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Date Posted: 14:06:08 02/24/03 Mon
Author: Lou
Subject: Re: No $$$ to buy out Hicks... NEWS
In reply to: MJF '95 's message, "Re: No $$$ to buy out Hicks... NEWS" on 11:56:24 02/24/03 Mon

>Lou, we need a full report on your meeting with
>Ridley. It sounds like the college may have bigger
>problems than hoops.

I don't have that many more details. He spent 25 minutes talking about all of the programs they were starting, and mentioned in passing that the economy has taken its toll. So during the Q&A I asked what the endowment was, and, whether any of the current capital campaign is earmarked specifically towards growing the endowment. (It followed puff questions about whether it should be Loyola College or Loyola University and one about the new lax stadium. Needless to say I probably won't be invited back.)

The response was that the endowment, predictably, has fallen along with the stock market. The high was $180m, and it is now about $130m. He then rambled about how important some of the programs they are doing are, like extending fresh. orientation all year long and starting soph. orientation to help those who are close to failing out. In passing he mentioned that the last few years, due to cutbacks from the state and less dividend income from the endowment, the college has had to tap the endowment to break even.

Honestly look at your brokerage statement and you will know that most of the loss is likely a paper loss, and not the college eating into 1/4 of its endowment. And for the most part I applaud him: the endowment is there to make sure programs do not have to be cut when times are not good. Maryland is apparently for the 3rd straight year cutting the aid it gives to colleges, making the budget harder to balance. So I don't think there is a crisis. But back to Macdog's original post, this does not appear to be a climate where you pay 2 head basketball coaches.

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