<p>In that vein, I assume you saw the NY Times article last month. <a href=“http://www.nytimes.com/2009/11/07/business/07prep.html[/url]”>http://www.nytimes.com/2009/11/07/business/07prep.html</a> While endowments have done better since 6/30, the fact remains that most schools budget off a three year trailing average, so the decline will have an impact over the next couple of years. A lesser but significant factor is that most annual fund contributions (alumni and parents) have shown continued growth.</p>