Recession forces increase in endowment spending
By David Larter | February 26, 2009The University of Richmond endowment has lost about 19 percent of its endowment during the past year, losses that total almost $320 million in market value, which has prompted the university administration to begin spending a greater portion of the endowment. The endowment loss equals the budget deficit of the entire state of Nevada and is almost $100 million more than the Texas Rangers were sold for in 1998. In an e-mail to faculty and staff sent Feb.