Briefly: Facing endowment decline, Dartmouth tries to cut spending

Dartmouth College’s endowment fell 6 percent to $3.44 billion between July 1 and Sept. 30, the chairman of Dartmouth’s board of trustees told The Dartmouth. The College’s president, James Wright, told the newspaper that the school would try to cut spending but would not increase tuition. The toll on Dartmouth’s endowment is the financial crisis’s latest blow to the Ivy League; Cornell and Brown universities have already announced hiring freezes. In an e-mail to Harvard students, faculty and staff Monday, Harvard President Drew Faust said, “We must recognize that Harvard is not invulnerable to the seismic financial shocks in the larger world. Our own economic landscape has been significantly altered.” Financial analyst Moody’s has projected a 30 percent drop in the value of college and university endowments in the current fiscal year.

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