<p>Just so we deal with the same numbers… the IRS 990’s for 2009 (the latest reported period) actually shows a decline for Deerfield of 19.1% ($378,460,186 to $305,989,770) not 15%. Not trying to be a stickler, just correcting facts. </p>
<p>A few other thoughts:
- Raw investment totals do not tell the entire picture since the schools vary in size (at the time of the last 990’s) from St. Paul’s at 524 students to Andover at 1,105. Endowment per student is a more telling picture.</p>
<p>2) Timing of the last/current/future endowment campaigns can skew the numbers dramatically, as cited in the Exeter comments, or that SPS is currently #2 behind Exeter in endowment per student, before their current $175mm capital campaign. They will move to #1 (if they are successful) and if no other school has a new campaign (which they will) and depending on the impact of Exeter’s just completed campaign. So these numbers are constantly in flux. </p>
<p>3) You are correct that liquidity has become an important focus for all of these schools. Just look at the liquidity problems that Harvard, Dartmouth and many others had to face. But always beware of valuation numbers (even on 990’s) for illiquid investments listed as “other securities”. When were they valued? Is there a ready market?</p>
<p>It is safe to assume that all of these schools have substantially recovered to their pre-recession levels. I can only address St. Paul’s directly. Their endowment is back to $427mm (before the capital campaign) and their liquidity position is exceptionally strong. As an aside… Moody’s rates St. Paul’s, Andover and Exeter all Aaa. I will not mention any other ratings. </p>
<p>BUT PLEASE LETS NOT ALL GO OVERBOARD ON RANKING THESE SCHOOLS BY THESE OR ANY OTHER MEASURES! (sorry to shout) They are all wonderful wonderful schools. Great kids get phenomenal educations at each of them.</p>