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Tuesday October 9, 2018 vol. CXLII no. 82
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U . A F FA I R S
U. annual endowment return tops other Ivies’
U . A F FA I R S
MARCIA BROWN :: DAILY PRINCETONIAN EDITOR-IN-CHIEF
The Honor System Review Committee and Disciplinary Review Committee will be merged into the Reconcilliation Committee.
Honor code committees to be merged for equity By Regan McCall The committees that currently consider Honor Code violations are set to undergo a potentially dramatic overhaul. After the Honor System Review Committee recommended that a new committee be created to improve communication, a “Reconcilia-
tion Committee” was formed. The Reconciliation Committee will replace the Honor System Review Committee and the Disciplinary Review Committee. By combining the two committees into one committee made up of faculty and students, administrators hope to eliminate discrepancies between different disciplinary actions taken on students. According to Dean of the College
ACADEMICS
ON CAMPUS
Contributor
Princeton has reported the highest endowment returns of the Ivies.
By Benjamin Ball Senior Writer
The University announced Monday that its endowment earned 14.2 percent for the fiscal year ending in June. Now, the endowment is valued at $25.9 billion, up $2.1 billion from last year, when the University reported a 12.5 percent return. The University’s most recent endowment return figure is the greatest out of the seven Ivy Leagues that have announced their returns so far. “The number is really strong,” Princeton University Investment Company president Andrew Golden told The Daily Princetonian Monday morning. He explained that over the last 10 years, the endowment has earned a rate of return large enough to meet the needs of University spending, despite financial downturns like the 2008 recession. According to the University announcement, the endowment’s annual return during the past decade is 8 percent, putting the University in the top percentile of the 458 institutions ranked by the Wilshire Trust Universe Comparison Service. Overall, Golden said focusing on 8 percent growth over 10 years is more important than looking at this year’s gains. “People complain about the shortterm view of capitalism, yet they focus on the short term,” Golden said. “For an institution whose time horizon is perpetual, one year is the blink of an eye.” He compared looking only at the 2018 endowment return to watching only four minutes of a college basketball game. While it is important to score during that time frame, Golden said, it represents very little about the game or season as a whole. “You don’t get prizes for outscoring the opponent in any four minutes,” Golden said. That said, the University’s endowment return was larger than that of any other Ivy League university that
has announced this year. Columbia’s endowment return information has not yet been released. Harvard University announced its returns in late September, noting only a 10 percent return for fiscal year 2018. That brought Harvard’s endowment to $32.9 billion, which was considered a significant improvement by N. P. Narvekar, the CEO of Harvard Management Company, which is analogous to PRINCO. Brown University reported a 13.2 percent return on its endowment, the University of Pennsylvania reported 12.9 percent return, Yale reported a 12.3 percent return, Dartmouth posted a 12.2 percent return, and Cornell University reported a 10.6 percent return. “I suspect there won’t be many schools that top [the University’s] number,” Golden said on Monday. The more than 4,000 funding sources of the endowment are include permanently restricted net assets, temporarily restricted net assets, and unrestricted net assets, with many accounts dating as far back as the University’s founding. Most accounts are dedicated for financial aid purposes. The endowment also supports funding for masters and Ph.D. students, over 200 endowed professor positions, athletics, religious life, and faculty teaching and research. “It’s not how much you have; it’s how well you spend it,” said Golden. “The endowment distributions pay for a little more than half of everything.” Golden also noted that unrestricted University giving goes straight into the operating budget and is not part of the investment return figure. The University’s annual giving for the 2017–18 year was $69,554,597 — the second highest total in annual giving history. PRINCO will certify the results of the endowment’s returns during its directors’ meeting on Oct. 18, 2018.
See HONOR CODE page 2
Hydroponic farm operates out of Forbes By Nick Shashkini Senior Writer
Just inside the main lobby of Forbes College, an eerie white glow emanates from an alcove containing a strange contraption covered in signs warning passersby not to get too close. The Forbes hydroponic farm may look like a portal to another universe, but its purpose is to show students that crops can grow anywhere by demonstrating hydroponics, or the cultivation of crops using nutrient solutions instead of soil. The hydroponic farm is also a fully functioning laboratory where students and staff regularly conduct experiments. The hydroponics lab is an offshoot of the Princeton Vertical Farming Project, which began in April 2017 in the Forbes downstairs lounge. It seeks to introduce vertical farming concepts to the Princeton community while also conducting vertical farming experiments. Paul Gauthier, associate research scholar of plant physiology, horticulture, and stable isotopes, runs See FARM page 5
LAZARENA LAZAROVA :: THE DAILY PRINCETONIAN
Bob Durkee will retire from his position of University vice president and secretary at the end of this academic year.
Durkee ’69 to retire after 50 years of service to U. By Rose Gilbert Senior Writer
After nearly half a century of serving the Princeton community, Vice President and Secretary of the University Robert K. Durkee ’69 will retire in June 2019. Durkee has been a member of the campus community since 1965, when he arrived at the University to study public and international affairs. For decades, he has influenced the University’s communications
In Opinion
Today on Campus
Contributing columnist Anika Yardi encourages her peers to strategically engage in politics, while columnist Hunter Sieben calls for college campuses to give equal weight to individual ideas and group ideals. PAGE 4
6 p.m.: Graphic artist and memoirist Alison Bechdel will give the Spencer Trask Lecture. McCosh Hall 10
and response to national affairs, and the broader landscape of higher education policy. As an undergraduate, Durkee wrote for The Daily Princetonian and served as editor-in-chief. “A lot of my life has been associated with the ‘Prince,’” Durkee said. As a news writer, Durkee broke the story that the University was going co-ed, reported on the student anti-war See DURKEE page 3
WEATHER
CHARLOTTE ADAMO :: DAILY PRINCETONIAN ASSOCIATE DESIGN EDITOR
Jill Dolan, who helped create the Reconciliation Committee, it will take on all of the reports from each of the previous committees. “The new committee will pull their recommendations together and decide which of them to move forward and how,” she said. Under the old system, the Disciplinary Review Com-
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