Endowment
Grinnell College is the 49th wealthiest educational institution, of any size, in North America with a larger endowment than many research universities such as Georgetown University, Tufts University and UCLA. The $1.26 billion endowment as of the end of FY 2010 – the fifth-largest among United States liberal arts colleges – is evident in the college's facilities, art collections, and generous financial aid programs. Under the stewardship of Warren Buffett and Joseph Rosenfield, the college has adopted an opportunistic and innovative strategy in managing its assets. In 1976, Grinnell's capital fund acquired a TV station, WDTN in Dayton, Ohio, one of many investments that were unprecedented in their time for a college endowment. (Grinnell would sell the station in 1981.) Another innovative move that significantly increased the endowment occurred when Rosenfield and the college contributed to the founding of Intel—an investment exceeding 10% of the venture capital raised to start the semiconductor company (Intel co-founder Robert Noyce was a Grinnell alumnus).
Warren Buffett played a visible role in growing the endowment at Grinnell, where he served as a trustee from 1968 until 2011. In 2011 he decided to step down from all boards not relating to Berkshire Hathaway.
A campaign is currently under way to create more transparency and social responsibility in the endowment's investments.
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Famous quotes containing the word endowment:
“The parent must not give in to his desire to try to create the child he would like to have, but rather help the child to develop—in his own good time—to the fullest, into what he wishes to be and can be, in line with his natural endowment and as the consequence of his unique life in history.”
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