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Even MIT feels economic pinch as endowment growth slows
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Even MIT is feeling the pinch of the economic downturn.
The Massachusetts Institute of Technology today said its endowment grew to about $10.1 billion during the past fiscal year, on a return of about 3.2 percent.
The growth - about $88 million - was up just under 1 percent from the previous year. But that increase was well below the jump in fiscal 2007, when MIT's endowment grew by 19.3 percent with investment returns of 22.1 percent.
This year's increase also pales beside the 10-year average, which has seen the endowment grow by about 13.2 percent annually.
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