FORT WORTH, Texas _ While colleges and universities slash budgets in the face of historic losses, a common echo on every campus rings, "Use the endowment!"
Stanford University, with the nation's fourth-highest endowment at $26.4 billion, cut 11 sports from its athletic department.
TCU, with an endowment of $1.7 billion, has scaled back benefits for employees, and high-ranking coaches and administrators have taken pay cuts.
The University of Texas system's endowment is the second-richest in the U.S., and its schools have narrowed budgets via pay freezes and some layoffs.
Why are the colleges and universities that have hundreds of millions, to billions, in endowments cutting rather than using those funds to maintain it all through COVID?
Because if they do, it will mean this pandemic is worse than it already is.
With the aid of a retired university administrator, and a relative who works in the finance industry, enjoy the following:
