Washington, D.C. – The Carnegie Institution of Washington announced today that its endowment earned a 16.2% return in the fiscal year ending June 30, 2006. This latest return, coupled with a disciplined spending approach over the last several years, has increased the value of the endowment to $719 million. The Endowment's value at the end of the preceding fiscal year was $648 million. During the last decade, the Endowment has more than doubled, growing from $338 million to $719 million.
President Richard Meserve remarked, "The outstanding performance in the past year will allow the Institution to continue to support a high level of scientific excellence that would otherwise be unattainable. Carnegie and its scientists benefit immensely from the excellent financial stewardship of our Board of Trustees, and in particular the work of our Finance Committee, which is chaired by David Swensen, the Chief Investment Officer for Yale University."
Carnegie's Endowment is essential to the operations of the organization. In the coming year more than 50% of Carnegie's operating funds are anticipated to come from the Endowment.
Carnegie's Endowment has returned an annualized 11.7% over the trailing five years, placing its investment performance significantly above the average achieved by institutional funds. President Meserve noted, "Carnegie's donors and supporters appreciate the sound stewardship of the Institution's Endowment. This effort serves to maximize the return on contributions, enabling research that is at the frontiers of science."
The Carnegie Institution of Washington (www.carnegieinstitution.org) has been a pioneering force in basic scientific research since 1902. It is a private, nonprofit organization with six research departments throughout the U.S. Carnegie scientists are leaders in plant biology, developmental biology, astronomy, materials science, global ecology, and Earth and planetary science.
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