The endowment is critical to the college and is a necessary source of cash for the institution’s operational needs, which grow and change over time. It also provides students with the assistance they need to matriculate.
During the fiscal year ending June 30, 2020, Ithaca College received generous gifts to the endowment totaling $2.1 million. The market performance of the endowment investments, however, was adversely affected by the 2020 stock market crash, leading to a nominal investment return of $1.4 million (0.4%).
The endowment assets are managed by a committee of trustees that oversees investments with the assistance of Prime Buchholz, an independent investment consulting firm. The trustee committee, Prime Buchholz consultants, and administrative staff continuously monitor and quickly and efficiently adjust investments to account for market trends. When a gift is made to the endowment, it is immediately placed in mutual and money market funds within the portfolio to collect interest until a decision is made about the most appropriate option for the long-term investment of the gift.
The annual spend rate from the portfolio is set a year in advance and is determined by averaging the most recent 20 calendar quarters. In fiscal year 2019–20, the college received approximately $13.8 million in funds from the portfolio to assist with operations.
Only through the commitment and generosity of Ithaca College alumni, donors, and friends can this endowment remain healthy and provide a high level of support not only for the college’s operations but also for its students’ experiences. Thank you for making so many things possible at Ithaca College. We are profoundly grateful.