<p>What is the source of Middlebury’s endowment performance listed above? The detailed data on the website lists a 20.2% decline for the fiscal year (July 1 to Jan 31), and the decline in value of about $220M, not $300M. The high water mark, some 20 months ago was reportedly $935M, so overall decline from high point is around $270, not 30% this fiscal year.</p>
<p>Interestedad reports Midd’s fast growth as a particular problem, but some of the growth has generated additional revenue, rather than drained the College (again, according to the very open meetings the administration has been having on campus — the videos are available on Middlebury’s website: </p>
<p>[On</a> Financial Challenges](<a href=“http://www.middlebury.edu/administration/budget/challenge/]On”>http://www.middlebury.edu/administration/budget/challenge/)).</p>
<p>Monterey in particular has not cost the College any operating $$, but has attracted record fundraising in 2006 and 2007. Its sites abroad in China and Alexandria, Egypt, generate revenue as more than 40% of attendees in the Middlebury programs abroad are non-Midd students and pay full tuition.</p>
<p>That said, Middlebury is greatly leveraged, but has managed its liquidity far better than many wealthier peers. The CFO does a good job explaining the liquidity challenge, but notes the College’s cash position is still strong. Like many other schools, Middlebury has cash call commitments that are large (stated at about $165M).</p>