Class of ’68 Scholarship Endowment
THE CLASS OF 1968 SCHOLARSHIP was established in 1993 by members of the class in celebration of their 25th reunion. Income from the fund is to be used for undergraduate students with demonstrated financial need.
Financial Summary: Account Information as of July 1,2008:
| Historical Gift | $322,668 |
| Market Value | $652,289 |
| Income Available in 2008-09 | $ 31,401 |
Overall Endowment Performance
Endowment Growth: Washington and Lee’s endowment has benefited from the prudent and thoughtful leadership of the Investment Committee which has final oversight of the endowment. Over this past year [2007-08], the committee made a commitment to an external chief investment office model for the management of the endowment. This decision proved beneficial in a year with a difficult market in that the university's endowment continued to produce positive performance results. It has been more than a quarter of a century since the endowment suffered a negative return for a fiscal year. The university is also pleased to report that the investment performance of the endowment has remained in the top quartile of performers over the shorter and longer term time horizons as measured against the Mellon Trust Universes. The value of the university’s endowment as of June 30, 2008, was $718.9 million.
Change in Endowment Value Unit – 10-Year History
Beginning Value |
Investment Return |
Spending |
Ending Balance |
|
1998-99 |
2,661 |
163 |
-107 |
2,717 |
1999-00 |
2,717 |
425 |
-111 |
3,031 |
2000-01 |
3,031 |
195 |
-114 |
3,112 |
2001-02 |
3,112 |
33 |
-124 |
3,021 |
2002-03 |
3,021 |
60 |
-136 |
2,945 |
2003-04 |
2,945 |
469 |
-136 |
3,278 |
2004-05 |
3,278 |
445 |
-141 |
3,582 |
2005-06 |
3,582 |
447 |
-146 |
3,883 |
2006-07 |
3,883 |
683 |
-190 |
4,376 |
2007-08 |
4,376 |
91 |
-198 |
4,269 |
[The university tracks performance reports in units, not total dollars. The inference from the numbers above is that a unit was worth $168,400 last yearend.
[In addition to the directly controlled endowment, other funds held in trust elsewhere with income directed to W&L had a value of $302.9 million. Thus the total from which W&L drew income was $1.02 billion. — Ed.]
Report from Washington Hall
. . . continued
University's investment performance
At the left below, you can see the university’s Endowment Activity Report. In it you will find some specific information about the Class of 1968 Scholarship along with the overall performance of Washington and Lee University’s endowment for the fiscal year ending June 30, 2008. Although the gains are not as great as in some years past, W&L’s endowment remains among the best managed. It was among the few which maintained positive earnings in the 2007-08 year. In fact, we recently received information from the National Association of College and University Business Officers’ Endowment Survey that W&L’s endowment performed in the top 15 percent of university endowments for last year and has a longer term of performance in the top decile of this pool. This is measured for three-, five- and 10-year terms. The hard work which caused that has also helped minimize the decline in the very difficult first half of this year.
Allow me to close by stating again how much the Class of 1968 Scholarship is appreciated at Washington and Lee.
Sincerely,
Leroy C. Atkins II
Director of Donor Relations
Here’s an interesting (although by-now slightly outdated) report about W&L’s economic situation from the university treasurer.
