New YorkÃ¢â‚¬â„¢s colleges and universities have increased their endowments to supplement the money they receive from tuition. In the U.S., the average college endowment rose 18 percent in 2006. This growth has prompted critics, including some congressmen, to urge colleges to use their endowment money to reduce tuition and other costs.
In New York, Gov. Eliot Spitzer has proposed the creation of a $4 billion higher education endowment fund to finance improvements at the stateÃ¢â‚¬â„¢s colleges and universities.
Columbia University led all of the stateÃ¢â‚¬â„¢s higher education institutions last year with an endowment fund that had a market value of $7.1 million, which ranked seventh in the U.S. Meanwhile, Cornell ranked 18th overall, with a $5.4 million endowment fund.
However, those figures paled in comparison to Harvard University, which had a $34.6 million endowment fund, ranking it first in the nation. Yale University ranked second with $22.5 million, while Princeton University ranked fourth with $15.7 million.
Closer to home, Pace University ranked 341st with $121,931, a 21 percent increase while SUNY Purchase ranked 551st with an endowment value of $45,968, a 23 percent increase.
To see all of the universities and colleges in New York, along with their rankings, view this document: endowments.pdf
The question is, should colleges and universities be required to use their endowment money to offset tuition? What do you think?