IU in top 15 for grants

This fiscal year IU ranks in the top 15 for highest public university endowments, placing 13th among all public universities and seventh within the Big Ten, according to an IU statement. The National Association of College and University Business Officers stated that this is the 14th year IU has ranked among the top public universities. \nIU received $1,012,707,000 for the 2004 fiscal year. This is the first time IU has passed the $1 billion mark.\nAccording to the statement, IU ranks in the top 4 percent of the 740-plus universities surveyed with a one-year investment return rate of 20.9 percent. This percentage exceeds the national average of 14.6 percent calculated by The Common Fund Benchmarks Study.\nIU Foundation President Curt Simic gives credit to the 15-member Board of Directors' Investment Committee for the $71.6 million endowment increase; a 7.6 percent growth from last fiscal year. \n"The committee helps guide in asset allocation that answers the question of what to do with the money; where will the money have the most growth? In stocks, bonds or international?" Simic said. "The IU endowment is a continued partnership with the state of Indiana, providing funding for scholarships, fellowships, faculty, equipment, buildings and the many other enhancements that the private and public sectors bring to IU." \nThe committee has 18 portfolios of 14 different categories to turn to when deciding where to invest the endowment. Examination of the categories helps determining what is and isn't working for the University. \nThe committee successfully chose to invest money internationally and within other alternatives such as ventures and modest investments rather than bonds. A portion of the annual return is spent and the rest is invested to maintain the fund's purchasing power over time. \nSimic said he feels an emphasis on student related ideas have attracted donors, contributing to this year's large increase. He hopes that in the future IU can surpass higher-ranking Big Ten universities such as Purdue and Ohio State by continuing to fund student based programs. \nThe endowments which are determined by their donors are used in the best interest for the student body, Simic said.\n"The money is restricted by donors and is based on what the University asks us and what they are looking for," Simic said. "It goes towards undergraduate scholarships and graduate student fellowships." \n-- Contact Staff Writer Megan George at mrgeorge@indiana.edu.