Carnegie Mellon’s net assets down to $1.2 billion

PITTSBURGH (AP) — Carnegie Mellon University in Pittsburgh says it has posted steep losses in net assets and the value of its endowment investments in the fiscal year that ended June 30.

The school says its net assets fell $366.7 million to about $1.2 billion during the 2008-09 academic year. That’s down 23 percent from nearly $1.6 billion the year before.

The market value of the school’s endowment investments shrank 26.7 percent, to $754.1 million. That’s down from just over $1 billion the year before.

A joint study by Commonfund and the National Association of College and University Business Officers says the recession and stock market losses have caused colleges and universities nationwide to lose an average of 19 percent of their endowment value.