AUSTIN (AP) - The University of Texas at Austin endowment has declined by nearly $1 billion this year as a result of the turmoil in worldwide financial markets.
The university's share of the Permanent University Fund, plus its other endowment holdings, stood at $7 billion at the start of the year. By the end of September, the value had declined by nearly 13 percent to $6.1 billion.
The Austin American-Statesman is reporting that UT officials are already revising next year's budget projections, even as they brace for more bad news about the endowment's performance in the past month.
Two-thirds of the Permanent University Fund is earmarked for UT System campuses and one-third for Texas A&M University System institutions. That fund was worth $13.8 billion at the start of the year. Its value dropped nearly 14 percent to $11.9 billion by the end of September.
(Copyright 2008 by The Associated Press. All Rights Reserved.)