
Recession hits colleges' endowments
Local universities suffer a major loss of income
California State University San Marcos' endowment began with a $450,000 gift in 1996. Twelve years later, the fund was valued at more than $14.6 million. Greg Svatora, the school's director of finance and business services, said he knew the university couldn't count on double-digit gains in the stock market forever. Ref. Source 3