. Furthermore, Williams is putting off current building and renovation projects, instituting a hiring freeze, and potentially increasing class size to grow the tuition revenue stream.

College Considers Big Cuts in 2010-2011

This caution meant that Swarthmore has significantly less debt than many peer schools. In 2008, Swarthmore had debt of $184.5 million, all at fixed interest rates, according to the Investment Office’s Financial Conditions report released yesterday. The document also concluded that “Swarthmore is relatively better-positioned than many other institutions.”

Williams, by contrast, has roughly $240 million in debt. In financial downturns, debt decreases liquidity and can cost schools. The Eph Blog speculated that Williams’ debt cost the school millions.

Thanks for the love Swarthmore!