‘I’M STILL A FAN OF TODD HELTON’ | Page 9 University of Denver student newspaper since 1899
Vol. 120, Issue 5
Feb. 12, 2013
www.duclarion.com
Endowment grows by $85 million by sarah ford News Editor
“We are completing the finish and punch list work,” said Lautenbach. While the finishing work on the exterior and interior takes place, Allen said there is much to be excited about. “The dramatic increase in the number of enclosed study areas is something students will love, and there are so many choices in regard to the type of space – the new floor plan is so inviting,” said Allen. “Each student will find the right place, whether that is for solo, concentrated quiet study, or a place to meet a group from a course.” Allen said that the interior renovation brings a lot more natural light into the building. “The technology is supportive, and power outlets are everywhere,” said Allen. “I look forward to the returning collections, which will be a welcome resource for student and faculty research.”
In 2012, DU saw its endowment increase by 8.2 percent to a value of $373.4 million. Last year, endowments were valued at $345 million, a rise of 19.4 percent from the previous year at $288 million. DU showed the highest percentage increase of all Colorado schools in endowment funds. DU was ranked 186 out of 831 schools nationwide in endowment rates by the National Association of College and University Business Officers in a study released earlier this month. The study ranked colleges based on the size of their endowments by comparing over 830 participating schools nationwide. The study accounted for increases in new gifts and performance on current investments according to Margaret Henry, Assistant Treasurer and University Comptroller. Endowments are donations made by alumni and friends of the university that are designated to the school in forms of scholarships, faculty chairs, research programs and other avenues. There are also dues designated to the construction of the library, the Arts and Humanities Department, athletic and other departments. According to Henry, endowment donations can vary greatly in size, but many are $50,000. She said DU has accrued over 600 endowment funds. Henry attributed the rise in endowment rates to several practices of the university. She said the numbers can partially be attributed to the university’s return on investments, which she said was 2.6 percent in 2012. “We had a positive return last year, and a lot of universities had flat or negative returns,” she said. The positive return came from performance by real estate owned by the university, a practice which she said is uncommon for other schools. Henry said another likely reason for the positive growth this year is because of a unique matching program instituted several years ago. The program allows for DU to match endowment donations designated for graduate and undergraduate scholarships to the university, which adds to the overall endowment rate. Henry said the program has so far allowed for the university to match for $35 million in funds since its implementation. “Part of the reason we do that is to incentivize donors into our campaign and to restrict them to graduate and undergraduate scholarships,” said Henry. Henry also said the university has been helped by donations of “new gifts,” which accounted for $23.6 million last year.
SEE library, PAGE 3
SEE inVestment, PAGE 3
illustration by Jill hamilton | clarion
DU’s endowment growth outperformed all other major universities in Colorado for the last 2 years.
Academic Commons to open March 25 by carolyn neff Senior Reporter-
The new library, recently re-named the Anderson Academic Commons, is set to open the first day of the spring quarter, March 25. According to Penrose Library Dean Nancy Allen, the library is on schedule for the March opening, but there is still a lot of activity that needs to be completed before the building opens, such as interior furnishings and landscaping. University Construction Project Manager Linda Lautenbach said the project was delayed in December 2012 due to asbestos found in the old structure by construction crews. The originally planned date for the opening had been January of this year. “The biggest challenge had to do
with the demolition phase, when the demolition crews encountered far more asbestos than anticipated, but that hazard is now completely gone, and all of the asbestos has been removed from the building,” said Allen. Students were recently made aware of the landscaping and building process in an email sent on Feb. 5, regarding pedestrian closures on Evan’s Street. According to Allen, the email referenced landscaping activity, which included large boulders being moved into place. In addition, Lautenbach said the exterior hardscape (paved, landscaped areas, such as sidewalks), is complete, but the planting will not be complete until May 2013. Construction crews are also in the finishing stages of construction of the interior. “We are now focusing on delivering and placing furniture, working on connecting furniture to electrical outlets, and so on,” said Allen.
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