MIT Endowment Drops Nearly 21 Percent

The Massachusetts Institute of Technology saw its endowment tumble nearly 21 percent amid a global recession that has battered higher education.

The Massachusetts Institute of Technology Investment Management Company said Wednesday that the endowment's value fell from $10.1 billion to $8 billion in the fiscal year that ended June 30.

The decline included an investment loss of 17.1 percent, or $1.7 billion, plus a $518 million payout for operations. The losses were partially offset by $143 million in new endowment gift and transfers.

The MIT percentage loss was lower than other big name universities. Both Harvard and Yale have reported their endowments plummeted about 30 percent in the last fiscal year.

Brown's endowment fell nearly 27 percent.

Harvard has the nation's largest endowment in higher education at $26 billion.