An initiative announced in April of last year, the advisory committee on Washington University’s endowment will be formed and begin its work when Scott Wilson, the University’s new chief investment officer, assumes his position Nov. 27.
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Washington University’s endowment fell 1 percent between 2011 and 2012, but University administrators said the school’s spending will continue to increase. The increase in spending, however, will not keep up with rising costs from inflation. Administrators said that the decrease in endowment will not have any visible effect on students.
After years of student efforts to increase endowment transparency, the Washington University Investor Responsibility Advisory Committee (WIRAC) passed all five proposed resolutions at its first voting meeting Friday.
The Washington University board of trustees has approved an additional one percent spending from the endowment, effective July 1. This increase, approved at the board’s meeting last week, follows an increase of the same size last year. Chancellor Mark S. Wrighton said he hopes endowment spending will continue to grow in years to come.
A nearly $800 million increase in Washington University’s endowment over the past fiscal year is allowing the University to allocate more funds to departments previously subject to significant budget cuts.
Washington University’s endowment grew by almost $800 million in the last fiscal year, officials said recently. The endowment totals $5.35 billion as of June 30, the end of the fiscal year. Chancellor Mark S. Wrighton said the increase is due to both the return on the University’s investments and donor gifts.
Last week, Student Union announced that it would be creating a student-faculty advisory committee that would give recommendations to the Washington University Investment Management Co. (WUIMC) about how to invest the endowment. This move was well-received by students.
Washington University approved a request for the school’s investment arm to receive student and faculty input on the social policies of companies it invests in. The Washington University Investment Management Co. (WUIMC) agreed to a student-faculty advisory committee that student leaders had proposed as a way to improve endowment transparency.
Washington University’s endowment started to recover from several years of loss by increasing nearly 10 percent last year. The gains by the University reflect a trend of increased endowment growth across U.S. universities. The endowment’s recovery is just one sign that the University’s financial situation is slowly improving.