Harvard announces endowment loss

http://www.thecrimson.com/article.aspx?ref=528856

"The decline brought the value of the endowment as of June 30 down to $26 billion—on par with 2005 levels—after reaching almost $37 billion in 2008...

The Faculty of Arts and Sciences, the University's largest school and home of Harvard College, drew 52 percent of its revenues from the endowment last year. Planning for a precipitous drop in endowment size has already resulted in $77 million in budget cuts at FAS, and administrators are looking to cut another $143 million this year from a budget of just over $1 billion."