INDEPENDENT SINCE 1880
The Corne¬ Daily Sun Vol. 138, No. 22
MONDAY, OCTOBER 18, 2021
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8 Pages – Free
ITHACA, NEW YORK
News
Arts
Sports
Weather
Logs on Libe
Steppin’ Into My Shoes
Home Sweet Home
Gray Skies And Showers
Art sculpture on the Slope highlights historical Indigenous mistreatment.
Formerly incarcerated Ithacans share stories in this radio play.
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Cornell dominates Princeton as fans welcome the Red back home to Lynah Rink.
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HIGH: 50º LOW: 44º
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C.U. Endowment Returns Soar By MADELINE ROSENBERG Sun Managing Editor
Cornell’s endowment climbed from $7.2 billion to $10 billion during the 2021 fiscal year — delivering the largest gain in more than three decades. In a University press release, Chief Investment Officer Kenneth Miranda attributed this 41.9 percent investment return to rebounding markets — as well as the University’s five-year endowment restructuring effort, now largely complete. “It was an extraordinary year, partly because of a unique constellation of events,” Miranda said in the release. “We have a multiyear, almost infinite time horizon, and this money must be stewarded over generations of Cornell students, faculty, staff and research goals, through bull markets and bear markets.” This 42 percent investment return marks a stark contrast from last year’s 1.9 percent annual return — when Cornell’s total assets fell from $7.3 billion to $7.2 billion because of volatile markets rattled by the pandemic. Of the Ivy League universities that have so far released their returns, Brown saw the
highest returns, with a 51.5 percent increase, bringing its endowment to $6.9 billion. Cornell also lagged behind Dartmouth, which reported 46.5 percent returns. While Cornell has historically posted some of the lowest returns among the Ivies, the University edged out the University of Pennsylvania, Harvard and Yale — which
reported 41.1 percent, 33.6 percent and 40.2 percent annual returns, respectively. Columbia and Princeton have yet to release their results. Cornell’s endowment includes more than 8,000 accounts that remain a source of financial support for faculty, research, student programs, financial aid, athletics
ANIL OZA/ SUN ASSISTANT MANAGING EDITOR
Annual Percent Returns for the Cornell Endowment And Percent Average Annual Returns for S&P 500
and other programs. The University taps a portion of endowment earnings each year to support its operations — though that spending is capped at 7 percent under New York State law. Year to year, the University distributes about 5 percent of its endowment earnings on the operating budget — below the state cap. Last year, Cornell spent an extra $15 million from the endowment to help manage its pandemic expenses, according to the release. With these returns, Cornell’s endowment reached a record $10 billion — which comes as the University has restructured and repositioned the portfolio under Miranda’s tenure, including through enhancing liquidity and diversifying assets. This restructuring has included moving University investments to New York City to “tap into a larger pool of potential staff members and be closer to the world capital markets,” the press release reads. According to Miranda, “the portfolio is in a good place” as the University sees the results of the restructuring. Madeline Rosenberg can be reached at mrosenberg@cornellsun.com.
Campus Reopens Doors for In-Person Student Tours hold virtual information sessions, video tours and livestream campus tours. “Livestream virtual tours have Since the postponement of been quite successful,” Taiya Luce, in-person admissions events in the director of visitor relations, early 2020, prospective Cornell wrote in an email to The Sun. students could only get a glimpse “Our office has been able to reach of campus through virtual tours an audience who may not have and Zoom information sessions or had the means to travel to Ithaca unofficial tours done by friends. either due to logistics or economiBut as of Friday, Oct. 15 the tradical reasons.” tion of in-person fall campus tours Modesti mentioned that the resumed. Zoom chat feature made it easiNico Modesti ’21 — who has er for prospective students, who been a tour guide for three years may be nervous to ask questions — is excited to interact with proin-person, to ask questions. He spective students in person again. felt that virtual tours empowered “You never know who you’re students to learn more about the going to meet on a tour, where University. they’re coming from and what Charlie Frankel, a prospective stories they have,” Modesti said. member of the class of 2027, sees “Getting to connect with visitors is some benefits A pop of color of virtual tours, but would still JULIA NAGEL / SUN ASSISTANT PHOTOGRAPHY EDITOR like to visit a campus before committing to attend. “It makes visiting colleges that are really far away a lot easier and a lot cheaper, because you don’t need to pay for travel,” Frankel said. “[But] I’m defiArt installation | A student walks by a scuplture outside Martha Van Rensselaer Hall. nitely going to By AIMEE EICHER Sun Contributor
the reason why the job is different every single day, and I love it so much.” Charlie Mueller ’24 and Tia Taylor ’25, two students who are not tour guides, feel comfortable with tours resuming as long as visitors maintain physical distance from students and wear masks indoors. A recruited track athlete, Taylor was frustrated at not being able to speak to coaches and athletes in-person when she applied to Cornell last fall. She supports the University’s decision to resume campus tours, as she does not want current prospective students to share that challenge. Although in-person admissions events will resume, the Office of Visitor Relations will continue to
JULIA NAGEL / SUN ASSISTANT PHTOGRAPHY EDITOR
Colorful welcome | The Martin Y. Tang Welcome Center is a hub for prospective students and their families visiting Cornell. want to like the area and know where things are.” Frankel wants to take an in-person, student-guided campus tour, because “a student can give you very honest and very direct answers to questions.” Frankel plans to ask his student tour guides about their opinions of campus: for example, whether it is walkable in the winter and which buildings are most inconveniently located. “Questions like that, I feel like you wouldn’t really be able to answer yourself,” Frankel said. Sadie Transom — another prospective member of the class of 2027 — is excited that the University is resuming in-person tours. To her, virtual tours felt like an insufficient alternative. “With virtual tours, I’m seeing exactly what they want me to see,” Transom said. “I’m not going to be able to see if I could actually
picture myself there.” Transom is considering registering for one of the University’s campus tours within the next month. She is looking forward to learning about campus life from a student — on an in-person tour, she said, “you get to see and hear about what student life is really like.” Tours will continue on select dates through Nov. 13. In-person information sessions will resume as well, the first being held on Saturday, Oct. 23. Visitors are required to register for both tours and information sessions in advance on the University’s visitor relations website. For in-person information sessions, visitors must provide proof of COVID-19 vaccination or a negative test result within 72 hours of the event. Aimee Eicher can be reached at ame225@cornell.edu.