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ADMINISTRATION
$9.7 billion and the ‘U’: Endowment explained Investments support a variety of programs By MICHAEL SUGERMAN Daily Staff Reporter
The University’s most recent Report of Investments, released at the October Board of Regents meeting to reflect numbers as of June 30, 2014, shows an all-time high level of endowment funds: $9.7 billion. That’s nearly quadruple its value 15 years ago. The annual report analyzes the University’s investments using a great deal of financial jargon that, to the finance novice, amounts to little more than gibberish. The following is a look at what exactly the endowment is, how it works and why it is important for students. The University also has a complex mechanism for how it invests its endowment funds — choices that have a direct impact on student life. The endowment As defined by Rafael Castilla, the director of investment risk
management in the University’s Investment Office, the endowment is a pool of capital that can indefinitely support the University if properly managed. “You can think of it, in a way, as this giant bond … which pays out a certain amount of interest every year to the University,” Castilla said. “It’s one of various funding sources.” The endowment’s investment return in 2014, according to the report, was 18.8 percent — meaning that the total endowment grew by 18.8 percent. It’s worth noting that the endowment does not grow alone by compounding upon itself; the University’s fundraising campaigns also play a significant role. Take the current effort, The Victors for Michigan campaign, which aims to raise $4 billion. Rather than giving gift money directly to students, the funds are generally invested. The proceeds from those investments can continue to fund scholarships for years. University spokesman Rick Fitzgerald said the destination for... See ENDOWMENT, Page 2A
LUNA ANNA ARCHEY & RUBY WALLAU/Daily
Protesters gather on the Diag on Tuesday to hold a vigil for Michael Brown, a Black teenager killed by police officer Darren Wilson in Ferguson, Mo. in August, followed by a march to City Hall. On Monday, a grand jury in Ferguson decided not to indict Wilson on any charge related to Brown’s death.
After decision in Ferguson, anger and sorrow on Diag Students lead vigil and protest march after Michael Brown ruling By EMMA KERR Daily Staff Reporter
More than 1,000 students and community members gathered in solidarity on the Diag Tuesday night following a grand jury decision Monday not to charge
WA I T F O R I T. . .
a Ferguson, Missouri. police officer with the August shooting death of teenager Michael Brown. The vigil, which occurred in conjunction with events across the country, was intended to create a space for healing as well as increase awareness of the case and broader issues on race relations nationwide. Student organizers said they hoped to hold a vigil for Michael Brown and others that have been subject to police violence across the nation. Student organiza-
tions supporting the vigil included the Black Student Union, Students Allied for Freedom and Equality and the Student Union of Michigan. LSA sophomore Noor Ahmad, an event organizer, said she saw the situation as an opportunity to inspire discussion and catalyze change. “Since so many people feel so helpless in these kinds of situations, we wanted to have an open, peaceful forum for people to talk about it and to come together as a community to do something,”
STATE POLICY
Election results indicate support for legalization Marijuana was decriminalized in Ann Arbor in 1974 By EMMA KERR and JACK TURMAN ZACH MOORE/Daily
Daily Staff Reporters
LSA junior Jennifer Cusmano in a face-off against a player from Little Caesars Senior A team at Yost Arena on Tuesday.
CITY COUNCIL
Students hope to secure seats on A2 City Council No student has held a seat on the Council since the ’70s By SHOHAM GEVA Daily Staff Reporter
There were no Republicans on the ballot during last fall’s City Council elections, but several
Democratic candidates faced a challenge from another party. The Mixed Use party, comprised mostly of University students, ran two candidates for seats on the council, including then-LSA senior Conrad Brown and Eastern Michigan University student Sam DeVarti. Both lost, but were followed by several more student challengers this year — LSA sophomore
Sam McMullen, who lost in this year’s Democratic primary, and now, University alum Will Leaf, a former co-chair of the Mixed Use party who is running as a Democrat in next year’s Council race. Student City Council members have a short but interesting legacy in Ann Arbor. In 1973, University alum Kathy Kozachenko became the first openly gay or lesbian See COUNCIL, Page 3A
As more states and municipalities are voting to decriminalize recreational marijuana use, Ann Arbor could be closer to legalization. The residents of six Michigan cities voted to decriminalize the use of cannabis on election day this year. Marijuana use is legal in some form in 23 states, and was legalized for recreational use this November in Alaska and Oregon. The states are the third and fourth states to adopt such a policy. LSA senior Brian Kardell, codirector of Students for Sensible Drug Policy, said his organization is working to create a dialogue surrounding the need for marijuana legalization. “Our goal is basically have open conversations about drug
use and drug abuse,” Kardell said. “We think the war on drugs is a failed policy. It puts hundreds of thousands of people in prison for drug-related offences. Ann Arbor is considered a safe place for marijuana, but we don’t condone or condemn drug use, we just know the drug policy needs to change on a large scale.” Kardell said his organization’s support of the legalization of marijuana in the state of Michigan stems from observing what has happened in other states following cannabis legalization, considering the negative effects of keeping marijuana on black markets instead of regulating it. “All we have to do is look to Colorado and Washington to see how much money the state has made because of the legalization and regulation of marijuana,” Kardell said. The use of marijuana has been decriminalized in Ann Arbor since 1974, but the possibility of legalizing the substance in Michigan could be See MIDTERMS, Page 3A
Ahmad said. “People are so upset, and this is something to get everyone even more fired up to really want to make a change.” The grand jury’s decision not to indict Wilson followed three months of heightened tensions in Ferguson. The decision drew crowds near the city’s police station, where thousands of people gathered peacefully. Despite calls for calm by the county prosecutor and President Barack Obama, arson and looting damaged local businesses as the night See VIGIL, Page 3A
TECHNOLOGY
‘U’ looks to provide new unplugged TV options Currently in testing, Philo aims to offer cable streaming across campus By AMRUTHA SIVAKUMAR Deputy Magazine Editor
University Information and Technology Services doesn’t want students to rely on Netflix for catching up on their favorite shows. Rather, it’s ready to bring live TV on-campus — delivered directly to students laptops and smartphones. Philo is a service that allows students on campus to stream and record live TV over the web. First launched in 2011 at Harvard University, Philo now provides a way for universities with existing cable TV contracts to transmit their content online. Currently, any University affiliate with a uniqname and Kerberos password can log in to the University’s subdomain See PHILO, Page 3A
The Statement Student activism in the digital age
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INDEX
Vol. CXXIII, No. 56 ©2013 The Michigan Daily michigandaily.com
NEWS......................... 2A OPINION.....................4A S P O R T S . . . . . . . . . . . . . . . . . . . . . . 7A
SUDOKU..................... 3A CL ASSIFIEDS...............6A T H E S TAT E M E N T. . . . . . 1 B