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UF Says Endowment Lost $104M This Quarter
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Published: December 14, 2008
GAINESVILLE - Add the University of Florida to the list of places feeling the effects of a sagging economy.
Officials there say the school's endowment lost about $104 million so far in the first quarter of its fiscal year. That translates to an 8.3 percent loss in its $1.25 billion endowment.
The financial meltdown is forcing colleges around the country to tear up budget plans and prepare for a simultaneous hit to their three major revenue sources - government funding, donations and tuition.
At the same time, they're having to find more money for one of their major budget items - financial aid - or risk seeing students drop out.
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