During a January 9 interview with CAM editor and publisher Jim Roberts, President David Skorton said that the value of Cornell’s endowment had declined 27 percent between June 30 and December 31, 2008. This is similar to losses that have been announced by Harvard, Yale, Princeton, and other institutions.

The total value of Cornell's endowment and other long-term investments was $6.1 billion on June 30, but Skorton said that some illiquid assets, such as real estate, have not been revalued yet—so the full extent of the decline is unclear. The 27 percent decline, if it is accurate for all of Cornell's long-term investments, represents a drop of almost $1.7 billion.

Skorton noted that Cornell’s operating budget is not as dependent on endowment earnings as that of some other institutions and expressed great confidence in the University’s financial managers and trustees as they deal with the current economic crisis.

A full report on the endowment will appear in the March/April 2009 issue of the magazine.

After a meeting of the Board of Trustees on January 23-24, Skorton issued a statement outlining Cornell's response to the financial crisis, including budget cuts and an extension of the "pause" in hiring and construction.