Duke endowment loses $1billion

December 17, 2008 9:00:00 PM PST
Duke University says it's cutting nonessential spending because its endowment has lost 19 percent of its value since the beginning of July.The billion dollar plunge sounds bad, but President Richard Brodhead said in a message to the faculty that the decline isn't as bad as some other colleges have suffered.

The endowment fund accounts for about 15 percent of Dukes annual operating budget.

Brodhead said the school will look at what can be cut and what capital projects can be delayed.